Mueller Industries, Inc. Reports Second Quarter 2009 Earnings

MEMPHIS, Tennessee -

Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), announced today that Mueller’s net income in the second quarter of 2009 was US$6.0 million, or 16 cents per diluted share. This compares with US$27.0 million, or 72 cents per diluted share, for the same period of 2008. Net sales for the second quarter of 2009 were US$367.8 million compared with US$753.5 million in 2008. For the first half of 2009, net income was US$3.5 million, or 9 cents per diluted share, on net sales of US$694.4 million. This compares with net income of US$54.4 million, or US$1.45 per diluted share, on net sales of US$1.46 billion for the first half of 2008.

Net sales of the Company’s core product lines including copper tube, fittings, brass rod and forgings were substantially affected by the lower market values of copper and brass, the Company’s principal raw materials, which are largely passed through to customers. In the second quarter of 2009, the Comex average price of copper was 43 percent lower than in the second quarter of 2008. Approximately US$206 million of the decrease in net sales was attributable to lower unit volume primarily in the OEM segment. Lower selling prices, primarily in the Plumbing & Refrigeration segment, accounted for approximately US$146 million of the decrease in net sales.

Mr. Karp said, “Mueller was profitable in the second quarter of 2009, after reporting a small loss in the first quarter of the year. We believe the construction industry is at, or near, a ‘bottom,’ although the pace and the extent of recovery remain uncertain.

“Mueller made rapid and extensive adjustments to its businesses as unit volumes declined, as a result of the national economic downturn. We expect Mueller to emerge from the current economic malaise a stronger, more efficient and more competitive company.”

Financial and Operating Highlights

Regarding the second quarter of 2009, Mr. Karp said: - “Our financial condition remains strong, and, in fact, improved in the second quarter. We ended the quarter with US$334.0 million in cash and US$581.2 million in working capital. - “Total stockholders’ equity attributable to Mueller was US$719.3 million which equates to a book value per share of US$19.37 of which US$8.99 per share is in cash. - “Our current ratio remains solid at 4.6 to 1, and our financial leverage is conservative with a debt to total capitalization ratio of 18.9 percent. - “Our Plumbing & Refrigeration segment posted operating earnings of US$11.9 million on net sales of US$229.8 million which compares with prior year earnings of US$35.4 million on net sales of US$404.4 million. Operating results were adversely affected by lower spreads and unit shipments. - “Our OEM segment posted operating earnings of US$8.1 million during the second quarter of 2009 on net sales of US$139.9 million, which compares with operating earnings of US$19.0 million on net sales of US$354.0 million for the same period in 2008. - “The Comex average price of copper was US$2.15 per pound in the second quarter of 2009, which compares with US$3.80 in the second quarter of 2008. - “During the first half of 2009, capital expenditures totaled US$8.7 million.”

Mueller Industries, Inc. is a leading manufacturer of copper tube and fittings; brass and copper alloy rod, bar and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; and fabricated tubular products. Mueller’s operations are located throughout the United States and in Canada, Mexico, Great Britain, and China. Mueller’s business is importantly linked to: (1) the construction of new homes; (2) the improvement and reconditioning of existing homes and structures; and (3) the commercial construction market which includes office buildings, factories, hotels, hospitals, etc.

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Statements in this release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company’s SEC filings. The words “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

(All amounts in US Dollars unless otherwise noted) MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) For the Quarter For the Six Months Ended Ended —————— ——————– June 27, June 28, June 27, June 28, 2009 2008 2009 2008 ——– ——– ——– ——– (Unaudited) (Unaudited) Net sales $367,800 $753,471 $694,358 $1,457,579 Cost of goods sold 313,353 661,209 600,736 1,273,006 Depreciation and amortization 10,355 11,004 20,835 21,988 Selling, general, and administrative expense 30,316 34,618 61,474 72,909 ——– ——– ——– ——– Operating income 13,776 46,640 11,313 89,676 Interest expense (2,482) (5,238) (5,118) (10,705) Other income, net 385 1,961 1,012 6,530 ——– ——– ——– ——– Income before income taxes 11,679 43,363 7,207 85,501 Income tax expense (5,512) (15,339) (3,550) (29,570) ——– ——– ——– ——– Consolidated net income 6,167 28,024 3,657 55,931 Less: net income attributable to noncontrolling interest (139) (1,010) (121) (1,562) ——– ——– ——– ——– Net income attributable to Mueller Industries, Inc. $6,028 $27,014 $3,536 $54,369 ======== ======== ======== ======== Weighted average shares for basic earnings per share 37,143 37,119 37,143 37,108 Effect of dilutive stock options 120 340 97 269 ——– ——– ——– ——– Adjusted weighted average shares for diluted earnings per share 37,263 37,459 37,240 37,377 ——– ——– ——– ——– Basic earnings per share $0.16 $0.73 $0.10 $1.47 ======== ======== ======== ======== Diluted earnings per share $0.16 $0.72 $0.09 $1.45 ======== ======== ======== ======== Dividends per share $0.10 $0.10 $0.20 $0.20 ======== ======== ======== ======== Summary Segment Data: ——————— Net sales: Plumbing & Refrigeration Segment $229,763 $404,414 $420,156 $788,298 OEM Segment 139,885 353,988 278,277 680,195 Elimination of intersegment sales (1,848) (4,931) (4,075) (10,914) ——– ——– ——– ——– Net sales $367,800 $753,471 $694,358 $1,457,579 ======== ======== ======== ========== Operating income: Plumbing & Refrigeration Segment $11,882 $35,370 $22,213 $60,454 OEM Segment 8,052 18,963 1,786 44,537 Unallocated expenses (6,158) (7,693) (12,686) (15,315) ——– ——– ——– ——– Operating income $13,776 $46,640 $11,313 $89,676 ======= ======= ======= =======

MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) June 27, December 27, 2009 2008 ———— ———— (Unaudited) ASSETS Cash and cash equivalents $333,959 $278,860 Accounts receivable, net 207,238 219,035 Inventories 169,118 210,609 Other current assets 32,033 46,322 ———— ———— Total current assets 742,348 754,826 Property, plant, and equipment, net 268,017 276,927 Other assets 151,537 151,160 ———— ———— $1,161,902 $1,182,913 ============ =========== LIABILITIES AND EQUITY Current portion of debt $9,629 $24,184 Accounts payable 59,871 63,732 Other current liabilities 91,678 113,668 ———— ———— Total current liabilities 161,178 201,584 Long-term debt, less current portion 158,226 158,726 Pension and postretirement liabilities 39,688 38,452 Environmental reserves 23,352 23,248 Deferred income taxes 33,496 33,940 Other noncurrent liabilities 1,417 1,698 ———— ———— Total liabilities 417,357 457,648 ———— ———— Total Mueller Industries, Inc. stockholders’ equity 719,339 700,683 Noncontrolling interest 25,206 24,582 ———— ———— Total equity 744,545 725,265 ———— ———— $1,161,902 $1,182,913 ============ ===========

MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Six Months Ended ————————– June 27, June 28, 2009 2008 ——– ——– (Unaudited) Operating activities: Net income attributable to Mueller Industries, Inc. $3,536 $54,369 Reconciliation of net income attributable to Mueller Industries, Inc. to net cash provided by operating activities: Depreciation and amortization 20,946 22,323 Gain on early retirement of debt (128) (2,482) Net income attributable to noncontrolling interest 121 1,562 Stock-based compensation expense 1,220 1,479 Loss on disposal of properties 260 341 Deferred income taxes (136) 130 Income tax benefit from exercise of stock options - (69) Changes in assets and liabilities: Receivables 16,831 (66,599) Inventories 45,209 7,489 Other assets 1,059 (2,321) Current liabilities (21,741) (12,757) Other liabilities (546) 1,342 Other, net (101) (1,167) ——– ——– Net cash provided by operating activities 66,530 3,640 ——– ——– Investing activities: Capital expenditures (8,725) (14,833) Net withdrawals from (deposits into) restricted cash balances 13,039 (632) Proceeds from sales of properties 606 - ——– ——– Net cash provided by (used in) investing activities 4,920 (15,465) ——– ——– Financing activities: Repayments of long-term debt (370) (23,605) Dividends paid to stockholders of Mueller Industries, Inc. (7,428) (7,421) Dividends paid to noncontrolling interests (1,449) - (Repayment) issuance of debt by joint venture, net (14,567) 5,411 Issuance of shares under incentive stock option plans from treasury - 1,055 Income tax benefit from exercise of stock options - 69 Acquisition of treasury stock - (13) ——– ——– Net cash used in financing activities (23,814) (24,504) ——– ——– Effect of exchange rate changes on cash 7,463 1,331 ——– ——– Increase (decrease) in cash and cash equivalents 55,099 (34,998) Cash and cash equivalents at the beginning of the period 278,860 308,618 ——– ——– Cash and cash equivalents at the end of the period $333,959 $273,620 ======== ========

Source: Mueller Industries, Inc.

Kent A. McKee, of Mueller Industries, Inc., +1-901-753-3208