Mueller Industries, Inc. Reports Third Quarter Results

MEMPHIS, Tennessee -

Quarterly and Year-to-Date Earnings

Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), today announced the Company’s results for the third quarter of 2009. For the three months ended September 26, 2009, net income was US$18.7 million, or 50 cents per diluted share, on net sales of US$419.9 million. For the third quarter of 2008, the Company posted net income of US$18.7 million, or 50 cents per diluted share, on net sales of US$665.5 million.

Year-to-date, the Company earned US$22.2 million, or 59 cents per diluted share, compared with net income of US$73.0 million, or US$1.96 per diluted share, for the same period of 2008. Net sales for the first nine months of 2009 were US$1.11 billion which compares with net sales of US$2.12 billion for the same period a year ago.

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 third quarter of 2009, the Comex average price of copper was 23 percent lower than in the third quarter of 2008. In addition, unit volumes of most of the Company’s core product lines were well below year ago levels.

Mr. Karp said, “Our cost control initiatives have helped to mitigate the impact of weak demand in the residential and commercial construction sectors. We expect challenging market conditions will continue into next year.”

Financial and Operating Highlights

Regarding the third quarter of 2009, Mr. Karp said: — “We continue to generate cash by intensively managing working capital and monitoring capital expenditures. Mueller ended the quarter with US$353.9 million in cash, or US$9.40 per share. Our financial position remains strong. — “Total stockholders’ equity was US$737.8 million which equates to a book value per share of US$19.60. — “Mueller’s current ratio remains excellent at 4.4 to 1 and our working capital is US$608.8 million. Leverage is conservative with a ratio of debt to total capitalization at 18.8 percent. — “The Comex average price of copper was US$2.67 per pound in the third quarter of 2009, which compares with US$3.45 per pound in the third quarter of 2008. — “Our Plumbing & Refrigeration segment posted operating earnings of US$16.0 million on net sales of US$240.9 million compared with operating earnings of US$25.4 million on net sales of US$371.3 million in the third quarter of 2008. Due to lower throughput volumes, we experienced higher per unit conversion costs. — “Our OEM segment posted operating earnings of US$16.5 million during the third quarter of 2009 on net sales of US$181.6 million, which compared with operating earnings of US$10.6 million on net sales of US$299.5 million for the same period in 2008.”

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 currency is in USD unless otherwise specified) MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) For the Quarter Ended For the Nine Months Ended ——————— ————————- September 26, September 27, September 26, September 27, 2009 2008 2009 2008 —- —- —- —- (Unaudited) (Unaudited) Net sales $419,890 $665,496 $1,114,248 $2,123,075 Cost of goods sold 354,039 588,469 954,775 1,861,475 Depreciation and amortization 10,441 11,529 31,276 33,517 Selling, general, and administrative expense 27,593 35,674 89,067 108,583 —— —— —— ——- Operating income 27,817 29,824 39,130 119,500 Interest expense (2,435) (5,050) (7,553) (15,755) Other (expense) income, net (324) 2,573 688 9,103 —- —– — —– Income before income taxes 25,058 27,347 32,265 112,848 Income tax expense (6,246) (8,422) (9,796) (37,992) —— —— —— ——- Consolidated net income 18,812 18,925 22,469 74,856 Less: net income attributable to noncontrolling interest (146) (254) (267) (1,816) —- —- —- —— Net income attributable to Mueller Industries, Inc. $18,666 $18,671 $22,202 $73,040 ======= ======= ======= ======= Weighted average shares for basic earnings per share 37,474 37,136 37,253 37,117 Effect of dilutive stock options 72 176 89 238 — — — — Adjusted weighted average shares for diluted earnings per share 37,546 37,312 37,342 37,355 —— —— —— —— Basic earnings per share $0.50 $0.50 $0.60 $1.97 ===== ===== ===== ===== Diluted earnings per share $0.50 $0.50 $0.59 $1.96 ===== ===== ===== ===== Dividends per share $0.10 $0.10 $0.30 $0.30 ===== ===== ===== ===== Summary Segment Data: ——————— Net sales: Plumbing & Refrigeration Segment $240,878 $371,315 $661,035 $1,159,613 OEM Segment 181,621 299,470 459,898 979,665 Elimination of intersegment sales (2,609) (5,289) (6,685) (16,203) —— —— —— ——- Net sales $419,890 $665,496 $1,114,248 $2,123,075 ======== ======== ========== ========== Operating income: Plumbing & Refrigeration Segment $15,986 $25,449 $38,199 $85,903 OEM Segment 16,530 10,643 18,315 55,180 Unallocated expenses (4,699) (6,268) (17,384) (21,583) —— —— ——- ——- Operating income $27,817 $29,824 $39,130 $119,500 ======= ======= ======= ========

MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) September 26, December 27, 2009 2008 —- —- (Unaudited) ASSETS Cash and cash equivalents $353,874 $278,860 Accounts receivable, net 225,316 219,035 Inventories 178,372 210,609 Other current assets 30,327 46,322 —— —— Total current assets 787,889 754,826 Property, plant, and equipment, net 258,278 276,927 Other assets 151,429 151,160 ——- ——- $1,197,596 $1,182,913 ========== ========== LIABILITIES AND EQUITY Current portion of debt $12,372 $24,184 Accounts payable 70,380 63,732 Other current liabilities 96,346 113,668 —— ——- Total current liabilities 179,098 201,584 Long-term debt, less current portion 158,226 158,726 Pension and postretirement liabilities 39,180 38,452 Environmental reserves 23,090 23,248 Deferred income taxes 33,435 33,940 Other noncurrent liabilities 1,401 1,698 —– —– Total liabilities 434,430 457,648 ——- ——- Total Mueller Industries, Inc. stockholders’ equity 737,799 700,683 Noncontrolling interest 25,367 24,582 —— —— Total equity 763,166 725,265 ——- ——- $1,197,596 $1,182,913 ========== ==========

MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Nine Months Ended —————————- September 26, September 27, 2009 2008 —- —- (Unaudited) Operating activities: Net income attributable to Mueller Industries, Inc. $22,202 $73,040 Reconciliation of net income attributable to Mueller Industries, Inc. to net cash provided by operating activities: Depreciation and amortization 31,440 33,984 Gain on early retirement of debt (128) (2,482) Net income attributable to noncontrolling interest 267 1,816 Stock-based compensation expense 1,892 2,238 Loss on disposal of properties 975 306 Deferred income taxes (2,012) (515) Income tax benefit from exercise of stock options (189) (92) Changes in assets and liabilities: Receivables (3,030) (29,130) Inventories 35,339 6,635 Other assets 4,152 (5,350) Current liabilities (6,229) (16,027) Other liabilities (337) 784 Other, net 17 (719) — —- Net cash provided by operating activities 84,359 64,488 —— —— Investing activities: Capital expenditures (11,002) (17,871) Net withdrawals from restricted cash balances 12,806 678 Proceeds from sales of properties 611 77 — — Net cash provided by (used in) investing activities 2,415 (17,116) —– ——- Financing activities: Repayments of long-term debt (370) (23,650) Dividends paid to stockholders of Mueller Industries, Inc. (11,186) (11,133) Dividends paid to noncontrolling interests (1,449) - Repayment of debt by joint venture, net (11,813) (12,491) Issuance of shares under incentive stock option plans from treasury 8,678 1,074 Income tax benefit from exercise of stock options 189 92 Acquisition of treasury stock (416) (31) —- — Net cash used in financing activities (16,367) (46,139) ——- ——- Effect of exchange rate changes on cash 4,607 (1,500) —– —— Increase (decrease) in cash and cash equivalents 75,014 (267) Cash and cash equivalents at the beginning of the period 278,860 308,618 ——- ——- Cash and cash equivalents at the end of the period $353,874 $308,351 ======== ========

Source: Mueller Industries, Inc.

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