-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NJ0qcGeDykdMQMmmDbTnKLVh+Lc50KJwetsLfYibYNc5srWCj5ivQlkeQU9U1Jnd Pz+ZjChsZlDVe2EkBWsi6w== 0000089439-97-000008.txt : 19970421 0000089439-97-000008.hdr.sgml : 19970421 ACCESSION NUMBER: 0000089439-97-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970329 FILED AS OF DATE: 19970418 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUELLER INDUSTRIES INC CENTRAL INDEX KEY: 0000089439 STANDARD INDUSTRIAL CLASSIFICATION: ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350] IRS NUMBER: 250790410 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06770 FILM NUMBER: 97583432 BUSINESS ADDRESS: STREET 1: 6799 GREAT OAKS ROAD STREET 2: SUITE 200 CITY: MEMPHIS STATE: TN ZIP: 38138-2572 BUSINESS PHONE: (901)753-3200 MAIL ADDRESS: STREET 1: 6799 GREAT OAKS ROAD STREET 2: P.O. BOX 382100 CITY: MEMPHIS STATE: TN ZIP: 38138-2100 FORMER COMPANY: FORMER CONFORMED NAME: SHARON STEEL CORP DATE OF NAME CHANGE: 19910103 10-Q 1 FORM 10-Q FOR THE FISCAL QUARTER ENDED MARCH 29, 1997 1997 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal quarter ended March 29, 1997 Commission file number 1-6770 MUELLER INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Delaware 25-0790410 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 6799 Great Oaks Road, Suite 200 Memphis, Tennessee 38138 (Address of principal executive offices) Registrant's telephone number, including area code: (901) 753-3200 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered Common Stock, $ 0.01 Par Value New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes /X/ No / / The number of shares of the Registrant's common stock outstanding as of April 11, 1997, was 17,505,488. -1- MUELLER INDUSTRIES, INC. FORM 10-Q For the Period Ended March 29, 1997 INDEX Part I. Financial Information Page Item 1. Financial Statements (Unaudited) a.) Consolidated Statements of Income for the quarters ended March 29, 1997 and March 30, 1996 3 b.) Consolidated Balance Sheets as of March 29, 1997 and December 28, 1996 4 c.) Consolidated Statements of Cash Flows for the quarters ended March 29, 1997 and March 30, 1996 6 d.) Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Part II. Other Information Item 5. Other Information 11 Item 6. Exhibits and Reports on Form 8-K 11 Signatures 12 -2- PART I. FINANCIAL INFORMATION Item 1. Financial Statements MUELLER INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data)
For the Quarter Ended March 29, 1997 March 30, 1996 Net sales $ 201,366 $ 180,515 Cost of goods sold 155,784 143,532 ---------- ---------- Gross profit 45,582 36,983 Depreciation and amortization 4,832 4,450 Selling, general, and administrative expense 15,496 13,904 ---------- ---------- Operating income 25,254 18,629 Interest expense (1,178) (1,240) Environmental reserves (2,000) - Other income, net 1,030 1,880 ---------- ---------- Income before income taxes 23,106 19,269 Current income tax expense (6,728) (5,261) Deferred income tax expense (620) (716) ---------- ---------- Total income tax expense (7,348) (5,977) ---------- ---------- Net income $ 15,758 $ 13,292 ========== ========== Net income per share: Primary: Average shares outstanding 19,592 19,368 Net income $ 0.80 $ 0.69 ========== ========== Fully diluted: Average shares outstanding 19,592 19,464 Net income $ 0.80 $ 0.68 ========== ========== See accompanying notes to consolidated financial statements.
-3- MUELLER INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
March 29, 1997 December 28, 1996 Assets Current assets: Cash and cash equivalents $ 67,189 $ 96,956 Accounts receivable, less allowance for doubtful accounts of $3,210 in 1997 and $3,188 in 1996 115,445 88,905 Inventories: Raw material and supplies 16,060 15,416 Work-in-process 19,114 12,540 Finished goods 47,797 42,041 Gold 6,632 6,650 ---------- ---------- Total inventories 89,603 76,647 Current deferred income taxes 6,479 6,508 Other current assets 8,617 5,696 ---------- ---------- Total current assets 287,333 274,712 Property, plant and equipment, net 232,340 219,855 Deferred income taxes 9,476 10,064 Other assets 6,589 4,726 ---------- ---------- $ 535,738 $ 509,357 ========== ========== See accompanying notes to consolidated financial statements.
-4- MUELLER INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share data)
March 29, 1997 December 28, 1996 Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ 14,925 $ 14,844 Accounts payable 25,193 18,305 Accrued wages and other employee costs 18,850 16,872 Other current liabilities 29,771 28,935 ---------- ---------- Total current liabilities 88,739 78,956 Long-term debt 42,193 44,806 Pension and postretirement liabilities 15,567 15,875 Environmental reserves 11,800 9,105 Deferred income taxes 2,925 2,922 Other noncurrent liabilities 9,965 9,214 ---------- ---------- Total liabilities 171,189 160,878 ---------- ---------- Minority interest in subsidiaries 397 397 Stockholders' equity: Preferred stock - shares authorized 4,985,000; none outstanding - - Series A junior participating preferred stock - $1.00 par value; shares authorized 15,000; none outstanding - - Common stock - $.01 par value; shares authorized 50,000,000; issued 20,000,000; outstanding 17,505,488 in 1997 and 17,434,888 in 1996 200 200 Additional paid-in capital, common 253,934 254,214 Retained earnings (Since January 1, 1991) 143,741 127,983 Cumulative translation adjustment (3,062) (2,805) Treasury common stock, at cost (30,661) (31,510) ---------- ---------- Total stockholders' equity 364,152 348,082 Commitments and contingencies (Note 2) - - ---------- ---------- $ 535,738 $ 509,357 ========== ========== See accompanying notes to consolidated financial statements.
-5- 6 MUELLER INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)
For the Quarter Ended March 29, 1997 March 30, 1996 Cash flows from operating activities Net income $ 15,758 $ 13,292 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 4,832 4,450 Minority interest in subsidiaries - 325 Deferred income taxes 620 716 (Gain) loss on disposal of properties 116 (1,065) Changes in assets and liabilities: Receivables (23,566) (15,616) Inventories 1,484 1,629 Other assets (3,622) (3,192) Current liabilities 7,879 7,347 Other liabilities 1,173 (1,532) Other, net (153) 43 ---------- ---------- Net cash provided by operating activities 4,521 6,397 ---------- ---------- Cash flows from investing activities Businesses acquired (27,855) - Capital expenditures (5,019) (7,228) Proceeds from sales of properties 590 1,065 ---------- ---------- Net cash used in investing activities (32,284) (6,163) ---------- ---------- Cash flows from financing activities Repayments of long-term debt (2,573) (3,273) Proceeds from sale of treasury stock 569 153 ---------- ---------- Net cash used in financing activities (2,004) (3,120) ---------- ---------- Decrease in cash and cash equivalents (29,767) (2,886) Cash and cash equivalents at the beginning of the period 96,956 48,357 ---------- ---------- Cash and cash equivalents at the end of the period $ 67,189 $ 45,471 ========== ========== See accompanying notes to consolidated financial statements.
-6- MUELLER INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) General Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Results of operations for the interim periods presented are not necessarily indicative of results which may be expected for any other interim period or for the year as a whole. This quarterly report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K, including the annual financial statements incorporated therein by reference. The accompanying unaudited interim financial statements include all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Note 1 - Earnings Per Common Share Primary earnings per common share are based upon the weighted average number of common and common equivalent shares outstanding during the period. Fully diluted earnings per share are based upon the weighted average number of common shares outstanding plus the dilutive effects of all outstanding stock options. In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings per Share" (SFAS No. 128), which is required to be adopted for periods ending after December 15, 1997. At that time, the Company will be required to change the method currently used to compute earnings per share and to restate all prior periods. The following table presents pro forma earnings per share amounts computed using SFAS No. 128: [CAPTION] For the Quarter Ended March 29, 1997 March 30, 1996 [S] [C] [C] Pro forma earnings per share: Earnings per common share $ 0.90 $ 0.77 ========== ========== Earnings per common share - assuming dilution $ 0.80 $ 0.69 ========== ========== Note 2 - Commitments and Contingencies The Company is subject to normal environmental standards imposed by federal, state and local environmental laws and regulations. Based upon information currently available, management believes that the outcome of pending environmental matters will not materially affect the overall financial position and results of operations of the Company. -7- In addition, the Company is involved in certain litigation as either plaintiff or defendant as a result of claims that arise in the ordinary course of business which management believes will not have a material effect on the Company's financial condition. Note 3 - Acquisitions On December 30, 1996, the Company acquired the assets and certain liabilities of Precision Tube Company, Inc. (Precision) for approximately $6.6 million. Precision, which fabricates tubing and coaxial cables and assemblies, had net sales of approximately $20.0 million in 1996. Precision's tubing and coaxial divisions are located in North Wales, Pennsylvania, and Salisbury, Maryland, respectively. On February 28, 1997, the Company acquired certain assets of Wednesbury Tube Company (Wednesbury) for approximately $21.3 million. Wednesbury, which manufactures copper tube and is located in Bilston, West Midlands, England, had net sales of approximately $94.0 million in 1996. Both acquisitions are accounted for using the purchase method. Therefore, the results of operations of the acquired businesses will be included in the consolidated financial statements of the Company from the date of acquisition. The following table presents condensed pro forma consolidated results of operations as if the acquisitions had occurred at the beginning of the periods presented. This information combines the historical results of operations of the Company and the acquired businesses after the effects of estimated preliminary purchase accounting adjustments. Actual adjustments may differ from those reflected below. The pro forma information does not purport to be indicative of the results that would have been obtained if the operations had actually been combined during the periods presented and is not necessarily indicative of operating results to be expected in future periods. (In thousands, except per share data) [CAPTION] For the Quarter Ended March 29, 1997 March 30, 1996 [S] [C] [C] Net sales $ 215,249 $ 211,205 Net income 15,365 13,127 Net income per share: Primary 0.78 0.68 Fully diluted 0.78 0.67 -8- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations General Overview The Company's principal business is the manufacture and sale of copper tube, brass rod, copper and plastic fittings, forgings, valves, and other products made of copper, brass, bronze, plastic and aluminum. New housing starts and commercial construction are important determinants of the Company's sales to the air-conditioning, refrigeration, and plumbing markets because the principal end use of a significant portion of the Company's products is in the construction of single and multi-family housing, commercial buildings, and other construction. A majority of the Company's product is sold through wholesalers in the plumbing, air-conditioning and refrigeration markets and to OEMs in these and other markets. Profitability of certain of the Company's product lines depends upon the "spreads" between the cost of metal and the gross selling prices of its completed products. The open market price for copper cathode, for example, directly influences the selling price of copper tubing, a principal product manufactured by the Company. The Company minimizes the effects of changes in copper prices by passing base metal costs through to its customers as metal prices fluctuate. The Company accounts for the copper component of certain of its copper tube and fittings inventories using the LIFO method. Management believes the LIFO method results in a better matching of current costs with current revenues. The market price of copper does, however, indirectly affect the carrying value (FIFO basis) of the Company's brass and other inventories. The Company's worldwide copper and brass inventories customarily total between 40 and 50 million pounds. "Spreads" between material costs and selling prices of finished products fluctuate based upon competitive market conditions. The Company also owns various natural resource properties in the Western United States. It operates a short line railroad in Utah and a placer gold mining company in Alaska. Also, certain other natural resource properties are leased while others are offered for sale. Certain properties produce rental or royalty income. Results of Operations Net income was $15.8 million, or 80 cents per common share, for the first quarter of 1997, which compares with net income of $13.3 million, or 69 cents per common share, for the same period of 1996. During the first quarter of 1997 the Company's net sales were $201.4 million, which compares to net sales of $180.5 million, or a 12 percent increase over the same period of 1996. The increase in net sales was primarily attributable to the core manufacturing businesses, which shipped 14 percent more pounds of product. These core manufacturing businesses shipped 124.8 million pounds of product in the first quarter of 1997 which compares to 109.3 million pounds in the same quarter of 1996. First quarter operating income increased primarily due to:(i) higher sales volumes; (ii) productivity improvements at the Company's manufacturing plants; and (iii) earnings at our acquired businesses. -9- Interest expense in the first quarter of 1997 totaled $1.2 million which was equal to the first quarter of 1996. The Company capitalized $0.3 million of interest related to capital improvement programs in the first quarter of 1996 compared to none in the first quarter of 1997. Total interest in the first quarter of 1997 decreased due to reductions in long-term debt. The provision for environmental reserves of $2.0 million in the first quarter of 1997 was based on updated information and results of ongoing environmental remediation at a previously identified environmental site. The effective tax rate of 31.8 percent in the first quarter of 1997 reflects the benefit of a lower federal provision relating to the recognition of net operating loss carryforwards and a lower state provision associated with incentive IRB financings. Liquidity and Capital Resources Cash provided by operating activities in the first quarter of 1997 totaled $4.5 million which is primarily attributable to net income, depreciation and amortization, and increased current liabilities, offset by increased receivables. Approximately $8.1 million of the total $23.6 million increase in receivables related to the businesses acquired during the first quarter. During the first quarter of 1997, the Company used $32.3 million for investing activities, consisting primarily of $27.9 million for business acquisitions as described in Note 3, plus $5.0 million for capital expenditures. Existing cash balances plus cash from operations were used to fund the first quarter investing activities. The Company has a $100.0 million unsecured line-of-credit agreement (the Credit Facility) which expires in December 1999, but which may be extended for successive one year periods by agreement of the parties. At the Company's option, borrowings bear interest at prime less 1/2 of one percent. There are no outstanding borrowings under the Credit Facility. At March 29, 1997, funds available under the Credit Facility was reduced by $5.0 million for outstanding letters of credit. At March 29, 1997, the Company's total debt was $57.1 million or 13.6 percent of its capitalization. The Company's financing obligations contain various covenants which require, among other things, the maintenance of minimum levels of working capital, tangible net worth, and debt service coverage ratios. The Company is in compliance with all debt covenants. Management believes that cash provided by operations and currently available cash of $67.2 million will be adequate to meet the Company's normal future capital expenditure and operational needs. The Company's current ratio remains strong at 3.2 to 1. The Company has approved a $25.0 million capital improvement project at its Fulton copper tube mill to improve the utilization of scrap metal and enhance the mill's refining processes. This project is also expected to improve yield and productivity and increase capacity. Moreover, the project, when completed in approximately two years, will allow the tube mill to use more scrap copper when market conditions warrant. -10- The Company is also committed to an $11.0 million capital investment program to increase productivity and capacity at its plastic fittings manufacturing operations. Another important ongoing program is the modernization of the Company's low-volume, copper fittings plant in Covington, Tennessee. Modernization of this facility, which produces a broad range of low-volume copper fittings, is estimated to require approximately $7.1 million in capital improvements and will be completed in 1998. This project, when completed, will also increase output and improve efficiency. Further, the Company has approved capital expenditures totaling approximately $4.5 million to develop a prototype copper fittings distribution center in Covington, Tennessee, and expand its Fulton, Mississippi, copper tube distribution capabilities. These capital improvement projects will be funded with existing cash balances and cash generated by operations. Additionally, the Company is evaluating other financing alternatives for certain of these projects. Part II. OTHER INFORMATION Item 5. Other Information The following discussion updates the disclosure in Item 1, Business, in the Company's Annual Report on Form 10-K, for the year ended December 28, 1996. Environmental Matters Mining Remedial Recovery Company (MRRC) 1. U.S.S. Lead In November 1996, the EPA approved, with modifications, an Interim Stabilization Measures Workplan and designated a Corrective Action Management Unit ("CAMU") at the Lead Refinery site. Site activities, based on the approval, began during 1996. During the first quarter of 1997, it was determined that the volume of materials to be placed in the CAMU will exceed original estimates necessitating an increase in the size of the CAMU. The additional Interim Stabilization Measures identified in the first quarter have increased the costs of the interim clean up at the Lead Refinery Site to approximately $4.5 million, an increase of $2.0 million over previous estimates. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 19.1 Mueller Industries, Inc.'s Quarterly Report to Stockholders for the quarter ended March 29, 1997. Such report is being furnished for the information of the Securities and Exchange Commission only and is not to be deemed filed as part of this Quarterly Report on Form 10-Q. 27.1 Financial Data Schedules (b) During the quarter ended March 29, 1997, the Registrant filed no Current Reports on Form 8-K. Items 1, 2, 3, and 4 are not applicable and have been omitted. -11- SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on April 18, 1997. MUELLER INDUSTRIES, INC. /S/ EARL W. BUNKERS Earl W. Bunkers, Executive Vice President and Chief Financial Officer /S/ KENT A. MCKEE Kent A. McKee Vice President Business Development/ Investor Relations /S/ RICHARD W. CORMAN Richard W. Corman Director of Corporate Accounting -12- EX-19.1 2 EXHIBIT 19.1 QUARTERLY REPORT TO STOCKHOLDERS TO OUR STOCKHOLDERS, CUSTOMERS AND EMPLOYEES We are pleased to report that Mueller's net earnings rose 19 percent in the first quarter of 1997 over the same quarter of 1996. Earnings for the first quarter of 1997 were $15.8 million, or 80 cents per share, compared to earnings of $13.3 million or 69 cents per share for the first quarter of 1996. Our pretax earnings in the first quarter of this year included a $2.0 million charge to increase environmental reserves based on updated information at a previously identified site. Net sales for the first quarter of 1997 totaled $201.4 million or 12 percent over net sales of $180.5 million in the first quarter of 1996. Measured in pounds, we shipped 14 percent more product in the first quarter of 1997 than was sold in the same period of 1996. As we have reported previously, the selling price of many of our products, particularly our copper products, varies with the cost of raw materials. COMEX copper prices averaged $1.11 per pound in the first quarter of 1997 compared to $1.17 per pound in the same quarter of last year. Our manufacturing operations continue to show the benefits of our major capital improvement programs. We are particularly pleased with our plastic fittings business as margins have improved, along with sales and production volumes. Our brass rod business fits this same pattern. The new indirect extrusion press, which became operational at our brass mill in 1996, has improved yield, efficiency and production. Copper fittings and copper tube sales were strong during the quarter, and we were gratified with their operating results. During the first quarter of 1997, Mueller made two significant acquisitions. At the beginning of the year, we purchased Precision Tube Company, Inc. located in North Wales, Pennsylvania, and Salisbury, Maryland. And, on February 28, 1997, we acquired Wednesbury Tube Company located in Bilston, England. Both of these were asset purchases and they are profiled in the "Corporate News" section of this report. We remain optimistic about our business for the balance of 1997. Long-term mortgage rates remain near 8 percent. In addition, consumer confidence remains high and inflation is at a low level. We believe these factors will translate into a sound economic scenario going forward. -1- Our Annual Stockholders' meeting will be held in Memphis, Tennessee, on May 7, 1997. By now, you should have received the notice of our meeting, the proxy material, and our 1996 Annual Report. We welcome your attendance, but if you cannot attend, we urge you to sign and return your proxy card. Sincerely, /S/Harvey L. Karp Harvey L. Karp Chairman of the Board /S/William D. O'Hagan William D. O'Hagan President and Chief Executive Officer April 17, 1997 CORPORATE NEWS MUELLER COMMENCES MANUFACTURING OPERATIONS IN EUROPE BY ACQUIRING WEDNESBURY TUBE COMPANY During the first quarter of 1997, Mueller acquired Wednesbury Tube Company, a copper tube manufacturer located in Bilston, England. Wednesbury posted net sales of approximately $94 million in 1996, shipping 50 million pounds of copper tube. Wednesbury has a significant presence in the United Kingdom and Europe. Wednesbury represents a logical extension of our copper tube manufacturing interests into the European market. The long-term prospects for Wednesbury are promising. With appropriate investment, we believe we can substantially improve and enhance the operating results and value of this business. MUELLER ACQUIRES PRECISION TUBE COMPANY, INC. Mueller acquired the assets of Precision Tube Company, Inc. at the beginning of 1997. Precision Tube manufactures copper tubing, copper alloy tubing, aluminum tubing, and fabricated tubular products at its mill in North Wales, Pennsylvania, and semi-rigid and flexible coaxial cables and assemblies at its coaxitube division in Salisbury, Maryland. Precision Tube's net sales were approximately $20 million in 1996. We have confidence in the Precision management team, and we plan to make capital improvements to enhance Precision's business. -2- MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data)
For the Quarter Ended March 29, 1997 March 30, 1996 Net sales $ 201,366 $ 180,515 Cost of goods sold 155,784 143,532 Depreciation and amortization 4,832 4,450 Selling, general, and administrative expense 15,496 13,904 ---------- ---------- Operating income 25,254 18,629 Interest expense (1,178) (1,240) Environmental reserves (2,000) - Other income, net 1,030 1,880 ---------- ---------- Income before taxes 23,106 19,269 Income tax expense (7,348) (5,977) ---------- ---------- Net income $ 15,758 $ 13,292 ========== ========== Net income per share: Primary: Average shares outstanding 19,592 19,368 Net income $ 0.80 $ 0.69 ========== ========== Fully diluted: Average shares outstanding 19,592 19,464 Net income $ 0.80 $ 0.68 ========== ==========
-3- MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except per share data)
March 29, 1997 December 28, 1996 ASSETS Cash and cash equivalents $ 67,189 $ 96,956 Accounts receivable, net 115,445 88,905 Inventories 89,603 76,647 Other current assets 15,096 12,204 ---------- ---------- Total current assets 287,333 274,712 Property, plant and equipment, net 232,340 219,855 Other assets 16,065 14,790 ---------- ---------- $ 535,738 $ 509,357 ========== ========== Liabilities and Stockholders' Equity Current portion of long-term debt $ 14,925 $ 14,844 Accounts payable 25,193 18,305 Other current liabilities 48,621 45,807 ---------- ---------- Total current liabilities 88,739 78,956 Long-term debt 42,193 44,806 Other noncurrent liabilities 40,257 37,116 ---------- ---------- Total liabilities 171,189 160,878 Minority interest in subsidiaries 397 397 Stockholders' equity 364,152 348,082 ---------- ---------- $ 535,738 $ 509,357 ========== ========== Book value per share $ 20.80 $ 19.96 ========== ========== -4-
EX-27.1 3 EXHIBIT 27.1 ARTICLE 5 FINANCIAL DATA SCHEDULES
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S FORM 10-Q FOR THE FISCAL QUARTER ENDED MARCH 29, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 0000089439 MUELLER INDUSTRIES, INC. 1,000 3-MOS DEC-27-1997 MAR-29-1997 67,189 0 118,655 3,210 89,603 287,333 307,815 75,475 535,738 88,739 42,193 200 0 0 363,952 535,738 201,366 201,366 155,784 155,784 20,328 0 1,178 23,106 7,348 15,758 0 0 0 15,758 0.80 0.80 -----END PRIVACY-ENHANCED MESSAGE-----