-----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, SnrJJFAAwd31FCpuVcbfgm73Q/U7N9c/YTptW5H95hVrfOYnEIpfiCrOr5Fj334/ m1sVz5WM0euBLyZqSgRrCg== 0000089439-03-000003.txt : 20030227 0000089439-03-000003.hdr.sgml : 20030227 20030227143956 ACCESSION NUMBER: 0000089439-03-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030227 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030227 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: 1226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06770 FILM NUMBER: 03583086 BUSINESS ADDRESS: STREET 1: SUITE 150 STREET 2: 8285 TOURNAMENT DRIVE CITY: MEMPHIS STATE: TN ZIP: 38125 BUSINESS PHONE: (901)753-3200 MAIL ADDRESS: STREET 1: SUITE 150 STREET 2: 8285 TOURNAMENT DRIVE CITY: MEMPHIS STATE: TN ZIP: 38125 FORMER COMPANY: FORMER CONFORMED NAME: SHARON STEEL CORP DATE OF NAME CHANGE: 19910103 8-K 1 mli8k022703.txt FORM 8-K DATED FEBRUARY 27, 2002 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported) February 27, 2003 MUELLER INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Delaware 1-6770 25-0790410 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 8285 TOURNAMENT DRIVE, SUITE 150 MEMPHIS, TENNESSEE 38125 (Address of principal executive offices) Registrant's telephone number, including area code: (901) 753-3200 -1- Item 5. Other Events and Regulation FD Disclosure. During 2002, Mueller Industries, Inc. (the Company) sold its wholly owned subsidiary, Utah Railway Company, and initiated steps to discontinue operations at its French manufacturing business, Mueller Europe S.A. The operations and cash flows of these two businesses have been eliminated from the ongoing operations of the Company, and are reported as discontinued operations. The Company is providing its quarterly statements of operations for 2002 and 2001, reclassified to conform to the current presentation, as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (c) Exhibits. 99.1 Quarterly Statements of Operations for 2002 and 2001. -2- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized, on February 27, 2003. MUELLER INDUSTRIES, INC. /s/Kent A. McKee Kent A. McKee Vice President and Chief Financial Officer -3- EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1 Quarterly Statements of Operations for 2002 and 2001. -4- EX-99 3 mli8ktables.txt QUARTERLY STATEMENTS OF OPERATIONS FOR 2002 AND 2001 Mueller Industries, Inc. Quarterly Statements of Operations (Unaudited) (In thousands, except per share data)
--------------------2002-------------------- First Second Third Fourth Quarter Quarter Quarter Quarter Pounds sold 181,500 186,600 164,400 161,500 Net sales $ 249,053 $ 260,507 $ 227,294 $ 216,129 Cost of goods sold 191,806 201,351 176,302 175,322 -------- -------- -------- -------- Gross profit 57,247 59,156 50,992 40,807 Depreciation and amortization 9,076 9,163 9,277 9,924 Selling, general, and administrative expense 21,981 22,374 21,280 19,371 -------- -------- -------- -------- Operating income 26,190 27,619 20,435 11,512 Interest expense (493) (343) (320) (304) Environmental expense (175) (230) (483) (751) Other income, net 1,626 1,414 1,104 1,666 -------- -------- -------- -------- Income from continuing operations before income taxes 27,148 28,460 20,736 12,123 Income tax (expense) benefit: Current (6,690) (5,483) 9,102 (4,533) Deferred (2,593) (4,261) (4,016) 1,184 -------- -------- -------- -------- Total (9,283) (9,744) 5,086 (3,349) -------- -------- -------- -------- Income from continuing operations 17,865 18,716 25,822 8,774 Discontinued operations, net of income taxes: Income (loss) from operation of discontinued operations 71 (251) (313) (393) Gain (loss) on disposition of discontinued operations - - 21,123 (13,422) -------- -------- -------- -------- Net income (loss) $ 17,936 $ 18,465 $ 46,632 $ (5,041) ======== ======== ======== ========
See accompanying note to financial statement. 1 Mueller Industries, Inc. Quarterly Statements of Operations, continued (Unaudited) (In thousands, except per share data)
--------------------2002-------------------- First Second Third Fourth Quarter Quarter Quarter Quarter Basic earnings (loss) per share: Weighted average shares outstanding 33,506 33,940 34,269 34,255 -------- -------- -------- -------- From continuing operations $ 0.54 $ 0.55 $ 0.75 $ 0.25 From discontinued operations - (0.01) (0.01) (0.01) From gain (loss) on disposition of discontinued operations - - 0.62 (0.39) -------- -------- -------- -------- Basic earnings (loss) per share $ 0.54 $ 0.54 $ 1.36 $ (0.15) ======== ======== ======== ======== Diluted earnings (loss) per share: Weighted average shares outstanding plus assumed conversions 37,329 37,198 36,837 36,825 -------- -------- -------- -------- From continuing operations $ 0.48 $ 0.50 $ 0.70 $ 0.24 From discontinued operations - - - (0.01) From gain (loss) on disposition of discontinued operations - - 0.57 (0.37) -------- -------- -------- -------- Diluted earnings (loss) per share $ 0.48 $ 0.50 $ 1.27 $ (0.14) ======== ======== ======== ======== Summary Segment Data: Net sales: Standard Products Division $ 180,098 $ 187,187 $ 161,188 $ 150,791 Industrial Products Division 69,987 74,937 67,946 66,721 Elimination of intersegment sales (1,032) (1,617) (1,840) (1,383) -------- -------- -------- -------- Net sales $ 249,053 $ 260,507 $ 227,294 $ 216,129 ======== ======== ======== ========
See accompanying note to financial statement. 2 Mueller Industries, Inc. Quarterly Statements of Operations, continued (Unaudited) (In thousands, except per share data)
--------------------2002-------------------- First Second Third Fourth Quarter Quarter Quarter Quarter Operating income: Standard Products Division $ 25,158 $ 25,409 $ 19,206 $ 9,191 Industrial Products Division 5,668 5,803 4,640 4,242 Unallocated expenses (4,636) (3,593) (3,411) (1,921) -------- -------- -------- -------- Operating income $ 26,190 $ 27,619 $ 20,435 $ 11,512 ======== ======== ======== ========
See accompanying note to financial statement. 3 Mueller Industries, Inc. Quarterly Statements of Operations, continued (Unaudited) (In thousands, except per share data)
--------------------2001-------------------- First Second Third Fourth Quarter Quarter Quarter Quarter Pounds sold 160,100 173,000 162,600 154,200 Net sales $ 254,412 $ 266,028 $ 236,871 $ 211,795 Cost of goods sold 198,395 202,316 175,877 163,778 -------- -------- -------- -------- Gross profit 56,017 63,712 60,994 48,017 Depreciation and amortization 9,662 9,735 10,133 9,931 Selling, general, and administrative expense 21,675 21,931 20,144 20,000 -------- -------- -------- -------- Operating income 24,680 32,046 30,717 18,086 Interest expense (1,385) (650) (637) (639) Environmental expense (761) (856) (1,349) (634) Other income, net 1,740 1,339 1,700 1,008 -------- -------- -------- -------- Income from continuing operations before income taxes 24,274 31,879 30,431 17,821 Income tax (expense) benefit: Current (7,474) (9,414) (6,569) 212 Deferred (1,697) (2,566) (4,594) (6,880) -------- -------- -------- -------- Total (9,171) (11,980) (11,163) (6,668) -------- -------- -------- -------- Income from continuing operations 15,103 19,899 19,268 11,153 Discontinued operations, net of income taxes: Income (loss) from operation of discontinued operations 366 876 (267) 557 -------- -------- -------- -------- Net income $ 15,469 $ 20,775 $ 19,001 $ 11,710 ======== ======== ======== ========
See accompanying note to financial statement. 4 Mueller Industries, Inc. Quarterly Statements of Operations, continued (Unaudited) (In thousands, except per share data)
--------------------2001-------------------- First Second Third Fourth Quarter Quarter Quarter Quarter Basic earnings (loss) per share: Weighted average shares outstanding 33,368 33,399 33,424 33,446 -------- -------- -------- -------- From continuing operations $ 0.45 $ 0.59 $ 0.58 $ 0.33 From discontinued operations 0.01 0.03 (0.01) 0.02 -------- -------- -------- -------- Basic earnings per share $ 0.46 $ 0.62 $ 0.57 $ 0.35 ======== ======== ======== ======== Diluted earnings (loss) per share: Weighted average shares outstanding plus assumed conversions 37,134 37,281 37,298 37,269 -------- -------- -------- -------- From continuing operations $ 0.41 $ 0.53 $ 0.52 $ 0.30 From discontinued operations 0.01 0.03 (0.01) 0.01 -------- -------- -------- -------- Diluted earnings per share $ 0.42 $ 0.56 $ 0.51 $ 0.31 ======== ======== ======== ======== Summary Segment Data: Net sales: Standard Products Division $ 186,413 $ 201,248 $ 177,648 $ 156,211 Industrial Products Division 68,966 65,495 60,745 56,541 Elimination of intersegment sales (967) (715) (1,522) (957) -------- -------- -------- -------- Net sales $ 254,412 $ 266,028 $ 236,871 $ 211,795 ======== ======== ======== ======== Operating income: Standard Products Division $ 23,861 $ 32,981 $ 30,763 $ 16,998 Industrial Products Division 5,129 4,170 3,225 4,945 Unallocated expenses (4,310) (5,105) (3,271) (3,857) -------- -------- -------- -------- Operating income $ 24,680 $ 32,046 $ 30,717 $ 18,086 ======== ======== ======== ========
See accompanying note to financial statement. 5 Note to financial statement: During 2002, Mueller Industries, Inc. (the Company) sold its wholly owned subsidiary, Utah Railway Company, and initiated steps to discontinue operations at its French manufacturing business, Mueller Europe S.A. The operations and cash flows of these two businesses have been eliminated from the ongoing operations of the Company, and are reported as discontinued operations. 6 -----END PRIVACY-ENHANCED MESSAGE-----