8-K

UNITED STATES
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

April 16, 2003
Date of Report (Date of earliest event reported)

MUELLER INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Commission File Number 1-6770

Delaware
(State or other jurisdiction of
incorporation or organization) 25-0790410
(I.R.S. Employer
Identification No.)

8285 Tournament Drive, Suite 150
Memphis, Tennessee  38125
(Address of principal executive offices)
(Zip Code)

(901) 753-3200
(Registrant’s telephone number, including area code)

Item 7.   Financial Statements and Exhibits.

(c)	Exhibits.
	99.1	Press release dated April 15, 2003 reporting first quarter 2003 earnings.

Item 9.   Regulation FD Disclosure.

The following information is furnished pursuant to "Item 12 Results of Operations and Financial Condition."

On April 15, 2003, Mueller Industries, Inc. issued a press release announcing earnings for the quarter
ended March 28, 2003.  A copy of the press release is attached as Exhibit 99.1

2

SIGNATURES

     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 April 16, 2003.

MUELLER INDUSTRIES, INC.

/s/ Kent A. McKee

Kent A. McKee  
Vice President and
Chief Financial Officer

3

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated April 15, 2003

4 EX-99 3 press_rel.txt EXHIBIT 99.1 FOR IMMEDIATE RELEASE Contact: Kent A. McKee Memphis, TN-April 15, 2003 (901) 753-3208 MUELLER INDUSTRIES, INC. REPORTS FIRST QUARTER RESULTS Quarterly Earnings Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), today announced the Company's results for the first quarter of 2003. Net income was $3.9 million, or 11 cents per diluted share, which compares with $17.9 million, or 48 cents per diluted share, for the first quarter of 2002. Net sales for the three months ended March 29, 2003 declined to $232.0 million, from $249.1 million for the comparable 2002 period. Income from continuing operations was $4.5 million, or 12 cents per diluted share, which compares with income from continuing operations in the first quarter of 2002 of $17.9 million, or 48 cents per diluted share. The decline in sales volume was partly due to exceptionally cold weather conditions that slowed product shipments. In addition, depressed copper tube margins and market pressures adversely affected profitability. Financial Highlights Regarding the first quarter financial results, Mr. Karp said, "Mueller ended the quarter with $194.9 million in cash, which is more than $5.00 per outstanding share. "Our debt-to-total-capitalization is virtually nil and, in fact, we currently have no net debt as cash on hand substantially exceeds total debt. "Our current ratio is an impressive 5.1 to 1 with total working capital of $393.7 million. "We invested $10.8 million increasing to 34 percent our interest in Conbraco Industries, Inc. We are working with Conbraco's management to achieve mutual benefits for our companies. "Capital expenditures were $6.6 million in the quarter. For 2003, we expect that our capital expenditure requirements will be less than depreciation" Operating Highlights With regard to operations, Mr. Karp noted the following: "We shipped 166.6 million pounds of product, versus 181.5 million pounds in the first quarter of 2002. "Operating income was $7.1 million compared with $26.2 million in the same period a year ago. The decline is due primarily to lower volumes and margins in our copper tube business. -1- "Our European business operated near break even, despite the lowest margins we've experienced since our entry into the European market in 1997. "Our Standard Products Division posted operating earnings of $7.1 million, compared with $25.2 million in the first quarter of 2002. Standard Products Division's net sales were $159.4 million for the quarter, compared with $180.1 million for the same period a year ago. "Our Industrial Products Division posted operating earnings of $4.1 million during the first quarter on sales of $74.9 million which compares with operating earnings of $5.7 million from sales of $70.0 million during the first quarter of 2002." Business Outlook Discussing the business outlook, Mr. Karp said, "The housing industry continues to be a bright spot in our national economy. Building permits, which are an excellent indicator of future business, remain high, and are tracking the pace of 2002. Recently, consumer confidence dipped and the national job market was noticeably weaker. We are carefully monitoring these and other factors; but, it is significant that mortgage rates remain very attractive and that may enable the housing industry to have another good year in 2003." 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, market demand, pricing, and competitive and technological factors, among others, as set forth in the company's SEC filings. 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, and Great Britain. -2- MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)

For the Quarter Ended March 29, 2003 March 30, 2002 (Unaudited) Net sales $ 232,022 $ 249,053 Cost of goods sold 191,915 191,806 Depreciation and amortization 9,740 9,076 Selling, general, and administrative expense 23,296 21,981 ---------- ---------- Operating income 7,071 26,190 Interest expense (311) (493) Environmental expense (207) (175) Other income, net 557 1,626 ---------- ---------- Income from continuing operations before income taxes 7,110 27,148 Income tax expense (2,650) (9,283) ---------- ---------- Income from continuing operations 4,460 17,865 (Loss) income from operation of discontinued operations, net of tax (539) 71 ---------- ---------- Net income $ 3,921 $ 17,936 ========== ========== Earnings (loss) per share: Basic earnings (loss) per share: Weighted average shares outstanding 34,257 33,506 ========== ========== From continuing operations $ 0.13 $ 0.54 From discontinued operations (0.02) - ---------- ---------- Basic earnings per share $ 0.11 $ 0.54 ========== ========== Diluted earnings (loss) per share: Weighted average shares outstanding plus assumed conversions 36,771 37,329 ========== ========== From continuing operations $ 0.12 $ 0.48 From discontinued operations (0.01) - ---------- ---------- Diluted earnings per share $ 0.11 $ 0.48 ========== ==========

-3- MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

March 29, 2003 December 28, 2002 (Unaudited) Assets Cash and cash equivalents $ 194,915 $ 217,601 Accounts receivable, net 142,397 132,427 Inventories 144,890 142,953 Other current assets 6,744 7,366 ---------- ---------- Total current assets 488,946 500,347 Property, plant, and equipment, net 348,356 352,469 Other assets 143,336 135,131 ---------- ---------- $ 980,638 $ 987,947 ========== ========== Liabilities and Stockholders' Equity Current portion of long-term debt $ 3,711 $ 4,161 Accounts payable 35,950 41,004 Other current liabilities 55,580 61,186 ---------- ---------- Total current liabilities 95,241 106,351 Long-term debt 13,333 14,005 Other noncurrent liabilities 113,783 113,647 ---------- ---------- Total liabilities 222,357 234,003 Minority interest in subsidiaries 459 421 Stockholders' equity 757,822 753,523 ---------- ---------- $ 980,638 $ 987,947 ========== ==========

-4- MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

For the Quarter Ended March 29, 2003 March 30, 2002 (Unaudited) Operating activities: Net income from continuing operations $ 4,460 $ 17,865 Reconciliation of net income from continuing operations to net cash (used in) provided by operating activities: Depreciation and amortization 9,740 9,076 Deferred income taxes 783 2,613 Loss (gain) on disposal of properties 212 (497) Minority interest in subsidiaries 38 - Income tax benefit from exercise of stock options - 2,245 Changes in assets and liabilities, net (21,277) (6,170) ---------- ---------- Net cash (used in) provided by operating activities (6,044) 25,132 ---------- ---------- Investing activities: Purchase of Conbraco Industries, Inc. common stock (10,806) - Capital expenditures (6,599) (8,511) Other, net 476 1,091 ---------- ---------- Net cash used in investing activities (16,929) (7,420) ---------- ---------- Financing activities: Repayments of long-term debt (1,122) (31,032) Acquisition of treasury stock - (2,283) Proceeds from the sale of treasury stock - 756 ---------- ---------- Net cash used in financing activities (1,122) (32,559) ---------- ---------- Effect of exchange rate changes on cash 1,157 (45) ---------- ---------- Decrease in cash and cash equivalents (22,938) (14,892) Cash provided by discontinued operations 252 440 Cash and cash equivalents at the beginning of the period 217,601 121,862 ---------- ---------- Cash and cash equivalents at the end of the period $ 194,915 $ 107,410 ========== ==========

-5- -----END PRIVACY-ENHANCED MESSAGE-----

EX-99

FOR IMMEDIATE RELEASE                           Contact: Kent A. McKee
Memphis, TN-April 15, 2003                              (901) 753-3208


                      MUELLER INDUSTRIES, INC. REPORTS
                           FIRST QUARTER RESULTS


Quarterly Earnings

     Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), today
announced the Company's results for the first quarter of 2003.  Net income
was $3.9 million, or 11 cents per diluted share, which compares with $17.9
million, or 48 cents per diluted share, for the first quarter of 2002.  Net
sales for the three months ended March 29, 2003 declined to $232.0 million,
from $249.1 million for the comparable 2002 period.  Income from continuing
operations was $4.5 million, or 12 cents per diluted share, which compares
with income from continuing operations in the first quarter of 2002 of $17.9
million, or 48 cents per diluted share.  The decline in sales volume was
partly due to exceptionally cold weather conditions that slowed product
shipments.  In addition, depressed copper tube margins and market pressures
adversely affected profitability.

Financial Highlights

     Regarding the first quarter financial results, Mr. Karp said,

     "Mueller ended the quarter with $194.9 million in cash, which is more
      than $5.00 per outstanding share.

     "Our debt-to-total-capitalization is virtually nil and, in fact, we
      currently have no net debt as cash on hand substantially exceeds total
      debt.

     "Our current ratio is an impressive 5.1 to 1 with total working capital
      of $393.7 million.

     "We invested $10.8 million increasing to 34 percent our interest in
      Conbraco Industries, Inc.  We are working with Conbraco's management
      to achieve mutual benefits for our companies.

     "Capital expenditures were $6.6 million in the quarter.  For 2003, we
      expect that our capital expenditure requirements will be less than
      depreciation"


Operating Highlights

     With regard to operations, Mr. Karp noted the following:

     "We shipped 166.6 million pounds of product, versus 181.5 million
      pounds in the first quarter of 2002.

     "Operating income was $7.1 million compared with $26.2 million in the
      same period a year ago.  The decline is due primarily to lower volumes
      and margins in our copper tube business.


                                      -1-


     "Our European business operated near break even, despite the lowest
      margins we've experienced since our entry into the European market in
      1997.

     "Our Standard Products Division posted operating earnings of $7.1
      million, compared with $25.2 million in the first quarter of 2002.
      Standard Products Division's net sales were $159.4 million for the
      quarter, compared with $180.1 million for the same period a year ago.

     "Our Industrial Products Division posted operating earnings of $4.1
      million during the first quarter on sales of $74.9 million which
      compares with operating earnings of $5.7 million from sales of $70.0
      million during the first quarter of 2002."

Business Outlook

     Discussing the business outlook, Mr. Karp said, "The housing industry
continues to be a bright spot in our national economy.  Building permits,
which are an excellent indicator of future business, remain high, and are
tracking the pace of 2002.  Recently, consumer confidence dipped and the
national job market was noticeably weaker.  We are carefully monitoring
these and other factors; but, it is significant that mortgage rates remain
very attractive and that may enable the housing industry to have another
good year in 2003."

     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, market demand, pricing, and
competitive and technological factors, among others, as set forth in the
company's SEC filings.

     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, and Great Britain.




















                                      -2-


                          MUELLER INDUSTRIES, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                    (In thousands, except per share data)

                                               For the Quarter Ended
                                        March 29, 2003          March 30, 2002
                                                     (Unaudited)
                                                           
Net sales                                $   232,022             $   249,053

Cost of goods sold                           191,915                 191,806
Depreciation and amortization                  9,740                   9,076
Selling, general, and
   administrative expense                     23,296                  21,981
                                          ----------              ----------
Operating income                               7,071                  26,190

Interest expense                                (311)                   (493)
Environmental expense                           (207)                   (175)
Other income, net                                557                   1,626
                                          ----------              ----------
Income from continuing operations
  before income taxes                          7,110                  27,148
Income tax expense                            (2,650)                 (9,283)
                                          ----------              ----------

Income from continuing operations              4,460                  17,865
(Loss) income from operation of
  discontinued operations, net of tax           (539)                     71
                                          ----------              ----------

Net income                               $     3,921             $    17,936
                                          ==========              ==========

Earnings (loss) per share:

   Basic earnings (loss) per share:
      Weighted average shares
        outstanding                           34,257                  33,506
                                          ==========              ==========
        From continuing operations       $      0.13             $      0.54
        From discontinued operations           (0.02)                      -
                                          ----------              ----------
   Basic earnings per share              $      0.11             $      0.54
                                          ==========              ==========

   Diluted earnings (loss) per share:
      Weighted average shares
        outstanding plus assumed
        conversions                           36,771                  37,329
                                          ==========              ==========
        From continuing operations       $      0.12             $      0.48
        From discontinued operations           (0.01)                      -
                                          ----------              ----------
   Diluted earnings per share            $      0.11             $      0.48
                                          ==========              ==========

                                     -3-


                          MUELLER INDUSTRIES, INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                               (In thousands)

                                        March 29, 2003       December 28, 2002
                                                     (Unaudited)
                                                           
Assets

Cash and cash equivalents                $   194,915             $   217,601
Accounts receivable, net                     142,397                 132,427
Inventories                                  144,890                 142,953
Other current assets                           6,744                   7,366
                                          ----------              ----------

     Total current assets                    488,946                 500,347

Property, plant, and equipment, net          348,356                 352,469
Other assets                                 143,336                 135,131
                                          ----------              ----------
                                         $   980,638             $   987,947
                                          ==========              ==========

Liabilities and Stockholders' Equity

Current portion of long-term debt        $     3,711             $     4,161
Accounts payable                              35,950                  41,004
Other current liabilities                     55,580                  61,186
                                          ----------              ----------

     Total current liabilities                95,241                 106,351

Long-term debt                                13,333                  14,005
Other noncurrent liabilities                 113,783                 113,647
                                          ----------              ----------

     Total liabilities                       222,357                 234,003

Minority interest in subsidiaries                459                     421

Stockholders' equity                         757,822                 753,523
                                          ----------              ----------

                                         $   980,638             $   987,947
                                          ==========              ==========












                                     -4-


                          MUELLER INDUSTRIES, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In thousands)

                                              For the Quarter Ended
                                        March 29, 2003          March 30, 2002
                                                     (Unaudited)
                                                           
Operating activities:
Net income from continuing operations    $     4,460             $    17,865
Reconciliation of net income from
  continuing operations to net
  cash (used in) provided by
  operating activities:
     Depreciation and amortization             9,740                   9,076
     Deferred income taxes                       783                   2,613
     Loss (gain) on disposal
       of properties                             212                    (497)
     Minority interest in subsidiaries            38                       -
     Income tax benefit from exercise
       of stock options                            -                   2,245
     Changes in assets and
       liabilities, net                      (21,277)                 (6,170)
                                          ----------              ----------
Net cash (used in) provided by
  operating activities                        (6,044)                 25,132
                                          ----------              ----------
Investing activities:
Purchase of Conbraco Industries, Inc.
  common stock                               (10,806)                      -
Capital expenditures                          (6,599)                 (8,511)
Other, net                                       476                   1,091
                                          ----------              ----------
Net cash used in investing activities        (16,929)                 (7,420)
                                          ----------              ----------
Financing activities:
Repayments of long-term debt                  (1,122)                (31,032)
Acquisition of treasury stock                      -                  (2,283)
Proceeds from the sale of
  treasury stock                                   -                     756
                                          ----------              ----------
Net cash used in financing activities         (1,122)                (32,559)
                                          ----------              ----------
Effect of exchange rate changes on cash        1,157                     (45)
                                          ----------              ----------
Decrease in cash
   and cash equivalents                      (22,938)                (14,892)
Cash provided by discontinued operations         252                     440
Cash and cash equivalents at the
   beginning of the period                   217,601                 121,862
                                          ----------              ----------
Cash and cash equivalents at the
   end of the period                     $   194,915             $   107,410
                                          ==========              ==========


                                      -5-