-----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, UFBOj/eR2O2NH87nI8cI/ZfCL2ZDnel1V9MwAq/2ag9SqQZIy37heKWkuCANvpIv yWY1psSqMNABybd0AknLIw== 0000891092-04-001604.txt : 20040413 0000891092-04-001604.hdr.sgml : 20040413 20040413111821 ACCESSION NUMBER: 0000891092-04-001604 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040413 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040413 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: 04729852 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 e17452.txt PRESS RELEASE DATED APRIL 13, 2004 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 13, 2004 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 25-0790410 (State or other jurisdiction of (I.R.S. Employer incorporation or Identification No.) organization) 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 13, 2004 reporting first quarter 2004 earnings. Item 12. Results of Operations and Financial Condition. On April 13, 2004, Mueller Industries, Inc. issued a press release announcing earnings for the quarter ended March 27, 2004. A copy of the press release is attached as Exhibit 99.1. 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 13, 2004. MUELLER INDUSTRIES, INC. /S/ KENT A. MCKEE ------------------------------------- Kent A. McKee Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit Number Description -------------- ----------- 99.1 Press Release dated April 13, 2004 EX-99.1 3 e17452ex99_1.txt PRESS RELEASE Exhibit 99.1 Mueller Industries, Inc. Reports First Quarter Results MEMPHIS, Tenn., April 13 /PRNewswire-FirstCall/ -- Quarterly Earnings Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), today announced the Company's results for the first quarter of 2004. Earnings for the three months ended March 27, 2004 were 49 cents per diluted share compared with earnings per diluted share of 11 cents for the same period a year ago. Net income for the first quarter was $18.0 million, compared with $3.9 million for the first quarter of fiscal 2003. Net sales for the three months ended March 27, 2004 were $346.0 million, compared with net sales of $232.0 million for the comparable 2003 period. Financial and Operating Highlights Regarding the first quarter financial results, Mr. Karp said, "Mueller's financial position remains formidable." - "Operating income more than tripled to $24.3 million, despite a $3.9 million impairment charge related to the write-down of the Overstreet- Hughes operation. - "Pounds of product shipped increased 19 percent to 198 million in the first quarter of 2004 compared with 167 million for 2003. - "Our Standard Products Division posted operating earnings of $25.0 million, compared with $7.1 million in 2003. Standard Products Division's net sales were $249.7 million for the quarter, compared with $159.4 million for 2003. Operating results increased on the strength of higher volume and margins. - "Our Industrial Products Division posted operating earnings of $3.4 million (after a $3.9 million impairment charge related to Overstreet- Hughes) during the quarter on net sales of $99.8 million, which compares with operating earnings of $4.1 million on net sales of $74.9 for 2003. - "As sales increased, and raw material prices escalated, we redeployed more of our cash to inventory and accounts receivable. - "Mueller ended the quarter with $208.3 million in cash and virtually no debt. - "Our current ratio remains excellent at 5 to 1 and our working capital is $490.1 million. - "Capital expenditures totaled $5.1 million during the first quarter of 2004. For the fiscal year 2004, we expect capital expenditures to be in the range of $20 to $25 million. - "Stockholders' equity has grown to $834.8 million, or $23.87 per share." Business Outlook Discussing the outlook, Mr. Karp said, "The business outlook for the rest of the year is promising. The national economy is expanding, the housing industry appears headed for another stellar year, capital spending is gaining momentum and both interest rates and inflation are low." 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, 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. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) For the Quarter Ended March 27, March 29, 2004 2003 (Unaudited) Net sales $345,959 $232,022 Cost of goods sold 281,029 191,915 Depreciation and amortization 9,965 9,740 Selling, general, and administrative expense 26,682 23,296 Impairment charge 3,941 - Operating income 24,342 7,071 Interest expense (224) (311) Environmental expense (169) (207) Other income, net 2,793 557 Income from continuing operations before income taxes 26,742 7,110 Income tax expense (8,782) (2,650) Income from continuing operations 17,960 4,460 Loss from operation of discontinued operations, net of tax - (539) Net income $17,960 $3,921 Earnings (loss) per share: Basic earnings (loss) per share: Weighted average shares outstanding 34,658 34,257 From continuing operations $0.52 $0.13 From discontinued operations - (0.02) Basic earnings per share $0.52 $0.11 Diluted earnings (loss) per share: Weighted average shares outstanding plus assumed conversions 36,908 36,771 From continuing operations $0.49 $0.12 From discontinued operations - (0.01) Diluted earnings per share $0.49 $0.11 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 27, December 27, 2004 2003 (Unaudited) ASSETS Cash and cash equivalents $208,332 $255,088 Accounts receivable, net 233,641 163,006 Inventories 150,581 140,548 Other current assets 18,659 11,713 Total current assets 611,213 570,355 Property, plant, and equipment, net 340,188 345,537 Other assets 134,191 139,292 $1,085,592 $1,055,184 LIABILITIES AND STOCKHOLDERS' EQUITY Current portion of long-term debt $1,960 $2,835 Accounts payable 55,519 42,081 Other current liabilities 63,626 68,590 Total current liabilities 121,105 113,506 Long-term debt 11,386 11,437 Pension and postretirement liabilities 32,356 31,643 Environmental reserves 9,402 9,560 Deferred income taxes 65,149 63,734 Other noncurrent liabilities 11,221 10,238 Total liabilities 250,619 240,118 Minority interest in subsidiaries 208 208 Stockholders' equity 834,765 814,858 $1,085,592 $1,055,184 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Quarter Ended March 27, March 29, 2004 2003 (Unaudited) Operating activities: Net income from continuing operations $17,960 $4,460 Reconciliation of net income from continuing operations to net cash used in operating activities: Depreciation and amortization 9,965 9,740 Income tax benefit from exercise of stock options 9,685 - Impairment charge 3,941 - Equity in loss of unconsolidated subsidiaries 3,272 278 Deferred income taxes 108 783 (Gain) loss on disposal of properties (5,142) 212 Minority interest in subsidiaries - 38 Changes in assets and liabilities: Receivables (70,032) (13,518) Inventories (9,714) (2,904) Other, net 3,579 (5,133) Net cash used in operating activities (36,378) (6,044) Investing activities: Capital expenditures (5,063) (6,599) Proceeds from sales of properties 5,173 27 Purchase of Conbraco Industries, Inc. common stock - (10,806) Escrowed IRB proceeds - 449 Net cash provided by (used in) investing activities 110 (16,929) Financing activities: Dividends paid (3,493) - Acquisition of treasury stock (9,320) - Proceeds from the sale of treasury stock 3,259 - Repayments of long-term debt (926) (1,122) Net cash used in financing activities (10,480) (1,122) Effect of exchange rate changes on cash (8) 1,157 Decrease in cash and cash equivalents (46,756) (22,938) Cash provided by discontinued operations - 252 Cash and cash equivalents at the beginning of the period 255,088 217,601 Cash and cash equivalents at the end of the period $208,332 $194,915 SOURCE Mueller Industries, Inc. -0- 04/13/2004 /CONTACT: Kent A. McKee of Mueller Industries, Inc., +1-901-753-3208/ (MLI) CO: Mueller Industries, Inc. ST: Tennessee IN: MNG SU: ERN -----END PRIVACY-ENHANCED MESSAGE-----