-----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, DP0R8/TxU1US9SNOwOnwCOZWEOMBmgazRHh6SXlARBFALcTGBrILM4pSux09ugm/ y2hRtDeTpmOi346mxpGZeQ== 0001275287-05-002615.txt : 20050721 0001275287-05-002615.hdr.sgml : 20050721 20050721115602 ACCESSION NUMBER: 0001275287-05-002615 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050721 DATE AS OF CHANGE: 20050721 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06770 FILM NUMBER: 05965425 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 mi3109.txt ================================================================================ 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 Date of Report (Date of earliest event reported): July 21, 2005 MUELLER INDUSTRIES, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 1-6770 25-0790410 ------------------------------ ------------ ------------------- (State or other (Commission (IRS Employer jurisdiction of incorporation) File Number) Identification No.) 8285 Tournament Drive Suite 150 Memphis, Tennessee 38125 -------------------------------------------------- -------- (Address of principal executive offices) Zip Code Registrant's telephone number, including area code: (901) 753-3200 Registrant's Former Name or Address, if changed since last report: N/A Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Item 2.02. Results of Operations and Financial Condition. On July 21, 2005 the Registrant issued a press release announcing earnings for the quarter ended July 2, 2005. A copy of the press release announcing the second quarter 2005 earnings is attached as Exhibit 99.1. Item 9.01. Financial Statements and Exhibits. (c) Exhibits 99.1 Press release, dated July 21, 2005 reporting second quarter 2005 earnings. 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 July 21, 2005. MUELLER INDUSTRIES, INC. By: /s/ Kent A. McKee ------------------------ Name: Kent A. McKee Title: Vice President and Chief Financial Officer Exhibit Index Exhibit No. Description - ----------- ----------------------------------- 99.1 Press release, dated July 21, 2005. EX-99.1 2 mi3109ex991.txt Exhibit 99.1 MUELLER INDUSTRIES, INC. REPORTS SECOND QUARTER RESULTs MEMPHIS, Tenn., July 21 /PRNewswire-FirstCall/ -- Quarterly and Year-to-Date Earnings Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), today announced the Company's results for the second quarter of 2005. Net income for the second quarter was $17.2 million, or 46 cents per diluted share, which compares with $27.0 million, or 73 cents per diluted share, for the second quarter of fiscal 2004. Net sales for the three months ended July 2, 2005 were $410.5 million, compared with net sales of $380.8 million for the second quarter of 2004. The current period includes approximately $4.8 million pre-tax of interest expense (approximately 9 cents per diluted share) related primarily to the Subordinated Debentures issued in the fourth quarter of 2004. Year-to-date, the Company earned $32.4 million, or 87 cents per diluted share, on net sales of $812.2 million. This compares with net income of $45.0 million, or $1.22 per diluted share, on net sales of $726.8 million for the first half of 2004. Financial and Operating Highlights Regarding the second quarter financial results, Mr. Karp said, "Mueller's financial position remains sound. - "Operating income decreased to $25.3 million, as the precipitous increase in copper prices led to reduced margins in our copper tube and brass rod product lines. Trading as high as $1.69 per pound in June, the COMEX copper price for the second quarter of 2005 averaged $1.53 per pound compared with $1.23 per pound for the second quarter of 2004. - "Pounds of product shipped by our core product lines totaled 182.2 million in the second quarter of 2005 compared with 198.5 million for 2004. - "Our Standard Products Division posted quarterly operating earnings of $23.2 million, compared with $37.2 million in 2004. Standard Products Division's net sales were $302.4 million for the quarter, compared with $278.9 million for 2004. We realized solid results from our copper and plastic fittings businesses. However, operating profit declined on lower volume and margins in our copper tube business. The volatility of copper caused some of our customers to scale back their purchases. - "Operating income at Industrial Products Division was $7.3 million compared with $6.3 million for the second quarter of 2004. Net sales were $110.9 million in the second quarter of 2005 which compares with $105.9 million for 2004. Results at our brass rod mill decreased on lower volumes, while other product lines reported improved results. - "Mueller ended the quarter with $69 million in cash; the higher balances of accounts receivable and inventories caused by rising copper prices were readily funded with cash on-hand. - "Our current ratio remains excellent at 2.5 to 1 and our working capital is $307.8 million. - "Capital expenditures totaled $8.9 million during the first half of 2005. For the fiscal year 2005, we expect capital expenditures to be in the range of $20 to $25 million. - "Stockholders' equity has grown to $375.4 million." Business Outlook Discussing the outlook, Mr. Karp said, "The housing industry continues to show strength. Housing starts are approximately 4 to 5 percent ahead of last year. Non-residential construction is also growing, yet remains well below its peak level in 2000. Interest and mortgage rates are at very attractive levels and the general economy is growing at a robust rate. And more specifically, we have noted recent improvement in margins in our copper tube business, which is our largest business unit by far." 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. 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, competitive and technological factors, and the availability of financing, among others, as set forth in the Company's SEC filings. MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)
For the Quarter For the Six Months Ended Ended ------------------------- ------------------------- July 2, June 26, July 2, June 26, 2005 2004 2005 2004 ----------- ----------- ----------- ----------- (Unaudited) (Unaudited) Net sales $ 410,506 $ 380,822 $ 812,169 $ 726,781 Cost of goods sold 345,663 303,720 679,687 584,749 Depreciation and amortization 10,411 10,159 20,489 20,124 Selling, general, and administrative expense 29,136 28,199 59,491 54,881 Impairment charge - - - 3,941 Operating income 25,296 38,744 52,502 63,086 Interest expense (4,752) (199) (9,936) (423) Other income, net 3,973 1,180 4,767 3,804 Income before income taxes 24,517 39,725 47,333 66,467 Income tax expense (7,334) (12,677) (14,942) (21,459) Net income $ 17,183 $ 27,048 $ 32,391 $ 45,008 Weighted average shares for basic earnings per share 36,599 34,978 36,552 34,818 Effect of dilutive stock options 466 1,914 556 2,082 Adjusted weighted average shares for diluted earnings per share 37,065 36,892 37,108 36,900 Basic earnings per share $ 0.47 $ 0.77 $ 0.89 $ 1.29 Diluted earnings per share $ 0.46 $ 0.73 $ 0.87 $ 1.22
MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) July 2, December 25, 2005 2004 ------------ ------------ (Unaudited) ASSETS Cash and cash equivalents $ 69,140 $ 47,449 Accounts receivable, net 229,431 201,396 Inventories 189,637 187,853 Other current assets 18,830 18,633 Total current assets 507,038 455,331 Property, plant, and equipment, net 319,375 335,610 Other assets 175,769 172,790 $ 1,002,182 $ 963,731 LIABILITIES AND STOCKHOLDERS' EQUITY Current portion of long-term debt $ 4,589 $ 5,328 Accounts payable 99,179 79,723 Other current liabilities 95,459 95,767 Total current liabilities 199,227 180,818 Long-term debt 310,603 310,650 Pension and postretirement liabilities 32,285 33,167 Environmental reserves 9,221 9,503 Deferred income taxes 65,364 67,479 Other noncurrent liabilities 10,022 10,361 Total liabilities 626,722 611,978 Minority interest in subsidiaries 74 67 Stockholders' equity 375,386 351,686 $ 1,002,182 $ 963,731 MUELLER INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Six Months Ended --------------------------- July 2, June 26, 2005 2004 ------------ ------------ (Unaudited) Operating activities: Net income $ 32,391 $ 45,008 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 20,568 20,124 Income tax benefit from exercise of stock options 529 9,685 Impairment charge - 3,941 Equity in (income) loss of unconsolidated subsidiaries (3,471) 2,740 Loss (gain) on disposal of properties 457 (5,143) Deferred income taxes (1,039) (1,384) Minority interest in subsidiaries, net of dividend paid 7 (184) Changes in assets and liabilities: Receivables (30,347) (59,453) Inventories (3,823) (30,774) Current liabilities 20,058 41,983 Other, net (840) 307 Net cash provided by operating activities 34,490 26,850 Investing activities: Capital expenditures (8,876) (8,807) Proceeds from sales of properties 559 5,481 Net cash used in investing activities (8,317) (3,326) Financing activities: Dividends paid (7,320) (6,991) Acquisition of treasury stock (168) (9,320) Proceeds from the sale of treasury stock 3,911 3,326 Repayments of long-term debt (396) (1,853) Net cash used in financing activities (3,973) (14,838) Effect of exchange rate changes on cash (509) (87) Increase in cash and cash equivalents 21,691 8,599 Cash and cash equivalents at the beginning of the period 47,449 255,088 Cash and cash equivalents at the end of the period $ 69,140 $ 263,687 SOURCE Mueller Industries, Inc. -0- 07/21/2005 /CONTACT: Kent A. McKee, of Mueller Industries, Inc., +1-901-753-3208/ -----END PRIVACY-ENHANCED MESSAGE-----