Printer Friendly

MUELLER INDUSTRIES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

 MUELLER INDUSTRIES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
 WICHITA, Kan., March 9 /PRNewswire/ -- Mueller Industries Inc. (NYSE: MLI) reported today an after-tax loss of $43.7 million, or $4.49 per share, on net sales of $441.4 million for the year ended Dec. 28, 1991. Average shares outstanding totalled 9,746,411.
 There are no comparable 1990 operating results as Mueller, the successor to Sharon Steel Corp., emerged from bankruptcy proceedings on Dec. 28, 1990 divested of its steel assets and steel business.
 Harvey L. Karp., chairman and CEO stated, "The company's 1991 loss was largely attributable to a write-down of non-core assets. Natural resource assets were written-down by $27.9 million pre-tax, and the preferred stock of Sharon Inc., which the company owns, was written- down by $13.0 million pre-tax. These write-downs do not involve cash outlays." He added that, "Our core manufacturing businesses operated well in 1991 despite the recession which cut housing starts to the lowest level in 46 years. Housing starts are expected to rebound in 1992 and if this occurs, Mueller should have a good year. We are well positioned to benefit from an upturn in the housing industry."
 Mueller Industries manufactures and sells copper tube, brass rod, fittings and other products made of copper, brass, bronze, iron, plastic and aluminum; the company also owns various natural resource interests.
 MUELLER INDUSTRIES INC.
 Condensed Consolidated Statements of Operations
 (Unaudited)
 (In thousands, except share data)
 For the Quarter Ended For the Year Ended
 Dec. 28, Dec. 31, Dec. 28, Dec. 31,
 1991 1990 1991 1990
 Net sales $106,716 X $107,469 $441,431 X $505,376
 Operating income X X
 (loss) 42 X (10,209) (1,638) X (4,491)
 Unusual items (44,400) X --- (44,400) X ---
 Gain (loss) on X X
 reorganization, X X
 net --- X (43,196) --- X 18,384
 Other income X X
 (expense), net (3,801) X (2,515) (3,697) X (4,851)
 Income tax X X
 (expense) benefit 5,453 X (21) 5,994 X (1,108)
 Income (loss) from X X
 continuing X X
 operations (42,706) X (55,941) (43,741) X 7,934
 Fresh start X X
 reporting X X
 adjustments --- X 56,894 --- X 56,894
 Gain (loss) on X X
 discontinued X X
 operations, net --- X 30,420 --- X (8,090)
 Extraordinary item- X X
 forgiveness of X X
 debt --- X 392,416 --- X 392,416
 Net income (loss) $(42,706) X $423,789 $(43,741) X $449,154
 Weighted average X X
 common shares X X
 outstanding 9,663,113 X (a) 9,746,411 X (a)
 Net loss per X X
 common share $(4.42) X (a) $(4.49) X (a)
 (a) Share amounts are not comparable due to the reorganization in 1990.
 NOTE: Since the Dec. 28, 1991 financial statements have been prepared as if the company is a new reporting entity, a row of Xs has been presented on the Statement of Operations to separate current results from prior year information because they are not prepared on a comparable basis.
 -0- 3/9/92
 /CONTACT: Kent A. McKee of Mueller Industries, 316-688-8100/
 (MLI) CO: Mueller Industries Inc. ST: Kansas IN: SU: ERN


BB -- DV003 -- 6209 03/09/92 08:31 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 9, 1992
Words:544
Previous Article:HEALTHCARE SERVICES GROUP ISSUES ANNOUNCEMENT
Next Article:HOWTEK AND BIRMY GRAPHICS ANNOUNCE OEM AGREEMENT; HOWTEK SCANMASTER D4000 RELEASED AS OEM PRODUCT
Topics:


Related Articles
MUELLER INDUSTRIES ANNOUNCES IMPROVED SECOND QUARTER EARNINGS
MUELLER INDUSTRIES ANNOUNCES HIGHER THIRD QUARTER EARNINGS ON 34 PERCENT INCREASE IN SALES
MUELLER INDUSTRIES ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
MUELLER INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS
MUELLER INDUSTRIES, INC. ANNOUNCES RECORD FOURTH QUARTER AND YEAR END RESULTS
Mueller Industries, Inc. Announces Third Quarter Earnings Increased by 39 Percent
Mueller Industries, Inc. Announces an 18 Percent Increase in Second Quarter Earnings
Mueller Industries, Inc. Announces Record Earnings
Mueller Industries, Inc. announces plans to exit French manufacturing activity.
Mueller Industries, Inc. Announces Plans to Exit French Manufacturing Activity.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters