Printer Friendly

MUELLER INDUSTRIES ANNOUNCES HIGHER THIRD QUARTER EARNINGS ON 34 PERCENT INCREASE IN SALES

 MUELLER INDUSTRIES ANNOUNCES HIGHER THIRD QUARTER EARNINGS
 ON 34 PERCENT INCREASE IN SALES
 WICHITA, Kan., Oct. 21 /PRNewswire/ -- Mueller Industries Inc. (NYSE: MLI) today reported net income for the quarter ended Sept. 26, 1992 of $3.9 million or 39 cents per share, on 10,059,629 weighted average shares outstanding. This compared with a net loss for the third quarter of 1991 of $(3.4 million), or (35 cents) per share on 9,664,700 average shares outstanding. Net sales for the third quarter of 1992 were $147.7 million, a 34 percent increase over net sales of $110.0 million for the like quarter of 1991.
 For the first nine months of 1992, net income was $10.5 million, or $1.06 per share, on net sales of $396.4 million, compared with a net loss of $(1.0 million), or (11 cents) per share on net sales of $334.7 million for the like period of 1991.
 Harvey L. Karp, chairman and chief executive officer, stated, "Despite 1992's sluggish economy, Mueller continued to expand sales and increase profits for the third consecutive quarter. Production at our copper tube and brass rod mills continues to run at high levels."
 Additionally Karp said, "We are optimistic that housing starts, the principal leading indicator of our business, will increase in 1993. If they do, we are ready to take advantage of the market opportunities."
 Mueller Industries manufactures and distributes flow control copper tube and fittings, commercially used brass rod, as well as other products made of copper, brass, bronze, plastic and aluminum. The company also owns various natural resource interests as well as a railroad in Utah.
 MUELLER INDUSTRIES INC.
 Condensed Consolidated Statements of Operations
 (In thousands, except share data)
 For the Quarter Ended For the Nine-Months Ended
 Sept. 26, Sept. 28, Sept. 26, Sept. 28,
 1992 1991 1992 1991
 Net sales $147,670 $109,957 $396,447 $334,715
 Costs and expenses 141,408 115,451 377,117 336,151
 Operating income 6,834 2,376 13,068 4,061
 Operating income (loss) 6,262 (5,494) 19,330 (1,436)
 Non operating (income)
 and expenses, net (60) (201) 1,680 139
 Income (loss) before
 taxes 6,322 (5,293) 17,650 (1,575)
 Income tax expense
 (benefit) 2,449(a) (1,901) 7,123(a) (504)
 Net income (loss) $3,873 $(3,392) $10,257 $(1,035)
 Earnings (loss) per
 common and common
 equivalent share:
 Primary $0.39 $(0.35) $1.06 $(0.11)
 Fully diluted $0.39 $(0.35) $1.05 $(0.11)
 (a) The provision for income taxes includes a $554 charge for the third quarter or 6 cents per share, and a $4,393 charge for the nine months or 44 cents per share, which does not use cash; benefits realized from the company's net operating tax loss carryforwards (NOL) are reported as a direct addition to paid-in capital.
 -0- 10/21/92
 /CONTACT: Kent A. McKee of Mueller Industries, 316-688-8100/
 (MLI) CO: Mueller Industries Inc. ST: Kansas IN: SU: ERN


MC-BB -- DV006 -- 2655 10/21/92 08:05 EDT
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:Oct 21, 1992
Words:515
Previous Article:THE IMMUNE RESPONSE CORPORATION ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS
Next Article:DIGITAL F/X EXPANDS SALES ORGANIZATION; RECENT MICROTIME ACQUISITION ESTABLISHES TWO-COAST OPERATION
Topics:


Related Articles
MUELLER INDUSTRIES ANNOUNCES IMPROVED SECOND QUARTER EARNINGS
Mueller Industries, Inc. Announces Third Quarter Earnings Increased by 39 Percent
MUELLER INDUSTRIES, INC.
Mueller Industries, Inc. Reports Record Second Quarter Earnings.
Mueller Industries, Inc. Reports Third Quarter Earnings; Quarterly and Year-to-Date Earnings.
MUELLER INDUSTRIES, INC.
Mueller Industries, Inc. Reports Third Quarter Earnings.
MUELLER INDUSTRIES, INC.
Mueller Industries, Inc. Reports Third Quarter Earnings.
Mueller Industries, Inc. Reports Third Quarter Earnings.

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