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MUELLER INDUSTRIES ANNOUNCES A 33 PERCENT INCREASE IN SECOND QUARTER EARNINGS

 WICHITA, Kan., July 19 /PRNewswire/ -- Mueller Industries Inc. (NYSE: MLI) today reported net income for the quarter ended June 26, 1993 of $5.3 million or 51 cents per share, on 10,443,007 weighted average shares outstanding. This compared with net income for the second quarter of 1992 of $4.0 million, or 40 cents per share on 10,058,066 weighted average shares outstanding. Net sales for the second quarter of 1993 were $127.3 million compared with net sales of $130.9 million for the like quarter of 1992.
 For the first six months of 1993, net income was $9.5 million, or 92 cents per share, on net sales of $258.4 million, which compares with net income before accounting change of $7.6 million, or 76 cents per share on net sales of $248.8 million for the like period of 1992. After the cumulative effect of accounting, net income for the first half of 1992 was $8.0 million, or 81 cents per share.
 Harvey L. Karp, chairman and chief executive officer, stated, "The 33 percent increase in our earnings for the second quarter was due to the continuing benefits of our productivity improvement program, coupled with a reduction in selling, general and administrative expenses as a percentage of sales. Housing starts, the most significant indicator of trends in our business, increased during the second quarter, but were essentially flat for the first six months of 1993 as compared with the prior year. However, we anticipate a pick-up in housing as the year progresses due primarily to prevailing low mortgage rates."
 Mueller Industries is a leading and diversified fabricator whose products include copper tube and fittings; aluminum and copper impact extrusions; plastic fittings and valves; brass and bronze forgings; refrigeration valves, driers and flare fittings; and brass and copper alloy rods, bars and shapes. The company also owns a short-line railroad in Utah, a placer gold mining operation in Alaska, and other various natural resource properties.
 MUELLER INDUSTRIES INC.
 Condensed Consolidated Statements of Income
 (In thousands except share data)
 For the For the
 Quarter Ended Six-Months Ended
 June 26, June 27, June 26, June 27,
 1993 1992 1993 1992
 (unaudited) (unaudited)
 Net sales $127,321 $130,882 $258,358 $248,777
 Costs and expenses 117,978 124,048 241,167 235,709
 Operating income 9,343 6,834 17,191 13,068
 Non operating expense, net 634 839 1,497 1,740
 Income before taxes and
 accounting change 8,709 5,995 15,694 11,328
 Income tax expense 3,397 1,993 6,169 3,766
 Net income before
 accounting change 5,312 4,002 9,525 7,562
 Cumulative effect of
 accounting change --- --- --- 446
 Net income $5,312 $4,002 $9,525 $8,008
 Earnings per common an
 common equivalent share:
 Primary:
 Income before
 cumulative effect $0.51 $0.40 $0.92 $0.76
 Cumulative effect of
 accounting change --- --- --- 0.05
 Net income $0.51 $0.40 $0.92 $0.81
 Fully diluted:
 Income before
 cumulative effect $0.51 $0.40 $0.91 $0.76
 Cumulative effect of
 accounting change --- --- --- 0.04
 Net income $0.51 $0.40 $0.91 $0.80
 Condensed Consolidated Balance Sheets
 (In thousands, except share data)
 June 26, Dec. 26,
 1993 1992
 (Unaudited)
 Assets
 Current assets $187,535 $182,381
 Property, plant and equipment, net 156,049 156,682
 Other assets 28,043 33,484
 $371,627 $372,547
 Liabilities and Stockholders' Equity
 Current liabilities $52,673 $61,526
 Long-term debt 60,476 62,376
 Other noncurrent liabilities 44,628 44,224
 Total liabilities 157,777 168,126
 Stockholders' equity:
 Common stock 100 100
 Paid-in capital, common 236,340 236,391
 Accumulated deficit (since January 1991) (17,550) (27,075)
 Cumulative translation adjustments (1,328) (1,094)
 Treasury common stock at cost (3,712) (3,901)
 Total stockholders' equity 213,850 204,421
 $371,627 $372,547
 Book value per share $22.15 $21.21
 -0- 7/19/93
 /CONTACT: Kent A. McKee of Mueller Industries, 316-636-6300/
 (MLI)


CO: Mueller Industries Inc. ST: Kansas IN: SU: ERN

MC -- DV003 -- 2857 07/19/93 08:00 EDT
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Date:Jul 19, 1993
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