MUELLER INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS
MUELLER INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS WICHITA, Kan., April 28 /PRNewswire/ -- Mueller Industries Inc.
(NYSE: MLI) reported net income today of $3.3 million, or 34 cents per share for the first quarter of 1992, compared with 1991's first quarter net income of $0.9 million, or 9 cents per share. On a fully diluted basis, net income was 33 cents per share for the first quarter of 1992.
Net sales for the first quarter were $117.9 million compared with $114.2 million a year ago. Operating income of $6.2 million for the quarter was significantly improved over the 1991 first quarter operating income of $1.7 million. The earnings increase is due primarily to better margins and reduced selling, general and administrative expenses. Harvey L. Karp, chairman and CEO stated, "The new year started slowly as the effects of the 1990-1991 recession continued to be felt. However, by the end of January, business began to improve and it continued to gain strength in February and March. The upturn in our business is directly related to the increase in new housing starts. During 1991, housing starts barely exceeded one million units. However, by the end of the first quarter of 1992, they were at an annualized rate in excess of 1.3 million units. If housing starts continue at this rate for the full year, markets for our products should remain firm." 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, iron, 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 Income (Unaudited) (In thousands, except share data) For the Quarter Ended March 28, March 30, 1992 1991 Net sales $117,895 $114,171 Costs and expenses 111,661 112,486 Operating income 6,234 1,685 Non operating (income) and expense, net 901 267 Income before taxes 5,333 1,418 Income tax expense 2,059(a) 531 Net income $3,274 $887 Earnings per common share: Primary $0.34 $0.09 Fully diluted $0.33 $0.09 (a) The provision for income taxes includes a $1,346 charge, or 14 cents per share, which does not use cash; benefits realized from the company's net operating tax loss carryforwards are reported as a direct addition to paid-in capital. -0- 4/28/92 /CONTACT: Kent A. McKee of Mueller Industries, 316-688-8100/ (MLI) CO: Mueller Industries Inc. ST: Kansas IN: SU: ERN
BB -- DV004 -- 3538 04/28/92 08:03 EDT
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|Date:||Apr 28, 1992|
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