June 2008 -- Mueller Industries recorded net income for 2007 of $115.5 million, compared with $148.9 million
in 2006. Net sales were $2.7 billion compared with $2.5 billion the previous year. For the
fourth quarter, Mueller's net income was $28.8 million on net sales of $621.7 million. This
compares with net income of $5.2 million on net sales of $544.2 million for fourth-quarter 2006.
The increase in net sales is primarily due to the acquisition of Extruded Metals, Inc. as well
as the higher average cost of copper, Mueller's principal raw material, which is generally
passed through to customers by changes in selling prices.
For the full year, our Mueller's plumbing and refrigeration segment posted lower operating
earnings of $178.4 million, which compares with operating earnings of $197.4 million on net
sales of $1.72 billion in 2006. Harvey L. Karp, chairman of Mueller Industries, said that
despite the challenges presented by the decline in the housing market, and the volatility in the
prices of copper and energy, Mueller had its two best years ever in 2006 and 2007.
"We anticipate that our non-residential businesses, which constitute a significant portion of
our total, will have another good year in 2008," Karp added in a company statement. "Mueller is
well positioned to take advantage of opportunities in our marketplace. On average, we have made
one or more acquisitions per year over the past decade. We will continue our quest to acquire
sound companies which are compatible with our core businesses."
