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Form 8-K MUELLER INDUSTRIES INC For: Apr 26

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April 26, 2016 4:26 PM EDT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
Date of Report (Date of earliest event reported):
  April 26, 2016


   MUELLER INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
  
  Delaware
  1-6770
  25-0790410
(State or other
(Commission File
(IRS Employer
jurisdiction of
Number)
Identification No.)
incorporation)
 
 
  
8285 Tournament Drive
Suite 150
  Memphis, Tennessee
  38125
(Address of principal executive offices)
(Zip Code)
  
Registrant's telephone number, including area code:
  (901) 753-3200
  
Registrant's Former Name or Address, if changed since last report:
  N/A
   
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
 
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
 
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
 
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.02.
Results of Operations and Financial Condition.

On April 26, 2016, the Registrant issued a press release announcing earnings for the quarter ended April 2, 2016.  A copy of the press release announcing the first quarter 2016 earnings is attached as Exhibit 99.1.


Item 9.01.
Financial Statements and Exhibits.
 
(d) Exhibits
 
 
99.1
Press release, dated April 26, 2016 reporting first quarter 2016 earnings.
     
2
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
MUELLER INDUSTRIES, INC.
 
 
 
By:
/s/ Jeffrey A. Martin
 
 
Name:
Jeffrey A. Martin
 
Title:
Chief Financial Officer and Treasurer
 
 
 
Date:  April 26, 2016
 
 
3
Exhibit Index
 
Exhibit No.
Description 
 
 
99.1
Press release, dated April 26, 2016.

 
Exhibit 99.1



Mueller Industries, Inc. Reports First Quarter 2016 Results

MEMPHIS, Tenn., April 26, 2016 -- Mueller Industries, Inc. (NYSE: MLI) announced that net income for the first quarter of 2016 was $28.6 million, or 50 cents per diluted share, compared with net income of $22.0 million, or 39 cents per diluted share, for the same period of 2015.

Revenues for the first quarter of 2016 were $532.8 million compared with $537.2 million for the same quarter last year.  Revenue related to higher unit volume was muted by a decline of approximately $75.2 million in overall selling prices.


Financial and Operating Highlights for the first quarter of 2016:

·
Copper prices were down approximately 21% in the first quarter versus the same period last year, resulting in the lower selling prices.
·
The first quarter of 2016 comprised four more work days than the first quarter of 2015.
·
Included in the results is $2.9 million of net income from Tecumseh Products Co., an unconsolidated affiliate, which includes effects from purchase accounting.
·
Ending cash for the period was $270 million or $4.73 per share and our current ratio remains strong at 4.1 to 1.


Greg Christopher, CEO, said "Business conditions remain consistent with what we saw at the end of 2015 and our view of the future remains steady."

In addition, he commented, "Today, we expect to close on our announced agreement to acquire a 60 percent equity interest in Jungwoo Metal Ind. Co., Ltd, a manufacturer of copper-based joining products. We are pleased to bring this transaction to close, and excited to begin working together."



Mueller Industries, Inc. is an industrial manufacturer that specializes in copper and copper alloy manufacturing while also producing goods made from aluminum, steel, and plastics.  It is headquartered in Memphis, Tennessee and comprises a network of operations in the United States, Canada, Mexico, Great Britain, and China.  Its products include tubing, fittings, valves, vessels, and related items for plumbing and HVACR related piping systems, as well as rod, forgings, extrusions, and various components for OEM applications.  Products are distributed into sectors such as building construction, appliance, defense, energy, and automotive.
 
 
 

 
Page 1  of 5

 
****************************
 


Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties.  These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company's SEC filings.  The words "outlook," "estimate," "project," "intend," "expect," "believe," "target," "encourage," "anticipate," "appear," and similar expressions are intended to identify forward-looking statements.  The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report.  The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

CONTACT
Jeffrey A. Martin
 (901)753-3226













Page 2  of 5
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 
  
For the Quarter Ended
  
(In thousands, except per share data)
  
April 2, 2016
    
March 28, 2015
  
             
Net sales
  
$
532,809
    
$
537,242
  
 
                
Cost of goods sold
    
446,642
      
460,834
  
Depreciation and amortization
    
8,920
      
7,853
  
Selling, general, and administrative expense
    
35,780
      
32,831
  
 
                
     Operating income
    
41,467
      
35,724
  
 
                
Interest expense
    
(1,848
)
    
(2,076
)
Other income, net
    
245
      
105
  
 
                
     Income before income taxes
    
39,864
      
33,753
  
 
                
Income tax expense
    
(14,121
)
    
(11,413
)
Income from unconsolidated affiliate, net of tax
    
2,922
      
—
  
 
                
     Consolidated net income
    
28,665
      
22,340
  
 
                
Net income attributable to noncontrolling interest
    
(35
)
    
(362
)
 
                
     Net income attributable to Mueller Industries, Inc.
  
$
28,630
    
$
21,978
  
                 
Weighted average shares for basic earnings per share
    
56,467
      
56,193
  
Effect of dilutive stock-based awards
    
495
      
731
  
 
                
Adjusted weighted average shares for diluted earnings per share
    
56,962
      
56,924
  
 
                
Basic earnings per share
  
$
0.51
    
$
0.39
  
 
                
Diluted earnings per share
  
$
0.50
    
$
0.39
  
 
                
Dividends per share
  
$
0.075
    
$
0.075
  
 
                
Summary Segment Data:
                
Net sales:
                
   Piping Systems Segment
  
$
368,890
    
$
361,482
  
   Industrial Metals Segment
    
134,521
      
151,036
  
   Climate Segment
    
30,706
      
25,811
  
   Elimination of intersegment sales
    
(1,308
)
    
(1,087
)
 
                
Net sales
  
$
532,809
    
$
537,242
  
 
                
Operating income:
                
   Piping Systems Segment
  
$
31,159
    
$
26,259
  
   Industrial Metals Segment
    
19,912
      
18,959
  
   Climate Segment
    
3,879
      
2,265
  
   Unallocated expenses
    
(13,483
)
    
(11,759
)
 
                
Operating income
  
$
41,467
    
$
35,724
  
 
 
Page 3  of 5
 
MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)
April 2, 2016
  
December 26,
2015
  
ASSETS
        
Cash and cash equivalents
  
$
270,149
    
$
274,844
  
Accounts receivable, net
    
275,881
      
251,571
  
Inventories
    
240,608
      
239,378
  
Other current assets
    
34,123
      
34,608
  
 
                
     Total current assets
    
820,761
      
800,401
  
 
                
Property, plant, and equipment, net
    
278,481
      
280,224
  
Other assets
    
261,778
      
258,176
  
 
                
     Total assets
  
$
1,361,020
    
$
1,338,801
  
 
                
LIABILITIES AND STOCKHOLDERS' EQUITY
            
Current portion of debt
  
$
4,583
    
$
11,760
  
Accounts payable
    
98,324
      
88,051
  
Other current liabilities
    
99,701
      
109,618
  
 
                
     Total current liabilities
    
202,608
      
209,429
  
 
                
Long-term debt
    
206,000
      
204,250
  
Pension and postretirement liabilities
    
33,715
      
34,876
  
Environmental reserves
    
20,932
      
20,943
  
Deferred income taxes
    
8,310
      
7,161
  
Other noncurrent liabilities
    
2,973
      
2,440
  
 
                
     Total liabilities
    
474,538
      
479,099
  
 
                
Total Mueller Industries, Inc. stockholders' equity
    
854,804
      
827,285
  
Noncontrolling interest
    
31,678
      
32,417
  
 
                
     Total equity
    
886,482
      
859,702
  
 
                
 
  
$
1,361,020
    
$
1,338,801
  
 
                
   

Page 4  of 5

MUELLER INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
  
For the Quarter Ended
  
 (In thousands)
  
April 2, 2016
    
March 28, 2015
  
 
      
Cash flows from operating activities
            
Consolidated net income
  
$
28,665
    
$
22,340
  
Reconciliation of consolidated net income to net cash provided by operating activities:
                
     Depreciation and amortization
    
9,011
      
8,015
  
     Equity in earnings of unconsolidated affiliate
    
(2,922
)
    
—
  
     Stock-based compensation expense
    
1,236
      
1,349
  
     (Gain) loss on disposal of properties
    
(23
)
    
1
  
     Deferred income taxes
    
1,895
      
(570
)
     Income tax benefit from exercise of stock options
    
(96
)
    
(69
)
     Changes in assets and liabilities, net of business acquired:
                
          Receivables
    
(25,089
)
    
(36,692
)
          Inventories
    
(1,631
)
    
7,534
  
          Other assets
    
(370
)
    
9,257
  
          Current liabilities
    
655
      
(7,389
)
          Other liabilities
    
(704
)
    
(131
)
          Other, net
    
(291
)
    
245
  
 
                
Net cash provided by operating activities
    
10,336
      
3,890
  
 
                
Cash flows from investing activities
                
Capital expenditures
    
(5,892
)
    
(7,392
)
Net withdrawals from (deposits into) restricted cash balances
    
84
      
(12,593
)
Proceeds from sale of assets
    
1
      
492
  
 
                
Net cash used in investing activities
    
(5,807
)
    
(19,493
)
 
                
Cash flows from financing activities
                
Dividends paid to stockholders of Mueller Industries, Inc.
    
(4,236
)
    
(4,216
)
Repayment of debt by joint venture, net
    
(7,024
)
    
(3,817
)
Repayment of long-term debt
    
(250
)
    
(250
)
Issuance of long-term debt
    
2,000
      
—
  
Net cash received to settle stock-based awards
    
361
      
93
  
Income tax benefit from exercise of stock options
    
96
      
69
  
 
                
Net cash used in financing activities
    
(9,053
)
    
(8,121
)
 
                
Effect of exchange rate changes on cash
    
(171
)
    
(1,516
)
 
                
Decrease in cash and cash equivalents
    
(4,695
)
    
(25,240
)
Cash and cash equivalents at the beginning of the period
    
274,844
      
352,134
  
 
                
Cash and cash equivalents at the end of the period
  
$
270,149
    
$
326,894
  

Page 5  of 5

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