Mueller Water (MWA) Makes $2.5M non-Cash Adjustment to Financials

Mueller Water Products, Inc. (NYSE: MWA) announced today that, subsequent to its fourth quarter earnings announcement on November 1, 2011, management determined that a non-cash adjustment of $2.5 million was necessary to certain health and welfare accrued liabilities and related expenses at September 30, 2011. This adjustment did not result in any material misstatement of any previously issued financial statements. Please refer to our annual report on Form 10-K for additional information.

On November 9, 2011, Jefferson County, Alabama filed for bankruptcy protection. At September 30, 2011, US Pipe maintained a contra liability for a utility expense refund of $0.8 million from Jefferson County. That amount is now considered at greater risk of not being recovered, and US Pipe has recorded a valuation allowance for this full amount in the fourth quarter of 2011 as compared to the results of operations included in the Company's fourth quarter earnings announcement.

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