Mueller Water Products Reports Fiscal 2011 Second Quarter Results

Mueller Water Products, Inc. (NYSE: MWA) today reported net sales of $311.3 million and a net loss of $13.7 million for the fiscal 2011 second quarter ended March 31, 2011. Summarized consolidated 2011 second quarter results compared to 2010 second quarter results are as follows:

• Net sales for the 2011 second quarter were $311.3 million, up 3.1 percent, compared to $301.8 million for the 2010 second quarter.
• Loss from operations for the 2011 second quarter was $6.9 million compared to a loss from operations for the 2010 second quarter of $22.9 million. Adjusted loss from operations for the 2011 second quarter of $4.8 million improved $7.6 million from adjusted loss from operations of $12.4 million for the 2010 second quarter.
• Net loss per share for the 2011 second quarter was $0.09 compared to a net loss per share for the 2010 second quarter of $0.15. Adjusted net loss per share for the 2011 second quarter was $0.07 compared to an adjusted net loss per share for the 2010 second quarter of $0.11.
• Adjusted EBITDA for the 2011 second quarter of $15.8 million increased $6.8 million from adjusted EBITDA for the 2010 second quarter of $9.0 million.

“During the quarter, we benefited from both higher sales pricing, which covered increased raw material costs, and ongoing cost savings initiatives in all three of our businesses,” said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products. “Anvil’s second quarter adjusted income from operations, excluding a 2010 one-time gain, more than doubled.

“At Mueller Co., we continued to invest in new products and services that we believe have significant growth potential, including advanced metering infrastructure at Mueller Systems and pipe condition assessment and leak detection services at Echologics. These products and services enable our customers to maximize the efficiency of their water infrastructure systems which is becoming increasingly important. However, in the short term, expenses associated with these investments are masking the higher margins of the rest of our Mueller Co. business.

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