Mueller Water Products Reports Fiscal 2011 Third-Quarter Results

Mueller Water Products, Inc. (NYSE: MWA) today reported net sales of $366.7 million and a net loss of $2.7 million for the fiscal 2011 third quarter ended June 30, 2011. Summarized consolidated 2011 third quarter results compared to 2010 third quarter results are as follows:

• Net sales for the 2011 third quarter were $366.7 million compared to net sales for the 2010 third quarter of $375.9 million.
• Income from operations for the 2011 third quarter was $13.9 million compared to income from operations for the 2010 third quarter of $12.5 million. Adjusted income from operations for the 2011 third quarter of $15.6 million increased $2.2 million from adjusted income from operations for the 2010 third quarter of $13.4 million.
• Net loss per share for the 2011 third quarter was $0.02 and was equal to the net loss per share for the 2010 third quarter. Adjusted net loss per share for the 2011 third quarter was $0.00 compared to an adjusted net loss per share for the 2010 third quarter of $0.01.
• Adjusted EBITDA for the 2011 third quarter of $35.9 million increased $1.4 million from adjusted EBITDA for the 2010 third quarter of $34.5 million.

“As we mentioned last quarter, municipalities remain cautious as they balance the need to repair and replace aging water infrastructure against ongoing budget concerns. Consequently, municipalities continue to slow or delay spending which negatively impacted volumes at both Mueller Co. and U.S. Pipe in the third quarter,” said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products. “However, in spite of this environment, we were able to more than offset increased raw material costs with higher pricing. Additionally, U.S. Pipe’s improved third-quarter performance benefitted from higher pricing, which improved both year-over-year and sequentially, as well as from productivity gains.

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