Mueller Water Products Reports Fiscal 2011 Fourth Quarter Results

Mueller Water Products, Inc. (NYSE: MWA) today reported net sales of $373.6 million and a net loss of $7.6 million for the fiscal 2011 fourth quarter ended September 30, 2011. Summarized consolidated 2011 fourth quarter results compared to 2010 fourth quarter results are as follows:

• Net sales for the 2011 fourth quarter increased 7.8 percent to $373.6 million compared to net sales for the 2010 fourth quarter of $346.7 million.
• Income from operations for the 2011 fourth quarter was $7.3 million compared to income from operations for the 2010 fourth quarter of $14.1 million. Adjusted income from operations for the 2011 fourth quarter was $9.1 million compared to adjusted income from operations for the 2010 fourth quarter of $15.4 million.
• Net loss per share for the 2011 fourth quarter was $0.05 compared to net loss per share for the 2010 fourth quarter of $0.05. Adjusted net loss per share for the 2011 fourth quarter was $0.03 compared to an adjusted net loss per share for the 2010 fourth quarter of $0.00.
• Adjusted EBITDA for the 2011 fourth quarter was $29.7 million compared to adjusted EBITDA for the 2010 fourth quarter of $36.7 million. For the full year, adjusted EBITDA was $99.1 million compared to adjusted EBITDA of $101.7 million for the prior year.
• During the 2011 fourth quarter, the Company reduced its total debt by $14.8 million to $678.3 million as of September 30, 2011.

“As we discussed last quarter, municipal budgets continue to be under significant pressure which is impacting demand for our products,” said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products. “Lower production levels in our Mueller Co. business negatively affected our 2011 fourth-quarter performance as compared to 2010. Production at Mueller Co. was down appreciably this year compared to last year largely due to the pull forward of orders in advance of our July 2010 price increases.

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