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Mueller Water Products Reports Fiscal 2012 First Quarter Results

Adjusted income from operations for the 2012 first quarter was $5.1 million compared to adjusted income from operations for the 2011 first quarter of $8.8 million. Adjusted income from operations in Mueller Co.’s base business was down $1.7 million while adjusted loss from operations in Mueller Systems and Echologics was $2.0 million higher.

In summary, the $3.7 million decline in adjusted income from operations was primarily due to higher raw material costs of $3.5 million; higher selling, general and administrative expenses of $3.0 million, the majority of which is related to both investment in Echologics, acquired in December 2010, and ongoing investment in Mueller Systems; and lower shipment volumes of $2.8 million. However, adjusted income from operations benefitted from net manufacturing and other cost savings of $3.4 million and higher sales prices of $2.4 million.

U.S. Pipe

Net sales for U.S. Pipe for the 2012 first quarter increased 29.2 percent to $96.1 million from the 2011 first quarter net sales of $74.4 million. Net sales increased due to both higher shipment volumes of $15.1 million and higher prices of $6.6 million.

Adjusted loss from operations for the 2012 first quarter of $7.9 million improved $1.5 million from an adjusted loss from operations for the 2011 first quarter of $9.4 million. The adjusted loss from operations improved primarily due to higher sales prices of $6.6 million and higher shipment volumes of $1.9 million. Higher raw material costs adversely affected the adjusted loss from operations by $8.8 million.

Anvil

Net sales for Anvil for the 2012 first quarter of $87.3 million increased 4.7 percent from the 2011 first quarter of $83.4 million. Net sales increased due to higher prices of $7.2 million partially offset by lower shipment volumes of $3.2 million.

Adjusted income from operations for the 2012 first quarter of $7.8 million increased 20.0 percent compared to adjusted income from operations for the 2011 first quarter of $6.5 million. Adjusted income from operations improved due to higher sales prices of $7.2 million and manufacturing and other cost savings of $2.6 million. These improvements were offset primarily by higher per-unit overhead costs due to lower production of $4.7 million and higher raw material costs of $1.9 million.

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