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<SEC-DOCUMENT>0001144204-08-006266.txt : 20080205
<SEC-HEADER>0001144204-08-006266.hdr.sgml : 20080205
<ACCEPTANCE-DATETIME>20080205164404
ACCESSION NUMBER:		0001144204-08-006266
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080205
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080205
DATE AS OF CHANGE:		20080205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUELLER INDUSTRIES INC
		CENTRAL INDEX KEY:			0000089439
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				250790410
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06770
		FILM NUMBER:		08577418

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 150
		STREET 2:		8285 TOURNAMENT DRIVE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38125
		BUSINESS PHONE:		(901)753-3200

	MAIL ADDRESS:	
		STREET 1:		SUITE 150
		STREET 2:		8285 TOURNAMENT DRIVE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHARON STEEL CORP
		DATE OF NAME CHANGE:	19910103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v101893_8-k.txt
<TEXT>

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported):  February 5, 2008
                                                          ------------------

                            MUELLER INDUSTRIES, INC.
                            ------------------------
             (Exact name of registrant as specified in its charter)

         Delaware                 1-6770                   25-0790410
         --------                 ------                   ----------
     (State or other          (Commission File           (IRS Employer
     jurisdiction                 Number)              Identification No.)
     of incorporation)

    8285 Tournament Drive
          Suite 150
     Memphis, Tennessee                                        38125
     ------------------                                        -----
    (Address of principal                                     Zip Code
      executive offices)


Registrant's telephone number, including area code:    (901) 753-3200
                                                       --------------

Registrant's Former Name or Address, if changed since last report:  N/A
                                                                    ---

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


                                       -1-
<PAGE>


Item 2.02.  Results of Operations and Financial Condition.

         On February 5, 2008 the Registrant issued a press release announcing
earnings for the quarter and year ended December 29, 2007. A copy of the press
release announcing the fourth quarter and fiscal 2007 earnings is attached as
Exhibit 99.1.


Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits

      99.1 Press release, dated February 5, 2008 reporting fourth quarter and
fiscal 2007 earnings.














                                       -2-
<PAGE>


                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

                                   MUELLER INDUSTRIES, INC.

                                   By:     /s/ Kent A. McKee
                                           -------------------
                                   Name:   Kent A. McKee
                                   Title:  Executive Vice President
                                           and Chief Financial Officer

Date: February 5, 2008















                                      -3-
<PAGE>


                                  Exhibit Index


Exhibit No.    Description
- -----------    -----------

      99.1   Press release, dated February 5, 2008.












                                      -4-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v101893_ex99-1.txt
<TEXT>

FOR IMMEDIATE RELEASE                                     Contact: Kent A. McKee
Memphis, TN--February 5, 2008                                     (901) 753-3208


                        MUELLER INDUSTRIES, INC. REPORTS
                     FOURTH QUARTER AND FISCAL 2007 EARNINGS

         Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI),
announced today that Mueller's net income for the fiscal year ended December 29,
2007 was $115.5 million, or $3.10 per diluted share, which compares with $148.9
million, or $4.00 per diluted share, for 2006. Net sales for 2007 were $2.70
billion compared with $2.51 billion in 2006.

         For the fourth quarter of 2007, the Company's net income was $28.8
million, or 78 cents per diluted share, on net sales of $621.7 million. This
compares with net income of $5.2 million, or 14 cents per diluted share, on net
sales of $544.2 million for the fourth quarter of 2006.


Financial and Operating Highlights

         Mr. Karp said:

         o  "The increase in net sales is primarily due to the acquisition of
            Extruded Metals, Inc. as well as the higher average cost of copper,
            the Company's principal raw material, which is generally passed
            through to customers by changes in selling prices. The COMEX average
            price of copper was $3.25 per pound in the fourth quarter of 2007.

         o  "During the fourth quarter of 2007, the Company recognized LIFO
            income of $10.0 million (or 17 cents per diluted share after tax)
            resulting from a decrease in inventory quantities accounted for
            under the LIFO method. The fourth quarter of 2006 included a pre-tax
            charge of approximately $14.2 million (or 26 cents per diluted share
            after tax) due to a write-down of inventories to the lower of cost
            or market.

         o  "Our return on average equity was 17.8 percent for 2007.

         o  "Our current ratio remains strong at 2.8 to 1 and our working
            capital is $605.3 million, of which over $300 million is cash on
            hand.

                                   Page 1 of 6
<PAGE>

         o  "Cash provided by operating activities was $185.8 million in 2007
            compared with $64.5 million during 2006.

         o  "As of year end, our financial leverage was modest with a debt to
            total capitalization ratio of 33.3 percent.

         o  "Total stockholders' equity was $710.5 million which equates to a
            book value per share of $19.16 of which $8.32 per share is in cash.

         o  "For the full year, our Plumbing & Refrigeration segment posted
            operating earnings of $178.4 million on net sales of $1.57 billion
            which compares with operating earnings of $197.4 million on net
            sales of $1.72 billion in 2006. Operating earnings includes LIFO
            income of $10.0 million in 2007. Also, in the fourth quarter of
            2007, we wrote down the goodwill carrying value of our Mexican
            operations by $2.8 million due to an impairment charge.

         o  "Our OEM segment posted operating earnings of $38.2 million during
            the year on net sales of $1.14 billion, which compares with
            operating earnings of $44.8 million on net sales of $835.3 million
            for 2006.

         o  "Capital expenditures during 2007 totaled $29.9 million; cash flow
            to fund capital expenditures in 2008 are expected to be less than
            depreciation.

         o  "After year end, we acquired approximately $25.5 million of our
            outstanding 6% Subordinated Debentures at approximately 90 percent
            of face value. Accordingly, these were reclassified to the current
            portion of long-term debt on our balance sheet."


Business Outlook for 2008

         Regarding the outlook for 2008, Mr. Karp said, "Despite the challenges
presented by the decline in the housing market, and the volatility in the prices
of copper and energy, Mueller had its two best years ever in 2006 and 2007.

         "The year 2008 will also be challenging as the national economy is
slowing down and the housing market continues to contract. However, the U.S.
economy has proven itself to be remarkably resilient, and we believe that later
this year the housing market will bottom out and then gradually start to
improve.

                                   Page 2 of 6
<PAGE>

         "Also, we anticipate that our non-residential businesses, which
constitute a significant portion of our total, will have another good year in
2008.

         "Mueller is well positioned to take advantage of opportunities in our
marketplace. On average, we have made one or more acquisitions per year over the
past decade. We will continue our quest to acquire sound companies which are
compatible with our core businesses."


         Mueller Industries, Inc. is a leading manufacturer of copper tube and
fittings; brass and copper alloy rod, bar and shapes; aluminum and brass
forgings; aluminum and copper impact extrusions; plastic fittings and valves;
refrigeration valves and fittings; and fabricated tubular products. Mueller's
operations are located throughout the United States and in Canada, Mexico, Great
Britain, and China. Mueller's business is importantly linked to: (1) the
construction of new homes; (2) the improvement and reconditioning of existing
homes and structures; and (3) the commercial construction market which includes,
office buildings, factories, hotels, hospitals, etc.


                              +++++++++++++++++++++

         Statements in this release that are not strictly historical may be
"forward-looking" statements, which involve risks and uncertainties. These
include economic and currency conditions, continued availability of raw
materials and energy, market demand, pricing, competitive and technological
factors, and the availability of financing, among others, as set forth in the
Company's SEC filings. The words "outlook," "estimate," "project," "intend,"
"expect," "believe," "target," and similar expressions are intended to identify
forward-looking statements. The reader should not place undue reliance on
forward-looking statements, which speak only as of the date of this report. The
Company has no obligation to publicly update or revise any forward-looking
statements to reflect events after the date of this report.



                                   Page 3 of 6
<PAGE>
                            MUELLER INDUSTRIES, INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                      (In thousands, except per share data)

<TABLE>
<CAPTION>

                                                          For the Quarter Ended                         For the Year Ended
                                                 --------------------------------------      --------------------------------------
                                                   December 29,          December 30,          December 29,          December 30,
                                                       2007                  2006                  2007                  2006
                                                 ----------------      ----------------      ----------------      ----------------
                                                               (Unaudited)                                 (Unaudited)

<S>                                              <C>                   <C>                   <C>                   <C>
Net sales                                        $        621,734      $        544,212      $      2,697,845      $      2,510,912
Cost of goods sold                                        523,381               486,383             2,324,924             2,109,436
                                                 ----------------      ----------------      ----------------      ----------------

Gross profit                                               98,353                57,829               372,921               401,476

Depreciation and amortization                              10,299                10,586                44,153                41,619
Selling, general, and administrative expense               33,140                31,537               143,284               140,972
Copper litigation settlement                                  (28)                 --                  (8,893)                 --
Impairment charge                                           2,756                  --                   2,756                  --
                                                 ----------------      ----------------      ----------------      ----------------

Operating income                                           52,186                15,706               191,621               218,885

Interest expense                                           (5,504)               (5,316)              (22,071)              (20,477)
Other income, net                                           2,793                 1,773                13,731                 5,171
                                                 ----------------      ----------------      ----------------      ----------------

Income before income taxes                                 49,475                12,163               183,281               203,579
Income tax expense                                        (20,635)               (6,988)              (67,806)              (54,710)
                                                 ----------------      ----------------      ----------------      ----------------

Net income                                       $         28,840      $          5,175      $        115,475      $        148,869
                                                 ================      ================      ================      ================

Weighted average shares
     for basic earnings per share                          37,079                37,016                37,060                36,983
Effect of dilutive stock options                               95                   220                   163                   263
                                                 ----------------      ----------------      ----------------      ----------------

Adjusted weighted average shares
     for diluted earnings per share                        37,174                37,236                37,223                37,246
                                                 ----------------      ----------------      ----------------      ----------------


Basic earnings per share                         $           0.78      $           0.14      $           3.12      $           4.03
                                                 ================      ================      ================      ================


Diluted earnings per share                       $           0.78      $           0.14      $           3.10      $           4.00
                                                 ================      ================      ================      ================

Summary Segment Data:
Net sales:
Plumbing & Refrigeration segment                 $        349,228      $        352,253      $      1,572,565      $      1,716,613
OEM segment                                               276,249               206,867             1,144,302               835,339
Elimination of intersegment sales                          (3,743)              (14,908)              (19,022)              (41,040)
                                                 ----------------      ----------------      ----------------      ----------------

Net sales                                        $        621,734      $        544,212      $      2,697,845      $      2,510,912
                                                 ================      ================      ================      ================

Operating income:
Plumbing & Refrigeration segment                 $         47,507      $         18,018      $        178,367      $        197,402
OEM segment                                                 9,113                 2,438                38,215                44,764
Unallocated expenses                                       (4,434)               (4,750)              (24,961)              (23,281)
                                                 ----------------      ----------------      ----------------      ----------------

Operating income                                 $         52,186      $         15,706      $        191,621      $        218,885
                                                 ================      ================      ================      ================
</TABLE>

                                   Page 4 of 6
<PAGE>

                            MUELLER INDUSTRIES, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (In thousands)



                                               December 29,     December 30,
                                                   2007             2006
                                             ---------------    ---------------
                                                        (Unaudited)

ASSETS
Cash and cash equivalents                    $       308,618    $       200,471
Accounts receivable, net                             323,003            281,679
Inventories                                          269,032            258,647
Other current assets                                  39,694             35,397
                                             ---------------    ---------------
    Total current assets                             940,347            776,194

Property, plant, and equipment, net                  308,383            315,064
Other assets                                         200,474            177,649
                                             ---------------    ---------------

                                             $     1,449,204    $     1,268,907
                                             ===============    ===============



LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt            $        72,743    $        35,998
Accounts payable                                     140,497             96,095
Other current liabilities                            121,813            123,426
                                             ---------------    ---------------
    Total current liabilities                        335,053            255,519

Long-term debt                                       281,738            308,154
Pension and postretirement liabilities                36,071             36,599
Environmental reserves                                 8,897              8,907
Deferred income taxes                                 52,156             46,408
Other noncurrent liabilities                           2,029              2,206
                                             ---------------    ---------------

    Total liabilities                                715,944            657,793

Minority interest in subsidiaries                     22,765             22,300

Stockholders' equity                                 710,495            588,814
                                             ---------------    ---------------

                                             $     1,449,204    $     1,268,907
                                             ===============    ===============


                                   Page 5 of 6
<PAGE>

                            MUELLER INDUSTRIES, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
<TABLE>
<CAPTION>

                                                                                      For the Year Ended
                                                                             --------------------------------------
                                                                               December 29,           December 30,
                                                                                  2007                    2006
                                                                             ---------------        ---------------
                                                                                           (Unaudited)
<S>                                                                          <C>                    <C>
Operating activities:
Net income                                                                   $       115,475        $       148,869
Reconciliation of net income to net cash provided by
     operating activities:
        Depreciation and amortization                                                 44,477                 41,855
        Deferred income taxes                                                          3,094                (19,339)
        Stock-based compensation expense                                               2,737                  2,789
        (Gain) loss on disposal of properties                                         (2,468)                 2,620
        Minority interest in subsidiaries, net of dividends received                    (781)                 2,610
        Gain on sale of equity investment                                               --                   (1,876)
        Income tax benefit from exercise of stock options                                (73)                (1,065)
        Equity in income of unconsolidated subsidiary                                   --                     (964)
        Gain on early retirement of debt                                                --                      (97)
        Impairment charge                                                              2,756                   --
        Changes in assets and liabilities, net of businesses acquired:
           Receivables                                                                (8,114)               (14,350)
           Inventories                                                                20,411                (56,786)
           Other assets                                                               (4,120)                 1,449
           Current liabilities                                                        12,704                (41,357)
           Other liabilities                                                           1,809                 (2,578)
           Other, net                                                                 (2,063)                 2,759
                                                                             ---------------        ---------------

Net cash provided by operating activities                                            185,844                 64,539
                                                                             ---------------        ---------------

Investing activities:
Capital expenditures                                                                 (29,870)               (41,206)
Proceeds from sales of properties and equity investment                                3,809                 23,528
Businesses acquired, net of cash received                                            (32,243)                 3,632
Net deposits into restricted cash balances                                            (4,194)                  --
                                                                             ---------------        ---------------

Net cash used in investing activities                                                (62,498)               (14,046)
                                                                             ---------------        ---------------

Financing activities:
Proceeds from issuance of long-term debt                                              16,635                 28,759
Dividends paid                                                                       (14,825)               (14,775)
Issuance of shares under incentive stock option plans from
     treasury                                                                          1,124                  7,701
Repayments of long-term debt                                                         (18,765)                (2,059)
Acquisition of treasury stock                                                            (54)                (1,092)
Income tax benefit from exercise of stock options                                         73                  1,065
                                                                             ---------------        ---------------

Net cash (used in) provided by financing activities                                  (15,812)                19,599
                                                                             ---------------        ---------------

Effect of exchange rate changes on cash                                                  613                    694
                                                                             ---------------        ---------------

Increase in cash and cash equivalents                                                108,147                 70,786
Cash and cash equivalents at the beginning of the year                               200,471                129,685
                                                                             ---------------        ---------------

Cash and cash equivalents at the end of the year                             $       308,618        $       200,471
                                                                             ===============        ===============
</TABLE>

                                   Page 6 of 6
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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