<SEC-DOCUMENT>0001350593-14-000028.txt : 20140805
<SEC-HEADER>0001350593-14-000028.hdr.sgml : 20140805
<ACCEPTANCE-DATETIME>20140805103608
ACCESSION NUMBER:		0001350593-14-000028
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20140805
DATE AS OF CHANGE:		20140805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mueller Water Products, Inc.
		CENTRAL INDEX KEY:			0001350593
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				203547095
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32892
		FILM NUMBER:		141015017

	BUSINESS ADDRESS:	
		STREET 1:		1200 ABERNATHY RD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-206-4200

	MAIL ADDRESS:	
		STREET 1:		1200 ABERNATHY RD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Mueller Holding Company, Inc.
		DATE OF NAME CHANGE:	20060123
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k8x5x14.htm
<DESCRIPTION>8-K
<TEXT>
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		<title>Form 8-K (8-5-14)</title>
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<a name="sc1cc9116f8e94ae1aa9c5ee0dcd3a72d"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">FORM&#160;8-K</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT PURSUANT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO SECTION 13 or 15(d) OF THE</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:6px;text-align:left;padding-left:48px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">DATE OF REPORT (Date of earliest event reported):&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">August 5, 2014</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">MUELLER WATER PRODUCTS, INC.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact Name of Registrant as Specified in Its Charter)</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;text-indent:384px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:97.8515625%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="34%"></td><td width="33%"></td><td width="33%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">0001-32892</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">20-3547095</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or Other Jurisdiction of Incorporation or Organization)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(I.R.S. Employer Identification Number)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1200 Abernathy Road, Suite 1200</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Atlanta, Georgia 30328</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of Principal Executive Offices)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(770) 206-4200</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant's telephone number, including area code)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Not applicable.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former name or former address, if changed since last report)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.40625%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="3%"></td><td width="3%"></td><td width="94%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><a name="s7e600c400e534c9eb8444ca299f41875"></a><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 7.01.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Regulation FD Disclosure.</font></div><div style="line-height:120%;padding-top:5px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 5, 2014, Mueller Water Products, Inc. (the &#8220;Company&#8221;) held an investor conference call regarding its third quarter fiscal 2014 financial results.  A copy of management's prepared remarks is attached and furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.  The furnishing of the remarks is not intended to constitute a representation that such furnishing is required by Regulation FD or that the remarks include material investor information that is not otherwise publicly available.  In addition, the Company does not assume any obligation to update such information in the future.</font></div><div style="line-height:120%;padding-top:11px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information provided pursuant to this Item 7.01, including Exhibit 99.1 in Item 9.01, is &#8220;furnished&#8221; and shall not be deemed to be &#8220;filed&#8221; with the Securities and Exchange Commission or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filings. </font></div><div style="line-height:120%;padding-top:11px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:11px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</font></div><div style="line-height:120%;padding-top:11px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">(d) Exhibits.</font></div><div style="line-height:120%;padding-top:11px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Management's Presentation, Conference Call Remarks - 3rd Quarter Fiscal 2014 (August 5, 2014)</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font 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style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:90.4296875%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td width="48%"></td><td width="6%"></td><td width="31%"></td><td width="15%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated:&#160; August 5, 2014</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">MUELLER WATER PRODUCTS,&#160;INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Evan L. Hart</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Evan L. Hart</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior Vice President and Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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		<title>Exhibit 99.1 (8-5-14)</title>
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<a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:16pt;"><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-weight:bold;">Third Quarter</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-weight:bold;">2014</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">Conference</font><font style="font-family:inherit;font-size:16pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">Call Script</font></div><div style="line-height:120%;text-align:justify;font-size:16pt;"><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:none;">08/05/14</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;text-decoration:underline;">Martie Zakas, Introduction and Safe Harbor Statement</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Good morning everyone.  Welcome to Mueller Water Products&#8217; </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;conference call.  We issued our press release reporting results of operations for the quarter ended </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:16pt;">&#32;yesterday afternoon.  A copy of it is available on our website, muellerwaterproducts.com.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Mueller Water Products had </font><font style="font-family:inherit;font-size:16pt;">159.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;shares of common stock outstanding at </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Discussing the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#8217;s results this morning are Greg Hyland, our chairman, president and CEO, and Evan Hart, our CFO.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">This morning&#8217;s call is being recorded and webcast live on the Internet.  We have also posted slides on our website to help illustrate the quarter&#8217;s results, as well as to address forward-looking statements and our non-GAAP disclosure requirements.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">At this time, please refer to slide 2.  This slide identifies certain non-GAAP financial measures referenced in our press release, on our slides and on this call, and discloses the reasons why we believe that these measures provide useful information to investors.  Reconciliations between GAAP and non-GAAP financial measures are included in the supplemental information within our press release and on our website.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Slide 3 addresses our forward-looking statements made on this call. This slide includes cautionary information identifying important factors that could cause actual results to differ materially from those included in forward-looking statements, as well as specific examples of forward-looking statements. Please review slides 2 and 3 in their entirety.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">During this call, all references to a specific year or quarter, unless specified otherwise, refer to our fiscal year.  Our fiscal year ends on September 30.  All operating results discussed in these prepared remarks are from continuing operations, unless specified otherwise.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">A replay of this morning&#8217;s call will be available for 30 days after the call at 1-866-418-8386.  The archived webcast and  corresponding slides will be available for at least 90 days in the Investor Relations section of our website.  In addition, we will furnish a copy of our prepared remarks on Form 8-K later this morning.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">After the prepared remarks, we will open the call to questions.  I&#8217;ll now turn the call over to Greg.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;text-decoration:underline;">Greg Hyland</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">:</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thanks, Martie.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thank you for joining us today as we discuss our results for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll begin with a brief overview of the quarter, followed by Evan&#8217;s detailed financial report, which covers key drivers affecting our businesses. I will then provide additional comments on the quarter&#8217;s results and developments in our end markets, as well as our outlook for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;fourth quarter.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We are pleased with our improved overall performance in the third quarter, with year-over-year growth in net sales, net income per diluted share and free cash flow, as well as a </font><font style="font-family:inherit;font-size:16pt;">27 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;increase in operating income.</font></div><div style="line-height:120%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Mueller Co.'s net sales increased </font><font style="font-family:inherit;font-size:16pt;">7 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in the quarter</font><font style="font-family:inherit;font-size:16pt;color:#1f497d;">, </font><font style="font-family:inherit;font-size:16pt;">driven primarily by domestic shipments of valves, hydrants and brass products, which were up 28 percent.&#160; The increase in shipments was the primary driver of Mueller Co.'s adjusted operating income growth of 39.5 percent in the quarter to its highest adjusted operating income level since the second quarter of 2007.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Anvil's net sales increased </font><font style="font-family:inherit;font-size:16pt;">4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in the quarter to the highest level since the fourth quarter of 2009.&#160; Anvil's adjusted operating income declined in the quarter, primarily attributable to the approximately $3.5 million third-quarter impact of operational inefficiencies that occurred during the second quarter at Anvil's largest manufacturing facility.  These inefficiencies have been resolved, as we discussed on our second-quarter conference call. Excluding these inefficiencies, Anvil&#8217;s adjusted operating margin this quarter would have been roughly equivalent to that of last year.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">With our improved operating performance and free cash flow generation, our net debt leverage declined to&#160;</font><font style="font-family:inherit;font-size:16pt;">2.6x</font><font style="font-family:inherit;font-size:16pt;">&#32;at the end of the third quarter.  We also recently announced the redemption of </font><font style="font-family:inherit;font-size:16pt;">$55 million</font><font style="font-family:inherit;font-size:16pt;">&#32;principal amount of our senior subordinated notes</font><font style="font-family:inherit;font-size:16pt;color:#1f497d;">,</font><font style="font-family:inherit;font-size:16pt;">&#32;which will reduce our annual interest expense by about $4 million.</font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We continue to believe consolidated results for the 2014 fourth quarter will improve year-over-year primarily due to expected ongoing growth in our key end markets and the benefits of stronger operating leverage, particularly at Mueller Co.</font></div><div style="line-height:232%;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">With that, I&#8217;ll turn the call over to Evan for a detailed discussion of our financial results for the quarter.</font></div><div style="line-height:232%;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;text-decoration:underline;">Evan Hart - Financial Summary</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thanks Greg, and good morning everyone.  I&#8217;ll first review our </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;consolidated financial results and then discuss segment performance.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-style:italic;"></font><font style="font-family:inherit;font-size:16pt;">Net sales for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;of </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">$318.5 million</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">$19.1 million</font><font style="font-family:inherit;font-size:16pt;">, or </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">6.4 percent</font><font style="font-family:inherit;font-size:16pt;">, from the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;net sales of </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">$299.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;due primarily to higher shipment volumes at both Mueller Co. and Anvil. </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Gross profit </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">8.1 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">$97.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;compared to </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">$90.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  This improvement was driven primarily by higher shipment volumes and higher sales prices.  Gross profit margin of </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">30.5 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">40</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points from </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">30.1 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Selling, general and administrative expenses as a percentage of net sales improved to </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">17.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">19.0 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  Selling, general and administrative expenses for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;were </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$55.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;down from </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$56.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">. </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted operating income for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">26.9 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$42.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$33.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  This increase was due primarily to higher shipment volumes and higher sales prices.  </font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted operating margin also </font><font style="font-family:inherit;font-size:16pt;">improved</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">210</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points to </font><font style="font-family:inherit;font-size:16pt;">13.2 percent</font><font style="font-family:inherit;font-size:16pt;">.    Higher shipment volumes were the biggest contributor to this improvement.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted EBITDA for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">17.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$56.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$47.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  Adjusted EBITDA for the trailing 12 months was </font><font style="font-family:inherit;font-size:16pt;">$174.8 million</font><font style="font-family:inherit;font-size:16pt;">, the highest in more than five years.  </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Interest expense, net for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">declined</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$0.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$12.5 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$12.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">During the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">, income tax expense was </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$10.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;on income before income taxes of </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$29.3 million</font><font style="font-family:inherit;font-size:16pt;">, resulting in an effective income tax rate of </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">36.9 percent</font><font style="font-family:inherit;font-size:16pt;">.  The 2014 third quarter expense was reduced by $1.1 million related to a deferred tax asset valuation allowance adjustment.  Excluding this adjustment, net income per diluted share would have remained at $0.11 and the effective income tax rate for the 2014 third quarter would have been 40.6 percent. </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted income from continuing operations per diluted share for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;improved to </font><font style="font-family:inherit;font-size:16pt;">$0.11</font><font style="font-family:inherit;font-size:16pt;">&#32;from an adjusted income from continuing operations per diluted share for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;of </font><font style="font-family:inherit;font-size:16pt;">$0.08</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">There was a weighted average of </font><font style="font-family:inherit;font-size:16pt;">162.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;diluted shares of our common stock outstanding for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;compared to a weighted average of </font><font style="font-family:inherit;font-size:16pt;">160.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;diluted shares outstanding for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll now move on to segment performance and begin with Mueller Co.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-style:italic;"></font><font style="font-family:inherit;font-size:16pt;">Net sales for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">7.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$214.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$199.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  This </font><font style="font-family:inherit;font-size:16pt;">increase</font><font style="font-family:inherit;font-size:16pt;">&#32;was due primarily to higher domestic shipment volumes of valves, hydrants and brass products and higher prices.  The quarter was affected by unfavorable Canadian currency exchange rates.  Absent those unfavorable currency exchange rates, the net sales increase at Mueller Co. would have been 8.2 percent. </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted operating income for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;improved 39.5 percent to </font><font style="font-family:inherit;font-size:16pt;">$42.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$30.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  </font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted operating income improved $12.0 million due primarily to higher domestic shipments of valves, hydrants and brass products and higher sales prices.  Adjusted operating margin for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">improved</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">450</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points to </font><font style="font-family:inherit;font-size:16pt;">19.8 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">15.3 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:inherit;font-size:16pt;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">third quarter</font><font style="font-family:inherit;font-size:16pt;">. </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted EBITDA for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$52.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$41.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.   Adjusted EBITDA margin for the quarter </font><font style="font-family:inherit;font-size:16pt;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;400 basis points to </font><font style="font-family:inherit;font-size:16pt;">24.7 percent</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Mueller Systems&#8217; net sales for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;were essentially flat year-over-year, but it was profitable for the quarter.  The profitability improvement was largely due to a favorable product mix and the benefits of lower costs. </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll now turn to Anvil&#8230;</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Net sales for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">4.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$104.5 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$100.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  The increase resulted primarily from higher shipment volumes, particularly to the oil &amp; gas, commercial and industrial markets.</font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted operating income for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">declined</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">22.8 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$9.5 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$12.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  Anvil&#8217;s adjusted operating margin decreased to </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">9.1 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;from </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">12.3 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  The decrease in adjusted operating income and adjusted operating margin resulted primarily from higher costs associated with operational inefficiencies during the second quarter at Anvil's largest manufacturing facility.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted EBITDA for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">decreased</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$13.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$15.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  Adjusted EBITDA margin for the quarter was </font><font style="font-family:inherit;font-size:16pt;">12.4 percent</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Turning now to a discussion of our liquidity...</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Free cash flow, which is cash flows from operating activities less capital expenditures, was </font><font style="font-family:inherit;font-size:16pt;">$46.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;compared to </font><font style="font-family:inherit;font-size:16pt;">$37.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">2013</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  We believe </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;full year free cash flow will be up at least 15% over prior year driven primarily by improved operating results.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-style:italic;"></font><font style="font-family:inherit;font-size:16pt;">At </font><font style="font-family:inherit;font-size:16pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:16pt;">, total debt was </font><font style="font-family:inherit;font-size:16pt;">$600.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;and included </font><font style="font-family:inherit;font-size:16pt;">$420.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;of 7&#8540;% senior subordinated notes due 2017, </font><font style="font-family:inherit;font-size:16pt;">$178.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;of 8&#190;% senior unsecured notes due 2020 and </font><font style="font-family:inherit;font-size:16pt;">$2.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;of other.  Net debt leverage was </font><font style="font-family:inherit;font-size:16pt;">2.6x</font><font style="font-family:inherit;font-size:16pt;">&#32;at </font><font style="font-family:inherit;font-size:16pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:16pt;">.  Using </font><font style="font-family:inherit;font-size:16pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:16pt;">&#32;data, we had </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$161.5 million</font><font style="font-family:inherit;font-size:16pt;">&#32;of excess availability under our asset-based credit agreement.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">As Greg mentioned, we announced last week that we will be redeeming $55.0 million principal amount of our senior subordinated notes on August 29th.  The redemption price is 101.229% of the principal amount, which is the current call price.  We expect to recognize a loss of approximately $1.0 million on the redemption in the fourth quarter.  Assuming the redemption of these notes, our total debt outstanding would be $545.8 million.  We expect the redemption to yield annual interest savings of about $4 million.  </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll now turn the call back to Greg.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thanks, Evan.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll now elaborate on our </font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:Times New Roman;font-size:16pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;results and end markets, and provide an outlook for the </font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  </font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll begin with Mueller Co.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Mueller Co. had a solid quarter with overall net sales up 7.4 percent year-over-year.  It was Mueller Co.'s best performance from the standpoint of adjusted operating income, adjusted operating margin, and adjusted EBITDA margin combined since 2008.  </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:24px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">At base Mueller Co., which excludes our newer technology products and services, net sales grew approximately 9 percent.  To really understand the drivers of base Mueller Co. net sales growth, we have to look at what happened in several of our addressed markets.  </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:24px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Strong growth in municipal spending and residential construction were the key drivers of the 28 percent year-over-year increase in net sales of our domestic iron gate valves, hydrants and brass products.  </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Certainly, a portion of this growth was related to the difference in timing </font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">of our price increase this year on valves and hydrants compared to the timing of our price increase last year, as well as the subsequent backlog we had coming into the quarter.   We believe that looking at year-over-year domestic shipments for valves, hydrants and brass products for the second and third quarters adjusts for the difference in timing of the price increase and gives us a better idea of what is happening in our end markets.  Shipments of those products in the second and third quarters were up a strong 18 percent year-over-year.  We believe the end-market growth came from both the municipal and residential markets, with roughly two-thirds of this growth coming from municipal spending. </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:24px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We experienced 13% sales growth in Canada, excluding the negative impact of unfavorable currency exchange rates.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We expected a decline in our shipments to the water treatment market this quarter and pointed it out on our last conference call. Net sales at our Pratt business were down roughly 20 percent, or $6.5 million, in the quarter.  </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:24px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Additionally, although international sales of valves and hydrants are only a small portion of Mueller Co.'s net sales, international net sales were down about $3 million year-over-year.  Our international business tends to be project based and can fluctuate from quarter to quarter.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:24px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Net sales of our metering products and systems were essentially flat year-over-year.  As a reminder, there is a degree of lumpiness in Mueller Systems' shipments given the project-oriented nature of this business.   The size of the projects we are competing for is increasing, and we are also seeing longer lead times before orders are awarded, especially as municipalities contemplate migrating to advanced metering infrastructure systems.  We continue to invest in this part of our business to further differentiate our solutions, particularly in the area of leak detection.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Echologics' net sales were up almost 20 percent year-over-year.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Mueller Co.'s overall adjusted operating income grew by 39.5% in the third quarter year-over-year. This strong operating income growth is </font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">attributable to the growth we saw in our domestic valves and hydrants (which, as you know, are our higher-margin products), increased operating leverage, as well as improved performance at Mueller Systems.  While net sales were essentially flat at Mueller Systems, the business was profitable and adjusted operating income improved about $1.5 million year-over-year due to a favorable mix and lower costs.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Anvil&#8217;s net sales during the quarter grew year-over-year with improvement across the mechanical market, which is largely heating, ventilation and air conditioning systems into the non-residential market. The energy market also continued to remain strong with net sales up 7%.  Additionally, we saw strong improvement in Canada.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">As we discussed earlier, Anvil&#8217;s adjusted operating income declined year-over-year primarily due to operational issues in the second quarter at its largest plant.  Excluding the operational inefficiencies, adjusted operating margin would have been comparable to last year. </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Turning now to our outlook for the 2014 fourth quarter.</font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll start with Mueller Co.  Overall for the fourth quarter, we expect to continue to see growth at base Mueller Co. driven by demand from both residential construction and municipal spending.   </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Recently, momentum in the growth of the housing market recovery has slowed.  However, we still believe that, with land lot development, we are benefiting from growth in residential construction.  We also believe that we will see strong demand for our products during the fourth quarter driven by municipal spending.  Municipal demand has held up well throughout the year.  </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Distributor inventory levels declined during the quarter and ended the quarter relatively flat year-over-year.  Based on the orders we received in July, we believe distributors remain optimistic relative to end-market demand.  We believe we will see solid growth in base Mueller Co.'s net sales for the fourth quarter.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">For metering systems, we expect to see year-over-year net sales growth of </font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">around 20% based on the timing of our backlog and expected orders. </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We also expect to see strong net sales growth from Echologics as this business continues to gain momentum in the marketplace.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Considering all these factors, we expect Mueller Co.&#8217;s net sales percentage growth to be around 10 percent in the fourth quarter.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We expect both Mueller Co.&#8217;s adjusted operating income to improve and for adjusted operating margin to expand in the fourth quarter year-over-year; however, the rate of growth is expected to be lower than in the third quarter.  This improvement will primarily be driven by an increase in shipments we expect for our core products, as well as continued improvement in our metering systems and leak detection and pipe condition assessment businesses.  We believe our metering systems and leak detection and pipe condition assessment businesses will be about break even for 2014.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We expect Anvil&#8217;s fourth quarter net sales percentage growth will be up low single digits year-over-year primarily driven by improvements in its </font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">addressed oil &amp; gas market.  With the operational issues behind us, we expect Anvil&#8217;s adjusted operating income to improve over the third quarter and be slightly up on a year-over-year basis.  </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">For Mueller Water Products as a whole, we believe the 2014 fourth quarter net sales percentage growth will increase in the high-single digits year-over-year driven primarily by performance at Mueller Co.  We expect solid increases in our 2014 fourth quarter adjusted operating income as well as expansion in adjusted operating margin year-over-year. </font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Other 2014 key variables include: corporate expenses are expected to be $35 to $37 million, depreciation and amortization is expected to be $56 to $57 million and interest expense is expected to be about $50 million.  Our adjusted effective income tax rate is expected to be 37% to 39%. Capital expenditures are expected to be $35 to $36 million.</font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:16pt;">For 2014, we continue to expect free cash flow to be stronger than in 2013, driven primarily by improved operating results.  Additionally, we expect cash income taxes to be minimal in 2014 as we continue to benefit from </font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;padding-bottom:10px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">utilization of net operating loss carryforwards. We also expect to make only minimal cash contributions to our pension plans in 2014.  In total, we think that free cash flow will be up at least 15 percent for the year.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">And finally, we have been especially pleased with the momentum we have been seeing for our leak detection and pipe condition assessment offerings, both domestically and internationally.  During the quarter, we were awarded contracts to provide leak detection products and services by the Singapore Public Utilities Board and Severn Trent in the U.K.  In the U.S., we have been engaged to provide condition assessment products and services to Baltimore, Boston and suburban Washington D.C.  We have also been providing leak detection services to several other U.S. municipalities, including New Orleans, Springfield, MA. and Las Vegas.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Increasingly, water utilities and municipalities are identifying leak detection and water loss management as a cost-effective solution to several of their most pressing challenges.  During the third quarter, we announced commercial availability of fixed leak detection solutions designed to accurately detect and monitor leaks in both water transmission and distribution mains, remotely, on a </font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">24/7 basis.  We believe integrating Echologics' proprietary fixed leak detection technologies with Mueller Systems' AMI system will allow us to offer North American utilities additional ROI and accelerated payback on the installation of AMI systems for metering.  </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Outside North America, we believe that Echologics' fixed leak detection solutions will provide us with a highly-scalable business model.  </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Given the strength of the technologies we have developed, we believe there is tremendous opportunity for Mueller Water Products to assume a global leadership position in this area.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">While we expect that larger-scale adoption of these technologies will involve multiple benchmarking and pilot projects over the near term, our technologies are generating a lot of interest and should help differentiate us in the marketplace.  We believe that the long-term prospects are very encouraging.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">With that operator, I will open this call up for questions.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sa02741965b394454a7a92bd390d54beb"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">X</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">X</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">That concludes today&#8217;s call.  Thank you for your interest in Mueller Water Products and for joining us this morning. </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;padding-bottom:10px;text-align:left;text-indent:24px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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