<SEC-DOCUMENT>0001350593-15-000043.txt : 20151105
<SEC-HEADER>0001350593-15-000043.hdr.sgml : 20151105
<ACCEPTANCE-DATETIME>20151105104706
ACCESSION NUMBER:		0001350593-15-000043
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151105
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151105
DATE AS OF CHANGE:		20151105

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:		151199295

	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-knov52015.htm
<DESCRIPTION>8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2015 Workiva -->
		<title>8-K</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="sadb3bfb66a674683ad0b1b28cd448a2c"></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;">November 5, 2015</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:669px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="222px"></td><td width="222px"></td><td width="222px"></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:624px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="22px"></td><td width="17px"></td><td width="584px"></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="sf3a65fbee4dc46008df3db01972de29a"></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 November 5, 2015, Mueller Water Products, Inc. (the &#8220;Company&#8221;) held an investor conference call regarding its fourth quarter and full year 2015 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 - 4th Quarter and Full Year Fiscal 2015 (November 5, 2015)</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;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;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:617px;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td width="293px"></td><td width="40px"></td><td width="190px"></td><td width="93px"></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; November 5, 2015</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>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99111-04x15.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2015 Workiva -->
		<title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">Fourth Quarter</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">2015</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:inherit;font-size:16pt;font-weight:bold;">November&#160;5, 2015</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">9:00 a.m.</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:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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:inherit;font-size:16pt;">September&#160;30, 2015</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;">Discussing the </font><font style="font-family:inherit;font-size:16pt;">fourth 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><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, </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="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">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. </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;">A replay of this morning&#8217;s call will be available for 30 days after the call at 1-800-396-1242.  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><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">2</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">I want you to know that we have redefined our reporting segments to provide greater transparency to stockholders and to the financial community, as well as to better reflect how we manage our businesses.&#160; We are now reporting financial results for three segments: Mueller Co., Anvil and Mueller Technologies.  Mueller Technologies is currently comprised of the results of the Mueller Systems and Echologics businesses, which were previously reported within the Mueller Co. segment.  We will file an 8-K today which will provide the quarterly results for these three segments for 2014 and 2015.</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;">Thanks for joining us today as we discuss our results for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;and full year.</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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">3</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">I&#8217;ll begin with a brief overview followed by Evan&#8217;s more detailed financial report. 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;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;full year and </font><font style="font-family:inherit;font-size:16pt;">first 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-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We continue to improve our operating performance.  For consolidated Mueller Water Products, adjusted EBITDA margin for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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;">130</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points to </font><font style="font-family:inherit;font-size:16pt;">19.2 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">17.9 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;last year. We had particularly strong margin improvement at Mueller Co., which now excludes the Mueller Systems and Echologics businesses.  Adjusted EBITDA margin at Mueller Co. was 28.8 percent, an improvement of 230 basis points from 26.5 percent last year.   This adjusted EBITDA margin was the highest at Mueller Co. for a fourth quarter since 2008.  For the full year, Mueller Co.'s adjusted EBITDA margin was 26.2 percent compared to 24.6 percent in 2014. This full year EBITDA margin was the highest since 2007.</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;">However,  overall for the fourth quarter, our consolidated results came in slightly less than expected due to lower growth in net sales at Mueller Co.  We believe distributors were able to meet end market demand largely through the </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">4</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">higher inventory levels they held at the beginning of the fourth quarter, primarily in states impacted by extreme rainfall in the third quarter.  By September, however, we believe their inventory levels were back in equilibrium, as we saw a significant pick up in orders over the course of the month. Although our orders met our expectations for the quarter, our shipments were lower given the timing of the orders.  We'll discuss this in more detail later in the call. </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;">For the fourth quarter, our adjusted net income per diluted share increased </font><font style="font-family:inherit;font-size:16pt;">17 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$0.14</font><font style="font-family:inherit;font-size:16pt;">.</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%;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 more 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:inherit;font-size:16pt;">fourth 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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">5</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;of </font><font style="font-family:inherit;font-size:16pt;">$311.4 million</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;</font><font style="font-family:inherit;font-size:16pt;">$9.3 million</font><font style="font-family:inherit;font-size:16pt;">, or </font><font style="font-family:inherit;font-size:16pt;">2.9 percent</font><font style="font-family:inherit;font-size:16pt;">, from the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;net sales of </font><font style="font-family:inherit;font-size:16pt;">$320.7 million</font><font style="font-family:inherit;font-size:16pt;">, largely due to lower oil and gas shipment volumes at Anvil as well as unfavorable changes in Canadian currency exchange rates.  Sales grew at both Mueller Co. and Mueller Technologies.</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 was </font><font style="font-family:inherit;font-size:16pt;">$97.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$101.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  Gross margin of </font><font style="font-family:inherit;font-size:16pt;">31.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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;&#32;</font><font style="font-family:inherit;font-size:16pt;">20</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points from </font><font style="font-family:inherit;font-size:16pt;">31.6 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">, primarily due to a less favorable product mix at Anvil.   Gross margin at Mueller Co. improved 80 basis points year-over-year and also improved at Mueller Technologies.  </font></div><div style="line-height:232%;text-align:left;text-indent:96px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;&#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;">Selling, general and administrative expenses were lower year-over-year due primarily to personnel-related expenses.  Selling, general and administrative expenses were </font><font style="font-family:inherit;font-size:16pt;">$53.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">, compared with </font><font style="font-family:inherit;font-size:16pt;">$58.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  Selling, general &amp; administrative expenses as a percent of net sales improved 100 basis points to 17.1% from 18.1% in 2014.</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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">6</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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 operating income for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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;">4.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$45.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$43.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">, which included a $2.5 million gain on the sale of Anvil's Bloomington, MN fabrication facility. Excluding the gain from the sale, adjusted operating income improved 10.8% for the 2015 fourth quarter.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</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 benefited from improved operating efficiencies, lower raw material costs and lower corporate expenses. These benefits were offset by lower shipment volumes</font><font style="font-family:inherit;font-size:16pt;color:#ee2724;">&#32;</font><font style="font-family:inherit;font-size:16pt;">at Anvil, and unfavorable changes in Canadian currency exchange rates. </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:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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;">$59.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$57.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  Adjusted EBITDA for </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;was $189.0 million, or 16.2 percent of net sales, an improvement of 70 basis points.  </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:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">declined</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">$6.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$5.8 million</font><font style="font-family:inherit;font-size:16pt;">, as compared with </font><font style="font-family:inherit;font-size:16pt;">$12.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  We benefited from lower interest expense this quarter due to lower interest rates and </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">7</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">lower amounts of debt outstanding following the refinancing we completed in the 2015 first quarter.  </font></div><div style="line-height:232%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><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;">For the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">, income tax expense was </font><font style="font-family:inherit;font-size:16pt;">$16.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;on income before income taxes of </font><font style="font-family:inherit;font-size:16pt;">$38.6 million</font><font style="font-family:inherit;font-size:16pt;">, or an effective income tax rate of </font><font style="font-family:inherit;font-size:16pt;">42.2 percent</font><font style="font-family:inherit;font-size:16pt;">.  Income tax expense included deferred tax asset valuation allowance adjustments of </font><font style="font-family:inherit;font-size:16pt;">$0.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with an </font><font style="font-family:inherit;font-size:16pt;">$8.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;benefit included in the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  Excluding these adjustments, the effective income tax rates were 41 percent and 39 percent in the </font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;of </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;and </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">, respectively.    Also the 41 percent rate in the fourth quarter of 2015 was higher than our full year effective income tax rate of 38.5 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;">Net income per diluted share for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">$0.14</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$0.16</font><font style="font-family:inherit;font-size:16pt;">&#32;in the prior year; however, adjusted net income per diluted share for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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;to </font><font style="font-family:inherit;font-size:16pt;">$0.14</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">$0.12</font><font style="font-family:inherit;font-size:16pt;">&#32;in the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.   As a reminder, the primary adjustment in the 2014 fourth quarter net income per diluted share was a deferred tax valuation allowance, which reduced tax expense by $8.0 million. </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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">8</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">I&#8217;ll now move on to segment performance, addressing each of our now three reporting segments beginning 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;">Net sales for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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;">$3.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$192.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$188.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  Higher shipment volumes were partially offset by $3.4 million from the divestiture of our Canadian municipal castings business earlier this year and $3.0 million from unfavorable changes in Canadian currency exchange rates.  Excluding the impact of the divestiture and unfavorable changes in Canadian currency exchange rates, shipment volumes would have increased 5.2 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:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;improved to </font><font style="font-family:inherit;font-size:16pt;">$45.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$40.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  The $5.2 million adjusted operating income improvement was largely due to operating efficiencies, lower raw material costs and lower selling, general and administrative expenses.  </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 margin of </font><font style="font-family:inherit;font-size:16pt;">23.8 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;improved </font><font style="font-family:inherit;font-size:16pt;">240</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points from </font><font style="font-family:inherit;font-size:16pt;">21.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">9</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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 EBITDA for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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;">$55.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$50.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">, and adjusted EBITDA margin for the quarter increased </font><font style="font-family:inherit;font-size:16pt;">230</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points to </font><font style="font-family:inherit;font-size:16pt;">28.8 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">26.5 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;last year. &#160;&#160;&#160;&#160;</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:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:16pt;">decreased</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">$14.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$93.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$107.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  As expected, net sales </font><font style="font-family:inherit;font-size:16pt;">decreased</font><font style="font-family:inherit;font-size:16pt;">&#32;due to lower sales of oil &amp; gas-related products, which were down approximately 60 percent.  Additionally, Anvil was impacted by approximately $1.1 million in unfavorable changes in Canadian currency exchange rates.</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;">Adjusted operating income for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">$8.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$16.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  Adjusted operating margin </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;">9.5 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">15.6 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">. As previously mentioned, 2014 fourth quarter adjusted operating income included a $2.5 million gain on the sale of its Bloomington, MN fabrication facility.  </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">10</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">The decline in operating income was also impacted by fewer shipments of higher margin products to the oil &amp; gas market. Adjusted EBITDA for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">$12.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$20.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  Adjusted EBITDA margin for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">13.7 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">18.9 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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 turn to Mueller Technologies &#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:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:16pt;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;$1.5 million to </font><font style="font-family:inherit;font-size:16pt;">$25.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with $24.2 million for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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;">&#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 loss for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">$1.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with $2.1 million for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#32;&#160;&#160;&#160;&#160;Adjusted EBITDA for the  </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;was a loss of </font><font style="font-family:inherit;font-size:16pt;">$0.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with a loss of $1.3 million for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth 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><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">11</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">Corporate expenses for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;were $7.7 million compared with </font><font style="font-family:inherit;font-size:16pt;">$12.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  The decrease was due primarily to lower personnel-related expenses.</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;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;">Free cash flow, which is cash flows from operating activities less capital expenditures, was </font><font style="font-family:inherit;font-size:16pt;">$57.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$75.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2014</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">. For the full year, 2015 free cash flow was $50.3 million, compared with $110.7 million in 2014.</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 was lower in 2015 primarily due to the timing of purchasing and disbursement activity, mostly related to inventory.  Purchasing was relatively high late in 2014, and the related disbursements occurred in 2015.  In 2015, purchasing activity was weighted toward the earlier part of 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;">At </font><font style="font-family:inherit;font-size:16pt;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:16pt;">, total debt was comprised of a </font><font style="font-family:inherit;font-size:16pt;">$486.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;senior secured term loan due November 2021 and </font><font style="font-family:inherit;font-size:16pt;">$2.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;of other.  The term loan accrues interest at a floating rate equal to LIBOR, subject to a floor of 75 basis </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">12</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">points, plus a margin of </font><font style="font-family:inherit;font-size:16pt;">325</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points. Our total debt outstanding at the end of 2015 was down $52 million from the end of 2014.</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 am also pleased to report that, during the quarter, Moody's upgraded our corporate family rating to Ba3 and our term loan rating to Ba3.</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 debt leverage was 2.0x at </font><font style="font-family:inherit;font-size:16pt;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:16pt;">.  Our excess availability under the ABL Agreement was approximately $170 million.   </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 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: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: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 elaborate on our </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;results and end markets, and provide an overview of our expectations for </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;and an outlook for the </font><font style="font-family:inherit;font-size:16pt;">first 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;">As you recall, on our last earnings call we highlighted certain areas of the country that were impacted by heavy rainfall in May and June. In those areas, </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">13</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">particularly Texas, Colorado and parts of the Midwest, our distributors ended the third quarter with about 90 days of inventory, more than double their target. </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We believe distributors in these areas were largely able to meet recovering end market demand from their existing inventory.  As a result, our shipments to distributors in these areas during the quarter were down on a year-over-year basis.  While we expected to continue to see weather impact on our fourth quarter results, it took longer for distributor inventories to reach their desired levels.  September orders were up notably year-over-year, reinforcing our belief that distributors are  positive about continued growth as we look to 2016. </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%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Total domestic orders of valves, hydrants and brass products increased 7 percent year-over-year.  However, as I just mentioned, orders were heavily weighted in September, which affected our shipment timing.</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;">In addition, we experienced particularly strong year-over-year shipment growth for Henry Pratt's plant and water treatment valves, with net sales up about 30 percent.   As we have discussed in the past, a lot of Pratt's business is project oriented, and we can experience a significant swing in net sales on a quarter-over-quarter basis. </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">14</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;"><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 Evan mentioned, we again delivered excellent operating performance at Mueller Co.  Greater manufacturing efficiencies through our LEAN initiatives and lower raw material costs helped drive a 230 basis point improvement in adjusted EBITDA margin.  </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;">At Anvil, as expected, we continued a falloff of sales into the oil &amp; gas market, which were down approximately 60 percent in the fourth quarter year-over-year.  Our sales into this market have generally correlated with rig counts, which were down 58 percent year-over-year at the end of the fourth quarter.   We saw low single-digit percentage growth in sales to the non-residential construction market during the quarter.</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;">At Mueller Technologies, our new reporting segment, net sales were up 6.2 percent year-over-year.  Adjusted operating results improved slightly, as the mix of our metering products continued to shift towards AMI metering systems from AMR and visual read meters.  Mueller Systems was essentially breakeven for the quarter.  This improvement was largely offset by investments in scalable </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">15</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">technology and business development activity related to leak detection and pipe condition assessment.</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;">Over the last four months, we have seen a significant year-over-year increase in AMI projects awarded to Mueller Systems as the overall market for AMI systems has shown improvement and we have introduced new, longer-range capabilities.  In fact, Mueller Systems began </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;with AMI backlog and awards of $36.0 million compared with $13.0 million at the beginning of 2015. </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 the fourth quarter, we continued to make small investments at Echologics to support the long-term growth of our leak detection and condition assessment business.   The market is still in the early adoption phase of these technologies, but interest from municipalities and water utilities continues to increase.  Echologics began </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;with $6.2 million under contract, the highest such amount at the beginning of a year in its history. </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;">As we look at 2016, I'll discuss each segment and let you know what we expect to see with our end markets and our performance.  </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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">16</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">We expect our three primary end markets - repair and replacement of water infrastructure, new water infrastructure driven by residential construction and non-residential construction - to grow in 2016.  We expect the residential construction market to be the fastest growing market.  We expect solid growth in municipal spending, and we expect spending in the non-residential construction market to grow but not as much as our other two end markets.</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;">At Mueller Co., we estimate that in 2015 about 70 percent of net sales were associated with the repair and replacement of municipal water distribution and treatment systems, 25 percent with residential construction and 5 percent with natural gas utilities. </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;">Overall, at Mueller Co., we expect net sales percentage growth in the mid single digits for 2016, which includes the expected unfavorable impacts from changes in Canadian currency exchange rates and the divestiture of the municipal castings business in December last year.  Given our current outlook for product mix, we expect to see conversion margins of about 40%.</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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">17</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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 Anvil, about 85 percent of 2015 net sales were associated with non-residential construction, 10 percent  with oil &amp; gas (down from 20 percent in 2014) and 5 percent with the power generation market.  </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;">For fiscal 2016, we expect Anvil's overall net sales percentage growth to be in the low single digits.  As we look to 2016, there is a general expectation among industry forecasters that spending for non-residential construction will increase in the mid-single digits, which should drive demand for Anvil's products.   </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;">However, we believe Anvil's overall growth will continue to be impacted by an expected decline in net sales to its addressed oil &amp; gas market due to tough comparisons in the first half of the year, especially in the first quarter.  As a reminder, Anvil's net sales into this market grew 14 percent year-over-year in the first quarter of 2015.  Based on the current market conditions, we would expect Anvil's net sales into this market during the second half of the year to be flat on a year-over-year basis.  </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 our current outlook with respect to product mix, we expect to see a conversion margin at Anvil of about 15-20%.</font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">18</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;"><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;">Although the municipal market is the key end market for Mueller Technologies, the drivers of demand are different than those for Mueller Co.  Mueller Technologies is a more project-oriented segment, and depends on customer adoption of its new technology products and services.  As we have previously discussed, our strategy is for Mueller Systems to be a leading provider of AMI systems.  For 2016, we entered the year with significantly higher AMI backlog and projects awarded for Mueller Systems and higher projects under contract at Echologics.  We are encouraged by the increased interest we are seeing in the marketplace.  Overall, we expect Mueller Technologies to show year-over-year net sales growth of about 10-15 percent and for its operating results to improve about $7-10 million.</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;">Other 2016 key variables include: corporate expenses, which are expected to be $36-38 million, depreciation and amortization, which is expected to be $56-58 million, and interest expense, which is expected to be $23-25 million.  We expect our adjusted effective income tax rate to be 37-39% and capital expenditures to be $38-40 million.</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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">19</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">For 2016, we expect free cash flow to be driven by improved operating results and an improvement in working capital.  We also expect to make only minimal cash contributions to our pension plans.  Our target is for free cash flow to exceed adjusted net income.</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 our outlook for the 2016 first quarter.</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 will 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;">We expect 2016 first quarter net sales percentage growth in the low-single digits.  In our core domestic valves, hydrants and brass products, now that we believe distributor inventories are back at their targeted levels, we expect to see high single-digit growth driven by strong residential construction and solid municipal spending. We expect this growth will be partially offset by the divestiture of our Canadian municipal castings business in December 2014 and unfavorable changes in Canadian currency exchange rates.  Additionally, shipments of Henry Pratt's water treatment valves are expected to be down in the first quarter due to the timing of projects in our backlog.  As we said earlier, this business can be choppy, as we saw in our 2015 fourth quarter where shipments </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">20</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">were up 30 percent year-over-year.  We expect first quarter adjusted operating income to be up between 10-15 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;">We expect Anvil's 2016 first quarter net sales to decline in the high single digits largely due to the tough comparisons with its oil &amp; gas business.  Based on current market conditions, we expect net sales to the oil &amp; gas segment could be down 60 percent, which is approximately $12 million.  We will offset some of the operating income decline from the lower revenue with cost reduction actions we have been implementing in our oil &amp; gas business. We expect to see the benefit of lower raw material costs and increased adjusted operating income from growth in shipments to the non-residential construction market.  In total, however, we expect adjusted operating income will be down approximately 40 percent this quarter.  As you recall, we began seeing a significant drop off in our oil &amp; gas business in our second quarter last year.  Therefore, we don't expect adjusted operating income to be significantly impacted due to the downturn in the oil &amp; gas market beyond this quarter as compared to the prior 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;">We expect 2016 first quarter net sales at Mueller Technologies to be down slightly with a slightly higher year-over-year adjusted operating loss.  While we </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">21</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">are entering 2016 with a higher AMI backlog, we do not expect to benefit from this higher backlog until the second half of the year.  </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;">For Mueller Water Products as a whole, we expect 2016 first quarter net sales to decline slightly year-over-year, as growth at Mueller Co. should be more than offset by a decline at Anvil.  We expect adjusted net income per diluted share to be essentially flat, as the benefits of lower interest expense will likely be partially offset by lower adjusted operating income.  </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;">Reflecting on 2015, we are certainly pleased with the increase in both our overall adjusted operating margin and adjusted EBITDA margin, as well as with the 30 percent increase in our adjusted net income per diluted share to $0.39 from $0.30.  We also successfully restructured our debt and lowered our total debt outstanding, both of which give us more flexibility in managing our business and in pursuing growth opportunities.</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;">We were negatively impacted by the decline of sales into the oil &amp; gas market at Anvil and unfavorable changes in Canadian currency exchange rates. </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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">22</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">Our consolidated net sales growth was negatively impacted by 260 basis points due to lower sales into the oil &amp; gas market and by 90 basis points due to unfavorable changes in Canadian currency exchange rates.</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 of our products into the oil &amp; gas market represented about 7 percent of our consolidated net sales in 2014, but only about 4 percent in 2015.</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;">In 2015, we continued to focus on enhancing value for our customers and expanding our intelligent water technology offerings.  We continued to invest in new products and services that are designed to help water utilities improve their operations and better manage their water assets.  At Echologics we expanded our worldwide sales force and continued to invest in our fixed leak detection solution.  During the year, we also introduced new technology in our AMI offering that significantly increased our radio range and reduced the infrastructure required for our system.  We believe this development contributed to us winning AMI awards in recent months.  We also entered into the LoRa&#8482; Alliance, which is focused on bringing the Internet of Things to a number of municipal applications, including water infrastructure.</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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">23</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">We expect to see improved performance at our Mueller Technologies segment as we increase net sales of higher margin products.  Our technology businesses have seen an increase in backlog and contracts, which leads us to believe our investments in these areas will pay dividends as more municipalities and water utilities focus on improving their ability to accurately measure water usage, enhance customer service and detect leaks as a means of conserving water and extending the life of their water infrastructure.</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 we just discussed, we believe the outlook for our key end markets - new water infrastructure driven by residential construction, repair and replacement of existing water infrastructure for municipalities and non-residential construction -  remains positive.  However, as we mentioned, the spending decline in oil &amp; gas markets will result in tough comparisons for that part of our business especially in the first quarter.  As our capacity utilization increases, we believe we will continue to demonstrate improved operating leverage, which should lead to expanding margins and improved returns for our stockholders.</font></div><div style="line-height:232%;text-align:justify;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;">With that operator, I will open this call up for questions.</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><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">24</font></div></div><hr style="page-break-after:always"><a name="s0388CAFAC8589C564F1E2C69A8A509C4"></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;">That concludes today&#8217;s call.  Thank you for your interest in Mueller Water Products and for joining us this morning. </font></div><br><div><div style="line-height:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">25</font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
