<SEC-DOCUMENT>0001350593-16-000085.txt : 20160427
<SEC-HEADER>0001350593-16-000085.hdr.sgml : 20160427
<ACCEPTANCE-DATETIME>20160427125443
ACCESSION NUMBER:		0001350593-16-000085
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160427
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160427
DATE AS OF CHANGE:		20160427

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:		161594357

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

	MAIL ADDRESS:	
		STREET 1:		1200 ABERNATHY RD, NE
		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-k4x27x16.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="sE88E9AE80EE25C6BB88FCF34BE964BCF"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><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;">April 27, 2016</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">MUELLER WATER PRODUCTS, INC.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact Name of Registrant as Specified in Its Charter)</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;text-indent:384px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:97.8515625%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">0001-32892</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">20-3547095</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or Other Jurisdiction of Incorporation or Organization)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(I.R.S. Employer Identification Number)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1200 Abernathy Road, Suite 1200</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Atlanta, Georgia 30328</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of Principal Executive Offices)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(770) 206-4200</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant's telephone number, including area code)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Not applicable.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former name or former address, if changed since last report)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.40625%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:3%;"></td><td style="width:3%;"></td><td style="width:94%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="sD3D454BA42385AE6A0ECD5FD21A835F5"></a></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><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><br></div><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><div><br></div><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 April 27, 2016, Mueller Water Products, Inc. (the &#8220;Company&#8221;) held an investor conference call regarding its second quarter fiscal 2016 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;text-indent:96px;font-size:10pt;"><a style="font-family:inherit;font-size:10pt;" href="exhibit991script4-27x16.htm"><font style="font-family:inherit;font-size:10pt;">99.1</font></a><font style="font-family:inherit;font-size:10pt;">Management's Presentation, Conference Call Remarks - 2nd Quarter Fiscal 2016 (April 27, 2016)</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font 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style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><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><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:90.4296875%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:48%;"></td><td style="width:6%;"></td><td style="width:31%;"></td><td style="width:15%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated:&#160; April 27, 2016</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><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">Second 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;">2016</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;">April 27, 206</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;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second 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;">March&#160;31, 2016</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;">second 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><div><br></div><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><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><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 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><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll begin with a brief overview followed by Evan&#8217;s more detailed financial report. I will then provide additional color 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;</font><font style="font-family:inherit;font-size:16pt;">third 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><div style="line-height:232%;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We were very pleased with the second quarter's results, which, overall, came in about as expected.  Our adjusted operating income increased 14.8 percent despite slightly lower net sales.  Adjusted net income per share for the quarter was </font><font style="font-family:inherit;font-size:16pt;">$0.10</font><font style="font-family:inherit;font-size:16pt;">&#32;versus </font><font style="font-family:inherit;font-size:16pt;">$0.08</font><font style="font-family:inherit;font-size:16pt;">&#32;a year ago.</font></div><div style="line-height:232%;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:232%;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We believe Mueller Co.'s end markets remain solid, as demand for Mueller Co.'s core products continued to grow in the second quarter.  Increased shipment volumes, coupled with better operating efficiencies and lower costs, led to a 9.0 percent increase in Mueller Co.'s adjusted operating income and a 110 basis point improvement in adjusted operating margin.  Mueller Co.'s adjusted EBITDA margin in the second quarter was </font><font style="font-family:inherit;font-size:16pt;">24.1 percent</font><font style="font-family:inherit;font-size:16pt;">, and on a trailing 12-month basis, it was 26.6 percent.</font></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Anvil's second quarter net sales, excluding sales to the oil &amp; gas market, increased 3.3 percent year-over-year.  Additionally, Anvil's adjusted operating income increased </font><font style="font-family:inherit;font-size:16pt;">14.9 percent</font><font style="font-family:inherit;font-size:16pt;">, despite overall net sales declining </font><font style="font-family:inherit;font-size:16pt;">$4.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$86.4 million</font><font style="font-family:inherit;font-size:16pt;">. </font></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Mueller Technologies remains focused on growing sales of its higher-margin AMI and leak detection technologies, and on improving operating performance over the course of the year.  Backlog and projects awarded at both Mueller Systems and Echologics continue to be up substantially on a year-over-year basis at the end of the quarter.  Mueller Technologies benefited from this </font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">transition to higher-margin products, with adjusted operating loss increasing only </font><font style="font-family:inherit;font-size:16pt;">$0.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;despite a </font><font style="font-family:inherit;font-size:16pt;">$6.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;decrease in net sales. </font></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;</font></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">For Mueller Water Products, we continue to expect demand for our products to increase year-over-year, driven by growth in both municipal spending and residential construction, and we believe we are on track to meet our expectations for the full year.</font></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;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. </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;">second 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><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;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;net sales </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;">$6.7 million</font><font style="font-family:inherit;font-size:16pt;">, or </font><font style="font-family:inherit;font-size:16pt;">2.3 percent</font><font style="font-family:inherit;font-size:16pt;">, to </font><font style="font-family:inherit;font-size:16pt;">$283.6 million</font><font style="font-family:inherit;font-size:16pt;">, compared with </font><font style="font-family:inherit;font-size:16pt;">$290.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year, with increased shipment volumes at Mueller Co. offset by lower shipment volumes at Mueller Technologies and Anvil. </font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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 improved to </font><font style="font-family:inherit;font-size:16pt;">$84.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">$82.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;last year.  Gross margin increased </font><font style="font-family:inherit;font-size:16pt;">160</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points to </font><font style="font-family:inherit;font-size:16pt;">29.9 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">28.3 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;in </font><font style="font-family:inherit;font-size:16pt;">2015</font><font style="font-family:inherit;font-size:16pt;">.</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 </font><font style="font-family:inherit;font-size:16pt;">$54.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;in the quarter, compared with </font><font style="font-family:inherit;font-size:16pt;">$55.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year. The decrease was due primarily to personnel-related expenses.</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Adjusted operating income for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second 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;14.8 percent, or </font><font style="font-family:inherit;font-size:16pt;">$3.9 million</font><font style="font-family:inherit;font-size:16pt;">, to </font><font style="font-family:inherit;font-size:16pt;">$30.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$26.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  The increase in adjusted operating income was primarily due to improved operating performance at Mueller Co. and Anvil of </font><font style="font-family:inherit;font-size:16pt;">$2.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;and </font><font style="font-family:inherit;font-size:16pt;">$1.1 million</font><font style="font-family:inherit;font-size:16pt;">, respectively.</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;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second 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;">$43.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$40.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year. For the trailing 12 months, adjusted EBITDA was $189.7 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><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">$5.9 million</font><font style="font-family:inherit;font-size:16pt;">, slightly down from </font><font style="font-family:inherit;font-size:16pt;">$6.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last 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;">For the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">, income tax expense of </font><font style="font-family:inherit;font-size:16pt;">$7.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">32.9 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;of income before income taxes. We recognized an income tax benefit of $0.7 million associated with the adoption of new accounting rules related to income taxes for stock compensation plans. </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 and adjusted net income per diluted share both </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;">$0.10</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$0.08</font><font style="font-family:inherit;font-size:16pt;">&#32;last 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;">I also want you to note that adjusted net income per diluted share would have been </font><font style="font-family:inherit;font-size:16pt;">$0.10</font><font style="font-family:inherit;font-size:16pt;">&#32;even without the income tax benefit of $0.7 million I just mentioned.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I&#8217;ll now move on to segment performance 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;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;of </font><font style="font-family:inherit;font-size:16pt;">$182.2 million</font><font style="font-family:inherit;font-size:16pt;">&#32;increased </font><font style="font-family:inherit;font-size:16pt;">$4.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$177.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  Mueller Co.'s sales increased 6.5 </font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">percent, excluding sales of Henry Pratt's water treatment valves, which decreased $4.4 million in the 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;">We experienced strong improvement in adjusted operating income in the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">, largely due to lower raw material costs and improved operational efficiencies.  Adjusted operating income </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;">9.0 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$35.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$32.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  Adjusted operating margin </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;">110</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points to </font><font style="font-family:inherit;font-size:16pt;">19.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">18.3 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.   </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#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 EBITDA for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second 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;">$43.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$42.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year, and adjusted EBITDA margin increased </font><font style="font-family:inherit;font-size:16pt;">40</font><font style="font-family:inherit;font-size:16pt;">&#32;basis points to </font><font style="font-family:inherit;font-size:16pt;">24.1 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">23.7 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;">Continuing with 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 </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;">5.2 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$86.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">$91.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year, as an increase in sales of fire protection products and a large engineered pipe support job were more than offset by a 60 percent decrease in net sales to the oil &amp; gas market. </font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;improved 14.9 percent to </font><font style="font-family:inherit;font-size:16pt;">$8.5 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$7.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  This </font><font style="font-family:inherit;font-size:16pt;">improvement</font><font style="font-family:inherit;font-size:16pt;">&#32;reflects lower raw material costs and other cost savings despite lower sales in what have historically been our higher-margin products. </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;">And now concluding with 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;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">decreased</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$15.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$21.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  Despite the overall decline in net sales, sales of our AMI systems increased 26 percent.  Backlog and projects awarded for both AMI and in total were up year-over-year by about 30 percent at the end of the 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;">Adjusted operating loss for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">$4.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$4.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last 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;">Now turning 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><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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 negative </font><font style="font-family:inherit;font-size:16pt;">$4.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">, a </font><font style="font-family:inherit;font-size:16pt;">$17.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;improvement compared with 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;">second quarter</font><font style="font-family:inherit;font-size:16pt;">.  Free cash flow for the first six months has improved $47.5 million year-over-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;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:16pt;">, total debt was comprised of a </font><font style="font-family:inherit;font-size:16pt;">$484.8 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;">$2.1 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 points, plus a margin of 325 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;">Net debt leverage was </font><font style="font-family:inherit;font-size:16pt;">2.1x</font><font style="font-family:inherit;font-size:16pt;">&#32;at </font><font style="font-family:inherit;font-size:16pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:16pt;">.  Our excess availability under the ABL Agreement was about </font><font style="font-family:inherit;font-size:16pt;">$180 million</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 the call back to Greg.</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;font-weight:bold;text-decoration:underline;">Greg Hyland</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><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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 comment further on our </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;results and end markets, and provide an overview of our expectations and outlook for the </font><font style="font-family:inherit;font-size:16pt;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;and full year beginning with Mueller Co.</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;">Second quarter sales growth at Mueller Co. was due to demand for our products driven by increased  municipal spending and residential construction.   We were pleased by the 3.3 percent increase in domestic net sales of valves, hydrants and brass products in the quarter.   On our last call, we pointed out that we would have tough comparisons given the robust pull forward of orders we saw last year in advance of our price increase on valves and hydrants, but we saw a similar pull forward this year, which we believe reinforces our positive outlook for market demand in 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;">Domestic sales of other water and gas infrastructure products and international sales also increased in the quarter.  However, net sales of Henry Pratt's water treatment valves decreased $4.4 million due to the timing of projects.  </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 the quarter, Mueller Co. net sales grew 6.5 percent, excluding net sales of Henry Pratt's water treatment valves. </font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Mueller Co. again delivered impressive operating results.  In addition to the 110 basis point adjusted operating margin improvement I mentioned earlier, Mueller Co.'s adjusted EBITDA margin for the latest 12 months increased 170  basis points to 26.6 percent from the prior trailing twelve months.</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;">Turning to Anvil . . . &#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;">&#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;">Net sales into the oil &amp; gas market declined approximately 60 percent in the </font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;year-over-year, which was more than we had expected, and declined about 25 percent compared with the first quarter.  As we have said in the past, Anvil's sales into this market have generally correlated with the U.S. rig count. Net sales of our fire protection line, primarily from the non-residential construction market, grew nicely in the quarter.  We also benefited this quarter from an engineered hanger shipment to a nuclear plant in Taiwan. </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;">Anvil's adjusted operating income improved </font><font style="font-family:inherit;font-size:16pt;">$1.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as the impact of lower shipment volumes was more than offset by cost reductions and lower raw </font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">material costs.  In addition, we benefited from higher margins associated with our shipment of hangers to the nuclear power plant project.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Mueller Technologies . . . &#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;">Mueller Technologies' </font><font style="font-family:inherit;font-size:16pt;">second quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;net sales declined due to lower AMR meter shipments at Mueller Systems, primarily to one customer.  Mueller Systems' sales strategy is transitioning as we are increasing our penetration of the AMI segment of the market and becoming less dependent on one customer. In fact, AMI shipments grew 26 percent year-over-year and AMI orders increased $9.0 million, or 200 percent, year-over-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;">Mueller Systems is beginning to benefit from the recent introduction of new, longer-range radio capabilities, which, among other things, lower the cost of investment for end users.  </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;">Echologics' quarterly net sales increased more than 40 percent year-over-year as our fixed leak detection technology continues to gain traction in the market.  </font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Additionally, we had a greater number of projects under contract at the end of quarter compared to the prior year.  </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;">Turning now to our outlook for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;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;">Municipal spending and residential construction, our principal end markets, remain solid, which we expect to drive growth in excess of 10 percent in domestic shipments of valves, hydrants and brass products in the </font><font style="font-family:inherit;font-size:16pt;">third quarter</font><font style="font-family:inherit;font-size:16pt;">.  We expect Mueller Co.'s  overall net sales percentage growth in the </font><font style="font-family:inherit;font-size:16pt;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;to be in the mid-to-high single digits year-over-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 also expect Mueller Co.'s adjusted operating income percentage growth for the </font><font style="font-family:inherit;font-size:16pt;">third quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;to improve and grow at a greater rate than net sales as Mueller Co. continues to benefit from operating leverage. </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 Anvil...</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;background-color:#ffffff;"></font><font style="font-family:inherit;font-size:16pt;">Net sales for the third quarter are expected to be slightly down year-over-year.  As we have mentioned,  Anvil's oil &amp; gas business is closely tied to the U.S. rig count, which was down 54 percent in mid April year-over-year. Consequently, we expect demand from the oil &amp; gas market to decline.  Sales to oil &amp; gas are now less than 8 percent of Anvil's total net sales, and we expect they will be down about $4 million in the third quarter year-over-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;">Although we expect fire protection net sales to increase in the quarter,  we don't believe this will be enough to offset the decline in sales of our oil &amp; gas 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;">Despite the decline in net sales, we believe that Anvil will generate slightly higher adjusted operating income in the third quarter driven by ongoing cost savings and lower raw material costs.  </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Mueller Technologies' success in diversifying its customer base and winning AMI projects continues to gain traction, and we believe that, in the third quarter,  growth in our AMI shipments will more than offset the decline in AMR meter sales to a major customer compared to third quarter last year. </font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></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 also expect a meaningful year-over-year improvement in Mueller Technologies' operating performance due to higher shipment volumes of both Mueller Systems' and Echologics' products and a richer mix with more AMI shipments and cost savings.  With this improvement,  we expect Mueller Systems to be profitable in the third quarter.  For Mueller Technologies as a whole, we should approach break even or see a slight loss in the third 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;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#32;&#160;&#160;&#160;&#160;For the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;full year, key variables include: corporate expenses, which are expected to be $36-$38 million, depreciation and amortization, which is expected to be $54-$56 million, and interest expense, which is expected to be $23-$25 million.  We expect our adjusted effective income tax rate to be 35-37 percent 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><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We expect </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;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.  We expect free cash flow to exceed adjusted net income and to be higher than 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><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Domestic sales of Mueller Co.'s valves, hydrants and brass products grew more than 6 percent in the first half of </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">, and we remain confident in our full-year expectations that we will continue to see growth in demand from our addressed municipal and residential construction markets. In addition, we believe domestic sales of Mueller Co.'s valves, hydrants and brass products will grow in the low double digits in the second half of the year due to growth in end market demand.  Additionally, Mueller Co. should have easier comparisons for these products in the second half of the year in light of the excessive rain certain parts of the country experienced in May and June of 2015, which negatively impacted construction activity in the second half of 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;">Although we don't expect revenue growth for Anvil in the second half of the year, we should continue to benefit from lower raw material costs and cost savings.  </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;">Also, as mentioned earlier, the backlog and projects awarded at Mueller Technologies are up nicely, as our mix shifts to our higher margin AMI products.  Most of that backlog remains on schedule to ship in the second half of </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">.   For the second half of the year, we expect Mueller Technologies to show year-over-year net sales growth of about 15 to 20 percent.   We continue to expect Mueller </font></div><div><br></div><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"><div><a name="s9986A4E82A7D2DE902240EAE58048AA9"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Technologies' adjusted operating results to improve $7 - $10 million for the full 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;">Consequently, our outlook for Mueller Water Products for the full year remains unchanged. </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%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We continue to feel positive about our outlook, our strengthening financial position and earnings prospects.  Taking these factors into account, we increased our quarterly dividend to $0.03 per share in March.  This increase is part of a disciplined capital allocation strategy that seeks to enhance the value delivered to our stockholders. </font></div><div style="line-height:232%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">With that operator, I will open up this call 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;"><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;">That concludes today&#8217;s call.  Thank you for your interest in Mueller Water Products and for joining us this morning. </font></div><div><br></div><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>	</body>
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