<SEC-DOCUMENT>0001350593-16-000113.txt : 20161103
<SEC-HEADER>0001350593-16-000113.hdr.sgml : 20161103
<ACCEPTANCE-DATETIME>20161103120004
ACCESSION NUMBER:		0001350593-16-000113
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161103
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161103
DATE AS OF CHANGE:		20161103

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:		161970762

	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-k11x03x16xscript.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="sD948AC3539685740952F7EEB0844A221"></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;">November 3, 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:669px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:222px;"></td><td style="width:222px;"></td><td style="width:222px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">0001-32892</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">20-3547095</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or Other Jurisdiction of Incorporation or Organization)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(I.R.S. Employer Identification Number)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1200 Abernathy Road, Suite 1200</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Atlanta, Georgia 30328</font></div><div style="line-height:120%;padding-bottom:6px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of Principal Executive Offices)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(770) 206-4200</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant's telephone number, including area code)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Not applicable.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former name or former address, if changed since last report)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:624px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:22px;"></td><td style="width:17px;"></td><td style="width:584px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="s74463BB29BC05329AEF084C4140D1122"></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 November 2, 2016, Mueller Water Products, Inc. (the &#8220;Company&#8221;) held an investor conference call regarding its fourth quarter and full year 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: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:98.4375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:7%;"></td><td style="width:93%;"></td></tr><tr><td style="vertical-align:top;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;">99.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:11px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management's Presentation, Conference Call Remarks - 4th Quarter and Full Year Fiscal 2016 (November 3, 2016)</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></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;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><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: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 style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:617px;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:293px;"></td><td style="width:40px;"></td><td style="width:190px;"></td><td style="width:93px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated:&#160; November 3, 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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<DESCRIPTION>EXHIBIT 99.1
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<div><a name="sEC8B7A0155D75B2FB8E3650114914F42"></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;">Fourth Quarter</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:16pt;font-weight:bold;">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;">November&#160;3, 2016</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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;conference call.  We issued our press release reporting results of operations for the quarter and full year ended </font><font style="font-family:inherit;font-size:16pt;">September&#160;30, 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;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Discussing the </font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;and full-year 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;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 and full year's results, as well as to address forward-looking statements and our non-GAAP performance and liquidity measures.</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><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 performance and liquidity 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;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;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 1-866-513-1238.  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;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><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><a name="sf337541b860f47149a8abf8f3cdd5d8c"></a></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;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thank you for joining us today as we discuss our results for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;fourth quarter and full year.  I'll begin with a brief overview followed by Evan's more detailed financial report.  </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-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We are pleased that we continued to see margin expansion in all three of our businesses, which contributed to a </font><font style="font-family:inherit;font-size:16pt;">7.6 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;increase in adjusted operating income in the fourth quarter and which more than offset the impact of a slight decrease in revenue.   </font></div><div style="line-height:232%;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">For Mueller Water Products, adjusted EBITDA margin for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;fourth quarter improved </font><font style="font-family:inherit;font-size:16pt;">120 basis points</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">20.4 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;and our adjusted EBITDA for the year increased to </font><font style="font-family:inherit;font-size:16pt;">$198.1 million</font><font style="font-family:inherit;font-size:16pt;">.  Free cash flow was </font><font style="font-family:inherit;font-size:16pt;">$105.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;for the year, or 132 percent of adjusted net income.</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><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;">Mueller Co.&#8217;s domestic sales of valves, hydrants and brass products increased 4.4 percent in the fourth quarter year-over-year.  This growth was not enough to offset the expected sales decline of our Henry Pratt water treatment valves.&#160;Mueller Co. again had strong margin improvement, with adjusted EBITDA margin improving </font><font style="font-family:inherit;font-size:16pt;">150 basis points</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">30.3 percent</font><font style="font-family:inherit;font-size:16pt;">.</font></div><div style="line-height:232%;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;">Anvil&#8217;s net sales for the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;fourth quarter decreased </font><font style="font-family:inherit;font-size:16pt;">7.3 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;due to lower shipment volumes into the mechanical and oil &amp; gas markets.  Despite lower net sales, Anvil's adjusted EBITDA margin increased </font><font style="font-family:inherit;font-size:16pt;">90 basis points</font><font style="font-family:inherit;font-size:16pt;">&#32;this 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;">Mueller Technologies showed meaningful operating improvement in the fourth quarter on essentially flat year-over-year net sales.  Favorable product mix contributed to this improvement.  </font></div><div style="line-height:232%;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">For Mueller Water Products, we again improved our adjusted operating performance in 2016, representing the 7th consecutive year of operating margin expansion.  Our </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;adjusted net income improved nearly 25 percent compared to the prior year, and </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;adjusted EBITDA margin</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;background-color:#ffff00;">was the highest in our history.</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">&#32;&#32;We ended the year with net debt leverage down to </font><font style="font-family:inherit;font-size:16pt;">1.5x</font><font style="font-family:inherit;font-size:16pt;">.</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><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%;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;">Adjusted net income per share for the quarter was up 21.4 percent to </font><font style="font-family:inherit;font-size:16pt;">$0.17</font><font style="font-family:inherit;font-size:16pt;">&#32;versus </font><font style="font-family:inherit;font-size:16pt;">$0.14</font><font style="font-family:inherit;font-size:16pt;">&#32;a year ago.  For the full year, adjusted net income per share increased 25 percent to </font><font style="font-family:inherit;font-size:16pt;">$0.49</font><font style="font-family:inherit;font-size:16pt;">&#32;compared to </font><font style="font-family:inherit;font-size:16pt;">$0.39</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.</font></div><div style="line-height:232%;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"></font><font style="font-family:inherit;font-size:16pt;background-color:#bfe4ff;">As we look to 2017, we expect continued growth in our key end markets. As capacity utilization increases, we believe operating leverage will continue to be strong in all three businesses.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">I will provide additional comments on the quarter's results and developments in our end markets, as well as our outlook for the 2017 full year and first quarter, later in the call.</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><a name="s36f0b5d9b1e441ddad7453da085a9415"></a></div><div style="line-height:232%;text-align:left;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;text-decoration:underline;">Evan Hart - Financial Summary</font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Thanks Greg, and good morning everyone.  I&#8217;ll first review our </font><font style="font-family:inherit;font-size:16pt;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;consolidated financial results and then discuss segment performance.</font></div><div style="line-height:232%;text-align:justify;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;">5</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: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;">fourth 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;">$8.9 million</font><font style="font-family:inherit;font-size:16pt;">, or </font><font style="font-family:inherit;font-size:16pt;">2.9 percent</font><font style="font-family:inherit;font-size:16pt;">, to </font><font style="font-family:inherit;font-size:16pt;">$302.5 million</font><font style="font-family:inherit;font-size:16pt;">, compared with </font><font style="font-family:inherit;font-size:16pt;">$311.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year primarily due to lower shipment volumes at Anvil.  </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;">Gross profit improved to </font><font style="font-family:inherit;font-size:16pt;">$103.6 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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">$97.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  Gross margin increased </font><font style="font-family:inherit;font-size:16pt;">280 basis points</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">34.2 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">31.4 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;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Selling, general and administrative expenses were </font><font style="font-family:inherit;font-size:16pt;">$55.2 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;">$52.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  The increase was due primarily to personnel-related expenses.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">7.6 percent</font><font style="font-family:inherit;font-size:16pt;">, or </font><font style="font-family:inherit;font-size:16pt;">$3.4 million</font><font style="font-family:inherit;font-size:16pt;">, to </font><font style="font-family:inherit;font-size:16pt;">$48.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$45.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  Operating performance improved at Mueller Co., Anvil and Mueller Technologies. </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;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><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;">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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;</font><font style="font-family:inherit;font-size:16pt;">increased</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$61.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$59.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  And 2016 adjusted EBITDA was </font><font style="font-family:inherit;font-size:16pt;">$198.1 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;">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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">$5.6 million</font><font style="font-family:inherit;font-size:16pt;">, down from </font><font style="font-family:inherit;font-size:16pt;">$5.8 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  For 2016, interest expense, net was $23.6 million, the lowest in our history.</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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">, income tax expense of </font><font style="font-family:inherit;font-size:16pt;">$14.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;was </font><font style="font-family:inherit;font-size:16pt;">35.5 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;of income before income taxes.</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 net income per share improved to </font><font style="font-family:inherit;font-size:16pt;">$0.17</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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$0.14</font><font style="font-family:inherit;font-size:16pt;">&#32;last 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;">&#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;">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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;of  </font><font style="font-family:inherit;font-size:16pt;">$190.1 million</font><font style="font-family:inherit;font-size:16pt;">&#32;decreased </font><font style="font-family:inherit;font-size:16pt;">$1.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$192.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  Domestic shipments of valves, hydrants </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><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 brass products increased 4.4 percent, but were more than offset by lower shipments of water treatment valves at Henry Pratt.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#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;">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;fourth quarter, largely due to favorable product mix, lower raw material costs and other cost savings.  Adjusted operating income improved </font><font style="font-family:inherit;font-size:16pt;">7.2 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$48.9 million</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">$45.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  Adjusted operating margin improved </font><font style="font-family:inherit;font-size:16pt;">190 basis points</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">25.7 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;as compared with </font><font style="font-family:inherit;font-size:16pt;">23.8 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;"><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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;increased to </font><font style="font-family:inherit;font-size:16pt;">$57.6 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$55.3 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;">150 basis points</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">30.3 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">28.8 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;"><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;">The </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;fourth quarter was the 17th consecutive quarter where Mueller Co. increased year-over-year adjusted operating income and adjusted operating margin.</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><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><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;">Net sales decreased </font><font style="font-family:inherit;font-size:16pt;">7.3 percent</font><font style="font-family:inherit;font-size:16pt;">&#32;to </font><font style="font-family:inherit;font-size:16pt;">$86.9 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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;compared with </font><font style="font-family:inherit;font-size:16pt;">$93.7 million</font><font style="font-family:inherit;font-size:16pt;">&#32;last year.  Lower shipment volumes primarily of mechanical and oil &amp; gas products were partially offset by increased sales of  fire protection 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;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#32;&#160;&#160;&#160;&#160;Operating efficiencies and other cost savings more than offset the impact of lower net sales, and adjusted operating income improved to $9.5 million, as compared with $8.9 million 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;">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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">&#32;were essentially flat year-over-year.  Shipments of our higher margin AMI products increased $3.1 million or 42 percent year-over-year, but were more than offset by lower AMR shipments.   AMI shipments represented almost 50 percent of Mueller Systems' total net sales 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;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;">&#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><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;">For the </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;fourth quarter, Mueller Technologies' adjusted operating loss improved </font><font style="font-family:inherit;font-size:16pt;">$1.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;despite essentially flat sales, and adjusted operating margin improved </font><font style="font-family:inherit;font-size:16pt;">500 basis points</font><font style="font-family:inherit;font-size:16pt;">&#32;due to favorable mix and lower overhead 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;">Now turning to a discussion of our liquidity...</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Free cash flow, which is cash flows from operating activities less capital expenditures, was $54.7 million 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;">fourth quarter</font><font style="font-family:inherit;font-size:16pt;">.  Free cash flow for the full year was $105.7 million,  </font><font style="font-family:inherit;font-size:16pt;">$55.4 million</font><font style="font-family:inherit;font-size:16pt;">&#32;higher 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;">September&#160;30, 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;">$483.1 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;">$2.0 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.  In April 2014, we entered into interest rate swap contracts that effectively fix the interest rate on </font><font style="font-family:inherit;font-size:16pt;">$150.0 million</font><font style="font-family:inherit;font-size:16pt;">&#32;of term loan borrowings at </font><font style="font-family:inherit;font-size:16pt;">5.6%</font><font style="font-family:inherit;font-size:16pt;">&#32;from </font><font style="font-family:inherit;font-size:16pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:16pt;">&#32;through </font><font style="font-family:inherit;font-size:16pt;">September&#160;30, 2021</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;">Our excess availability under the ABL Agreement was $169 million.  </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Net debt leverage improved to </font><font style="font-family:inherit;font-size:16pt;">1.5x</font><font style="font-family:inherit;font-size:16pt;">&#32;at </font><font style="font-family:inherit;font-size:16pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:16pt;">.  </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><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;">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:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="s592b861c2de5479d8cbc443563a1693d"></a></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;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 comment further on our </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;fourth quarter results and end markets, and provide an overview of our expectations and outlook for the 2017 full year and first quarter 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;">While Mueller Co.'s domestic sales of  valves, hydrants and brass products grew 4.4 percent year-over-year,  this was below our expectations.  We saw a nice growth in orders in the third quarter, and that continued in July.  However, we did see orders slow down in August through mid-September.  Orders rebounded somewhat at the end of September. </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;">Even though we had an easier comparison during this time period from a year ago because of the weather issues in May and June of 2015, in retrospect, we believe our distributors were building inventory in the third quarter and early in </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><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;">the fourth quarter and, as a result, slowed down their ordering in August and most of September. </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">In addition, I would again point out, as we discussed on our last call, we had a very difficult comparison for Pratt product line revenue this quarter.  As we have mentioned a number of times, Pratt plant work is project driven and is subject to significant swings.  The fourth quarter last year was our best quarter in several years.   Pratt sales were down 16 percent this quarter.  However, our backlog grew and is up entering 2017.</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 slightly lower net sales, Mueller Co.&#8217;s adjusted operating income improved in the fourth quarter benefiting from favorable product mix, ongoing cost-savings initiatives 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;">The </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;fourth quarter is the 17th consecutive quarter where Mueller Co. increased year-over-year adjusted operating income and adjusted operating margin.</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;">12</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:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">For the full year 2016, Mueller Co.'s adjusted operating income increased 11.7 percent. This increase reflects not only a favorable mix but also an improvement in  operating performance.  With our Lean manufacturing initiatives, we continue to achieve efficiency improvements.  Additionally, we have been making capital investments to introduce more automation into the manufacturing process. With the results we realized in 2016, and what we expect to achieve moving forward, we believe we are getting benefits from both operating performance and operating leverage as capacity utilization increases - leading to margin expansion. </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 to Anvil . . . </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;">End market demand for Anvil's products was mixed.  As we expected, sales of our products that go directly into the oil &amp; gas market were down year-over-year.  Demand from our addressed industrial markets, especially those segments related to oil &amp; gas, was also down.  </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;">Sales of our fire protection products, however, were up approximately 5 percent year-over-year and accounted for about 25 percent of total sales.</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><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;">As we have discussed in the past, Anvil's sales into the oil &amp; gas market have closely correlated with the U.S. rig count.  Current rig count has declined  28 percent from last year and is down 71 percent from two years ago. The active rig count has increased 16 out of the last 18 weeks, which is a positive indicator.   </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 during the quarter, we announced that we will be closing  Anvil's facility in Longview, Texas, which is dedicated to the manufacturing of products sold into the oil &amp; gas market.  We will be consolidating those operations with Anvil's manufacturing facility in Houston.  This move will not only reduce our fixed costs in the short term, but we expect to realize  higher conversion margins when volume increases.  We expect this consolidation to be completed by March 2017.</font></div><div style="line-height:232%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Despite lower net sales, Anvil's adjusted operating income improved </font><font style="font-family:inherit;font-size:16pt;">6.7</font><font style="font-family:inherit;font-size:16pt;">&#32;percent and adjusted operating margin improved </font><font style="font-family:inherit;font-size:16pt;">140 basis points</font><font style="font-family:inherit;font-size:16pt;">, driven by increased operating efficiencies and other cost reductions.  </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 revenue declined $32.8 million in 2016, largely attributable to sales of products into the oil &amp; gas market, which are typically at a higher margin.  It's </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><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;">worth noting that even with this level of revenue decline, Anvil's adjusted operating income only declined $1.6 million, and its adjusted operating margin improved 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;">Anvil's continued focus on operating efficiencies in its manufacturing plants, coupled with lower raw material costs and other cost savings, contributed to its  ability to manage through a challenging end market environment.  </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></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Although Mueller Technologies' fourth quarter net sales were essentially flat, we were pleased to see substantially higher sales of our fixed and mobile leak detection solutions and our AMI products.   These increases were offset by a year-over-year decline in AMR sales, primarily to one customer, as we have discussed in the past.  This is the last quarter where we will have this negative comparison.</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' operating performance improved </font><font style="font-family:inherit;font-size:16pt;">$1.3 million</font><font style="font-family:inherit;font-size:16pt;">&#32;compared to last year, and its operating loss was $500,000.  Mueller Systems was again profitable for the quarter. </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><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;">In June of this year, we were awarded a project for an AMI system and  meters for Lee County, Florida.  Though we initially expected to begin making shipments for this project in the fourth quarter, we did not receive the contract until late October and will begin shipping for this project in the first half of fiscal 2017.  This 80,000 end point project is one of the larger AMI orders Mueller Systems has received and will be deployed over the next three years.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We enter 2017 with a strong backlog  at Mueller Systems, especially for AMI products. The market remains in various stages of early adoption for some of our offerings, but the growth we continue to see in these businesses reinforces our strategic focus on higher &#173;margin technology 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%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Moving on to our outlook for fiscal year 2017.   I'll first discuss our key end markets, then review our growth and performance expectations for each of our segments.</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 our three primary end markets: repair and replacement of water infrastructure, new water infrastructure driven by residential construction, and </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><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;">non-residential construction to grow in 2017.  We expect the residential construction market to be the fastest growing of these market segments, with a year-over-year increase in the high single digits.  We also expect low-to-mid-single digit growth for both municipal spending and non-residential construction. </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;">With regard to residential construction, Blue Chip Economic Indicators, which is a consensus of more than 50 economists, forecasts an 8 percent growth in housing starts in calendar 2017.  Also, Zelman and Associates' October land development survey indicated an improving sentiment for future land development among homebuilders and developers.  The responses also indicated finished lots are down year-over-year, which we believe is a positive indicator for increased land development to meet  expected housing demand.&#160;&#160; As you know, development of raw land for residential construction is a key driver of demand for our 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;">On the municipal front, based on discussions with our customers and distributors, we expect to continue to see demand grow for repair and replacement of water infrastructure.  State and local seasonally-adjusted tax receipts continue to increase year-over-year, as do water rates.  CPI for water and sewerage maintenance increased around 4 percent for the last 12 months ended September </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><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;">2016</font><font style="font-family:inherit;font-size:16pt;">.  These are just some of the positive indicators we are seeing that should indicate increased municipal spending for water infrastructure projects.</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;">Current economic forecasts for non-residential construction point to a low-to-mid single digit increase.  For 2017,  forecasts we have seen range from 3 to 6 percent growth in non-residential construction spending. </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">At Mueller Co., we estimate that in </font><font style="font-family:inherit;font-size:16pt;">2016</font><font style="font-family:inherit;font-size:16pt;">&#32;about 60% of net sales were associated with the repair and replacement of municipal water distribution and treatment systems, 30 percent new water infrastructure related to residential construction, and 10 percent with natural gas utilities.  Overall at Mueller Company, we expect net sales growth around mid-single digits for 2017.  Given our current outlook for product mix, we expect to see a conversion margin close to 40 percent.</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;">For fiscal 2017, we expect Anvil's overall net sales percentage growth to be in the mid-single digits.  Given our current outlook with respect to product mix, we expect to see a conversion margin of about 20 percent. </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div><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><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:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">For 2017,  we expect Mueller Technologies' year-over-year net sales percentage growth to be about 15 percent.  We believe operating results will continue to benefit from both increased sales of higher margin products and cost savings.  We expect adjusted operating performance to improve  about $10 million in 2017. </font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Other 2017 key variables include corporate expenses which are expected to be $33 million to $36 million, depreciation and amortization, which is expected to be $55 million to $57 million, and interest expense, which is expected to be $25 million to $27 million. We expect our adjusted effective income tax rate to be 34 percent to 36 percent, and capital expenditures to be $40 million to $44 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;">&#32;For 2017, we expect free cash flow to be driven by improved operating results and 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.</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;">19</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:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Turning now to our outlook for the 2017 first quarter 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;">Our outlook for our principal end markets remains solid.  We expect net sales percentage growth in the mid-single digits in the first quarter, with growth across most of our 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;">We also expect Mueller Co. to continue its trend in improving year-over-year adjusted operating income and margins.  First quarter adjusted operating income is expected to improve in the high single digits.</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;">Turning now to Anvil...</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:16pt;">Net sales for the first quarter is expected to be higher year-over-year driven by low-single digit growth in non-residential construction. </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%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">We expect both adjusted operating income and margins to continue to improve at Anvil.</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><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;">20</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:232%;text-align:justify;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">And now on  to Mueller Technologies...</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 Mueller Technologies' net sales to grow about 15 percent in the first quarter, with continued higher shipments of AMI and fixed and mobile leak detection 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;">We expect to show meaningful operating performance improvement in the first quarter at Mueller Technologies, similar to that achieved in the fourth 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;">Overall, we were pleased with the continued margin expansion that we saw in all three of our businesses in the quarter and the 7th consecutive year of operating margin expansion for the Company as a whole.  We were also pleased with our adjusted EBITDA margin for 2016 - the highest in the Company's history - and the free cash flow we generated.</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;">Looking ahead, we believe our three primary end markets will grow in 2017.  We also believe our strategy with Mueller Technologies is working, and we expect to build on the significant progress we made this past year.</font></div><div style="line-height:232%;text-align:justify;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">&#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;">21</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: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;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 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:232%;text-align:right;text-indent:48px;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;">Page: </font><font style="font-family:inherit;font-size:16pt;">22</font></div></div>	</body>
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