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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mueller Water Products Inc | NYSE:MWA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.11 | 0.58% | 19.23 | 19.175 | 18.965 | 19.15 | 995,657 | 23:31:01 |
|
Delaware
|
|
20-3547095
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
Item 1.
|
FINANCIAL STATEMENTS
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|||||||
|
June 30,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
|
(in millions, except share amounts)
|
||||||
Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
353.2
|
|
|
$
|
195.0
|
|
Receivables, net
|
140.7
|
|
|
131.8
|
|
||
Inventories
|
141.1
|
|
|
130.7
|
|
||
Other current assets
|
20.0
|
|
|
12.7
|
|
||
Current assets held for sale
|
—
|
|
|
142.1
|
|
||
Total current assets
|
655.0
|
|
|
612.3
|
|
||
Property, plant and equipment, net
|
110.1
|
|
|
108.4
|
|
||
Intangible assets
|
442.0
|
|
|
434.6
|
|
||
Other noncurrent assets
|
27.1
|
|
|
25.4
|
|
||
Noncurrent assets held for sale
|
—
|
|
|
99.9
|
|
||
Total assets
|
$
|
1,234.2
|
|
|
$
|
1,280.6
|
|
|
|
|
|
||||
Liabilities and equity:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
5.5
|
|
|
$
|
5.6
|
|
Accounts payable
|
58.7
|
|
|
73.7
|
|
||
Other current liabilities
|
46.9
|
|
|
61.7
|
|
||
Current liabilities held for sale
|
—
|
|
|
44.8
|
|
||
Total current liabilities
|
111.1
|
|
|
185.8
|
|
||
Long-term debt
|
475.7
|
|
|
478.8
|
|
||
Deferred income taxes
|
99.0
|
|
|
109.9
|
|
||
Other noncurrent liabilities
|
86.1
|
|
|
85.8
|
|
||
Noncurrent liabilities held for sale
|
—
|
|
|
0.8
|
|
||
Total liabilities
|
771.9
|
|
|
861.1
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 13)
|
|
|
|
||||
|
|
|
|
||||
Common stock: 600,000,000 shares authorized; 158,514,187 and 161,693,051 shares outstanding at June 30, 2017 and September 30, 2016, respectively
|
1.6
|
|
|
1.6
|
|
||
Additional paid-in capital
|
1,497.5
|
|
|
1,563.9
|
|
||
Accumulated deficit
|
(974.9
|
)
|
|
(1,078.9
|
)
|
||
Accumulated other comprehensive loss
|
(63.0
|
)
|
|
(68.3
|
)
|
||
Total Company stockholders’ equity
|
461.2
|
|
|
418.3
|
|
||
Noncontrolling interest
|
1.1
|
|
|
1.2
|
|
||
Total equity
|
462.3
|
|
|
419.5
|
|
||
Total liabilities and equity
|
$
|
1,234.2
|
|
|
$
|
1,280.6
|
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|||||||||||||||
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions, except per share amounts)
|
||||||||||||||
Net sales
|
$
|
232.2
|
|
|
$
|
224.7
|
|
|
$
|
599.1
|
|
|
$
|
585.0
|
|
Cost of sales
|
149.7
|
|
|
141.5
|
|
|
412.5
|
|
|
394.9
|
|
||||
Gross profit
|
82.5
|
|
|
83.2
|
|
|
186.6
|
|
|
190.1
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
38.7
|
|
|
39.4
|
|
|
114.2
|
|
|
112.2
|
|
||||
Pension settlement
|
—
|
|
|
16.6
|
|
|
—
|
|
|
16.6
|
|
||||
Other charges
|
1.2
|
|
|
4.6
|
|
|
5.0
|
|
|
6.2
|
|
||||
Total operating expenses
|
39.9
|
|
|
60.6
|
|
|
119.2
|
|
|
135.0
|
|
||||
Operating income
|
42.6
|
|
|
22.6
|
|
|
67.4
|
|
|
55.1
|
|
||||
Interest expense, net
|
5.1
|
|
|
6.0
|
|
|
17.0
|
|
|
18.0
|
|
||||
Income before income taxes
|
37.5
|
|
|
16.6
|
|
|
50.4
|
|
|
37.1
|
|
||||
Income tax expense
|
13.4
|
|
|
5.6
|
|
|
16.2
|
|
|
11.8
|
|
||||
Income from continuing operations
|
24.1
|
|
|
11.0
|
|
|
34.2
|
|
|
25.3
|
|
||||
Income (loss) from discontinued operations
|
(0.1
|
)
|
|
4.5
|
|
|
69.8
|
|
|
12.1
|
|
||||
Net income
|
$
|
24.0
|
|
|
$
|
15.5
|
|
|
$
|
104.0
|
|
|
$
|
37.4
|
|
|
|
|
|
|
|
|
|
||||||||
Income per basic share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.15
|
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.15
|
|
Discontinued operations
|
—
|
|
|
0.03
|
|
|
0.44
|
|
|
0.08
|
|
||||
Net income
|
$
|
0.15
|
|
|
$
|
0.10
|
|
|
$
|
0.65
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
||||||||
Income per diluted share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.15
|
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
|
$
|
0.15
|
|
Discontinued operations
|
—
|
|
|
0.02
|
|
|
0.43
|
|
|
0.08
|
|
||||
Net income
|
$
|
0.15
|
|
|
$
|
0.09
|
|
|
$
|
0.64
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
159.1
|
|
|
161.6
|
|
|
160.6
|
|
|
161.2
|
|
||||
Diluted
|
160.6
|
|
|
163.6
|
|
|
162.4
|
|
|
163.3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.04
|
|
|
$
|
—
|
|
|
$
|
0.11
|
|
|
$
|
0.07
|
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
|
|||||||||||||||
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Net income
|
$
|
24.0
|
|
|
$
|
15.5
|
|
|
$
|
104.0
|
|
|
$
|
37.4
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Minimum pension liability
|
1.0
|
|
|
7.2
|
|
|
3.0
|
|
|
(1.2
|
)
|
||||
Income tax effects
|
(0.4
|
)
|
|
(2.8
|
)
|
|
(1.2
|
)
|
|
0.5
|
|
||||
Foreign currency translation
|
1.2
|
|
|
(0.2
|
)
|
|
0.7
|
|
|
0.8
|
|
||||
Derivative fair value change
|
(0.7
|
)
|
|
(1.8
|
)
|
|
4.5
|
|
|
(4.9
|
)
|
||||
Income tax effects
|
0.3
|
|
|
0.7
|
|
|
(1.7
|
)
|
|
1.9
|
|
||||
|
1.4
|
|
|
3.1
|
|
|
5.3
|
|
|
(2.9
|
)
|
||||
Comprehensive income
|
$
|
25.4
|
|
|
$
|
18.6
|
|
|
$
|
109.3
|
|
|
$
|
34.5
|
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EQUITY NINE MONTHS ENDED JUNE 30, 2017 (UNAUDITED) |
|||||||||||||||||||||||
|
Common
stock
|
|
Additional
paid-in
capital
|
|
Accumulated
deficit
|
|
Accumulated
other
comprehensive
loss
|
|
Non-controlling interest
|
|
Total
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Balance at September 30, 2016
|
$
|
1.6
|
|
|
$
|
1,563.9
|
|
|
$
|
(1,078.9
|
)
|
|
$
|
(68.3
|
)
|
|
$
|
1.2
|
|
|
$
|
419.5
|
|
Net income
|
—
|
|
|
—
|
|
|
104.0
|
|
|
—
|
|
|
(0.1
|
)
|
|
103.9
|
|
||||||
Dividends declared
|
—
|
|
|
(17.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17.6
|
)
|
||||||
Stock repurchased under buyback program
|
—
|
|
|
(55.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55.0
|
)
|
||||||
Shares retained for employee taxes
|
—
|
|
|
(2.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.7
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
3.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.7
|
|
||||||
Stock issued under stock compensation plans
|
—
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.2
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
5.3
|
|
|
—
|
|
|
5.3
|
|
||||||
Balance at June 30, 2017
|
$
|
1.6
|
|
|
$
|
1,497.5
|
|
|
$
|
(974.9
|
)
|
|
$
|
(63.0
|
)
|
|
$
|
1.1
|
|
|
$
|
462.3
|
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|||||||
|
Nine months ended
|
||||||
|
June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
104.0
|
|
|
$
|
37.4
|
|
Less income from discontinued operations
|
69.8
|
|
|
12.1
|
|
||
Income from continuing operations
|
34.2
|
|
|
25.3
|
|
||
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
14.9
|
|
|
13.4
|
|
||
Amortization
|
16.2
|
|
|
15.9
|
|
||
Stock-based compensation
|
3.5
|
|
|
3.5
|
|
||
Retirement plans
|
2.6
|
|
|
20.2
|
|
||
Deferred income taxes
|
(14.4
|
)
|
|
(8.5
|
)
|
||
Other, net
|
1.4
|
|
|
3.0
|
|
||
Changes in assets and liabilities, net of acquisition:
|
|
|
|
||||
Receivables
|
(5.8
|
)
|
|
(13.0
|
)
|
||
Inventories
|
(4.6
|
)
|
|
4.8
|
|
||
Other assets
|
(4.0
|
)
|
|
(5.7
|
)
|
||
Liabilities
|
(18.6
|
)
|
|
(4.5
|
)
|
||
Net cash provided by operating activities
|
25.4
|
|
|
54.4
|
|
||
Investing activities:
|
|
|
|
||||
Business acquisitions, net of cash acquired
|
(26.0
|
)
|
|
—
|
|
||
Capital expenditures
|
(21.6
|
)
|
|
(17.0
|
)
|
||
Proceeds from sales of assets
|
0.2
|
|
|
0.2
|
|
||
Net cash used in investing activities
|
(47.4
|
)
|
|
(16.8
|
)
|
||
Financing activities:
|
|
|
|
||||
Stock repurchased under buyback program
|
(55.0
|
)
|
|
—
|
|
||
Dividends
|
(17.6
|
)
|
|
(11.3
|
)
|
||
Employee taxes related to stock-based compensation
|
(2.7
|
)
|
|
(3.2
|
)
|
||
Repayments of debt
|
(3.7
|
)
|
|
(3.8
|
)
|
||
Issuance of common stock
|
5.2
|
|
|
2.9
|
|
||
Deferred financing costs
|
(1.0
|
)
|
|
(0.1
|
)
|
||
Other
|
0.2
|
|
|
(0.3
|
)
|
||
Net cash used in financing activities
|
(74.6
|
)
|
|
(15.8
|
)
|
||
Net cash flows from discontinued operations:
|
|
|
|
||||
Operating activities
|
(42.5
|
)
|
|
19.2
|
|
||
Investing activities
|
297.2
|
|
|
(5.6
|
)
|
||
Financing activities
|
(0.1
|
)
|
|
—
|
|
||
Net cash provided by discontinued operations
|
254.6
|
|
|
13.6
|
|
||
Effect of currency exchange rate changes on cash
|
0.2
|
|
|
(0.2
|
)
|
||
Net change in cash and cash equivalents
|
158.2
|
|
|
35.2
|
|
||
Cash and cash equivalents at beginning of period
|
195.0
|
|
|
113.1
|
|
||
Cash and cash equivalents at end of period
|
$
|
353.2
|
|
|
$
|
148.3
|
|
Gross cash proceeds
|
$
|
305.7
|
|
Noncash proceeds
|
1.9
|
|
|
Total proceeds
|
307.6
|
|
|
Transaction expenses
|
(8.3
|
)
|
|
Net proceeds
|
299.3
|
|
|
Assets and liabilities disposed
|
(189.8
|
)
|
|
Gain on sale, pre-tax
|
109.5
|
|
|
Income tax
|
(41.6
|
)
|
|
Gain on sale, net of tax
|
$
|
67.9
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
85.4
|
|
|
$
|
83.1
|
|
|
$
|
251.4
|
|
Cost of sales
|
—
|
|
|
61.5
|
|
|
62.8
|
|
|
180.8
|
|
||||
Gross profit
|
—
|
|
|
23.9
|
|
|
20.3
|
|
|
70.6
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
0.1
|
|
|
16.5
|
|
|
17.0
|
|
|
51.4
|
|
||||
Other charges
|
—
|
|
|
0.4
|
|
|
0.2
|
|
|
0.4
|
|
||||
Total operating expenses
|
0.1
|
|
|
16.9
|
|
|
17.2
|
|
|
51.8
|
|
||||
Income (loss) before income taxes
|
(0.1
|
)
|
|
7.0
|
|
|
3.1
|
|
|
18.8
|
|
||||
Income tax expense
|
—
|
|
|
2.5
|
|
|
1.2
|
|
|
6.7
|
|
||||
|
(0.1
|
)
|
|
4.5
|
|
|
1.9
|
|
|
12.1
|
|
||||
Gain on sale, net of tax
|
—
|
|
|
—
|
|
|
67.9
|
|
|
—
|
|
||||
Income (loss) from discontinued operations
|
$
|
(0.1
|
)
|
|
$
|
4.5
|
|
|
$
|
69.8
|
|
|
$
|
12.1
|
|
|
September 30,
|
||
|
2016
|
||
|
(in millions)
|
||
Assets:
|
|
||
Receivables, net
|
$
|
54.9
|
|
Inventories
|
83.1
|
|
|
Other current assets
|
4.1
|
|
|
Total current assets held for sale
|
142.1
|
|
|
|
|
||
Property, plant and equipment, net
|
46.7
|
|
|
Intangible assets
|
51.4
|
|
|
Other noncurrent assets
|
1.8
|
|
|
Total noncurrent assets held for sale
|
99.9
|
|
|
Total assets held for sale
|
$
|
242.0
|
|
|
|
||
Liabilities:
|
|
||
Current portion of long-term debt
|
$
|
0.3
|
|
Accounts payable
|
27.1
|
|
|
Other current liabilities
|
17.4
|
|
|
Total current liabilities held for sale
|
44.8
|
|
|
|
|
||
Long-term debt
|
0.4
|
|
|
Other noncurrent liabilities
|
0.4
|
|
|
Total noncurrent liabilities held for sale
|
0.8
|
|
|
Total liabilities held for sale
|
$
|
45.6
|
|
|
|
||
Net deferred income tax liability associated with discontinued operations
|
$
|
13.0
|
|
Assets acquired and liabilities assumed:
|
|
||
Cash
|
$
|
0.6
|
|
Receivables
|
1.9
|
|
|
Inventories
|
5.8
|
|
|
Other current assets
|
0.5
|
|
|
Property, plant and equipment
|
1.0
|
|
|
Intangible assets and goodwill
|
17.7
|
|
|
Accounts payable
|
(0.7
|
)
|
|
Other current liabilities
|
(0.2
|
)
|
|
Consideration paid
|
$
|
26.6
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Adjustments to reconcile to the effective tax rate:
|
|
|
|
|
|
|
|
||||
U.S. federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State tax apportionment change
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
State income taxes, net of federal benefit
|
3.9
|
|
|
4.5
|
|
|
3.9
|
|
|
4.4
|
|
Excess tax benefit for stock-based compensation
|
(0.2
|
)
|
|
0.7
|
|
|
(4.6
|
)
|
|
(1.4
|
)
|
Tax credits
|
(1.0
|
)
|
|
(2.2
|
)
|
|
(1.7
|
)
|
|
(2.8
|
)
|
U.S. manufacturing deduction
|
(4.7
|
)
|
|
(4.2
|
)
|
|
(4.5
|
)
|
|
(3.7
|
)
|
Other
|
2.7
|
|
|
(0.1
|
)
|
|
2.3
|
|
|
0.3
|
|
Effective tax rate
|
35.7
|
%
|
|
33.7
|
%
|
|
32.1
|
%
|
|
31.8
|
%
|
|
June 30,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
ABL Agreement
|
$
|
—
|
|
|
$
|
—
|
|
Term Loan
|
486.0
|
|
|
489.4
|
|
||
Other
|
1.5
|
|
|
1.3
|
|
||
|
487.5
|
|
|
490.7
|
|
||
Less deferred financing costs
|
6.3
|
|
|
6.3
|
|
||
Less current portion
|
5.5
|
|
|
5.6
|
|
||
Long-term debt
|
$
|
475.7
|
|
|
$
|
478.8
|
|
|
|||||||
|
June 30,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Interest rate swap contracts, designated as cash flow hedges:
|
|
|
|
||||
Other current liabilities
|
$
|
1.3
|
|
|
$
|
2.0
|
|
Other noncurrent liabilities
|
1.5
|
|
|
5.3
|
|
||
Total liability
|
$
|
2.8
|
|
|
$
|
7.3
|
|
|
|
|
|
||||
Currency swap contracts, not designated as hedges:
|
|
|
|
||||
Other noncurrent liabilities
|
$
|
0.8
|
|
|
$
|
—
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Service cost
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
$
|
1.5
|
|
|
$
|
1.3
|
|
Components of net periodic benefit cost that will be excluded from operating income upon adoption of ASU 2017-07:
|
|
|
|
|
|
|
|
||||||||
Interest cost
|
3.6
|
|
|
5.0
|
|
|
10.8
|
|
|
15.1
|
|
||||
Expected return on plan assets
|
(4.2
|
)
|
|
(4.9
|
)
|
|
(12.7
|
)
|
|
(15.1
|
)
|
||||
Amortization of actuarial net loss
|
1.0
|
|
|
0.7
|
|
|
3.0
|
|
|
2.3
|
|
||||
Pension settlement
|
—
|
|
|
16.6
|
|
|
—
|
|
|
16.6
|
|
||||
|
0.4
|
|
|
17.4
|
|
|
1.1
|
|
|
18.9
|
|
||||
Net periodic benefit cost
|
$
|
0.9
|
|
|
$
|
17.9
|
|
|
$
|
2.6
|
|
|
$
|
20.2
|
|
Shares outstanding at September 30, 2016
|
161,693,051
|
|
Shares repurchased
|
(4,581,227
|
)
|
Exercise of stock options
|
872,452
|
|
Vesting of restricted stock units, net of shares withheld for taxes
|
256,155
|
|
Settlement of performance-based restricted stock units, net of shares withheld for taxes
|
160,063
|
|
Exercise of employee stock purchase plan instruments
|
113,693
|
|
Shares outstanding at June 30, 2017
|
158,514,187
|
|
|
|
Number granted
|
|
Weighted average grant date fair value per instrument
|
|
Total grant date fair value
(in millions)
|
|||||
Quarter ended December 31, 2016:
|
|
|
|
|
|
|
|||||
Restricted stock units
|
|
177,861
|
|
|
$
|
13.26
|
|
|
$
|
2.4
|
|
Employee stock purchase plan instruments
|
|
39,231
|
|
|
2.34
|
|
|
0.1
|
|
||
Phantom Plan awards
|
|
187,115
|
|
|
13.26
|
|
|
2.5
|
|
||
PRSUs: 2017 award
|
|
59,285
|
|
|
13.26
|
|
|
0.8
|
|
||
2016 award
|
|
73,826
|
|
|
13.26
|
|
|
1.0
|
|
||
2015 award
|
|
68,556
|
|
|
13.26
|
|
|
0.9
|
|
||
Quarter ended March 31, 2017:
|
|
|
|
|
|
|
|||||
Restricted stock units
|
|
165,999
|
|
|
12.82
|
|
|
2.1
|
|
||
Employee stock purchase plan instruments
|
|
38,267
|
|
|
2.44
|
|
|
0.1
|
|
||
Phantom Plan awards
|
|
12,145
|
|
|
12.66
|
|
|
0.2
|
|
||
PRSUs: 2017 award
|
|
19,012
|
|
|
13.15
|
|
|
0.2
|
|
||
Quarter ended June 30, 2017:
|
|
|
|
|
|
|
|||||
Employee stock purchase plan instruments
|
|
36,195
|
|
|
2.70
|
|
|
0.1
|
|
||
|
|
|
|
|
|
$
|
10.4
|
|
|
June 30,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Inventories:
|
|
|
|
||||
Purchased components and raw material
|
$
|
68.0
|
|
|
$
|
67.0
|
|
Work in process
|
33.6
|
|
|
31.4
|
|
||
Finished goods
|
39.5
|
|
|
32.3
|
|
||
|
$
|
141.1
|
|
|
$
|
130.7
|
|
Property, plant and equipment:
|
|
|
|
||||
Land
|
$
|
5.6
|
|
|
$
|
5.7
|
|
Buildings
|
52.7
|
|
|
50.6
|
|
||
Machinery and equipment
|
261.2
|
|
|
248.3
|
|
||
Construction in progress
|
14.4
|
|
|
14.8
|
|
||
|
333.9
|
|
|
319.4
|
|
||
Accumulated depreciation
|
(223.8
|
)
|
|
(211.0
|
)
|
||
|
$
|
110.1
|
|
|
$
|
108.4
|
|
Other current liabilities:
|
|
|
|
||||
Compensation and benefits
|
$
|
23.9
|
|
|
$
|
32.7
|
|
Customer rebates
|
6.3
|
|
|
8.3
|
|
||
Taxes other than income taxes
|
3.0
|
|
|
3.0
|
|
||
Warranty
|
4.7
|
|
|
2.0
|
|
||
Income taxes
|
0.2
|
|
|
4.6
|
|
||
Environmental
|
1.7
|
|
|
5.0
|
|
||
Interest
|
0.5
|
|
|
0.5
|
|
||
Other
|
6.6
|
|
|
5.6
|
|
||
|
$
|
46.9
|
|
|
$
|
61.7
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales, excluding intercompany:
|
|
|
|
|
|
|
|
||||||||
Mueller Co.
|
$
|
207.6
|
|
|
$
|
198.7
|
|
|
$
|
535.5
|
|
|
$
|
525.6
|
|
Mueller Technologies
|
24.6
|
|
|
26.0
|
|
|
63.6
|
|
|
59.4
|
|
||||
|
$
|
232.2
|
|
|
$
|
224.7
|
|
|
$
|
599.1
|
|
|
$
|
585.0
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
||||||||
Mueller Co.
|
$
|
52.9
|
|
|
$
|
51.7
|
|
|
$
|
113.3
|
|
|
$
|
110.4
|
|
Mueller Technologies
|
(1.6
|
)
|
|
(1.5
|
)
|
|
(17.5
|
)
|
|
(10.2
|
)
|
||||
Corporate
|
(8.7
|
)
|
|
(27.6
|
)
|
|
(28.4
|
)
|
|
(45.1
|
)
|
||||
|
$
|
42.6
|
|
|
$
|
22.6
|
|
|
$
|
67.4
|
|
|
$
|
55.1
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Mueller Co.
|
$
|
8.9
|
|
|
$
|
8.5
|
|
|
$
|
27.0
|
|
|
$
|
25.5
|
|
Mueller Technologies
|
1.2
|
|
|
1.2
|
|
|
3.8
|
|
|
3.5
|
|
||||
Corporate
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
|
0.3
|
|
||||
|
$
|
10.2
|
|
|
$
|
9.8
|
|
|
$
|
31.1
|
|
|
$
|
29.3
|
|
Pension settlement and other charges:
|
|
|
|
|
|
|
|
||||||||
Mueller Co.
|
$
|
0.4
|
|
|
$
|
2.4
|
|
|
$
|
2.1
|
|
|
$
|
3.0
|
|
Mueller Technologies
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.5
|
|
||||
Corporate
|
0.8
|
|
|
18.8
|
|
|
2.8
|
|
|
19.3
|
|
||||
|
$
|
1.2
|
|
|
$
|
21.2
|
|
|
$
|
5.0
|
|
|
$
|
22.8
|
|
Capital expenditures:
|
|
|
|
|
|
|
|
||||||||
Mueller Co.
|
$
|
6.1
|
|
|
$
|
3.6
|
|
|
$
|
13.8
|
|
|
$
|
12.4
|
|
Mueller Technologies
|
1.3
|
|
|
1.5
|
|
|
7.6
|
|
|
4.5
|
|
||||
Corporate
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
||||
|
$
|
7.5
|
|
|
$
|
5.1
|
|
|
$
|
21.6
|
|
|
$
|
17.0
|
|
|
Minimum pension liability, net of tax
|
|
Foreign currency translation
|
|
Derivative instruments, net of tax
|
|
Total
|
||||||||
|
|
||||||||||||||
Balance at September 30, 2016
|
$
|
(57.7
|
)
|
|
$
|
(6.1
|
)
|
|
$
|
(4.5
|
)
|
|
$
|
(68.3
|
)
|
Current period other comprehensive income
|
1.8
|
|
|
0.7
|
|
|
2.8
|
|
|
5.3
|
|
||||
Balance at June 30, 2017
|
$
|
(55.9
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
(63.0
|
)
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Three months ended June 30, 2017
|
||||||||||||||
|
Mueller Co.
|
|
Mueller Technologies
|
|
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
207.6
|
|
|
$
|
24.6
|
|
|
$
|
—
|
|
|
$
|
232.2
|
|
Gross profit
|
$
|
76.9
|
|
|
$
|
5.6
|
|
|
$
|
—
|
|
|
$
|
82.5
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
23.6
|
|
|
7.2
|
|
|
7.9
|
|
|
38.7
|
|
||||
Other charges
|
0.4
|
|
|
—
|
|
|
0.8
|
|
|
1.2
|
|
||||
|
24.0
|
|
|
7.2
|
|
|
8.7
|
|
|
39.9
|
|
||||
Operating income (loss)
|
$
|
52.9
|
|
|
$
|
(1.6
|
)
|
|
$
|
(8.7
|
)
|
|
42.6
|
|
|
Interest expense, net
|
|
|
|
|
|
|
5.1
|
|
|||||||
Income before income taxes
|
|
|
|
|
|
|
37.5
|
|
|||||||
Income tax expense
|
|
|
|
|
|
|
13.4
|
|
|||||||
Income from continuing operations
|
|
|
|
|
|
|
$
|
24.1
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three months ended June 30, 2016
|
||||||||||||||
|
Mueller Co.
|
|
Mueller Technologies
|
|
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
198.7
|
|
|
$
|
26.0
|
|
|
$
|
—
|
|
|
$
|
224.7
|
|
Gross profit
|
$
|
77.5
|
|
|
$
|
5.7
|
|
|
$
|
—
|
|
|
$
|
83.2
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
23.4
|
|
|
7.2
|
|
|
8.8
|
|
|
39.4
|
|
||||
Pension settlement and other charges
|
2.4
|
|
|
—
|
|
|
18.8
|
|
|
21.2
|
|
||||
|
25.8
|
|
|
7.2
|
|
|
27.6
|
|
|
60.6
|
|
||||
Operating income (loss)
|
$
|
51.7
|
|
|
$
|
(1.5
|
)
|
|
$
|
(27.6
|
)
|
|
22.6
|
|
|
Interest expense, net
|
|
|
|
|
|
|
6.0
|
|
|||||||
Loss before income taxes
|
|
|
|
|
|
|
16.6
|
|
|||||||
Income tax expense
|
|
|
|
|
|
|
5.6
|
|
|||||||
Income from continuing operations
|
|
|
|
|
|
|
$
|
11.0
|
|
|
Three months ended
|
||||||
|
June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Term Loan
|
$
|
4.5
|
|
|
$
|
5.0
|
|
Interest rate swap contracts
|
0.4
|
|
|
—
|
|
||
Deferred financing costs amortization
|
0.5
|
|
|
0.5
|
|
||
ABL Agreement
|
0.2
|
|
|
0.3
|
|
||
Other interest expense
|
0.1
|
|
|
0.3
|
|
||
|
5.7
|
|
|
6.1
|
|
||
Interest income
|
(0.6
|
)
|
|
(0.1
|
)
|
||
|
$
|
5.1
|
|
|
$
|
6.0
|
|
|
Nine months ended June 30, 2017
|
||||||||||||||
|
Mueller Co.
|
|
Mueller Technologies
|
|
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
535.5
|
|
|
$
|
63.6
|
|
|
$
|
—
|
|
|
$
|
599.1
|
|
Gross profit
|
$
|
183.3
|
|
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
186.6
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
67.9
|
|
|
20.7
|
|
|
25.6
|
|
|
114.2
|
|
||||
Other charges
|
2.1
|
|
|
0.1
|
|
|
2.8
|
|
|
5.0
|
|
||||
|
70.0
|
|
|
20.8
|
|
|
28.4
|
|
|
119.2
|
|
||||
Operating income (loss)
|
$
|
113.3
|
|
|
$
|
(17.5
|
)
|
|
$
|
(28.4
|
)
|
|
67.4
|
|
|
Interest expense, net
|
|
|
|
|
|
|
17.0
|
|
|||||||
Income before income taxes
|
|
|
|
|
|
|
50.4
|
|
|||||||
Income tax expense
|
|
|
|
|
|
|
16.2
|
|
|||||||
Income from continuing operations
|
|
|
|
|
|
|
$
|
34.2
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Nine months ended June 30, 2016
|
||||||||||||||
|
Mueller Co.
|
|
Mueller Technologies
|
|
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
525.6
|
|
|
$
|
59.4
|
|
|
$
|
—
|
|
|
$
|
585.0
|
|
Gross profit
|
$
|
179.2
|
|
|
$
|
10.9
|
|
|
$
|
—
|
|
|
$
|
190.1
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
65.8
|
|
|
20.6
|
|
|
25.8
|
|
|
112.2
|
|
||||
Pension settlement and other charges
|
3.0
|
|
|
0.5
|
|
|
19.3
|
|
|
22.8
|
|
||||
|
68.8
|
|
|
21.1
|
|
|
45.1
|
|
|
135.0
|
|
||||
Operating income (loss)
|
$
|
110.4
|
|
|
$
|
(10.2
|
)
|
|
$
|
(45.1
|
)
|
|
55.1
|
|
|
Interest expense, net
|
|
|
|
|
|
|
18.0
|
|
|||||||
Loss before income taxes
|
|
|
|
|
|
|
37.1
|
|
|||||||
Income tax expense
|
|
|
|
|
|
|
11.8
|
|
|||||||
Income from continuing operations
|
|
|
|
|
|
|
$
|
25.3
|
|
|
Nine months ended
|
||||||
|
June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Term Loan
|
$
|
14.3
|
|
|
$
|
15.3
|
|
Interest rate swap contracts
|
1.5
|
|
|
—
|
|
||
Deferred financing costs amortization
|
1.3
|
|
|
1.4
|
|
||
ABL Agreement
|
0.6
|
|
|
0.9
|
|
||
Other interest expense
|
0.5
|
|
|
0.6
|
|
||
|
18.2
|
|
|
18.2
|
|
||
Interest income
|
(1.2
|
)
|
|
(0.2
|
)
|
||
|
$
|
17.0
|
|
|
$
|
18.0
|
|
|
Nine months ended
|
||||||
|
June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Collections from customers
|
$
|
593.4
|
|
|
$
|
571.9
|
|
Disbursements, other than interest and income taxes
|
(529.1
|
)
|
|
(487.4
|
)
|
||
Interest payments, net
|
(15.0
|
)
|
|
(15.8
|
)
|
||
Income tax payments, net
|
(23.9
|
)
|
|
(14.3
|
)
|
||
Cash provided by operating activities
|
$
|
25.4
|
|
|
$
|
54.4
|
|
|
Moody’s
|
|
Standard & Poor's
|
||||
|
June 30,
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Corporate credit rating
|
Ba3
|
|
Ba3
|
|
BB-
|
|
BB-
|
ABL Agreement
|
Not rated
|
|
Not rated
|
|
Not rated
|
|
Not rated
|
Term Loan
|
Ba3
|
|
Ba3
|
|
BB
|
|
BB
|
Outlook
|
Stable
|
|
Stable
|
|
Stable
|
|
Stable
|
Item 4.
|
CONTROLS AND PROCEDURES
|
Item 1.
|
LEGAL PROCEEDINGS
|
Item 1A.
|
RISK FACTORS
|
Item 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
|
Total number of shares purchased
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
|
|
Maximum dollar value of shares that may yet be purchased under the plans or programs
(in millions)
|
||||||
April 1-30, 2017
|
|
601,061
|
|
|
$
|
8.32
|
|
|
601,061
|
|
|
$
|
—
|
|
May 1-31, 2017
|
|
797,994
|
|
|
8.79
|
|
|
796,886
|
|
|
—
|
|
||
June 1-30, 2017
|
|
263,572
|
|
|
11.39
|
|
|
263,572
|
|
|
—
|
|
||
Total
|
|
1,662,627
|
|
|
$
|
9.03
|
|
|
1,661,519
|
|
|
$
|
—
|
|
Item 6.
|
EXHIBITS
|
Exhibit No.
|
|
Document
|
31.1*
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2*
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1*
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2*
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101*
|
|
The following financial information from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, formatted in XBRL (Extensible Business Reporting Language), (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Other Comprehensive Loss, (iv) the Condensed Consolidated Statements of Stockholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to Condensed Consolidated Financial Statements.
|
|
|
MUELLER WATER PRODUCTS, INC.
|
|
Date:
|
August 9, 2017
|
By:
|
/s/ Evan L. Hart
|
|
|
|
Evan L. Hart
|
|
|
|
Chief Financial Officer
|
1 Year Mueller Water Products Chart |
1 Month Mueller Water Products Chart |
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