Wolverine Tube Announces Third Quarter Results

Operations Impacted by Restructuring Plans




              Operating Income Significantly Improved

HUNTSVILLE, Ala., Nov. 1, 2006 (PRIMEZONE) -- Wolverine Tube, Inc. (NYSE:WLV), today reported its results for the third quarter of 2006. Net loss for the quarter ended October 1, 2006 was $49.5 million, or $3.29 per share, as compared to a net loss of $11.2 million, or $0.74 per share, in the third quarter of 2005. Included in the net loss for the third quarter of 2006 is $44.3 million of after-tax restructuring and other nonrecurring charges. Of these charges, $42.5 million relates to the planned closure of our manufacturing facilities located in Jackson, Tennessee and Montreal, Quebec and the consolidation of our U.S. wholesale distribution facility into the Decatur, Alabama plant as announced on September 13, 2006. The remaining $1.8 million was attributed to nonrecurring professional advisory fees incurred in conjunction with our strategic planning and balance sheet restructuring efforts. In the third quarter of 2005, we recorded an after-tax restructuring charge of $1.2 million. Comparatively, excluding these charges, the net loss would have been $5.2 million, or $0.35 per share, for the third quarter of 2006 and a loss of $10.0 million, or $0.66 per share in the third quarter of 2005.

Net sales for the third quarter of 2006 were $396.1 million as compared to $225.7 million in the third quarter of 2005. The increase in net sales is primarily due to the increased price of copper which is generally passed through to customers. The higher sales reflect the average COMEX copper price of $3.54 per pound compared to $1.70 per pound in the prior year, a 108 percent increase. Total pounds of product shipped were 84.9 million, an increase of 2.5 percent from last year's third quarter pounds of 82.8 million. Operating income, excluding the above mentioned restructuring and other nonrecurring charges, was $3.2 million in the third quarter of 2006 compared to an operating loss of $10.7 million in the same period of the prior year. Earnings before interest, taxes, depreciation and amortization (EBITDA), which was impacted by the restructuring charges noted above, were a loss of $49.0 million as compared to a loss of $8.6 million in the same period of the prior year. Excluding the restructuring and nonrecurring charges, EBITDA would have been $7.4 million in the third quarter 2006 as compared to a negative EBITDA of $6.8 million in the same period of 2005.

Commenting on the results, Chip Manning, President and Chief Executive Officer said, "Our third quarter results reflect the anticipated softening in demand in the wholesale market from the unusually strong second quarter." Manning continued, "As we compare to the prior year, our financial performance in the third quarter showed improvement in gross profit and income from operations over the same period in 2005. The restructuring charges related to the closure of our manufacturing facilities had a negative impact on current quarter results. However, these closures are in line with our strategic planning process and will rationalize our North American manufacturing facilities and product offering and consolidate operations, all designed to improve our future financial performance. The plant closings are proceeding as planned and should be completed by the end of the year. It is not anticipated that these actions will have a negative impact on our near-term liquidity."

THIRD QUARTER RESULTS BY SEGMENT

Commercial products gross profit was $12.0 million compared to the prior year's third quarter loss of $1.4 million. The gross profit improvement was a result of higher demand and lower unit manufacturing costs which were partially offset by lower unit fabrication revenues. Shipments increased 20.0 percent to 65.4 million pounds. Net sales were $301.2 million as compared to $158.4 million in the prior year. These results reflect the higher copper prices and improved demand in our major product groups.

Gross profit in wholesale products was a loss of $2.4 million in 2006 compared to a loss of $1.4 million in the third quarter of 2005. This change is due to significantly lower volumes and increased manufacturing costs which more than off-set the improved unit fabrication revenues. Additionally, the allocation of our base inventory hedging losses in the quarter impacted this product segment, which contributed to the overall loss for the quarter. Shipments totaled 15.4 million pounds as compared to last year's 22.8 million pounds. Notwithstanding the reduction in pounds shipped, significantly higher copper prices resulted in an increase in net sales to $72.4 million from the prior year's $51.0 million.

Gross profit in rod, bar and other products was $140 thousand in the third quarter of 2006, compared to gross profit of $943 thousand in the same period of 2005. The reduction in gross profit is attributed to weaker demand, higher unit costs due to the underabsorption of overhead, productivity challenges in the Montreal facility and the negative impact of the strength of the Canadian dollar. These items were offset by higher unit fabrication revenue. Pounds of rod and bar product shipped were 4.1 million in the third quarter of 2006, as compared to 5.5 million pounds in 2005. Net sales increased to $22.5 million from $16.3 million in 2005, reflecting increased copper prices, offset by reduced volume.

LIQUIDITY

Commenting on liquidity, Jed Deason, Chief Financial Officer, stated, "As of October 27, the Company had utilized $55.4 million under its receivables sale facility and had $4.5 million of outstanding borrowings under its $35.0 million revolving credit facility, which is also used to support letters of credit and other holdbacks. Total North American available liquidity as of October 27 was $29.8 million, including $12.1 million in cash in North America and $17.7 million under the revolving credit facility. We continue to closely monitor our available liquidity." Deason concluded, "We continue to work with Rothschild, Inc. on short term liquidity and capital structure issues. We have issued a separate press release today that provides an update on our Restructuring and Rationalization Program."

THIRD QUARTER CONFERENCE CALL

The Company will hold a conference call this morning at 9:30 a.m. Central Time (10:30 a.m. Eastern Time) to discuss the contents of this release. Dial in to the conference call line at (866) 710-0179 (Access Code: Wolverine) ten minutes prior to the scheduled start time. A link to the broadcast can be found on the Company's website at http://www.wlv.com, in the Investor Relations section under the "Conference Calls" link. If you are unable to participate at this time, a replay will be available through November 30, 2006 on this website or by calling (877) 919-4059 (pass code: 15909398). Should you have any problems accessing the call or the replay, please contact the Company at (256) 580-3958.

The tables following the text of this press release provide financial details that will be discussed on the conference call. This includes a reconciliation of net income (loss) to earnings before interest, taxes, depreciation and amortization. This press release, including these financial details, is now available on the Wolverine website at http://www.wlv.com in the Investor Relations section under the heading, "Press Releases."

ABOUT WOLVERINE TUBE, INC.

Wolverine Tube, Inc. is a world-class quality partner, providing its customers with copper and copper alloy tube, fabricated products, and metal joining products. Internet addresses http://www.wlv.com and http://www.silvaloy.com.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this press release are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements use such words as "may", "should", "will", "expect", "believe", "plan", "anticipate" and other similar terminologies. This press release contains forward-looking statements regarding factors affecting the Company's expectations of future operating and financial results and liquidity. Such statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates, as well as management's beliefs and assumptions about the Company's business and other information currently available. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The Company undertakes no obligation to publicly release any revision of any forward-looking statements contained herein to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. With respect to expectations of future operating and financial results and liquidity, factors that could affect actual results include, without limitation, the effect of currency fluctuation; energy and raw material costs and our ability to effectively hedge these costs; fluctuation in COMEX copper, silver and other metals pricing; continuation of historical trends in customer inventory levels and expected demand for our products; outsourcing levels of OEMs; the rate and pace of substitutions for copper products on our product lines; the level of customer demand in the Mexican market; competitive products and pricing; environmental contingencies; regulatory matters; changes in technology and our ability to maintain technologically competitive products; the mix of geographic and product revenues; the success of our product and process development activities, productivity and efficiency initiatives, including and related to transportation and natural gas, electricity and other utilities; the impact and timing of the closing of the Jackson, Tennessee and Montreal, Quebec facilities; global expansion activities, market share penetration efforts; working capital management programs and capital spending initiatives; the customers' continuing support of payment terms; and our ability to pursue alternative sources of liquidity. A discussion of these and other risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements can be found in the Company's Annual Report on Form 10-K for the most recently ended fiscal year and reports filed from time to time with the Securities and Exchange Commission.



                        WOLVERINE TUBE, INC. FINANCIAL DATA

                  Consolidated Statements of Operations (Unaudited)

                             Three-month              Nine-month
                             period ended            period ended
                         10/1/2006   10/2/2005   10/1/2006  10/2/2005
                        ----------  ----------  ----------  ----------
  In thousands, except per share data

  Pounds shipped            84,874      82,796     278,992     240,537
 ====================   ==========  ==========  ==========  ==========

  Net sales             $  396,100  $  225,704  $1,112,396  $  635,507
  Cost of goods sold       386,329     227,615   1,062,607     621,704
 -------------------    ----------  ----------  ----------  ----------
  Gross profit (loss)        9,771      (1,911)     49,789      13,803

  Selling, general
    and administrative
    expenses                 6,535       8,795      23,928      25,747
  Advisory fees and
    expenses                 1,792           -       3,907           -
  Restructuring charges     55,580       1,849      55,571       1,903
 -------------------    ----------  ----------  ----------  ----------
  Operating  (loss)        (54,136)    (12,555)    (33,617)    (13,847)

  Interest expense, net      6,908       5,235      19,521      15,801
  Amortization and
    other, net                (775)        323       1,484         765
 -------------------    ----------  ----------  ----------  ----------
  Loss before income
    taxes                  (60,269)    (18,113)    (54,622)    (30,413)

  Income tax provision
    (benefits)             (10,749)     (6,915)     (9,393)    (11,051)
 -------------------    ----------  ----------  ----------  ----------
  Net (loss)            $  (49,520) $  (11,198) $  (45,229) $  (19,362)
 -------------------    ----------  ----------  ----------  ----------

 ====================   ==========  ==========  ==========  ==========

  Basic (loss) per
    share:              $    (3.29) $    (0.74) $    (3.00) $    (1.29)

  Diluted (loss)
    per share:          $    (3.29) $    (0.74) $    (3.00) $    (1.29)

  Weighted average 
   number of common 
   shares outstanding
 -------------------    ----------  ----------  ----------  ----------
  Basic shares              15,072      15,034      15,068      15,015
  Diluted shares            15,072      15,034      15,068      15,015
 -------------------    ----------  ----------  ----------  ----------



                          Segment Information (Unaudited)

                               Three-month              Nine-month
                               period ended            period ended
                          10/1/2006   10/2/2005    10/1/2006   10/2/2005
                         ----------  ----------   ----------  ----------
  In thousands

  Pounds:
  Commercial                 65,366      54,452      198,599     162,174
  Wholesale                  15,397      22,846       66,660      65,628
  Rod, bar, and other         4,111       5,498       13,733      12,735
 -------------------     ----------  ----------   ----------  ----------
  Total pounds               84,874      82,796      278,992     240,537
 ===================     ==========  ==========   ==========  ==========

  Net sales:
  Commercial             $  301,223  $  158,424   $  788,633  $  458,375
  Wholesale                  72,424      51,017      261,743     135,044
  Rod, bar, and other        22,453      16,263       62,020      42,088
 -------------------     ----------  ----------   ----------  ----------
  Total net sales        $  396,100  $  225,704   $1,112,396  $  635,507
 =====================   ==========  ==========   ==========  ==========
  Gross Profit (Loss):
  Commercial             $   11,983  $   (1,429)  $   28,081  $   13,662
  Wholesale                  (2,352)     (1,425)      22,101      (1,727)
  Rod, bar, and other           140         943         (393)      1,868
 -------------------     ----------  ----------   ----------  ----------
  Total gross
    profit (loss)        $    9,771  $   (1,911)  $   49,789  $   13,803
 =====================   ==========  ==========   ==========  ==========


                        WOLVERINE TUBE, INC.
            Condensed Consolidated Balance Sheet (Unaudited)      


 In thousands                    10/1/2006   10/2/2005   12/31/2005
 ------------------------------  ---------   ---------   ---------

 Assets
 Cash and cash equivalents       $  24,491    $ 25,467     $27,329
 Accounts receivable                93,875     109,475     104,186
 Inventory                         171,552     132,479     146,705
 Other current assets               11,050      27,244      10,209
 Property, plant and 
   equipment, net                  145,003     187,096     181,238
 Other assets                      111,868     100,429      99,098
 ------------------------------  ---------   ---------   ---------
 Total assets                    $ 557,839   $ 582,190   $ 568,765
 ==============================  =========   =========   =========
 
 Liabilities and Stockholders' 
  Equity
 Accounts payables and other 
   accrued expenses              $ 144,493   $  98,512   $ 106,754
 Short-term borrowings               2,655         170         248
 Deferred income taxes                 751
 Pension liabilities                34,569      31,399      42,889
 Long-term debt                    235,041     235,192     234,920
 Other liabilities                  20,568      20,278      20,652
 ------------------------------  ---------   ---------   ---------
 Total liabilities                 438,077     385,551     405,463
 ------------------------------  ---------   ---------   ---------
 Stockholders' equity              119,762     196,639     163,302
 ------------------------------  ---------   ---------   ---------

 Total liabilities and 
   stockholders' equity          $ 557,839   $ 582,190   $ 568,765
 ==============================  =========   =========   =========


                        WOLVERINE TUBE, INC. FINANCIAL DATA            
                 Consolidated Statements of Cash Flow (Unaudited)

                                             Nine-month period ended
  In thousands                               10/1/2006     10/2/2005
 -----------------------------------------  ----------    ----------
  Net (loss)                                ($45,229)      ($19,362)

 Adjustments to reconcile net loss to net 
   cash used by operating activities:
     Depreciation and amortization            12,982         12,803
     Other non-cash charges                   53,872          4,119
     Changes in operating assets 
       and liabilities                       (24,112)         1,885
 -----------------------------------------  ----------    ----------
     Net cash used by operating activities    (2,487)          (555)

 Investing activities:
     Additions to property, plants 
       and equipment                          (3,760)        (7,639)
     Other                                       104            861
 -----------------------------------------  ----------    ---------- 
     Net cash used by investing activities    (3,656)        (6,778)

 Financing activities:
     Net borrowings                            2,383         (2,093)
     Issuance of common stock                     62            430
     Other                                    (1,062)          (997)
 -----------------------------------------  ----------    ---------- 
     Net cash provided (used) by 
       financing activities                    1,383         (2,660)

     Effect of exchange rate                   1,922            443
 -----------------------------------------  ----------    ---------- 
     Net decrease in cash                     (2,838)        (9,550)

     Cash and equivalents at 
       beginning of year                      27,329         35,017
 -----------------------------------------  ----------    ---------- 
     Cash and equivalents at quarter end     $24,491        $25,467
 =========================================  ==========    ========== 
 
 This press release contains, and our conference call will include,
 references to earnings before interest, taxes, depreciation and
 amortization (EBITDA), a non-GAAP financial measure. The following
 table provides a reconciliation of EBITDA and adjusted EBITDA to net
 income (loss). Management believes EBITDA and adjusted EBITDA are
 meaningful measure of liquidity and the Company's ability to service
 debt because it provides a measure of cash available for such
 purposes. Additionally, management provides an EBITDA measure so that
 investors will have the same financial information that management
 uses with the belief that it will assist investors in properly
 assessing the Company's performance on a year-over-year and
 quarter-over-quarter basis.


   Reconciliation of Net Income (Loss) to Earnings Before Interest,   
         Taxes, Depreciation and Amortization (Unaudited)


                     Three-month period ended  Nine-month period ended
 In thousands        10/1/2006      10/2/2005   10/1/2006    10/2/2005
                     -----------    ---------   ---------    ---------
  Net Income (loss)   ($49,520)     ($11,198)   ($45,229)    ($19,362)
  Depreciation and 
   amortization          4,367         4,258      12,982       12,803
  Interest expense, 
   net                   6,908         5,235      19,521       15,801
  Income tax 
   provision/(benefit) (10,749)       (6,915)     (9,393)     (11,051)
                     -----------    ---------   ---------    ---------
  Earnings before 
    interest, taxes, 
    depreciation and 
    amortization 
    (EBITDA)           (48,994)       (8,620)    (22,119)      (1,809)
  Restructuring 
    Charges             55,580         1,849      59,477        1,903
  Advisory fees and 
    expenses             1,792             -           -            -
  Asset impairment      (1,021)            -           -            -
                     -----------    ---------   ---------    ---------           
 Adjusted EBITDA         $7,357       ($6,771)    $37,358          $94
                     ===========    =========   =========    =========


            

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