HUNTSVILLE, Ala., May 15, 2008 (PRIME NEWSWIRE) -- Wolverine Tube, Inc. (OTCBB:WLVT) today reported results for the first quarter 2008. Net income for the first quarter of 2008 was $3.8 million compared to a net loss of $2.2 million in the same period of 2007. The 2008 results include $4.5 million in pre-tax charges relating primarily to restructuring, advisory fees and severance expenses and $7.4 million in gains from the sale of 30% interest in a subsidiary and the sale of the Company's small tube products business.

First Quarter Highlights

 * Established a joint venture with the Wieland Group through the sale
   of 30% of Wolverine Shanghai for $9.5 million cash and $2.1 million
   of other consideration.  The venture will focus on rapidly growing
   Asia-Pacific markets and demand for high performance technical
 * Completed the sale of our small tube products business resulting in
   net proceeds of $22.5 million plus a future working capital
 * The Alpine Group, Inc. purchased an additional $14.6 million in
   Convertible Preferred Stock, convertible at $1.10 per share;
 * Plainfield Asset Management, LLC ("Plainfield") refinanced and
   exchanged $38.3 million of the Company's 7.375% Senior Notes for a
   10.5% Note maturing on March 28, 2009;
 * Extended the maturity dates of our $35.0 million secured revolving
   credit facility and our $75.0 million receivables sales facility to
   April 28, 2009 and February 19, 2009, respectively;
 * All global tube manufacturing operations demonstrated improved
   technical tube productivity in first quarter 2008 with Shawnee,
   Oklahoma having the largest gain at 115% compared to 2007 levels;
 * Wolverine Tube Shanghai achieved record shipments and
   profitability; Asia-Pacific technical tube sales increased 144%
   over prior year;
 * Global tube business total inventory turns increased by 23% over
   prior year;
 * Tube operations achieved reductions of 4.3% of ex-material cost.

Net sales for the first quarter of 2008 were $255.8 million, as compared to $263.9 million for the first quarter of 2007. Total pounds shipped in the first quarter of 2008 were 53.8 million pounds compared to 65.1 million pounds shipped in the first quarter of 2006. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") was $7.4 million for the first quarter of 2008 compared to $9.1 million for the quarter ended April 1, 2007. The year over year decline in adjusted EBITDA is primarily due to strong EBITDA contribution in 2007 from the U.S. plumbing tube business, which was discontinued at December 31, 2007. 2007 domestic plumbing tube margins benefited from strong demand in residential markets, which was substantially softer by the second half of 2007.

Mr. Harold Karp, President and Chief Operating Officer, commented, "The transactions accomplished in the first quarter are in support of our new strategic business model. The sale of the small tube products business was in line with our focus on value added, heat transfer tubing products, fabricated products and joining technology products. The partnership established with the Wieland Group in China will strengthen Wolverine's technology and enhance service to our customers in the high growth Asia-Pacific region."

Mr. Karp further commented that "shipment volume in Wolverine's fabricated products and joining technologies operations was down 9% as a result of softness in the residential and light commercial HVAC and appliance markets. In spite of the slow HVAC market, overall commercial products gross profits increased, driven by strong global technical tube shipments, cost reductions and productivity improvements."


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 and


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. A discussion of 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.

          Consolidated Statements of Operations (Unaudited)

                                                   Three-month period
 In thousands, except per share data                     ended
                                                  3/30/2008   4/1/2007
                                                  ---------  ---------

 Net sales                                        $ 255,837  $ 263,938
 Cost of goods sold                                 243,156    250,037
 -----------------------------------------------  --------------------
 Gross profit                                        12,681     13,901

 Selling, general and administrative expenses         7,560      7,317
 Advisory fees and severance expenses                   524      3,680
 Restructuring charges                                3,938      2,923
 -----------------------------------------------  --------------------
 Operating income (loss)                                659        (19)

 Loss on sale of receivables                            104        507
 Interest and amortization expense, net               5,568      5,932
 Embedded derivatives mark to fair value                 --     (4,090)
 Gain on sale of minority interest in Chinese
  subsidiary                                         (5,383)        --
 Other (income) expense, net                         (1,110)       418
 -----------------------------------------------  --------------------
 Income (loss) from continuing operations before
  minority interest in Chinese subsidiary and
  income taxes                                        1,480     (2,786)
 Minority interest in Chinese subsidiary                 81         --
 Income tax provision                                 1,101        896
                                                  ---------  ---------
 Net income (loss) from continuing operations           298     (3,682)
 Income from discontinued operations, net of
  income taxes                                        3,519      1,532
 -----------------------------------------------  --------------------
 Net income (loss)                                    3,817     (2,150)

 Less: Accretion of convertible preferred stock
  to redemption value                                 1,255        852
 Less: Preferred stock dividends, including
  $9,618 million non-cash deemed dividends
  recognized in the first quarter of 2007             1,191     10,118
 -----------------------------------------------  --------------------
 Net income (loss) applicable to common shares    $   1,371  $ (13,120)
                                                  =========  =========
 -----------------------------------------------  --------------------
 Net income (loss) income per share (1):
  Continuing operations                           $   (0.05) $   (0.97)
  Discontinued operations                              0.04       0.10
 -----------------------------------------------  --------------------
 Net income (loss) per common share - Basic       $   (0.01) $   (0.87)

  Continuing operations                           $   (0.05) $   (0.97)
  Discontinued operations                              0.04       0.10
 -----------------------------------------------  --------------------
 Net income (loss) per common share - Diluted     $   (0.01) $   (0.87)

 Common shares outstanding:
 Basic                                               40,624     15,132
 Diluted                                             40,812     15,132
 -----------------------------------------------  --------------------
 (1) For both quarters ended March 30, 2008 and April 1, 2007 basic and
 diluted EPS are calculated, in accordance with General Accepted
 Accounting Principles ("GAAP"), by using the two-class method.

                   Segment Information (Unaudited)

 The Company currently operates in Commercial Products and Wholesale
 Products segments.  Commercial Products include technical, industrial
 and copper alloy tubes, fabricated products, and metal joining
 products.  Wholesale Products include plumbing and refrigeration tube.
 Prior to 2007, the Company's business also included a Rod, Bar and
 Other Products segment comprising a broad range of copper and copper
 alloy solid products as well as a distribution business in the
 Netherlands.  As a result of the closing of our Montreal, Quebec rod
 and bar facility, we exited the rod, bar and other products segment at
 the end of 2006.  The Netherlands distribution business, which was
 historically included in the Rod, Bar and Other Products segment, is
 now included in the Commercial Products segment for the current
 quarter and the comparable period in 2007.

                                                   Three-month period
 In thousands                                     3/30/2008   4/1/2007
                                                  ---------  ---------
 Pounds Shipped:
 Commercial                                          45,814     46,247
 Wholesale                                            7,946     18,836
 -----------------------------------------------  ---------   --------
 Total pounds shipped                                53,760     65,083
 ===============================================  =========  =========
 Net sales:
 Commercial                                       $ 219,704  $ 198,421
 Wholesale                                           36,133     65,517
 -----------------------------------------------  ---------   --------
 Total net sales                                  $ 255,837  $ 263,938
 ===============================================  =========  =========
 Gross Profit:
 Commercial                                       $  10,417  $  10,075
 Wholesale                                            2,264      3,826
 -----------------------------------------------  ---------   --------
 Total gross profit                               $  12,681  $  13,901
 ===============================================  =========  =========

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

 In thousands                                     3/30/2008  12/31/2007
 -----------------------------------------------  ---------  ----------
 Cash and cash equivalents                        $  75,436  $  63,303
 Restricted cash                                      7,591      2,126
 Accounts receivable, net                           134,544    107,375
 Inventory                                          123,551    110,768
 Assets held for sale                                16,996     43,001
 Other current assets                                16,447     12,536
 Property, plant and equipment, net                  66,104     65,762
 Other assets                                        54,824     51,802
 -----------------------------------------------  ---------  ---------
 Total assets                                     $ 495,493  $ 456,673
 ===============================================  =========  =========

 Liabilities and Stockholders' Equity
 Accounts payables and accrued expenses           $ 111,785  $  82,858
 Short-term borrowings                              125,499     90,939
 Liabilities held for sale                               --      1,853
 Deferred income taxes                                  671        677
 Pension liabilities                                 16,804     17,616
 Long-term debt                                      99,229    146,021
 Other liabilities                                   42,196     43,410
 -----------------------------------------------  ---------  ---------
 Total liabilities                                  396,184    383,374
 -----------------------------------------------  ---------  ---------
 Minority interest in Chinese subsidiary              6,298         --
 Preferred stock                                     19,843      4,393
 Total stockholders' equity                          73,168     68,906
 -----------------------------------------------  ---------  ---------

 Total liabilities, minority interest in Chinese
  subsidiary and stockholders' equity             $ 495,493  $ 456,673
 ===============================================  =========  =========

 This press release contains references to adjusted earnings before
 interest, taxes, depreciation and amortization (EBITDA), a non-GAAP
 financial measure. The following table provides a reconciliation of
 adjusted EBITDA to net income (loss). Management believes adjusted
 EBITDA is a 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 adjusted 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 Adjusted Earnings Before
    Interest, Taxes, Depreciation, Amortization,Restructuring and
                     One-time Events (Unaudited)

                                                   Three-month period 
 In thousands                                     3/30/2008   4/1/2007
                                                  ---------  ---------
 Net income (loss)                                $   3,817  $  (2,150)
 Depreciation and amortization                        2,558      3,581
 Interest expense, net (including loss on sale of
  receivables)                                        4,975      5,832
 Impairment of assets and non-cash portion of
  restructuring charges                                 (57)     1,328
 Income tax provision                                 1,101        896
                                                  ---------  ---------
 Earnings before interest, taxes, depreciation
  and amortization                                   12,394      9,487
 Advisory fees and severance expenses                   524      3,680
 Non-cash expense (gain) on embedded derivative
  (mark to fair value)                                   --     (4,090)
 Other restructuring charges                          3,995      1,595
 Income from discontinued operations                 (3,519)    (1,532)
 Gain on sale of minority interest in Chinese
  subsidiary                                         (5,383)         0
 Gain on early extinguishment of debt                  (600)         0
 ----------------------------------------------------------  ---------
 Adjusted earnings before interest, taxes,
  depreciation and amortization and one-time
  events                                          $   7,411  $   9,140
 ==========================================================  =========
Wolverine Tube, Inc.
David A. Owen
(256) 580-3976