Miller Industries Inc (MLR) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Miller Industries Inc
Ticker: MLR CIK: 924822

8503 Hilltop Drive, Ooltewah, TN 37363
Telephone 423.238.4171


	CONTACT:	Miller Industries, Inc.
		Debbie Whitmire, Chief Financial Officer (423) 238-4171
		Frank Madonia, General Counsel (423) 238-4171
		FTI Consulting, Inc.
		Investor Contact: Mark Barbalato (212) 850-5707

MILLER INDUSTRIES REPORTS 2019 FIRST QUARTER RESULTS

CHATTANOOGA, Tenn., May 8, 2019/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the quarter ended March 31, 2019.

For the first quarter of 2019, net sales were $197.2 million, an increase of 23.9%, compared to $159.2 million for the first quarter of 2018. Net income in the first quarter of 2019 was $8.7 million, or $0.76 per diluted share, an increase of 29.8%, compared to net income of $6.7 million, or $0.59 per diluted share, in the prior year period.

Gross profit for the first quarter of 2019 was $22.6 million, or 11.5% of net sales, compared to $18.4 million, or 11.6% of net sales, for the first quarter of 2018. Selling, general and administrative expenses were $10.2 million, or 5.2% of net sales, compared to $9.6 million, or 6.0% of net sales, in the prior year period.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable June 17, 2019 to shareholders of record at the close of business on June 10, 2019.

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “We started off strong in 2019, with year-over-year revenue growth of 23.9%, reflecting broad based growth in our domestic and international markets. During the first quarter, we continued to benefit from increased production capacity which has allowed us to meet the strong demand that we have been experiencing since the third quarter of 2017. These favorable market conditions have extended into the first quarter of 2019 and we continue to be encouraged by the demand for our products. Our overall profitability during the quarter continued to grow in comparison to last year, as gross profit and net income increased 22.6% and 29.8%, respectively. This growth in profitability reflected our steadfast focus on cost reduction, as selling, general and administrative expenses as a percentage of total revenue contracted 80 basis points year-over-year to 5.2%.”

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The following information was filed by Miller Industries Inc (MLR) on Wednesday, May 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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