Exhibit 99.1

 

 

 

 

 

Picture 2

 

 

 

 

 

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 THIRD QUARTER RESULTS

 

CHATTANOOGA, Tenn., November 6, 2019/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the third quarter ended September 30, 2019.

 

For the third quarter of 2019, net sales were $195.5 million, a decrease of 0.1%, compared to $195.7 million for the third quarter of 2018. Net income in the third quarter of 2019 was $8.1 million, or $0.71 per diluted share, a decrease of 6.9%, compared to net income of $8.7 million, or $0.76 per diluted share, in the prior year period.

 

Gross profit for the third quarter of 2019 was $21.7 million, or 11.1% of net sales, compared to $21.5 million, or 11.0% of net sales, for the third quarter of 2018. Selling, general and administrative expenses were $10.5 million, or 5.3% of net sales, compared to $9.5 million, or 4.8% of net sales, in the prior year period.

 

For the nine months ended September 30, 2019, net sales were $615.0 million, an increase of 15.7% compared to $531.7 million in the prior year period. The Company reported net income of $27.4 million, or $2.41 per diluted share for the first nine months of 2019, an increase of 19.5% compared to net income of $22.9 million, or $2.01 per diluted share for the first nine months of 2018.

 

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable December 16, 2019 to shareholders of record at the close of business on December  9, 2019.

 

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “We delivered solid third quarter results even though our third quarter revenue was negatively impacted by temporary supply chain dynamics with certain chassis manufacturers.  Those dynamics negatively impacted deliveries to both our plants and our distributors but have since been corrected by our key suppliers and are not expected to impact the fourth quarter. Despite those setbacks, we were able to increase gross profits by 1.3% year-over-year and expand our gross margins by 10 basis points due to our strong cost control discipline. Additionally, during the third quarter, we continued to invest in our business by escalating our marketing efforts and enhancing software capabilities to better serve our customers, which resulted in a modest increase in SG&A as a percentage of net sales.”

 

 

– MORE –

 

 

MILLER INDUSTRIES REPORTS 2019 THIRD QUARTER RESULTS

PAGE 2

 

Mr. Badgley continued, “Foreign sales reflect a change in delivery requirements of certain contracts.  Our international backlog remains strong and we anticipate an increase in deliveries during the fourth quarter. As we move toward year end, we remain confident in the underlying strength of our business, as we are committed to providing best-in-class service to our customers while investing for long-term growth.”

 

In conjunction with this release, the Company will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for tomorrow, November 7, 2019, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet through a link at:

 

https://www.webcaster4.com/Webcast/Page/1034/32186

 

Please allow 15 minutes prior to the call to visit the site, download, and install any necessary audio software. A replay of this call will be available approximately one hour after the live call ends through November 14, 2019. The replay number is 1-844-512-2921, Passcode 3111808.

 

Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Titan® and Eagle®.

 

 

 

- MORE -

 

 

 

 

 

MILLER INDUSTRIES REPORTS 2019 THIRD QUARTER RESULTS

PAGE 3

 

Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “continue,” “future,” “potential,” “believe,” “project,” “plan,” “intend,” “seek,” “estimate,” “predict,” “expect,” “anticipate” and similar expressions, or the negative of such terms, or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management’s beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things: the cyclical nature of our industry and changes in consumer confidence; economic and market conditions; our customers’ access to capital and credit to fund purchases; our dependence upon outside suppliers for our raw materials, including aluminum, steel, petroleum-related products and other purchased component parts; changes in price (including as a result of the imposition of tariffs) of aluminum, steel, petroleum-related products and other purchased component parts; delays in receiving supplies of such materials or parts; operational challenges caused by our increased sales volumes; changes in fuel and other transportation costs, insurance costs and weather conditions; changes in government regulation; various political, economic and other uncertainties relating to our international operations, including restrictive taxation and foreign currency fluctuation; failure to comply with domestic and foreign anti-corruption laws; special risks from our sales to U.S. and other governmental entities through prime contractors; our ability to secure new military orders; competition and our ability to attract or retain customers; our ability to develop or acquire proprietary products and technology; assertions against us relating to intellectual property rights; problems hiring or retaining skilled labor; a disruption in, or breach in security of, our information technology systems or any violation of data protection laws; changes in the tax regimes and related government policies and regulations in the countries in which we operate; the effects of regulations relating to conflict minerals; the catastrophic loss of one of our manufacturing facilities; environmental and health and safety liabilities and requirements; loss of the services of our key executives; product warranty or product liability claims in excess of our insurance coverage; potential recalls of components or parts manufactured for us by suppliers or potential recalls of defective products; an inability to acquire insurance at commercially reasonable rates; and those other risks referenced herein, and those risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, which discussion is incorporated herein by this reference. Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, our company.

 

 

- MORE -

 

 

 

 

 

 

 

 

 

 

Miller Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(In thousands, except per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30

 

 

September 30

 

 

 

 

 

 

 

%  

 

 

 

 

 

 

 

%  

 

 

2019

 

 

2018

 

Change

 

 

2019

 

 

2018

 

Change

NET SALES

$

195,467

 

$

195,690

 

-0.1%

 

$

615,026

 

$

531,738

 

15.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COSTS OF OPERATIONS

 

173,721

 

 

174,214

 

-0.3%

 

 

545,470

 

 

470,556

 

15.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

21,746

 

 

21,476

 

1.3%

 

 

69,556

 

 

61,182

 

13.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, General and Administrative Expenses

 

10,453

 

 

9,450

 

10.6%

 

 

31,636

 

 

28,717

 

10.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-OPERATING (INCOME) EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense, Net

 

424

 

 

525

 

-19.2%

 

 

1,813

 

 

1,429

 

26.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (Income) Expense, Net

 

231

 

 

76

 

203.9%

 

 

542

 

 

(212)

 

-355.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Expense, Net

 

11,108

 

 

10,051

 

10.5%

 

 

33,991

 

 

29,934

 

13.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

10,638

 

 

11,425

 

-6.9%

 

 

35,565

 

 

31,248

 

13.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX PROVISION

 

2,562

 

 

2,748

 

-6.8%

 

 

8,146

 

 

8,301

 

-1.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

$

8,076

 

$

8,677

 

-6.9%

 

$

27,419

 

$

22,947

 

19.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC INCOME PER COMMON SHARE

$

0.71

 

$

0.76

 

-6.6%

 

$

2.41

 

$

2.02

 

19.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DILUTED INCOME PER COMMON SHARE

$

0.71

 

$

0.76

 

-6.6%

 

$

2.41

 

$

2.01

 

19.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH DIVIDENDS DECLARED PER COMMON SHARE

$

0.18

 

$

0.18

 

0.0%

 

$

0.54

 

$

0.54

 

0.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

11,400

 

 

11,389

 

0.1%

 

 

11,400

 

 

11,386

 

0.1%

Diluted

 

11,400

 

 

11,393

 

0.1%

 

 

11,400

 

 

11,393

 

0.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Miller Industries, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except per share data) (Unaudited)

 

 

 

 

 

 

 

 

 

September 30, 

 

 

December 31, 

 

 

2019

 

 

2018

ASSETS

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and temporary investments

$

27,459

 

$

27,037

Accounts receivable, net of allowance for doubtful accounts of $1,048 and $1,112 at September 30, 2019 and December 31, 2018, respectively

 

165,789

 

 

149,142

Inventories, net

 

98,072

 

 

93,767

Prepaid expenses

 

4,745

 

 

3,272

Total current assets

 

296,065

 

 

273,218

NONCURRENT ASSETS:

 

 

 

 

 

Property, plant and equipment, net

 

91,527

 

 

82,850

Right-of-use assets - operating leases

 

1,407

 

 

 —

Goodwill

 

11,619

 

 

11,619

Other assets

 

504

 

 

497

TOTAL ASSETS

$

401,122

 

$

368,184

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

114,871

 

$

98,220

Accrued liabilities

 

24,792

 

 

24,863

Current portion of operating lease obligation

 

343

 

 

 —

Current portion of finance lease obligation

 

21

 

 

20

Long-term obligations due within one year

 

368

 

 

285

Total current liabilities

 

140,395

 

 

123,388

NONCURRENT LIABILITIES:

 

 

 

 

 

Long-term obligations

 

10,092

 

 

15,475

Noncurrent portion of operating lease obligation

 

1,061

 

 

 —

Noncurrent portion of finance lease obligation

 

42

 

 

58

Deferred income tax liabilities

 

1,765

 

 

1,700

Total liabilities

 

153,355

 

 

140,621

 

 

 

 

 

 

SHAREHOLDERS' EQUITY:

 

 

 

 

 

Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding

 

 —

 

 

 —

Common stock, $0.01 par value; 100,000,000 shares authorized, 11,400,102 and 11,394,546, outstanding at September 30, 2019 and December 31, 2018, respectively

 

114

 

 

114

Additional paid-in capital

 

151,055

 

 

150,905

Accumulated surplus

 

102,621

 

 

81,354

Accumulated other comprehensive loss

 

(6,023)

 

 

(4,810)

Total shareholders' equity

 

247,767

 

 

227,563

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

401,122

 

$

368,184

 

 


The following information was filed by Miller Industries Inc (MLR) on Wednesday, November 6, 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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