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8503 Hilltop Drive, Ooltewah, TN 37363
Miller Industries, Inc.
Debbie Whitmire, Chief Financial Officer
Frank Madonia, General Counsel
FTI Consulting, Inc.
Investor Contact: Mark Barbalato
MILLER INDUSTRIES REPORTS 2020 SECOND QUARTER RESULTS
CHATTANOOGA, Tenn., August 5, 2020/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the second quarter ended June 30, 2020.
For the second quarter of 2020, net sales were $128.5 million, a decrease of 42.2%, compared to $222.3 million for the second quarter of 2019. Net income in the second quarter of 2020 was $5.8 million, or $0.51 per share, a decrease of 45.5%, compared to net income of $10.7 million, or $0.94 per share, in the prior year period. Long-term obligations decreased by $25.0 million, reducing our credit facility balance to $5.0 million as of June 30, 2020.
Gross profit for the second quarter of 2020 was $17.7 million, or 13.8% of net sales, compared to $25.2 million, or 11.3% of net sales, for the second quarter of 2019. Selling, general and administrative expenses were $10.1 million, or 7.8% of net sales, compared to $11.0 million, or 4.9% of net sales, in the prior year period.
For the six months ended June 30, 2020, net sales were $304.6 million, a decrease of 27.4% compared to $419.6 million in the prior year period. The Company reported net income of $11.3 million, or $0.99 per share for the six months of 2020, a decrease of 41.8% compared to net income of $19.3 million, or $1.70 per share for the first six months of 2019.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable September 14, 2020 to shareholders of record at the close of business on September 7, 2020, the thirty-ninth consecutive quarter that the Company has paid a dividend.
Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “Our performance during the second quarter continued to be impacted by the ongoing COVID-19 pandemic. Second quarter revenue declined 42.2% year-over-year as a result of temporary shutdowns of some of our facilities, the shutdown of part of our supply chain, and the implementation of health and safety operating adjustments, all of which weighed on our production capacity. Despite the challenging circumstances, we remained focused on optimizing our production schedules to meet customer demand and reduce operating costs, while maintaining stringent social distancing and sanitary protocols to protect the health and safety of our employees. Additionally, we maintained a constant dialogue with our distribution network throughout the quarter so we could quickly and efficiently fulfill customer orders. I am very proud of the continued commitment to operational excellence from the entire Miller team as we work together to navigate the business through this uncertain market environment.”
The following information was filed by Miller Industries Inc (MLR) on Wednesday, August 5, 2020 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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