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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 FOURTH QUARTER AND FULL YEAR RESULTS
CHATTANOOGA, Tenn., March 3, 2021/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2020.
For the fourth quarter of 2020, net sales were $178.3 million, a decrease of 12.2%, compared to $203.1 million for the fourth quarter of 2019. Net income in the fourth quarter of 2020 was $12.0 million, or $1.05 per share, an increase of 2.8%, compared to net income of $11.7 million, or $1.03 per share, in the prior year period.
Gross profit for the fourth quarter of 2020 was $24.3 million, or 13.6% of net sales, compared to $26.9 million, or 13.3% of net sales, for the fourth quarter of 2019. Selling, general and administrative expenses were $9.4 million, or 5.3% of net sales, compared to $11.8 million, or 5.8% of net sales, in the prior year period.
For the year ended December 31, 2020, net sales were $651.3 million, a decrease of 20.4% compared to $818.2 million in the prior year period. The Company reported net income of $29.8 million, or $2.62 per share for the year of 2020, a decrease of 23.7% compared to net income of $39.1 million, or $3.43 per share for the full year of 2019.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable March 22, 2021 to shareholders of record at the close of business on March 15, 2021, the forty-first consecutive quarter that the Company has paid a dividend.
Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “During the fourth quarter of 2020, we experienced steady improvement and I am encouraged by the underlying strength of our business and the resilience of our customer demand despite the ongoing impact of the COVID-19 pandemic.”
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The following information was filed by Miller Industries Inc (MLR) on Wednesday, March 3, 2021 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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