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|CONTACT:||Miller Industries, Inc.|
|Debbie Whitmire, Chief Financial Officer|
|Frank Madonia, General Counsel|
|FTI Consulting, Inc.|
|Investor Contact: Rasmus Gerdeman|
MILLER INDUSTRIES REPORTS 2017 THIRD QUARTER RESULTS
CHATTANOOGA, Tenn. November 8, 2017/PRNewswire/ — Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the third quarter ended September 30, 2017.
For the third quarter of 2017 net sales were $153.4 million, a 3.9% increase compared to $147.6 million for the third quarter of 2016. Net income in the third quarter of 2017 was $4.5 million, or $0.39 per diluted share, compared to net income of $5.5 million, or $0.49 per diluted share, in the prior year period.
Gross profit for the third quarter of 2017 was $15.7 million, or 10.2% of net sales, compared to $17.1 million, or 11.6% of net sales, for the third quarter of 2016. Selling, general and administrative expenses were $8.6 million, or 5.6% of net sales, compared to $8.5 million, or 5.8% 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 December 11, 2017, to shareholders of record at the close of business on December 4, 2017.
Jeffrey I. Badgley, Co-Chief Executive Officer of the Company, stated, “During the third quarter we saw market demand continue to remain at strong levels in both our domestic and international end-markets.”
Mr. Badgley added, “Through our investment initiatives, we are developing our business for future growth, by positioning our production capacity to meet growing demand. Our capital projects continue to progress well, with the majority of the construction phase complete in Hermitage, Pennsylvania and Ooltewah, Tennessee, and with efforts on track in Greeneville, Tennessee. Our people continue to focus on process improvements to enhance both volume and efficiency. I am extremely pleased by the dedication and ability of our people, who have met the challenge of integrating new processes and technologies, while maintaining deliveries that have kept our top line performance near our historic high.”
The following information was filed by Miller Industries Inc (MLR) on Wednesday, November 8, 2017 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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