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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 FOURTH QUARTER AND FULL YEAR RESULTS
CHATTANOOGA, Tenn., March 7, 2018/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2017.
For the fourth quarter of 2017, net sales were $159.7 million, an increase of 7.5%, compared to $148.6 million for the fourth quarter of 2016. Net income in the fourth quarter of 2017 was $9.3 million, or $0.81 per diluted share, an increase of 108.8%, compared to net income of $4.5 million, or $0.38 per diluted share, in the prior year period.
Gross profit for the fourth quarter of 2017 was $18.5 million, or 11.6% of net sales, compared to $15.2 million, or 10.2% of net sales, for the fourth quarter of 2016. Selling, general and administrative expenses were $8.9 million, or 5.6% of net sales, compared to $7.5 million, or 5.0% of net sales, in the prior year period.
For the full year ended December 31, 2017, net sales were $615.1 million, an increase of 2.3% compared to $601.1 million in the prior year period. The Company reported net income of $23.0 million, or $2.02 per diluted share for the full year of 2017, an increase of 15.5% compared to net income of $19.9 million, or $1.75 per diluted share for the full year of 2016.
The year over year and fourth quarter increase in net income is primarily due to tax benefits related to the re-measurement of deferred taxes under the Tax Cut and Jobs Act of 2017 and the release of unrecognized tax benefits, both of which are reflected in the fourth quarter of 2017.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable March 26, 2018 to shareholders of record at the close of business on March 19, 2018.
Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “The fourth quarter represents a strong end to fiscal year 2017, with top-line growth of 7%, gross profit growth in excess of 20%, and income before income taxes growth of 25% as compared to the prior year quarter.”
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The following information was filed by Miller Industries Inc (MLR) on Wednesday, March 7, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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