Miller Industries Inc (MLR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Exhibit 99.1

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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