Miller Industries Inc (MLR) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Exhibit 99.1

MILLER INDUSTRIES REPORTS 2018 FIRST QUARTER RESULTS

CHATTANOOGA, Tenn., May 9, 2018/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the first quarter ended March 31, 2018.

For the first quarter of 2018, net sales were $159.2 million, an increase of 6.9%, compared to $148.9 million for the first quarter of 2017. Net income in the first quarter of 2018 was $6.7 million, or $0.59 per diluted share, an increase of 73.7%, compared to net income of $3.8 million, or $0.34 per diluted share, in the prior year period.

Gross profit for the first quarter of 2018 was $18.4 million, or 11.6% of net sales, compared to $15.4 million, or 10.3% of net sales, for the first quarter of 2017. Selling, general and administrative expenses were $9.6 million, or 6.0% of net sales for the first quarter of 2018, compared to $9.0 million, or 6.1% of net sales, in the prior year period. The income tax provision was $2,663, for an effective tax rate of 28.5% in the first quarter of 2018, compared to the income tax provision of $2,148 and effective tax rate of 35.9% in the prior year period. This was reflective of the lower tax rates under recently enacted tax laws.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable June 18, 2018 to shareholders of record at the close of business on June 11, 2018.

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “We are very pleased with our performance this quarter, in what was a very encouraging start to 2018. We achieved significant profitability improvement this quarter with year-over-year gross profit and net income growth of 20% and 74%, respectively. The trends across our business remain favorable as we continue to deliver revenue and earnings growth, return shareholder value, and make progress on our strategic priorities.”

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