Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/924822/000114420418026723/tv492806_10q.htm
Exhibit 99.1
CONTACT: | Miller Industries, Inc. | |
Debbie Whitmire, Chief Financial Officer | ||
(423) 238-4171 | ||
Frank Madonia, General Counsel | ||
(423) 238-4171 | ||
FTI Consulting, Inc. | ||
Investor Contact: Mark Barbalato | ||
(212) 850-5707 |
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.”
- MORE -
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Miller Industries Inc.
Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/924822/000114420418026723/tv492806_10q.htm
Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.
ContinueRead positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.
ContinueRemove data columns and navigations in order to see much more filing content and tables in one view
ContinueRead both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q
ContinueExport Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis
ContinueGet one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports
Continue for FREEOur Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not
ContinueOur Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity
ContinueSee how over 70
Growth, Profitability and Financial Ratios perform over 10 Years