Miller Industries Inc (MLR) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Exhibit 99.1

8503 Hilltop Drive, Ooltewah, TN 37363 Telephone 423.238.4171

MILLER INDUSTRIES REPORTS 2018 SECOND QUARTER RESULTS

CHATTANOOGA, Tenn., August 8, 2018/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the second quarter ended June 30, 2018.

For the second quarter of 2018, net sales were $176.9 million, an increase of 15.5%, compared to $153.1 million for the second quarter of 2017. Net income in the second quarter of 2018 was $7.6 million, or $0.67 per diluted share, an increase of 40.1%, compared to net income of $5.4 million, or $0.48 per diluted share, in the prior year period.

Gross profit for the second quarter of 2018 was $21.3 million, or 12.0% of net sales, compared to $17.6 million, or 11.5% of net sales, for the second quarter of 2017. Selling, general and administrative expenses were $9.7 million, or 5.5% of net sales, compared to $9.1 million, or 5.9% 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 September 17, 2018 to shareholders of record at the close of business on September 10, 2018.

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “Performance in the second quarter continued to be very strong, with year-over-year revenue growth of 15.5%, driven by an increase in production volumes, as we utilized the completion of our expansion projects to meet customer demand. We continued to achieve significant profitability improvement this quarter with gross margin expansion of 50 basis points year-over-year to 12.0% and overall year-over-year gross profit and net income growth of 20.9% and 40.1%, respectively. Our selling, general and administrative expenses as a percent of total revenue also contracted 40 basis points to 5.5%. Economic growth in our markets remains strong and our capital investments propel us forward as we strive to meet customer demand and create sustainable shareholder value.”

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