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

Exhibit 99.1

	8503 Hilltop Drive, Ooltewah, TN 37363 Telephone 423.238.4171
	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 THIRD QUARTER RESULTS

CHATTANOOGA, Tenn., November 7, 2018/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the three and nine months ended September 30, 2018.

For the third quarter of 2018, net sales were $195.7 million, an increase of 27.6%, compared to $153.4 million for the third quarter of 2017. Net income in the third quarter of 2018 was $8.7 million, or $0.76 per diluted share, an increase of 94.7%, compared to net income of $4.5 million, or $0.39 per diluted share, in the prior year period.

Gross profit for the third quarter of 2018 was $21.5 million, or 11.0% of net sales, compared to $15.7 million, or 10.2% of net sales, for the third quarter of 2017. Selling, general and administrative expenses were $9.5 million, or 4.8% of net sales, compared to $8.6 million, or 5.6% 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 December 10, 2018 to shareholders of record at the close of business on December 3, 2018.

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company stated, “Performance in the third quarter continued to be strong, with year-over-year revenue growth of 27.6%, as we continue to realize the benefits of increased production capacity in a strong global demand environment. We continued to achieve significant profitability improvement this quarter due to increased volume and improved workflow, with gross margin expansion of 80 basis points year-over-year to 11.0% and overall year-over-year gross profit and net income growth of 37.2% and 94.7%, respectively. Our selling, general and administrative expenses as a percent of total revenue also contracted 80 basis points year-over-year to 4.8%. Economic conditions in our markets remain robust and we are confident our capacity increases as a result of our capital investments will continue to create sustainable shareholder value.”

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