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EXHIBIT 99.1
8503
Hilltop Drive
Ooltewah,
Tennessee 37363
(423)
238-4171
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APPROVED
BY:
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Jeffrey
I. Badgley
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Co-Chief
Executive Officer
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FOR IMMEDIATE RELEASE
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CONTACT:
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Miller
Industries, Inc.
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J.
Vincent Mish, Chief Financial Officer
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||||
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(423)
238-4171
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||||
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Frank
Madonia, General Counsel
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||||
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(423)
238-4171
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FD
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Investor
Contact: Eric Boyriven/Alexandra Tramont
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(212)
850-5600
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MILLER
INDUSTRIES REPORTS 2008 FOURTH QUARTER AND YEAR END RESULTS
CHATTANOOGA, Tennessee, March 11, 2009
– Miller Industries, Inc. (NYSE: MLR) (the “Company”) today announced financial
results for the fourth quarter and year ended December 31, 2008.
For the
fourth quarter of 2008, net sales were $61.9 million, compared to $84.5 million
in the fourth quarter of 2007. Net income in the fourth quarter of
2008 was $696,000, or $0.06 per diluted share, compared to net income of $2.5
million, or $0.21 per diluted share, in the prior year period.
Gross
profit for the fourth quarter of 2008 was $8.9 million, or 14.4% of net sales,
compared to $11.1 million, or 13.1% of net sales, in the fourth quarter of
2007.
For the
fourth quarter of 2008, selling, general and administrative expenses were $6.9
million versus $6.5 million in the prior year period.
Interest
expense in the fourth quarter of 2008 decreased to $195,000 from $780,000 in the
fourth quarter of 2007, primarily due to decreases in interest on chassis
purchases together with interest on distributor floor plan financing as well as
lower debt levels and lower interest rates. Total debt under the
Company’s credit facility at December 31, 2008 was approximately $2.1 million,
down from $2.5 million at September 30, 2008 and $3.5 million at December 31,
2007.
Other
income and expense related to foreign currency transaction gains and losses was
a loss of $725,000 in the fourth quarter of 2008 compared to a gain of $53,000
in the fourth quarter of 2007.
- MORE
-
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MILLER
INDUSTRIES REPORTS 2008 FOURTH QUARTER AND
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PAGE
2
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YEAR
END RESULTS
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For the
2008 full-year period, net sales were $271.0 million, compared to $400.0 million
in the prior year period. The Company reported net income of $3.6
million, or $0.31 per diluted share, for the 2008 full-year period, compared to
net income for the 2007 full-year period of $16.3 million, or $1.40 per diluted
share. Other income and expense related to foreign currency transaction gains
and losses was a loss of $678,000 for the full year of 2008 compared to a
$291,000 gain for 2007.
Jeffrey I. Badgley, President and
Co-CEO of the Company, stated, “Our performance in the fourth quarter reflects
our continued focus on cost control, which allowed us to achieve profitability
despite the unprecedented economic environment. Sales declined during the
quarter as a result of the economic crisis and its continuing impact on spending
by our customers. In addition, the product mix contributed to the increased
margins at these lower sales levels during the quarter as compared to last
quarter and last year.”
Mr.
Badgley added, “During the quarter, we continued to adjust production to meet
the current demand for our products. We were able to generate positive cash flow
from operations as a result of these initiatives and also further improve the
overall efficiency of our business. The steps we have taken should better
position us for the eventual rebound in our markets. We will continue to
carefully monitor demand levels and adjust accordingly.”
Mr.
Badgley concluded, “Order intake remained weak in the quarter and continues to
be soft thus far in 2009, reflecting the uncertainty regarding overall economic
conditions. We are fortunate to be operating from a position of financial
strength that will allow us to successfully navigate through these tough
economic times and maintain our position as the industry
leader. Although we have limited visibility in the current
environment, we have a long history of managing our business through all market
conditions, and will continue to take the necessary steps to maintain our
standing as the world’s largest manufacturer of towing and recovery
equipment.”
In
conjunction with this release, the Company will host a conference call, which
will be simultaneously broadcast live over the Internet. Management
will host the call, which is scheduled for tomorrow, March 12, 2009, at 10:00 AM
ET. Listeners can access the conference call live and archived over
the Internet through a link at:
http://www.videonewswire.com/event.asp?id=56645
- MORE
-
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MILLER
INDUSTRIES REPORTS 2008 FOURTH QUARTER AND
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PAGE
3
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YEAR
END RESULTS
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Please
allow 15 minutes prior to the call to visit the site, download, and install any
necessary audio software. A replay of this call will be available
approximately one hour after the live call ends through March 19,
2009. The replay number is (877) 344-7529, Passcode
421744.
Miller
Industries is the world’s largest manufacturer of towing and recovery equipment,
and markets its towing and recovery equipment under a number of well-recognized
brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige,
Boniface and Eagle.
Certain
statements in this news release may be deemed to be forward-looking statements,
as defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by the use of
words such as “may,” “will,” “should,” “could,” “continue,” “future,”
“potential,” “believe,” “project,” “plan,” “intend,” “seek,” “estimate,”
“predict,” “expect,” “anticipate” and similar expressions, or the negative of
such terms, or other comparable terminology. Forward-looking
statements also include the assumptions underlying or relating to any of the
foregoing statements. Such forward-looking statements are made based
on our management’s beliefs as well as assumptions made by, and information
currently available to, our management. Our actual results may differ
materially from the results anticipated in these forward-looking statements due
to, among other things, economic and market conditions, the risks related to the
general economic health of our customers and their access to capital and credit
to fund purchases, changes in fuel and other transportation costs, the cyclical
nature of our industry, our dependence on outside suppliers of raw materials,
changes in the cost of aluminum, steel and related raw materials, and those
other risks discussed in our filings with the SEC, including those risks
discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for
fiscal 2008, which discussion is incorporated herein by this
reference. Such factors are not exclusive. We do not
undertake to update any forward-looking statement that may be made from time to
time by, or on behalf of, our company.
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Miller
Industries, Inc. and Subsidiaries
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||||||||||||||||||||||||
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Consolidated
Statements of Income
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||||||||||||||||||||||||
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(In
thousands except per share data)
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||||||||||||||||||||||||
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Three
Months Ended
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Year
Ended
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|||||||||||||||||||||||
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December
31,
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December
31,
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|||||||||||||||||||||||
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%
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%
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|||||||||||||||||||||||
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2008
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2007
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Change
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2008
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2007
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Change
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|||||||||||||||||||
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NET
SALES
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$ | 61,918 | $ | 84,512 | -26.7 | % | $ | 270,989 | $ | 400,032 | -32.3 | % | ||||||||||||
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COSTS
AND EXPENSES:
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||||||||||||||||||||||||
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COST
OF OPERATIONS
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53,007 | 73,400 | -27.8 | % | 237,362 | 343,885 | -31.0 | % | ||||||||||||||||
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SELLING,
GENERAL AND
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6,861 | 6,487 | 5.8 | % | 25,940 | 27,396 | -5.3 | % | ||||||||||||||||
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ADMINISTRATIVE
EXPENSES
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||||||||||||||||||||||||
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INTEREST
EXPENSE, NET
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195 | 780 | -75.0 | % | 1,241 | 3,392 | -63.4 | % | ||||||||||||||||
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||||||||||||||||||||||||
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OTHER
(INCOME) EXPENSE
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725 | (53 | ) | N/A | 678 | (291 | ) | N/A | ||||||||||||||||
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||||||||||||||||||||||||
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TOTAL
COSTS AND EXPENSES
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60,788 | 80,614 | -24.6 | % | 265,221 | 374,382 | -29.2 | % | ||||||||||||||||
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INCOME
BEFORE INCOME TAXES
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1,130 | 3,898 | -71.0 | % | 5,768 | 25,650 | -77.5 | % | ||||||||||||||||
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INCOME
TAX PROVISION
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434 | 1,433 | -69.7 | % | 2,182 | 9,319 | -76.6 | % | ||||||||||||||||
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NET
INCOME
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$ | 696 | $ | 2,465 | -71.8 | % | $ | 3,586 | $ | 16,331 | -78.0 | % | ||||||||||||
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BASIC
INCOME PER COMMON SHARE
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$ | 0.06 | $ | 0.21 | -71.4 | % | $ | 0.31 | $ | 1.41 | -78.0 | % | ||||||||||||
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DILUTED
INCOME PER COMMON SHARE
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$ | 0.06 | $ | 0.21 | -71.4 | % | $ | 0.31 | $ | 1.40 | -77.9 | % | ||||||||||||
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WEIGHTED
AVERAGE SHARES OUTSTANDING:
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||||||||||||||||||||||||
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BASIC
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11,594 | 11,588 | 0.1 | % | 11,594 | 11,556 | 0.3 | % | ||||||||||||||||
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DILUTED
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11,622 | 11,644 | -0.2 | % | 11,656 | 11,655 | 0.0 | % | ||||||||||||||||
The following information was filed by Miller Industries Inc (MLR) on Wednesday, March 11, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Miller Industries Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Miller Industries Inc.
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Miller Industries Inc provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: MLR
CIK: 924822
Form Type: 10-K Annual Report
Accession Number: 0001188112-09-000526
Submitted to the SEC: Wed Mar 11 2009 5:05:55 PM EST
Accepted by the SEC: Wed Mar 11 2009
Period: Wednesday, December 31, 2008
Industry: Truck And Bus Bodies
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