EXHIBIT 99.1
 
GRAPHIC
 


8503 Hilltop Drive
Ooltewah, Tennessee 37363
(423) 238-4171
 
 
 
APPROVED BY:
 
Jeffrey I. Badgley
     
Chief Executive Officer
For Immediate Release
     
 
CONTACT:
 
Miller Industries, Inc.
      J. Vincent Mish, Chief Financial Officer
      (423) 238-4171
      Frank Madonia, General Counsel
      (423) 238-4171
      FTI Consulting, Inc.Investor Contact: Alexandra Tramont
      (212) 850-5600
 
MILLER INDUSTRIES REPORTS 2011 FOURTH QUARTER AND YEAR END RESULTS AND INCREASES REGULAR QUARTERLY DIVIDEND

CHATTANOOGA, Tennessee, March 7, 2012 – Miller Industries, Inc. (NYSE: MLR) (the “Company”) today announced financial results for the fourth quarter and year ended December 31, 2011.
 
For the fourth quarter of 2011, net sales were $109.4 million, an increase of 37.3% compared with $79.7 million for the fourth quarter of 2010. Net income in the fourth quarter of 2011 was $4.9 million, or $0.43 per diluted share, an increase of 35.9% compared to net income of $3.6 million, or $0.30 per diluted share, in the prior year period.
 
Gross profit for the fourth quarter of 2011 was $16.3 million, or 14.9% of net sales, compared to $13.1 million, or 16.4% of net sales, for the fourth quarter of 2010.  For the fourth quarter of 2011, selling, general and administrative expenses were $8.1 million or 7.4% of net sales, compared to $7.0 million, or 8.8% of net sales, in the prior year period.  Average diluted shares outstanding decreased 6.4% during 2011  to 11.4 million from 12.2 million at  year-end 2010, reflecting the impact of the Company’s previously announced $20 million share repurchase program.
 
For the full year ended December 31, 2011, net sales were $412.7 million, compared to $306.9 million in the prior year period, an increase of 34.5%.  The Company reported net income of $23.0 million, or $1.92 per diluted share, for the 2011 full-year period, compared to net income for the 2010 full-year period of $11.7 million, or $0.96 per diluted share.

- MORE -
 
 
 

 
 

 
MILLER INDUSTRIES REPORTS 2011 FOURTH QUARTER AND FULL-YEAR PAGE 2
RESULTS AND INCREASES REGULAR QUARTERLY DIVIDEND  
 
The Company also announced that its Board of Directors has increased its quarterly cash dividend from $0.12 to $0.13 per share, payable on March 26, 2012, to shareholders of record at the close of business on March 19, 2012.
 
Jeffrey I. Badgley, CEO of the Company, stated, “We continued to demonstrate strong execution in the 2011 fourth quarter.  We achieved solid year-over-year sales growth, which reflected the successful completion of our government-related add-on orders as was expected, as well as a continued gradual improvement in demand for our commercial products both domestically and in some areas of Europe.  As the government order concluded, our focus shifted to fulfilling commercial orders which included an increased level of chassis sales, and the resulting shift in sales mix affected gross margins.   That said, we continued to carefully control our cost base, resulting in lower SG&A as a percentage of sales over comparable periods despite the significant increase in sales.   During the quarter, we also continued to return cash to shareholders through our quarterly dividend and the completion of our $20 million common stock repurchase program.”
 
Mr. Badgley added, “Having completed our most recent U.S. government-related orders in the quarter, we currently do not have any large follow-on orders in our backlog.  While we are extremely well positioned and will remain aggressive in our efforts to secure such orders, including an opportunity with a prime contractor to the French military that continues to develop, we cannot predict if or when these efforts will be successful.  As a result, we expect that selling volumes and margins going forward will reflect the current moderate commercial demand environment. Over the long-term, we are also targeting future growth initiatives in areas outside the domestic markets, particularly in Europe, as we look for new markets and distribution channels.”
 
Mr. Badgley concluded, “Looking ahead, while economic conditions remain uncertain, we are seeing some gradual improvement in demand within our domestic markets and are hopeful that the environment will continue to improve as the year progresses.  However, the current lack of new government orders, which were significant contributors to 2011’s results, will impact us over the course of the year, barring any new orders.   Against this backdrop, we will continue to focus on improving our expense levels and input costs, and building on our market-leading product offering and highly flexible production model to meet the demand in the commercial sector.  At the same time, we will leverage our strong balance sheet to further invest in our business and its future growth while returning value to shareholders.”

- MORE -
 
 
 

 
 
 
MILLER INDUSTRIES REPORTS 2011 FOURTH QUARTER AND FULL-YEAR PAGE 3
RESULTS AND INCREASES REGULAR QUARTERLY DIVIDEND  
 
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 8, 2012, 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=85550

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 15, 2012.  The replay number is (877) 344-7529, Passcode 10011022.

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.  They include statements in this release relating to the future economic activity and demand for our products and our future revenue levels, operating results and growth initiatives, among others.  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.  These forward-looking statements are subject to a number of risks and uncertainties, including, among other things, economic and market conditions; the risks related to the general economic health of our customers; the success and timing of existing and additional export and government orders; our customers’ access to capital and credit to fund purchases, including the ability of our customers to secure floor plan financing; 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 2011, 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.

 
 

 
 
Miller Industries, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands except per share data)
 
 
   
Three Months Ended
     
Year Ended
 
   
December 31
     
December 31
 
                   
%
                   
%
 
  2011    
2010
     
Change
     
2011
     
2010
   
Change
 
NET SALES
$
109,391
    $
79,682
     
37.3%
    $
412,659
    $
306,897
   
34.5%
 
                                             
COSTS AND EXPENSES:
                                           
                                             
  COST OF OPERATIONS
 
93,112
     
66,611
     
39.8%
     
342,557
     
260,566
   
31.5%
 
                                             
  SELLING, GENERAL AND
 
8,084
     
7,013
     
15.3%
     
31,407
     
26,665
   
17.8%
 
      ADMINISTRATIVE EXPENSES
                                           
                                             
  INTEREST EXPENSE, NET
 
194
     
59
     
228.8%
     
728
     
305
   
138.7%
 
                                             
  OTHER (INCOME) EXPENSE
 
(143
   
(56
   
 155.4%
     
(161
   
71
   
-326.8%
 
                                             
TOTAL COSTS AND EXPENSES
 
101,247
     
73,627
     
37.5%
     
374,531
     
287,607
   
30.2%
 
                                             
INCOME BEFORE INCOME TAXES
 
8,144
     
6,055
     
34.5%
     
38,128
     
19,290
   
97.7%
 
                                             
INCOME TAX PROVISION
 
3,227
     
2,437
     
32.4%
     
15,120
     
7,583
   
99.4%
 
                                             
NET INCOME
$
4,917
    $
3,618
     
35.9%
    $
23,008
    $
11,707
   
96.5%
 
                                             
  BASIC INCOME PER COMMON SHARE
$
  0.44
    $
0.31
     
41.9%
    $
1.98
    $
1.00
   
98.0%
 
                                             
  DILUTED INCOME PER COMMON SHARE
$
 0.43
    $
 0.30
     
43.3%
    $
1.92
    $
0.96
   
100.0%
 
                                             
  CASH DIVIDENDS DECLARED PER SHARE
$
 0.12
    $
  -
     
100.0%
    $
 0.48
    $
 0.10
   
380.0%
 
                                             
WEIGHTED AVERAGE SHARES OUTSTANDING:
                                           
   BASIC
 
    11,137
     
    11,702
     
-4.8%
     
   11,600
     
    11,671
   
-0.6%
 
   DILUTED
 
    11,417
     
    12,198
     
-6.4%
     
    11,984
     
    12,163
   
-1.5%
 
 

The following information was filed by Miller Industries Inc (MLR) on Wednesday, March 7, 2012 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 SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

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.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our 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

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our 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

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account