Exhibit 99.1

  

 

 
8503 Hilltop Drive
Ooltewah, Tennessee 37363
(423) 238-4171
     
APPROVED BY:   Jeffrey I. Badgley
    Co-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: Daniel Haykin
    (212) 850-5600
 
MILLER INDUSTRIES REPORTS 2014 FOURTH QUARTER AND YEAR END RESULTS AND
INCREASES REGULAR QUARTERLY DIVIDEND
 

CHATTANOOGA, Tennessee, March 4, 2015 – Miller Industries, Inc. (NYSE: MLR) (the “Company”) today announced financial results for the fourth quarter and year ended December 31, 2014.

 

For the fourth quarter of 2014, net sales were $147.8 million, an increase of 36.5% compared to $108.3 million for the fourth quarter of 2013. Net income attributable to the Company in the fourth quarter of 2014 was $5.7 million, or $0.50 per diluted share, an increase of 137.8%, compared to net income in the prior year period of $2.4 million, or $0.21 per diluted share.

 

Gross profit for the fourth quarter of 2014 was $16.6 million, or 11.2% of net sales, compared to $11.2 million, or 10.4% of net sales, for the fourth quarter of 2013. For the fourth quarter of 2014, selling, general and administrative expenses were $7.1 million, or 4.8% of net sales, compared to $7.7 million, or 7.1% of net sales, in the prior year period.

 

For the full year ended December 31, 2014, net sales were $492.8 million, an increase of 21.9% compared to $404.2 million in the prior year period. The Company reported net income of $14.9 million, or $1.31 per diluted share, for the 2014 full year period, compared to net income for the 2013 full year period of $9.2 million, or $0.82 per diluted share.

 

The Company also announced that its Board of Directors has increased its quarterly cash dividend to $0.16 from $0.15 per share, payable on March 23, 2015, to shareholders of record at the close of business on March 16, 2015.

 
- MORE -
 
 
 
  
MILLER INDUSTRIES REPORTS 2014 FOURTH QUARTER AND FULL-YEAR PAGE 2
RESULTS AND INCREASES REGULAR QUARTERLY DIVIDEND  
  
 

Jeffrey I. Badgley, Co-CEO of the Company, stated, “2014 represented a very good year for Miller Industries, as we saw continued strong demand for our products throughout the year. The results in the fourth quarter were indicative of our commitment to ramp up production throughout 2014, as well as the culmination of a number of deliveries of government-related orders made in the quarter. We delivered solid revenue growth, expanded our margins, and leveraged the greater amount of volume during the quarter to drive increased profitability. Over the past 12 months, we have stressed the importance of increasing our production in order to stay ahead of demand, and we have continued to work diligently in order to execute this initiative. This focus, coupled with our ongoing efforts to reduce our costs, helped to drive stronger earnings in each quarter of this year.”

 

Mr. Badgley continued, “During the quarter, we continued to broaden our international footprint, and have seen healthy quoting activity on both a domestic and international level, which speaks well for our order pipeline. The overall sentiment of our customers has been positive, as evidenced by the strength in our order levels and current backlog. The level of activity in the current environment gives us confidence in the future prospects of the business and in our ability to continue to strategically add distribution channels around the world in order to take advantage of the long-term opportunities we see in the industry.”

 

Mr. Badgley concluded, “Looking ahead to 2015, we believe our growth opportunity lies in expanding our business geographically while advancing our product offerings, and we see a healthy level of demand to pursue both avenues of growth. Finally, with our solid balance sheet, strong free cash flows, and dedicated employees we will look to continue our momentum into the coming year and continue delivering value to our shareholders.”

 

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 5, 2015, 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=101647

  

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 14, 2015. The replay number is (877) 344-7529, Passcode 10041933.

  
- MORE -
 
 
 
 
 
MILLER INDUSTRIES REPORTS 2014 FOURTH QUARTER AND FULL-YEAR PAGE 3
RESULTS AND INCREASES REGULAR QUARTERLY DIVIDEND  
 

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™, Titan® 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: the cyclical nature of our industry and changes in consumer confidence; economic and market conditions; our customer’s access to capital and credit to fund purchases, including the ability of our customers to secure floor plan financing; our dependence on outside suppliers of raw materials; changes in the cost of aluminum, steel and related raw materials; changes in fuel and other transportation costs, insurance costs and weather conditions; changes in government regulation; foreign currency fluctuation; competitors could impede our ability to attract or retain customers; our ability to develop or acquire proprietary products and technology; assertions against us relating to intellectual property rights; problems hiring or retaining skilled labor; the effects of new regulation relating to conflict minerals; the catastrophic loss of one or our manufacturing facilities; environmental and health and safety liabilities and requirements; loss of the services of our key executives; product warranty or product liability claims in excess of our insurance coverage; disruption in our technology information systems; an inability to acquire insurance at commercially reasonable rates; and those other risks referenced herein, including those discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for fiscal 2014, 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.

 

 

- MORE -

 

 
 
 
Miller Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands except per share data)
(Unaudited)
 
 
  Three Months Ended   Year Ended
  December 31   December 31 
         %       %
   2014  2013  Change  2014  2013  Change
NET SALES  $147,778   $108,278    36.5%  $492,776   $404,170    21.9%
COSTS OF OPERATIONS   131,208    97,034    35.2%   439,791    361,734    21.6%
GROSS PROFIT   16,570    11,244    47.4%   52,985    42,436    24.9%
OPERATING EXPENSES:                              
Selling, General and Administrative Expenses   7,135    7,655    -6.8%   28,496    28,323    0.6%
Interest Expense, Net   180    116    55.2%   554    369    50.1%
Other Expense (Income), Net   289    (103)   -380.6%   437    (119)   -467.2%
Total Operating Expenses   7,604    7,668    -0.8%   29,487    28,573    3.2%
INCOME BEFORE INCOME TAXES   8,966    3,576    150.7%   23,498    13,863    69.5%
INCOME TAX PROVISION   3,309    1,408    135.0%   8,660    5,175    67.3%
NET INCOME   5,657    2,168    160.9%   14,838    8,688    70.8%
LESS: NET INCOME ATTRIBUTABLE TO      NONCONTROLLING INTERESTS   —      211    -100.0%   66    542    -87.8%
NET INCOME ATTRIBUTABLE TO    MILLER INDUSTRIES, INC.  $5,657   $2,379    137.8%  $14,904   $9,230    61.5%
BASIC INCOME PER COMMON SHARE  $0.50   $0.21    138.1%  $1.32   $0.82    61.0%
DILUTED INCOME PER COMMON SHARE  $0.50   $0.21    138.1%  $1.31   $0.82    59.8%
CASH DIVIDENDS DECLARED PER    COMMON SHARE  $0.15   $0.14    7.1%  $0.60   $0.56    7.1%
WEIGHTED AVERAGE SHARES OUTSTANDING:                              
BASIC   11,302    11,257    0.4%   11,297    11,233    0.6%
DILUTED   11,353    11,334    0.2%   11,354    11,324    0.3%

 


The following information was filed by Miller Industries Inc (MLR) on Wednesday, March 4, 2015 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