Exhibit 99.1

 

 

For Release:

 

  CONTACT: Miller Industries, Inc.
    Debbie Whitmire, Chief Financial Officer
    (423) 238-4171
    Frank Madonia, General Counsel
    (423) 238-4171
    FTI Consulting, Inc.
    Investor Contact: Max Dutcher
    (212) 850-5677

 

MILLER INDUSTRIES REPORTS 2017 FIRST QUARTER RESULTS

 

CHATTANOOGA, Tenn., May 3, 2017/PRNewswire/ — Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the first quarter ended March 31, 2017.

 

For the first quarter of 2017 net sales were $148.9 million, a slight increase compared to $148.8 million for the first quarter of 2016. Net income in the first quarter of 2017 was $3.8 million, or $0.34 per diluted share, compared to net income of $3.4 million, or $0.30 per diluted share, in the prior year period.

 

Gross profit for the first quarter of 2017 was $15.4 million, or 10.3% of net sales, compared to $13.0 million, or 8.7% of net sales, for the first quarter of 2016. Selling, general and administrative expenses were $9.0 million, or 6.1% of net sales, compared to $8.0 million, or 5.4% 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 June 20, 2017, to shareholders of record at the close of business on June 13, 2017.

 

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company, stated, “We are very pleased with our performance this quarter, in what was a promising start to 2017. We achieved significant profitability improvement year over year, primarily due to a favorable change in our product mix, and our consistent top line performance. We continue to see favorable trends across our business as we deliver earnings growth, return shareholder value, and make progress on our strategic priorities.”

 

Mr. Badgley added, “We are encouraged by the healthy demand for our products across our domestic and international markets throughout the quarter. We also continue work on our capital projects in Tennessee and Pennsylvania to further streamline our operations and increase our manufacturing capacity to better meet our customer demands. We believe that our ability to enhance productivity, while efficiently meeting demand, bodes well for the trajectory of our business.”

 

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MILLER INDUSTRIES REPORTS 2017 FIRST QUARTER RESULTS PAGE 2

 

Mr. Badgley concluded, “Our outlook for the remainder of 2017 remains positive. Customer demand and our pipeline of business are strong, and our balance sheet is in a solid position to capitalize on future growth. We will continue to deploy our resources in a manner that improves our operational efficiency, expands production capacity, and maximizes shareholder value.”

 

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, May 4, 2017, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet through a link at:

 

https://www.webcaster4.com/Webcast/Page/1034/20884

 

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 May 18, 2017. The replay number is 1-844-512-2921, Passcode 8093246.

 

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®.

 

- MORE -

 

 

 

  

MILLER INDUSTRIES REPORTS 2017 FIRST QUARTER RESULTS PAGE 3

 

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 customers’ access to capital and credit to fund purchases; 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; various political, economic and other uncertainties relating to our international operations, including restrictive taxation and 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; a disruption in our information technology systems; the effects of regulations relating to conflict minerals; the catastrophic loss of one of 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; potential recalls of components or parts manufactured for us by suppliers or potential recalls of defective products; an inability to acquire insurance at commercially reasonable rates; and those other risks referenced herein, and those risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for fiscal 2016, 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 
   March 31 
           % 
   2017   2016   Change 
NET SALES  $148,933   $148,815    0.1% 
                
COSTS OF OPERATIONS   133,538    135,845    -1.7% 
                
GROSS PROFIT   15,395    12,970    18.7% 
                
OPERATING EXPENSES:               
Selling, General and Administrative Expenses   9,044    8,010    12.9% 
                
Interest Expense, Net   378    198    90.9% 
                
Other (Income) Expense, Net   (14)   (341)   -95.9% 
                
Total Operating Expenses   9,408    7,867    19.6% 
                
INCOME BEFORE INCOME TAXES   5,987    5,103    17.3% 
                
INCOME TAX PROVISION   2,148    1,743    23.2% 
                
NET INCOME  $3,839   $3,360    14.3% 
                
BASIC INCOME PER COMMON SHARE  $0.34   $0.30    13.3% 
                
DILUTED INCOME PER COMMON SHARE  $0.34   $0.30    13.3% 
                
CASH DIVIDENDS DECLARED PER COMMON SHARE  $0.18   $0.17    5.9% 
                
WEIGHTED AVERAGE SHARES OUTSTANDING:               
BASIC   11,350    11,345    0.0% 
DILUTED   11,380    11,373    0.1% 

 

 

 

  

Miller Industries, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

 

  March 31   December 31
 

2017

(unaudited)

  2016
ASSETS      
CURRENT ASSETS:      
Cash and temporary investments  $            24,499    $              31,115
Accounts receivable, net of allowance for doubtful accounts of $1,054 and $1,004 at March 31, 2017 and December 31, 2016, respectively 132,666   125,383
Inventories 67,561   64,136
Prepaid expenses 6,163   5,006
Total current assets 230,889   225,640
PROPERTY, PLANT, AND EQUIPMENT, net 64,657   59,613
GOODWILL 11,619   11,619
OTHER ASSETS 544   566
   $          307,709    $            297,438
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
CURRENT LIABILITIES:      
Accounts Payable  $            87,281    $              85,116
Accrued liabilities 22,023   20,727
Total current liabilities 109,304   105,843
LONG TERM OBLIGATIONS 10,000   5,000
DEFERRED INCOME TAX LIABILITIES 1,969   1,993
SHAREHOLDERS' EQUITY:      
Preferred stock, $.01 par value; 5,000,000 shares authorized, non-issued or outstanding  
Common stock, $.01 par value; 100,000,000 shares authorized, 11,351,982 and 11,346,060, outstanding at March 31, 2017 and December 31, 2016, respectively 113   113
Additional paid-in capital 150,554   150,404
Retained earnings 42,547   40,752
Accumulated other comprehensive income (loss) (6,778)   (6,667)
Total Shareholders' Equity 186,436   184,602
   $          307,709    $            297,438

 

 

 


The following information was filed by Miller Industries Inc (MLR) on Wednesday, May 3, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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