CHATTANOOGA, Tenn., Nov. 9 /PRNewswire-FirstCall/ -- Miller
Industries, Inc. (NYSE:MLR) (the "Company") today announced
financial results for the third quarter ended September 30, 2009.
For the third quarter of 2009, net sales were $57.5 million,
compared with $66.7 million in the third quarter of 2008. Net
income in the third quarter of 2009 was $1.7 million, or $0.14 per
diluted share, an increase of 85.4% as compared to net income of
$0.9 million, or $0.08 per diluted share, in the prior year period.
On a sequential basis, net sales for the third quarter of 2009
increased 6.1% over net sales of $54.3 million for the second
quarter of 2009. Net income for the third quarter of 2009 increased
22.7% over $1.4 million in the second quarter of 2009. Gross profit
for the third quarter of 2009 was $8.9 million, or 15.4% of net
sales, compared to $8.1 million, or 12.2% of net sales, for the
third quarter of 2008 and $8.1 million, or 14.9% of net sales, for
the second quarter of 2009. For the third quarter of 2009, selling,
general and administrative expenses were $6.0 million versus $6.4
million for the prior year period. The Company paid off the
remaining balance of the term loan under its credit facility in
June of 2009, and had no bank debt outstanding at September 30,
2009. This compares to total bank debt of $2.1 million at December
31, 2008. Other income related to foreign currency transactions was
a gain of $83,000 in the third quarter of 2009 compared to a loss
of $36,000 in the third quarter of 2008. For the nine-month period
ended September 30, 2009, net sales were $170.6 million, compared
to $209.1 million in the prior year period. The Company reported
net income of $4.0 million, or $0.34 per diluted share, for the
first nine months of 2009, compared to net income for the first
nine months of 2008 of $2.9 million, or $0.25 per diluted share.
Other income related to foreign currency transactions was a gain of
$367,000 for the first nine months of 2009 compared to a $47,000
gain in the prior year period. Jeffrey I. Badgley, President and
Co-CEO of the Company stated, "We are pleased with our third
quarter results, which reflect our continued efforts to manage our
costs in this challenging economic environment. Driven by a slight
increase in orders from our domestic distributors and by continued
orders associated with government-related contracts, our net sales
increased during the third quarter from second quarter levels. In
addition, we generated improved margins both sequentially and on a
year-over-year basis as a result of our product mix and enhanced
efficiencies associated with our previous plant modernization
program which was completed early this year. The result was that we
improved our net income in the third quarter by more than 85% over
the prior year period. We further strengthened our balance sheet in
the quarter, reducing our inventory levels and adding to our cash
position. As a result, we continue to operate from a position of
financial strength." Mr. Badgley added, "While we are encouraged by
the improvement in sales over second quarter levels, we are still
experiencing a weak demand environment across our markets. The
domestic markets are showing some slight signs of improvement from
their lowest levels, and we continue to receive add-on orders on
government-related contracts. However, demand in our European
operations remains soft, credit markets remain tight, and difficult
overall economic conditions continue to impact our visibility. We
expect these trends to persist in the coming months, but we remain
focused on ensuring the business is well positioned in the current
environment." Mr. Badgley concluded, "We believe our performance
year to date reflects our success at Miller Industries in adapting
to rapidly changing and very challenging conditions in our
marketplace during the last year. Going forward, we remain cautious
in our outlook and will continue to carefully manage our costs.
Doing so will benefit the Company by giving us the financial
flexibility to invest in the business, especially when our markets
improve and the overall economy begins to recover." 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, November 10,
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=63165 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
November 17, 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; our customers' access to capital and credit to fund
purchases, including the ability of our customers to secure floor
plan financing; the success and timing of existing and additional
export and government order; the cyclical nature of our industry;
changes in fuel and other transportation costs; 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. Miller
Industries, Inc. and Subsidiaries Consolidated Statements of Income
(In thousands except per share data) Three Months Ended Nine Months
Ended September 30 September 30 ----------------------
----------------------- % % 2009 2008 Change 2009 2008 Change ----
---- ------ ---- ---- ------ NET SALES $57,547 $66,735 -13.8%
$170,558 $209,071 -18.4% ------- ------- -------- -------- COSTS
AND EXPENSES: COST OF OPERATIONS 48,695 58,608 -16.9% 145,238
184,355 -21.2% SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 5,954
6,366 -6.5% 18,209 19,079 -4.6% INTEREST EXPENSE, NET 234 254 -7.9%
794 1,046 -24.1% OTHER (INCOME) EXPENSE (83) 36 -330.6% (367) (47)
680.9% --- -- ---- --- TOTAL COSTS AND EXPENSES 54,800 65,264
-16.0% 163,874 204,433 -19.8% ------ ------ ------- ------- INCOME
BEFORE INCOME TAXES 2,747 1,471 86.7% 6,684 4,638 44.1% INCOME TAX
PROVISION 1,047 554 89.0% 2,685 1,748 53.6% ----- --- ----- -----
NET INCOME $1,700 $917 85.4% $3,999 $2,890 38.4% ====== ==== ======
====== BASIC INCOME PER COMMON SHARE $0.15 $0.08 87.5% $0.34 $0.25
36.0% ===== ===== ===== ===== DILUTED INCOME PER COMMON SHARE $0.14
$0.08 75.0% $0.34 $0.25 36.0% ===== ===== ===== ===== WEIGHTED
AVERAGE SHARES OUTSTANDING: BASIC 11,608 11,594 0.1% 11,604 11,592
0.1% ====== ====== ====== ====== DILUTED 11,971 11,601 3.2% 11,842
11,618 1.9% ====== ====== ====== ====== DATASOURCE: Miller
Industries, Inc. CONTACT: Miller Industries, Inc., J. Vincent Mish,
Chief Financial Officer, +1-423-238-4171, Frank Madonia, General
Counsel, +1-423-238-4171; or FD, Investor Contact: Eric Boyriven,
+1-212-850-5600
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