Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MILLER INDUSTRIES INC /TN/ | t67357_8k.htm |
| EX-99.2 - EXHIBIT 99.2 - MILLER INDUSTRIES INC /TN/ | ex99-2.htm |
| EX-99.1 - EXHIBIT 99.1 - MILLER INDUSTRIES INC /TN/ | ex99-1.htm |
EXHIBIT
99.3
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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(423)
238-4171
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Frank
Madonia, General Counsel
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(423)
238-4171
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FD
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Investor
Contact: Eric Boyriven
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(212)
850-5600
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MILLER
INDUSTRIES INITIATES ANNUAL CASH DIVIDEND
CHATTANOOGA, Tennessee, March 10, 2010
– Miller Industries, Inc. (NYSE: MLR) (the “Company”) today announced that its
Board of Directors has approved the initiation of an annual cash dividend policy
for its Common Stock. The Board declared the first such annual cash dividend of
$0.10 per share payable on March 25, 2010 to shareholders of record as of the
close of business on March 18, 2010.
William
G. Miller, Chairman of the Board and Co-CEO of the Company stated, “Our Board’s
decision to initiate an annual cash dividend policy is a demonstration of our
confidence in the Company’s financial strength and our commitment to building
shareholder value. We have worked hard over the past few years to optimize our
balance sheet and cash flows, and we are pleased to have the financial
flexibility to continue investing in our business while also returning value to
our shareholders through this dividend.”
Future
payment of annual cash dividends will be based on the Company’s ability to
satisfy all applicable statutory and regulatory requirements and its continued
financial strength. Any future determination as to the payment of cash dividends
will depend upon such factors as the Company’s earnings, capital requirements,
financial condition, financing agreement restrictions and other factors deemed
relevant by the Board of Directors.
- MORE
-
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MILLER
INDUSTRIES INITIATES ANNUAL CASH DIVIDEND
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PAGE 2 |
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 include, without limitation,
statements regarding the future payment of annual cash
dividends. 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 orders; 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 2009, 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.