Attached files
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| 8-K - FORM 8-K - MILLER INDUSTRIES INC /TN/ | t68623_8k.htm |
Exhibit
99.1
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 REPORTS 2010 SECOND QUARTER RESULTS
CHATTANOOGA, Tennessee, August 4, 2010
– Miller Industries, Inc. (NYSE: MLR) (the “Company”) today announced financial
results for the second quarter ended June 30, 2010.
For the
second quarter of 2010, net sales were $81.3 million, an increase of 49.8%
compared with $54.3 million for the second quarter of 2009. Net
income in the second quarter of 2010 was $3.2 million, or $0.26 per diluted
share, an increase of 127.8% as compared to net income of $1.4 million, or $0.12
per diluted share, in the prior year period.
Gross
profit for the second quarter of 2010 was $12.0 million, or 14.8% of net sales,
compared to $8.1 million, or 14.9% of net sales, for the second quarter of
2009. For the second quarter of 2010, selling, general and
administrative expenses were $6.7 million, compared to $5.8 million in the prior
year period.
Other
income related to foreign currency transactions was a net loss of $48,000 in the
second quarter of 2010 compared to a net gain of $339,000 in the second quarter
of 2009.
For the
six-month period ended June 30, 2010, net sales were $153.6 million, compared to
$113.0 million in the prior year period, an increase of 35.9%. The
Company reported net income of $5.2 million, or $0.43 per diluted share, for the
first half of 2010, compared to net income for the first half of 2009 of $2.3
million, or $0.20 per diluted share. Other income related to foreign currency
transactions was a loss of $90,000 for the first six months of 2010 compared to
a $284,000 gain in the prior year period.
- MORE
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MILLER
INDUSTRIES REPORTS 2010 SECOND QUARTER RESULTS
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PAGE 2 |
Jeffrey
I. Badgley, President and Co-CEO of the Company, stated, “We are pleased with
our 2010 second quarter results, which showed further demand improvements from
our markets and reflected the success of our ongoing cost containment and
efficiency initiatives. We achieved strong year-over-year and
sequential revenue growth driven by strengthening sales volumes within our
domestic operations. While gross margins were roughly flat compared
to the second quarter of 2009 as a result of changes in our product mix, net
income for the quarter more than doubled compared to the same period in 2009,
primarily due to higher sales and a more efficient business model stemming from
the investments we have made in recent years to streamline our operations and
reduce expenses.”
Mr.
Badgley added, “During the quarter, we received additional add-on orders
associated with government-related contracts, which will continue to be a stable
piece of our business into 2011. We believe that these orders are a
testament to the quality of our product offering. In addition to our
growing revenue and strong profitability, our balance sheet remains a source of
financial strength, as we increased our cash position slightly from the first
quarter while continuing to invest in our business through capital
improvements. These improvements should continue to increase our
manufacturing efficiencies as the market recovers.”
Mr.
Badgley concluded, “While we delivered solid performance in the second quarter,
we remain cautiously optimistic regarding the outlook for the second half of
2010. We are hopeful that sales will continue to grow, but our
visibility remains limited as demand continues to be challenged in both the U.S.
and Europe by market conditions and tight credit markets. Although
domestic business activity has been improving recently, our customers continue
to take a careful approach to their spending. Going forward, we are
mindful of these challenges, and will continue to be disciplined in our
financial approach, which will support the strength of our Company over the
longer term.”
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, August 5, 2010, 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=71114
- MORE
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MILLER
INDUSTRIES REPORTS 2010 SECOND QUARTER RESULTS
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PAGE 3 |
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 August 12,
2010. The replay number is (877) 344-7529, Passcode
443022.
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, 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; 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.
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Miller
Industries, Inc. and Subsidiaries
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Consolidated
Statements of Income
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(In
thousands except per share data)
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Three
Months Ended
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Six
Months Ended
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June
30
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June
30
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%
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%
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2010
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2009
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Change
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2010
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2009
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Change
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NET
SALES
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$ | 81,256 | $ | 54,255 | 49.8 | % | $ | 153,551 | $ | 113,011 | 35.9 | % | |||||||||||||
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COSTS
AND EXPENSES:
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COST
OF OPERATIONS
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69,234 | 46,190 | 49.9 | % | 131,700 | 96,543 | 36.4 | % | |||||||||||||||||
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SELLING,
GENERAL AND
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6,677 | 5,817 | 14.8 | % | 13,154 | 12,255 | 7.3 | % | |||||||||||||||||
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ADMINISTRATIVE
EXPENSES
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INTEREST
EXPENSE, NET
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76 | 235 | -67.7 | % | 186 | 560 | -66.8 | % | |||||||||||||||||
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OTHER
(INCOME) EXPENSE
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48 | (339 | ) | -114.2 | % | 90 | (284 | ) | -131.7 | % | |||||||||||||||
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TOTAL
COSTS AND EXPENSES
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76,035 | 51,903 | 46.5 | % | 145,130 | 109,074 | 33.1 | % | |||||||||||||||||
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INCOME
BEFORE INCOME TAXES
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5,221 | 2,352 | 122.0 | % | 8,421 | 3,937 | 113.9 | % | |||||||||||||||||
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INCOME
TAX PROVISION
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2,064 | 966 | 113.7 | % | 3,255 | 1,638 | 98.7 | % | |||||||||||||||||
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NET
INCOME
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$ | 3,157 | $ | 1,386 | 127.8 | % | $ | 5,166 | $ | 2,299 | 124.7 | % | |||||||||||||
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BASIC
INCOME PER COMMON SHARE
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$ | 0.27 | $ | 0.12 | 125.0 | % | $ | 0.44 | $ | 0.20 | 120.0 | % | |||||||||||||
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DILUTED
INCOME PER COMMON SHARE
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$ | 0.26 | $ | 0.12 | 116.7 | % | $ | 0.43 | $ | 0.20 | 115.0 | % | |||||||||||||
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WEIGHTED
AVERAGE SHARES OUTSTANDING:
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BASIC
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11,659 | 11,608 | 0.4 | % | 11,647 | 11,608 | 0.3 | % | |||||||||||||||||
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DILUTED
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12,181 | 11,855 | 2.7 | % | 12,141 | 11,768 | 3.2 | % | |||||||||||||||||