Welcome!

News Feed Item

Miller Industries Reports 2013 Fourth Quarter And Year End Results And Increases Regular Quarterly Dividend

CHATTANOOGA, Tenn., March 5, 2014 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the fourth quarter and year ended December 31, 2013.

For the fourth quarter of 2013, net sales were $108.3 million, an increase of 31.4% compared to $82.4 million for the fourth quarter of 2012.  Net income attributable to the Company in the fourth quarter of 2013 was $2.4 million, or $0.21 per diluted share, an increase of 41.9%, compared to net income in the prior year period of $1.7 million, or $0.15 per diluted share.  

Gross profit for the fourth quarter of 2013 was $11.2 million, or 10.4% of net sales, compared to $9.4 million, or 11.4% of net sales, for the fourth quarter of 2012.  For the fourth quarter of 2013, selling, general and administrative expenses were $7.7 million, or 7.1% of net sales, compared to $6.6 million, or 8.0% of net sales, in the prior year period. 

Other income related to foreign currency transactions was a net gain of $103,000 in the fourth quarter of 2013 compared to a net gain of $15,000 in the fourth quarter of 2012.

For the full year ended December 31, 2013, net sales were $404.2 million, an increase of 17.9% compared to $342.7 million in the prior year period.  The Company reported net income of $9.2 million, or $0.82 per diluted share, for the 2013 full year period, compared to net income for the 2012 full year period of $9.1 million, or $0.82 per diluted share. The full year of 2012 included income tax benefits of approximately $1.4 million, or $0.12 per diluted share, from production activity deductions and research and development and other tax credits.

The financial results for 2013 include losses before income taxes that are directly attributable to the Delavan joint venture of approximately $1.3 million.  The Company also generated additional indirect losses associated with the Greeneville, Tennessee facility in connection with its manufacturing and supply agreement for the joint venture.  Following a review and evaluation of operations related to the Delavan joint venture, the Company made the decision to consider strategic alternatives with regard to the venture.  On February 28, 2014, the Company entered into an agreement to sell its interest in the Delavan joint venture to its joint venture partner, which is expected to close on March 31, 2014.  Our Greeneville facility will cease the manufacturing of Delavan products by the end of the first quarter of 2014 as it winds down Delavan production.  The Company expects additional losses of approximately $0.5 million related to the Delavan joint venture in the first quarter of 2014.

The Company also announced that its Board of Directors has increased its quarterly cash dividend from $0.14 to $0.15 per share, payable on March 24, 2014, to shareholders of record at the close of business on March 17, 2014. 

Jeffrey I. Badgley, Co-CEO of the Company, stated, "We ended 2013 on a positive note as we achieved strong revenue growth driven by an improving commercial market environment.  Consumer sentiment has been encouraging highlighted by our growing order flow, and we were able to deliver on these orders more quickly and efficiently by our decision to ramp up our production levels earlier in the year.  While this resulted in higher operational costs, we were able to grow our profitability by lowering our SG&A expense as a percentage of sales compared to the year ago period."

Mr. Badgley added, "We continued to enhance our international market presence by taking advantage of order opportunities, particularly in Europe.  Our order with a prime contractor to provide towing and recovery equipment to the French military continued during the quarter, and we worked on other more modestly-sized orders in Europe and in other areas of the world.  We remain committed to growing our global market position, and with many of our orders across various international regions being long-term in nature, we believe our initiatives have the potential to deliver on our growth objectives."

Mr. Badgley also noted, "With regards to the Delavan joint venture, we decided to sell our interest to our joint venture partner in an effort to minimize future losses.  Although we incurred losses in 2013 from the joint venture that will extend into the first quarter of 2014, it did not and will not have a material impact on the core business of the Company."

Mr. Badgley concluded, "We generated excellent growth in 2013, reflecting the outstanding dedication and performance of our employees and management teams.  Looking ahead, we believe the Company is operating from a position of financial strength and will benefit from a more normalized operating environment, which is underscored by healthy order levels and improving customer sentiment.  Our solid balance sheet and strong cash flow levels allow us to remain aggressive by investing in our business and pursuing market opportunities.  We are poised to continue our momentum into 2014 and I'm excited regarding our future prospects."

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 6, 2014, 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=98270

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, 2014.  The replay number is (877) 344-7529, Passcode 10041933.

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: 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; 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 2013, 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

Condensed Consolidated Statements of Income

(In thousands except per share data)

(Unaudited)


























Three Months Ended


Year Ended


December 31


December 31






%






%


2013


2012


Change


2013


2012


Change

NET SALES

$ 108,278


$ 82,403


31.4%


$ 404,170


$ 342,663


17.9%













COSTS OF OPERATIONS

97,034


73,010


32.9%


361,734


302,606


19.5%













GROSS PROFIT

11,244


9,393


19.7%


42,436


40,057


5.9%













OPERATING EXPENSES:
























Selling, General and Administrative Expenses

7,655


6,620


15.6%


28,323


27,507


3.0%













Interest Expense, Net

116


89


30.3%


369


712


-48.2%













Other (Income) Expense

(103)


(15)


586.7%


(119)


(815)


-85.4%













Total Operating Expenses

7,668


6,694


14.6%


28,573


27,404


4.3%













INCOME BEFORE INCOME TAXES

3,576


2,699


32.5%


13,863


12,653


9.6%













INCOME TAX PROVISION

1,408


1,023


37.6%


5,175


3,531


46.6%













NET INCOME

2,168


1,676


29.4%


8,688


9,122


-4.8%













NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS

211


--


N/A


542


--


N/A













NET INCOME ATTRIBUTABLE TO MILLER INDUSTRIES, INC.

$   2,379


$   1,676


41.9%


$  9,230


$  9,122


1.2%













  BASIC INCOME PER COMMON SHARE

$     0.21


$     0.15


40.0%


$     0.82


$     0.82


0.0%













  DILUTED INCOME PER COMMON SHARE

$     0.21


$     0.15


40.0%


$     0.82


$     0.82


0.0%













 CASH DIVIDENDS DECLARED PER COMMON  SHARE

$     0.14


$     0.13


7.7%


$     0.56


$     0.52


7.7%













WEIGHTED AVERAGE SHARES OUTSTANDING:












   BASIC

11,257


11,112


1.3%


11,233


11,068


1.5%

   DILUTED

11,334


11,274


0.5%


11,324


11,258


0.6%













 

SOURCE Miller Industries, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.