Miller Industries Has Quarterly Nets Sales Up 21.2%

Thursday, August 08, 2013

Miller Industries, Inc. Thursday announced financial results for the second quarter ended June 30.

For the second quarter of 2013, net sales were $105.8 million, an increase of 21.2 percent compared with $87.3 million for the second quarter of 2012. Net income in the second quarter of 2013 was $2.9 million, or $0.26 per diluted share, an increase of 13.9 percent as compared to net income of $2.5 million, or $0.23 per diluted share, in the prior year period, which included $1.0 million of other income from foreign currency transactions. 

Gross profit for the second quarter of 2013 was $11.7 million, or 11.1 percent of net sales, compared to $10.6 million, or 12.1 percent of net sales, for the second quarter of 2012.  For the second quarter of 2013, selling, general and administrative expenses were $7.2 million, or 6.8 percent of net sales, compared to $7.2 million, or 8.2 percent of net sales, in the prior year period. 

For the six-month period ended June 30, net sales were $190.8 million, an increase of 4.7 percent compared to $182.3 million in the prior year period.  The company reported net income of $4.2 million, or $0.38 per diluted share, for the first half of 2013, compared to net income for the first half of 2012 of $4.6 million, or $0.40 per diluted share.

The company also announced that its Board of Directors has declared a quarterly cash dividend of $0.14 per share, payable Sept. 23, to shareholders of record at the close of business on Sept. 16. 

Jeffrey I. Badgley, CEO of the company, stated, "We are pleased with our performance in the second quarter.  Demand continued to improve within our domestic commercial markets resulting in increased production and sales, a continuation of the trends witnessed in the first quarter.  Orders for our products increased driven by these improved market conditions.  We successfully delivered on these orders due to the initiatives undertaken in the first quarter to increase production levels to account for these changing market conditions.  Meanwhile, we remained mindful of costs as evidenced by the decrease in SG&A as a percentage of sales."

Mr. Badgley added, "During the quarter, we continued to make in-roads from our geographic expansion strategy by securing government-related orders in Europe and other international regions.  While these orders were modest in size, we are pleased with our traction in our international expansion initiatives.  Going forward, we will continue to strategically add distribution channels internationally as we see longer-term opportunity abroad.  Additionally, we began to deliver on our order with a prime contractor to provide towing and recovery equipment to the French military late in the second quarter.  We will deliver on more of these orders in second half of 2013 and throughout 2014." 

Mr. Badgley concluded, "We believe that the market is making an upturn and accordingly we plan to maintain our production levels to account for this increase in activity.  That said, the overall economic environment remains below normalized conditions, particularly in Europe, and visibility is still limited.  Looking ahead to the second half of the year, we will continue to focus on our cost containment efforts in order to expand our profitability, while remaining aggressive on the geographic expansion front and bidding for large orders to build momentum for our revenue."

Miller Industries is the world's largest manufacturer of towing and recovery equipment, and markets its towing and recovery equipment under a number of brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige, Boniface and Eagle.

Read more here: http://www.heraldonline.com/2013/08/07/5094959/miller-industries-reports-2013.html#storylink=cpy

La-Z-Boy Receives Commissioner's Award Of Excellence For Safety, Health

Tennessee Department of Labor and Workforce Development Commissioner Burns Phillips announced that La-Z-Boy, Inc. located in Dayton was chosen to receive the Commissioner’s Award of Excellence for Workplace Safety and Health.  "La-Z-Boy, Inc. has demonstrated strong commitment to maintaining a safe and healthy workplace," said Commissioner Phillips, who presented the award ... (click for more)

Community Support Needed For Local Food Banks

Local food banks are preparing for the upcoming school year and the fight against childhood hunger. BI-LO has launched the Summer Backpack Hunger Relief Program in all stores to help children who don’t know from where their next meal will come from.  Customers are encouraged to donate at any store register through August 19 to help provide meals for healthy minds and bodies ... (click for more)

DA Looking Into Issue Of County Commission Candidate's Campaign Sending Filled-Out Requests For Absentee Ballot To Elderly Voters

The District Attorney's Office has been provided with documents that a County Commission candidate's campaign sent filled-out requests for absentee ballots to elderly voters. Kerry Steelman, election administrator, said there have been four instances in which such requests came from the Elect John Brooks campaign. He said state law says in Section 2-6-202:  (3) A person ... (click for more)

Graham Says County School-City Lawsuit Settlement "Stinks," But County Commission Approves It

The County Commission on Wednesday approved a settlement of a lawsuit brought by the Hamilton County Schools against the city of Chattanooga, though several commissioners said they were not happy with the deal and Commissioner Joe Graham said it "stinks." Commissioner Graham was the lone no vote. He was joined by Commissioner Tim Boyd in a failed effort to defer it a week. ... (click for more)

The Truth From Weston’s Sister - And Response (4)

I try not to read the negative articles and opinions about my older brother. Growing up around politics, I learned a long time ago that thick skin is not only necessary, it’s paramount. But this time, the lies and the rumors and the inaccurate information has gone too far. It’s too ridiculous for me to ignore. So let’s clear a few things up: Weston and I do not “come ... (click for more)

Roy Exum: Say It Ain't So, Larry Joe!

Larry Joe Wheelon, the tainted horse trainer who was charged with 18 counts of aggravated animal cruelty when his barn was raided in April of 2013 and some animals were sored so badly that they could barely walk, finally went to a court hearing in Blount County on Wednesday and his steps toward Judge Tammy Harrington’s bench were decidedly heavy. My goodness, yours would have been ... (click for more)