Miller Industries Has Quarterly Nets Sales Up 21.2%

Thursday, August 8, 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

Kid To Kid Chattanooga Awarded Store Of The Month For August

Kid to Kid in Chattanooga, owned by mother and son, Lyn and Justin Shepherd, has been awarded Store of the Month for August. Through this award, the Kid to Kid franchise recognizes achievement exhibited by one of its more than 100 children’s resale locations across the United States, Canada and Portugal. As one of three Kid to Kid stores in Tennessee, Kid to Kid Chattanooga ... (click for more)

16 Young Professionals Selected For YPAC’s Protégé Chattanooga 2016-2017 Class

The Young Professionals Association of Chattanooga (YPAC) announced the individuals selected for its 2016-2017 Protégé Chattanooga mentorship program.  This year’s class includes: Joseph Cadle , Business Development Consultant, Tennessee Department of Economic and Community Development Amy Donahue , Director of Marketing and Communications, River City ... (click for more)

Boy In Critical Condition; Another Person Stabbed And Man Shot In Dispute At Apartments On Citico Avenue

A boy is in critical condition after being stabbed on Sunday afternoon in what police described as a dispute between neighbors. One other person was stabbed and a man was shot in the stomach in the melee in the 2700 block of Citico Avenue. The injuries to the second person stabbed in the neck and the shooting victim were said to be not life-threatening. The 12:45 p.m. incident ... (click for more)

Woman, 25, Shot On Dodson Avenue Early Sunday Afternoon

A 25-year-old woman was shot on Dodson Avenue just after noon on Sunday. Officers with the Chattanooga Police Department were notified at 12:13 p.m. by a local hospital that a victim arrived with a gunshot wound. The shooting reportedly occurred in the 1300 block of Dodson Avenue. Shaday Millener arrived at the hospital in a personal vehicle with a non-life threatening ... (click for more)

Patrol Cars Donation To Kevin Muhammad's Nation Of Islam Sets A Dangerous Precedent

Re: City Police donating two patrol cars to Kevin Muhammad's Nation of Islam: While I know it's unpopular to mention the wisdom of separation of church and state, this sets a dangerous precedent and should meet with concern from everyone who values religious and secular freedom. What's next? Southern Baptists getting old city parking scooters to patrol church parking lots ... (click for more)

Roy Exum: A Pitch Called ‘The Defector’

When Jose Fernandez was killed early Sunday morning in a boating accident, he was 24 years old yet had already lived a life much larger than almost all old men. He had spent part of a year in an unimaginably cruel Cuban prison, this when he only 14 years old and sandwiched in an inhumane cell among grown criminals. There were murders daily – in his very cell -- and nobody cared. ... (click for more)