Net Income Down Over 42 Percent At Miller Industries

Wednesday, August 5, 2020

Miller Industries, Inc. announced financial results for the second quarter ended June 30, including a 42.2 percent drop in net income.

Net income in the second quarter of 2020 was $5.8 million, or $0.51 per share, a decrease of 45.5%, compared to net income of $10.7 million, or $0.94 per share, in the prior year period. Long-term obligations decreased by $25.0 million, reducing our credit facility balance to $5.0 million as of June 30, 2020." style="margin-top: 0px; margin-bottom: 1em;">Net sales were $128.5 million compared to $222.3 million for the second quarter of 2019. Net income in the second quarter of 2020 was $5.8 million, or $0.51 per share, a decrease of 45.5 percent, compared to net income of $10.7 million, or $0.94 per share, in the prior year period. Long-term obligations decreased by $25.0 million, reducing our credit facility balance to $5.0 million as of June 30, 2020.

Gross profit for the second quarter of 2020 was $17.7 million, or 13.8 percent of net sales, compared to $25.2 million, or 11.3 percent of net sales, for the second quarter of 2019. Selling, general and administrative expenses were $10.1 million, or 7.8 percent of net sales, compared to $11.0 million, or 4.9 percent of net sales, in the prior year period.

For the six months ended June 30, 2020, net sales were $304.6 million, a decrease of 27.4 percent compared to $419.6 million in the prior year period.  The company reported net income of $11.3 million, or $0.99 per share for the six months of 2020, a decrease of 41.8 percent compared to net income of $19.3 million, or $1.70 per share for the first six months of 2019.

The company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable Sept. 14, 2020 to shareholders of record at the close of business on September 7, 2020, the 39th consecutive quarter that the company has paid a dividend.

Jeffrey I. Badgley, Co-Chief Executive Officer of the company, stated, "Our performance during the second quarter continued to be impacted by the ongoing COVID-19 pandemic. Second quarter revenue declined 42.2 percent year-over-year as a result of temporary shutdowns of some of our facilities, the shutdown of part of our supply chain, and the implementation of health and safety operating adjustments, all of which weighed on our production capacity. Despite the challenging circumstances, we remained focused on optimizing our production schedules to meet customer demand and reduce operating costs, while maintaining stringent social distancing and sanitary protocols to protect the health and safety of our employees. Additionally, we maintained a constant dialogue with our distribution network throughout the quarter so we could quickly and efficiently fulfill customer orders. I am very proud of the continued commitment to operational excellence from the entire Miller team as we work together to navigate the business through this uncertain market environment.

"During the second quarter, we continued to invest in crucial technological improvements that will further enhance our operational efficiency and enable us to emerge from this pandemic stronger than before. While we are still in the early stages of this rollout, I am pleased to announce that we remain on schedule. In addition to our operational improvements, we reduced our outstanding debt levels during the quarter to further strengthen our balance sheet and increase financial flexibility as we operate in this unpredictable environment. As we move into the second half of 2020, I am confident that our unwavering dedication to operational efficiency and our healthy balance sheet position us favorably to capitalize on future growth coming out of this crisis."


New Hamilton County Business Licenses

Generating Justice: TVA’s New Pro Bono Program

Chattanooga Chamber Of Commerce Awards Virtually Honor Community Champions


Here are the new business licenses from the County Clerk's office: 1 PERFECTION PAINTING PATRICIA VIGIL 900 AIRPORT RD LOT 97 CHATTANOOGA TN 37421 A&B LAND, LLC BENJAMIN L FOLKINS ... (click for more)

Attorneys and other legal professionals at the Tennessee Valley Authority, Office of the General Counsel, have launched TVA’s first pro bono program, Generating Justice, to provide free legal ... (click for more)

The Chattanooga Chamber virtually hosted the Chamber Awards Thursday, honoring this year's Chamber Award winners and the 2020 Chattanooga Area Manager of the Year, as well as Small Business Award ... (click for more)



Business

New Hamilton County Business Licenses

Here are the new business licenses from the County Clerk's office: 1 PERFECTION PAINTING PATRICIA VIGIL 900 AIRPORT RD LOT 97 CHATTANOOGA TN 37421 A&B LAND, LLC BENJAMIN L FOLKINS 10179 LEE HWY OOLTEWAH TN 37363 A-TEAM ELECTRIC CHARLES EVERETT 3810 NORTHVIEW AVE CHATTANOOGA TN 37412 ABODE HOMES, LLC DUSTIN PLUMMER 1213 ROSEWOOD TRAIL MOUNT JULIET TN 37122 ... (click for more)

Generating Justice: TVA’s New Pro Bono Program

Attorneys and other legal professionals at the Tennessee Valley Authority, Office of the General Counsel, have launched TVA’s first pro bono program, Generating Justice, to provide free legal assistance in local communities. As part of the Generating Justice program, TVA’s OGC is working with several legal aid organizations and law firms to address community legal needs. TVA is ... (click for more)

Breaking News

TSA Discovers Loaded Firearms At All Major Tennessee Airports In 1 Week

In the span of a week (Sept. 13-20), the Transportation Security Administration discovered eight loaded firearms at security checkpoints in Tennessee, including at least one in every major airport in the state. Nashville International Airport (BNA) 9/14/2020; loaded Sig Sauer .380 caliber 9/17/2020; loaded Sig Sauer .380 caliber 9/17/2020; loaded North American Arms ... (click for more)

Woman Injured When Car Crashes Into The Brainerd Pharmacy Early Monday Morning

A woman was injure early Monday morning when her car crashed into Brainerd Pharmacy. CFD crews worked the accident with an entrapment. The call came in at 5:53 a.m. Squad 13 arrived on the scene and found a vehicle inside the Brainerd Pharmacy. They requested additional companies for manpower and began extrication efforts. The woman was removed from the vehicle after crews ... (click for more)

Opinion

From Exclusion To Inclusion: The Need For A New Chattanooga Way

Executive Summary: A New Chattanooga Way The Chattanooga renaissance that local leaders brag about took almost 40 years to reach fruition. It took risk. It took vision. It took billions of dollars. The physical renaissance is a farce if it fails to lift all Chattanoogans. The evidence in this report suggests the renaissance is incomplete. A New Chattanooga Way would include ... (click for more)

Roy Exum: Thank You, Bill Zinkeler

There is one story in the Bible that I try to never forget. It’s the one where the Lord Jesus healed 10 lepers but only one came back with thanks. Man, forget those other nine … I strive to be the one who comes back. After all God has done in my life … I may fail again and again. I may be ‘a back-slider,’ and a disappointment to the Kingdom, but, brother, not thanking God every ... (click for more)