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SMALL BUSINESS
Miller Industries Reports 2009 First Quarter Results
For the first quarter of 2009, net sales were
Gross profit for the first quarter of 2009 was
Interest expense in the first quarter of 2009 decreased to
Other income and expense related to foreign currency transaction gains and losses was a loss of
Mr. Badgley continued, "We made some difficult decisions during the quarter, including reductions in production hours through reduced work weeks and furloughs at all U.S. facilities, headcount reductions for certain nonproduction personnel and salary reductions for most salaried personnel. These decisions helped offset the impact of lower demand during the quarter, and we believe our business will see additional incremental benefits from these initiatives in the near-term. We continue to operate from a strong financial position, generating positive cash flow and further reducing our debt obligations. This has helped our business weather the current downturn and has strengthened our position for an eventual market turnaround."
Mr. Badgley concluded, "We remain committed to developing innovative, high quality products for our customers and are encouraged by the interest generated by our new product offerings at last month's annual trade show in
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,
http://www.videonewswire.com/event.asp?id=58476
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
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
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, 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; changes in fuel and other transportation costs; the cyclical nature of our industry; our dependence on outside suppliers of raw materials; changes in the cost of aluminum, steel and related raw materials; the success and timing of existing and additional export and governmental orders; 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 2008, 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.
CONTACT: Miller Industries, Inc.
J. Vincent Mish, Chief Financial Officer
(423) 238-4171
Frank Madonia, General Counsel
(423) 238-4171
FD
Investor Contact: Eric Boyriven/Alexandra Tramont
(212) 850-5600
Miller Industries, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands except per share data)
Three Months Ended
March 31,
----------------------------
%
2009 2008 Change
------- ------- --------
NET SALES $58,756 $67,621 -13.1%
------- -------
COSTS AND EXPENSES:
COST OF OPERATIONS 50,353 59,357 -15.2%
SELLING, GENERAL AND 6,438 6,311 2.0%
ADMINISTRATIVE EXPENSES
INTEREST EXPENSE, NET 325 454 -28.4%
OTHER (INCOME) EXPENSE 55 22 150.0%
------ ------
TOTAL COSTS AND EXPENSES 57,171 66,144 -13.6%
------ ------
INCOME BEFORE INCOME TAXES 1,585 1,477 7.3%
INCOME TAX PROVISION 672 550 22.2%
------ ------
NET INCOME $913 $927 -1.5%
==== ====
BASIC INCOME PER COMMON SHARE $0.08 $0.08 0.0%
===== =====
DILUTED INCOME PER COMMON SHARE $0.08 $0.08 0.0%
===== =====
WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC 11,608 11,594 0.1%
====== ======
DILUTED 11,644 11,632 0.1%
====== ======
SOURCE Miller Industries, Inc.