Miller Industries Reports 2013 First Quarter Results And Declares Regular Quarterly Dividend

  Miller Industries Reports 2013 First Quarter Results And Declares Regular
                              Quarterly Dividend

PR Newswire

CHATTANOOGA, Tenn., May 8, 2013

CHATTANOOGA, Tenn., May 8, 2013 /PRNewswire/ --Miller Industries, Inc. (NYSE:
MLR) (the "Company") today announced financial results for the first quarter
ended March 31, 2013.

For the first quarter of 2013, net sales were $85.0 million, compared with
$95.0 million for the first quarter of 2012. Net income in the first quarter
of 2013 was $1.3 million, or $0.12 per diluted share, compared to net income
of $2.0 million, or $0.18 per diluted share, in the prior year period.

Gross profit for the first quarter of 2013 was $8.6 million, or 10.2% of net
sales, compared to $10.9 million, or 11.5% of net sales, for the first quarter
of 2012. For the first quarter of 2013, selling, general and administrative
expenses were $6.7 million, or 7.9% of net sales, compared to $7.0 million, or
7.4% of net sales, in the prior year period.

The Company also announced that its Board of Directors has declared a
quarterly cash dividend of $0.14 per share, payable June 24, 2013, to
shareholders of record at the close of business on June 17, 2013.

Jeffrey I. Badgley, CEO of the Company, stated, "Our first quarter results
reflected the on-going uncertain global economic conditions that continue to
affect our customer base. The challenging environment in Europe further
impacted our sales and margins in the first quarter, diminishing otherwise
sustained moderate improvement in demand trends within our domestic base. Our
continued focus on reducing costs throughout the business helped offset some
of the margin impact from the overall decline in sales."

Mr. Badgley added, "We continue to see improvement in demand from our domestic
commercial customers and have increased our domestic production levels to meet
this increased demand. We are encouraged by our current domestic commercial
backlog that has reached levels not sustained in the past three years. During
the first quarter we announced a price increase to mitigate rising raw
material costs, the effects of which should begin to flow through our backlog
late in the second quarter. Additionally, we continue to view Europe as a
strong long-term growth opportunity despite the current challenges facing the
region. We continue to make in-roads expanding our distribution channels
across new markets, reaching new customers for our products and positioning
ourselves well for the eventual recovery in the region. In addition, order
levels improved in the first quarter at our European operations. I'm also
pleased to report that after months of successful testing, deliveries on our
order with a prime contractor to provide towing and recovery equipment to the
French military are on schedule to commence in the second quarter of 2013 and
will extend through the end of 2014." 

Mr. Badgley concluded, "Our continuing strategic initiatives, particularly
geographic expansion and product innovations, positions us well to take
advantage of market opportunities as general economic conditions improve. We
remain committed to cost control efforts, focusing on operational
efficiencies, which will help sustain our solid financial position. While
visibility in our markets remains limited, we are confident in our strategies
to achieve our long-term objectives and return value to shareholders going
forward."

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, May 9, 2013, 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=93669

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 May 17, 2013. The
replay number is (877) 344-7529, Passcode 10028145.

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. They include statements in this
release relating to the future economic activity and demand for our products
and our future revenue levels, operating results and growth initiatives, among
others. 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. These forward-looking
statements are subject to a number of risks and uncertainties, including,
among other things, economic and market conditions; the risks related to the
general economic health of our customers; the success and timing of existing
and additional export and government orders; 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;
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 2012, 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

Consolidated Statements of Income
(In thousands except per share data)
                                            Three Months Ended
                                            March 31,
                                                                       %
                                            2013          2012         Change
NET SALES                                   $  84,950   $  94,957   -10.5%
COST OF OPERATIONS                          76,316        84,073       -9.2%
 GROSS PROFIT                          8,634         10,884       -20.7%
OPERATING EXPENSES:
Selling, General and Administrative         6,699         7,002        -4.3%
Expenses
Interest Expense, Net                       67            217          -69.0%
Other (Income) Expense                      (23)          336          -106.9%
Total Operating Expenses                    6,743         7,555        -10.7%
CONSOLIDATED INCOME BEFORE INCOME TAXES     1,891         3,329        -43.2%
CONSOLIDATED INCOME TAX PROVISION           684           1,319        -48.1%
CONSOLIDATED NET INCOME                     1,207         2,010        -40.0%
NET LOSS ATTRIBUTABLE TO
                                            121           -            N/A
 NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO MILLER           $   1,328   $  2,010   -33.9%
INDUSTRIES, INC.
 BASIC INCOME PER COMMON SHARE             $    0.12  $   0.18  -33.3%
 DILUTED INCOME PER COMMON SHARE           $    0.12  $   0.18  -33.3%
 CASH DIVIDENDS DECLARED PER COMMON SHARE  $    0.14  $   0.13  7.7%
WEIGHTED AVERAGE SHARES OUTSTANDING:
 BASIC                                    11,198        11,030       1.5%
 DILUTED                                  11,316        11,249       0.6%





SOURCE Miller Industries, Inc.

Website: http://www.millerind.com
Contact: Miller Industries, Inc., J. Vincent Mish, Chief Financial Officer,
(423) 238-4171, Frank Madonia, General Counsel, (423) 238-4171, or FTI
Consulting, Inc., Investor Contact: Matt Steinberg, (212) 850-5600
 
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