Miller Industries Reports 2009 Fourth Quarter And Year End Results
CHATTANOOGA, Tenn., March 10 /PRNewswire-FirstCall/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the fourth quarter and year ended December 31, 2009.
For the fourth quarter of 2009, net sales were $67.0 million, an increase of 8.2% compared with $61.9 million in the fourth quarter of 2008. Net income in the fourth quarter of 2009 was $2.0 million, or $0.17 per diluted share, an increase of 189.8% as compared to net income of $0.7 million, or $0.06 per diluted share, in the prior year period.
On a sequential basis, net sales for the fourth quarter of 2009 increased 16.4% over net sales of $57.5 million for the third quarter of 2009. Net income for the fourth quarter of 2009 increased 18.6% over net income of $1.7 million in the third quarter of 2009.
Gross profit for the fourth quarter of 2009 was $10.0 million, or 14.9% of net sales, compared to $8.9 million, or 14.4% of net sales, for the fourth quarter of 2008. For the fourth quarter of 2009, selling, general and administrative expenses were $6.7 million versus $6.9 million for the prior year period.The Company repaid the remaining balance of the term loan under its credit facility in June of 2009, and had no bank debt outstanding at December 31, 2009. This compares to total bank debt of $2.1 million at December 31, 2008. Other income related to foreign currency transactions was a net gain of $75,000 in the fourth quarter of 2009 compared to a net loss of $725,000 in the fourth quarter of 2008. For the 2009 full-year period, net sales were $237.6 million, compared to $271.0 million in the prior year period. The Company reported net income of $6.0 million, or $0.51 per diluted share, for the 2009 full-year period, compared to net income for the 2008 full-year period of $3.6 million, or $0.31 per diluted share. Other income related to foreign currency transactions was a net gain of $442,000 for the full year of 2009 compared to a net loss of $678,000 in 2008. Jeffrey I. Badgley, President and Co-CEO of the Company stated, "Although 2009 was challenging for Miller Industries, we concluded the year on a more positive note. Our 2009 fourth quarter net sales increased both year-over-year and sequentially, driven by some improvement in orders from our domestic distributors and a slight increase in orders associated with government-related contracts. Gross margins for the quarter improved 50 basis points year-over-year primarily due to stronger net sales, product mix, enhanced efficiencies associated with our prior capital expenditures and the steps we took early in 2009 to align our cost structure with our sales. These steps helped the Company nearly triple its net income in the 2009 fourth quarter compared to the fourth quarter of last year. We are pleased with the performance in our domestic markets in the quarter, which has demonstrated some improvement in volume and activity. However, demand in our European markets continues to lag, primarily due to the tight credit markets which have not shown signs of easing." Mr. Badgley added, "In 2009, we further strengthened our financial position in spite of the continuing economic recession. We paid off the remaining portion of our term loan in June, increased our free cash flow and lowered our inventories. We also increased our profitability throughout the year, and ended the year nearly doubling our available cash. As the economy improves, we believe we are now in an even stronger position to take advantage of the upturn in our markets and continue to execute on our business strategy."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV