CHATTANOOGA, Tenn., May 11, 2011 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced that its Board of Directors has approved a policy of paying quarterly cash dividends on its Common Stock. This approval replaces the Company's previous policy of paying annual cash dividends. The Board declared the first such quarterly cash dividend of $0.12 per share payable on May 31, 2011 to shareholders of record as of the close of business on May 23, 2011.
The Company also announced that its Board of Directors has authorized the repurchase of up to $20,000,000 of shares of its common stock. Repurchases may be conducted through open market purchases or privately negotiated transactions and may be made from time to time depending on market conditions and other factors.
William G. Miller, Chairman of the Board of the Company stated, "Our Board's decision to move to a quarterly cash dividend policy and to authorize repurchases of our common stock are a demonstration of our continued confidence in the Company's financial strength and our commitment to building shareholder value. We have worked hard over the past few years to strengthen our balance sheet and deliver strong cash flows, and we are pleased to have the financial flexibility to continue investing in our business while also returning value to shareholders through this dividend and potential share repurchases."
Future payment of quarterly cash dividends will be based on the Company's ability to satisfy all applicable statutory and regulatory requirements and its continued financial strength. Any future determination as to the payment of cash dividends will depend upon such factors as the Company's earnings, capital requirements, financial condition, financing agreement restrictions and other factors deemed relevant by the Board of Directors.