Form 8-K - Current report
23 Agosto 2023 - 3:30PM
Edgar (US Regulatory)
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2023-08-23
2023-08-23
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 23, 2023 (August 23, 2023)
MILLER INDUSTRIES, INC.
(Exact Name of Registrant as Specified in
Its Charter)
Tennessee |
001-14124 |
62-1566286 |
(State or Other Jurisdiction of
Incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
8503 Hilltop Drive, Ooltewah, Tennessee
37363
(Address of Principal Executive Offices)
(Zip Code)
(423) 238-4171
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered |
Common Stock, par value $0.01 per share |
MLR |
New York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 7.01 | REGULATION FD DISCLOSURE. |
On August 23, 2023, Miller Industries, Inc. ("the
Company") posted an investor presentation (the “Investor Presentation) to its website at https://www.millerind.com/investors.
A copy of the Investor Presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The Company expects to use the Investor Presentation, in whole or in part, and possibly with modifications, in connection with presentations
to investors, analysts and others on or after August 24, 2023.
The information contained in the Investor Presentation
is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”)
filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Investor Presentation
speaks only as of the date of this Current Report on Form 8-K. The Company undertakes no duty or obligation to publicly update or revise
the information contained in the Investor Presentation, although it may do so from time to time. Any such updating may be made through
the filing of other reports or documents with the SEC, through press releases or through other public disclosure. In addition, the exhibit
furnished herewith contains statements intended as “forward-looking statements” that are subject to the cautionary statements
about forward-looking statements set forth in such exhibit. By furnishing the information contained in the Investor Presentation, the
Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely
by reason of Regulation FD.
This Current Report on Form 8-K and its contents
(including Exhibit 99.1) are furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2)
of the Securities Act of 1933, as amended (the “Securities Act”), nor shall it be deemed incorporated by reference in any
filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing, except as shall
be expressly set forth by specific reference in such filing.
ITEM 9.01 |
FINANCIAL STATEMENTS AND EXHIBITS. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Miller Industries, Inc. (Registrant) |
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By: |
/s/ Frank Madonia |
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Frank Madonia |
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Executive Vice President, General Counsel and Secretary |
Dated: August 23, 2023 |
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Exhibit 99.1
| MIDWEST IDEAS 2023 CONFERENCE
AUGUST 24 |
| FACT SHEET
The World Leader in Towing and Recovery Equipment.
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, Jigé, and Boniface. There are approximately
74 distributor locations in North America, who serve
all 50 states, Canada & Mexico, and approximately 50
distributors that serve other foreign markets. Each of
the Company’s brands has a well established, distinct
product image and corresponding customer loyalty.
Since 1990 Miller Industries has developed or acquired
several of the most well recognized brands in the highly
fragmented towing and recovery industry. During this
period, management has strengthened the Company’s
distributor network, increased production capacity,
achieved cost savings and improved manufacturing
efficiencies and product design.
Miller Industries offers a broad range of products
that meet most customer design, capacity, and cost
requirements. The Company manufactures the bodies
of wreckers and car carriers, which are installed on
truck chassis manufactured by third parties. Wreckers
generally are used to recover and tow disabled vehicles
and other equipment, and range in type from the
conventional tow truck to large recovery vehicles with
rotating hydraulic booms and 100-ton lifting capacities.
Car carriers are specialized flatbed vehicles with hydraulic
tilt mechanisms that enable a towing operator to drive or
winch a vehicle onto the bed for transport. Car carriers
transport new or disabled vehicles and other equipment
and are particularly effective over long distances. The
company also manufactures a line of transport trailers.
Our continued success in the future will rely heavily on
sensitivity to our customers’ needs and our quality in
construction and design of our products. With these
attributes, Miller Industries will continue to be the
acknowledged leader in the towing and recovery industry.
CORPORATE SUMMARY
MISSION STATEMENT
Miller Industries is the global leader in towing and
recovery equipment, manufacturing and servicing the
highest quality and most innovative products. Our
mission is to create superior value for our end-users,
distributors, suppliers, employees, and shareholders.
CORE VALUES
• Customer Satisfaction
• Innovation
• Integrity
• Quality
• Dedication
NYSE: MLR
FINANCIAL OVERVIEW
6M 2023
Revenue: $582.5m
Gross Margin: $70.3m
(12.1%)
Net Income: $24.1m (4.1%)
EPS: $2.10
FACILITIES
Ooltewah, TN
Athens, TN
Greeneville, TN
Hermitage, PA
Lorraine, France
Thetford, Egland |
| EXECUTIVE BIO
The World Leader in Towing and Recovery Equipment.
NYSE: MLR
William G. Miller, II has served as a director since May 2014, our
Chief Executive Officer since March 2022 and President since
March 2011, after serving as Co-Chief Executive Officer from
December 2013 to March 2022 and as a Regional Vice President of
Sales of Miller Industries Towing Equipment Inc. from November
2009 to February 2011. Mr. Miller II also served as Vice President
of Strategic Planning of the Company from October 2007 until
November 2009, as Light-Duty General Manager from November
2004 to October 2007, and as a Sales Representative of Miller
Industries Towing Equipment Inc. from 2002 to 2004.
Deborah L. Whitmire has served as a director since February
2020, our Executive Vice President, Chief Financial Officer and
Treasurer since January 2017, after serving as our Vice President
and Corporate Controller from January 2014 to December 2016
and Corporate Controller to Miller Industries Towing Equipment
Inc. from March 2005 to January 2014. From April 2000 to
March 2005, Mrs. Whitmire also served as Director of Finance
– Manufacturing to Miller Industries Towing Equipment Inc. In
addition, Mrs. Whitmire served as Controller to Miller Industries
Towing Equipment Inc. from October 1997 to April 2000 and
Accounting Manager to Miller Industries Towing Equipment Inc.
from October 1996 to October 1997. |
| PRODUCT SUMMARY
The World Leader in Towing and Recovery Equipment.
NYSE: MLR
LIGHT-DUTY
Vulcan 812 Intruder II
Century 12-Series LCG
CAR CARRIER
Miller Industries brings a whole new dimension
to transport with the 12 Series LCG™ (Low
Center of Gravity) carrier. The patented
design lowers the deck height 5" – 6" over
conventional carriers. The lower height allows
for the transport of taller loads, such as forklifts
or man-lifts, that may be over-height on a
conventional carrier and also provides better
stability during transport.
The Vulcan 812 and Century Express 300 have
been the most popular choices in the industry
over the past decade for private property,
repossession and commercial towers. But in an
effort to improve upon an already great product,
Miller Industries’ engineers surveyed operators
on what features were important to them.
The result is increased rear visibility between the boom and tailboard for easier hook ups, a new
hose tracking system for longer life and easier maintenance and your choice of several handheld
controllers to suit what the operator is most comfortable with. Other changes include a total
redesigned low profile crossbar and claws that has a recessed area for better oil pan clearance and
a new patent pending pivot system.
The operator can easily secure loads or tie down vehicles while standing on the ground, thanks
to the lower height. When mounted on most air ride chassis, with the air dumped, the 12 Series
LCG™ has less than an 11-degree load angle, making it ideal for loading low-clearance vehicles
or equipment without using ramps or wood. Your new 12 Series LCG™ is available in 20.5' to 22'
deck lengths with a capacity of 12,000 lbs. and a wide variety of options to fit your specific needs. |
| PRODUCT SUMMARY
The World Leader in Towing and Recovery Equipment.
NYSE: MLR
HEAVY-DUTY
Century 5130
Century 1150
ROTATOR
With the call for quick clearance on congested
roadways and to handle a variety of difficult
recovery and lifting jobs, Century is the number
one choice worldwide. As the only manufacture
of recovery equipment that designs specifically
for towers needs and safety, we are proud to
offer the 1150, a 50 ton rotator ideal for heavy
recovery with a weight saving design for your
daily towing.
The 5130 is Century’s best performing heavy-duty integrated unit with 128" of underlift
reach. The 5130 has the ability to tow most
vehicles without giving up maneuverability of
a single axle or tandem axle unit. The 5130
also provides a 25-ton recovery boom and
25,000 lb winches for your recovery and lifting
applications.
The Century 1150 features 360° of continuous boom rotation, a 3-stage recovery boom, optional
deck and turret mounted winches and a variety of underlift options. The 1150 technology is also
available in the Century 1150R that features a unique patented roller system that allows the boom
to travel up to 60". The low maintenance roller system has the ability to start and stop under heavy
loads, even while rotating. |
| The Worlds Largest
Manufacturer of
Towing and
Recovery
Equipment
NYSE: MLR
1
Midwest Ideas Conference
August 24, 2023
Safe Harbor Statement
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
NYSE: MLR
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 and include without limitation any statements relating to
the Company’s 2023 revenues or profitability. 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: changes in price, delivery delays and decreased availability of
component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products, resulting from changes in demand and market conditions, the general
inflationary environment, the war in Ukraine, and the lingering effects of the COVID-19 pandemic on supply chains; economic and market conditions, including the negative
impacts on the Company’s customers, suppliers and employees from increasing inflationary pressures, economic and geopolitical uncertainties (including the war in Ukraine);
our dependence upon outside suppliers for purchased component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products; future impacts
resulting from the war in Ukraine, which include or could include (among other effects) disruption in global commodity and other markets, increased prices for energy, supply
shortages and supplier financial risk; increased labor costs and the ability to attract and retain skilled labor to manufacture our products; the potential negative impacts of higher
interest rates and other actions taken by the federal government in response to economic volatility and inflationary pressures, including the impact on our customers’ and end
users’ access to capital and credit to fund purchases; our ability to raise capital, including to grow our business, pursue strategic investments, and take advantage of financing or
other opportunities that we believe to be in the best interests of the Company and our shareholders due to the significant additional indebtedness we incurred during 2022; the
cyclical nature of our industry and changes in consumer confidence; special risks from our sales to U.S. and other governmental entities through prime contractors; changes in
fuel and other transportation costs, insurance costs and weather conditions; changes in government regulations, including environmental and health and safety regulations;
failure to comply with domestic and foreign anticorruption laws; competition in our industry and our ability to attract or retain customers; our ability to develop or acquire
proprietary products and technology; assertions against us relating to intellectual property rights; changes in foreign currency exchange rates and interest rates; changes in the
tax regimes and related government policies and regulations in the countries in which we operate; the effects of regulations relating to conflict minerals; the catastrophic loss of
one of our manufacturing facilities; environmental and health and safety liabilities and requirements; loss of the services of our key executives; product warranty or product
liability claims in excess of our insurance coverage; potential recalls of components or parts manufactured for us by suppliers or potential recalls of defective products; an
inability to acquire insurance at commercially reasonable rates; a disruption in, or breach in security of, our information technology systems or any violation of data protection
laws; and those other risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2022, 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, the Company.
2 |
| Introduction to Miller Industries
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Overview
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Miller Industries, Inc., founded in 1990 by William G. Miller “Bill”, is the leading manufacturer of towing and recovery equipment in the world
Our goal is to deliver long-term value to all stockholders through continued innovation, growth and profitability
Six world class
manufacturing
sites located in
three countries
Manufacturing the
largest portfolio of
towing, recovery
and transport
vehicles in the
world
Largest North
American
distribution
network
Export to 60+
countries
Significant global
presence in the
military recovery
and transport
sector
Transport
equipment supplier
for the three
largest rental
companies in
North America
Supplier for Copart
in the automotive
salvage industry
The industry leader
in innovation
45+ Engineers that
specialize in
mechanical,
hydraulic and
electrical
engineering
4 |
| Investment Highlights
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
World Leader in Towing & Recovery Equipment
Strong Consistent Organic Growth
Global Presence
Industry Leader in Innovation
Best in Class Products and Distribution
Strong Customer Relationships
Attractive Financial Metrics
Experienced Management Team
5
Industry History
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Holmes Tow Truck (1916 Chattanooga, TN)
Century M100 (100 ton Rotator)
6 |
| Towing & Recovery Market
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
• Multi Billion Dollar Global Market
• Primary Market Segments
Commercial Towing
Government and Municipal Sales
Military
• Primary Product Types
Light Duty Recovery Vehicles
Medium & Heavy Duty Recovery Vehicles
Carrier Transport Vehicles
7
Industry Drivers
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Miles Driven
Aging Vehicle Fleet
General Construction
Infrastructure Construction
Natural Disasters
Global ConKict
Pent-up Demand
Commercial Chassis Allocation
Future Emission Changes
Military Recovery Vehicle Upgrades
Accelerators
8 |
| Miller Strategy
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Develop a world class team from the top down, and invest in our employees education and career
development to enhance the value of the Miller organization
Locate, develop and maintain five star distribution that have industry leading product sales, parts sales
and after the sale service
Innovate, design, and produce the highest quality products with greater payloads and recovery
capabilities than our competitors
Grow commercial market share, explore new market potential, and develop innovative products to
create new opportunities
Focus on core competencies and reinvest in our infrastructure to increase capacity, capabilities and
quality
Vertical integration, to control costs, reduce manufacturing disruption and quality control
Our strategy has positioned Miller Industries for continued long term success
9
Revenue Streams
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
North American Distribution
National Accounts
U.S. Export
European Operations
Government
Military
After Market Parts
Chassis
For 2023 No Individual Customer Made up More than 10% of Revenue or Accounts Receivables
10 |
| Manufacturing Locations
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Ooltewah, TN
Greeneville, TN
Hermitage, PA
Lorraine, France
Thetford, England
Athens, TN
Global Footprint: 1,154,000 sqft
11
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
North American Distribution History
1990 - Century, Holmes & Challenger
450+ North American Distributors
Streamlined to 125 Distributors by 1994
12 |
| The Worlds Largest Manufacturer of Towing and Recovery Equipment®
North American Distribution
• 53 Distributor Principals
74 Distributor Locations
300+ Retail Sales Personnel
• Commercial Towing Operators
Entrepreneurs
Average Fleet Size 10-15 Trucks
Vehicle Life Cycle
Warranty O-ering / Cost of Ownership
Depreciation
13
• 50+ Foreign Distributors
• Direct Sales to Foreign Governments
and Militaries
• Export to 60+ Countries
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Foreign Market Distribution
14 |
| “We have the best people,
the best products,
and the best distribution network
in the Towing & Recovery Industry.”
-Bill Miller
Year - 1990
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
15
Investment in Manufacturing
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Century Wrecker 1990
Miller Industries Headquarters Present Day
16 |
| The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Miller Industries Carrier Plant 1990
Carrier Plant Present Day
Investment in Manufacturing
17
Investment in Human Capital
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Welders are supplied with
air purifying respirators
Employee Health & Safety Employee Engagement Employee Development
Safety Systems
First Responders have been
Provided with CPR/AED
Training
Annual Relevant Safety
Training for all Employees
Bi-Monthly Town Hall
Meetings with Employees
Increased Team Leader to
Employee Ratio to Improve
on-the-job Training & Quality
Six-week Team Leader
Bootcamp Training Program
Employee Family
Scholarship Fund
Made Cost-of-Living
Adjustments for All Employees
Front-Line Leadership
Academy
Weld Academy
Provide External Training on
an as-needed-bases
Working with Local
Universities
Tuition Rembursment
Program
18 |
| Highly Experienced Management Team
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
Name
William G. Miller “Bill”
Founder and Chairman of the Board
William G. Miller II “Will”
President and CEO
Jerey I. Badgley
President of International and Military
Deborah L. Whitmire
Executive Vice President,
Chief Financial Ocer and Treasurer
Frank Madonia
Executive Vice President, Secretary
and General Counsel
Josias W. Reyneke
Vice President and Chief Information Ocer
Jamison Linden
Vice President and Chief Manufacturing Ocer
Vince Tiano
Vice President and Chief Revenue Ocer
Exp. Name Exp.
30+ years
20+ years
30+ years
25+ years 25+ years
25+ years
30+ years
20+ years
19
$70.3m
108.7% 314.5%
$24.1m
Hist. Gross Margin Hist. Net Income Hist. EPS
$582.5m $2.10
39.7%
Hist. Revenue
2020
$651.3m
2019
$818.2m
313.7%
2020
$78.4m
2019
$96.5m
2020
$29.8m
2019
$39.1m
2020
$1.42
2019
$3.43
2021
$717.5m
2021
$69.9m
2021
$16.3m
2021
12.1% 4.1%
Financial Overview - 6 Months ‘23
2022
$848.5m
2022
$82.4m
2022
$20.3m
2022
$1.78
$2.62
20 |
| The Worlds Largest Manufacturer of Towing and Recovery Equipment®
$0
$250,000
$500,000
$750,000
$1,000,000
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Historical & Projected 2023 Revenue
21
$0
$250,000
$500,000
$750,000
$1,000,000
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
CAGR
CAGR: 12.9%
22 |
| Q1 2023
Peer Group
Analysis
23
-$0.50
-$0.25
$0.00
$0.25
$0.50
$0.75
$1.00
MLR ASTE PKOH CVGI BLBD EPAC SHYF MPAA CIR FSTR NNBR SRI PLOW
Q1 ‘23
MLR $0.99
ASTE $0.66
PKOH $0.60
CVGI $0.26
BLBD $0.22
EPAC $0.12
SHYF $0.10
MPAA $0.07
CIR $0.02
FSTR -$0.16
NNBR -$0.22
SRI -$0.27
PLOW -$0.29
Q1 2023
24
Shareholder Return (EPS+Dividends) |
| Q1 ‘23
BLBD 76.6%
MLR 34.1%
CIR 32.0%
FSTR 17.7%
CVGI 6.3%
EPAC 0.8%
ASTE 0.4%
PKOH -5.1%
PLOW -11.3%
SHYF -14.0%
SRI -15.0%
NNBR -26.0%
MPAA -36.4%
-40%
-20%
0%
20%
40%
60%
80%
BLBD MLR CIR FSTR CVGI EPAC ASTE PKOH PLOW SHYF SRI MMBR MPAA
Q1 2023
25
TSR (Total Shareholder Return)
$0.00
$0.08
$0.15
$0.23
$0.30
PLOW MLR ASTE PKOH NNBR SHYF EPAC FSTR CIR BLBD CVGI MPAA SRI
Q1 ‘23
PLOW $0.295
MLR $0.18
ASTE $0.13
PKOH $0.125
NNBR $0.07
SHYF $0.05
EPAC $0.04
FSTR $0.04
CIR $0.038
BLBD $0.00
CVGI $0.00
MPAA $0.00
SRI $0.00
Q1 2023
26
Quarterly Dividend |
| -$0.68
-$0.45
-$0.23
$0.00
$0.23
$0.45
$0.68
$0.90
MLR ASTE PKOH CVGI BLBD EPAC MPAA SHYF CIR FSTR SRI NNBR PLOW
Q1 ‘23
MLR $0.81
ASTE $0.53
PKOH $0.47
CVGI $0.26
BLBD $0.22
EPAC $0.08
MPAA $0.07
SHYF $0.05
CIR -$0.02
FSTR -$0.20
SRI -$0.27
NNBR -$0.29
PLOW -$0.58
Q1 2023
27
EPS
Select Market Information
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
As of June 30, 2023
Ticker
Exchange
Stock Price
Market Capitalization
Revenue
Book Value
Debt to Total Capitalization Ratio
Full-time Employees
MLR
New York Stock Exchange
$35.47 per share
$405.9 million
$582.5 million
$27.58 per share
16.0%
1,594
28 |
| Investment Highlights
The Worlds Largest Manufacturer of Towing and Recovery Equipment®
29
World Leader in Towing & Recovery Equipment
Strong Consistent Organic Growth
Global Presence
Industry Leader in Innovation
Best in Class Products and Distribution
Strong Customer Relationships
Attractive Financial Metrics
Experienced Management Team
The Worlds Largest
Manufacturer of
Towing and
Recovery
Equipment
NYSE: MLR
Thank You
30 |
| 8503 Hilltop Drive, Ooltewah, TN 37363
Telephone 423.238.4171
CONTACT: Miller Industries, Inc.
Debbie Whitmire, Chief Financial Officer
(423) 238-8464
Frank Madonia, General Counsel
(423) 238-8414
FTI Consulting, Inc.
Mike Gaudreau
millerind@fticonsulting.com
MILLER INDUSTRIES REPORTS 2023 SECOND QUARTER RESULTS
CHATTANOOGA, Tenn., August 9, 2023/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today
announced financial results for the second quarter ended June 30, 2023.
For the second quarter of 2023, net sales were $300.3 million, an increase of 49.0%, compared to $201.5 million for the
second quarter of 2022. Net income in the second quarter of 2023 was $14.9 million, or $1.29 per diluted share, compared to
net income of $3.8 million, or $0.33 per diluted share, in the prior year period, for increases of 297.0% and 290.9%,
respectively.
Gross profit for the second quarter of 2023 was $39.9 million, or 13.3% of net sales, compared to $18.4 million, or 9.1% of
net sales, for the second quarter of 2022. Selling, general and administrative expenses were $19.5 million, or 6.5% of net
sales, compared to $12.7 million, or 6.3% of net sales, in the prior year period. The year over year increase was primarily due
to updates to the Company’s executive compensation structure, as well as non-recurring legal and professional fees.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable
September 11, 2023, to shareholders of record at the close of business on September 1, 2023, the fifty-first consecutive
quarter that the Company has paid a dividend.
“I am pleased with our strong second quarter results, which demonstrates the robust, profitable growth that our business is
capable of,” said William G. Miller, II, Chief Executive Officer of the Company. “Our topline strength reflects improved
delivery of finished goods, as our team and our distributors have adapted to the current supply chain environment. Market
demand for our products remains resilient and we are pleased to share that even in spite of our significant improvements in
product delivery, our backlog remains at near record levels, with no significant customer cancellations to date this year.”
– MORE – |
| MILLER INDUSTRIES REPORTS 2023 SECOND QUARTER RESULTS PAGE 2
Mr. Miller continued, “In May we also closed on the acquisition of Southern Hydraulic Cylinder Inc., a custom hydraulic
cylinder manufacturer in Athens, Tennessee. This acquisition bolsters our efforts to enhance the stability of our supply chain
through vertical integration. It has already opened up new opportunities to deliver finished goods more quickly to customers,
while simultaneously reducing levels of finished goods in inventory and enabling efficient management of our working
capital. As we move forward, we will continue to strategically deploy capital and optimize our operations, however, our top
priority is reducing our debt balance.”
“Based on our second quarter results, it is evident that the strategic improvements we have made in our business over the last
few quarters are bearing fruit. We are realizing the benefits from the price adjustments implemented last year to mirror our
changing costs, the steps we have taken to improve our supply chain, and the efforts we have made to improve production
efficiency. All of this gives us assurance in our long-term potential. Based on our solid performance in the first half of 2023,
we are comfortable in our ability to achieve the financial targets we set earlier this year – generating over $1 billion of
revenue, with significant improvements in year-over-year profitability,” concluded Mr. Miller.
The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled
for tomorrow, August 10, 2023, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet
through the following link:
https://app.webinar.net/vpoelY2XVqj
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 August 17, 2023. The replay number is 1-844-
512-2921, Passcode 13739970.
About Miller Industries
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™, Titan® and Eagle®.
- MORE – |
| MILLER INDUSTRIES REPORTS 2023 SECOND QUARTER RESULTS PAGE 3
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 and include
without limitation any statements relating to the Company’s 2023 revenues or margins. 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:
changes in price, delivery delays and decreased availability of component parts, chassis and raw materials, including aluminum,
steel, and petroleum-related products, resulting from changes in demand and market conditions, the general inflationary
environment, the war in Ukraine, and the lingering effects of the COVID-19 pandemic on supply chains; economic and market
conditions, including the negative impacts on the Company’s customers, suppliers and employees from increasing inflationary
pressures, economic and geopolitical uncertainties (including the war in Ukraine); our dependence upon outside suppliers for
purchased component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products; future
impacts resulting from the war in Ukraine, which include or could include (among other effects) disruption in global commodity
and other markets, increased prices for energy, supply shortages and supplier financial risk; increased labor costs and the ability
to attract and retain skilled labor to manufacture our products; the potential negative impacts of higher interest rates and other
actions taken by the federal government in response to economic volatility and inflationary pressures, including the impact on
our customers’ and end users’ access to capital and credit to fund purchases; our ability to raise capital, including to grow our
business, pursue strategic investments, and take advantage of financing or other opportunities that we believe to be in the best
interests of the Company and our shareholders due to the significant additional indebtedness we incurred during 2022; the
cyclical nature of our industry and changes in consumer confidence; special risks from our sales to U.S. and other governmental
entities through prime contractors; changes in fuel and other transportation costs, insurance costs and weather conditions;
changes in government regulations, including environmental and health and safety regulations; failure to comply with domestic
and foreign anti-corruption laws; competition in our industry and our ability to attract or retain customers; our ability to develop
or acquire proprietary products and technology; assertions against us relating to intellectual property rights; changes in foreign
currency exchange rates and interest rates; changes in the tax regimes and related government policies and regulations in the
countries in which we operate; the effects of regulations relating to conflict minerals; the catastrophic loss of one of our
manufacturing facilities; environmental and health and safety liabilities and requirements; loss of the services of our key
executives; product warranty or product liability claims in excess of our insurance coverage; potential recalls of components or
parts manufactured for us by suppliers or potential recalls of defective products; an inability to acquire insurance at
commercially reasonable rates; a disruption in, or breach in security of, our information technology systems or any violation of
data protection laws; and those other risks referenced herein, and those risks discussed in our filings with the Securities and
Exchange Commission, including those risks discussed under the caption “Risk Factors” in our Annual Report on Form 10-K
for the year ended December 31, 2022, 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, the
Company.
- MORE - |
| MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
2023 2022 2023 2022
NET SALES $ 300,264 $ 201,500 $ 582,539 $ 417,045
COSTS OF OPERATIONS 260,335 183,126 512,194 383,331
GROSS PROFIT 39,929 18,374 70,345 33,714
OPERATING EXPENSES:
Selling, general and administrative expenses 19,480 12,651 37,403 25,037
NON-OPERATING (INCOME) EXPENSES:
Interest expense, net 1,700 628 2,713 1,046
Other (income) expense, net (229) 275 (548) 327
Total expense, net 20,951 13,554 39,568 26,410
INCOME BEFORE INCOME TAXES 18,978 4,820 30,777 7,304
INCOME TAX PROVISION 4,063 1,063 6,642 1,482
NET INCOME $ 14,915 $ 3,757 $ 24,135 $ 5,822
BASIC INCOME PER COMMON SHARE $ 1.30 $ 0.33 $ 2.11 $ 0.51
DILUTED INCOME PER COMMON SHARE $ 1.29 $ 0.33 $ 2.10 $ 0.51
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.18 $ 0.18 $ 0.36 $ 0.36
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 11,466 11,417 11,425 11,417
Diluted 11,526 11,417 11,477 11,421
- MORE - |
|
MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30,
2023 December 31,
(Unaudited) 2022
ASSETS
CURRENT ASSETS:
Cash and temporary investments $ 30,502 $ 40,153
Accounts receivable, net of allowance for credit losses of $1,412 and $1,319 at June 30, 2023 and
December 31, 2022, respectively 264542 177,663
Inventories, net 167458 153,656
Prepaid expenses 6,393 4,576
Total current assets 468,895 376,048
NONCURRENT ASSETS:
Property, plant and equipment, net 116,055 112,145
Right-of-use assets - operating leases 770 909
Goodwill 20,594 11,619
Other assets 681 708
TOTAL ASSETS $ 606,995 $ 501,429
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 188,869 $ 125,500
Accrued liabilities 34,537 27,904
Income taxes payable 882 2,430
Current portion of operating lease obligation 311 311
Total current liabilities 224599 156,145
NONCURRENT LIABILITIES:
Long-term obligations 60,000 45,000
Noncurrent portion of operating lease obligation 496 597
Deferred income tax liabilities 6,182 6,230
Total liabilities 291,277 207,972
COMMITMENTS AND CONTINGENCIES (Note 7)
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding — —
Common stock, $0.01 par value; 100,000,000 shares authorized, 11,445,640 and 11,416,716
outstanding at June 30, 2023 and December 31, 2022, respectively 114 114
Additional paid-in capital 152,746 152,392
Accumulated surplus 170,141 150,124
Accumulated other comprehensive loss (7,283) (9,173)
Total shareholders’ equity 315,718 293,457
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 606,995 $ 501,429 |
| NYSE: MLR |
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Miller Industries (NYSE:MLR)
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