8-K
Miller Industries Inc /Tn/ (MLR)
8-K
2023-08-23
For: 2023-08-23
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April 06, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the SecuritiesExchange 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 <br><br>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:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | 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. |
|---|---|
| (d) | Exhibits. |
| --- | --- |
| Exhibit No. | Exhibit Description |
| --- | --- |
| 99.1 | Investor Presentation dated August 24, 2023 |
| 104 | Cover Page Interactive Data File (embedded within<br>the Inline XBRL document). |
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.
| **Miller Industries, Inc. (**Registrant) | ||
|---|---|---|
| By: | /s/ Frank Madonia | |
| Frank Madonia | ||
| Executive Vice President, General Counsel and Secretary | ||
| Dated: August 23, 2023 |
Exhibit 99.1
| MIDWEST IDEAS 2023 CONFERENCE<br>AUGUST 24 |
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| FACT SHEET<br>The World Leader in Towing and Recovery Equipment.<br>Miller Industries is the world’s largest manufacturer of<br>towing and recovery equipment and markets its towing<br>and recovery equipment under a number of well-recognized brands, including Century, Vulcan, Chevron,<br>Holmes, Jigé, and Boniface. There are approximately<br>74 distributor locations in North America, who serve<br>all 50 states, Canada & Mexico, and approximately 50<br>distributors that serve other foreign markets. Each of<br>the Company’s brands has a well established, distinct<br>product image and corresponding customer loyalty.<br>Since 1990 Miller Industries has developed or acquired<br>several of the most well recognized brands in the highly<br>fragmented towing and recovery industry. During this<br>period, management has strengthened the Company’s<br>distributor network, increased production capacity,<br>achieved cost savings and improved manufacturing<br>efficiencies and product design.<br>Miller Industries offers a broad range of products<br>that meet most customer design, capacity, and cost<br>requirements. The Company manufactures the bodies<br>of wreckers and car carriers, which are installed on<br>truck chassis manufactured by third parties. Wreckers<br>generally are used to recover and tow disabled vehicles<br>and other equipment, and range in type from the<br>conventional tow truck to large recovery vehicles with<br>rotating hydraulic booms and 100-ton lifting capacities.<br>Car carriers are specialized flatbed vehicles with hydraulic<br>tilt mechanisms that enable a towing operator to drive or<br>winch a vehicle onto the bed for transport. Car carriers<br>transport new or disabled vehicles and other equipment<br>and are particularly effective over long distances. The<br>company also manufactures a line of transport trailers.<br>Our continued success in the future will rely heavily on<br>sensitivity to our customers’ needs and our quality in<br>construction and design of our products. With these<br>attributes, Miller Industries will continue to be the<br>acknowledged leader in the towing and recovery industry.<br>CORPORATE SUMMARY<br>MISSION STATEMENT<br>Miller Industries is the global leader in towing and<br>recovery equipment, manufacturing and servicing the<br>highest quality and most innovative products. Our<br>mission is to create superior value for our end-users,<br>distributors, suppliers, employees, and shareholders.<br>CORE VALUES<br> • Customer Satisfaction<br> • Innovation<br> • Integrity<br> • Quality<br> • Dedication<br>NYSE: MLR<br>FINANCIAL OVERVIEW<br>6M 2023<br>Revenue: $582.5m<br>Gross Margin: $70.3m<br>(12.1%)<br>Net Income: $24.1m (4.1%)<br>EPS: $2.10<br>FACILITIES<br>Ooltewah, TN<br>Athens, TN<br>Greeneville, TN<br>Hermitage, PA<br>Lorraine, France<br>Thetford, Egland |
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| EXECUTIVE BIO<br>The World Leader in Towing and Recovery Equipment.<br>NYSE: MLR<br>William G. Miller, II has served as a director since May 2014, our<br>Chief Executive Officer since March 2022 and President since<br>March 2011, after serving as Co-Chief Executive Officer from<br>December 2013 to March 2022 and as a Regional Vice President of<br>Sales of Miller Industries Towing Equipment Inc. from November<br>2009 to February 2011. Mr. Miller II also served as Vice President<br>of Strategic Planning of the Company from October 2007 until<br>November 2009, as Light-Duty General Manager from November<br>2004 to October 2007, and as a Sales Representative of Miller<br>Industries Towing Equipment Inc. from 2002 to 2004.<br>Deborah L. Whitmire has served as a director since February<br>2020, our Executive Vice President, Chief Financial Officer and<br>Treasurer since January 2017, after serving as our Vice President<br>and Corporate Controller from January 2014 to December 2016<br>and Corporate Controller to Miller Industries Towing Equipment<br>Inc. from March 2005 to January 2014. From April 2000 to<br>March 2005, Mrs. Whitmire also served as Director of Finance<br> – Manufacturing to Miller Industries Towing Equipment Inc. In<br>addition, Mrs. Whitmire served as Controller to Miller Industries<br>Towing Equipment Inc. from October 1997 to April 2000 and<br>Accounting Manager to Miller Industries Towing Equipment Inc.<br>from October 1996 to October 1997. |
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| PRODUCT SUMMARY<br>The World Leader in Towing and Recovery Equipment.<br>NYSE: MLR<br>LIGHT-DUTY<br>Vulcan 812 Intruder II<br>Century 12-Series LCG<br>CAR CARRIER<br>Miller Industries brings a whole new dimension<br>to transport with the 12 Series LCG™ (Low<br>Center of Gravity) carrier. The patented<br>design lowers the deck height 5" – 6" over<br>conventional carriers. The lower height allows<br>for the transport of taller loads, such as forklifts<br>or man-lifts, that may be over-height on a<br>conventional carrier and also provides better<br>stability during transport.<br>The Vulcan 812 and Century Express 300 have<br>been the most popular choices in the industry<br>over the past decade for private property,<br>repossession and commercial towers. But in an<br>effort to improve upon an already great product,<br>Miller Industries’ engineers surveyed operators<br>on what features were important to them.<br>The result is increased rear visibility between the boom and tailboard for easier hook ups, a new<br>hose tracking system for longer life and easier maintenance and your choice of several handheld<br>controllers to suit what the operator is most comfortable with. Other changes include a total<br>redesigned low profile crossbar and claws that has a recessed area for better oil pan clearance and<br>a new patent pending pivot system.<br>The operator can easily secure loads or tie down vehicles while standing on the ground, thanks<br>to the lower height. When mounted on most air ride chassis, with the air dumped, the 12 Series<br>LCG™ has less than an 11-degree load angle, making it ideal for loading low-clearance vehicles<br>or equipment without using ramps or wood. Your new 12 Series LCG™ is available in 20.5' to 22'<br>deck lengths with a capacity of 12,000 lbs. and a wide variety of options to fit your specific needs. |
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| PRODUCT SUMMARY<br>The World Leader in Towing and Recovery Equipment.<br>NYSE: MLR<br>HEAVY-DUTY<br>Century 5130<br>Century 1150<br>ROTATOR<br>With the call for quick clearance on congested<br>roadways and to handle a variety of difficult<br>recovery and lifting jobs, Century is the number<br>one choice worldwide. As the only manufacture<br>of recovery equipment that designs specifically<br>for towers needs and safety, we are proud to<br>offer the 1150, a 50 ton rotator ideal for heavy<br>recovery with a weight saving design for your<br>daily towing.<br>The 5130 is Century’s best performing heavy-duty integrated unit with 128" of underlift<br>reach. The 5130 has the ability to tow most<br>vehicles without giving up maneuverability of<br>a single axle or tandem axle unit. The 5130<br>also provides a 25-ton recovery boom and<br>25,000 lb winches for your recovery and lifting<br>applications.<br>The Century 1150 features 360° of continuous boom rotation, a 3-stage recovery boom, optional<br>deck and turret mounted winches and a variety of underlift options. The 1150 technology is also<br>available in the Century 1150R that features a unique patented roller system that allows the boom<br>to travel up to 60". The low maintenance roller system has the ability to start and stop under heavy<br>loads, even while rotating. |
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| The Worlds Largest<br>Manufacturer of<br>Towing and<br>Recovery<br>Equipment<br>NYSE: MLR<br>1<br>Midwest Ideas Conference<br>August 24, 2023<br>Safe Harbor Statement<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>NYSE: MLR<br>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<br>statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “continue,” “future,” “potential,” “believe,” “project,” “plan,” “intend,” “seek,” “estimate,”<br> “predict,” “expect,” “anticipate” and similar expressions, or the negative of such terms, or other comparable terminology and include without limitation any statements relating to<br>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<br>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<br>component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products, resulting from changes in demand and market conditions, the general<br>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<br>impacts on the Company’s customers, suppliers and employees from increasing inflationary pressures, economic and geopolitical uncertainties (including the war in Ukraine);<br>our dependence upon outside suppliers for purchased component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products; future impacts<br>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<br>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<br>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<br>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<br>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<br>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<br>fuel and other transportation costs, insurance costs and weather conditions; changes in government regulations, including environmental and health and safety regulations;<br>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<br>proprietary products and technology; assertions against us relating to intellectual property rights; changes in foreign currency exchange rates and interest rates; changes in the<br>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<br>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<br>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<br>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<br>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<br>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<br>update any forward-looking statement that may be made from time to time by, or on behalf of, the Company.<br>2 |
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| Introduction to Miller Industries<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>Overview<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>Miller Industries, Inc., founded in 1990 by William G. Miller “Bill”, is the leading manufacturer of towing and recovery equipment in the world<br>Our goal is to deliver long-term value to all stockholders through continued innovation, growth and profitability<br>Six world class<br>manufacturing<br>sites located in<br>three countries<br>Manufacturing the<br>largest portfolio of<br>towing, recovery<br>and transport<br>vehicles in the<br>world<br>Largest North<br>American<br>distribution<br>network<br>Export to 60+<br>countries<br>Significant global<br>presence in the<br>military recovery<br>and transport<br>sector<br>Transport<br>equipment supplier<br>for the three<br>largest rental<br>companies in<br>North America<br>Supplier for Copart<br>in the automotive<br>salvage industry<br>The industry leader<br>in innovation<br>45+ Engineers that<br>specialize in<br>mechanical,<br>hydraulic and<br>electrical<br>engineering<br>4 |
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| Investment Highlights<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br> World Leader in Towing & Recovery Equipment<br> Strong Consistent Organic Growth<br> Global Presence<br> Industry Leader in Innovation<br> Best in Class Products and Distribution<br> Strong Customer Relationships<br> Attractive Financial Metrics<br> Experienced Management Team<br>5<br>Industry History<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>Holmes Tow Truck (1916 Chattanooga, TN)<br>Century M100 (100 ton Rotator)<br>6 |
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| Towing & Recovery Market<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br> • Multi Billion Dollar Global Market<br> • Primary Market Segments<br> Commercial Towing<br> Government and Municipal Sales<br> Military<br> • Primary Product Types<br> Light Duty Recovery Vehicles<br> Medium & Heavy Duty Recovery Vehicles<br> Carrier Transport Vehicles<br>7<br>Industry Drivers<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br> Miles Driven<br> Aging Vehicle Fleet<br> General Construction<br> Infrastructure Construction<br> Natural Disasters<br> Global ConKict<br> Pent-up Demand<br> Commercial Chassis Allocation<br> Future Emission Changes<br> Military Recovery Vehicle Upgrades<br>Accelerators<br>8 |
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| Miller Strategy<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br> Develop a world class team from the top down, and invest in our employees education and career<br>development to enhance the value of the Miller organization<br> Locate, develop and maintain five star distribution that have industry leading product sales, parts sales<br>and after the sale service<br> Innovate, design, and produce the highest quality products with greater payloads and recovery<br>capabilities than our competitors<br> Grow commercial market share, explore new market potential, and develop innovative products to<br>create new opportunities<br> Focus on core competencies and reinvest in our infrastructure to increase capacity, capabilities and<br>quality<br> Vertical integration, to control costs, reduce manufacturing disruption and quality control<br> Our strategy has positioned Miller Industries for continued long term success<br>9<br>Revenue Streams<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br> North American Distribution<br> National Accounts<br> U.S. Export<br> European Operations<br> Government<br> Military<br> After Market Parts<br> Chassis<br>For 2023 No Individual Customer Made up More than 10% of Revenue or Accounts Receivables<br>10 |
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| Manufacturing Locations<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>Ooltewah, TN<br>Greeneville, TN<br>Hermitage, PA<br>Lorraine, France<br>Thetford, England<br>Athens, TN<br>Global Footprint: 1,154,000 sqft<br>11<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>North American Distribution History<br> 1990 - Century, Holmes & Challenger<br> 450+ North American Distributors<br> Streamlined to 125 Distributors by 1994<br>12 |
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| The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>North American Distribution<br> • 53 Distributor Principals<br> 74 Distributor Locations<br> 300+ Retail Sales Personnel<br> • Commercial Towing Operators<br> Entrepreneurs<br> Average Fleet Size 10-15 Trucks<br> Vehicle Life Cycle<br> Warranty O-ering / Cost of Ownership<br> Depreciation<br>13<br> • 50+ Foreign Distributors<br> • Direct Sales to Foreign Governments<br>and Militaries<br> • Export to 60+ Countries<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>Foreign Market Distribution<br>14 |
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| “We have the best people,<br>the best products,<br>and the best distribution network<br>in the Towing & Recovery Industry.”<br>-Bill Miller<br>Year - 1990<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>15<br>Investment in Manufacturing<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>Century Wrecker 1990<br>Miller Industries Headquarters Present Day<br>16 |
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| The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>Miller Industries Carrier Plant 1990<br>Carrier Plant Present Day<br>Investment in Manufacturing<br>17<br>Investment in Human Capital<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>Welders are supplied with<br>air purifying respirators<br>Employee Health & Safety Employee Engagement Employee Development<br>Safety Systems<br>First Responders have been<br>Provided with CPR/AED<br>Training<br>Annual Relevant Safety<br>Training for all Employees<br>Bi-Monthly Town Hall<br>Meetings with Employees<br>Increased Team Leader to<br>Employee Ratio to Improve<br>on-the-job Training & Quality<br>Six-week Team Leader<br>Bootcamp Training Program<br>Employee Family<br>Scholarship Fund<br>Made Cost-of-Living<br>Adjustments for All Employees<br>Front-Line Leadership<br>Academy<br>Weld Academy<br>Provide External Training on<br>an as-needed-bases<br>Working with Local<br>Universities<br>Tuition Rembursment<br>Program<br>18 |
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| Highly Experienced Management Team<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>Name<br>William G. Miller “Bill”<br>Founder and Chairman of the Board<br>William G. Miller II “Will”<br>President and CEO<br>Jerey I. Badgley<br>President of International and Military<br>Deborah L. Whitmire<br>Executive Vice President,<br>Chief Financial Ocer and Treasurer<br>Frank Madonia<br>Executive Vice President, Secretary<br>and General Counsel<br>Josias W. Reyneke<br>Vice President and Chief Information Ocer<br>Jamison Linden<br>Vice President and Chief Manufacturing Ocer<br>Vince Tiano<br>Vice President and Chief Revenue Ocer<br>Exp. Name Exp.<br>30+ years<br>20+ years<br>30+ years<br>25+ years 25+ years<br>25+ years<br>30+ years<br>20+ years<br>19<br>$70.3m<br>108.7% 314.5%<br>$24.1m<br>Hist. Gross Margin Hist. Net Income Hist. EPS<br>$582.5m $2.10<br>39.7%<br>Hist. Revenue<br>2020<br>$651.3m<br>2019<br>$818.2m<br>313.7%<br>2020<br>$78.4m<br>2019<br>$96.5m<br>2020<br>$29.8m<br>2019<br>$39.1m<br>2020<br>$1.42<br>2019<br>$3.43<br>2021<br>$717.5m<br>2021<br>$69.9m<br>2021<br>$16.3m<br>2021<br>12.1% 4.1%<br>Financial Overview - 6 Months ‘23<br>2022<br>$848.5m<br>2022<br>$82.4m<br>2022<br>$20.3m<br>2022<br>$1.78<br>$2.62<br>20 |
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| The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>$0<br>$250,000<br>$500,000<br>$750,000<br>$1,000,000<br>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<br>Historical & Projected 2023 Revenue<br>21<br>$0<br>$250,000<br>$500,000<br>$750,000<br>$1,000,000<br>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<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>CAGR<br>CAGR: 12.9%<br>22 |
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| Q1 2023<br>Peer Group<br>Analysis<br>23<br>-$0.50<br>-$0.25<br>$0.00<br>$0.25<br>$0.50<br>$0.75<br>$1.00<br>MLR ASTE PKOH CVGI BLBD EPAC SHYF MPAA CIR FSTR NNBR SRI PLOW<br>Q1 ‘23<br>MLR $0.99<br>ASTE $0.66<br>PKOH $0.60<br>CVGI $0.26<br>BLBD $0.22<br>EPAC $0.12<br>SHYF $0.10<br>MPAA $0.07<br>CIR $0.02<br>FSTR -$0.16<br>NNBR -$0.22<br>SRI -$0.27<br>PLOW -$0.29<br>Q1 2023<br>24<br>Shareholder Return (EPS+Dividends) |
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| Q1 ‘23<br>BLBD 76.6%<br>MLR 34.1%<br>CIR 32.0%<br>FSTR 17.7%<br>CVGI 6.3%<br>EPAC 0.8%<br>ASTE 0.4%<br>PKOH -5.1%<br>PLOW -11.3%<br>SHYF -14.0%<br>SRI -15.0%<br>NNBR -26.0%<br>MPAA -36.4%<br>-40%<br>-20%<br>0%<br>20%<br>40%<br>60%<br>80%<br>BLBD MLR CIR FSTR CVGI EPAC ASTE PKOH PLOW SHYF SRI MMBR MPAA<br>Q1 2023<br>25<br>TSR (Total Shareholder Return)<br>$0.00<br>$0.08<br>$0.15<br>$0.23<br>$0.30<br>PLOW MLR ASTE PKOH NNBR SHYF EPAC FSTR CIR BLBD CVGI MPAA SRI<br>Q1 ‘23<br>PLOW $0.295<br>MLR $0.18<br>ASTE $0.13<br>PKOH $0.125<br>NNBR $0.07<br>SHYF $0.05<br>EPAC $0.04<br>FSTR $0.04<br>CIR $0.038<br>BLBD $0.00<br>CVGI $0.00<br>MPAA $0.00<br>SRI $0.00<br>Q1 2023<br>26<br>Quarterly Dividend |
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| -$0.68<br>-$0.45<br>-$0.23<br>$0.00<br>$0.23<br>$0.45<br>$0.68<br>$0.90<br>MLR ASTE PKOH CVGI BLBD EPAC MPAA SHYF CIR FSTR SRI NNBR PLOW<br>Q1 ‘23<br>MLR $0.81<br>ASTE $0.53<br>PKOH $0.47<br>CVGI $0.26<br>BLBD $0.22<br>EPAC $0.08<br>MPAA $0.07<br>SHYF $0.05<br>CIR -$0.02<br>FSTR -$0.20<br>SRI -$0.27<br>NNBR -$0.29<br>PLOW -$0.58<br>Q1 2023<br>27<br>EPS<br>Select Market Information<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>As of June 30, 2023<br>Ticker<br>Exchange<br>Stock Price<br>Market Capitalization<br>Revenue<br>Book Value<br>Debt to Total Capitalization Ratio<br>Full-time Employees<br>MLR<br>New York Stock Exchange<br>$35.47 per share<br>$405.9 million<br>$582.5 million<br>$27.58 per share<br>16.0%<br>1,594<br>28 |
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| Investment Highlights<br>The Worlds Largest Manufacturer of Towing and Recovery Equipment®<br>29<br> World Leader in Towing & Recovery Equipment<br> Strong Consistent Organic Growth<br> Global Presence<br> Industry Leader in Innovation<br> Best in Class Products and Distribution<br> Strong Customer Relationships<br> Attractive Financial Metrics<br> Experienced Management Team<br>The Worlds Largest<br>Manufacturer of<br>Towing and<br>Recovery<br>Equipment<br>NYSE: MLR<br>Thank You<br>30 |
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| 8503 Hilltop Drive, Ooltewah, TN 37363<br>Telephone 423.238.4171<br> CONTACT: Miller Industries, Inc.<br>Debbie Whitmire, Chief Financial Officer<br>(423) 238-8464<br>Frank Madonia, General Counsel<br>(423) 238-8414<br>FTI Consulting, Inc.<br>Mike Gaudreau<br>millerind@fticonsulting.com<br>MILLER INDUSTRIES REPORTS 2023 SECOND QUARTER RESULTS<br>CHATTANOOGA, Tenn., August 9, 2023/PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") today<br>announced financial results for the second quarter ended June 30, 2023.<br>For the second quarter of 2023, net sales were $300.3 million, an increase of 49.0%, compared to $201.5 million for the<br>second quarter of 2022. Net income in the second quarter of 2023 was $14.9 million, or $1.29 per diluted share, compared to<br>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%,<br>respectively.<br>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<br>net sales, for the second quarter of 2022. Selling, general and administrative expenses were $19.5 million, or 6.5% of net<br>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<br>to updates to the Company’s executive compensation structure, as well as non-recurring legal and professional fees.<br>The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable<br>September 11, 2023, to shareholders of record at the close of business on September 1, 2023, the fifty-first consecutive<br>quarter that the Company has paid a dividend.<br> “I am pleased with our strong second quarter results, which demonstrates the robust, profitable growth that our business is<br>capable of,” said William G. Miller, II, Chief Executive Officer of the Company. “Our topline strength reflects improved<br>delivery of finished goods, as our team and our distributors have adapted to the current supply chain environment. Market<br>demand for our products remains resilient and we are pleased to share that even in spite of our significant improvements in<br>product delivery, our backlog remains at near record levels, with no significant customer cancellations to date this year.”<br> – MORE – |
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| MILLER INDUSTRIES REPORTS 2023 SECOND QUARTER RESULTS PAGE 2<br>Mr. Miller continued, “In May we also closed on the acquisition of Southern Hydraulic Cylinder Inc., a custom hydraulic<br>cylinder manufacturer in Athens, Tennessee. This acquisition bolsters our efforts to enhance the stability of our supply chain<br>through vertical integration. It has already opened up new opportunities to deliver finished goods more quickly to customers,<br>while simultaneously reducing levels of finished goods in inventory and enabling efficient management of our working<br>capital. As we move forward, we will continue to strategically deploy capital and optimize our operations, however, our top<br>priority is reducing our debt balance.”<br> “Based on our second quarter results, it is evident that the strategic improvements we have made in our business over the last<br>few quarters are bearing fruit. We are realizing the benefits from the price adjustments implemented last year to mirror our<br>changing costs, the steps we have taken to improve our supply chain, and the efforts we have made to improve production<br>efficiency. All of this gives us assurance in our long-term potential. Based on our solid performance in the first half of 2023,<br>we are comfortable in our ability to achieve the financial targets we set earlier this year – generating over $1 billion of<br>revenue, with significant improvements in year-over-year profitability,” concluded Mr. Miller.<br>The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled<br>for tomorrow, August 10, 2023, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet<br>through the following link:<br>https://app.webinar.net/vpoelY2XVqj<br>Please allow 15 minutes prior to the call to visit the site, download, and install any necessary audio software. A replay of this<br>call will be available approximately one hour after the live call ends through August 17, 2023. The replay number is 1-844-<br>512-2921, Passcode 13739970.<br>About Miller Industries<br>Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and<br>recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®,<br>Challenger®, Champion®, Jige™, Boniface™, Titan® and Eagle®.<br>- MORE – |
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| MILLER INDUSTRIES REPORTS 2023 SECOND QUARTER RESULTS PAGE 3<br>Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities<br>Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “may,” “will,”<br> “should,” “could,” “continue,” “future,” “potential,” “believe,” “project,” “plan,” “intend,” “seek,” “estimate,” “predict,”<br> “expect,” “anticipate” and similar expressions, or the negative of such terms, or other comparable terminology and include<br>without limitation any statements relating to the Company’s 2023 revenues or margins. Forward-looking statements also include<br>the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on<br>our management’s beliefs as well as assumptions made by, and information currently available to, our management. Our actual<br>results may differ materially from the results anticipated in these forward-looking statements due to, among other things:<br>changes in price, delivery delays and decreased availability of component parts, chassis and raw materials, including aluminum,<br>steel, and petroleum-related products, resulting from changes in demand and market conditions, the general inflationary<br>environment, the war in Ukraine, and the lingering effects of the COVID-19 pandemic on supply chains; economic and market<br>conditions, including the negative impacts on the Company’s customers, suppliers and employees from increasing inflationary<br>pressures, economic and geopolitical uncertainties (including the war in Ukraine); our dependence upon outside suppliers for<br>purchased component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products; future<br>impacts resulting from the war in Ukraine, which include or could include (among other effects) disruption in global commodity<br>and other markets, increased prices for energy, supply shortages and supplier financial risk; increased labor costs and the ability<br>to attract and retain skilled labor to manufacture our products; the potential negative impacts of higher interest rates and other<br>actions taken by the federal government in response to economic volatility and inflationary pressures, including the impact on<br>our customers’ and end users’ access to capital and credit to fund purchases; our ability to raise capital, including to grow our<br>business, pursue strategic investments, and take advantage of financing or other opportunities that we believe to be in the best<br>interests of the Company and our shareholders due to the significant additional indebtedness we incurred during 2022; the<br>cyclical nature of our industry and changes in consumer confidence; special risks from our sales to U.S. and other governmental<br>entities through prime contractors; changes in fuel and other transportation costs, insurance costs and weather conditions;<br>changes in government regulations, including environmental and health and safety regulations; failure to comply with domestic<br>and foreign anti-corruption laws; competition in our industry and our ability to attract or retain customers; our ability to develop<br>or acquire proprietary products and technology; assertions against us relating to intellectual property rights; changes in foreign<br>currency exchange rates and interest rates; changes in the tax regimes and related government policies and regulations in the<br>countries in which we operate; the effects of regulations relating to conflict minerals; the catastrophic loss of one of our<br>manufacturing facilities; environmental and health and safety liabilities and requirements; loss of the services of our key<br>executives; product warranty or product liability claims in excess of our insurance coverage; potential recalls of components or<br>parts manufactured for us by suppliers or potential recalls of defective products; an inability to acquire insurance at<br>commercially reasonable rates; a disruption in, or breach in security of, our information technology systems or any violation of<br>data protection laws; and those other risks referenced herein, and those risks discussed in our filings with the Securities and<br>Exchange Commission, including those risks discussed under the caption “Risk Factors” in our Annual Report on Form 10-K<br>for the year ended December 31, 2022, which discussion is incorporated herein by this reference. Such factors are not exclusive.<br>We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, the<br>Company.<br>- MORE - |
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| MILLER INDUSTRIES, INC. AND SUBSIDIARIES<br>CONDENSED CONSOLIDATED STATEMENTS OF INCOME<br>(In thousands, except per share data)<br>(Unaudited)<br><br> Three Months Ended Six Months Ended<br>June 30 June 30<br> 2023 2022 2023 2022<br><br>NET SALES $ 300,264 $ 201,500 $ 582,539 $ 417,045<br>COSTS OF OPERATIONS 260,335 183,126 512,194 383,331<br>GROSS PROFIT 39,929 18,374 70,345 33,714<br><br>OPERATING EXPENSES:<br>Selling, general and administrative expenses 19,480 12,651 37,403 25,037<br>NON-OPERATING (INCOME) EXPENSES:<br>Interest expense, net 1,700 628 2,713 1,046<br>Other (income) expense, net (229) 275 (548) 327<br>Total expense, net 20,951 13,554 39,568 26,410<br><br>INCOME BEFORE INCOME TAXES 18,978 4,820 30,777 7,304<br>INCOME TAX PROVISION 4,063 1,063 6,642 1,482<br>NET INCOME $ 14,915 $ 3,757 $ 24,135 $ 5,822<br><br>BASIC INCOME PER COMMON SHARE $ 1.30 $ 0.33 $ 2.11 $ 0.51<br>DILUTED INCOME PER COMMON SHARE $ 1.29 $ 0.33 $ 2.10 $ 0.51<br>CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.18 $ 0.18 $ 0.36 $ 0.36<br>WEIGHTED AVERAGE SHARES OUTSTANDING:<br>Basic 11,466 11,417 11,425 11,417<br>Diluted 11,526 11,417 11,477 11,421<br>- MORE - |
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| MILLER INDUSTRIES, INC. AND SUBSIDIARIES<br>CONDENSED CONSOLIDATED BALANCE SHEETS<br>(In thousands, except share data)<br> June 30,<br> 2023 December 31,<br> (Unaudited) 2022<br>ASSETS<br>CURRENT ASSETS:<br>Cash and temporary investments $ 30,502 $ 40,153<br>Accounts receivable, net of allowance for credit losses of $1,412 and $1,319 at June 30, 2023 and<br>December 31, 2022, respectively 264542 177,663<br>Inventories, net 167458 153,656<br>Prepaid expenses 6,393 4,576<br>Total current assets 468,895 376,048<br>NONCURRENT ASSETS:<br>Property, plant and equipment, net 116,055 112,145<br>Right-of-use assets - operating leases 770 909<br>Goodwill 20,594 11,619<br>Other assets 681 708<br>TOTAL ASSETS $ 606,995 $ 501,429<br><br>LIABILITIES AND SHAREHOLDERS’ EQUITY<br>CURRENT LIABILITIES:<br>Accounts payable $ 188,869 $ 125,500<br>Accrued liabilities 34,537 27,904<br>Income taxes payable 882 2,430<br>Current portion of operating lease obligation 311 311<br>Total current liabilities 224599 156,145<br>NONCURRENT LIABILITIES:<br>Long-term obligations 60,000 45,000<br>Noncurrent portion of operating lease obligation 496 597<br>Deferred income tax liabilities 6,182 6,230<br>Total liabilities 291,277 207,972<br>COMMITMENTS AND CONTINGENCIES (Note 7)<br>SHAREHOLDERS’ EQUITY:<br>Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding — —<br>Common stock, $0.01 par value; 100,000,000 shares authorized, 11,445,640 and 11,416,716<br>outstanding at June 30, 2023 and December 31, 2022, respectively 114 114<br>Additional paid-in capital 152,746 152,392<br>Accumulated surplus 170,141 150,124<br>Accumulated other comprehensive loss (7,283) (9,173)<br>Total shareholders’ equity 315,718 293,457<br>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 606,995 $ 501,429 |
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