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EX - 99.1 2 mlr - 20210505ex99147883e.htm EX - 99.1 Allwer INDUSTRIES 8503 Hilltop Drive , Ooltewah , TN 37363 Telephone 423.238.4171 CONTACT : Miller Industries , Inc. Exhibit 99.1 Debbie Whitmire , Chief Financial Officer ( 423 ) 238-4171 Frank Madonia , General Counsel ( 423 ) 238-4171 FTI Consulting , Inc. Investor Contact : Mark Barbalato ( 212 ) 850-5707 MILLER INDUSTRIES REPORTS 2021 FIRST QUARTER RESULTS CHATTANOOGA , Tenn . , May 5 , 2021 / PRNewswire / -- Miller Industries , Inc. ( NYSE : MLR ) ( the " Company " ) today announced financial results for the first quarter ended March 31 , 2021 . For the first quarter of 2021 , net sales were $ 169.9 million , a decrease of 3.5 % , compared to $ 176.1 million for the first quarter of 2020. Net income in the first quarter of 2021 was $ 3.2 million , or $ 0.28 per share , a decrease of 41.5 % , compared to net income of $ 5.4 million , or $ 0.48 per share , in the prior year period . Gross profit for the first quarter of 2021 was $ 15.8 million , or 9.3 % of net sales , compared to $ 18.5 million , or 10.5 % of net sales , for the first quarter of 2020. Selling , general and administrative expenses were $ 11.1 million , or 6.5 % of net sales , compared to $ 11.0 million , or 6.2 % of net sales , in the prior year period . The Company also announced that its Board of Directors has declared a quarterly cash dividend of $ 0.18 per share , payable June 14 , 2021 to shareholders of record at the close of business on June 7 , 2021 , the forty - second consecutive quarter that the Company has paid a dividend . Jeffrey I. Badgley , Co - Chief Executive Officer of the Company said , " As we stated in our fourth quarter earnings release , our operational performance during January was impacted by delivery delays throughout our network which were associated with the rollout of our new enterprise software system , as well as other COVID - 19 related supply chain disruptions and limited availability of freight transportation . With that said , Will and I are pleased to report that the first phase of our enterprise software upgrade rollout has been completed and we are beginning to realize the benefits of our enhanced operational efficiencies . Despite these early challenges , we were able to successfully work through many of those issues during the first half of the first quarter and our operations began to normalize as the quarter progressed . Importantly , the normalization we experienced exiting the first quarter has continued into the second quarter . "