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EX - 99.1 2 mlr - 20210804ex991284d17.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 : Nareg Sagherian ( 202 ) 255-4225 MILLER INDUSTRIES REPORTS 2021 SECOND QUARTER RESULTS CHATTANOOGA , Tenn . , August 4 , 2021 / PRNewswire / -- Miller Industries , Inc. ( NYSE : MLR ) ( the " Company " ) today announced financial results for the second quarter ended June 30 , 2021 . For the second quarter of 2021 , net sales were $ 181.2 million , an increase of 40.9 % , compared to $ 128.5 million for the second quarter of 2020. Net income in the second quarter of 2021 was $ 6.5 million , or $ 0.57 per share , an increase of 11.8 % , compared to net income of $ 5.8 million , or $ 0.51 per share , in the prior year period . Gross profit for the second quarter of 2021 was $ 20.6 million , or 11.4 % of net sales , compared to $ 17.7 million , or 13.8 % of net sales , for the second quarter of 2020. Selling , general and administrative expenses were $ 12.0 million , or 6.6 % of net sales , compared to $ 10.1 million , or 7.8 % of net sales , in the prior year period . For the six months ended June 30 , 2021 , net sales were $ 351.1 million , an increase of 15.3 % compared to $ 304.6 million in the prior year period . The Company reported net income of $ 9.7 million , or $ 0.85 per share for the six months of 2021 , a decrease of 13.9 % compared to net income of $ 11.3 million , or $ 0.99 per share for the first six months of 2020 . The Company also announced that its Board of Directors has declared a quarterly cash dividend of $ 0.18 per share , payable September 13 , 2021 to shareholders of record at the close of business on September 3 , 2021 , the forty - third consecutive quarter that the Company has paid a dividend . Jeffrey I. Badgley , Co - Chief Executive Officer of the Company said , " We are encouraged by our strong performance in the second quarter as our operations continued to normalize towards pre - pandemic levels . For the second quarter , sales increased 40.9 % to $ 181.2 million as demand trends continued to improve across all of our markets . In addition , our operations are beginning to see the benefits of our enterprise software upgrades completed in the first quarter and we do not anticipate any significant disruptions to our business operations as we work to implement further system improvements across our network . Despite favorable demand conditions and improving industry dynamics , our operations continue to be impacted by supply chain disruptions and limited availability of freight transportation across our network , as well as increased employee turnover and difficulties in