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EX - 99.1 2 mlr - 20211103ex991c92f77.htm EX - 99.1 Allauer 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 THIRD QUARTER RESULTS CHATTANOOGA , Tenn . , November 3 , 2021 / PRNewswire / -- Miller Industries , Inc. ( NYSE : MLR ) ( the " Company " ) today announced financial results for the third quarter ended September 30 , 2021 . For the third quarter of 2021 , net sales were $ 164.7 million , a decrease of 2.2 % , compared to $ 168.4 million for the third quarter of 2020. Net income in the third quarter of 2021 was $ 3.8 million , or $ 0.34 per share , a decrease of 41.3 % , compared to net income of $ 6.6 million , or $ 0.57 per share , in the prior year period . Gross profit for the third quarter of 2021 was $ 17.8 million , or 10.8 % of net sales , compared to $ 17.8 million , or 10.6 % of net sales , for the third quarter of 2020. Selling , general and administrative expenses were $ 12.0 million , or 7.3 % of net sales , compared to $ 9.2 million , or 5.5 % of net sales , in the prior year period . For the nine months ended September 30 , 2021 , net sales were $ 515.8 million , an increase of 9.1 % compared to $ 472.9 million in the prior year period . The Company reported net income of $ 13.5 million , or $ 1.19 per share for the first nine months of 2021 , a decrease of 24.0 % compared to net income of $ 17.8 million , or $ 1.56 per share for the first nine months of 2020 . The Company also announced that its Board of Directors has declared a quarterly cash dividend of $ 0.18 per share , payable December 13 , 2021 to shareholders of record at the close of business on December 6 , 2021 , the forty - fifth consecutive quarter that the Company has paid a dividend . Jeffrey I. Badgley , Co - Chief Executive Officer of the Company said , " Supply chain challenges and inflationary pressures increased throughout the quarter , making it increasingly difficult to secure certain parts to complete finished goods . However , we are pleased with our performance during the quarter despite these challenges and are encouraged by the demand trends in our end - markets . That said , we are unsure of when the supply chain disruptions and labor headwinds will subside , and we will continue to leverage all of our resources to ensure that we meet customer demand . "