$MLR
MILLER INDUSTRIES INC /TN/

2021 Q1 Form 10-Q Financial Statement

#000092482221000023 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $169.9M $176.1M
YoY Change -3.49% -10.73%
Cost Of Revenue $154.1M $157.5M
YoY Change -2.18% -9.78%
Gross Profit $15.83M $18.54M
YoY Change -14.6% -17.97%
Gross Profit Margin 9.32% 10.53%
Selling, General & Admin $11.05M $10.97M
YoY Change 0.7% 7.59%
% of Gross Profit 69.81% 59.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.440M $2.253M
YoY Change 8.3% 6.78%
% of Gross Profit 15.41% 12.15%
Operating Expenses $11.05M $10.97M
YoY Change 0.7% 6.54%
Operating Profit $4.780M $7.564M
YoY Change -36.81% -38.91%
Interest Expense $275.0K $359.0K
YoY Change -23.4% -139.89%
% of Operating Profit 5.75% 4.75%
Other Income/Expense, Net
YoY Change
Pretax Income $4.229M $7.114M
YoY Change -40.55% -38.14%
Income Tax $1.051M $1.683M
% Of Pretax Income 24.85% 23.66%
Net Earnings $3.178M $5.431M
YoY Change -41.48% -37.29%
Net Earnings / Revenue 1.87% 3.08%
Basic Earnings Per Share $0.28 $0.48
Diluted Earnings Per Share $0.28 $0.48
COMMON SHARES
Basic Shares Outstanding 11.41M 11.41M
Diluted Shares Outstanding 11.41M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.20M $43.10M
YoY Change 30.39% 126.84%
Cash & Equivalents $56.20M $43.09M
Short-Term Investments
Other Short-Term Assets $6.600M $7.700M
YoY Change -14.29% 32.76%
Inventory $84.94M $92.60M
Prepaid Expenses $6.552M
Receivables $167.7M $168.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $315.4M $312.4M
YoY Change 0.96% 2.49%
LONG-TERM ASSETS
Property, Plant & Equipment $98.73M $93.50M
YoY Change 5.6% 9.1%
Goodwill $11.62M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $491.0K $400.0K
YoY Change 22.75% -20.0%
Total Long-Term Assets $112.3M $105.5M
YoY Change 6.42% 7.76%
TOTAL ASSETS
Total Short-Term Assets $315.4M $312.4M
Total Long-Term Assets $112.3M $105.5M
Total Assets $427.7M $417.9M
YoY Change 2.34% 3.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $113.4M $96.80M
YoY Change 17.1% -10.2%
Accrued Expenses $24.17M $24.70M
YoY Change -2.16% -6.44%
Deferred Revenue $272.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $300.0K
YoY Change -100.0% -25.0%
Total Short-Term Liabilities $137.9M $121.8M
YoY Change 13.23% -9.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $30.00M
YoY Change -100.0% -0.99%
Other Long-Term Liabilities $1.100M $1.200M
YoY Change -8.33% -14.29%
Total Long-Term Liabilities $1.100M $31.20M
YoY Change -96.47% -1.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $137.9M $121.8M
Total Long-Term Liabilities $1.100M $31.20M
Total Liabilities $143.1M $156.5M
YoY Change -8.55% -6.9%
SHAREHOLDERS EQUITY
Retained Earnings $135.0M
YoY Change
Common Stock $114.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $284.5M $261.4M
YoY Change
Total Liabilities & Shareholders Equity $427.7M $417.9M
YoY Change 2.34% 3.77%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $3.178M $5.431M
YoY Change -41.48% -37.29%
Depreciation, Depletion And Amortization $2.440M $2.253M
YoY Change 8.3% 6.78%
Cash From Operating Activities $2.847M -$1.852M
YoY Change -253.73% -89.62%
INVESTING ACTIVITIES
Capital Expenditures $2.489M $3.526M
YoY Change -29.41% -211.58%
Acquisitions
YoY Change
Other Investing Activities $10.00K
YoY Change
Cash From Investing Activities -$2.489M -$3.516M
YoY Change -29.21% 11.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.059M 22.85M
YoY Change -109.01% 77.82%
NET CHANGE
Cash From Operating Activities 2.847M -1.852M
Cash From Investing Activities -2.489M -3.516M
Cash From Financing Activities -2.059M 22.85M
Net Change In Cash -1.322M 17.02M
YoY Change -107.77% -308.6%
FREE CASH FLOW
Cash From Operating Activities $2.847M -$1.852M
Capital Expenditures $2.489M $3.526M
Free Cash Flow $358.0K -$5.378M
YoY Change -106.66% -63.39%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.19;margin:0pt 0pt 12pt 0pt;">1.          BASIS OF PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">The condensed consolidated financial statements of Miller Industries, Inc. and subsidiaries (the “Company”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain activities is determined based on estimated gross profit rates. Interim results of operations are not necessarily indicative of results to be expected for the fiscal year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">st</sup> by 31 days (or less) to facilitate timely reporting.</p>
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