$MLR
MILLER INDUSTRIES INC /TN/

2022 Q1 Form 10-Q Financial Statement

#000092482222000025 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $215.5M $169.9M
YoY Change 26.86% -3.49%
Cost Of Revenue $200.2M $154.1M
YoY Change 29.93% -2.18%
Gross Profit $15.34M $15.83M
YoY Change -3.1% -14.6%
Gross Profit Margin 7.12% 9.32%
Selling, General & Admin $12.39M $11.05M
YoY Change 12.08% 0.7%
% of Gross Profit 80.74% 69.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.793M $2.440M
YoY Change 14.47% 8.3%
% of Gross Profit 18.21% 15.41%
Operating Expenses $12.39M $11.05M
YoY Change 12.08% 0.7%
Operating Profit $2.954M $4.780M
YoY Change -38.2% -36.81%
Interest Expense $418.0K $275.0K
YoY Change 52.0% -23.4%
% of Operating Profit 14.15% 5.75%
Other Income/Expense, Net
YoY Change
Pretax Income $2.484M $4.229M
YoY Change -41.26% -40.55%
Income Tax $419.0K $1.051M
% Of Pretax Income 16.87% 24.85%
Net Earnings $2.065M $3.178M
YoY Change -35.02% -41.48%
Net Earnings / Revenue 0.96% 1.87%
Basic Earnings Per Share $0.18 $0.28
Diluted Earnings Per Share $0.18 $0.28
COMMON SHARES
Basic Shares Outstanding 11.42M 11.41M
Diluted Shares Outstanding 11.42M 11.41M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.29M $56.20M
YoY Change -47.88% 30.39%
Cash & Equivalents $29.29M $56.20M
Short-Term Investments
Other Short-Term Assets $8.743M $6.600M
YoY Change 32.47% -14.29%
Inventory $124.3M $84.94M
Prepaid Expenses $8.743M $6.552M
Receivables $193.9M $167.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $356.3M $315.4M
YoY Change 12.96% 0.96%
LONG-TERM ASSETS
Property, Plant & Equipment $97.79M $98.73M
YoY Change -0.96% 5.6%
Goodwill $11.62M $11.62M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $641.0K $491.0K
YoY Change 30.55% 22.75%
Total Long-Term Assets $111.2M $112.3M
YoY Change -0.95% 6.42%
TOTAL ASSETS
Total Short-Term Assets $356.3M $315.4M
Total Long-Term Assets $111.2M $112.3M
Total Assets $467.5M $427.7M
YoY Change 9.31% 2.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $139.3M $113.4M
YoY Change 22.9% 17.1%
Accrued Expenses $23.02M $24.17M
YoY Change -4.76% -2.16%
Deferred Revenue $257.0K $272.0K
YoY Change -5.51%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.000K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $162.7M $137.9M
YoY Change 17.96% 13.23%
LONG-TERM LIABILITIES
Long-Term Debt $10.00M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $816.0K $1.100M
YoY Change -25.82% -8.33%
Total Long-Term Liabilities $10.00M $1.100M
YoY Change 809.09% -96.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $162.7M $137.9M
Total Long-Term Liabilities $10.00M $1.100M
Total Liabilities $178.6M $143.1M
YoY Change 24.81% -8.55%
SHAREHOLDERS EQUITY
Retained Earnings $141.9M $135.0M
YoY Change 5.13%
Common Stock $114.0K $114.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $288.8M $284.5M
YoY Change
Total Liabilities & Shareholders Equity $467.5M $427.7M
YoY Change 9.31% 2.34%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $2.065M $3.178M
YoY Change -35.02% -41.48%
Depreciation, Depletion And Amortization $2.793M $2.440M
YoY Change 14.47% 8.3%
Cash From Operating Activities -$28.94M $2.847M
YoY Change -1116.37% -253.73%
INVESTING ACTIVITIES
Capital Expenditures $4.091M $2.489M
YoY Change 64.36% -29.41%
Acquisitions
YoY Change
Other Investing Activities $8.000K
YoY Change
Cash From Investing Activities -$4.083M -$2.489M
YoY Change 64.04% -29.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.939M -2.059M
YoY Change -485.58% -109.01%
NET CHANGE
Cash From Operating Activities -28.94M 2.847M
Cash From Investing Activities -4.083M -2.489M
Cash From Financing Activities 7.939M -2.059M
Net Change In Cash -25.04M -1.322M
YoY Change 1794.1% -107.77%
FREE CASH FLOW
Cash From Operating Activities -$28.94M $2.847M
Capital Expenditures $4.091M $2.489M
Free Cash Flow -$33.03M $358.0K
YoY Change -9325.42% -106.66%

Facts In Submission

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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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CY2021Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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29292000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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56199000
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CY2021Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Income Taxes Paid Net
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CY2021Q1 us-gaap Income Taxes Paid Net
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604000
CY2022Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<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. 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, 2021. 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>
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
2065000
CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q1 us-gaap Contract With Customer Liability Current
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CY2021Q4 us-gaap Contract With Customer Liability Current
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0
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
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0
CY2022Q1 us-gaap Contract With Customer Asset Gross
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0
CY2021Q4 us-gaap Contract With Customer Asset Gross
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0
CY2022Q1 mlr Inventory Chassis Net Of Reserves
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6664000
CY2021Q4 mlr Inventory Chassis Net Of Reserves
InventoryChassisNetOfReserves
5753000
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
59651000
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
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16658000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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15510000
CY2022Q1 us-gaap Inventory Net
InventoryNet
124348000
CY2021Q4 us-gaap Inventory Net
InventoryNet
114908000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29292000
CY2022Q1 us-gaap Lessee Finance Lease Existence Of Option To Extend
LesseeFinanceLeaseExistenceOfOptionToExtend
true
CY2022Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
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CY2022Q1 us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
CY2022Q1 us-gaap Lessee Finance Lease Existence Of Option To Terminate
LesseeFinanceLeaseExistenceOfOptionToTerminate
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CY2022Q1 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
78000
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
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CY2022Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
304000
CY2022Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
10000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
336000
CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
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CY2022Q1 mlr Lessee Operating Lease Liability Payments Due After Year Four
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q1 us-gaap Finance Lease Liability Payments Due
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CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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1000
CY2022Q1 us-gaap Operating Lease Liability
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CY2022Q1 us-gaap Finance Lease Liability
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CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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5000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
5000
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
CY2022Q1 mlr Finance Lease Cost
FinanceLeaseCost
6000
CY2021Q1 mlr Finance Lease Cost
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CY2022Q1 us-gaap Operating Lease Cost
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CY2021Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Short Term Lease Cost
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CY2021Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2021Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Operating Lease Payments
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CY2021Q1 us-gaap Finance Lease Principal Payments
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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31000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y8M12D
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P0Y4M24D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y10M24D
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y8M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.031
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.040
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
0
CY2022Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2022-05-02
CY2022Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.18
CY2022Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2022-06-13
CY2022Q2 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2022-06-06

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