$MLR
MILLER INDUSTRIES INC /TN/

2023 Q2 Form 10-Q Financial Statement

#000155837023007874 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $300.3M $282.3M
YoY Change 49.01% 30.96%
Cost Of Revenue $260.3M $251.9M
YoY Change 42.16% 25.8%
Gross Profit $39.93M $30.42M
YoY Change 117.31% 98.29%
Gross Profit Margin 13.3% 10.78%
Selling, General & Admin $19.48M $17.92M
YoY Change 53.98% 44.71%
% of Gross Profit 48.79% 58.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.213M $3.148M
YoY Change 13.53% 12.71%
% of Gross Profit 8.05% 10.35%
Operating Expenses $19.48M $17.92M
YoY Change 53.98% 44.71%
Operating Profit $20.45M $12.49M
YoY Change 257.31% 322.92%
Interest Expense $1.700M $1.012M
YoY Change 170.7% 142.11%
% of Operating Profit 8.31% 8.1%
Other Income/Expense, Net -$44.00K -$20.00K
YoY Change -222.22%
Pretax Income $18.98M $11.80M
YoY Change 293.73% 375.0%
Income Tax $4.063M $2.579M
% Of Pretax Income 21.41% 21.86%
Net Earnings $14.92M $9.220M
YoY Change 296.99% 346.49%
Net Earnings / Revenue 4.97% 3.27%
Basic Earnings Per Share $1.30 $0.81
Diluted Earnings Per Share $1.29 $0.81
COMMON SHARES
Basic Shares Outstanding 11.44M 11.42M
Diluted Shares Outstanding 11.53M 11.43M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.50M $29.72M
YoY Change -2.01% 1.46%
Cash & Equivalents $30.50M $29.72M
Short-Term Investments
Other Short-Term Assets $6.393M $6.771M
YoY Change -14.14% -22.56%
Inventory $167.5M $164.4M
Prepaid Expenses $6.393M $6.771M
Receivables $264.5M $233.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $468.9M $434.0M
YoY Change 26.38% 21.83%
LONG-TERM ASSETS
Property, Plant & Equipment $116.1M $111.0M
YoY Change 2.21% 13.49%
Goodwill $20.59M $11.62M
YoY Change 77.24% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $681.0K $686.0K
YoY Change 10.19% 7.02%
Total Long-Term Assets $138.1M $124.1M
YoY Change 8.88% 11.61%
TOTAL ASSETS
Total Short-Term Assets $468.9M $434.0M
Total Long-Term Assets $138.1M $124.1M
Total Assets $607.0M $558.2M
YoY Change 21.92% 19.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $188.9M $169.5M
YoY Change 37.16% 21.64%
Accrued Expenses $34.54M $30.26M
YoY Change 35.99% 31.49%
Deferred Revenue $242.0K $242.0K
YoY Change -5.84% -5.84%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $224.6M $204.8M
YoY Change 37.43% 25.87%
LONG-TERM LIABILITIES
Long-Term Debt $60.00M $45.00M
YoY Change 50.0% 350.0%
Other Long-Term Liabilities $496.0K $569.0K
YoY Change -31.3% -30.27%
Total Long-Term Liabilities $60.00M $45.00M
YoY Change 50.0% 350.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $224.6M $204.8M
Total Long-Term Liabilities $60.00M $45.00M
Total Liabilities $291.3M $256.5M
YoY Change 39.11% 43.59%
SHAREHOLDERS EQUITY
Retained Earnings $170.1M $157.3M
YoY Change 18.46% 10.82%
Common Stock $114.0K $114.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $315.7M $301.7M
YoY Change
Total Liabilities & Shareholders Equity $607.0M $558.2M
YoY Change 21.92% 19.4%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $14.92M $9.220M
YoY Change 296.99% 346.49%
Depreciation, Depletion And Amortization $3.213M $3.148M
YoY Change 13.53% 12.71%
Cash From Operating Activities $9.674M -$6.764M
YoY Change -264.22% -76.62%
INVESTING ACTIVITIES
Capital Expenditures $4.861M $1.749M
YoY Change -125.93% -57.25%
Acquisitions
YoY Change
Other Investing Activities -$17.56M $0.00
YoY Change -100.0%
Cash From Investing Activities -$22.42M -$1.749M
YoY Change 19.6% -57.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.94M -2.059M
YoY Change -53.69% -125.94%
NET CHANGE
Cash From Operating Activities 9.674M -6.764M
Cash From Investing Activities -22.42M -1.749M
Cash From Financing Activities 12.94M -2.059M
Net Change In Cash 190.0K -10.43M
YoY Change -94.24% -58.33%
FREE CASH FLOW
Cash From Operating Activities $9.674M -$6.764M
Capital Expenditures $4.861M $1.749M
Free Cash Flow $4.813M -$8.513M
YoY Change -62.57% -74.22%

Facts In Submission

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CY2023Q1 us-gaap Basis Of Accounting
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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 10pt 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 10pt 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, 2022. 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>
CY2023Q1 us-gaap Net Income Loss
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8
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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ContractWithCustomerAssetGross
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CY2022Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
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CY2023Q1 mlr Inventory Chassis Net Of Reserves
InventoryChassisNetOfReserves
18125000
CY2022Q4 mlr Inventory Chassis Net Of Reserves
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InventoryNet
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InventoryNet
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CY2023Q1 us-gaap Lessee Finance Lease Existence Of Option To Extend
LesseeFinanceLeaseExistenceOfOptionToExtend
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CY2023Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
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CY2023Q1 us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
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CY2023Q1 us-gaap Lessee Finance Lease Existence Of Option To Terminate
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2023Q1 mlr Finance Lease Cost
FinanceLeaseCost
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CY2022Q1 mlr Finance Lease Cost
FinanceLeaseCost
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CY2023Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Short Term Lease Cost
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CY2023Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
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CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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CY2022Q1 us-gaap Property Plant And Equipment Net
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CY2022Q1 us-gaap Accounts Payable Current
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CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2021Q4 us-gaap Accounts Payable Current
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CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2023Q2 us-gaap Dividends Payable Date Declared Day Month And Year
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2023-05-01
CY2023Q2 us-gaap Dividends Payable Amount Per Share
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CY2023Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
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2023-06-12
CY2023Q2 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2023-06-05

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