$MLR
MILLER INDUSTRIES INC /TN/

2023 Q3 Form 10-Q Financial Statement

#000155837023014181 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $274.6M $300.3M
YoY Change 33.57% 49.01%
Cost Of Revenue $231.7M $260.3M
YoY Change 27.04% 42.16%
Gross Profit $42.87M $39.93M
YoY Change 84.94% 117.31%
Gross Profit Margin 15.61% 13.3%
Selling, General & Admin $19.32M $19.48M
YoY Change 31.66% 53.98%
% of Gross Profit 45.06% 48.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.320M $3.213M
YoY Change 10.48% 13.53%
% of Gross Profit 7.74% 8.05%
Operating Expenses $19.32M $19.48M
YoY Change 31.66% 53.98%
Operating Profit $23.55M $20.45M
YoY Change 176.83% 257.31%
Interest Expense $1.813M $1.700M
YoY Change 73.99% 170.7%
% of Operating Profit 7.7% 8.31%
Other Income/Expense, Net $900.0K -$44.00K
YoY Change -2827.27% -222.22%
Pretax Income $22.03M $18.98M
YoY Change 224.03% 293.73%
Income Tax $4.572M $4.063M
% Of Pretax Income 20.75% 21.41%
Net Earnings $17.46M $14.92M
YoY Change 233.7% 296.99%
Net Earnings / Revenue 6.36% 4.97%
Basic Earnings Per Share $1.53 $1.30
Diluted Earnings Per Share $1.52 $1.29
COMMON SHARES
Basic Shares Outstanding 11.45M 11.44M
Diluted Shares Outstanding 11.52M 11.53M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.80M $30.50M
YoY Change -19.3% -2.01%
Cash & Equivalents $26.85M $30.50M
Short-Term Investments
Other Short-Term Assets $5.300M $6.393M
YoY Change -12.44% -14.14%
Inventory $176.3M $167.5M
Prepaid Expenses $5.343M $6.393M
Receivables $240.6M $264.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $449.1M $468.9M
YoY Change 27.76% 26.38%
LONG-TERM ASSETS
Property, Plant & Equipment $116.2M $116.1M
YoY Change 3.26% 2.21%
Goodwill $20.59M $20.59M
YoY Change 77.24% 77.24%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $782.0K $681.0K
YoY Change 24.92% 10.19%
Total Long-Term Assets $138.3M $138.1M
YoY Change 9.99% 8.88%
TOTAL ASSETS
Total Short-Term Assets $449.1M $468.9M
Total Long-Term Assets $138.3M $138.1M
Total Assets $587.4M $607.0M
YoY Change 23.08% 21.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $146.8M $188.9M
YoY Change 36.58% 37.16%
Accrued Expenses $40.23M $34.54M
YoY Change 33.54% 35.99%
Deferred Revenue $242.0K $242.0K
YoY Change -11.68% -5.84%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $188.5M $224.6M
YoY Change 36.69% 37.43%
LONG-TERM LIABILITIES
Long-Term Debt $60.00M $60.00M
YoY Change 33.33% 50.0%
Other Long-Term Liabilities $400.0K $496.0K
YoY Change -36.31% -31.3%
Total Long-Term Liabilities $60.00M $60.00M
YoY Change 33.33% 50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $188.5M $224.6M
Total Long-Term Liabilities $60.00M $60.00M
Total Liabilities $255.0M $291.3M
YoY Change 35.12% 39.11%
SHAREHOLDERS EQUITY
Retained Earnings $185.5M $170.1M
YoY Change 26.38% 18.46%
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 $332.4M $315.7M
YoY Change
Total Liabilities & Shareholders Equity $587.4M $607.0M
YoY Change 23.08% 21.92%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $17.46M $14.92M
YoY Change 233.7% 296.99%
Depreciation, Depletion And Amortization $3.320M $3.213M
YoY Change 10.48% 13.53%
Cash From Operating Activities $1.300M $9.674M
YoY Change -59.69% -264.22%
INVESTING ACTIVITIES
Capital Expenditures $3.120M $4.861M
YoY Change -236.42% -125.93%
Acquisitions
YoY Change
Other Investing Activities -$210.0K -$17.56M
YoY Change
Cash From Investing Activities -$3.340M -$22.42M
YoY Change 46.04% 19.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.060M 12.94M
YoY Change -170.07% -53.69%
NET CHANGE
Cash From Operating Activities 1.300M 9.674M
Cash From Investing Activities -3.340M -22.42M
Cash From Financing Activities -2.060M 12.94M
Net Change In Cash -4.100M 190.0K
YoY Change -205.72% -94.24%
FREE CASH FLOW
Cash From Operating Activities $1.300M $9.674M
Capital Expenditures $3.120M $4.861M
Free Cash Flow -$1.820M $4.813M
YoY Change -133.02% -62.57%

Facts In Submission

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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>
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