SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 1998
Commission File No. 0-24298
MILLER INDUSTRIES, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee 62-1566286
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3220 Pointe Parkway, Suite 100
Norcross, Georgia 30092
--------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 446-6778
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES /X/ NO / /
The number of shares outstanding of the registrant's Common
Stock, $.01 par value, as of February 28, 1998 was 45,597,369.<PAGE>
MILLER INDUSTRIES, INC.
INDEX
PART I. FINANCIAL INFORMATION Page Number
Item 1. Financial Statements (Unaudited)
--------------------------------
Condensed Consolidated Balance Sheets -
January 31, 1998 and April 30, 1997 3
Condensed Consolidated Statements of Income
for the Three Months and Nine Months Ended
January 31, 1998 and 1997 4
Condensed Consolidated Statements of Cash Flows
for the Nine Months Ended January 31, 1998 and
1997 5
Notes to Condensed Consolidated Financial
Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 9
---------------------------------------------
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 12
-----------------
Item 6. Exhibits and Reports on Form 8-K 13
--------------------------------
SIGNATURES 13
2<PAGE>
MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
ASSETS
<TABLE>
<CAPTION>
January 31, April 30,
1998 1997
----------- -----------
<S> <C> <C>
(Unaudited)
CURRENT ASSETS:
Cash and temporary investments $ 5,303 $ 8,508
Accounts receivable, net 60,614 49,844
Inventories 67,697 60,574
Deferred income taxes 6,141 4,541
Prepaid expenses and other 5,364 1,885
--------- ----------
Total current assets 145,119 125,352
PROPERTY, PLANT AND EQUIPMENT, net 71,679 49,171
GOODWILL, net 76,720 36,916
OTHER ASSETS, net 8,028 3,858
--------- ---------
$ 301,546 $ 215,297
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 8,569 $ 4,479
Accounts payable 28,179 38,548
Accrued liabilities and other 25,880 20,345
--------- ---------
Total current liabilities 62,628 63,372
--------- ---------
LONG-TERM DEBT, less current portion 66,366 11,282
--------- ---------
DEFERRED INCOME TAXES 1,888 1,860
--------- ---------
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value,5,000,000
shares authorized; none issued or outstanding 0 0
Common stock, $.01 par value, 100,000,000 shares
authorized; 45,596,971 and 42,480,202 shares
issued and outstanding at January 31, 1998 and
April 30, 1997, respectively 456 425
Additional paid-in capital 133,468 110,773
Retained earnings 37,185 28,027
Cumulative translation adjustment (445) (442)
--------- ---------
Total shareholders' equity 170,664 138,783
--------- ---------
$ 301,546 $215,297
========= ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
3<PAGE>
MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
January 31, January 31,
------------------------ --------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
NET SALES $ 105,220 $ 80,261 $ 285,300 $ 215,285
--------- --------- --------- ---------
COSTS AND EXPENSES:
Costs of operations 86,777 66,729 230,237 178,485
Selling, general, and administrative expenses 13,362 7,357 33,842 20,447
Restructuring costs -- -- 4,100 --
Interest expense, net 970 53 1,670 310
--------- --------- --------- ---------
Total costs and expenses 101,109 74,139 269,849 199,242
--------- --------- --------- ---------
INCOME BEFORE INCOME TAXES 4,111 6,122 15,451 16,043
PROVISION FOR INCOME TAXES 1,720 2,270 5,985 5,818
--------- --------- --------- ---------
NET INCOME $ 2,391 $ 3,852 $ 9,466 $ 10,225
========= ========= ========= =========
BASIC EARNINGS PER COMMON SHARE $ .05 $ .10 $ .21 $ .26
========= ========= ========= =========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 44,873 40,319 44,208 38,970
========= ========= ========= =========
DILUTED EARNINGS PER COMMON SHARE $ .05 $ .09 $ .21 $ .25
========= ========= ========= =========
WEIGHTED AVERAGE COMMON AND
COMMON EQUIVALENT SHARES
OUTSTANDING 46,285 43,011 46,008 41,356
========= ========= ========= =========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
4
<PAGE>
MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended January 31,
-----------------------------
1998 1997
-------- ---------
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 9,466 $ 10,225
Adjustments to reconcile net income to net cash used
in operating activities:
Depreciation and amortization 6,442 1,980
Deferred income tax provision (1,554) 293
Gain on sales of property, plant, and equipment (965) --
Changes in operating assets and liabilities:
Accounts receivable (7,878) (8,506)
Inventories (987) (14,163)
Prepaid expenses and other (2,617) (176)
Accrued liabilities and other (1,886) (949)
Accounts payable (14,085) (523)
Other assets (2,694) 470
-------- ---------
Net cash used in operating activities (16,758) (11,349)
-------- ---------
INVESTING ACTIVITIES:
Purchases of property, plant, and equipment (14,808) (4,411)
Proceeds from sales of property, plant, and equipment 1,648 495
Acquisition of businesses, net of cash acquired (18,172) --
Proceeds from sale of finance receivables 3,861 --
Funding of finance receivables (1,067) (17,567)
Other 560 450
-------- ---------
Net cash used in investing activities (27,978) (21,033)
-------- ---------
FINANCING ACTIVITIES:
Net borrowings under line of credit 55,133 7
Repayment of long-term debt (14,551) (3,707)
Proceeds from issuance of common stock -- 28,659
Proceeds from exercise of stock options 965 423
Distributions to former shareholders of acquired companies -- (633)
-------- ---------
Net cash provided by financing activities 41,547 24,749
-------- ---------
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY
INVESTMENTS (16) --
-------- ---------
NET DECREASE IN CASH AND TEMPORARY INVESTMENTS (3,205) (7,633)
CASH AND TEMPORARY INVESTMENTS, beginning of period 8,508 25,108
-------- ---------
CASH AND TEMPORARY INVESTMENTS, end of period $ 5,303 $ 17,475
======== =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payments for interest $ 1,508 $ 277
======== =========
Cash payments for income taxes $ 7,235 $ 5,070
======== =========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
5
<PAGE>
MILLER INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
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. Certain information and footnote disclosures
normally included in annual financial statements prepared in
accordance with generally accepted accounting principles
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. These condensed consolidated
financial statements should be read in conjunction with the
Company's Annual Report on Form 10-K for the year ended
April 30, 1997.
2. Earnings Per Share
Basic earnings per share is computed by dividing net income
by the weighted average number of common shares outstanding.
Diluted earnings per share takes into consideration assumed
conversion of outstanding stock options resulting in 1.4
million and 2.7 million common equivalent shares for the
three months ended January 31, 1998 and 1997, and 1.8
million and 2.4 million common equivalent shares for the
nine months ended January 31, 1998 and 1997, respectively.
Diluted earnings per share is calculated by dividing net
income by the weighted average number of common and common
equivalent shares outstanding. Per share amounts do not
include assumed conversion of stock options with exercise
prices greater than the average share price because to do so
would have been antidilutive for the periods presented.
During the third quarter of fiscal 1998, the Company adopted
Financial Accounting Standard ("SFAS") No. 128, "Earnings
6
<PAGE>
Per Share", which was effective December 15, 1997. All
prior year earnings per share amounts have been restated to
reflect adoption of the new standard. The adoption of SFAS
No. 128 did not have a material effect on the Company's
earnings per share amounts.
3. Inventories
Inventory costs include materials, labor and factory
overhead. Inventories are stated at the lower of cost or
market, determined on a first-in, first-out basis.
Inventories at January 31, 1998 and April 30, 1997 consisted
of the following (in thousands):
January 31, April 30,
1998 1997
----------- ---------
Chassis $ 15,881 $ 18,837
Raw Materials 12,686 16,257
Work in process 6,207 7,843
Finished goods 32,923 17,637
--------- --------
$ 67,697 $ 60,574
========= ========
4. Business Combinations
In May 1997, the Company acquired all the outstanding common
stock of three towing equipment distributors with
historical revenues of approximately $13 million annually.
The consideration for these transactions consisted of
approximately 44,000 shares of common stock and
approximately $.9 million in cash. Additionally, throughout
the nine months ended January 31, 1998, the Company
purchased all the outstanding common stock of 26 towing
service companies through the issuance of approximately
1,955,000 shares of common stock and cash payments of
approximately $10 million. In December 1997, the Company
acquired all the outstanding stock of Chevron, Inc., a
manufacturer of towing and recovery equipment, for
approximately $10 million in cash. These acquisitions were
accounted for using the purchase method of accounting. The
pro forma impact of these acquisitions on net income and
earnings per share was not significant for the periods
presented herein.
In May 1997, the Company issued approximately 151,000 shares
of its common stock in exchange for all the outstanding
common stock of one additional towing equipment distributor
with historical revenues of approximately $13 million
annually. During the nine months ended January 31, 1998,
the Company issued approximately 716,000 shares of its
common stock in exchange for all the outstanding shares of
nine additional towing service companies. These mergers
have been accounted for as poolings of interests.
Additionally, the Company has executed letters of intent to
acquire 28 additional towing service companies.
7
<PAGE>
5. Legal Matters
In January 1998, the Company received a letter from the
Department of Justice Antitrust Division stating that it was
conducting a civil investigation covering "competition in the tow
truck industry." The letter asked that the Company preserve its
records related to the tow truck industry, particularly documents
related to sales and prices of products and parts, acquisition of
other companies in the industry, distributor relations, patent
matters, competition in the industry generally, and activities of
other companies in the industry. In March 1998, the Company
received a Civil Investigative Demand issued by the Department of
Justice as part of its continuing investigation of whether there
are, have been or may be violations of the federal antitrust
statutes in the tow truck industry. Under this Civil
Investigative Demand, the Company is required to produce for the
government officials information and documents to assist in their
investigation.
During September, October and November 1997, five lawsuits were
filed by certain persons who seek to represent a class of
shareholders who purchased shares of the Company's common stock
during the period from either October 15 or November 6, 1996 to
September 11, 1997. Four of the suits were filed in the United
States District Court for the Northern District of Georgia, and
the remaining one was filed in the Chancery Court of Hamilton
County, Tennessee. The individual plaintiffs consist of Stephen
Clark; Karen Stauffer and Julie F. Dugo IRA; Erich R. Swett; John
M Constantine III; and Manuel Vela. In general, the individual
plaintiffs in all of the cases allege that they were induced to
purchase the Company's common stock on the basis of allegedly
actionable misrepresentations or omissions about the Company and
its business and, as a result were thereby damaged. Four of the
complaints assert claims under Sections 10(b) and 20 of the
Securities Act of 1934. The remaining complaint asserts a claim
under Tennessee Code Sections 48-2-121 and 122. The complaints
name as the defendants the Company and various of its present and
former directors and officers. The plaintiffs in the four
actions which involved claims in Federal Court under the
Securities Exchange Act of 1934 have consolidated those actions.
Motions to dismiss have been filed in each of the cases. The Company
denies liability and continues to vigorously defend these actions.
In addition to the shareholder litigation described above,
the Company is, from time to time, a party to litigation
arising in the normal course of its business. Management
believes that none of these actions, individually or in the
aggregate, will have a material adverse effect on the
financial position or results of operations of the Company.
6. Restructuring Costs
In September 1997, the Company announced its intention to
further consolidate its domestic wrecker production at its
Ooltewah, Tennessee facility. The consolidation entailed
the closure of the Olive Branch, Mississippi facility with
the relocation of wrecker production to Ooltewah.
Substantially all equipment relocation and production
consolidation was completed by December 1997.
8<PAGE>
In the second quarter of fiscal 1998, the Company recorded a
pretax restructuring charge of $4.1 million to provide for
the plant closing and consolidation of manufacturing
operations. Of the $4.1 million restructuring charge,
approximately $0.5 million related to workforce reductions
of approximately 150 employees and associated costs. Also,
$1.9 million of asset valuation losses relating to a plant
sale and machinery and equipment writedowns is included in
the restructuring charge. The balance of the charge covers
lease terminations, property holding costs, and other
shutdown related costs. At January 31, 1998, approximately
$0.7 million had been charged against the related reserves.
The carrying value of the Olive Branch, Mississippi
manufacturing facility is $1.5 million and is classified as
"Other Assets" in the balance sheet.
7. Reclassifications
Certain amounts in the prior period financial information
have been reclassified to conform to the current
presentation.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
-----------------------------------
RECENT DEVELOPMENTS
As more fully discussed in Note 4 to condensed consolidated
financial statements, during the nine months ended January 31,
1998, the Company acquired a total of 35 towing service
companies, four towing equipment distributors, and a manufacturer
of towing and recovery equipment.
As more fully discussed in Note 6 to condensed consolidated
financial statements, in December 1997, the Company completed
further consolidation of its domestic wrecker production at its
Ooltewah, Tennessee facility. The consolidation entailed the
closure of the Olive Branch, Mississippi facility with the
relocation of wrecker production to Ooltewah. The consolidation
resulted in a one-time pretax charge of $4.1 million in the
second quarter of fiscal 1998.
RESULTS OF OPERATIONS--THREE MONTHS ENDED JANUARY 31, 1998
COMPARED TO THREE MONTHS ENDED JANUARY 31, 1997
Net sales for the three months ended January 31, 1998, increased
31.1% to $105.2 million from $80.3 million for the comparable
period in 1997. The increase in net sales was primarily the
result of the inclusion since the acquisition dates of sales from
the towing services companies and the manufacturer of towing and
recovery equipment acquired via purchase transactions since the
third quarter of fiscal 1997.
Costs of operations for the three months ended January 31, 1998,
increased 30.0% to $86.8 million from $66.7 million for the
comparable period in 1997. Costs of operations as a percentage
of net sales decreased to 82.5% from 83.1%. This reduction was
primarily a result of the Company's towing services division,
which generally has a lower level of operating costs than the
manufacturing and distribution divisions, accounting for a higher
proportion of revenues in the quarter ended January 31, 1998.
9<PAGE>
Selling, general and administrative expenses for the three months
ended January 31, 1998, increased 81.6% to $13.4 million from
$7.4 million for the comparable period in 1997. As a percentage
of sales, selling, general and administrative expenses increased
from 9.2% to 12.7%. The increase was primarily a result of the
Company's towing services division, which generally has a higher
level of selling, general and administrative costs as a
percentage of sales than the manufacturing and distribution
divisions. The increase in selling, general and administrative
expenses as a percentage of sales was also the result of planned
increases of corporate overhead to support the business expansion
of the towing services division as well as a seasonal increase in
staffing to support the winter demand at its locations.
Net interest expense increased $0.9 million to $1.0 million for
three months ended January 31, 1998 from $0.1 million for the
comparable period in 1997 primarily due to increased borrowings
under the Company's line of credit to fund working capital needs
and additional acquisitions of towing service companies and a
manufacturer of towing and recovery equipment.
RESULTS OF OPERATIONS NINE MONTHS ENDED JANUARY 31, 1998 COMPARED
TO NINE MONTHS ENDED JANUARY 31, 1997
Net sales for the nine months ended January 31, 1998 increased
32.5% to $285.3 million from $215.3 million for the comparable
period in 1997. The increase in net sales was primarily due to
the result of higher sales from the manufacturing operations and
the inclusion since the acquisition dates of sales from the
distribution and towing services companies and the manufacturer
of towing and recovery equipment acquired via purchase
transactions since the end of the third quarter of fiscal 1997.
Costs of operations increased 29.0% to $230.2 million for the
nine months ended January 31, 1998 from $178.5 million for the
comparable period in 1997. Costs of operations as a percentage
of net sales decreased from 82.9% to 80.7%. This net decrease is
attributed to the Company's towing services division, which
generally has a lower level of operating costs than the
manufacturing and distribution division, accounting for a higher
portion of revenues for the nine months ended January 31, 1998.
Selling, general and administrative expenses increased 65.5% to
$33.8 million for the nine months ended January 31, 1998 from
$20.4 million for the comparable period of 1997. As a percentage
of net sales, selling, general and administrative expenses
increased from 9.5% to11.9%. The increase related primarily to
the Company's towing services division, which generally has a
higher level of selling, general and administrative costs as a
percentage of net sales than the manufacturing and distribution
divisions. The increase in selling, general and administrative
expenses as a percentage of sales was also the result of planned
increases of corporate overhead to support the business expansion
of the towing services division.
During the second quarter of fiscal 1998, the Company recorded a
one-time pretax charge of $4.1 million for the Olive Branch,
Mississippi facility closure and consolidation of manufacturing
operations.
10<PAGE>
Net interest expense increased $1.4 million to $1.7 million for
the nine months ended January 31, 1998 from $0.3 million for the
nine months ended January 31, 1997 primarily due to increased
borrowings under the Company's line of credit to fund working
capital needs and additional acquisitions of distributors and
towing service companies and a manufacturer of towing and
recovery equipment.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary capital requirements are for working
capital, debt service, capital expenditures, and acquisitions of
businesses. The Company has financed its operations and growth
from internally generated funds and debt financing and, since
August 1994, in part from the proceeds from its initial public
offering and its subsequent public offerings completed in January
1996 and November 1996.
Cash flows used in operating activities were $16.8 million for
the nine months ended January 31, 1998 as compared to $11.3
million used in operations for the comparable period of 1997.
The increase in cash flows used in operating activities was
primarily to fund working capital needed to support the growth of
the businesses.
Cash used in investing activities was $28.0 million for the nine
months ended January 31, 1998 compared to $21.0 for the
comparable period in 1997. The cash used in investing activities
was primarily for capital expenditures and equipment and
acquisitions of businesses.
Cash provided by financing activities was $41.5 million for the
nine months ended January 31, 1998 as compared to $24.7 million
provided by financing activities for the comparable period in the
prior year. The cash was provided primarily by borrowing under
the Company's line of credit in the nine months ended January 31,
1998 and by the issuance of common stock in the comparable prior
year period.
At January 31, 1998, the Company had a $150 million unsecured
revolving credit facility with a group of banks (the "Credit
Facility"). Borrowings under the Credit Facility bear interest
at a rate equal to the London interbank offered rate plus a
margin ranging from 0.625% to 1.5% based on a specified ratio of
funded indebtedness to earnings, or the prime rate. At January
31, 1998, $55.1 million was outstanding under the Credit
Facility. The Credit Facility imposes restrictions on the
Company with respect to the maintenance of certain financial
ratios, the incurrence of indebtedness, the sale of assets,
capital expenditures, mergers and acquisitions.
The Company is currently increasing the capacity of its plant in
Ooltewah, Tennessee. Capital expenditures remaining for these
expansions and additional equipment are expected to be
approximately $2.0 million. As described in Note 4 to condensed
consolidated financial statements, the Company has expended
approximately $20.9 million for the purchase of companies for the
nine months ended January 31, 1998. Excluding the capital
commitments set forth above, the Company has no other pending
material commitments. The Company believes that cash on hand,
cash flows from operations and available credit funding will be
sufficient to fund its operating needs, capital expenditures and
debt service requirements for the next fiscal year.
11<PAGE>
Management continually evaluates potential strategic
acquisitions. Although the Company believes that its financial
resources will enable it to consider potential acquisitions,
additional debt or equity financing may be necessary. No
assurance in this regard can be given, however, since future cash
flows and the availability of financing will depend on a number
of factors, including prevailing economic conditions and
financial, business and other factors beyond the Company's
control.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In January 1998, the Company received a letter from the
Department of Justice Antitrust Division stating that it was
conducting a civil investigation covering "competition in the tow
truck industry." The letter asked that the Company preserve its
records related to the tow truck industry, particularly documents
related to sales and prices of products and parts, acquisition of
other companies in the industry, distributor relations, patent
matters, competition in the industry generally, and activities of
other companies in the industry. In March 1998, the Company
received a Civil Investigative Demand issued by the Department of
Justice as part of its continuing investigation of whether there
are, have been or may be violations of the federal antitrust
statutes in the tow truck industry. Under this Civil
Investigative Demand, the Company is required to produce for the
government officials information and documents to assist in their
investigation.
During September, October and November 1997, five lawsuits were
filed by certain persons who seek to represent a class of
shareholders who purchased shares of the Company's common stock
during the period from either October 15 or November 6, 1996 to
September 11, 1997. Four of the suits were filed in the United
States District Court for the Northern District of Georgia, and
the remaining one was filed in the Chancery Court of Hamilton
County, Tennessee. The individual plaintiffs consist of Stephen
Clark; Karen Stauffer and Julie F. Dugo IRA; Erich R. Swett; John
M Constantine III; and Manuel Vela. In general, the individual
plaintiffs in all of the cases allege that they were induced to
purchase the Company's common stock on the basis of allegedly
actionable misrepresentations or omissions about the Company and
its business and, as a result were thereby damaged. Four of the
complaints assert claims under Sections 10(b) and 20 of the
Securities Act of 1934. The remaining complaint asserts a claim
under Tennessee Code Sections 48-2-121 and 122. The complaints
name as the defendants the Company and various of its present and
former directors and officers. The plaintiffs in the four
actions which involved claims in Federal Court under the
Securities Exchange Act of 1934 have consolidated those actions.
Motions to dismiss have been filed in each of the cases. The
Company denies liability and continues to vigorously defend these
actions.
12
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
Exhibit 27 Financial Data Schedule (For SEC use only)
(b) Reports on Form 8-K - The Company filed Current
Reports on Form 8-K on November 10, 1997 under Item 5
of Form 8-K and on January 9, 1998 under Item 5 of Form
8-K
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, Miller Industries, Inc. has duly
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
MILLER INDUSTRIES, INC.
By: /s/ Adam L. Dunayer
Adam L. Dunayer
Vice President and
Chief Financial Officer
Date: March 16, 1998
13
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000924822
<NAME> MILLER INDUSTRIES, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-01-1997
<PERIOD-END> JAN-31-1998
<CASH> 5,303
<SECURITIES> 0
<RECEIVABLES> 60,614
<ALLOWANCES> 0
<INVENTORY> 67,697
<CURRENT-ASSETS> 145,119
<PP&E> 108,427
<DEPRECIATION> 36,748
<TOTAL-ASSETS> 301,546
<CURRENT-LIABILITIES> 62,628
<BONDS> 66,366
0
0
<COMMON> 456
<OTHER-SE> 170,208
<TOTAL-LIABILITY-AND-EQUITY> 301,546
<SALES> 285,300
<TOTAL-REVENUES> 285,300
<CGS> 230,237
<TOTAL-COSTS> 268,179
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,670
<INCOME-PRETAX> 15,451
<INCOME-TAX> 5,985
<INCOME-CONTINUING> 9,466
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,466
<EPS-PRIMARY> 0.21
<EPS-DILUTED> 0.21
</TABLE>
