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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________

FORM 10-Q

x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the quarterly period ended 
March 31, 2005 
 
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _______________________________________  to __________________________________________________
 
Commission file number 
 0-24298

 
 MILLER INDUSTRIES, INC.
 (Exact Name of Registrant as Specified in Its Charter)

 
Tennessee
62-1566286
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
     
8503 Hilltop Drive
Ooltewah, Tennessee
37363
(Address of Principal Executive Offices)
(Zip Code)
 
 
 (423) 238-4171
 (Registrant’s Telephone Number, Including Area Code)
 

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.
x Yes  o No

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
x Yes  o No
 
The number of shares outstanding of the registrant’s common stock, par value $.01 per share, as of April 29, 2005 was 11,196,876.
 
 




Index


   
 Page Number
     
PART I
3
     
 
Item 1.
3
       
   
3
   
   
4
   
 
     5
   
   
6
       
 
Item 2.
13
 
   
 
 
 
Item 4.
19
       
PART II
20
 
     
 
Item 1.
20
       
 
Item 6.
20
       
 
21


2


PART I.  FINANCIAL INFORMATION
 
ITEM 1.    FINANCIAL STATEMENTS (UNAUDITED)

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)
   
March 31, 2005 (Unaudited)
  
December 31, 2004
  
ASSETS
              
CURRENT ASSETS:
              
Cash and temporary investments
  
$
2,661
  
$
2,812
  
Accounts receivable, net of allowance for doubtful accounts of $1,279 and $1,116 at March 31, 2005 and December 31, 2004, respectively
    
59,123
    
49,336
  
Inventories, net
    
42,061
    
34,994
  
Prepaid expenses and other
    
3,509
    
1,525
  
Current assets of discontinued operations held for sale
    
4,537
    
5,728
  
Total current assets
    
111,891
    
94,395
  
PROPERTY, PLANT, AND EQUIPMENT, net
    
18,247
    
18,762
  
GOODWILL, net
    
11,619
    
11,619
  
OTHER ASSETS
    
1,719
    
1,918
  
NONCURRENT ASSETS OF DISCONTINUED OPERATIONS HELD FOR SALE
    
1,000
    
1,128
  
   
$
144,476
  
$
127,822
  
LIABILITIES AND SHAREHOLDERS’ EQUITY
              
CURRENT LIABILITIES:
              
Current portion of long-term obligations
  
$
6,322
  
$
2,052
  
Accounts payable
    
46,579
    
36,224
  
Accrued liabilities and other
    
8,197
    
5,736
  
Current liabilities of discontinued operations held for sale
    
9,021
    
10,405
  
Total current liabilities
    
70,119
    
54,417
  
LONG-TERM OBLIGATIONS, less current portion
    
23,528
    
24,345
  
NONCURRENT LIABILITIES OF DISCONTINUED OPERATIONS HELD FOR SALE
    
1,999
    
2,275
  
COMMITMENTS AND CONTINGENCIES (Notes 6 and 9)
              
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, 11,196,816 and 11,182,606 outstanding at March 31, 2005 and December 31, 2004, respectively
    
112
    
112
  
Additional paid-in capital
    
157,302
    
157,202
  
Accumulated deficit
    
(110,443
)
  
(112,468
)
Accumulated other comprehensive income
    
1,859
    
1,939
  
Total shareholders’ equity
    
48,830
    
46,785
  
   
$
144,476
  
$
127,822
  

The accompanying notes are an integral part of these financial statements.

3

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)
(Unaudited)
   
Three Months Ended
March 31,
  
   
2005
  
2004
  
NET SALES:
  
$
76,896
  
$
46,158
  
               
COSTS AND EXPENSES:
              
Costs of Operations
    
67,914
    
39,370
  
Selling, general and administrative expenses
    
5,506
    
4,459
  
Interest expense, net
    
1,163
    
1,044
  
Total costs and expenses
    
74,583
    
44,873
  
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
    
2,313
    
1,285
  
INCOME TAX PROVISION
    
242
    
185
  
INCOME FROM CONTINUING OPERATIONS
    
2,071
    
1,100
  
DISCONTINUED OPERATIONS:
              
Loss from discontinued operations, before taxes
    
(46
)
  
(488
)
Income tax provision
    
-
    
-
  
Loss from discontinued operations
    
(46
)
  
(488
)
NET INCOME
  
$
2,025
  
$
612
  
BASIC INCOME (LOSS) PER COMMON SHARE:
              
Income from continuing operations
  
$
0.19
  
$
0.10
  
Loss from discontinued operations
    
(0.00
)
  
(0.04
)
Basic income per common share
  
$
0.19
  
$
0.06
  
DILUTED INCOME (LOSS) PER COMMON SHARE:
              
Income from continuing operations
  
$
0.18
  
$
0.10
  
Loss from discontinued operations
    
(0.00
)
  
(0.04
)
Diluted income per common share
  
$
0.18
  
$
0.06
  
WEIGHTED AVERAGE SHARES OUTSTANDING:
              
Basic
    
11,191
    
10,696