$MLR

MILLER INDUSTRIES INC /TN/

CIK:0000924822|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NET SALES	$ 239,993	$ 214,032	$ 420,855	$ 439,682
COST OF OPERATIONS	204,057	179,446	359,238	371,153
GROSS PROFIT	35,936	34,586	61,617	68,529
OPERATING EXPENSES:
Selling, general and administrative expenses	25,176	23,404	49,125	46,664
NON-OPERATING (INCOME) EXPENSES:
Interest expense, net	352	294	498	389
Other (income) expense, net	338	(479)	324	(682)
Total expense, net	25,866	23,219	49,947	46,371
INCOME BEFORE INCOME TAXES	10,070	11,367	11,670	22,158
INCOME TAX PROVISION	2,801	2,909	3,848	5,635
NET INCOME	$ 7,269	$ 8,458	$ 7,822	$ 16,523
Basic income per common share (in dollars per share)	$ 0.64	$ 0.74	$ 0.69	$ 1.44
Diluted income per common share (in dollars per share)	0.63	0.73	0.68	1.42
CASH DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$ 0.21	$ 0.2	$ 0.42	$ 0.4
WEIGHTED-AVERAGE SHARES OUTSTANDING:
Basic (in shares)	11,377,012	11,458,754	11,381,819	11,454,348
Diluted (in shares)	11,521,479	11,599,964	11,522,012	11,611,440

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 7,822	$ 16,523
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	8,204	7,378
Non-cash operating lease expense	434	1,816
(Gain) loss on disposal of property, plant and equipment	174	(1)
Provision for credit losses	99	108
Issuance of common stock, net of shares withheld for employee taxes	(1)	1
Stock-based compensation	1,337	3,074
Deferred tax provision	62	(82)
Changes in operating assets and liabilities:
Accounts receivable	(27,016)	44,550
Inventories	27,014	24,385
Prepaid expenses	(3,004)	(11,798)
Other assets	(2,644)	(2,056)
Accounts payable	49,002	(49,173)
Operating lease obligation	(434)	(45)
Accrued liabilities	1,958	(4,612)
Income taxes payable	(27)	(112)
Net cash flows provided by (used in) operating activities	62,980	29,956
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(12,112)	(6,804)
Proceeds from sale of property, plant and equipment	2
Net cash flows provided by (used in) investing activities	(12,110)	(6,804)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock	(4,646)	(2,602)
Net borrowings (payments) under credit facility	(30,000)	(10,000)
Payments of cash dividends	(4,784)	(4,582)
Net cash flows provided by (used in) financing activities	(39,430)	(17,184)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(487)	1,516
NET CHANGE IN CASH AND CASH EQUIVALENTS	10,953	7,484
CASH AND CASH EQUIVALENTS, beginning of period	44,682	24,337
CASH AND CASH EQUIVALENTS, end of period	55,635	31,821
SUPPLEMENTAL INFORMATION:
Cash payments for interest	1,696	4,457
Cash payments for income taxes, net of refunds	4,285	3,480
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,819	$ 1,674

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 55,635	$ 44,682
Accounts receivable, net of allowance for credit losses of $1,994 and $1,876 as of June 30, 2026 and December 31, 2025, respectively	224,984	198,261
Inventories, net	157,307	184,231
Prepaid expenses	15,772	12,409
Total current assets	453,698	439,583
NON-CURRENT ASSETS:
Property, plant and equipment, net	127,977	123,808
Right-of-use assets - operating leases	2,544	276
Goodwill	20,258	20,073
Other assets	4,575	5,927
TOTAL ASSETS	609,052	589,667
CURRENT LIABILITIES:
Current portion of long-term debt	2,146	2,246
Accounts payable	127,385	78,548
Accrued liabilities	54,257	55,602
Current portion of operating lease obligation	745	176
Total current liabilities	184,533	136,572
NON-CURRENT LIABILITIES:
Long-term obligations	1,023	31,055
Non-current portion of operating lease obligation	1,799	100
Deferred income tax liabilities	1,604	1,370
TOTAL LIABILITIES	188,959	169,097
COMMITMENTS AND CONTINGENCIES (Note 8)
SHAREHOLDERS' EQUITY:
Preferred stock, $0.01 par value per share: Authorized - 5,000,000 shares, Issued and outstanding - none
Common stock, $0.01 par value per share: Authorized - 100,000,000 shares, Issued and outstanding - 11,352,184 and 11,371,730 shares as of June 30, 2026 and December 31, 2025, respectively	114	114
Additional paid-in capital	149,736	153,046
Retained earnings	271,838	268,798
Accumulated other comprehensive loss	(1,595)	(1,388)
TOTAL SHAREHOLDERS' EQUITY	420,093	420,570
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 609,052	$ 589,667