Miller Industries, Inc. (NYSE:MLR)

Second Quarter 2011 Results

• For the second quarter of 2011, net sales were $97.6 million, an increase of 20.1% compared with $81.3 million for the second quarter of 2010.
• Net income in the second quarter of 2011 was $5.8 million, or $0.47 per diluted share, an increase of 83.0% compared to net income of $3.2 million, or $0.26 per diluted share, in the prior year period.

Jeffrey I. Badgley, CEO of the Company, stated, "We are pleased with our strong performance during the 2011 second quarter. Our results reflected higher year-over-year demand and order levels for our products across the domestic and most European markets. Our improved operational efficiencies resulted from both higher selling volumes and cost reduction initiatives, and drove our gross margin increase of over 3% compared to the prior year period. Furthermore, we nearly doubled our net income against fairly good 2010 comparables. This growth is a testament to the excellent execution by our entire team."

Mr. Badgley continued, "The quarter also saw us continue our strong cash flow performance, which we utilized to both invest in the business and return value to shareholders. During the quarter we initiated a $20 million share repurchase program and the Board approved a quarterly dividend program. Going forward, we will continue to pursue a balanced approach to capital allocation, including activities that both support the growth of our business and generate shareholder value."

Mr. Badgley concluded, "Last month, we announced an add-on order to manufacture 140 recovery units for a prime contractor under a government-related order. We expect to meet the year-end deadline for this order, while working concurrently on our domestic business and our other government contracts. Looking ahead, we remain cautiously optimistic regarding our outlook for the remainder of 2011. While we continue to operate in an uncertain economic environment, customer demand remains steady and our commercial backlog continues to grow. We will continue to take the appropriate actions to meet any market challenge, while delivering value to both customers and shareholders."