Miller Industries Reports 2009 Third Quarter Results

CHATTANOOGA, Tenn., Nov. 9 /PRNewswire-FirstCall/ -- Miller Industries, Inc.
(NYSE: MLR) (the "Company") today announced financial results for the third
quarter ended September 30, 2009.

For the third quarter of 2009, net sales were $57.5 million, compared with
$66.7 million in the third quarter of 2008. Net income in the third quarter
of 2009 was $1.7 million, or $0.14 per diluted share, an increase of 85.4% as
compared to net income of $0.9 million, or $0.08 per diluted share, in the
prior year period.

On a sequential basis, net sales for the third quarter of 2009 increased 6.1%
over net sales of $54.3 million for the second quarter of 2009. Net income for
the third quarter of 2009 increased 22.7% over $1.4 million in the second
quarter of 2009.

Gross profit for the third quarter of 2009 was $8.9 million, or 15.4% of net
sales, compared to $8.1 million, or 12.2% of net sales, for the third quarter
of 2008 and $8.1 million, or 14.9% of net sales, for the second quarter of
2009. For the third quarter of 2009, selling, general and administrative
expenses were $6.0 million versus $6.4 million for the prior year period.

The Company paid off the remaining balance of the term loan under its credit
facility in June of 2009, and had no bank debt outstanding at September 30,
2009. This compares to total bank debt of $2.1 million at December 31, 2008.

Other income related to foreign currency transactions was a gain of $83,000 in
the third quarter of 2009 compared to a loss of $36,000 in the third quarter
of 2008.

For the nine-month period ended September 30, 2009, net sales were $170.6
million, compared to $209.1 million in the prior year period. The Company
reported net income of $4.0 million, or $0.34 per diluted share, for the first
nine months of 2009, compared to net income for the first nine months of 2008
of $2.9 million, or $0.25 per diluted share. Other income related to foreign
currency transactions was a gain of $367,000 for the first nine months of 2009
compared to a $47,000 gain in the prior year period.

Jeffrey I. Badgley, President and Co-CEO of the Company stated, "We are
pleased with our third quarter results, which reflect our continued efforts to
manage our costs in this challenging economic environment. Driven by a slight
increase in orders from our domestic distributors and by continued orders
associated with government-related contracts, our net sales increased during
the third quarter from second quarter levels. In addition, we generated
improved margins both sequentially and on a year-over-year basis as a result
of our product mix and enhanced efficiencies associated with our previous
plant modernization program which was completed early this year. The result
was that we improved our net income in the third quarter by more than 85% over
the prior year period. We further strengthened our balance sheet in the
quarter, reducing our inventory levels and adding to our cash position. As a
result, we continue to operate from a position of financial strength."

Mr. Badgley added, "While we are encouraged by the improvement in sales over
second quarter levels, we are still experiencing a weak demand environment
across our markets. The domestic markets are showing some slight signs of
improvement from their lowest levels, and we continue to receive add-on orders
on government-related contracts. However, demand in our European operations
remains soft, credit markets remain tight, and difficult overall economic
conditions continue to impact our visibility. We expect these trends to
persist in the coming months, but we remain focused on ensuring the business
is well positioned in the current environment."

Mr. Badgley concluded, "We believe our performance year to date reflects our
success at Miller Industries in adapting to rapidly changing and very
challenging conditions in our marketplace during the last year. Going forward,
we remain cautious in our outlook and will continue to carefully manage our
costs. Doing so will benefit the Company by giving us the financial
flexibility to invest in the business, especially when our markets improve and
the overall economy begins to recover."

In conjunction with this release, the Company will host a conference call,
which will be simultaneously broadcast live over the Internet. Management
will host the call, which is scheduled for tomorrow, November 10, 2009, at
10:00 AM ET. Listeners can access the conference call live and archived over
the Internet through a link at:

http://www.videonewswire.com/event.asp?id=63165

Please allow 15 minutes prior to the call to visit the site, download, and
install any necessary audio software. A replay of this call will be available
approximately one hour after the live call ends through November 17, 2009.
The replay number is (877) 344-7529, Passcode 421744.

Miller Industries is the world's largest manufacturer of towing and recovery
equipment, and markets its towing and recovery equipment under a number of
well-recognized brands, including Century, Vulcan, Chevron, Holmes,
Challenger, Champion, Jige, Boniface and Eagle.

Certain statements in this news release may be deemed to be forward-looking
statements, as defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by the use of words such
as "may," "will," "should," "could," "continue," "future," "potential,"
"believe," "project," "plan," "intend," "seek," "estimate," "predict,"
"expect," "anticipate" and similar expressions, or the negative of such terms,
or other comparable terminology. Forward-looking statements also include the
assumptions underlying or relating to any of the foregoing statements. Such
forward-looking statements are made based on our management's beliefs as well
as assumptions made by, and information currently available to, our
management. Our actual results may differ materially from the results
anticipated in these forward-looking statements due to, among other things,
economic and market conditions; the risks related to the general economic
health of our customers; our customers' access to capital and credit to fund
purchases, including the ability of our customers to secure floor plan
financing; the success and timing of existing and additional export and
government order; the cyclical nature of our industry; changes in fuel and
other transportation costs; our dependence on outside suppliers of raw
materials; changes in the cost of aluminum, steel and related raw materials;
and those other risks discussed in our filings with the SEC, including those
risks discussed under the caption "Risk Factors" in our Annual Report on Form
10-K for fiscal 2008, which discussion is incorporated herein by this
reference. Such factors are not exclusive. We do not undertake to update any
forward-looking statement that may be made from time to time by, or on behalf
of, our company.

Miller Industries, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands except per share data)

Three Months Ended Nine Months Ended
September 30 September 30
---------------------- -----------------------
% %
2009 2008 Change 2009 2008 Change
---- ---- ------ ---- ---- ------
NET SALES $57,547 $66,735 -13.8% $170,558 $209,071 -18.4%
------- ------- -------- --------
COSTS AND EXPENSES:

COST OF OPERATIONS 48,695 58,608 -16.9% 145,238 184,355 -21.2%

SELLING, GENERAL
AND ADMINISTRATIVE
EXPENSES 5,954 6,366 -6.5% 18,209 19,079 -4.6%

INTEREST EXPENSE,
NET 234 254 -7.9% 794 1,046 -24.1%

OTHER (INCOME)
EXPENSE (83) 36 -330.6% (367) (47) 680.9%
--- -- ---- ---
TOTAL COSTS AND
EXPENSES 54,800 65,264 -16.0% 163,874 204,433 -19.8%
------ ------ ------- -------

INCOME BEFORE
INCOME TAXES 2,747 1,471 86.7% 6,684 4,638 44.1%

INCOME TAX PROVISION 1,047 554 89.0% 2,685 1,748 53.6%
----- --- ----- -----
NET INCOME $1,700 $917 85.4% $3,999 $2,890 38.4%
====== ==== ====== ======
BASIC INCOME PER
COMMON SHARE $0.15 $0.08 87.5% $0.34 $0.25 36.0%
===== ===== ===== =====
DILUTED INCOME PER
COMMON SHARE $0.14 $0.08 75.0% $0.34 $0.25 36.0%
===== ===== ===== =====
WEIGHTED AVERAGE
SHARES OUTSTANDING:
BASIC 11,608 11,594 0.1% 11,604 11,592 0.1%
====== ====== ====== ======
DILUTED 11,971 11,601 3.2% 11,842 11,618 1.9%
====== ====== ====== ======

SOURCE Miller Industries, Inc.

Miller Industries, Inc., J. Vincent Mish, Chief Financial Officer,
+1-423-238-4171, Frank Madonia, General Counsel, +1-423-238-4171; or FD,
Investor Contact: Eric Boyriven, +1-212-850-5600