0001571049-16-019695.txt : 20161109 0001571049-16-019695.hdr.sgml : 20161109 20161109165115 ACCESSION NUMBER: 0001571049-16-019695 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161109 DATE AS OF CHANGE: 20161109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MILLER INDUSTRIES INC /TN/ CENTRAL INDEX KEY: 0000924822 STANDARD INDUSTRIAL CLASSIFICATION: TRUCK & BUS BODIES [3713] IRS NUMBER: 621566286 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14124 FILM NUMBER: 161984904 BUSINESS ADDRESS: STREET 1: 8503 HILLTOP DR STREET 2: STE 100 CITY: OOLTEWAH STATE: TN ZIP: 37363 BUSINESS PHONE: 4232384171 MAIL ADDRESS: STREET 1: 8503 HILLTOP DR STREET 2: STE 100 CITY: OOLTEWAH STATE: TN ZIP: 37363 10-Q 1 t1600686_10q.htm FORM 10-Q
 

 

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

 

 

 

FORM 10-Q

 

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
For the quarterly period ended       September 30, 2016

 

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
       
For the transition period from       to   

 

Commission file number       001-14124

 

MILLER INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

 

Tennessee   62-1566286
(State or other jurisdiction of incorporation or   (I.R.S. Employer Identification No.)
organization)    
     
8503 Hilltop Drive    
Ooltewah, Tennessee   37363
(Address of principal executive offices)   (Zip Code)

 

(423) 238-4171
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

 

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 ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Yes x No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer ¨ Accelerated filer x
   
Non-accelerated filer ¨ Smaller reporting company ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes ¨ No x

 

The number of shares outstanding of the registrant’s common stock, par value $.01 per share, as of October 31, 2016 was 11,345,560.

 

 
   

 

 

 

Index

 

      Page Number
         
PART I FINANCIAL INFORMATION    
         
  Item 1. Financial Statements    
         
    Condensed Consolidated Balance Sheets – September 30, 2016 and December 31, 2015   2
         
    Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2016 and 2015   3
         
    Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2016 and 2015   4
         
    Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2016 and 2015   5
         
    Notes to Condensed Consolidated Financial Statements   6
         
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   12
         
  Item 3. Quantitative and Qualitative Disclosures About Market Risk   16
         
  Item 4. Controls and Procedures   16
         
PART II   OTHER INFORMATION    
         
  Item 1. Legal Proceedings   17
         
  Item 1A. Risk Factors   17
         
  Item 6. Exhibits   18
         
SIGNATURES   19

 

FORWARD-LOOKING STATEMENTS

 

Certain statements in this Quarterly Report on Form 10-Q, including but not limited to statements made in Part I, Item 2–“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” statements made with respect to future operating results, expectations of future customer orders and the availability of resources necessary for our business 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. These forward-looking statements are subject to a number of risks and uncertainties, including, the cyclical nature of our industry and changes in consumer confidence; economic and market conditions; our customers’ access to capital and credit to fund purchases, including the ability of our customers to secure floor plan financing; our dependence on outside suppliers of raw materials; changes in the cost of aluminum, steel and related raw materials; changes in fuel and other transportation costs, insurance costs and weather conditions; changes in government regulation; various political, economic and other uncertainties relating to our international operations, including restrictive taxation and foreign currency fluctuation; competitors could impede our ability to attract or retain customers; our ability to develop or acquire proprietary products and technology; assertions against us relating to intellectual property rights; problems hiring or retaining skilled labor; a disruption in our information technology systems; the effects of new regulation relating to conflict minerals; the catastrophic loss of one of our manufacturing facilities; environmental and health and safety liabilities and requirements; loss of the services of our key executives; product warranty or product liability claims in excess of our insurance coverage; an inability to acquire insurance at commercially reasonable rates; and those other risks referenced herein, including those risks referred to in Part II, Item 1A–“Risk Factors” in this Quarterly Report on Form 10-Q and those risks discussed in our other filings with the Securities and Exchange Commission, including those risks discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for fiscal 2015 (as the same may be updated from time to time in subsequent quarterly reports), 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.

 

   

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share data)

 

   September 30,
2016
(Unaudited)		   December 31,
2015		 
ASSETS          
CURRENT ASSETS:          
Cash and temporary investments  $32,840   $38,449 
Accounts receivable, net of allowance for doubtful accounts of $2,011 and $1,864 at September 30, 2016 and December 31, 2015, respectively   125,908    109,170 
Inventories   64,838    66,232 
Prepaid expenses   2,679    1,689 
Current deferred income taxes   3,730    3,725 
Total current assets   229,995    219,265 
PROPERTY, PLANT, AND EQUIPMENT, net   55,246    39,475 
GOODWILL   11,619    11,619 
OTHER ASSETS   544    496 
   $297,404   $270,855 
LIABILITIES AND SHAREHOLDERS’ EQUITY          
CURRENT LIABILITIES:          
Accounts payable  $69,186   $73,405 
Accrued liabilities   21,957    21,089 
Total current liabilities   91,143    94,494 
LONG TERM OBLIGATIONS   20,000    — 
DEFERRED INCOME TAX LIABILITIES   2,499    2,499 
COMMITMENTS AND CONTINGENCIES (Notes 6 and 8)          
SHAREHOLDERS’ EQUITY:          
Preferred stock, $.01 par value; 5,000,000 shares authorized, none issued or outstanding   —    — 
Common stock, $.01 par value; 100,000,000 shares authorized, 11,345,560 and 11,341,150, outstanding at September 30, 2016 and December 31, 2015, respectively   113    113 
Additional paid-in capital   150,401    150,305 
Retained earnings   38,228    28,545 
Accumulated other comprehensive income (loss)   (4,980)   (5,101)
Total shareholders’ equity   183,762    173,862 
   $297,404   $270,855 

 

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

 

 2 

 

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 

(In thousands, except per share data)
(Unaudited)

 

   Three Months
Ended
September 30		   Nine Months
Ended
September 30		 
   2016   2015   2016   2015 
                 
NET SALES  $147,597   $126,205   $452,525   $404,530 
COSTS OF OPERATIONS   130,481    113,409    403,402    362,241 
GROSS PROFIT   17,116    12,796    49,123    42,289 
                     
OPERATING EXPENSES:                    
Selling, general and administrative expenses   8,495    7,524    24,823    22,612 
Interest expense, net   359    291    816    699 
Other (income) expense, net   (238)   (94)   (451)   227 
Total operating expenses   8,616    7,721    25,188    23,538 
                     
INCOME BEFORE INCOME TAXES   8,500    5,075    23,935    18,751 
INCOME TAX PROVISION   2,978    1,907    8,466    6,653 
NET INCOME  $5,522   $3,168   $15,469   $12,098 
                     
BASIC INCOME PER COMMON SHARE  $0.49   $0.28   $1.36   $1.07 
DILUTED INCOME PER COMMON SHARE  $0.49   $0.28   $1.36   $1.07 
                     
CASH DIVIDENDS DECLARED PER COMMON SHARE  $0.17   $0.16   $0.51   $0.48 
                     
WEIGHTED AVERAGE SHARES OUTSTANDING:                    
Basic   11,346    11,341    11,346    11,329 
Diluted   11,374    11,368    11,374    11,367 

 

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

 

 3 

 

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(In thousands)
(Unaudited)

 

   Three Months Ended
September 30		   Nine Months Ended
September 30		 
   2016   2015   2016   2015 
NET INCOME  $5,522   $3,168   $15,469   $12,098 
                     
OTHER COMPREHENSIVE INCOME (LOSS):                    
Foreign currency translation adjustment   (768)   441    121    (2,288)
                     
COMPREHENSIVE INCOME  $4,754   $3,609   $15,590   $9,810 

 

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

 

 4 

 

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(In thousands)
(Unaudited)

 

   Nine Months Ended
September 30		 
   2016   2015 
OPERATING ACTIVITIES:          
Net income  $15,469   $12,098 
Adjustments to reconcile net income to net cash from operating activities:          
Depreciation and amortization   3,359    3,038 
Provision for doubtful accounts   177    185 
Excess tax benefit from stock-based compensation   —    (106)
Issuance of non-employee director shares   96    96 
Deferred income tax provision   5    60 
Gain/Loss on Disposal of Equipment   3    — 
Changes in operating assets and liabilities:          
Accounts receivable   (17,190)   (215)
Inventories   1,113    (8,599)
Prepaid expenses   (1,011)   (773)
Other assets   (48)   (244)
Accounts payable   (3,531)   6,691 
Accrued liabilities   978    1,556 
Net cash flows from (used in) operating activities   (580)   13,787 
INVESTING ACTIVITIES:          
Purchases of property, plant and equipment   (19,155)   (5,877)
Proceeds from sale of plant, property & equipment   5    — 
Net (payments on) proceeds from notes receivable   (635)   1 
Net cash flows from (used in) investing activities   (19,785)   (5,876)
FINANCING ACTIVITIES:          
Net borrowings under credit facility   20,000    — 
Payments of cash dividends   (5,786)   (5,438)
Proceeds from stock option exercises   —    186 
Excess tax benefit from stock-based compensation   —    106 
Net cash flows from (used in) financing activities   14,214    (5,146)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS   542    (1,397)
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS   (5,609)   1,368 
CASH AND TEMPORARY INVESTMENTS, beginning of period   38,449    39,597 
CASH AND TEMPORARY INVESTMENTS, end of period  $32,840   $40,965 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash payments for interest  $1,314   $1,099 
Cash payments for income taxes, net of refunds  $9,211   $6,908 

 

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

 

 5 

 

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except share data and except as otherwise noted)

 

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 accounting principles generally accepted in the United States of America 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. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. 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 December 31, 2015. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31st by 31 days (or less) to facilitate timely reporting. Certain prior year amounts have been reclassified to conform to current year presentation, with no impact on previously reported shareholders’ equity. The Company evaluated subsequent events through the date the financial statements were issued.

 

2.BASIC AND DILUTED INCOME PER SHARE

 

Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted income per share is calculated by dividing net income by the weighted average number of common and potential dilutive common shares outstanding. Diluted income per share takes into consideration the assumed exercise of outstanding stock options resulting in approximately 28,000 and 27,000 potential dilutive common shares for the three months ended September 30, 2016 and 2015, respectively, and 28,000 and 38,000 for the nine months ended September 30, 2016 and 2015, respectively. For the three and nine months ended September 30, 2016 and 2015, none of the outstanding stock options would have been anti-dilutive.

 

3.INVENTORIES

 

Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or market (net realizable value), determined on a first-in, first-out basis. Appropriate consideration is given to obsolescence, valuation and other factors in determining net realizable value. Revisions of these factors could result in the need for adjustments. Inventories, net of reserves, at September 30, 2016 and December 31, 2015 consisted of the following:

 

  

September 30,

2016

   December 31,
2015		 
Chassis  $7,414   $8,048 
Raw materials   28,868    28,328 
Work in process   12,693    10,850 
Finished goods   15,863    19,006 
   $64,838   $66,232 

 

4.LONG-LIVED ASSETS

 

The Company periodically reviews the carrying amount of its long-lived assets to determine if those assets may be recoverable based upon the future operating cash flows expected to be generated by those assets. Management believes that its long-lived assets are appropriately valued.

 

 6 

 

 

5.GOODWILL

 

Goodwill consists of the excess of cost of acquired entities over the sum of the amounts assigned to identifiable assets acquired less liabilities assumed. Goodwill is not amortized. However, the Company evaluates the carrying value of goodwill for impairment at least annually or if an event or circumstance occurs that would indicate that the carrying amount had been impaired. The Company reviews goodwill for impairment utilizing a qualitative assessment or a two-step process. If we choose to perform a qualitative analysis of goodwill and determine that the fair value more likely than not exceeds the carrying value, no further testing is needed. If we choose the two-step approach or if qualitative analysis determines the carrying value more likely than not exceeds fair value, the first step identifies potential impairment by comparing the fair value of the reporting unit with its carrying value. If the fair value exceeds the carrying value the second step is not necessary. If the carrying value is more than the fair value, the second step of testing is performed to compare the fair value of the goodwill with its carrying value. An impairment loss would be recognized to the extent that the carrying value of the goodwill exceeds its fair value.

 

6.LONG-TERM OBLIGATIONS

 

Credit Facility and Other Long-Term Obligations

 

Credit Facility

 

On April 6, 2010 we entered into a Loan Agreement with First Tennessee Bank National Association for a $20,000 unsecured revolving credit facility. On December 21, 2011, the credit facility was renewed and our unsecured revolving credit facility was increased to $25,000. On December 30, 2014, the credit facility was further renewed to extend the maturity date to March 31, 2017. On June 11, 2015, the credit facility was further renewed to extend the maturity date to March 31, 2018 and our unsecured revolving credit facility was increased to $30,000. On June 22, 2016, the credit facility was further increased to $50,000 to give the Company greater flexibility to finance current capital expenditure projects. The current credit facility contains customary representations and warranties, events of default, and financial, affirmative and negative covenants for loan agreements of this kind. Covenants under the current credit facility restrict the payment of cash dividends if the Company would be in violation of the minimum tangible net worth test or the leverage ratio test in the current loan agreement as a result of the dividend, among various restrictions.

 

In the absence of a default, all borrowings under the current credit facility bear interest at the LIBOR Rate plus 1.50% per annum. The Company will pay a non-usage fee under the current loan agreement at a rate per annum equal to between 0.15% and 0.35% of the unused amount of the current credit facility, which fee shall be paid quarterly.

 

At September 30, 2016 and December 31, 2015, the Company had $20,000 and $0 outstanding borrowings under the credit facility, respectively.

 

Interest Rate Risk

 

Changes in interest rates affect the interest paid on indebtedness under the credit facility because outstanding amounts of indebtedness under the credit facility are subject to variable interest rates. Under the credit facility, the non-default rate of interest was equal to the LIBOR Market Index Rate plus 1.50% per annum (for a rate of interest of 2.03% at September 30, 2016). At the borrowing level under the credit facility at September 30, 2016, a one percent change in the interest rate on our variable-rate debt would not have a material impact on our financial position, results of operations or cash flows for the three-month period ended September 30, 2016.

 

Other Long-Term Obligations

 

At September 30, 2016, the Company had approximately $1,959 in non-cancelable operating lease obligations.

 

7.STOCK-BASED COMPENSATION

 

The Company did not issue any stock options during the three months ended September 30, 2016. For additional disclosures related to the Company’s stock-based compensation refer to Notes 2 and 4 of the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

 

During the three months ended September 30, 2016 and 2015, no options were exercised in 2016 and 1,000 shares of common stock at a weighted-average exercise price of $5.49 were exercised in 2015. During the nine months ended September 30, 2016 and 2015, no options were exercised in 2016 and 34,000 shares of common stock at a weighted-average exercise price of $5.49 were exercised in 2015.

 

 7 

 

 

8.COMMITMENTS AND CONTINGENCIES

 

Commitments

 

The Company has entered into arrangements with third-party lenders where it has agreed, in the event of default by a customer, to repurchase from the third-party lender Company products repossessed from the customer. These arrangements are typically subject to a maximum repurchase amount. The maximum amount of collateral that the Company could be required to purchase was approximately $46,995 at September 30, 2016, and $38,334 at December 31, 2015. However, the Company’s risk under these arrangements is mitigated by the value of the products that would be repurchased as part of the transaction. The Company considered the fair value at inception of its liability under these arrangements and concluded that the liability associated with these potential repurchase obligations is not material and not probable at September 30, 2016.

 

At September 30, 2016, the Company had commitments of approximately $14,571 for construction and acquisition of property, plant and equipment. The Company is in the process of consolidating and expanding its Pennsylvania manufacturing operations to increase capacity and improve operating efficiencies. The plan includes consolidating primary manufacturing operations at one location while plans for the remaining plant location continue to be evaluated. The current estimated costs of this project are approximately $24,712, including machinery and equipment, buildings and improvements and land. Approximately $20,561 of these costs were incurred as of September 30, 2016 and are included in property, plant and equipment, net on the consolidated balance sheets. The remainder of these costs is expected to be incurred during the fourth quarter of 2016. The timing and costs of the project are subject to change. We do not anticipate any employee severance costs or any material relocation expense associated with the consolidation since the two existing facilities are very close to each other.

 

The Company also recently began several capital projects involving machinery and equipment and building improvements at its Ooltewah, Tennessee and Greeneville, Tennessee facilities that it estimates will cost in total approximately $20,733. Approximately $4,623 of these costs were incurred as of September 30, 2016, and the remainder of these costs are expected to be incurred in the last quarter of 2016 and during 2017. In addition, the Company intends to construct an administrative building at its Ooltewah, Tennessee facility. The current estimated costs of such project are approximately $4,000, which are expected to be incurred during 2017. The timing and cost of the project are subject to change.

 

Contingencies

 

The Company is, from time to time, a party to litigation arising in the normal course of its business. Litigation is subject to various inherent uncertainties, and it is possible that some of these matters could be resolved unfavorably to the Company, which could result in substantial damages against the Company. The Company has established accruals for matters that are probable and reasonably estimable and maintains product liability and other insurance that management believes to be adequate. Management believes that any liability that may ultimately result from the resolution of these matters in excess of available insurance coverage and accruals will not have a material adverse effect on the consolidated financial position or results of operations of the Company.

 

9.INCOME TAXES

 

At September 30, 2016 and December 31, 2015, the Company had no unrecognized income tax positions recorded. The Company does not expect its unrecognized tax positions to change significantly in the next twelve months. If unrecognized tax positions existed, the interest and penalties related to the unrecognized tax positions would be recorded as income tax expense in the condensed consolidated statements of income.

 

The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions. The Company’s 2015 and later tax years remain open to examination for U.S. federal income taxes. With few exceptions, the Company is no longer subject to state or non-U.S. income tax examinations prior to 2013.

 

 8 

 

 

10.SHAREHOLDERS EQUITY

 

Dividends

 

The Company has paid consecutive quarterly cash dividends since May 2011. Dividend payments made for 2016, 2015, 2014 and 2013 were as follows:

 

Payment  Record Date  Payment Date  Dividend
(per share)		   Amount 
Q1 2013  March 18, 2013  March 25, 2013  $0.14   $1,569 
Q2 2013  June 17, 2013  June 24, 2013   0.14    1,573 
Q3 2013  September 16, 2013  September 23, 2013   0.14    1,575 
Q4 2013  December 9, 2013  December 16, 2013   0.14    1,577 
Total for 2013        $0.56   $6,294 
                 
Q1 2014  March 17, 2014  March 24, 2014  $0.15   $1,692 
Q2 2014  June 16, 2014  June 23, 2014   0.15    1,695 
Q3 2014  September 15, 2014  September 22, 2014   0.15    1,696 
Q4 2014  December 8, 2014  December 15, 2014   0.15    1,695 
Total for 2014        $0.60   $6,778 
                 
Q1 2015  March 20, 2015  March 23, 2015  $0.16   $1,809 
Q2 2015  June 15, 2015  June 19, 2015   0.16    1,814 
Q3 2015  September 14, 2015  September 21, 2015   0.16    1,815 
Q4 2015  December 7, 2015  December 11, 2015   0.16    1,815 
Total for 2015        $0.64   $7,253 
                 
Q1 2016  March 21, 2016  March 28, 2016  $0.17   $1,929 
Q2 2016  June 13, 2016  June 20, 2016   0.17    1,929 
Q3 2016  September 12, 2016  September 19, 2016   0.17    1,928 
Total for 2016        $0.51   $5,786 

 

On November 7, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.17 per share. The dividend is payable December 12, 2016 to shareholders of record as of December 5, 2016.

 

11.GEOGRAPHIC INFORMATION

 

Net sales and long-lived assets (property, plant and equipment and goodwill and intangible assets) by region were as follows (revenue is attributed to regions based on the locations of customers):

 

   For the Three Months Ended
September 30		   For the Nine Months Ended
September 30		 
   2016   2015   2016   2015 
Net Sales:                    
North America  $132,600   $109,451   $405,913   $348,456 
Foreign   14,997    16,754    46,612    56,074 
   $147,597   $126,205   $452,525   $404,530 

 

  

September 30,

2016

   December 31,
2015		 
Long Lived Assets:          
North America  $64,365   $48,589 
Foreign   2,500    2,505 
   $66,865   $51,094 

 

 9 

 

 

12.CUSTOMER INFORMATION

 

No single customer accounted for 10% or more of consolidated net sales for the three months and nine months ended September 30, 2016 and 2015.

 

13.OTHER (INCOME) EXPENSE

 

Other (income) expense, net for the three months ended September 30, 2016 consisted of a foreign currency transaction gain of $238. For the three months ended September 30, 2015, other (income) expense, net consisted of a foreign currency transaction gain of $94.

 

Other (income) expense, net for the nine months ended September 30, 2016 consisted of a foreign currency transaction gain of $451. For the nine months ended September 30, 2015, other (income) expense, net consisted of a foreign currency transaction loss of $227.

 

14.Fair Value of Financial Instruments

 

For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect our assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, we classify each fair value measurement as follows:

 

Level 1—based upon quoted prices for identical instruments in active markets,

 

Level 2—based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations, all of whose significant inputs are observable, and

 

Level 3—based upon one or more significant unobservable inputs.

 

The carrying values of cash and temporary investments, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments.

 

The fair value of derivative assets and liabilities are measured assuming that the unit of account is an individual derivative transaction and that each derivative could be sold or transferred on a stand-alone basis. We classify within Level 2 our forward foreign currency exchange contracts based upon quoted prices for similar instruments that are actively traded. For more information regarding derivatives, see Note 15, Derivative Financial Instruments.

 

15.Derivative Financial Instruments

 

The Company periodically enters into foreign currency exchange contracts designed to mitigate the impact of foreign currency risk. At September 30, 2016 and December 31, 2015, the Company had no outstanding foreign currency exchange contracts.

 

16.RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently Issued Standards

 

In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company is in the process of evaluating the impact that this new revenue standard will have on its financial statements.

 

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In July 2015, the FASB issued amendments to the Inventory topic of the Accounting Standards Codification to require inventory to be measured at the lower of cost and net realizable value. Other than the change in the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory, there are no other substantive changes to the guidance on measurement of inventory. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. The Company does not expect these amendments to have a material effect on its consolidated financial statements.

 

In November 2015, the FASB amended the Income Taxes topic of the Accounting Standards Codification to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments will be effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted as of the beginning of an interim or annual reporting period. The Company will apply the guidance retrospectively. The Company is in the process of evaluating the impact that these new amendments will have on its financial statements.

 

The FASB's new leases standard Accounting Standard Update (“ASU”) 2016-02 Leases (Topic 842) was issued on February 25, 2016 and is intended to improve financial reporting about leasing transactions. The standard affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The standard will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new standard will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases.

 

The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning December 15, 2018, with early adoption permitted. The Company is currently in the process of evaluating the impact that this new leasing standard will have on its financial statements.

 

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, as part of its project on financial instruments. The new standard introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning January 1, 2020, with early adoption permitted. The Company is currently in the process of evaluating the impact that this new standard will have on its financial statements.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Executive Overview

 

Miller Industries, Inc. is The World’s Largest Manufacturer of Vehicle Towing and Recovery Equipment®, with domestic manufacturing subsidiaries in Tennessee and Pennsylvania, and foreign manufacturing subsidiaries in France and the United Kingdom. We offer a broad range of equipment to meet our customers’ design, capacity and cost requirements under our Century®, Vulcan®, Challenger®, Holmes®, Champion®, Chevron™, Eagle®, Titan®, Jige™ and Boniface™ brand names. In this Item 2 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the words “Miller Industries,” “the Company,” “we,” “our,” “ours” and “us” refer to Miller Industries, Inc. and its subsidiaries or any of them.

 

Our management focuses on a variety of key indicators to monitor our overall operating and financial performance. These indicators include measurements of revenue, operating income, gross margin, earnings per share, capital expenditures and cash flow.

 

We derive revenues primarily from product sales made through our network of domestic and foreign independent distributors. Our revenues are sensitive to a variety of factors including general economic conditions as well as demand for, and price of, our products, our technological competitiveness, our reputation for providing quality products and reliable service, competition within our industry, and the cost of raw materials (including aluminum, steel and petroleum-related products).

 

Our industry is cyclical in nature. In recent years, the overall demand for our products and resulting revenues have been positively affected by favorable economic conditions, such as lower fuel prices and positive consumer sentiment in our industry. However, historically, the overall demand for our products and our resulting revenues have at times been negatively affected by:

 

•wavering levels of consumer confidence;

 

•volatility and disruption in domestic and international capital and credit markets and the resulting decrease in the availability of financing, including floor plan financing, for our customers and towing operators;

 

•significant periodic increases in fuel and insurance costs and their negative effect on the ability of our customers to purchase towing and related equipment; and

 

•the overall effects of global economic conditions.

 

We remain concerned about the effects of these factors on the towing and recovery industry, and we continue to monitor our overall cost structure to see that it remains in line with business conditions.

 

In addition, we have been and will continue to be affected by changes in the prices that we pay for raw materials, particularly aluminum, steel, petroleum-related products and other raw materials, which represent a substantial part of our total cost of operations. In the past, as we have determined necessary, we have implemented price increases to offset higher costs. We also developed alternatives to some of the components used in our production process that incorporate these raw materials, and our suppliers have implemented these alternatives in the production of our component parts. We continue to monitor raw material prices and availability in order to more favorably position the Company in this dynamic market.

 

At September 30, 2016 and December 31, 2015, the Company had $20,000 and $0 outstanding borrowings under the credit facility, respectively. The borrowings under the credit facility were primarily used to finance our current capital expenditure projects for our Pennsylvania manufacturing operations and at our Ooltewah, Tennessee and Greeneville, Tennessee facilities.

 

Critical Accounting Policies

 

Our condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make estimates. Certain accounting policies are deemed “critical,” as they require management’s highest degree of judgment, estimates and assumptions. A discussion of critical accounting policies, the judgments and uncertainties affecting their application and the likelihood that materially different amounts would be reported under different conditions or using different assumptions follows:

 

Accounts receivable

 

We extend credit to customers in the normal course of business. Collections from customers are continuously monitored and an allowance for doubtful accounts is maintained based on historical experience and any specific customer collection issues. While such bad debt expenses have historically been within expectations and the allowance established, there can be no assurance that we will continue to experience the same credit loss rates as in the past.

 

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Inventory

 

Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or market (net realizable value), determined on a first-in, first-out basis. Appropriate consideration is given to obsolescence, valuation and other factors in determining net realizable value. Revisions of these estimates could result in the need for adjustments.

 

Long-lived assets

 

Long-lived assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount of these assets may not be fully recoverable. When a determination has been made that the carrying amount of long-lived assets may not be fully recovered, the amount of impairment is measured by comparing an asset’s estimated fair value to its carrying value. The determination of fair value is based on projected future cash flows discounted at a rate determined by management or, if available, independent appraisals or sales price negotiations. The estimation of fair value includes significant judgment regarding assumptions of revenue, operating costs, interest rates, property and equipment additions, and industry competition and general economic and business conditions among other factors. We believe that these estimates are reasonable, however, changes in any of these factors could affect these evaluations. Based on these estimations, we believe that our long-lived assets are appropriately valued.

 

Goodwill

 

Goodwill is tested for impairment annually or if an event or circumstance occurs that would more likely than not reduce the fair value of the reporting unit below the carrying amount. We review goodwill for impairment utilizing a qualitative assessment or a two-step approach. If we choose to perform a qualitative analysis of goodwill and determine that the fair value more likely than not exceeds the carrying value, no further testing is needed. If we choose the two-step approach or if qualitative analysis determines the carrying value more likely than not exceeds fair value, the first step identifies potential impairment by comparing the fair value of the reporting unit with its carrying value. If the fair value exceeds the carrying value the second step is not necessary. If the carrying value is more than the fair value, the second step of testing is performed to compare the fair value of the goodwill with its carrying value. An impairment loss would be recognized to the extent that the carrying value of the goodwill exceeds its fair value. We cannot predict the occurrence of certain events or changes in circumstances that might adversely affect the carrying value of goodwill. Such events might include, but are not limited to, the impact of the economic environment or a material change in a relationship with significant customers.

 

Warranty reserves

 

We estimate expense for product warranty claims at the time products are sold. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims. We review trends of warranty claims and take actions to improve product quality and minimize warranty claims. We believe the warranty reserve is adequate; however, actual claims incurred could differ from the original estimates, requiring adjustments to the accrual.

 

Income taxes

 

We recognize deferred tax assets and liabilities based on differences between the financial statement carrying amounts and the tax bases of assets and liabilities. We consider the need to record a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. We consider tax loss carryforwards, reversal of deferred tax liabilities, tax planning and estimates of future taxable income in assessing the need for a valuation allowance. If unrecognized tax positions exist, we record interest and penalties related to the unrecognized tax positions as income tax expense in our condensed consolidated statement of income.

 

Revenues

 

Under our accounting policies, revenues are recorded when the risk of ownership for products has transferred to independent distributors or other customers, which generally occurs on shipment. From time to time, revenue is recognized under a bill and hold arrangement. Recognition of revenue on bill and hold arrangements occurs when risk of ownership has passed to the customer, a fixed written commitment has been provided by the customer, the goods are complete and ready for shipment, the goods are segregated from inventory, no performance obligation remains, and a schedule for delivery has been established. While we manufacture only the bodies of wreckers, which are installed on truck chassis manufactured by third parties, we frequently purchase the truck chassis for resale to our customers. Sales of company-purchased truck chassis are included in net sales. Margins are substantially lower on completed recovery vehicles containing company-purchased chassis because the markup over the cost of the chassis is nominal.

 

Foreign Currency Translation

 

The functional currency for our foreign operations is the applicable local currency. The translation from the applicable foreign currencies to U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date, historical rates for equity and the weighted average exchange rate during the period for revenue and expense accounts. Foreign currency translation adjustments are included in shareholders’ equity. Intercompany debt denominated in a currency other than the functional currency is remeasured into the functional currency. Gains and losses resulting from foreign currency transactions are included in other income and expense in our condensed consolidated statements of income.

 

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Results of Operations–Three Months Ended September 30, 2016 Compared to Three Months Ended September 30, 2015

 

Net sales for the three months ended September 30, 2016 increased 17.0% to $147,597 from $126,205 for the comparable period in 2015. The increase in revenue was primarily attributable to strong demand levels in our domestic markets based on positive consumer sentiment accompanied by increases in production levels. Domestic net sales for the period increased from $109,451 to $132,600 offset by a decrease in foreign net sales for the period from $16,754 to $14,997.

 

Costs of operations for the three months ended September 30, 2016 increased 15.1% to $130,481 from $113,409 for the comparable period in 2015, which was attributable to increased production as a result of the strong demand levels. Overall, costs of operations decreased as a percentage of sales from 89.9% to 88.4% primarily due to product mix.

 

Selling, general, and administrative expenses for the three months ended September 30, 2016 increased to $8,495 from $7,524 for the three months ended September 30, 2015. The increase in expenses was primarily attributable to increased personnel costs related to an increase in staffing levels. As a percentage of sales, selling, general, and administrative expenses decreased to 5.8% for the three months ended September 30, 2016 from 6.0% for the three months ended September 30, 2015 due to higher sales volume and production levels.

 

Total interest expense increased to $359 for the three months ended September 30, 2016 as compared to $291 in the prior year period. Increases in interest expense were primarily due to increases in interest on distributor floor planning and on chassis purchases and borrowings under the credit facility.

 

Other (income) expense, net relates to foreign currency translation gains and losses. For the three months ended September 30, 2016 the net gain was $238 compared to a net gain of $94 for the three months ended September 30, 2015.

 

The provision for income taxes for the three months ended September 30, 2016 and 2015 reflects a combined effective U.S. federal, state and foreign tax rate of 35.0% and 37.6%, respectively.

 

Results of Operations–Nine Months Ended September 30, 2016 Compared to Nine Months Ended September 30, 2015

 

Net sales for the nine months ended September 30, 2016 increased 11.9% to $452,525 from $404,530 for the comparable period in 2015. The increase in revenue was primarily attributable to strong demand levels in our domestic markets based on positive consumer sentiment accompanied by increases in production levels. Domestic net sales for the period increased from $348,456 to $405,913, offset by a decrease in foreign net sales for the period from $56,074 to $46,612.

 

Costs of operations for the nine months ended September 30, 2016 increased 11.4% to $403,402 from $362,241 for the comparable period in 2015, which was attributable to increased production as a result of the strong demand levels. Overall, costs of operations decreased as a percentage of sales from 89.6% to 89.1% primarily due to product mix.

 

Selling, general, and administrative expenses for the nine months ended September 30, 2016 increased to $24,823 from $22,612 for the nine months ended September 30, 2015. The increase in expenses was primarily attributable to increased personnel costs related to an increase in staffing levels. As a percentage of sales, selling, general, and administrative expenses decreased from 5.6% to 5.5% for the nine months ended September 30, 2016 and 2015 due to higher sales volume and production levels.

 

Total interest expense increased to $816 for the nine months ended September 30, 2016 as compared to $699 in the prior year period. Increases in interest expense were primarily due to increases in interest on distributor floor planning and on chassis purchases and borrowings under the credit facility.

 

Other (income) expense, net for the nine months ended September 30, 2016 was a net gain of $451 relating to foreign currency transaction gains and losses. Other (income) expense, net for the nine months ended September 30, 2015 was a net loss of $227 relating to foreign currency transaction gains and losses.

 

The provision for income taxes for the nine months ended September 30, 2016 and 2015 reflects a combined effective U.S. federal, state and foreign tax rate of 35.4% and 35.5%, respectively.

 

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Liquidity and Capital Resources

 

Cash used by operating activities was $580 for the nine months ended September 30, 2016, compared to cash provided by operating activities of $13,787 for the comparable period in 2015. Cash used by operating activities for the 2016 period reflects increases in accounts receivable primarily attributable to the increase in net sales. Certain components of accounts receivable and accounts payable have extended collection and payment terms.

 

Cash used in investing activities was $19,785 for the nine months ended September 30, 2016 compared to $5,876 for the comparable period in 2015. The cash used in investing activities for the 2016 period was primarily for the purchase of property, plant and equipment relating to the capital projects described below.

 

Cash provided by financing activities was $14,214 for the nine months ended September 30, 2016, compared to cash used in financing activities of $5,146 for the comparable period in 2015. The cash provided by financing activities for the 2016 period resulted from borrowings on the credit facility of $20,000 offset by the cash used to pay dividends for the 2016 period of $5,786.

 

As of September 30, 2016, we had cash and cash equivalents of $32,840, not including $30,000 of unused availability under our credit facility. Our primary cash requirements include working capital, capital expenditures, the funding of any declared cash dividends and principal payments on indebtedness, if any, under our credit facility. At September 30, 2016, the Company had commitments of approximately $14,571 for construction and acquisition of property and equipment. We expect our primary sources of cash to be cash flow from operations and cash and cash equivalents on hand at September 30, 2016, with borrowings under our credit facility being available if needed. We expect these sources to be sufficient to satisfy our cash needs during 2016 and for the next several years. However, our ability to satisfy our cash needs will substantially depend upon a number of factors including our future operating performance, taking into account the economic and other factors discussed above and elsewhere in this Quarterly Report, as well as financial, business and other factors, many of which are beyond our control.

 

As of September 30, 2016 and December 31, 2015, $21,624 and $18,145, respectively, of the Company’s cash and temporary investments were held by foreign subsidiaries and their holdings are generally based in the local currency. Amounts held by foreign subsidiaries are generally subject to U.S. income taxation on repatriation to the U.S.

 

The Company is in the process of consolidating and expanding its Pennsylvania manufacturing operations to increase capacity and improve operating efficiencies. The plan includes consolidating primary manufacturing operations at one location while plans for the remaining plant location continue to be evaluated. The current estimated costs of this project are approximately $24,712, including machinery and equipment, buildings and improvements and land. Approximately $20,561 of these costs were incurred as of September 30, 2016 and are included in property, plant and equipment, net on the consolidated balance sheets. The remainder of these costs is expected to be incurred during the fourth quarter of 2016. The timing and costs of the project are subject to change. We do not anticipate any employee severance costs or any material relocation expense associated with the consolidation since the two existing facilities are very close to each other.

 

The Company also recently began several capital projects involving machinery and equipment and building improvements at its Ooltewah, Tennessee and Greeneville, Tennessee facilities that it estimates will cost in total approximately $20,733. Approximately $4,623 of these costs were incurred as of September 30, 2016, and the remainder of these costs are expected to be incurred in the last quarter of 2016 and during 2017. In addition, the Company intends to construct an administrative building at its Ooltewah, Tennessee facility. The current estimated costs of such project are approximately $4,000, which are expected to be incurred during 2017. The timing and cost of the project are subject to change.

 

Credit Facilities and Other Obligations

 

Credit Facility

 

On April 6, 2010 we entered into a Loan Agreement with First Tennessee Bank National Association for a $20,000 unsecured revolving credit facility. On December 21, 2011, the credit facility was renewed and our unsecured revolving credit facility was increased to $25,000. On December 30, 2014, the credit facility was further renewed to extend the maturity date to March 31, 2017. On June 11, 2015, the credit facility was further renewed to extend the maturity date to March 31, 2018 and our unsecured revolving credit facility was increased to $30,000. On June 22, 2016, the credit facility was further increased to $50,000 to give the Company greater flexibility to finance current capital expenditure projects. The current credit facility contains customary representations and warranties, events of default, and financial, affirmative and negative covenants for loan agreements of this kind. Covenants under the current credit facility restrict the payment of cash dividends if the Company would be in violation of the minimum tangible net worth test or the leverage ratio test in the current loan agreement as a result of the dividends, among various other restrictions.

 

In the absence of a default, all borrowings under the credit facility bear interest at the LIBOR Rate plus 1.50% per annum. The Company will pay a non-usage fee under the current loan agreement at a rate per annum equal to between 0.15% and 0.35% of the unused amount of the credit facility, which fee shall be paid quarterly.

 

At September 30, 2016 and December 31, 2015, the Company had $20,000 and $0 outstanding borrowings under the credit facility, respectively.

 

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Other Long-Term Obligations

 

At September 30, 2016, we had approximately $1,959 in non-cancelable operating lease obligations.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

In the normal course of our business, we are exposed to market risk from changes in interest rates and foreign currency exchange rates that could impact our results of operations and financial position.

 

Interest Rate Risk

 

Changes in interest rates affect the interest paid on indebtedness under our credit facility because the outstanding amounts of indebtedness under our credit facility are subject to variable interest rates. Under our credit facility, the non-default rate of interest was equal to the LIBOR Market Index Rate plus 1.50% per annum (for a rate of interest of 2.03% at September 30, 2016). At the borrowing level under the credit facility at September 30, 2016, a one percent change in the interest rate on our variable-rate debt would not have a material impact on our financial position, results of operations or cash flows for the three-month period ended September 30, 2016.

 

Foreign Currency Exchange Rate Risk

 

We are subject to risk arising from changes in foreign currency exchange rates related to our international operations in Europe. We manage our exposure to our foreign currency exchange rate risk through our regular operating and financing activities. Additionally, from time to time, we enter into certain forward foreign currency exchange contracts.

 

For the three months ended September 30, 2016 and 2015, the impact of foreign currency exchange rate changes on our results of operations and cash flows was a net gain of $238 and a net gain of $94, respectively. For the nine months ended September 30, 2016 and 2015, the impact of foreign currency exchange rate changes on our results of operations and cash flows was a net gain of $451 and a net loss of $227, respectively.

 

Because we report in U.S. dollars on a consolidated basis, foreign currency exchange fluctuations could have a translation impact on our financial position. For the three months ended September 30, 2016, we recognized a $768 decrease in our foreign currency translation adjustment account because of fluctuations of the U.S. dollar against certain foreign currencies, including the post-Brexit vote strengthening of the U.S. dollar against the British pound, compared to a $441 increase for the prior year period. For the nine months ended September 30, 2016, we recognized a $121 increase in our foreign currency translation adjustment account because of fluctuations of the U.S. dollar against certain foreign currencies compared to a $2,288 decrease for the prior year period.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Within 90 days prior to the filing date of this report, we carried out an evaluation, under the supervision and with the participation of our management, including our co-Chief Executive Officers (CEOs) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-14(c) under the Securities Exchange Act of 1934. Based upon this evaluation, our CEOs and CFO have concluded that the disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

 

There were no significant changes in our internal controls or in other factors that could significantly affect internal controls subsequent to the date of this evaluation.

 

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PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

We are, from time to time, a party to litigation arising in the normal course of our business. Litigation is subject to various inherent uncertainties, and it is possible that some of these matters could be resolved unfavorably to us, which could result in substantial damages against us. We have established accruals for matters that are probable and reasonably estimable and maintain product liability and other insurance that management believes to be adequate. Management believes that any liability that may ultimately result from the resolution of these matters in excess of available insurance coverage and accruals will not have a material adverse effect on our consolidated financial position or results of operations.

 

ITEM 1A. RISK FACTORS

 

In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed in Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 as updated in the Company’s quarterly report for the quarter ended June 30, 2016.

 

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ITEM 6. EXHIBITS

 

  Description   Incorporated by
Reference to
Registration File
Number		   Form or
Report		   Date of Report   Exhibit
Number in
Report
                   
31.1 Certification Pursuant to Rules 13a-14(a)/15d-14(a) by Co-Chief Executive Officer*                
                   
31.2 Certification Pursuant to Rules 13a-14(a)/15d-14(a) by Co-Chief Executive Officer*                
                   
31.3 Certification Pursuant to Rules 13a-14(a)/15d-14(a) by Chief Financial Officer*                
                   
32.1 Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of United States Code by Co-Chief Executive Officer±                
                   
32.2 Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of United States Code by Co-Chief Executive Officer±                
                   
32.3 Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of United States Code by Chief Financial Officer±                
                   
101 The following information from the Company’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2016 formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets – September 30, 2016 and December 31, 2015; (ii) Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2016 and 2015; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015; (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015; and (v) Notes to Condensed Consolidated Financial Statements.*                
     

 

  * Filed herewith  
       
  ± Exhibit is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subjected to the liabilities of that Section. This exhibit shall not be incorporated by reference into any given registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.  

 

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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/ J. Vincent Mish
    J. Vincent Mish
    Executive Vice President and Chief Financial Officer

 

Date: November 9, 2016

 

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 EX-31.1 2 t1600686_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATIONS

 

I, Jeffrey I. Badgley, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Miller Industries, Inc.

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 9, 2016

 

  /s/ Jeffrey I. Badgley
  Jeffrey I. Badgley
  Co-Chief Executive Officer

 

   

 EX-31.2 3 t1600686_ex31-2.htm EXHIBIT 31.2

  

Exhibit 31.2

 

CERTIFICATIONS

 

I, William G. Miller II, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Miller Industries, Inc.

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 9, 2016

 

  /s/ William G. Miller II
  William G. Miller II
  President and Co-Chief Executive Officer

 

   

 EX-31.3 4 t1600686_ex31-3.htm EXHIBIT 31.3

 

Exhibit 31.3

 

CERTIFICATIONS

 

I, J. Vincent Mish, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Miller Industries, Inc.

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 9, 2016

 

  /s/ J. Vincent Mish
  J. Vincent Mish
  Executive Vice President and Chief Financial Officer

 

   

 EX-32.1 5 t1600686_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

 

I, Jeffrey I. Badgley, Co-Chief Executive Officer of Miller Industries, Inc. (the “Company”), certify, pursuant to 18 U.S.C. § 1350 as adopted by § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)the Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: November 9, 2016

 

  /s/ Jeffrey I. Badgley
  Jeffrey I. Badgley
  Co-Chief Executive Officer

 

   

 EX-32.2 6 t1600686_ex32-2.htm EXHIBIT 32.2

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

 

I, William G. Miller II, President and Co-Chief Executive Officer of Miller Industries, Inc. (the “Company”), certify, pursuant to 18 U.S.C. § 1350 as adopted by § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)the Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: November 9, 2016

 

  /s/ William G. Miller II
 

William G. Miller II

President and Co-Chief Executive Officer

 

   

 EX-32.3 7 t1600686_ex32-3.htm EXHIBIT 32.3

 

Exhibit 32.3

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

 

I, J. Vincent Mish, Executive Vice President and Chief Financial Officer of Miller Industries, Inc. (the “Company”), certify, pursuant to 18 U.S.C. § 1350 as adopted by § 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)the Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date: November 9, 2016

 

  /s/ J. Vincent Mish
  J. Vincent Mish
  Executive Vice President and Chief Financial Officer

 

   

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215000 17190000 8599000 -1113000 773000 1011000 244000 48000 6691000 -3531000 1556000 978000 13787000 -580000 5877000 19155000 5000 1000 -635000 -5876000 -19785000 20000000 5438000 5786000 186000 106000 -5146000 14214000 -1397000 542000 1368000 -5609000 1099000 1314000 6908000 9211000 <div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;"><b>1.</b></td> <td><b>BASIS OF PRESENTATION</b></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The condensed consolidated financial statements of Miller Industries, Inc. and subsidiaries (the &#8220;Company&#8221;) 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 accounting principles generally accepted in the United States of America 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&#8217;s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. 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Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America 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&#8217;s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. 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The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31<sup>st</sup>&#160;by 31 days (or less) to facilitate timely reporting. Certain prior year amounts have been reclassified to conform to current year presentation, with no impact on previously reported shareholders&#8217; equity. 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Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new standard will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning December 15, 2018, with early adoption permitted. The Company is currently in the process of evaluating the impact that this new leasing standard will have on its financial statements.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, as part of its project on financial instruments. The new standard introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning January 1, 2020, with early adoption permitted. The Company is currently in the process of evaluating the impact that this new standard will have on its financial statements.</p> 34000 5.49 0 238000 94000 0000924822mlr:TennesseeMember2016-09-30 4000000 EX-101.SCH 10 mlr-20160930.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - BASIS OF PRESENTATION link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - BASIC AND DILUTED INCOME PER SHARE link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - INVENTORIES link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - LONG-LIVED ASSETS link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - GOODWILL link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - LONG-TERM OBLIGATIONS link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - STOCK-BASED COMPENSATION link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - INCOME TAXES link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - SHAREHOLDERS EQUITY link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - GEOGRAPHIC INFORMATION link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - CUSTOMER INFORMATION link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - OTHER (INCOME) EXPENSE link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - INVENTORIES (Tables) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - SHAREHOLDERS EQUITY (Tables) link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - GEOGRAPHIC INFORMATION (Tables) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - BASIC AND DILUTED INCOME PER SHARE (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - INVENTORIES - Summary of inventories, net of reserves (Details) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - LONG-TERM OBLIGATIONS (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - STOCK-BASED COMPENSATION (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - COMMITMENTS AND CONTINGENCIES (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - SHAREHOLDERS EQUITY - Summary of Dividend payments (Details) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - SHAREHOLDERS EQUITY (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - GEOGRAPHIC INFORMATION - Net Sales and Long Lived Assets by Region (Details) link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - CUSTOMER INFORMATION (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - OTHER (INCOME) EXPENSE (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 11 mlr-20160930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 12 mlr-20160930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 13 mlr-20160930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 14 mlr-20160930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 15 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2016
Oct. 31, 2016
Document and Entity Information [Abstract]    
Entity Registrant Name MILLER INDUSTRIES INC /TN/  
Entity Central Index Key 0000924822  
Trading Symbol mlr  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock Shares Outstanding   11,345,560
Document Type 10-Q  
Document Period End Date Sep. 30, 2016  
Amendment Flag false  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q3  
XML 16 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and temporary investments $ 32,840 $ 38,449
Accounts receivable, net of allowance for doubtful accounts of $2,011 and $1,864 at September 30, 2016 and December 31, 2015, respectively 125,908 109,170
Inventories 64,838 66,232
Prepaid expenses 2,679 1,689
Current deferred income taxes 3,730 3,725
Total current assets 229,995 219,265
PROPERTY, PLANT, AND EQUIPMENT, net 55,246 39,475
GOODWILL 11,619 11,619
OTHER ASSETS 544 496
TOTAL ASSETS 297,404 270,855
CURRENT LIABILITIES:    
Accounts payable 69,186 73,405
Accrued liabilities 21,957 21,089
Total current liabilities 91,143 94,494
LONG TERM OBLIGATIONS 20,000  
DEFERRED INCOME TAX LIABILITIES 2,499 2,499
COMMITMENTS AND CONTINGENCIES (Notes 6 and 8)
SHAREHOLDERS' EQUITY:    
Preferred stock, $.01 par value; 5,000,000 shares authorized, none issued or outstanding
Common stock, $.01 par value; 100,000,000 shares authorized, 11,345,560 and 11,341,150, outstanding at September 30, 2016 and December 31, 2015, respectively 113 113
Additional paid-in capital 150,401 150,305
Retained earnings 38,228 28,545
Accumulated other comprehensive income (loss) (4,980) (5,101)
Total shareholders' equity 183,762 173,862
Total Liabilities And Shareholders' Equity $ 297,404 $ 270,855
XML 17 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Statement Of Financial Position [Abstract]    
Accounts receivable, allowance for doubtful accounts (in dollars) $ 2,011 $ 1,864
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares outstanding 11,345,560 11,341,150
XML 18 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
NET SALES $ 147,597 $ 126,205 $ 452,525 $ 404,530
COSTS OF OPERATIONS 130,481 113,409 403,402 362,241
GROSS PROFIT 17,116 12,796 49,123 42,289
OPERATING EXPENSES:        
Selling, general and administrative expenses 8,495 7,524 24,823 22,612
Interest expense, net 359 291 816 699
Other (income) expense, net (238) (94) (451) 227
Total operating expenses 8,616 7,721 25,188 23,538
INCOME BEFORE INCOME TAXES 8,500 5,075 23,935 18,751
INCOME TAX PROVISION 2,978 1,907 8,466 6,653
NET INCOME $ 5,522 $ 3,168 $ 15,469 $ 12,098
BASIC INCOME PER COMMON SHARE $ 0.49 $ 0.28 $ 1.36 $ 1.07
DILUTED INCOME PER COMMON SHARE 0.49 0.28 1.36 1.07
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.17 $ 0.16 $ 0.51 $ 0.48
WEIGHTED AVERAGE SHARES OUTSTANDING:        
Basic (in shares) 11,346 11,341 11,346 11,329
Diluted (in shares) 11,374 11,368 11,374 11,367
XML 19 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Statement Of Other Comprehensive Income [Abstract]        
NET INCOME $ 5,522 $ 3,168 $ 15,469 $ 12,098
OTHER COMPREHENSIVE INCOME (LOSS):        
Foreign currency translation adjustment (768) 441 121 (2,288)
COMPREHENSIVE INCOME $ 4,754 $ 3,609 $ 15,590 $ 9,810
XML 20 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES:    
Net income $ 15,469 $ 12,098
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 3,359 3,038
Provision for doubtful accounts 177 185
Excess tax benefit from stock-based compensation   (106)
Issuance of non-employee director shares 96 96
Deferred income tax provision 5 60
Gain/Loss on Disposal of Equipment 3  
Changes in operating assets and liabilities:    
Accounts receivable (17,190) (215)
Inventories 1,113 (8,599)
Prepaid expenses (1,011) (773)
Other assets (48) (244)
Accounts payable (3,531) 6,691
Accrued liabilities 978 1,556
Net cash flows from (used in) operating activities (580) 13,787
INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (19,155) (5,877)
Proceeds from sale of plant, property & equipment 5  
Net (payments on) proceeds from notes receivable (635) 1
Net cash flows from (used in) investing activities (19,785) (5,876)
FINANCING ACTIVITIES:    
Net borrowings under credit facility 20,000  
Payments of cash dividends (5,786) (5,438)
Proceeds from stock option exercises   186
Excess tax benefit from stock-based compensation   106
Net cash flows from (used in) financing activities 14,214 (5,146)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS 542 (1,397)
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS (5,609) 1,368
CASH AND TEMPORARY INVESTMENTS, beginning of period 38,449 39,597
CASH AND TEMPORARY INVESTMENTS, end of period 32,840 40,965
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash payments for interest 1,314 1,099
Cash payments for income taxes, net of refunds $ 9,211 $ 6,908
XML 21 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
BASIS OF PRESENTATION
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 accounting principles generally accepted in the United States of America 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. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. 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 December 31, 2015. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31st by 31 days (or less) to facilitate timely reporting. Certain prior year amounts have been reclassified to conform to current year presentation, with no impact on previously reported shareholders’ equity. The Company evaluated subsequent events through the date the financial statements were issued.
XML 22 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIC AND DILUTED INCOME PER SHARE
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
BASIC AND DILUTED INCOME PER SHARE
2. BASIC AND DILUTED INCOME PER SHARE

 

Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted income per share is calculated by dividing net income by the weighted average number of common and potential dilutive common shares outstanding. Diluted income per share takes into consideration the assumed exercise of outstanding stock options resulting in approximately 28,000 and 27,000 potential dilutive common shares for the three months ended September 30, 2016 and 2015, respectively, and 28,000 and 38,000 for the nine months ended September 30, 2016 and 2015, respectively. For the three and nine months ended September 30, 2016 and 2015, none of the outstanding stock options would have been anti-dilutive.
XML 23 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVENTORIES
 9 Months Ended
Sep. 30, 2016
Inventory Disclosure [Abstract]  
INVENTORIES
3. INVENTORIES

 

Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or market (net realizable value), determined on a first-in, first-out basis. Appropriate consideration is given to obsolescence, valuation and other factors in determining net realizable value. Revisions of these factors could result in the need for adjustments. Inventories, net of reserves, at September 30, 2016 and December 31, 2015 consisted of the following:

 

   

September 30,

2016

     December 31,
2015		  
Chassis   $ 7,414     $ 8,048  
Raw materials     28,868       28,328  
Work in process     12,693       10,850  
Finished goods     15,863       19,006  
    $ 64,838     $ 66,232  
XML 24 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
LONG-LIVED ASSETS
 9 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
LONG-LIVED ASSETS
4. LONG-LIVED ASSETS

 

The Company periodically reviews the carrying amount of its long-lived assets to determine if those assets may be recoverable based upon the future operating cash flows expected to be generated by those assets. Management believes that its long-lived assets are appropriately valued.
XML 25 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
GOODWILL
 9 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL
5. GOODWILL

 

Goodwill consists of the excess of cost of acquired entities over the sum of the amounts assigned to identifiable assets acquired less liabilities assumed. Goodwill is not amortized. However, the Company evaluates the carrying value of goodwill for impairment at least annually or if an event or circumstance occurs that would indicate that the carrying amount had been impaired. The Company reviews goodwill for impairment utilizing a qualitative assessment or a two-step process. If we choose to perform a qualitative analysis of goodwill and determine that the fair value more likely than not exceeds the carrying value, no further testing is needed. If we choose the two-step approach or if qualitative analysis determines the carrying value more likely than not exceeds fair value, the first step identifies potential impairment by comparing the fair value of the reporting unit with its carrying value. If the fair value exceeds the carrying value the second step is not necessary. If the carrying value is more than the fair value, the second step of testing is performed to compare the fair value of the goodwill with its carrying value. An impairment loss would be recognized to the extent that the carrying value of the goodwill exceeds its fair value.
XML 26 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
LONG-TERM OBLIGATIONS
 9 Months Ended
Sep. 30, 2016
Long-Term Debt, Unclassified [Abstract]  
LONG-TERM OBLIGATIONS
6. LONG-TERM OBLIGATIONS

 

Credit Facility and Other Long-Term Obligations

 

Credit Facility

 

On April 6, 2010 we entered into a Loan Agreement with First Tennessee Bank National Association for a $20,000 unsecured revolving credit facility. On December 21, 2011, the credit facility was renewed and our unsecured revolving credit facility was increased to $25,000. On December 30, 2014, the credit facility was further renewed to extend the maturity date to March 31, 2017. On June 11, 2015, the credit facility was further renewed to extend the maturity date to March 31, 2018 and our unsecured revolving credit facility was increased to $30,000. On June 22, 2016, the credit facility was further increased to $50,000 to give the Company greater flexibility to finance current capital expenditure projects. The current credit facility contains customary representations and warranties, events of default, and financial, affirmative and negative covenants for loan agreements of this kind. Covenants under the current credit facility restrict the payment of cash dividends if the Company would be in violation of the minimum tangible net worth test or the leverage ratio test in the current loan agreement as a result of the dividend, among various restrictions.

 

In the absence of a default, all borrowings under the current credit facility bear interest at the LIBOR Rate plus 1.50% per annum. The Company will pay a non-usage fee under the current loan agreement at a rate per annum equal to between 0.15% and 0.35% of the unused amount of the current credit facility, which fee shall be paid quarterly.

 

At September 30, 2016 and December 31, 2015, the Company had $20,000 and $0 outstanding borrowings under the credit facility, respectively.

 

Interest Rate Risk

 

Changes in interest rates affect the interest paid on indebtedness under the credit facility because outstanding amounts of indebtedness under the credit facility are subject to variable interest rates. Under the credit facility, the non-default rate of interest was equal to the LIBOR Market Index Rate plus 1.50% per annum (for a rate of interest of 2.03% at September 30, 2016). At the borrowing level under the credit facility at September 30, 2016, a one percent change in the interest rate on our variable-rate debt would not have a material impact on our financial position, results of operations or cash flows for the three-month period ended September 30, 2016.

 

Other Long-Term Obligations

 

At September 30, 2016, the Company had approximately $1,959 in non-cancelable operating lease obligations.
XML 27 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2016
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
STOCK-BASED COMPENSATION
7. STOCK-BASED COMPENSATION

 

The Company did not issue any stock options during the three months ended September 30, 2016. For additional disclosures related to the Company’s stock-based compensation refer to Notes 2 and 4 of the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

 

During the three months ended September 30, 2016 and 2015, no options were exercised in 2016 and 1,000 shares of common stock at a weighted-average exercise price of $5.49 were exercised in 2015. During the nine months ended September 30, 2016 and 2015, no options were exercised in 2016 and 34,000 shares of common stock at a weighted-average exercise price of $5.49 were exercised in 2015.
XML 28 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
8. COMMITMENTS AND CONTINGENCIES

 

Commitments

 

The Company has entered into arrangements with third-party lenders where it has agreed, in the event of default by a customer, to repurchase from the third-party lender Company products repossessed from the customer. These arrangements are typically subject to a maximum repurchase amount. The maximum amount of collateral that the Company could be required to purchase was approximately $46,995 at September 30, 2016, and $38,334 at December 31, 2015. However, the Company’s risk under these arrangements is mitigated by the value of the products that would be repurchased as part of the transaction. The Company considered the fair value at inception of its liability under these arrangements and concluded that the liability associated with these potential repurchase obligations is not material and not probable at September 30, 2016.

 

At September 30, 2016, the Company had commitments of approximately $14,571 for construction and acquisition of property, plant and equipment. The Company is in the process of consolidating and expanding its Pennsylvania manufacturing operations to increase capacity and improve operating efficiencies. The plan includes consolidating primary manufacturing operations at one location while plans for the remaining plant location continue to be evaluated. The current estimated costs of this project are approximately $24,712, including machinery and equipment, buildings and improvements and land. Approximately $20,561 of these costs were incurred as of September 30, 2016 and are included in property, plant and equipment, net on the consolidated balance sheets. The remainder of these costs is expected to be incurred during the fourth quarter of 2016. The timing and costs of the project are subject to change. We do not anticipate any employee severance costs or any material relocation expense associated with the consolidation since the two existing facilities are very close to each other.

 

The Company also recently began several capital projects involving machinery and equipment and building improvements at its Ooltewah, Tennessee and Greeneville, Tennessee facilities that it estimates will cost in total approximately $20,733. Approximately $4,623 of these costs were incurred as of September 30, 2016, and the remainder of these costs are expected to be incurred in the last quarter of 2016 and during 2017. In addition, the Company intends to construct an administrative building at its Ooltewah, Tennessee facility. The current estimated costs of such project are approximately $4,000, which are expected to be incurred during 2017. The timing and cost of the project are subject to change.

 

Contingencies

 

The Company is, from time to time, a party to litigation arising in the normal course of its business. Litigation is subject to various inherent uncertainties, and it is possible that some of these matters could be resolved unfavorably to the Company, which could result in substantial damages against the Company. The Company has established accruals for matters that are probable and reasonably estimable and maintains product liability and other insurance that management believes to be adequate. Management believes that any liability that may ultimately result from the resolution of these matters in excess of available insurance coverage and accruals will not have a material adverse effect on the consolidated financial position or results of operations of the Company.
XML 29 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
INCOME TAXES
 9 Months Ended
Sep. 30, 2016
Income Tax Disclosure [Abstract]  
INCOME TAXES
9. INCOME TAXES

 

At September 30, 2016 and December 31, 2015, the Company had no unrecognized income tax positions recorded. The Company does not expect its unrecognized tax positions to change significantly in the next twelve months. If unrecognized tax positions existed, the interest and penalties related to the unrecognized tax positions would be recorded as income tax expense in the condensed consolidated statements of income.

 

The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions. The Company’s 2015 and later tax years remain open to examination for U.S. federal income taxes. With few exceptions, the Company is no longer subject to state or non-U.S. income tax examinations prior to 2013.
XML 30 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
SHAREHOLDERS EQUITY
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS EQUITY
10. SHAREHOLDERS EQUITY

 

Dividends

 

The Company has paid consecutive quarterly cash dividends since May 2011. Dividend payments made for 2016, 2015, 2014 and 2013 were as follows:

 

Payment   Record Date   Payment Date   Dividend
(per share)		     Amount  
Q1 2013   March 18, 2013   March 25, 2013   $ 0.14     $ 1,569  
Q2 2013   June 17, 2013   June 24, 2013     0.14       1,573  
Q3 2013   September 16, 2013   September 23, 2013     0.14       1,575  
Q4 2013   December 9, 2013   December 16, 2013     0.14       1,577  
Total for 2013           $ 0.56     $ 6,294  
                         
Q1 2014   March 17, 2014   March 24, 2014   $ 0.15     $ 1,692  
Q2 2014   June 16, 2014   June 23, 2014     0.15       1,695  
Q3 2014   September 15, 2014   September 22, 2014     0.15       1,696  
Q4 2014   December 8, 2014   December 15, 2014     0.15       1,695  
Total for 2014           $ 0.60     $ 6,778  
                         
Q1 2015   March 20, 2015   March 23, 2015   $ 0.16     $ 1,809  
Q2 2015   June 15, 2015   June 19, 2015     0.16       1,814  
Q3 2015   September 14, 2015   September 21, 2015     0.16       1,815  
Q4 2015   December 7, 2015   December 11, 2015     0.16       1,815  
Total for 2015           $ 0.64     $ 7,253  
                         
Q1 2016   March 21, 2016   March 28, 2016   $ 0.17     $ 1,929  
Q2 2016   June 13, 2016   June 20, 2016     0.17       1,929  
Q3 2016   September 12, 2016   September 19, 2016     0.17       1,928  
Total for 2016           $ 0.51     $ 5,786  

 

On November 7, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.17 per share. The dividend is payable December 12, 2016 to shareholders of record as of December 5, 2016.
XML 31 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
GEOGRAPHIC INFORMATION
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
GEOGRAPHIC INFORMATION
11. GEOGRAPHIC INFORMATION

 

Net sales and long-lived assets (property, plant and equipment and goodwill and intangible assets) by region were as follows (revenue is attributed to regions based on the locations of customers):

 

    For the Three Months Ended
September 30		     For the Nine Months Ended
September 30		  
    2016     2015     2016     2015  
Net Sales:                                
North America   $ 132,600     $ 109,451     $ 405,913     $ 348,456  
Foreign     14,997       16,754       46,612       56,074  
    $ 147,597     $ 126,205     $ 452,525     $ 404,530  

 

   

September 30,

2016

     December 31,
2015		  
Long Lived Assets:                
North America   $ 64,365     $ 48,589  
Foreign     2,500       2,505  
    $ 66,865     $ 51,094  
XML 32 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
CUSTOMER INFORMATION
 9 Months Ended
Sep. 30, 2016
Risks and Uncertainties [Abstract]  
CUSTOMER INFORMATION
12. CUSTOMER INFORMATION

 

No single customer accounted for 10% or more of consolidated net sales for the three months and nine months ended September 30, 2016 and 2015.
XML 33 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
OTHER (INCOME) EXPENSE
 9 Months Ended
Sep. 30, 2016
Other Income and Expenses [Abstract]  
OTHER (INCOME) EXPENSE
13. OTHER (INCOME) EXPENSE

 

Other (income) expense, net for the three months ended September 30, 2016 consisted of a foreign currency transaction gain of $238. For the three months ended September 30, 2015, other (income) expense, net consisted of a foreign currency transaction gain of $94.

 

Other (income) expense, net for the nine months ended September 30, 2016 consisted of a foreign currency transaction gain of $451. For the nine months ended September 30, 2015, other (income) expense, net consisted of a foreign currency transaction loss of $227.
XML 34 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
14. FAIR VALUE OF FINANCIAL INSTRUMENTS

 

For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect our assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, we classify each fair value measurement as follows:

 

Level 1—based upon quoted prices for identical instruments in active markets,

 

Level 2—based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations, all of whose significant inputs are observable, and

 

Level 3—based upon one or more significant unobservable inputs.

 

The carrying values of cash and temporary investments, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments.

 

The fair value of derivative assets and liabilities are measured assuming that the unit of account is an individual derivative transaction and that each derivative could be sold or transferred on a stand-alone basis. We classify within Level 2 our forward foreign currency exchange contracts based upon quoted prices for similar instruments that are actively traded. For more information regarding derivatives, see Note 15, Derivative Financial Instruments.
XML 35 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
DERIVATIVE FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS
15. DERIVATIVE FINANCIAL INSTRUMENTS

 

The Company periodically enters into foreign currency exchange contracts designed to mitigate the impact of foreign currency risk. At September 30, 2016 and December 31, 2015, the Company had no outstanding foreign currency exchange contracts.
XML 36 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
RECENT ACCOUNTING PRONOUNCEMENTS
 9 Months Ended
Sep. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS
16. RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently Issued Standards

 

In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company is in the process of evaluating the impact that this new revenue standard will have on its financial statements.

 

In July 2015, the FASB issued amendments to the Inventory topic of the Accounting Standards Codification to require inventory to be measured at the lower of cost and net realizable value. Other than the change in the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory, there are no other substantive changes to the guidance on measurement of inventory. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. The Company does not expect these amendments to have a material effect on its consolidated financial statements.

 

In November 2015, the FASB amended the Income Taxes topic of the Accounting Standards Codification to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments will be effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted as of the beginning of an interim or annual reporting period. The Company will apply the guidance retrospectively. The Company is in the process of evaluating the impact that these new amendments will have on its financial statements.

 

The FASB's new leases standard Accounting Standard Update (“ASU”) 2016-02 Leases (Topic 842) was issued on February 25, 2016 and is intended to improve financial reporting about leasing transactions. The standard affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The standard will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new standard will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases.

 

The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning December 15, 2018, with early adoption permitted. The Company is currently in the process of evaluating the impact that this new leasing standard will have on its financial statements.

 

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, as part of its project on financial instruments. The new standard introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning January 1, 2020, with early adoption permitted. The Company is currently in the process of evaluating the impact that this new standard will have on its financial statements.
XML 37 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
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 accounting principles generally accepted in the United States of America 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. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. 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 December 31, 2015. The condensed consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31st by 31 days (or less) to facilitate timely reporting. Certain prior year amounts have been reclassified to conform to current year presentation, with no impact on previously reported shareholders’ equity. The Company evaluated subsequent events through the date the financial statements were issued.
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently Issued Standards

 

In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance to change the recognition of revenue from contracts with customers. The core principle of the new guidance is that an entity should recognize revenue to reflect the transfer of goods and services to customers in an amount equal to the consideration the entity receives or expects to receive. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company is in the process of evaluating the impact that this new revenue standard will have on its financial statements.

 

In July 2015, the FASB issued amendments to the Inventory topic of the Accounting Standards Codification to require inventory to be measured at the lower of cost and net realizable value. Other than the change in the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory, there are no other substantive changes to the guidance on measurement of inventory. The amendments will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. The Company does not expect these amendments to have a material effect on its consolidated financial statements.

 

In November 2015, the FASB amended the Income Taxes topic of the Accounting Standards Codification to simplify the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments will be effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted as of the beginning of an interim or annual reporting period. The Company will apply the guidance retrospectively. The Company is in the process of evaluating the impact that these new amendments will have on its financial statements.

 

The FASB's new leases standard Accounting Standard Update (“ASU”) 2016-02 Leases (Topic 842) was issued on February 25, 2016 and is intended to improve financial reporting about leasing transactions. The standard affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The standard will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new standard will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases.

 

The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning December 15, 2018, with early adoption permitted. The Company is currently in the process of evaluating the impact that this new leasing standard will have on its financial statements.

 

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, as part of its project on financial instruments. The new standard introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning January 1, 2020, with early adoption permitted. The Company is currently in the process of evaluating the impact that this new standard will have on its financial statements.
XML 38 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVENTORIES (Tables)
 9 Months Ended
Sep. 30, 2016
Inventory Disclosure [Abstract]  
Schedule of inventories, net of reserves
   

September 30,

2016

     December 31,
2015		  
Chassis   $ 7,414     $ 8,048  
Raw materials     28,868       28,328  
Work in process     12,693       10,850  
Finished goods     15,863       19,006  
    $ 64,838     $ 66,232  
 
XML 39 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
SHAREHOLDERS EQUITY (Tables)
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
Schedule of dividends payments
Payment   Record Date   Payment Date   Dividend
(per share)		     Amount  
Q1 2013   March 18, 2013   March 25, 2013   $ 0.14     $ 1,569  
Q2 2013   June 17, 2013   June 24, 2013     0.14       1,573  
Q3 2013   September 16, 2013   September 23, 2013     0.14       1,575  
Q4 2013   December 9, 2013   December 16, 2013     0.14       1,577  
Total for 2013           $ 0.56     $ 6,294  
                         
Q1 2014   March 17, 2014   March 24, 2014   $ 0.15     $ 1,692  
Q2 2014   June 16, 2014   June 23, 2014     0.15       1,695  
Q3 2014   September 15, 2014   September 22, 2014     0.15       1,696  
Q4 2014   December 8, 2014   December 15, 2014     0.15       1,695  
Total for 2014           $ 0.60     $ 6,778  
                         
Q1 2015   March 20, 2015   March 23, 2015   $ 0.16     $ 1,809  
Q2 2015   June 15, 2015   June 19, 2015     0.16       1,814  
Q3 2015   September 14, 2015   September 21, 2015     0.16       1,815  
Q4 2015   December 7, 2015   December 11, 2015     0.16       1,815  
Total for 2015           $ 0.64     $ 7,253  
                         
Q1 2016   March 21, 2016   March 28, 2016   $ 0.17     $ 1,929  
Q2 2016   June 13, 2016   June 20, 2016     0.17       1,929  
Q3 2016   September 12, 2016   September 19, 2016     0.17       1,928  
Total for 2016           $ 0.51     $ 5,786  
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
GEOGRAPHIC INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Schedule of net sales and long-lived assets by region
    For the Three Months Ended
September 30		     For the Nine Months Ended
September 30		  
    2016     2015     2016     2015  
Net Sales:                                
North America   $ 132,600     $ 109,451     $ 405,913     $ 348,456  
Foreign     14,997       16,754       46,612       56,074  
    $ 147,597     $ 126,205     $ 452,525     $ 404,530  

 

   

September 30,

2016

     December 31,
2015		  
Long Lived Assets:                
North America   $ 64,365     $ 48,589  
Foreign     2,500       2,505  
    $ 66,865     $ 51,094  
 
XML 41 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIC AND DILUTED INCOME PER SHARE (Detail Textuals) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Earnings Per Share [Abstract]        
Outstanding stock options included in the calculation of diluted EPS 28,000 27,000 28,000 38,000
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share 0 0 0 0
XML 42 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVENTORIES - Summary of inventories, net of reserves (Details) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Inventory Disclosure [Abstract]    
Chassis $ 7,414 $ 8,048
Raw materials 28,868 28,328
Work in process 12,693 10,850
Finished goods 15,863 19,006
Inventories $ 64,838 $ 66,232
XML 43 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
LONG-TERM OBLIGATIONS (Detail Textuals) - First Tennessee Bank National Association ("First Tennessee") - Unsecured revolving credit facility (the "Credit Facility") - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Jun. 22, 2016
Dec. 31, 2015
Jun. 11, 2015
Dec. 21, 2011
Apr. 06, 2010
Line of Credit Facility [Line Items]            
Revolving credit facility   $ 50,000   $ 30,000 $ 25,000 $ 20,000
Description of reference rate basis LIBOR Market Index Rate          
Variable interest rate in addition to reference rate 1.50%          
Interest rate 2.03%          
Outstanding borrowings under credit facility $ 20,000   $ 0      
Non-cancelable operating lease obligations $ 1,959          
Minimum            
Line of Credit Facility [Line Items]            
Non-usage fee for current loan agreement in annual amount percentage 0.15%          
Maximum            
Line of Credit Facility [Line Items]            
Non-usage fee for current loan agreement in annual amount percentage 0.35%          
XML 44 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK-BASED COMPENSATION (Detail Textuals) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]        
Options exercised for purchase of common stock 0 1,000 0 34,000
Weighted-average exercise price (in dollars per share)   $ 5.49   $ 5.49
XML 45 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMMITMENTS AND CONTINGENCIES (Detail Textuals) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Long-term Purchase Commitment [Line Items]    
Maximum repurchase collateral amount $ 46,995 $ 38,334
Capital Addition Purchase Commitments    
Long-term Purchase Commitment [Line Items]    
Commitment for construction and acquisition of property, plant and equipment 14,571  
Pennsylvania    
Long-term Purchase Commitment [Line Items]    
Estimated cost of operations 24,712  
Cost incurred in manufacturing operations 20,561  
Tennessee    
Long-term Purchase Commitment [Line Items]    
Estimated cost of operations 20,733  
Cost incurred in manufacturing operations 4,623  
Current estimated costs of administrative building $ 4,000  
XML 46 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
SHAREHOLDERS EQUITY - Summary of Dividend payments (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Sep. 30, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Stockholders' Equity Note [Abstract]                                      
Record Date Sep. 12, 2016 Jun. 13, 2016 Mar. 21, 2016 Dec. 07, 2015 Sep. 14, 2015 Jun. 15, 2015 Mar. 20, 2015 Dec. 08, 2014 Sep. 15, 2014 Jun. 16, 2014 Mar. 17, 2014 Dec. 09, 2013 Sep. 16, 2013 Jun. 17, 2013 Mar. 18, 2013        
Payment Date Sep. 19, 2016 Jun. 20, 2016 Mar. 28, 2016 Dec. 11, 2015 Sep. 21, 2015 Jun. 19, 2015 Mar. 23, 2015 Dec. 15, 2014 Sep. 22, 2014 Jun. 23, 2014 Mar. 24, 2014 Dec. 16, 2013 Sep. 23, 2013 Jun. 24, 2013 Mar. 25, 2016        
Dividend (per share) $ 0.17 $ 0.17 $ 0.17 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ 0.51 $ 0.64 $ 0.60 $ 0.56
Dividend paid, amount $ 1,928 $ 1,929 $ 1,929 $ 1,815 $ 1,815 $ 1,814 $ 1,809 $ 1,695 $ 1,696 $ 1,695 $ 1,692 $ 1,577 $ 1,575 $ 1,573 $ 1,569 $ 5,786 $ 7,253 $ 6,778 $ 6,294
XML 47 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
SHAREHOLDERS EQUITY (Detail Textuals) - $ / shares
 3 Months Ended 9 Months Ended 12 Months Ended
Nov. 07, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Sep. 30, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Stockholders Equity Note [Line Items]                                        
Dividend (per share)   $ 0.17 $ 0.17 $ 0.17 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ 0.51 $ 0.64 $ 0.60 $ 0.56
Payment Date   Sep. 19, 2016 Jun. 20, 2016 Mar. 28, 2016 Dec. 11, 2015 Sep. 21, 2015 Jun. 19, 2015 Mar. 23, 2015 Dec. 15, 2014 Sep. 22, 2014 Jun. 23, 2014 Mar. 24, 2014 Dec. 16, 2013 Sep. 23, 2013 Jun. 24, 2013 Mar. 25, 2016        
Record Date   Sep. 12, 2016 Jun. 13, 2016 Mar. 21, 2016 Dec. 07, 2015 Sep. 14, 2015 Jun. 15, 2015 Mar. 20, 2015 Dec. 08, 2014 Sep. 15, 2014 Jun. 16, 2014 Mar. 17, 2014 Dec. 09, 2013 Sep. 16, 2013 Jun. 17, 2013 Mar. 18, 2013        
Subsequent Event                                        
Stockholders Equity Note [Line Items]                                        
Declared Date Nov. 07, 2016                                      
Dividend (per share) $ 0.17                                      
Payment Date Dec. 12, 2016                                      
Record Date Dec. 05, 2016                                      
XML 48 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
GEOGRAPHIC INFORMATION - Net Sales and Long Lived Assets by Region (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net Sales $ 147,597 $ 126,205 $ 452,525 $ 404,530  
Long Lived Assets 66,865   66,865   $ 51,094
North America          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net Sales 132,600 109,451 405,913 348,456  
Long Lived Assets 64,365   64,365   48,589
Foreign          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net Sales 14,997 $ 16,754 46,612 $ 56,074  
Long Lived Assets $ 2,500   $ 2,500   $ 2,505
XML 49 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
CUSTOMER INFORMATION (Detail Textuals) - Customer Concentration Risk - Net sales
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Concentration Risk [Line Items]        
Major customer, benchmark description No single customer accounted for 10% or more of consolidated net sales No single customer accounted for 10% or more of consolidated net sales No single customer accounted for 10% or more of consolidated net sales No single customer accounted for 10% or more of consolidated net sales
Percentage of company's largest customer 10.00% 10.00% 10.00% 10.00%
XML 50 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
OTHER (INCOME) EXPENSE (Detail Textuals) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Other Income and Expenses [Abstract]        
Foreign currency transaction gain (loss) included in other (income) expense $ 238 $ 94 $ 451 $ 227
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