Miller Industries Reports 2010 Third Quarter Results

Miller Industries, Inc. （NYSE: MLR） （the "Company"） yestday announced financial results for the third quarter ended September 30, 2010.

For the third quarter of 2010, net sales were $73.7 million, an increase of 28.0% compared with $57.5 million for the third quarter of 2009.  Net income in the third quarter of 2010 was $2.9 million, or $0.24 per diluted share, an increase of 72.0% as compared to net income of $1.7 million, or $0.14 per diluted share, in the prior year period. 

Gross profit for the third quarter of 2010 was $11.4 million, or 15.5% of net sales, compared to $8.9 million, or 15.4% of net sales, for the third quarter of 2009.  For the third quarter of 2010, selling, general and administrative expenses were $6.5 million, compared to $6.0 million in the prior year period. 

Other income related to foreign currency transactions was a net loss of $37,000 in the third quarter of 2010 compared to a net gain of $83,000 in the third quarter of 2009.

For the nine-month period ended September 30, 2010, net sales were $227.2 million, compared to $170.6 million in the prior year period, an increase of 33.2%.  The Company reported net income of $8.1 million, or $0.67 per diluted share, for the first nine months of 2010, compared to net income for the first nine months of 2009 of $4.0 million, or $0.34 per diluted share.  Other income related to foreign currency transactions was a net loss of $127,000 for the first nine months of 2010, compared to a $367,000 gain in the prior year period.