Miller Industries Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Miller Industries Inc. filed its 2023 10-K report detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

MILLER INDUSTRIES INC /TN/ (MLR) filed a Annual Report (10-K) with the SEC on March 6, 2024. Miller Industries Inc. filed its 2023 Form 10-K on March 6, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Tennessee (TN) and operates in the Truck & Bus Bodies SIC code [3713]. The filing includes detailed financial data for the fiscal year 2023, comparing it to previous years. Key financial statement components like Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for multiple fiscal years.

Why It Matters

For investors and stakeholders tracking MILLER INDUSTRIES INC /TN/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Miller Industries' financial health and operational activities for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed breakdown of financial statements, including equity components and asset classifications, allows for in-depth analysis of the company's financial position and trends over several years.

Risk Assessment

Risk Level: medium — MILLER INDUSTRIES INC /TN/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. While it contains detailed financial information, it does not immediately highlight any significant new risks or dramatic changes that would elevate the risk level beyond medium without further analysis of the content within the full report.

Analyst Insight

Review the detailed financial statements and segment information within the 10-K to identify any significant trends or changes in revenue, profitability, or debt levels that may impact future performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-06 — Filing Date (Date of submission)
• 3713 — SIC Code (Standard Industrial Classification for Truck & Bus Bodies)

Key Players & Entities

• MILLER INDUSTRIES INC /TN/ (company) — Filer name
• MLR (company) — Ticker symbol
• 2024-03-06 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• TN (location) — State of incorporation and business address
• 4232384171 (phone) — Business phone number

FAQ

Industry Context

Miller Industries Inc. operates within the Truck & Bus Bodies industry, classified under SIC code 3713. This sector involves the manufacturing of truck and bus bodies.

Regulatory Implications

The filing is a standard Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the company's revenue streams and profitability by segment, if detailed in the full report.
2. Examine the balance sheet for changes in assets, liabilities, and equity compared to the prior year.
3. Review any disclosures related to debt, cash flow, and capital expenditures.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date Miller Industries Inc. submitted its 10-K report.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. A comparison to the previous year's filing would require access to that document.

Key Financial Figures

• $35.47 — 93,820 shares held by non-affiliates at $35.47 per share, the last sale price reported
• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding. DOCUMENTS INC
• $98.4 million — rnization. Since 2017, we invested over $98.4 million on property, plant and equipment. These

Filing Documents

• mlr-20231231x10k.htm (10-K) — 2017KB
• mlr-20231231xex10d9.htm (EX-10.9) — 37KB
• mlr-20231231xex21.htm (EX-21) — 8KB
• mlr-20231231xex23d1.htm (EX-23.1) — 6KB
• mlr-20231231xex31d1.htm (EX-31.1) — 12KB
• mlr-20231231xex31d2.htm (EX-31.2) — 12KB
• mlr-20231231xex32d1.htm (EX-32.1) — 7KB
• mlr-20231231xex32d2.htm (EX-32.2) — 7KB
• mlr-20231231xex97d1.htm (EX-97.1) — 29KB
• mlr-20231231x10k001.jpg (GRAPHIC) — 9KB
• mlr-20231231x10k002.jpg (GRAPHIC) — 2KB
• mlr-20231231x10k003.jpg (GRAPHIC) — 24KB
• mlr-20231231x10k004.jpg (GRAPHIC) — 17KB
• mlr-20231231x10k005.jpg (GRAPHIC) — 53KB
• mlr-20231231x10k007.jpg (GRAPHIC) — 7KB
• mlr-20231231xex23d1001.jpg (GRAPHIC) — 7KB
• 0001558370-24-002625.txt (&nbsp;) — 8746KB
• mlr-20231231.xsd (EX-101.SCH) — 40KB
• mlr-20231231_cal.xml (EX-101.CAL) — 70KB
• mlr-20231231_def.xml (EX-101.DEF) — 149KB
• mlr-20231231_lab.xml (EX-101.LAB) — 382KB
• mlr-20231231_pre.xml (EX-101.PRE) — 334KB
• mlr-20231231x10k_htm.xml (XML) — 1634KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 19 Item 1C. Cyber-Security 19 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 31 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53 Item 9A.

Controls and Procedures

Controls and Procedures 53 Item 9B. Other Information 53 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 53 PART III Item 10. Directors, Executive Officers and Corporate Governance 54 Item 11.

Executive Compensation

Executive Compensation 54 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 Item 13. Certain Relationships and Related Transactions, and Director Independence 54 Item 14. Principal Accounting Fees and Services 54 PART IV Item 15. Exhibits, Financial Statement Schedules 55 Item 16. Form 10-K Summary 57

SIGNATURES

SIGNATURES 58 2 | FY 2023 FORM 10-K Table of Contents CERTAIN FACTORS AFFECTING FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10-K (the "Annual Report"), including but not limited to statements made in Part II, Item 7–"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 are forward-looking statements. 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 variations of such words and similar expressions. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management's beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things, the risks set forth in Part I, Item 1A, "Risk Factors" in this Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on these forward-looking statements. You should read this Annual Report, the documents that we reference in this Annual Report and the documents that we have filed as exhibits to this Annual Report completely and with the understanding that our actual future results may be materially different from what we expect. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date of this Annual Report. Except as required by law, we assume no obligation to update these forward-looking statements

BUSINESS

ITEM 1. BUSINESS OUR COMPANY Miller Industries, Inc., ("Miller Industries"), a Tennessee corporation, is The World's Largest Manufacturer of Towing and Recovery Equipment , with executive offices in Ooltewah, Tennessee, domestic manufacturing operations in Tennessee and Pennsylvania, and foreign manufacturing operations in France and the United Kingdom. Miller Industries was founded in 1990. Since its inception, the Company has developed innovative high-quality towing and recovery equipment worldwide. We design and manufacture bodies of car carriers and wreckers, which are installed on chassis manufactured by third parties, and sold to our customers. Our products are marketed and sold through a network of distributors that serve all 50 states, Canada, Mexico and other foreign markets, and through prime contractors to governmental entities. Further, we have substantial distribution capabilities in Europe as a result of our ownership of Jige International S.A. and Boniface Engineering, Ltd. While most of our distributor agreements do not generally contain exclusivity provisions, management believes that more than 90 percent of our independent distributors do not offer products of any other towing and recovery equipment manufacturer, which we believe is a testament of their loyalty to our brands. In addition to selling our products, our independent distributors provide end-users with parts and service. We also utilize sales representatives to inform prospective end-users about our current product lines in an effort to drive sales to independent distributors. Management believes the strength of our distribution network and the breadth and quality of our product offerings are two key advantages over our competitors. In this Annual Report on Form 10-K, the words "Miller Industries," the "Company," "we," "our," "ours" and "us" refer to Miller Industries, Inc., and its subsidiaries. PRODUCT LINES Car Carriers Car carriers are specialized flat-bed vehicles wi

BUSINESS

ITEM 1. BUSINESS OUR BRANDS We manufacture and market our car carriers, wreckers and trailers under 10 separate brand names. Although certain brands overlap in terms of features, prices and distributors, each brand has its own distinctive image and customer base. Century The Century brand is our "top-of-the-line" brand and represents what management believes to be the broadest product line in the industry. The Century line was started in 1974 and produces wreckers ranging from 8-ton light-duty to 100-ton heavy-duty models, and car carriers in lengths from 20 to 30 feet. Management believes the Century brand has a reputation as the industry's leading product innovator. Vulcan Our Vulcan product line includes a range of premium light-duty and heavy-duty wreckers, ranging from 8-ton light-duty to 75-ton heavy-duty models, and car carriers. Chevron Our Chevron product line is comprised primarily of premium car carriers. Chevron produces a range of premium single-car, multi-car and industrial carriers, as well as wreckers ranging from 8-ton to 16-ton models. Holmes Our Holmes product line includes mid-priced wreckers with 4 to 16-ton capacities, a 16-ton rotator and a detachable towing unit ("DTU"). The Holmes wrecker was first produced in 1916. Historically, the Holmes name has been the most well-recognized and leading industry brand both domestically and internationally. Challenger Our Challenger products compete with the Century and Vulcan products and constitute a third premium product line. Challenger products consist of heavy-duty wreckers with capacities ranging from 25 to 75 tons. The Challenger line was started in 1975 and is known for its high-performance heavy-duty wreckers and aesthetic design. Champion The Champion brand, which was introduced in 1991, includes car carriers that range in length from 19 to 21 feet. The Champion product line, which is generally lower-priced, allows us to offer a full line of car carriers at various c

BUSINESS

ITEM 1. BUSINESS Most recently, during fiscal 2023, the Company acquired substantially all of the assets and assumed certain liabilities of Southern Hydraulic Cylinder, Inc., ("SHC"), a Tennessee corporation. SHC manufactures, sells and services custom-build, welded hydraulic cylinders and related components. Management believes this acquisition will strengthen its efforts to enhance the stability of its supply chain. Our strategy has always been to diversify our product-line and remain open to opportunities for acquisitions. We expect to continue to pursue additional acquisitions in the future. For further information on the acquisition of SHC, Inc., see Note 2 to our consolidated financial statements. MANUFACTURING Miller Industries has a long history of innovation in our manufacturing processes utilizing advanced technologies. We manufacture wreckers, car carriers and trailers at six manufacturing facilities located in the United States, France and the United Kingdom. Our manufacturing facilities are designed to provide efficient assembly-line manufacturing of our products. In order to utilize our manufacturing facilities and technology more efficiently and effectively, we pursue continuous improvements in our manufacturing process. Our manufacturing personnel, in consultation with, our engineering department which consists of 52 engineers, use sophisticated computer-aided design and stress analysis systems to test new product designs and integrate various product improvements. At our research and development ("R&D") facility in Chattanooga, Tennessee, we continuously pursue innovations in our products and improvements in our manufacturing processes. These efforts led to our exclusive product, the M100. The Century M100 is the world's largest rotator truck and the industry's first heavy-duty unit. The Century M100 also features our patented Raptor Control System which includes wrecker controls that allow the boom to be remotely extended away from the

BUSINESS

ITEM 1. BUSINESS In addition to providing services to our network of independent distributors, our sales representatives sell our products to various governmental entities, including the U.S. federal government and foreign governments, through prime contractors. We routinely respond to requests for proposals or bid invitations in consultation with our local distributors. Our products have been selected by the United States General Services Administration as an approved source for certain federal and defense agencies. We intend to continue to pursue federal, state, local and foreign government contracting opportunities. The towing and recovery equipment industry places heavy marketing emphasis on product exhibitions at national, regional and international trade shows. To focus our marketing efforts and to control marketing costs at major trade shows, we work with our network of independent distributors to concentrate on various regional shows. SUPPLIERS We purchase raw materials and component parts from several sources. Although we have no long-term supply contracts, management believes we have good relationships with our primary suppliers. In recent years prices have fluctuated significantly and supply chain challenges have been severe. Prior to these challenges, we have generally experienced no significant interferences in obtaining adequate supplies of raw materials and component parts to meet the requirements of our production schedules, and found the materials used in the production of our products were available at competitive prices from an adequate number of alternative suppliers. However, supply chain challenges continue and the loss of a single supplier could have a material adverse effect on our business. COMPETITION We operate in a highly competitive environment in the manufacturing and selling of towing and recovery equipment. We compete on many levels, including product quality and innovation, reputation, technology, customer service, produc

BUSINESS

ITEM 1. BUSINESS Employees As of December 31, 2023, we employed approximately 1,821 employees globally, of which 99.1% are full-time employees. None of our employees are covered by collective bargaining agreements or similar representation in the United States; however, employees have certain similar representation provided by their respective government's employment regulations based outside of the United States. We consider our employee relations generally to be good. Culture and Talent Culture The Company's culture is rooted in our values and behaviors, based on treating others the way we would like to be treated and fostering a work environment that is inclusive, diverse, fair and engaged. In addition, our Code of Business Conduct and Ethics is intended to reinforce our core values of respect, integrity, collaboration, innovation, trust, and excellence throughout our operations. Providing a positive work environment supports our ability to attract, retain and develop our employees and enables business performance. Professional Development To facilitate talent attraction and retention, we provide training programs that address skill shortages in our workforce, foster career development and encourage proper use of technology and resources. These programs include our Welding School that teaches employees how to read blueprints, interpret weld symbols and learn welding techniques. In addition, the Front-Line Leadership Academy was created to develop high-potential employees for future leadership roles in the Company, and provide change management, decision making and problem-solving skills to future leaders. We have also established a tuition reimbursement program for continuing education, including undergraduate and graduate degrees or certifications and licenses relevant to the business. Competitive Pay and Employee Benefits Our employees are essential to our success and we strive to offer comprehensive and competitive wages and benefits, as well

View Full Filing

View this 10-K filing on SEC EDGAR