0001144204-17-057312.txt : 20171108 0001144204-17-057312.hdr.sgml : 20171108 20171108164257 ACCESSION NUMBER: 0001144204-17-057312 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171108 DATE AS OF CHANGE: 20171108 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: 171187160 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 tv478247_10q.htm FORM 10-Q

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

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2017

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

	Large accelerated filer o	Accelerated filer x

	Non-accelerated filer o	Smaller reporting company o

	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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, 2017 was 11,378,482.

Index

			Page Number
PART I	FINANCIAL INFORMATION

	Item 1.	Financial Statements

		Condensed Consolidated Balance Sheets – September 30, 2017 and December 31, 2016	2

		Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2017 and 2016	3

		Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2017 and 2016	4

		Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016	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	17

PART II		OTHER INFORMATION

	Item 1.	Legal Proceedings	18

	Item 1A.	Risk Factors	18

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18

	Item 3.	Defaults Upon Senior Securities	18

	Item 4.	Mine Safety Disclosures	18

	Item 5.	Other Information	18

	Item 6.	Exhibits	19

SIGNATURES			20

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; 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 regulations 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; potential recalls of components or parts manufactured for us by suppliers or potential recalls of defective products; 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 the year ended December 31, 2016 (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, 2017 (Unaudited)			December 31, 2016
ASSETS
CURRENT ASSETS:
Cash and temporary investments	$	33,499		$	31,115
Accounts receivable, net of allowance for doubtful accounts of $986 and $1,004 at September 30, 2017 and December 31, 2016, respectively		135,356			125,383
Inventories		64,648			64,136
Prepaid expenses		3,221			5,006
Total current assets		236,724			225,640
PROPERTY, PLANT, AND EQUIPMENT, net		74,189			59,613
GOODWILL		11,619			11,619
OTHER ASSETS		537			566
	$	323,069		$	297,438
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	79,335		$	85,116
Accrued liabilities		25,648			20,727
Total current liabilities		104,983			105,843
LONG-TERM OBLIGATIONS (Note 6)		20,000			5,000
DEFERRED INCOME TAX LIABILITIES		1,984			1,993
COMMITMENTS AND CONTINGENCIES (Notes 6 and 8)

SHAREHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding		—			—
Common stock, $0.01 par value; 100,000,000 shares authorized, 11,377,982 and 11,346,060 outstanding at September 30, 2017 and December 31, 2016, respectively		114			113
Additional paid-in capital		150,879			150,404
Accumulated surplus		48,332			40,752
Accumulated other comprehensive income (loss)		(3,223	)		(6,667	)
Total shareholders’ equity		196,102			184,602
	$	323,069		$	297,438

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

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
	2017			2016			2017			2016

NET SALES	$	153,363		$	147,597		$	455,385		$	452,525
COSTS OF OPERATIONS		137,713			130,481			406,737			403,402
GROSS PROFIT		15,650			17,116			48,648			49,123

OPERATING EXPENSES:
Selling, general and administrative expenses		8,580			8,495			26,690			24,823
Interest expense, net		469			359			1,162			816
Other (income) expense, net		(106	)		(238	)		(590	)		(451	)
Total operating expenses		8,943			8,616			27,262			25,188

INCOME BEFORE INCOME TAXES		6,707			8,500			21,386			23,935
INCOME TAX PROVISION		2,251			2,978			7,666			8,466
NET INCOME	$	4,456		$	5,522		$	13,720		$	15,469

BASIC INCOME PER COMMON SHARE	$	0.39		$	0.49		$	1.21		$	1.36
DILUTED INCOME PER COMMON SHARE	$	0.39		$	0.49		$	1.21		$	1.36

CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.18		$	0.17		$	0.54		$	0.51

WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		11,364			11,346			11,357			11,346
Diluted		11,373			11,374			11,376			11,374

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

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

(In thousands)
(Unaudited)

	Three Months Ended September 30					Nine Months Ended September 30
	2017		2016			2017		2016
net income	$	4,456	$	5,522		$	13,720	$	15,469

Other comprehensive income (loss):
Foreign currency translation adjustment		1,746		(768	)		3,444		121
Total other comprehensive income (loss)		1,746		(768	)		3,444		121

comprehensive income	$	6,202	$	4,754		$	17,164	$	15,590

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

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

(In thousands)
(Unaudited)

	Nine Months Ended September 30
	2017			2016
OPERATING ACTIVITIES:
Net income	$	13,720		$	15,469
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		4,169			3,359
Provision for doubtful accounts		(32	)		177
Issuance of non-employee director shares		150			96
Deferred income tax provision		14			5
(Gain) Loss on disposal of property, plant and equipment		(624	)		3
Changes in operating assets and liabilities:
Accounts receivable		(9,318	)		(17,825	)
Inventories		960			1,113
Prepaid expenses		1,815			(1,011	)
Other assets		28			(48	)
Accounts payable		(6,661	)		(3,531	)
Accrued liabilities		4,425			978
Net cash flows from (used in) operating activities		8,646			(1,215	)
INVESTING ACTIVITIES:
Purchases of property, plant and equipment		(19,246	)		(19,155	)
Proceeds from sale of plant, property & equipment		1,303			5
Net cash flows from (used in) investing activities		(17,943	)		(19,150	)
FINANCING ACTIVITIES:
Net borrowings under credit facility		15,000			20,000
Payments of cash dividends		(6,139	)		(5,786	)
Proceeds from stock option exercises		143			—-
Net cash flows from (used in) financing activities		9,004			14,214
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS		2,677			542
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS		2,384			(5,609	)
CASH AND TEMPORARY INVESTMENTS, beginning of period		31,115			38,449
CASH AND TEMPORARY INVESTMENTS, end of period	$	33,499		$	32,840
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payments for interest	$	1,620		$	1,314
Cash payments for income taxes, net of refunds	$	2,672		$	9,211

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

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

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, 2016. 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.

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 9,000 and 28,000 potential dilutive common shares for the three months ended September 30, 2017 and 2016, respectively, and 19,000 and 28,000 for the nine months ended September 30, 2017 and 2016, respectively. For the three and nine months ended September 30, 2017 and 2016, none of the outstanding stock options would have been anti-dilutive.

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, 2017 and December 31, 2016 consisted of the following:

	September 30, 2017		December 31, 2016
Chassis	$	5,959	$	8,524
Raw materials		29,287		26,322
Work in process		12,268		11,620
Finished goods		17,134		17,670
	$	64,648	$	64,136

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.

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.

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, our unsecured revolving credit facility was increased to $25,000. 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. On April 5, 2017, the credit facility was further renewed to extend the maturity date to May 31, 2019. 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. We have been in compliance with these covenants throughout 2016 and the nine months ended September 30, 2017 and anticipate that we will continue to be in compliance during the remainder of 2017.

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 is paid quarterly.

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 2.73% at September 30, 2017). At the borrowing level under the credit facility at September 30, 2017, 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, 2017.

Other Long-Term Obligations

At September 30, 2017, the Company had approximately $1,401 in non-cancelable operating lease obligations.

STOCK-BASED COMPENSATION

During the three and nine months ended September 30, 2017 and 2016, the Company did not issue any stock options. During the three months ended September 30, 2017 and 2016, no stock options were exercised. The Company issued 26,000 shares of common stock during the nine months ended September 30, 2017 from the exercise of stock options, while none were issued during the nine months ended September 30, 2016.

At the Annual Meeting of Stockholders of the Company held on May 26, 2017, the Company’s shareholders voted to approve the Miller Industries, Inc. 2016 Stock Incentive Plan, pursuant to which 800,000 shares of common stock will be available for issuance pursuant to awards granted under the plan. 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, 2016.

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 $50,932 at September 30, 2017, and $45,196 at December 31, 2016. 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, 2017.

At September 30, 2017, the Company had commitments of approximately $14,600 for construction and acquisition of property, plant and equipment. The Company is finalizing the consolidation and expansion of its Pennsylvania manufacturing operations to increase capacity and improve operating efficiencies. The plan includes consolidating primary manufacturing operations at one location. The current estimated costs of this project are approximately $24,700, including machinery and equipment, buildings and improvements and land. Approximately $23,700 of these costs were incurred as of September 30, 2017 and are included in property, plant and equipment, net on the consolidated balance sheets. The remainder of these costs are expected to be incurred during the fourth quarter of 2017. 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. In June 2017, the Company sold the remaining plant location and realized a net gain of $601. A portion of the sold facility was leased from the buyer through November 2017 while production of certain equipment and storage of raw materials is relocated to the other Pennsylvania and Tennessee locations.

The Company also began several capital projects during 2016 involving machinery and equipment and building improvements at its Ooltewah, Tennessee and Greeneville, Tennessee facilities that it currently estimates will cost in total approximately $21,100. Approximately $19,400 of these costs were incurred as of September 30, 2017 and are included in property, plant and equipment, net on the consolidated balance sheets. The remainder of these costs are expected to be incurred during the fourth quarter of 2017. In addition, the Company began construction on an administrative building at its Ooltewah, Tennessee facility in June 2017. The current estimated costs of this project are approximately $4,200. Approximately $700 of these costs were incurred as of September 30, 2017, and the remaining costs are expected to be incurred by March 2018. The timing and cost of these projects 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.

INCOME TAXES

In November 2015, the Financial Accounting Standards Board (“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. The Company has elected to early adopt this standard on a retrospective basis. The effect of this adoption was to present the Company’s deferred income tax accounts as a long-term deferred income tax liability on the consolidated balance sheets as of December 31, 2016 and a long-term deferred income tax asset on the consolidated balance sheets as of December 31, 2015.

As of September 30, 2017, the Company had no federal or state net operating loss carryforwards.

As of September 30, 2017 the Company had approximately $1,157 of unrecognized tax benefits recorded as liabilities, and we are uncertain about if or when such amounts may be settled. Related to the unrecognized tax benefits, the Company has also recorded a liability for potential penalties of $259 and interest of $20.

The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions. The Company’s tax years 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.

10.

SHAREHOLDERS EQUITY

Dividends

The Company has paid consecutive quarterly cash dividends since May 2011. Dividend payments made for 2017, 2016, 2015 and 2014 were as follows:

Payment	Record Date	Payment Date	Dividend (per share)		Amount

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
Q4 2016	December 5, 2016	December 12, 2016		0.17		1,929
Total for 2016			$	0.68	$	7,715

Q1 2017	March 27, 2017	April 3, 2017	$	0.18	$	2,043
Q2 2017	June 13, 2017	June 20, 2017		0.18		2,048
Q3 2017	September 11, 2017	September 18, 2017		0.18		2,048
Total for 2017			$	0.54	$	6,139

On November 6, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.18 per share. The dividend is payable December 11, 2017 to shareholders of record as of December 4, 2017.

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
	2017		2016		2017		2016
Net Sales:
North America	$	135,125	$	132,600	$	403,157	$	405,913
Foreign		18,238		14,997		52,228		46,612
	$	153,363	$	147,597	$	455,385	$	452,525

	September 30, 2017		December 31, 2016
Long Lived Assets:
North America	$	82,410	$	68,556
Foreign		3,398		2,676
	$	85,808	$	71,232

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, 2017 and 2016.

13.

OTHER (INCOME) EXPENSE

Other (income) expense, net for the three months ended September 30, 2017 consisted of a foreign currency translation net gain of $106. For the three months ended September 30, 2016, other (income) expense, net consisted of a foreign currency translation net gain of $238.

Other (income) expense, net for the nine months ended September 30, 2017 was a net gain of $590. This consisted of a gain on the sale of the Pennsylvania property of $601 offset by a foreign currency translation net loss of $11. For the nine months ended September 30, 2016, other (income) expense, net consisted of a foreign currency translation net gain of $451.

14.

Derivative Financial Instruments

The Company periodically enters into foreign currency exchange contracts designed to mitigate the impact of foreign currency risk. At September 30, 2017 and December 31, 2016, the Company had no outstanding foreign currency exchange contracts.

15.

RECENT ACCOUNTING PRONOUNCEMENTS

Recently Issued Standards

In May 2014, the 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. In addition, during 2016 the FASB issued additional guidance to clarify certain implementation guidance previously issued and to rescind certain SEC guidance effective upon an entity’s adoption of the new standard. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company expects to use the modified retrospective approach to implement the standard. The Company has substantially completed its evaluation of revenue streams and the review of its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to the Company’s revenue recognition policy. In addition, the Company is in the process of implementing appropriate changes to business processes, information technology systems and internal controls to support recognition and disclosure under the new standard. The Company does not expect the adoption of the new revenue standard to have a material impact on the amount and timing of revenue recognized in the Company's consolidated 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. See Note 6 for the Company’s current lease commitments. The Company plans to use the modified retrospective approach to implement the standard and is currently evaluating the effect that implementation will have on its consolidated financial position, results of operations and cash flows.

In May 2017, the FASB amended the requirements in the Compensation—Stock Compensation Topic of the Accounting Standards Codification (“ASC”) related to changes to the terms or conditions of a share-based payment award. The amendments provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements.

In January 2017, the FASB issued ASU No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The standard eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for annual and interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.

In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting." ASU 2017-09 amends the requirements in GAAP related to accounting for changes to stock compensation awards. The guidance in ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the impact this guidance will have on its consolidated financial statements and related disclosures.

Recently Adopted Standards

In November 2015, the FASB amended the Income Taxes topic of the ASC 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. The Company has elected to early adopt this standard on a retrospective basis. The effect of this adoption was to present the Company’s deferred income tax accounts as a long-term deferred income tax liability on the consolidated balance sheets as of December 31, 2016 and a long-term deferred income tax asset on the consolidated balance sheets as of December 31, 2015.

In July 2015, the FASB issued amendments to the Inventory topic of the ASC 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 adopted these amendments in the first quarter of 2017 and it did not have a material effect on its consolidated financial statements.

In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments will be effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company adopted these amendments in the first quarter of 2017 and it did not have a material effect on its consolidated financial statements.

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, 2017 and December 31, 2016, the Company had $20,000 and $5,000 in outstanding borrowings under the credit facility, respectively. At October 31, 2017, the Company had $20,000 in outstanding borrowings under the credit facility. 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.

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 asset 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 estimates, 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. Goodwill is reviewed for impairment utilizing a qualitative assessment or a two-step process. If we choose to perform a qualitative analysis of goodwill and determine that fair value more likely than not exceeds the carrying value, no further testing is needed. If we choose the two-step approach, 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

Our income tax expense, deferred tax assets and liabilities and liabilities for unrecognized tax benefits reflect management’s best assessment of estimated current and future taxes to be paid. We are subject to income taxes in both the United States and foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense.

Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates we use to manage the underlying businesses.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in multiple foreign jurisdictions. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation process, on the basis of the technical merits.

We (1) record unrecognized tax benefits as liabilities in accordance with ASC 740 and (2) adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available.

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. Margin percentages 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 transactions denominated in a currency other than the functional currency are remeasured into the functional currency. Gains and losses resulting from foreign currency transactions are included in other income and expense in our consolidated statements of income.

Results of Operations–Three Months Ended September 30, 2017 Compared to Three Months Ended September 30, 2016

Net sales for the three months ended September 30, 2017 increased 3.9% to $153,363 from $147,597 for the comparable period in 2016. Domestic net sales for the period increased from $132,600 to $135,125 and foreign net sales increased for the period from $14,997 to $18,238.

Costs of operations for the three months ended September 30, 2017 increased 5.5% to $137,713 from $130,481 for the comparable period in 2016. Overall, costs of operations increased as a percentage of sales from 88.4% to 89.8% primarily due to increased personnel costs related to rising employee benefits costs and product mix.

Selling, general, and administrative expenses for the three months ended September 30, 2017 increased slightly to $8,580 from $8,495 for the three months ended September 30, 2016. As a percentage of sales, selling, general, and administrative expenses decreased to 5.6% for the three months ended September 30, 2017 from 5.8% for the three months ended September 30, 2016.

Total interest expense, net increased to $469 from $359 for the three months ended September 30, 2017 as compared to the prior year period. Increases in interest expense were primarily due to borrowings under the credit facility.

The provision for income taxes for the three months ended September 30, 2017 and 2016 reflects a combined effective U.S. federal, state and foreign tax rate of 33.6% and 35.0%, respectively. The principal differences between the federal statutory tax rate and the effective tax rate consists primarily of state taxes, domestic tax credits and foreign tax rate differences.

Results of Operations–Nine Months Ended September 30, 2017 Compared to Nine Months Ended September 30, 2016

Net sales for the nine months ended September 30, 2017 increased 0.6% to $455,385 from $452,525 for the comparable period in 2016. Domestic net sales for the period decreased from $405,913 to $403,157, offset by an increase in foreign net sales for the period from $46,612 to $52,228.

Costs of operations for the nine months ended September 30, 2017 increased 0.8% to $406,737 from $403,402 for the comparable period in 2016. Overall, costs of operations increased as a percentage of sales from 89.1% to 89.3% primarily due to increased personnel costs related to rising employee benefits costs and product mix.

Selling, general, and administrative expenses for the nine months ended September 30, 2017 increased to $26,690 from $24,823 for the nine months ended September 30, 2016. The increase in expense was primarily attributable to increased personnel costs related to rising employee benefits costs. As a percentage of sales, selling, general, and administrative expenses increased to 5.9% for the nine months ended September 30, 2017 from 5.5% for the nine months ended September 30, 2016.

Total interest expense, net increased to $1,162 from $816 for the nine months ended September 30, 2017 as compared to the prior year period. Increases in interest expense were primarily due to increases in interest on distributor floor planning and chassis purchases, as well as borrowings under the credit facility.

The provision for income taxes for the nine months ended September 30, 2017 and 2016 reflects a combined effective U.S. federal, state and foreign tax rate of 35.8% and 35.4%, respectively. The principal differences between the federal statutory tax rate and the effective tax rate consists primarily of state taxes, domestic tax credits and foreign tax rate differences.

Liquidity and Capital Resources

Cash provided by operating activities was $8,646 for the nine months ended September 30, 2017, compared to cash used by operating activities of $1,215 for the comparable period in 2016. The cash provided by operating activities for the 2017 period was primarily attributable to consolidated net income, as well as decreases in inventory and prepaid expenses and increases in accrued liabilities, offset by increases in accounts receivable and decreases in accounts payable. Certain components of accounts receivable and accounts payable have extended collection and payment terms.

Cash used in investing activities was $17,943 for the nine months ended September 30, 2017 compared to $19,150 for the comparable period in 2016. The cash used in investing activities for both the 2017 and 2016 periods was primarily for the purchase of property, plant and equipment relating to the capital projects described below.

Cash provided by financing activities was $9,004 for the nine months ended September 30, 2017, compared to cash provided by financing activities of $14,214 for the comparable period in 2016. The cash provided by financing activities for the 2017 period resulted from borrowings on the credit facility of $15,000, $143 of proceeds from stock option exercises and $183 from excess tax benefit from stock-based compensation, offset by the cash used to pay dividends for the 2017 period of $6,139.

During the nine months ended September 30, 2017, we borrowed a total of $35,000 and repaid a total of $20,000 under our credit facility. At October 31, 2017, we had $20,000 in outstanding borrowings under the credit facility. Borrowings under the credit facility during 2017 were primarily used to finance our current capital expenditure projects for our Pennsylvania manufacturing operations and our Ooltewah, Tennessee and Greeneville, Tennessee facilities.

As of September 30, 2017, we had cash and cash equivalents of $33,499 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. At September 30, 2017, the Company had commitments of approximately $14,600 for construction and acquisition of property and equipment. We expect our primary sources of cash to be cash flow from operations, cash and cash equivalents on hand at September 30, 2017 and additional borrowings under our credit facility as needed. We expect these sources to be sufficient to satisfy our cash needs during the fourth quarter of 2017 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, 2017 and December 31, 2016, $27,682 and $21,675, 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 finalizing the consolidation and expansion of its Pennsylvania manufacturing operations to increase capacity and improve operating efficiencies. The plan includes consolidating primary manufacturing operations at one location. The current estimated costs of this project are approximately $24,700, including machinery and equipment, buildings and improvements and land. Approximately $23,700 of these costs were incurred as of September 30, 2017 and are included in property, plant and equipment, net on the consolidated balance sheets. The remainder of these costs are expected to be incurred during the fourth quarter of 2017. 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. In June 2017, the Company sold the remaining plant location and realized a net gain of $601. A portion of the sold facility was leased from the buyer through November 2017 while production of certain equipment and storage of raw materials is relocated to the other Pennsylvania and Tennessee locations.

Credit Facilities and Other Obligations

Credit Facility

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 is paid quarterly.

At September 30, 2017 and December 31, 2016, the Company had $20,000, and $5,000 outstanding borrowings under the credit facility, respectively. At October 31, 2017, the Company had $20,000 in outstanding borrowings under the credit facility. 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.

Other Long-Term Obligations

At September 30, 2017, we had approximately $1,401 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 2.73% at September 30, 2017). At the borrowing level under the credit facility at September 30, 2017, 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, 2017.

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.

Because we report in U.S. dollars on a consolidated basis, foreign currency exchange fluctuations could have a translation impact on our financial position. At September 30, 2017, we recognized a $3,444 increase in our foreign currency translation adjustment account compared with December 31, 2016 because of fluctuations of the U.S. dollar against certain foreign currencies, including the Euro and the British pound, compared to a $121 increase for the prior year period.

For the three months ended September 30, 2017 and 2016, the impact of foreign currency exchange rate changes on our results of operations and cash flows was a net gain of $106 and a net gain of $238, respectively.

For the nine months ended September 30, 2017 and 2016, the impact of foreign currency exchange rate changes on our results of operations and cash flows was a net gain of $590 and a net gain of $451, respectively.

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.

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

There have been no material changes to the Risk Factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

None.

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, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets – September 30, 2017 and December 31, 2016; (ii) Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2017 and 2016; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2017 and 2016; (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016; 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.

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/ Deborah L. Whitmire
		Deborah L. Whitmire
		Executive Vice President and Chief Financial Officer

Date: November 8, 2017

EX-31.1 2 tv478247_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATIONS

I, Jeffrey I. Badgley, certify that:

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

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;

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;

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:

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;

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;

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

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

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):

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

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 8, 2017

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

EX-31.2 3 tv478247_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATIONS

I, William G. Miller II, certify that:

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

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 8, 2017

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

EX-31.3 4 tv478247_ex31-3.htm EXHIBIT 31.3

Exhibit 31.3

CERTIFICATIONS

I, Deborah L. Whitmire, certify that:

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

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 8, 2017

	/s/ Deborah L. Whitmire
	Deborah L. Whitmire
	Executive Vice President and Chief Financial Officer

EX-32.1 5 tv478247_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, 2017 (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 8, 2017

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

EX-32.2 6 tv478247_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)

(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 8, 2017

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

EX-32.3 7 tv478247_ex32-3.htm EXHIBIT 32.3

Exhibit 32.3

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

I, Deborah L. Whitmire, 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)

(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 8, 2017

	/s/ Deborah L. Whitmire
	Deborah L. Whitmire
	Executive Vice President and Chief Financial Officer

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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">4.       LONG-LIVED ASSETS <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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.

<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">10.</td> <td>SHAREHOLDERS EQUITY</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Dividends <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The Company has paid consecutive quarterly cash dividends since May 2011. Dividend payments made for 2017, 2016, 2015 and 2014 were as follows: <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <table style="widows: 2; text-transform: none; text-indent: 0px; width: 92%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Payment</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Record Date</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Payment Date</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Dividend (per share)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: right;" colspan="2"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: right;" colspan="2"> </td> <td style="padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 339px;">Q1 2014</td> <td style="width: 15px;"> </td> <td style="text-align: center; width: 310px;">March 17, 2014</td> <td style="width: 14px;"> </td> <td style="text-align: center; width: 310px;">March 24, 2014</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 169px;">0.15</td> <td style="text-align: left; width: 14px;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 169px;">1,692</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Q2 2014</td> <td> </td> <td style="text-align: center;">June 16, 2014</td> <td> </td> <td style="text-align: center;">June 23, 2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,695</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q3 2014</td> <td> </td> <td style="text-align: center;">September 15, 2014</td> <td> </td> <td style="text-align: center;">September 22, 2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,696</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Q4 2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 8, 2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 15, 2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0.15</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,695</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">         Total for 2014</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.60</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,778</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q1 2015</td> <td> </td> <td style="text-align: center;">March 20, 2015</td> <td> </td> <td style="text-align: center;">March 23, 2015</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.16</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,809</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Q2 2015</td> <td> </td> <td style="text-align: center;">June 15, 2015</td> <td> </td> <td style="text-align: center;">June 19, 2015</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.16</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,814</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q3 2015</td> <td> </td> <td style="text-align: center;">September 14, 2015</td> <td> </td> <td style="text-align: center;">September 21, 2015</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.16</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,815</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Q4 2015</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 7, 2015</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 11, 2015</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0.16</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,815</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">         Total for 2015</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.64</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,253</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q1 2016</td> <td> </td> <td style="text-align: center;">March 21, 2016</td> <td> </td> <td style="text-align: center;">March 28, 2016</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.17</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,929</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Q2 2016</td> <td> </td> <td style="text-align: center;">June 13, 2016</td> <td> </td> <td style="text-align: center;">June 20, 2016</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.17</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,929</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q3 2016</td> <td> </td> <td style="text-align: center;">September 12, 2016</td> <td> </td> <td style="text-align: center;">September 19, 2016</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.17</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,928</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Q4 2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 5, 2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 12, 2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0.17</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,929</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">         Total for 2016</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.68</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,715</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q1 2017</td> <td> </td> <td style="text-align: center;">March 27, 2017</td> <td> </td> <td style="text-align: center;">April 3, 2017</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.18</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,043</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Q2 2017</td> <td> </td> <td style="text-align: center;">June 13, 2017</td> <td> </td> <td style="text-align: center;">June 20, 2017</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.18</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,048</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Q3 2017</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">September 11, 2017</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">September 18, 2017</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0.18</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,048</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">         Total for 2017</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.54</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,139</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">On November 6, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.18 per share. The dividend is payable December 11, 2017 to shareholders of record as of December 4, 2017.

<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;">15.</td> <td>RECENT ACCOUNTING PRONOUNCEMENTS</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Recently Issued Standards <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2014, the 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. In addition, during 2016 the FASB issued additional guidance to clarify certain implementation guidance previously issued and to rescind certain SEC guidance effective upon an entity’s adoption of the new standard. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company expects to use the modified retrospective approach to implement the standard. The Company has substantially completed its evaluation of revenue streams and the review of its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to the Company’s revenue recognition policy. In addition, the Company is in the process of implementing appropriate changes to business processes, information technology systems and internal controls to support recognition and disclosure under the new standard. The Company does not expect the adoption of the new revenue standard to have a material impact on the amount and timing of revenue recognized in the Company's consolidated financial statements. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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. See Note 6 for the Company’s current lease commitments. The Company plans to use the modified retrospective approach to implement the standard and is currently evaluating the effect that implementation will have on its consolidated financial position, results of operations and cash flows. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2017, the FASB amended the requirements in the Compensation—Stock Compensation Topic of the Accounting Standards Codification (“ASC”) related to changes to the terms or conditions of a share-based payment award. The amendments provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In January 2017, the FASB issued ASU No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The standard eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for annual and interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting." ASU 2017-09 amends the requirements in GAAP related to accounting for changes to stock compensation awards. The guidance in ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the impact this guidance will have on its consolidated financial statements and related disclosures. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Recently Adopted Standards <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In November 2015, the FASB amended the Income Taxes topic of the ASC 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. The Company has elected to early adopt this standard on a retrospective basis. The effect of this adoption was to present the Company’s deferred income tax accounts as a long-term deferred income tax liability on the consolidated balance sheets as of December 31, 2016 and a long-term deferred income tax asset on the consolidated balance sheets as of December 31, 2015. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In July 2015, the FASB issued amendments to the Inventory topic of the ASC 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 adopted these amendments in the first quarter of 2017 and it did not have a material effect on its consolidated financial statements. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments will be effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company adopted these amendments in the first quarter of 2017 and it did not have a material effect on its consolidated financial statements.

<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td>RECENT ACCOUNTING PRONOUNCEMENTS</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Recently Issued Standards <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2014, the 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. In addition, during 2016 the FASB issued additional guidance to clarify certain implementation guidance previously issued and to rescind certain SEC guidance effective upon an entity’s adoption of the new standard. The guidance will be effective for the Company for reporting periods beginning after December 15, 2017. The Company expects to use the modified retrospective approach to implement the standard. The Company has substantially completed its evaluation of revenue streams and the review of its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to the Company’s revenue recognition policy. In addition, the Company is in the process of implementing appropriate changes to business processes, information technology systems and internal controls to support recognition and disclosure under the new standard. The Company does not expect the adoption of the new revenue standard to have a material impact on the amount and timing of revenue recognized in the Company's consolidated financial statements. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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. See Note 6 for the Company’s current lease commitments. The Company plans to use the modified retrospective approach to implement the standard and is currently evaluating the effect that implementation will have on its consolidated financial position, results of operations and cash flows. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2017, the FASB amended the requirements in the Compensation—Stock Compensation Topic of the Accounting Standards Codification (“ASC”) related to changes to the terms or conditions of a share-based payment award. The amendments provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments will be effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In January 2017, the FASB issued ASU No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The standard eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for annual and interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting." ASU 2017-09 amends the requirements in GAAP related to accounting for changes to stock compensation awards. The guidance in ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the impact this guidance will have on its consolidated financial statements and related disclosures. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Recently Adopted Standards <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In November 2015, the FASB amended the Income Taxes topic of the ASC 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. The Company has elected to early adopt this standard on a retrospective basis. The effect of this adoption was to present the Company’s deferred income tax accounts as a long-term deferred income tax liability on the consolidated balance sheets as of December 31, 2016 and a long-term deferred income tax asset on the consolidated balance sheets as of December 31, 2015. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In July 2015, the FASB issued amendments to the Inventory topic of the ASC 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 adopted these amendments in the first quarter of 2017 and it did not have a material effect on its consolidated financial statements. <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment award transactions including the income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. Additionally, the guidance simplifies two areas specific to entities other than public business entities allowing them apply a practical expedient to estimate the expected term for all awards with performance or service conditions that have certain characteristics and also allowing them to make a one-time election to switch from measuring all liability-classified awards at fair value to measuring them at intrinsic value. The amendments will be effective for the Company for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company adopted these amendments in the first quarter of 2017 and it did not have a material effect on its consolidated financial statements.

<table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 92%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-indent: 0px; padding-left: 0px;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> September 30, 2017 </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: 0px; padding-left: 0px; width: 1009px;">Chassis</td> <td style="width: 15px;"> </td> <td style="text-align: left; width: 15px;">$</td> <td style="text-align: right; width: 173px;">5,959</td> <td style="text-align: left; width: 15px;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 172px;">8,524</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0px; padding-left: 0px;">Raw materials</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">29,287</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26,322</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0px; padding-left: 0px;">Work in process</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,268</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,620</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0px; padding-left: 0px;">Finished goods</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">17,134</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">17,670</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: 0px; padding-left: 0px;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">64,648</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">64,136</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

<table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Payment</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Record Date</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Payment Date</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Dividend (per share)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: right;" colspan="2"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: right;" colspan="2"> </td> <td style="padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 339px;">Q1 2014</td> <td style="width: 15px;"> </td> <td style="text-align: center; width: 310px;">March 17, 2014</td> <td style="width: 14px;"> </td> <td style="text-align: center; width: 310px;">March 24, 2014</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 169px;">0.15</td> <td style="text-align: left; width: 14px;"> </td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 169px;">1,692</td> <td style="text-align: left; width: 14px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Q2 2014</td> <td> </td> <td style="text-align: center;">June 16, 2014</td> <td> </td> <td style="text-align: center;">June 23, 2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,695</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q3 2014</td> <td> </td> <td style="text-align: center;">September 15, 2014</td> <td> </td> <td style="text-align: center;">September 22, 2014</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,696</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Q4 2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 8, 2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 15, 2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0.15</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,695</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">         Total for 2014</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.60</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,778</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q1 2015</td> <td> </td> <td style="text-align: center;">March 20, 2015</td> <td> </td> <td style="text-align: center;">March 23, 2015</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.16</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,809</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Q2 2015</td> <td> </td> <td style="text-align: center;">June 15, 2015</td> <td> </td> <td style="text-align: center;">June 19, 2015</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.16</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,814</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q3 2015</td> <td> </td> <td style="text-align: center;">September 14, 2015</td> <td> </td> <td style="text-align: center;">September 21, 2015</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.16</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,815</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Q4 2015</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 7, 2015</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 11, 2015</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0.16</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,815</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">         Total for 2015</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.64</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,253</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q1 2016</td> <td> </td> <td style="text-align: center;">March 21, 2016</td> <td> </td> <td style="text-align: center;">March 28, 2016</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.17</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,929</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Q2 2016</td> <td> </td> <td style="text-align: center;">June 13, 2016</td> <td> </td> <td style="text-align: center;">June 20, 2016</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.17</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,929</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q3 2016</td> <td> </td> <td style="text-align: center;">September 12, 2016</td> <td> </td> <td style="text-align: center;">September 19, 2016</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.17</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,928</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Q4 2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 5, 2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">December 12, 2016</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0.17</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,929</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">         Total for 2016</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.68</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,715</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Q1 2017</td> <td> </td> <td style="text-align: center;">March 27, 2017</td> <td> </td> <td style="text-align: center;">April 3, 2017</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.18</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,043</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Q2 2017</td> <td> </td> <td style="text-align: center;">June 13, 2017</td> <td> </td> <td style="text-align: center;">June 20, 2017</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.18</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,048</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Q3 2017</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">September 11, 2017</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">September 18, 2017</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0.18</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,048</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">         Total for 2017</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.54</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,139</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

<table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-indent: 0px; padding-left: 0px;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">For the Three Months Ended September 30</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">For the Nine Months Ended September 30</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: 0px; padding-left: 0px;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0px; padding-left: 0px; font-weight: bold;">Net Sales:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0px; padding-left: 0.125in; width: 590px;">North America</td> <td style="width: 13px;"> </td> <td style="text-align: left; width: 13px;">$</td> <td style="text-align: right; width: 126px;">135,125</td> <td style="text-align: left; width: 13px;"> </td> <td style="width: 13px;"> </td> <td style="text-align: left; width: 13px;">$</td> <td style="text-align: right; width: 126px;">132,600</td> <td style="text-align: left; width: 12px;"> </td> <td style="width: 12px;"> </td> <td style="text-align: left; width: 12px;">$</td> <td style="text-align: right; width: 125px;">403,157</td> <td style="text-align: left; width: 12px;"> </td> <td style="width: 12px;"> </td> <td style="text-align: left; width: 12px;">$</td> <td style="text-align: right; width: 125px;">405,913</td> <td style="text-align: left; width: 12px;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: 0px; padding-left: 0.125in;">Foreign</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">18,238</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">14,997</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">52,228</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">46,612</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: 0px; padding-left: 0px;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">153,363</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">147,597</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">455,385</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">452,525</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">  <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 65%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-indent: 0px; padding-left: 0px;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> September 30, 2017 </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2016</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0px; padding-left: 0px; font-weight: bold;">Long Lived Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 0px; padding-left: 0.125in; width: 742px;">North America</td> <td style="width: 11px;"> </td> <td style="text-align: left; width: 11px;">$</td> <td style="text-align: right; width: 101px;">82,410</td> <td style="text-align: left; width: 10px;"> </td> <td style="width: 10px;"> </td> <td style="text-align: left; width: 10px;">$</td> <td style="text-align: right; width: 101px;">68,556</td> <td style="text-align: left; width: 10px;"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: 0px; padding-left: 0.125in;">Foreign</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,398</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,676</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: 0px; padding-left: 0px;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">85,808</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">71,232</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

26000

800000

28000

9000

19000

8524000 5959000

26322000

29287000

11620000

12268000

17670000

17134000

20000000

25000000

30000000

50000000

LIBOR Market Index Rate plus 1.50

0.0150

0.0273

0.0015

0.0035

5000000

20000000

1401000

45196000 50932000

14600000

24700000 21100000 700000 23700000 19400000 4200000

601000

1157000

259000 20000

2014-03-17

2014-06-16

2014-09-15

2014-12-08

2015-03-20

2015-06-15

2015-09-14

2015-12-07

2016-03-21

2016-06-13

2016-09-12

2016-12-05

2017-03-27

2017-06-13

2017-09-11

2017-12-04

2014-03-24

2014-06-23

2014-09-22

2014-12-15

2015-03-23

2015-06-19

2015-09-21

2015-12-11

2016-03-28

2016-06-20

2016-09-19

2016-12-12

2017-04-03

2017-06-20

2017-09-18

2017-12-11

0.15

0.60

0.16

0.64

0.17

0.68

0.18

0.54

0.18

1692000

1695000

1696000

1695000

6778000

1809000

1814000

1815000

7253000

1929000

1928000

1929000

7715000

2043000

2048000

6139000

2017-11-06

71232000

68556000

2676000

85808000

82410000

3398000

No single customer accounted for 10% or more of consolidated net sales

11000

601000

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Date Entity Filer Category Entity Filer Category Entity Filer Category Entity Common Stock Shares Outstanding Entity Common Stock, Shares Outstanding Entity Common Stock Shares Outstanding Document Type Document Type Document Type Document Period End Date Document Period End Date Document Period End Date Amendment Flag Amendment Flag Amendment Flag Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Period Focus Statement Of Financial Position [Abstract] Statement of Financial Position [Abstract] Statement of Financial Position [Abstract] Assets [Abstract] ASSETS ASSETS Assets Current [Abstract] CURRENT ASSETS: CURRENT ASSETS: Cash and Cash Equivalents At Carrying Value Cash and temporary investments Cash and temporary investments CASH AND TEMPORARY INVESTMENTS, beginning of period CASH AND TEMPORARY INVESTMENTS, end of period Accounts, Notes, Loans and Financing Receivable, Net, Current, Total Accounts receivable, net of allowance for doubtful accounts of $986 and $1,004 at September 30, 2017 and December 31, 2016, respectively Inventory, Net Inventories Inventories Inventories Prepaid Expense Current Prepaid expenses Prepaid expenses Assets Current Total current assets Total current assets Property, Plant and Equipment, Net PROPERTY, PLANT, AND EQUIPMENT, net PROPERTY, PLANT, AND EQUIPMENT, net Property, plant and equipment, net Goodwill GOODWILL GOODWILL Other Assets Noncurrent Other assets OTHER ASSETS Assets Assets, Total TOTAL ASSETS Liabilities and Stockholders Equity [Abstract] LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current [Abstract] CURRENT LIABILITIES: CURRENT LIABILITIES: Accounts Payable Current Accounts payable Accounts payable Accrued Liabilities, Current Accrued liabilities Accrued liabilities Accrued liabilities Liabilities Current Total current liabilities Total current liabilities Long-term Line of Credit, Noncurrent LONG-TERM OBLIGATIONS (Note 6) Deferred Tax Liabilities Noncurrent DEFERRED INCOME TAX LIABILITIES DEFERRED INCOME TAX LIABILITIES Commitments and Contingencies COMMITMENTS AND CONTINGENCIES (Notes 6 and 8) COMMITMENTS AND CONTINGENCIES (Notes 6 and 8) Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] SHAREHOLDERS' EQUITY: Preferred Stock, Value, Issued Preferred stock, $.01 par value; 5,000,000 shares authorized, none issued or outstanding Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding Common Stock, Value, Issued Common stock, $.01 par value; 100,000,000 shares authorized, 11,057,531 and 11,000,119 outstanding at March 31, 2012 and December 31, 2011, respectively Common stock, $0.01 par value; 100,000,000 shares authorized, 11,377,982 and 11,346,060 outstanding at September 30, 2017 and December 31, 2016, respectively Additional Paid In Capital, Common Stock Additional paid-in capital Additional paid-in capital Retained Earnings Accumulated Deficit Accumulated earnings (deficit) Accumulated surplus Accumulated Other Comprehensive Income Loss Net Of Tax Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) Stockholders' Equity Attributable To Parent Total shareholders' equity Total shareholders' equity BALANCE BALANCE Liabilities and Stockholders Equity Liabilities and Equity, Total Total Liabilities And Shareholders' Equity Allowance For Doubtful Accounts Receivable Current Accounts receivable, allowance for doubtful accounts Allowance for doubtful accounts (in dollars) Preferred Stock Par Or Stated Value Per Share Preferred stock, par value Preferred stock, par value (in dollars per share) Preferred Stock, Shares Authorized Undesignated preferred stock, shares authorized Preferred stock, shares authorized Preferred Stock Shares Issued Preferred stock, issued Preferred stock, shares issued Preferred Stock Shares Outstanding Preferred stock, outstanding Preferred stock, shares outstanding Common Stock Par Or Stated Value Per Share Common stock, par value Common stock, par value (in dollars per share) Common Stock Shares Authorized Common stock, shares authorized Common stock, shares authorized Common Stock Shares Outstanding Common stock, outstanding Common stock, shares outstanding Income Statement [Abstract] Income Statement [Abstract] Income Statement [Abstract] Revenue, Net Net Sales NET SALES Net Sales Cost Of Goods and Services Sold Costs of operations COSTS OF OPERATIONS Gross Profit GROSS PROFIT Gross Profit Operating Expenses [Abstract] OPERATING EXPENSES: Selling General and Administrative Expense Selling, general and administrative expenses Selling, general and administrative expenses Interest Expense Interest expense, net Interest expense, net Other Operating Income (Expense), Net Other (income) expense, net includes foreign currency transaction gain (loss) Other (income) expense, net Other (income) expense, net Operating Expenses Total operating expenses Income (Loss) From Continuing Operations Before Income Taxes, Extraordinary Items, Noncontrolling Interest INCOME BEFORE INCOME TAXES INCOME BEFORE INCOME TAXES Income Tax Expense (Benefit) INCOME TAX PROVISION INCOME TAX PROVISION Income tax expense Net Income (Loss) Attributable to Parent, Total NET INCOME Net income NET INCOME Earnings Per Share, Basic Basic Income Per Share (in dollars per share) BASIC INCOME PER COMMON SHARE (in dollars per share) Basic Income Per Share (in dollars per share) Earnings Per Share, Diluted Diluted Income Per Share (in dollars per share) DILUTED INCOME PER COMMON SHARE (in dollars per share) Diluted Income Per Share (in dollars per share) Cash Dividends Declared Per Common Share CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) Dividends paid, per share (in dollars per share) Cash Dividends Declared Per Share (in dollars per share) Dividend (per share) Cash dividend declared per share Weighted Average Number Of Shares Outstanding, Diluted [Abstract] WEIGHTED AVERAGE SHARES OUTSTANDING: WEIGHTED AVERAGE SHARES OUTSTANDING: Weighted Average Number Of Shares Outstanding Basic Basic Basic (in shares) Weighted Average Number Of Diluted Shares Outstanding Diluted Diluted (in shares) Statement Of Other Comprehensive Income [Abstract] Statement of Other Comprehensive Income [Abstract] Other Comprehensive Income (Loss), Net Of Tax [Abstract] OTHER COMPREHENSIVE INCOME (LOSS): Other comprehensive income (loss): Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net Of Tax Foreign currency translation adjustments Foreign currency translation adjustment Other Comprehensive Income (Loss), Net of Tax Total other comprehensive income (loss) Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Total comprehensive income COMPREHENSIVE INCOME Statement Of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities, Continuing Operations [Abstract] OPERATING ACTIVITIES: OPERATING ACTIVITIES: Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract] Adjustments to reconcile net income to net cash from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Depletion and Amortization Depreciation and amortization Depreciation and amortization Provision For Doubtful Accounts Provision for doubtful accounts Provision for doubtful accounts Issuance Of Stock and Warrants For Services Or Claims Issuance of non-employee director shares Issuance of non-employee director shares Deferred Income Tax Expense (Benefit) Deferred tax provision Deferred income tax provision Deferred income tax expense Deferred tax provision Deferred income tax expense Gain (Loss) on Disposition of Assets, Total Realized net gain on sale of plant location Gain on the sale of Pennsylvania property (Gain) Loss on disposal of property, plant and equipment Increase Decrease In Operating Capital [Abstract] Changes in operating assets and liabilities: Changes in operating assets and liabilities: Increase (Decrease) in Accounts and Notes Receivable Accounts receivable Increase Decrease In Inventories Inventories Inventories Increase Decrease In Prepaid Expense Prepaid expenses Prepaid expenses Increase (Decrease) in Other Operating Assets Other assets Increase Decrease In Accounts Payable Accounts payable Accounts payable Increase Decrease In Accrued Liabilities Accrued liabilities Accrued liabilities Net Cash Provided By (Used In) Operating Activities, Continuing Operations Net cash flows from operating activities Net cash flows from (used in) operating activities Net Cash Provided By (Used In) Investing Activities, Continuing Operations [Abstract] INVESTING ACTIVITIES: Payments To Acquire Property Plant and Equipment Purchases of property, plant, and equipment Purchases of property, plant and equipment Proceeds from Sale of Property, Plant, and Equipment Proceeds from sale of plant, property & equipment Net Cash Provided By (Used In) Investing Activities, Continuing Operations Net cash flows from investing activities Net cash flows from (used in) investing activities Net Cash Provided By (Used In) Financing Activities, Continuing Operations [Abstract] FINANCING ACTIVITIES: Proceeds from Lines of Credit Net borrowings under credit facility Payments Of Dividends Common Stock Dividend paid to shareholders Payments of cash dividends Payments of cash dividends Proceeds from Stock Options Exercised Proceeds from stock option exercises Net Cash Provided By (Used In) Financing Activities, Continuing Operations Net cash flows from financing activities Net cash flows from (used in) financing activities Effect Of Exchange Rate On Cash and Cash Equivalents, Continuing Operations EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS Cash and Cash Equivalents Period Increase Decrease NET CHANGE IN CASH AND TEMPORARY INVESTMENTS NET CHANGE IN CASH AND TEMPORARY INVESTMENTS Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest Paid Cash payments for interest Cash payments for interest Income Taxes Paid Net Cash payments for income taxes, net of refunds Cash payments for income taxes, net of refunds Organization, Consolidation and Presentation Of Financial Statements [Abstract] Basis Of Accounting [Abstract] Basis of Accounting [Text Block] BASIS OF PRESENTATION Earnings Per Share [Abstract] Earnings Per Share [Text Block] BASIC AND DILUTED INCOME PER SHARE Inventory Disclosure [Abstract] Inventory Disclosure [Text Block] INVENTORIES Property, Plant and Equipment [Abstract] Property, Plant and Equipment Disclosure [Text Block] LONG-LIVED ASSETS Goodwill and Intangible Assets Disclosure [Abstract] Goodwill Disclosure [Text Block] GOODWILL Long-Term Debt, Unclassified [Abstract] Long-term obligations Long Term Debt [Text Block] LONG-TERM OBLIGATIONS LONG-TERM OBLIGATIONS Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure Of Compensation Related Costs Share Based Payments [Text Block] Stock-based compensation STOCK-BASED COMPENSATION Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] INCOME TAXES INCOME TAXES Stockholders' Equity Note [Abstract] Stockholders' Equity Note [Abstract] Stockholders Equity Note Disclosure [Text Block] SHAREHOLDERS EQUITY SHAREHOLDERS EQUITY Segment Reporting [Abstract] Segment Reporting [Abstract] Segment Reporting Disclosure [Text Block] GEOGRAPHIC INFORMATION GEOGRAPHIC INFORMATION Risks and Uncertainties [Abstract] Risks and Uncertainties [Abstract] Concentration Risk Disclosure [Text Block] CUSTOMER INFORMATION CUSTOMER INFORMATION Other Income and Expenses [Abstract] Other Income and Other Expense Disclosure [Text Block] OTHER (INCOME) EXPENSE Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Text Block] DERIVATIVE FINANCIAL INSTRUMENTS New Accounting Pronouncements and Changes in Accounting Principles [Abstract] New Accounting Pronouncements and Changes in Accounting Principles [Text Block] RECENT ACCOUNTING PRONOUNCEMENTS Accounting Policies [Abstract] Basis of Accounting, Policy [Policy Text Block] BASIS OF PRESENTATION New Accounting Pronouncements, Policy [Policy Text Block] RECENT ACCOUNTING PRONOUNCEMENTS Schedule Of Inventory, Current [Table Text Block] Schedule of inventories, net of reserves Dividends Declared [Table Text Block] Schedule of dividends payments Schedule Of Revenue From External Customers and Long-Lived Assets, By Geographical Areas [Table Text Block] Schedule of net sales and long-lived assets by region Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements Outstanding stock options included in the calculation of diluted EPS Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Equity Option [Member] Stock options Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Antidilutive securities excluded from computation of earnings per share Inventory Chassis Net Of Reserves Chassis Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of goods held by the company that are readily available for sale. Inventory, Raw Materials, Net Of Reserves Raw materials Inventory, Work In Process, Net Of Reserves Work in process Inventory, Finished Goods, Net Of Reserves Finished goods Line Of Credit Facility [Table] Line of Credit Facility [Table] Lender Name [Axis] Lender Name [Axis] Line Of Credit Facility, Lender [Domain] Line of Credit Facility, Lender [Domain] First Tennessee Bank National Association [Member] First Tennessee Bank National Association ("First Tennessee") First Tennessee Bank National Association Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Revolving Credit Facility [Member] Unsecured revolving credit facility (the "Credit Facility") Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event [Member] Subsequent Event Range [Axis] Range [Axis] Range [Domain] Range [Domain] Minimum [Member] Minimum Maximum [Member] Maximum Line Of Credit Facility [Line Items] Line of Credit Facility [Line Items] Line Of Credit Facility, Maximum Borrowing Capacity Revolving credit facility Debt Instrument, Description Of Variable Rate Basis Description of reference rate basis Debt Instrument, Basis Spread on Variable Rate Variable interest rate in addition to reference rate Debt Instrument, Interest Rate, Effective Percentage Interest rate Line Of Credit Facility, Unused Capacity, Commitment Fee Percentage Non-usage fee for current loan agreement in annual amount percentage Line of Credit Facility, Current Borrowing Capacity Outstanding borrowings under credit facility Operating Leases, Future Minimum Payments Due Total operating leases, future minimum payments due Non-cancelable operating lease obligations Total operating leases, future minimum payments due Stock Issued During Period, Shares, New Issues Issuance of common stock shares Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Common stock available for issuance pursuant to awards granted under 2016 Stock Incentive Plan Long-term Purchase Commitment [Table] Geographical [Axis] Geographical [Domain] PENNSYLVANIA Pennsylvania property Pennsylvania TENNESSEE Tennessee Category of Item Purchased [Axis] Long-term Purchase Commitment, Category of Item Purchased [Domain] Capital Addition Purchase Commitments [Member] Capital Addition Purchase Commitments Long-term Purchase Commitment [Line Items] Threshold Limit For Repurchases Of Collateral From Third Party Lenders Maximum repurchase collateral amount The maximum potential amount of collateral that the company could be required to purchase during the period. Long-term Purchase Commitment, Amount Commitment for construction and acquisition of property, plant and equipment Estimated Cost Of Project Estimated cost of operations Represents amount of estimated cost of project. Capital Cost Incurred Capital cost incurred This element represents amount of capital cost incurred. Gain (Loss) on Disposition of Property Plant Equipment Realized net gain on sale of plant location Gain on the sale of Pennsylvania property Current Estimated Costs Of Administrative Building Current estimated costs of administrative building Represents current estimated costs of administrative building. Unrecognized Tax Benefits Unrecognized tax benefits Liability For Potential Penalties Liability for potential penalties Represents liability for potential penalties. Unrecognized Tax Benefits Interest Interest related to unrecognized tax benefits Represents interest related to unrecognized tax benefits. 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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Oct. 31, 2017
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		11,378,482
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3

XML 16 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and temporary investments	$ 33,499	$ 31,115
Accounts receivable, net of allowance for doubtful accounts of $986 and $1,004 at September 30, 2017 and December 31, 2016, respectively	135,356	125,383
Inventories	64,648	64,136
Prepaid expenses	3,221	5,006
Total current assets	236,724	225,640
PROPERTY, PLANT, AND EQUIPMENT, net	74,189	59,613
GOODWILL	11,619	11,619
OTHER ASSETS	537	566
TOTAL ASSETS	323,069	297,438
CURRENT LIABILITIES:
Accounts payable	79,335	85,116
Accrued liabilities	25,648	20,727
Total current liabilities	104,983	105,843
LONG-TERM OBLIGATIONS (Note 6)	20,000	5,000
DEFERRED INCOME TAX LIABILITIES	1,984	1,993
COMMITMENTS AND CONTINGENCIES (Notes 6 and 8)
SHAREHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 5,000,000 shares authorized, none issued or outstanding
Common stock, $0.01 par value; 100,000,000 shares authorized, 11,377,982 and 11,346,060 outstanding at September 30, 2017 and December 31, 2016, respectively	114	113
Additional paid-in capital	150,879	150,404
Accumulated surplus	48,332	40,752
Accumulated other comprehensive income (loss)	(3,223)	(6,667)
Total shareholders' equity	196,102	184,602
Total Liabilities And Shareholders' Equity	$ 323,069	$ 297,438

XML 17 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts (in dollars)	$ 986	$ 1,004
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	11,377,982	11,346,060

XML 18 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
NET SALES	$ 153,363	$ 147,597	$ 455,385	$ 452,525
COSTS OF OPERATIONS	137,713	130,481	406,737	403,402
GROSS PROFIT	15,650	17,116	48,648	49,123
OPERATING EXPENSES:
Selling, general and administrative expenses	8,580	8,495	26,690	24,823
Interest expense, net	469	359	1,162	816
Other (income) expense, net	(106)	(238)	(590)	(451)
Total operating expenses	8,943	8,616	27,262	25,188
INCOME BEFORE INCOME TAXES	6,707	8,500	21,386	23,935
INCOME TAX PROVISION	2,251	2,978	7,666	8,466
NET INCOME	$ 4,456	$ 5,522	$ 13,720	$ 15,469
BASIC INCOME PER COMMON SHARE (in dollars per share)	$ 0.39	$ 0.49	$ 1.21	$ 1.36
DILUTED INCOME PER COMMON SHARE (in dollars per share)	0.39	0.49	1.21	1.36
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.18	$ 0.17	$ 0.54	$ 0.51
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	11,364	11,346	11,357	11,346
Diluted (in shares)	11,373	11,374	11,376	11,374

XML 19 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Other Comprehensive Income [Abstract]
NET INCOME	$ 4,456	$ 5,522	$ 13,720	$ 15,469
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustment	1,746	(768)	3,444	121
Total other comprehensive income (loss)	1,746	(768)	3,444	121
COMPREHENSIVE INCOME	$ 6,202	$ 4,754	$ 17,164	$ 15,590

XML 20 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
OPERATING ACTIVITIES:
Net income	$ 13,720	$ 15,469
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	4,169	3,359
Provision for doubtful accounts	(32)	177
Issuance of non-employee director shares	150	96
Deferred income tax provision	14	5
(Gain) Loss on disposal of property, plant and equipment	(624)	3
Changes in operating assets and liabilities:
Accounts receivable	(9,318)	(17,825)
Inventories	960	1,113
Prepaid expenses	1,815	(1,011)
Other assets	28	(48)
Accounts payable	(6,661)	(3,531)
Accrued liabilities	4,425	978
Net cash flows from (used in) operating activities	8,646	(1,215)
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(19,246)	(19,155)
Proceeds from sale of plant, property & equipment	1,303	5
Net cash flows from (used in) investing activities	(17,943)	(19,150)
FINANCING ACTIVITIES:
Net borrowings under credit facility	15,000	20,000
Payments of cash dividends	(6,139)	(5,786)
Proceeds from stock option exercises	143
Net cash flows from (used in) financing activities	9,004	14,214
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS	2,677	542
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS	2,384	(5,609)
CASH AND TEMPORARY INVESTMENTS, beginning of period	31,115	38,449
CASH AND TEMPORARY INVESTMENTS, end of period	33,499	32,840
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payments for interest	1,620	1,314
Cash payments for income taxes, net of refunds	$ 2,672	$ 9,211

XML 21 R7.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

BASIS OF PRESENTATION

1.	BASIS OF PRESENTATION

XML 22 R8.htm IDEA: XBRL DOCUMENT

BASIC AND DILUTED INCOME PER SHARE

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

BASIC AND DILUTED INCOME PER SHARE

2.	BASIC AND DILUTED INCOME PER SHARE

XML 23 R9.htm IDEA: XBRL DOCUMENT

INVENTORIES

9 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

INVENTORIES

3.	INVENTORIES

	September 30, 2017		December 31, 2016
Chassis	$	5,959	$	8,524
Raw materials		29,287		26,322
Work in process		12,268		11,620
Finished goods		17,134		17,670
	$	64,648	$	64,136

XML 24 R10.htm IDEA: XBRL DOCUMENT

LONG-LIVED ASSETS

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

LONG-LIVED ASSETS

4. LONG-LIVED ASSETS

XML 25 R11.htm IDEA: XBRL DOCUMENT

GOODWILL

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

5.	GOODWILL

XML 26 R12.htm IDEA: XBRL DOCUMENT

LONG-TERM OBLIGATIONS

9 Months Ended

Sep. 30, 2017

Long-Term Debt, Unclassified [Abstract]

LONG-TERM OBLIGATIONS

6.	LONG-TERM OBLIGATIONS

Credit Facility and Other Long-Term Obligations

Credit Facility

Interest Rate Risk

Other Long-Term Obligations

At September 30, 2017, the Company had approximately $1,401 in non-cancelable operating lease obligations.

XML 27 R13.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2017

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

STOCK-BASED COMPENSATION

7.	STOCK-BASED COMPENSATION

XML 28 R14.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

8.	COMMITMENTS AND CONTINGENCIES

Commitments

Contingencies

XML 29 R15.htm IDEA: XBRL DOCUMENT

INCOME TAXES

9 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

INCOME TAXES

9.	INCOME TAXES

As of September 30, 2017, the Company had no federal or state net operating loss carryforwards.

XML 30 R16.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS EQUITY

9 Months Ended

Sep. 30, 2017

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 2017, 2016, 2015 and 2014 were as follows:

Payment	Record Date	Payment Date	Dividend (per share)		Amount

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
Q4 2016	December 5, 2016	December 12, 2016		0.17		1,929
Total for 2016			$	0.68	$	7,715

Q1 2017	March 27, 2017	April 3, 2017	$	0.18	$	2,043
Q2 2017	June 13, 2017	June 20, 2017		0.18		2,048
Q3 2017	September 11, 2017	September 18, 2017		0.18		2,048
Total for 2017			$	0.54	$	6,139

XML 31 R17.htm IDEA: XBRL DOCUMENT

GEOGRAPHIC INFORMATION

9 Months Ended

Sep. 30, 2017

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
	2017		2016		2017		2016
Net Sales:
North America	$	135,125	$	132,600	$	403,157	$	405,913
Foreign		18,238		14,997		52,228		46,612
	$	153,363	$	147,597	$	455,385	$	452,525

	September 30, 2017		December 31, 2016
Long Lived Assets:
North America	$	82,410	$	68,556
Foreign		3,398		2,676
	$	85,808	$	71,232

XML 32 R18.htm IDEA: XBRL DOCUMENT

CUSTOMER INFORMATION

9 Months Ended

Sep. 30, 2017

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, 2017 and 2016.

XML 33 R19.htm IDEA: XBRL DOCUMENT

OTHER (INCOME) EXPENSE

9 Months Ended

Sep. 30, 2017

Other Income and Expenses [Abstract]

OTHER (INCOME) EXPENSE

13.

OTHER (INCOME) EXPENSE

XML 34 R20.htm IDEA: XBRL DOCUMENT

DERIVATIVE FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

14.

DERIVATIVE FINANCIAL INSTRUMENTS

XML 35 R21.htm IDEA: XBRL DOCUMENT

RECENT ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Sep. 30, 2017

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

15.

RECENT ACCOUNTING PRONOUNCEMENTS

Recently Issued Standards

Recently Adopted Standards

XML 36 R22.htm IDEA: XBRL DOCUMENT

Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

Recently Issued Standards

Recently Adopted Standards

XML 37 R23.htm IDEA: XBRL DOCUMENT

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

Schedule of inventories, net of reserves

	September 30, 2017		December 31, 2016
Chassis	$	5,959	$	8,524
Raw materials		29,287		26,322
Work in process		12,268		11,620
Finished goods		17,134		17,670
	$	64,648	$	64,136

XML 38 R24.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS EQUITY (Tables)

9 Months Ended

Sep. 30, 2017

Stockholders' Equity Note [Abstract]

Schedule of dividends payments

Payment	Record Date	Payment Date	Dividend (per share)		Amount

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
Q4 2016	December 5, 2016	December 12, 2016		0.17		1,929
Total for 2016			$	0.68	$	7,715

Q1 2017	March 27, 2017	April 3, 2017	$	0.18	$	2,043
Q2 2017	June 13, 2017	June 20, 2017		0.18		2,048
Q3 2017	September 11, 2017	September 18, 2017		0.18		2,048
Total for 2017			$	0.54	$	6,139

XML 39 R25.htm IDEA: XBRL DOCUMENT

GEOGRAPHIC INFORMATION (Tables)

9 Months Ended

Sep. 30, 2017

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
	2017		2016		2017		2016
Net Sales:
North America	$	135,125	$	132,600	$	403,157	$	405,913
Foreign		18,238		14,997		52,228		46,612
	$	153,363	$	147,597	$	455,385	$	452,525

	September 30, 2017		December 31, 2016
Long Lived Assets:
North America	$	82,410	$	68,556
Foreign		3,398		2,676
	$	85,808	$	71,232

XML 40 R26.htm IDEA: XBRL DOCUMENT

BASIC AND DILUTED INCOME PER SHARE (Detail Textuals) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Outstanding stock options included in the calculation of diluted EPS	9,000	28,000	19,000	28,000
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 41 R27.htm IDEA: XBRL DOCUMENT

INVENTORIES - Summary of inventories, net of reserves (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Chassis	$ 5,959	$ 8,524
Raw materials	29,287	26,322
Work in process	12,268	11,620
Finished goods	17,134	17,670
Inventories	$ 64,648	$ 64,136

XML 42 R28.htm IDEA: XBRL DOCUMENT

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, 2017	Oct. 31, 2017	Dec. 31, 2016	Jun. 22, 2016	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 plus 1.50
Variable interest rate in addition to reference rate	1.50%
Interest rate	2.73%
Outstanding borrowings under credit facility	$ 20,000		$ 5,000
Non-cancelable operating lease obligations	$ 1,401
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%
Subsequent Event
Line of Credit Facility [Line Items]
Outstanding borrowings under credit facility		$ 20,000

XML 43 R29.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Detail Textuals) - shares	9 Months Ended
STOCK-BASED COMPENSATION (Detail Textuals) - shares	Sep. 30, 2017	Dec. 31, 2016
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Issuance of common stock shares	26,000
Common stock available for issuance pursuant to awards granted under 2016 Stock Incentive Plan		800,000

XML 44 R30.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Detail Textuals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Long-term Purchase Commitment [Line Items]
Maximum repurchase collateral amount	$ 50,932	$ 45,196
Capital cost incurred	700
Capital Addition Purchase Commitments
Long-term Purchase Commitment [Line Items]
Commitment for construction and acquisition of property, plant and equipment	14,600
Pennsylvania
Long-term Purchase Commitment [Line Items]
Estimated cost of operations	24,700
Capital cost incurred	23,700
Realized net gain on sale of plant location	601
Tennessee
Long-term Purchase Commitment [Line Items]
Estimated cost of operations	21,100
Capital cost incurred	19,400
Current estimated costs of administrative building	$ 4,200

XML 45 R31.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Detail Textuals) $ in Thousands	9 Months Ended
INCOME TAXES (Detail Textuals) $ in Thousands	Sep. 30, 2017 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 1,157
Liability for potential penalties	259
Interest related to unrecognized tax benefits	$ 20

XML 46 R32.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS EQUITY - Summary of Dividend payments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended															9 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 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	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Record Date	Sep. 11, 2017	Jun. 13, 2017	Mar. 27, 2017	Dec. 05, 2016	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
Payment Date	Sep. 18, 2017	Jun. 20, 2017	Apr. 03, 2017	Dec. 12, 2016	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
Dividend (per share)	$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.54	$ 0.68	$ 0.64	$ 0.60
Dividend paid, amount	$ 2,048	$ 2,048	$ 2,043	$ 1,929	$ 1,928	$ 1,929	$ 1,929	$ 1,815	$ 1,815	$ 1,814	$ 1,809	$ 1,695	$ 1,696	$ 1,695	$ 1,692	$ 6,139	$ 7,715	$ 7,253	$ 6,778

XML 47 R33.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS EQUITY (Detail Textuals) - $ / shares		3 Months Ended															9 Months Ended	12 Months Ended
SHAREHOLDERS EQUITY (Detail Textuals) - $ / shares	Nov. 06, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 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	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders Equity Note [Line Items]
Dividend (per share)		$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.54	$ 0.68	$ 0.64	$ 0.60
Payment Date		Sep. 18, 2017	Jun. 20, 2017	Apr. 03, 2017	Dec. 12, 2016	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
Record Date		Sep. 11, 2017	Jun. 13, 2017	Mar. 27, 2017	Dec. 05, 2016	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
Subsequent Event
Stockholders Equity Note [Line Items]
Declared Date	Nov. 06, 2017
Dividend (per share)	$ 0.18
Payment Date	Dec. 11, 2017
Record Date	Dec. 04, 2017

XML 48 R34.htm IDEA: XBRL DOCUMENT

GEOGRAPHIC INFORMATION - Net Sales and Long Lived Assets by Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	$ 153,363	$ 147,597	$ 455,385	$ 452,525
Long Lived Assets	85,808		85,808		$ 71,232
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	135,125	132,600	403,157	405,913
Long Lived Assets	82,410		82,410		68,556
Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	18,238	$ 14,997	52,228	$ 46,612
Long Lived Assets	$ 3,398		$ 3,398		$ 2,676

XML 49 R35.htm IDEA: XBRL DOCUMENT

CUSTOMER INFORMATION (Detail Textuals)	3 Months Ended		9 Months Ended
CUSTOMER INFORMATION (Detail Textuals)	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Customer Concentration Risk \| Net sales
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

XML 50 R36.htm IDEA: XBRL DOCUMENT

OTHER (INCOME) EXPENSE (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other Income Expenses [Line Items]
Other (income) expense, net	$ 106	$ 238	$ 590	$ 451
Pennsylvania property
Other Income Expenses [Line Items]
Gain on the sale of Pennsylvania property			601
Foreign currency transaction gain (loss) included in other (income) expense			$ 11