0001144204-18-042865.txt : 20180808 0001144204-18-042865.hdr.sgml : 20180808 20180808164111 ACCESSION NUMBER: 0001144204-18-042865 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180808 DATE AS OF CHANGE: 20180808 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: 181001973 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 tv499833_10q.htm FORM 10-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 10-Q

 

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

 

For the quarterly period ended     June 30, 2018

 

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

 

For the transition period from    to   

 

Commission file number     001-14124

 

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

 

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

 

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

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes x No o

 

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 o

 

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 ¨ Accelerated filer x
   
Non-accelerated filer ¨ Smaller reporting company ¨
   
Emerging growth company ¨  

 

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 o No x

 

The number of shares outstanding of the registrant’s common stock, par value $.01 per share, as of July 31, 2018 was 11,384,296.

 

 

 

 

 

 

Index

 

      Page Number
PART I FINANCIAL INFORMATION    
         
  Item 1. Financial Statements    
         
    Condensed Consolidated Balance Sheets – June 30, 2018 and December 31, 2017   2
         
    Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2018 and 2017   3
         
    Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2018 and 2017   4
         
    Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017   5
         
    Notes to Condensed Consolidated Financial Statements   6
         
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   11
         
  Item 3. Quantitative and Qualitative Disclosures About Market Risk   14
         
  Item 4. Controls and Procedures   15
         
PART II   OTHER INFORMATION    
         
  Item 1. Legal Proceedings   15
         
  Item 1A. Risk Factors   15
         
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   15
         
  Item 3. Defaults Upon Senior Securities   15
         
  Item 4. Mine Safety Disclosures   15
         
  Item 5. Other Information   15
         
  Item 6. Exhibits   16
         
SIGNATURES   17

 

 

 

 

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 upon outside suppliers for our raw materials, including aluminum, steel, petroleum-related products and other purchased component parts; changes in price (including as a result of the imposition of tariffs) of aluminum, steel, petroleum-related products and other purchased component parts; delays in receiving supplies of such materials or parts; 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; failure to comply with domestic and foreign anti-corruption laws; 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 or any violation of data protection laws; changes in the tax regimes and related government policies and regulations in the countries in which we operate; 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, 2017 (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)

 

   June 30, 2018
(Unaudited)		   December 31,
2017		 
ASSETS          
CURRENT ASSETS:          
Cash and temporary investments  $19,713   $21,895 
Accounts receivable, net of allowance for doubtful accounts of $1,136 and $1,038 at June 30, 2018 and December 31, 2017, respectively   148,023    132,699 
Inventories, net   81,219    68,567 
Prepaid expenses   4,550    4,272 
Total current assets   253,505    227,433 
PROPERTY, PLANT, AND EQUIPMENT, net   83,162    77,628 
GOODWILL   11,619    11,619 
OTHER ASSETS   579    558 
   $348,865   $317,238 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
CURRENT LIABILITIES:          
Accounts payable  $91,953   $79,304 
Accrued liabilities   26,729    22,001 
Long-term obligations due within one year   386    394 
Total current liabilities   119,068    101,699 
LONG-TERM OBLIGATIONS   15,582    10,212 
NONCURRENT TAXES PAYABLE   —    1,102 
DEFERRED INCOME TAX LIABILITIES   1,308    1,125 
    135,958    114,138 
COMMITMENTS AND CONTINGENCIES (Notes 6 and 7)          
           
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, 11,384,296 and 11,378,482, outstanding at June 30, 2018 and December 31, 2017, respectively   114    114 
Additional paid-in capital   150,849    150,699 
Accumulated surplus    65,752    55,580 
Accumulated other comprehensive loss   (3,808)   (3,293)
Total shareholders’ equity   212,907    203,100 
   $348,865   $317,238 

 

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

 

 2 

 

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 

(In thousands, except per share data)

(Unaudited)

 

   Three Months
Ended
June 30		   Six Months
Ended
June 30		 
   2018   2017   2018   2017 
                 
NET SALES  $176,888   $153,089   $336,048   $302,022 
COSTS OF OPERATIONS   155,609    135,486    296,342    269,024 
GROSS PROFIT   21,279    17,603    39,706    32,998 
                     
OPERATING EXPENSES:                    
Selling, general and administrative expenses   9,678    9,066    19,267    18,110 
                     
NON-OPERATING (INCOME) EXPENSES:                    
Interest expense, net   484    315    904    693 
Other (income) expense, net   627    (470)   (288)   (484)
Total expense, net   10,789    8,911    19,883    18,319 
                     
INCOME BEFORE INCOME TAXES   10,490    8,692    19,823    14,679 
INCOME TAX PROVISION   2,890    3,267    5,553    5,415 
NET INCOME  $7,600   $5,425   $14,270   $9,264 
                     
BASIC INCOME PER COMMON SHARE  $0.67   $0.48   $1.25   $0.82 
DILUTED INCOME PER COMMON SHARE  $0.67   $0.48   $1.25   $0.81 
                     
CASH DIVIDENDS DECLARED PER COMMON SHARE  $0.18   $0.18   $0.36   $0.36 
                     
WEIGHTED AVERAGE SHARES OUTSTANDING:                    
Basic   11,384    11,365    11,384    11,357 
Diluted   11,393    11,383    11,393    11,381 

 

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

 

 3 

 

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(In thousands)

(Unaudited)

 

   Three Months Ended
June 30		   Six Months Ended
June 30		 
   2018   2017   2018   2017 
net income  $7,600   $5,425   $14,270   $9,264 
                     
Other comprehensive INCOME (loss):                    
Foreign currency translation adjustment   (1,332)   1,809    (515)   1,698 
Total other comprehensive income (loss)   (1,332)   1,809    (515)   1,698 
                     
comprehensive income  $6,268   $7,234   $13,755   $10,962 

 

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

 

 4 

 

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(In thousands)

(Unaudited)

 

   Six Months Ended
June 30		 
   2018   2017 
OPERATING ACTIVITIES:          
Net income  $14,270   $9,264 
Adjustments to reconcile net income to net cash flows from operating activities:          
Depreciation and amortization   3,518    2,686 
(Gain) loss on disposals of property, plant and equipment   133    (643)
Provision for doubtful accounts   115    (50)
Issuance of non-employee director shares   150    150 
Deferred tax provision   182    63 
           
Changes in operating assets and liabilities:          
Accounts receivable   (15,585)   (8,455)
Inventories   (13,024)   (3,448)
Prepaid expenses   (287)   820 
Other assets   (21)   45 
Accounts payable   12,823    (2,971)
Accrued liabilities   3,817    3,931 
Net cash flows from operating activities   6,091    1,392 
INVESTING ACTIVITIES:          
Purchases of property, plant and equipment   (9,392)   (14,304)
Proceeds from sale of property, plant and equipment   132    1,305 
Net cash flows from investing activities   (9,260)   (12,999)
FINANCING ACTIVITIES:          
Net borrowings under credit facility   5,000    15,000 
Payments of cash dividends   (4,098)   (4,091)
Net proceeds from other long-term obligations   374    142 
Net cash flows from financing activities   1,276    11,051 
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS   (289)   1,471 
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS   (2,182)   915 
CASH AND TEMPORARY INVESTMENTS, beginning of period   21,895    31,115 
CASH AND TEMPORARY INVESTMENTS, end of period  $19,713   $32,030 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash payments for interest  $1,121   $1,044 
Cash payments for income taxes, net of refunds  $3,699   $761 

 

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

 

 5 

 

 

MILLER INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(in thousands, except share data and except as otherwise noted)

 

1.BASIS OF PRESENTATION

 

The condensed consolidated financial statements of Miller Industries, Inc. and subsidiaries (the “Company”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. Interim results of operations are not necessarily indicative of results to be expected for the fiscal year.

 

These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. 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.

 

2.RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently Issued Standards

 

The Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02 Leases (Topic 842) on February 25, 2016 and is intended to improve financial reporting on 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 lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by their lease agreements. 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 will depend primarily 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 finance) to be recognized on the balance sheet. The lessee accounting model prescribed by the new standard will require a finance lease to be accounted for in substantially the same manner as capital leases under existing GAAP. An 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 right-of-use asset on the balance sheet during the lease term.

 

The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning after December 15, 2018, with early adoption permitted. See “Credit Facilities and Other Obligations” within Item 2 for the Company’s current lease commitments. The Company plans to use the modified retrospective approach and will elect to initially apply the standard with a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption. The Company is currently evaluating the effect that implementation will have on its consolidated financial position, results of operations and cash flows.

 

Recently Adopted Standards

 

In May 2014, the FASB issued ASU 2014-09, Revenue—Revenue from Contracts with Customers. The Company has adopted the standard and all related amendments with an effective date of January 1, 2018 using the modified retrospective method, thus recognizing the cumulative effect of adopting the standard as an adjustment to the opening balance of retained earnings. The Company applied the standard to contracts that were not completed as of the adoption date. Comparative information has not been restated and continues to be reported under the accounting standards in effect for the periods prior to the effective date.

 

As a result of the adoption, effective January 1, 2018, the Company began including the costs of painting activities as performance obligations within each contract, which results in a delay in recognition of revenue until such activities are complete and the product is shipped. With the exception of certain extended service contracts on a small percentage of units sold, the Company’s performance obligations are complete and sales revenue is recognized when products are shipped from the Company’s facilities.

 

 6 

 

 

We do not anticipate the adoption of the standard to have a material impact on an ongoing basis to the Company’s consolidated financial statements and related disclosures. The cumulative effect adjustment to the consolidated balance sheets as of January 1, 2018 was as follows:

 

   Balance at
December 31, 2017		   Cumulative Effect
Adjustment		   Balance at
January 1, 2018		 
Assets               
Accounts Receivable, net  $132,699   $(2,496)  $130,203 
Inventories, net   68,567    1,996    70,563 
                
Liabilities and Shareholders' Equity               
Accrued Liabilities   22,001    (176)   21,825 
Accumulated Surplus   55,580    (324)   55,256 

 

In accordance with the new revenue standard requirements, the impact of the adoption to the consolidated statement of income during the three and six months ended June 30, 2018 and the consolidated balance sheets as of June 30, 2018 was as follows:

 

   Three Months Ended June 30, 2018 
   As Reported   Balances Without
Adoption of ASU 2014-09		   Effect of Adoption
Increase/(Decrease)		 
Statement of Income               
Revenues               
Net Sales  $176,888   $176,855   $33 
Costs and Expenses               
Costs of Operations   155,609    155,583    26 
Income Tax Provision   2,890    2,864    26 
Net Income   7,600    7,619    (19)

 

   Six Months Ended June 30, 2018 
   As Reported   Balances Without
Adoption of ASU 2014-09		   Effect of Adoption
Increase/(Decrease)		 
Statement of Income               
Revenues               
Net Sales  $336,048   $336,890   $(842)
Costs and Expenses               
Costs of Operations   296,342    297,016    (674)
Income Tax Provision   5,553    5,588    (35)
Net Income   14,270    14,403    (133)

 

   June 30, 2018 
   As Reported   Balances Without
Adoption of ASU 2014-09		   Effect of Adoption
Increase/(Decrease)		 
Balance Sheet               
Assets               
Accounts Receivable, net  $148,023   $148,865   $(842)
Inventories, net   81,219    80,545    674 
Liabilities and Shareholders’ Equity               
Accrued Liabilities   26,729    26,764    (35)
Accumulated Surplus   65,752    65,885    (133)

 

As a result of the adoption, we changed our accounting policy. See Note 4 for further information.

 

 7 

 

 

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 required an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity will now 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 Company elected to adopt the standard in the first quarter of 2018, with an effective date of January 1, 2018. The adoption of this guidance did not have a material impact on its consolidated financial statements and related disclosures.

 

In May 2017, the FASB amended the requirements in the Compensation—Stock Compensation Topic of the 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 Company adopted the amendments in the first quarter of 2018, with an effective date of January 1, 2018. The adoption of this guidance did not have a material impact on the Company’s financial statements and related disclosures.

 

3.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 18,000 potential dilutive common shares for the three months ended June 30, 2018 and 2017, respectively, and 9,000 and 24,000 for the six months ended June 30, 2018 and 2017, respectively. For the three and six months ended June 30, 2018 and 2017, none of the outstanding stock options would have been anti-dilutive.

 

4.REVENUE

 

Substantially all of our revenue is generated from sales of towing equipment. As such, disaggregation of revenue by product line would not provide useful information because all product lines have substantially similar characteristics. However, revenue streams are tracked by the geographic location of customers. This disaggregated information is presented in the table below.

 

   For the Three Months Ended
June 30,		   For the Six Months Ended
June 30,		 
   2018   2017   2018   2017 
Net Sales:                    
North America  $143,137   $137,354   $274,781   $268,031 
Foreign   33,751    15,735    61,267    33,991 
   $176,888   $153,089   $336,048   $302,022 

 

Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs upon shipment, which is when the risk of ownership for products has transferred to independent distributors or other customers. 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, and no performance obligation remains.

 

Revenue is measured as the amount of consideration expected to be received in exchange for the transfer of products. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. Warranty related costs are recognized as an expense at the time products are sold. Depending on the terms of the arrangement, for certain contracts the Company may defer the recognition of a portion of the consideration received because a future obligation has not yet been satisfied, such as an extended service contract. An observable price is used to determine the stand-alone selling price for separate performance obligations or a cost plus margin approach is utilized when one is not available.

 

Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to performance obligations to be satisfied in the future. As of January 1, 2018 and June 30, 2018, contract liability balances related to extended service contracts were $154 and $708, respectively, and are included in accrued liabilities on the consolidated balance sheets. No revenue related to the contract liability balance at January 1, 2018 was recognized during the three or six months ended June 30, 2018. The Company did not have any contract assets at January 1, 2018 or June 30, 2018. Impairment losses on contract receivables were de minimis during the three and six months ended June 30, 2018.

 

 8 

 

 

5.INVENTORIES

 

Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or 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. Inventories, net of reserves, at June 30, 2018 and December 31, 2017 consisted of the following:

 

   June 30,
2018		   December 31,
2017		 
Chassis  $7,037   $7,525 
Raw materials   38,399    30,109 
Work in process   12,415    13,521 
Finished goods   23,368    17,412 
   $81,219   $68,567 

 

6.LONG-TERM OBLIGATIONS

 

Credit Facility and Other Long-Term Obligations

 

Credit Facility

 

On April 5, 2017, the $50,000 credit facility pursuant to our Loan Agreement with First Tennessee Bank National Association was renewed to extend the maturity date to May 31, 2019. The 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 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. The Company has been in compliance with these covenants throughout 2017 and during the first half of 2018 and we anticipate that the Company will continue to be in compliance during the remainder of 2018. Subsequent to June 30, 2018, the credit facility was renewed and the maturity date was extended to May 31, 2020. 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.

 

At June 30, 2018 and December 31, 2017, the Company had $15,000 and $10,000, respectively, in outstanding borrowings under the credit facility.

 

Other Long-Term Obligations

 

During November 2017, the Company’s French subsidiary, Jige International S.A., entered into an agreement with Banque Européenne du Crédit Mutuel for a €1,000 unsecured fixed rate loan with a maturity date of September 30, 2020. All borrowings under this loan bear interest at 0.3% per annum. At June 30, 2018, the Company had $968 in outstanding borrowings under the loan agreement, of which $582 and $386 were classified as long-term obligations and long-term obligations due within one year, respectively, on the consolidated balance sheets. At December 31, 2017, the Company had $606 in outstanding borrowings under the loan agreement, of which $212 and $394 were classified as long-term obligations and long-term obligations due within one year, respectively, on the consolidated balance sheets. These borrowings are being used primarily for the purchase of land and routine repairs to the operating facilities in France. The loan agreement contains no material covenants.

 

7.COMMITMENTS AND CONTINGENCIES

 

Commitments

 

At June 30, 2018, the Company had commitments of approximately $5,586 for the acquisition of property, plant and equipment, including a de minimis amount for construction of an administrative building discussed below. During 2017, the Company substantially completed capital projects relating to its Pennsylvania and Tennessee manufacturing facilities. These project costs are included in property, plant and equipment, net on the consolidated balance sheets. The Company began construction of an administrative building at its Ooltewah, Tennessee facility in June 2017. The Company substantially completed this project during the second quarter of 2018.

 

 9 

 

 

Contingencies

 

The Company has entered into arrangements with third-party lenders where it has agreed, in the event of default by the independent distributor customer, to repurchase from the third-party lender Company products repossessed from the independent distributor 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 $52,379 at June 30, 2018, and $54,093 at December 31, 2017. 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 June 30, 2018.

 

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.

 

8.INCOME TAXES

 

The Tax Cuts and Jobs Act (TCJA), among other changes, reduced the corporate tax rate from a top rate of 35% to a flat rate of 21%, effective January 1, 2018. At December 31, 2017, because of the implementation of the TCJA, the Company recognized a $1,102 liability in noncurrent taxes payable on its consolidated balance sheets related to the income tax from the deemed repatriation of its cumulative foreign earnings. During the first three months of 2018, the Company gathered additional information which demonstrated that the liability should be increased. Due to the inherent complexity of the calculation for the deemed repatriation tax, the Company followed elective guidance in SEC Staff Accounting Bulletin (SAB) 118, which allows for a measurement period adjustment to be reflected in the current reporting period, and at March 31, 2018, the deemed repatriation liability was increased to $1,335.

 

Subsequent to March 31, 2018, the Internal Revenue Service issued additional guidance requiring income tax overpayments to be applied to the balance of the liability. Therefore, during the second quarter of 2018, the Company applied its overpayment to the liability, which reduced the balance to $0 at June 30, 2018. As of June 30, 2018, the Company had no federal operating loss carryforwards. As of June 30, 2018, the Company had a state net operating loss carryforward of $849, which will expire between 2018 and 2025.

 

9.SHAREHOLDERS EQUITY

 

Dividends

 

The Company has paid consecutive quarterly cash dividends since May 2011. During the three months ended June 30, 2018 and 2017 the Company paid quarterly cash dividends of $2,049 and $2,048, respectively, with each payment amounting to $0.18 per share. During the six months ended June 30, 2018 and 2017, the Company paid cash dividends totaling $4,098 and $4,091, respectively, which amounted to $0.36 per share for the period.

 

On August 6, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.18 per share. The dividend is payable September 17, 2018 to shareholders of record as of September 10, 2018.

 

10.SUBSEQUENT EVENT

 

On July 19, 2018, the Company entered into an Amended and Restated Loan Agreement with First Tennessee Bank National Association (“First Tennessee”), which amends and restates the loan agreement governing the Company’s existing $50.0 million unsecured revolving credit facility (the “Credit Facility”) with First Tennessee (the “Prior Loan Agreement”) to (i) renew and extend the maturity date of the Credit Facility from May 31, 2019 to May 31, 2020 and make certain other conforming changes, (ii) remove and replace a subsidiary of the Company as a borrower under the Credit Facility and (iii) modify certain other terms, including definitions and representations and warranties, set forth therein.

 

 10 

 

 

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 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, net income, 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 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 increases 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. We remain concerned about the impact of the tariffs on European and Canadian steel and aluminum that have been imposed by the current administration. We have recently implemented price increases to offset the higher costs primarily caused by the tariffs, but it is uncertain how much of the costs can be offset in this manner and in any event price increases require a long lead time. 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 to more favorably position the Company in this dynamic market.

 

During 2017, the Company substantially completed capital expenditure projects relating to its Pennsylvania and Tennessee manufacturing facilities. In addition, the Company substantially completed the construction of an administrative building at its Ooltewah, Tennessee facility during the second quarter of 2018. At June 30, 2018 and December 31, 2017, the Company had $15,000 and $10,000, respectively, in outstanding borrowings under its credit facility. The advances under the credit facility in 2017 were primarily used to finance such capital expenditure projects. The $5,000 in advances during the second quarter of 2018 were primarily used to finance working capital needs.

 

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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, estimations and assumptions. The accounting policies deemed to be most critical to our financial position and results of operations are those related to accounts receivable, inventory, long-lived assets, warranty reserves, revenues, and income taxes. Other than changes to revenue recognition and to the goodwill impairment review process, which are discussed in detail in Notes 2 and 4 to the “Notes to Consolidated Financial Statements” in Item 1, there have been no significant changes in our critical accounting policies during the first six months of 2018.

 

For additional information, refer to our summary of significant accounting policies in Note 2 of the "Notes to Consolidated Financial Statements" in Part IV, Item 15 and "Critical Accounting Policies" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2017.

 

Results of Operations–Three Months Ended June 30, 2018 Compared to Three Months Ended June 30, 2017

 

Net sales for the three months ended June 30, 2018 increased 15.5% to $176,888 from $153,089 for the comparable period in 2017. This increase was primarily attributable to continued strong demand in our domestic and international markets based on positive consumer sentiment. Net domestic sales increased during the three month period ended June 30, 2018 from $137,354 to $143,137, and net foreign sales increased from $15,735 to $33,751 during the same three month period. Our ability to increase sales in response to continued strong demand was enhanced by the efficiencies gained from our recently completed capital projects at all of our domestic facilities.

 

Costs of operations for the three months ended June 30, 2018 increased 14.9% to $155,609 from $135,486 for the comparable period in 2017. Overall, costs of operations decreased as a percentage of sales from 88.5% to 88.0% primarily due to product mix and continued efforts to monitor costs while meeting customer demand.

 

Selling, general and administrative expenses for the three months ended June 30, 2018 increased to $9,678 from $9,066 for the three months ended June 30, 2017 primarily due to an increase in commission expense, which correlates with the increase in sales. As a percentage of sales, selling, general, and administrative expenses for the three months ended June 30, 2018 decreased to 5.5% from 5.9% in the comparable period in 2017.

 

Interest expense, net increased to $484 from $315 for the three months ended June 30, 2018 as compared to the prior year period. Increases in interest expense were primarily due to decreases in net foreign interest income, increases in interest on distributor floor planning, and increases in interest on the credit facility.

 

Other (income) expense is composed primarily of foreign currency translation gains and losses, with the remainder being comprised of gains and losses on disposals of equipment. For the three months ended June 30, 2018, the Company experienced a net translation loss of $455, compared to a net loss of $131 for the three months ended June 30, 2017.

 

The provision for income taxes for the three months ended June 30, 2018 and 2017 reflects a combined effective U.S. federal, state and foreign tax rate of 27.6% and 37.6%, respectively. The significant variation in the effective tax rate between the two periods is a result of the approval of the TCJA during the fourth quarter of 2017, which in addition to other changes, reduced the corporate tax rate from a top rate of 35% to a flat rate of 21%. The principal differences between the federal statutory tax rate and the effective tax rate consist primarily of state taxes, domestic tax credits, and tax differences on foreign earnings.

 

Results of Operations–Six Months Ended June 30, 2018 Compared to Six Months Ended June 30, 2017

 

Net sales for the six months ended June 30, 2018 increased 11.3% to $336,048 from $302,022 for the comparable period in 2017. This increase was primarily attributable to continued strong demand in our domestic and international markets based on positive consumer sentiment. Net domestic sales increased during the six month period ended June 30, 2018 from $268,031 to $274,781, and net foreign sales increased from $33,991 to $61,267 during the same six month period. Our ability to increase sales in response to continued strong demand was enhanced by the efficiencies gained from our recently completed capital projects at all of our domestic facilities.

 

Costs of operations for the six months ended June 30, 2018 increased 10.2% to $296,342 from $269,024 for the comparable period in 2017. Overall, costs of operations decreased as a percentage of sales from 89.1% to 88.2% primarily due to product mix and continued efforts to monitor costs while meeting customer demand.

 

Selling, general and administrative expenses for the six months ended June 30, 2018 increased to $19,267 from $18,110 for the six months ended June 30, 2017 primarily due to an increase in commission expense, which correlates with the increase in sales. As a percentage of sales, selling, general, and administrative expenses for the six months ended June 30, 2018 decreased to 5.7% from 6.0% in the comparable period in 2017.

 

 12 

 

 

Total interest expense increased to $904 from $693 for the six months ended June 30, 2018 as compared to the prior year period. Increases in interest expense were primarily due to decreases in net foreign interest income, increases in interest on distributor floor planning, and increases in interest on the credit facility.

 

Other (income) expense is composed primarily of foreign currency translation gains and losses, with the remainder being comprised of gains and losses on disposals of equipment. For the six months ended June 30, 2018, the Company experienced a net translation gain of $421, compared to a net loss of $117 for the six months ended June 30, 2017.

 

The provision for income taxes for the six months ended June 30, 2018 and 2017 reflects a combined effective U.S. federal, state and foreign tax rate of 28.0% and 36.9%, respectively. The significant variation in the effective tax rate between the two periods is a result of the approval of the TCJA during the fourth quarter of 2017, which in addition to other changes, reduced the corporate tax rate from a top rate of 35% to a flat rate of 21%. The principal differences between the federal statutory tax rate and the effective tax rate consist primarily of state taxes, domestic tax credits, and tax differences on foreign earnings.

 

Liquidity and Capital Resources

 

Cash provided by operating activities was $6,091 for the six months ended June 30, 2018, compared to $1,392 in the comparable period in 2017. Cash provided by operating activities is generally attributable to the receipt of payments from our customers as settlement of their contractual obligation once we have fulfilled all performance obligations related to our contracts with them. These cash receipts are netted with payments for purchases of inventory, payments for materials used in manufacturing, and other payments that are necessary in the ordinary course of our operations, such as those for utilities and taxes.

 

Cash used in investing activities was $9,260 for the six months ended June 30, 2018 compared to $12,999 for the comparable period in 2017. The cash used in investing activities for the 2018 period was primarily for purchases of property, plant and equipment.

 

Cash provided by financing activities was $1,276 for the six months ended June 30, 2018, compared to $11,051 for the comparable period in 2017. The cash provided by financing activities for the 2018 period resulted from a net increase in borrowings under the credit facility of $5,000 and an increase in net disbursements on our French subsidiary’s loan of $374, partially offset by the payment of dividends of $4,098.

 

As of June 30, 2018, we had cash and cash equivalents of $19,713 not including $35,000 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 and interest payments on indebtedness. At June 30, 2018, the Company had commitments of approximately $5,586 for the acquisition of property and equipment, including a de minimis amount for construction of an administrative building discussed below. We expect our primary sources of cash to be cash flow from operations, cash and cash equivalents on hand at June 30, 2018, and additional borrowings under our credit facility as needed. We expect these sources to be sufficient to satisfy our cash needs during 2018 and for the next several years. However, our ability to satisfy our cash needs will substantially depend upon several 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 June 30, 2018 and December 31, 2017, $14,054 and $12,650, respectively, of the Company’s cash and temporary investments were held by foreign subsidiaries and their holdings are generally based in the local currency.

 

During 2017, the Company substantially completed capital expenditure projects relating to its Pennsylvania and Tennessee manufacturing facilities. In addition, the Company substantially completed the construction of an administrative building at its Ooltewah, Tennessee facility during the second quarter of 2018.

 

Credit Facilities and Other Obligations

 

Credit Facility

 

On April 5, 2017, the $50,000 credit facility pursuant to our Loan Agreement with First Tennessee Bank National Association was renewed to extend the maturity date to May 31, 2019. The 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 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 2017 and during the first half of 2018 and anticipate that we will continue to be in compliance during the remainder of 2018. Subsequent to June 30, 2018, the credit facility was renewed and the maturity date was extended to May 31, 2020.

 

 13 

 

 

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 June 30, 2018 and December 31, 2017, the Company had $15,000 and $10,000, respectively, in outstanding borrowings under the credit facility. These advances under the credit facility were primarily used to finance our capital expenditure projects. At July 31, 2018, the Company had $15,000 in outstanding borrowings under the credit facility. The advances under the credit facility in 2017 were primarily used to finance certain capital expenditure projects. The $5,000 in advances during the second quarter of 2018 were primarily used to finance working capital needs.

 

Other Long-Term Obligations

 

At June 30, 2018, we had approximately $1,235 in non-cancelable operating lease obligations.

 

During November 2017, our French subsidiary, Jige International S.A., entered into an agreement with Banque Européenne du Crédit Mutuel for a €1,000 unsecured fixed rate loan with a maturity date of September 30, 2020. All borrowings under this loan bear interest at 0.3% per annum. At June 30, 2018, the Company had $968 in outstanding borrowings under the loan agreement, of which $582 and $386 were classified as long-term obligations and long-term obligations due within one year, respectively, on the consolidated balance sheets. At December 31, 2017, the Company had $606 in outstanding borrowings under the loan agreement, of which $212 and $394 were classified as long-term obligations and long-term obligations due within one year, respectively, on the consolidated balance sheets. These borrowings are being used primarily for the purchase of land and routine repairs to the operating facilities in France. The loan agreement contains no material covenants.

 

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 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 is equal to the LIBOR Market Index Rate plus 1.50% per annum (for a rate of interest of 3.59% at June 30, 2018). A one percent change in the interest rate on our variable-rate debt would not have materially impacted our financial position, results of operations or cash flows for the three-month period ended June 30, 2018.

 

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. During the three months ended June 30, 2018, we recognized a $1,332 decrease in our foreign currency translation adjustment account because of the fluctuations of the U.S. dollar against certain foreign currencies, compared to a $1,809 increase for the prior year period. During the six months ended June 30, 2018, we recognized a $515 decrease, compared to a $1,698 increase for the prior year period. These amounts were recognized as unrealized losses in accumulated other comprehensive loss on the consolidated balance sheets.

 

For the three months ended June 30, 2018 and 2017, the impacts of foreign currency exchange rate changes on our results of operations and cash flows were net losses of $455 and $131, respectively. For the six months ended June 30, 2018 and 2017, the impacts of foreign currency exchange rate changes on our results of operations and cash flows were a net gain of $421 and a net loss of $117, respectively.

 

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ITEM 4.CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

We carried out an evaluation, as of the end of the period covered by this report on Form 10-Q, 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.

 

Changes in Internal Control over Financial Reporting

 

Beginning January 1, 2018, we implemented ASU 2014-09, Revenue from Contracts with Customers. Although the new revenue standard is expected to have an immaterial impact on our ongoing net income, we implemented changes to our processes related to revenue recognition and the control activities within them. These changes included training, ongoing contract review requirements, and gathering of required information for disclosures.

 

There were no other changes in our internal controls over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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, 2017.

 

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.

 

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ITEM 6.EXHIBITS
                     
    Description   Incorporated by
Reference to
Registration File
Number		   Form or
Report		   Date of Report   Exhibit
Number in
Report
                     
31.1   Certification Pursuant to Rules 13a-14(a)/15d-14(a) by Co-Chief Executive Officer*                
                     
31.2   Certification Pursuant to Rules 13a-14(a)/15d-14(a) by Co-Chief Executive Officer*                
                     
31.3   Certification Pursuant to Rules 13a-14(a)/15d-14(a) by Chief Financial Officer*                
                     
32.1   Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of United States Code by Co-Chief Executive Officer±                
                     
32.2   Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of United States Code by Co-Chief Executive Officer±                
                     
32.3   Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of United States Code by Chief Financial Officer±                
                     
101   The following information from the Company’s quarterly report on Form 10-Q for the quarterly period ended June 30, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets – June 30, 2018 and December 31, 2017; (ii) Condensed Consolidated Statements of Income for the three and six months ended June 30, 2018 and 2017; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017; (iv) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017; and (v) Notes to Condensed Consolidated Financial Statements.*                
                       
    *      Filed herewith                
                     
    ±      Exhibit is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subjected to the liabilities of that Section. This exhibit shall not be incorporated by reference into any given registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.                
                       

 

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SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Miller Industries, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  MILLER INDUSTRIES, INC.
     
  By: /s/ Deborah L. Whitmire
    Deborah L. Whitmire
   

Executive Vice President, Chief Financial Officer and Treasurer

     

Date: August 8, 2018

    

 

 17 

 

 EX-31.1 2 tv499833_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATIONS

 

I, Jeffrey I. Badgley, certify that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: August 8, 2018  
  /s/ Jeffrey I. Badgley
  Jeffrey I. Badgley
  Co-Chief Executive Officer

 

 

 

 EX-31.2 3 tv499833_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

CERTIFICATIONS

 

I, William G. Miller II, certify that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: August 8, 2018  
  /s/ William G. Miller II
  William G. Miller II
  President and Co-Chief Executive Officer

 

 

 

 EX-31.3 4 tv499833_ex31-3.htm EXHIBIT 31.3

 

Exhibit 31.3

 

CERTIFICATIONS

 

I, Deborah L. Whitmire, certify that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: August 8, 2018  
  /s/ Deborah L. Whitmire
  Deborah L. Whitmire
  Executive Vice President, Chief Financial Officer and Treasurer

 

 

 EX-32.1 5 tv499833_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 June 30, 2018 (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: August 8, 2018  
  /s/ Jeffrey I. Badgley
  Jeffrey I. Badgley
  Co-Chief Executive Officer

 

 

 EX-32.2 6 tv499833_ex32-2.htm EXHIBIT 32.2

 

Exhibit 32.2

 

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

 

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

 

(1)the Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2018 (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: August 8, 2018  
  /s/ William G. Miller II
  William G. Miller II
  President and Co-Chief Executive Officer

 

 

 EX-32.3 7 tv499833_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, Chief Financial Officer and Treasurer 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 June 30, 2018 (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: August 8, 2018  
  /s/ Deborah L. Whitmire
  Deborah L. Whitmire
  Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

 

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Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company&#8217;s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. 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Comparative information has not been restated and continues to be reported under the accounting standards in effect for the periods prior to the effective date.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 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;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 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;">As a result of the adoption, effective January 1, 2018, the Company began including the costs of painting activities as performance obligations within each contract, which results in a delay in recognition of revenue until such activities are complete and the product is shipped. 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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 $52,379 at June 30, 2018, and $54,093 at December 31, 2017. However, the Company&#8217;s risk under these arrangements is mitigated by the value of the products that would be repurchased as part of the transaction. 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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. 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Therefore, during the second quarter of 2018, the Company applied its overpayment to the liability, which reduced the balance to $0 at June 30, 2018. As of June 30, 2018, the Company had no federal operating loss carryforwards. 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Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company&#8217;s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. 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Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2018
Jul. 31, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name MILLER INDUSTRIES INC /TN/  
Entity Central Index Key 0000924822  
Trading Symbol mlr  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock Shares Outstanding   11,384,296
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Amendment Flag false  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and temporary investments $ 19,713 $ 21,895
Accounts receivable, net of allowance for doubtful accounts of $1,136 and $1,038 at June 30, 2018 and December 31, 2017, respectively 148,023 132,699
Inventories, net 81,219 68,567
Prepaid expenses 4,550 4,272
Total current assets 253,505 227,433
PROPERTY, PLANT, AND EQUIPMENT, net 83,162 77,628
GOODWILL 11,619 11,619
OTHER ASSETS 579 558
TOTAL ASSETS 348,865 317,238
CURRENT LIABILITIES:    
Accounts payable 91,953 79,304
Accrued liabilities 26,729 22,001
Long-term obligations due within one year 386 394
Total current liabilities 119,068 101,699
LONG-TERM OBLIGATIONS 15,582 10,212
NONCURRENT TAXES PAYABLE   1,102
DEFERRED INCOME TAX LIABILITIES 1,308 1,125
TOTAL LIABILITIES 135,958 114,138
COMMITMENTS AND CONTINGENCIES (Notes 6 and 7)
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, 11,384,296 and 11,378,482, outstanding at June 30, 2018 and December 31, 2017, respectively 114 114
Additional paid-in capital 150,849 150,699
Accumulated surplus 65,752 55,580
Accumulated other comprehensive loss (3,808) (3,293)
Total shareholders' equity 212,907 203,100
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 348,865 $ 317,238
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Statement Of Financial Position [Abstract]    
Allowance for doubtful accounts (in dollars) $ 1,136 $ 1,038
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 11,384,296 11,378,482
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
NET SALES $ 176,888 $ 153,089 $ 336,048 $ 302,022
COSTS OF OPERATIONS 155,609 135,486 296,342 269,024
GROSS PROFIT 21,279 17,603 39,706 32,998
OPERATING EXPENSES:        
Selling, general and administrative expenses 9,678 9,066 19,267 18,110
NON-OPERATING (INCOME) EXPENSES:        
Interest expense, net 484 315 904 693
Other (income) expense, net 627 (470) (288) (484)
Total expense, net 10,789 8,911 19,883 18,319
INCOME BEFORE INCOME TAXES 10,490 8,692 19,823 14,679
INCOME TAX PROVISION 2,890 3,267 5,553 5,415
NET INCOME $ 7,600 $ 5,425 $ 14,270 $ 9,264
BASIC INCOME PER COMMON SHARE (in dollars per share) $ 0.67 $ 0.48 $ 1.25 $ 0.82
DILUTED INCOME PER COMMON SHARE (in dollars per share) 0.67 0.48 1.25 0.81
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 0.18 $ 0.18 $ 0.36 $ 0.36
WEIGHTED AVERAGE SHARES OUTSTANDING:        
Basic (in shares) 11,384 11,365 11,384 11,357
Diluted (in shares) 11,393 11,383 11,393 11,381
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Statement Of Other Comprehensive Income [Abstract]        
NET INCOME $ 7,600 $ 5,425 $ 14,270 $ 9,264
OTHER COMPREHENSIVE INCOME (LOSS):        
Foreign currency translation adjustment (1,332) 1,809 (515) 1,698
Total other comprehensive income (loss) (1,332) 1,809 (515) 1,698
COMPREHENSIVE INCOME $ 6,268 $ 7,234 $ 13,755 $ 10,962
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES:    
Net income $ 14,270 $ 9,264
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation and amortization 3,518 2,686
(Gain) loss on disposals of property, plant and equipment 133 (643)
Provision for doubtful accounts 115 (50)
Issuance of non-employee director shares 150 150
Deferred tax provision 182 63
Changes in operating assets and liabilities:    
Accounts receivable (15,585) (8,455)
Inventories (13,024) (3,448)
Prepaid expenses (287) 820
Other assets (21) 45
Accounts payable 12,823 (2,971)
Accrued liabilities 3,817 3,931
Net cash flows from operating activities 6,091 1,392
INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (9,392) (14,304)
Proceeds from sale of property, plant and equipment 132 1,305
Net cash flows from investing activities (9,260) (12,999)
FINANCING ACTIVITIES:    
Net borrowings under credit facility 5,000 15,000
Payments of cash dividends (4,098) (4,091)
Net proceeds from other long-term obligations 374 142
Net cash flows from financing activities 1,276 11,051
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND TEMPORARY INVESTMENTS (289) 1,471
NET CHANGE IN CASH AND TEMPORARY INVESTMENTS (2,182) 915
CASH AND TEMPORARY INVESTMENTS, beginning of period 21,895 31,115
CASH AND TEMPORARY INVESTMENTS, end of period 19,713 32,030
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash payments for interest 1,121 1,044
Cash payments for income taxes, net of refunds $ 3,699 $ 761
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BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
BASIS OF PRESENTATION
1.BASIS OF PRESENTATION

 

The condensed consolidated financial statements of Miller Industries, Inc. and subsidiaries (the “Company”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. Interim results of operations are not necessarily indicative of results to be expected for the fiscal year.

 

These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. 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.
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RECENT ACCOUNTING PRONOUNCEMENTS
 6 Months Ended
Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS
2. RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently Issued Standards

 

The Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02 Leases (Topic 842) on February 25, 2016 and is intended to improve financial reporting on 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 lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by their lease agreements. 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 will depend primarily 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 finance) to be recognized on the balance sheet. The lessee accounting model prescribed by the new standard will require a finance lease to be accounted for in substantially the same manner as capital leases under existing GAAP. An 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 right-of-use asset on the balance sheet during the lease term.

 

The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning after December 15, 2018, with early adoption permitted. See “Credit Facilities and Other Obligations” within Item 2 for the Company’s current lease commitments. The Company plans to use the modified retrospective approach and will elect to initially apply the standard with a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption. The Company is currently evaluating the effect that implementation will have on its consolidated financial position, results of operations and cash flows.

 

Recently Adopted Standards

 

In May 2014, the FASB issued ASU 2014-09, Revenue—Revenue from Contracts with Customers. The Company has adopted the standard and all related amendments with an effective date of January 1, 2018 using the modified retrospective method, thus recognizing the cumulative effect of adopting the standard as an adjustment to the opening balance of retained earnings. The Company applied the standard to contracts that were not completed as of the adoption date. Comparative information has not been restated and continues to be reported under the accounting standards in effect for the periods prior to the effective date.

 

As a result of the adoption, effective January 1, 2018, the Company began including the costs of painting activities as performance obligations within each contract, which results in a delay in recognition of revenue until such activities are complete and the product is shipped. With the exception of certain extended service contracts on a small percentage of units sold, the Company’s performance obligations are complete and sales revenue is recognized when products are shipped from the Company’s facilities.

 

We do not anticipate the adoption of the standard to have a material impact on an ongoing basis to the Company’s consolidated financial statements and related disclosures. The cumulative effect adjustment to the consolidated balance sheets as of January 1, 2018 was as follows:

 

    Balance at 
December 31, 2017		     Cumulative Effect 
Adjustment		     Balance at 
January 1, 2018		  
Assets                        
Accounts Receivable, net   $ 132,699     $ (2,496 )   $ 130,203  
Inventories, net     68,567       1,996       70,563  
                         
Liabilities and Shareholders' Equity                        
Accrued Liabilities     22,001       (176 )     21,825  
Accumulated Surplus     55,580       (324 )     55,256  

 

In accordance with the new revenue standard requirements, the impact of the adoption to the consolidated statement of income during the three and six months ended June 30, 2018 and the consolidated balance sheets as of June 30, 2018 was as follows:

 

    Three Months Ended June 30, 2018  
    As Reported     Balances Without 
Adoption of ASU 2014-09		     Effect of Adoption
Increase/(Decrease)		  
Statement of Income                        
Revenues                        
Net Sales   $ 176,888     $ 176,855     $ 33  
Costs and Expenses                        
Costs of Operations     155,609       155,583       26  
Income Tax Provision     2,890       2,864       26  
Net Income     7,600       7,619       (19 )

 

    Six Months Ended June 30, 2018  
    As Reported     Balances Without 
Adoption of ASU 2014-09		     Effect of Adoption
Increase/(Decrease)		  
Statement of Income                        
Revenues                        
Net Sales   $ 336,048     $ 336,890     $ (842 )
Costs and Expenses                        
Costs of Operations     296,342       297,016       (674 )
Income Tax Provision     5,553       5,588       (35 )
Net Income     14,270       14,403       (133 )

 

    June 30, 2018  
    As Reported     Balances Without 
Adoption of ASU 2014-09		     Effect of Adoption
Increase/(Decrease)		  
Balance Sheet                        
Assets                        
Accounts Receivable, net   $ 148,023     $ 148,865     $ (842 )
Inventories, net     81,219       80,545       674  
Liabilities and Shareholders’ Equity                        
Accrued Liabilities     26,729       26,764       (35 )
Accumulated Surplus     65,752       65,885       (133 )

 

As a result of the adoption, we changed our accounting policy. See Note 4 for further information. 

 

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 required an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity will now 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 Company elected to adopt the standard in the first quarter of 2018, with an effective date of January 1, 2018. The adoption of this guidance did not have a material impact on its consolidated financial statements and related disclosures.

 

In May 2017, the FASB amended the requirements in the Compensation—Stock Compensation Topic of the 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 Company adopted the amendments in the first quarter of 2018, with an effective date of January 1, 2018. The adoption of this guidance did not have a material impact on the Company’s financial statements and related disclosures.
XML 23 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIC AND DILUTED INCOME PER SHARE
 6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
BASIC AND DILUTED INCOME PER SHARE
3.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 18,000 potential dilutive common shares for the three months ended June 30, 2018 and 2017, respectively, and 9,000 and 24,000 for the six months ended June 30, 2018 and 2017, respectively. For the three and six months ended June 30, 2018 and 2017, none of the outstanding stock options would have been anti-dilutive.
XML 24 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE
 6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
REVENUE
4. REVENUE

 

Substantially all of our revenue is generated from sales of towing equipment. As such, disaggregation of revenue by product line would not provide useful information because all product lines have substantially similar characteristics. However, revenue streams are tracked by the geographic location of customers. This disaggregated information is presented in the table below.

 

    For the Three Months Ended 
June 30,		     For the Six Months Ended 
June 30,		  
    2018     2017     2018     2017  
Net Sales:                                
North America   $ 143,137     $ 137,354     $ 274,781     $ 268,031  
Foreign     33,751       15,735       61,267       33,991  
    $ 176,888     $ 153,089     $ 336,048     $ 302,022  

 

Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs upon shipment, which is when the risk of ownership for products has transferred to independent distributors or other customers. 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, and no performance obligation remains.

 

Revenue is measured as the amount of consideration expected to be received in exchange for the transfer of products. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. Warranty related costs are recognized as an expense at the time products are sold. Depending on the terms of the arrangement, for certain contracts the Company may defer the recognition of a portion of the consideration received because a future obligation has not yet been satisfied, such as an extended service contract. An observable price is used to determine the stand-alone selling price for separate performance obligations or a cost plus margin approach is utilized when one is not available.

 

Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to performance obligations to be satisfied in the future. As of January 1, 2018 and June 30, 2018, contract liability balances related to extended service contracts were $154 and $708, respectively, and are included in accrued liabilities on the consolidated balance sheets. No revenue related to the contract liability balance at January 1, 2018 was recognized during the three or six months ended June 30, 2018. The Company did not have any contract assets at January 1, 2018 or June 30, 2018. Impairment losses on contract receivables were de minimis during the three and six months ended June 30, 2018.
XML 25 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES
 6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
INVENTORIES
5. INVENTORIES

 

Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or 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. Inventories, net of reserves, at June 30, 2018 and December 31, 2017 consisted of the following:

 

    June 30, 
2018		     December 31,
2017		  
Chassis   $ 7,037     $ 7,525  
Raw materials     38,399       30,109  
Work in process     12,415       13,521  
Finished goods     23,368       17,412  
    $ 81,219     $ 68,567  
XML 26 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
LONG-TERM OBLIGATIONS
 6 Months Ended
Jun. 30, 2018
Long-Term Debt, Unclassified [Abstract]  
LONG-TERM OBLIGATIONS
6.LONG-TERM OBLIGATIONS

 

Credit Facility and Other Long-Term Obligations

 

Credit Facility

 

On April 5, 2017, the $50,000 credit facility pursuant to our Loan Agreement with First Tennessee Bank National Association was renewed to extend the maturity date to May 31, 2019. The 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 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. The Company has been in compliance with these covenants throughout 2017 and during the first half of 2018 and we anticipate that the Company will continue to be in compliance during the remainder of 2018. Subsequent to June 30, 2018, the credit facility was renewed and the maturity date was extended to May 31, 2020. 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.

 

At June 30, 2018 and December 31, 2017, the Company had $15,000 and $10,000, respectively, in outstanding borrowings under the credit facility.

 

Other Long-Term Obligations

 

During November 2017, the Company’s French subsidiary, Jige International S.A., entered into an agreement with Banque Européenne du Crédit Mutuel for a €1,000 unsecured fixed rate loan with a maturity date of September 30, 2020. All borrowings under this loan bear interest at 0.3% per annum. At June 30, 2018, the Company had $968 in outstanding borrowings under the loan agreement, of which $582 and $386 were classified as long-term obligations and long-term obligations due within one year, respectively, on the consolidated balance sheets. At December 31, 2017, the Company had $606 in outstanding borrowings under the loan agreement, of which $212 and $394 were classified as long-term obligations and long-term obligations due within one year, respectively, on the consolidated balance sheets. These borrowings are being used primarily for the purchase of land and routine repairs to the operating facilities in France. The loan agreement contains no material covenants.
XML 27 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
7.COMMITMENTS AND CONTINGENCIES

 

Commitments

 

At June 30, 2018, the Company had commitments of approximately $5,586 for the acquisition of property, plant and equipment, including a de minimis amount for construction of an administrative building discussed below. During 2017, the Company substantially completed capital projects relating to its Pennsylvania and Tennessee manufacturing facilities. These project costs are included in property, plant and equipment, net on the consolidated balance sheets. The Company began construction of an administrative building at its Ooltewah, Tennessee facility in June 2017. The Company substantially completed this project during the second quarter of 2018.

 

Contingencies

 

The Company has entered into arrangements with third-party lenders where it has agreed, in the event of default by the independent distributor customer, to repurchase from the third-party lender Company products repossessed from the independent distributor 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 $52,379 at June 30, 2018, and $54,093 at December 31, 2017. 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 June 30, 2018.

 

The Company is, from time to time, a party to litigation arising in the normal course of its business. Litigation is subject to various inherent uncertainties, and it is possible that some of these matters could be resolved unfavorably to the Company, which could result in substantial damages against the Company. The Company has established accruals for matters that are probable and reasonably estimable and maintains product liability and other insurance that management believes to be adequate. Management believes that any liability that may ultimately result from the resolution of these matters in excess of available insurance coverage and accruals will not have a material adverse effect on the consolidated financial position or results of operations of the Company.
XML 28 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES
 6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
INCOME TAXES
8. INCOME TAXES

 

The Tax Cuts and Jobs Act (TCJA), among other changes, reduced the corporate tax rate from a top rate of 35% to a flat rate of 21%, effective January 1, 2018. At December 31, 2017, because of the implementation of the TCJA, the Company recognized a $1,102 liability in noncurrent taxes payable on its consolidated balance sheets related to the income tax from the deemed repatriation of its cumulative foreign earnings. During the first three months of 2018, the Company gathered additional information which demonstrated that the liability should be increased. Due to the inherent complexity of the calculation for the deemed repatriation tax, the Company followed elective guidance in SEC Staff Accounting Bulletin (SAB) 118, which allows for a measurement period adjustment to be reflected in the current reporting period, and at March 31, 2018, the deemed repatriation liability was increased to $1,335.

 

Subsequent to March 31, 2018, the Internal Revenue Service issued additional guidance requiring income tax overpayments to be applied to the balance of the liability. Therefore, during the second quarter of 2018, the Company applied its overpayment to the liability, which reduced the balance to $0 at June 30, 2018. As of June 30, 2018, the Company had no federal operating loss carryforwards. As of June 30, 2018, the Company had a state net operating loss carryforward of $849, which will expire between 2018 and 2025.
XML 29 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
SHAREHOLDERS EQUITY
 6 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS EQUITY
9. SHAREHOLDERS EQUITY

 

Dividends

 

The Company has paid consecutive quarterly cash dividends since May 2011. During the three months ended June 30, 2018 and 2017 the Company paid quarterly cash dividends of $2,049 and $2,048, respectively, with each payment amounting to $0.18 per share. During the six months ended June 30, 2018 and 2017, the Company paid cash dividends totaling $4,098 and $4,091, respectively, which amounted to $0.36 per share for the period.

 

On August 6, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.18 per share. The dividend is payable September 17, 2018 to shareholders of record as of September 10, 2018.
XML 30 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENT
 6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENT
10.SUBSEQUENT EVENT

 

On July 19, 2018, the Company entered into an Amended and Restated Loan Agreement with First Tennessee Bank National Association (“First Tennessee”), which amends and restates the loan agreement governing the Company’s existing $50.0 million unsecured revolving credit facility (the “Credit Facility”) with First Tennessee (the “Prior Loan Agreement”) to (i) renew and extend the maturity date of the Credit Facility from May 31, 2019 to May 31, 2020 and make certain other conforming changes, (ii) remove and replace a subsidiary of the Company as a borrower under the Credit Facility and (iii) modify certain other terms, including definitions and representations and warranties, set forth therein.
XML 31 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
BASIS OF PRESENTATION

 

The condensed consolidated financial statements of Miller Industries, Inc. and subsidiaries (the “Company”) included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. Nevertheless, the Company believes that the disclosures are adequate to make the financial information presented not misleading. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company’s financial position, results of operations and cash flows at the dates and for the periods presented. Cost of goods sold for interim periods for certain entities is determined based on estimated gross profit rates. Interim results of operations are not necessarily indicative of results to be expected for the fiscal year.

 

These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. 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.
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently Issued Standards

 

The Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02 Leases (Topic 842) on February 25, 2016 and is intended to improve financial reporting on 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 lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by their lease agreements. 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 will depend primarily 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 finance) to be recognized on the balance sheet. The lessee accounting model prescribed by the new standard will require a finance lease to be accounted for in substantially the same manner as capital leases under existing GAAP. An 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 right-of-use asset on the balance sheet during the lease term.

 

The standard will be effective for financial statements issued for annual periods, and interim periods within these annual periods, beginning after December 15, 2018, with early adoption permitted. See “Credit Facilities and Other Obligations” within Item 2 for the Company’s current lease commitments. The Company plans to use the modified retrospective approach and will elect to initially apply the standard with a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption. The Company is currently evaluating the effect that implementation will have on its consolidated financial position, results of operations and cash flows.

 

Recently Adopted Standards

 

In May 2014, the FASB issued ASU 2014-09, Revenue—Revenue from Contracts with Customers. The Company has adopted the standard and all related amendments with an effective date of January 1, 2018 using the modified retrospective method, thus recognizing the cumulative effect of adopting the standard as an adjustment to the opening balance of retained earnings. The Company applied the standard to contracts that were not completed as of the adoption date. Comparative information has not been restated and continues to be reported under the accounting standards in effect for the periods prior to the effective date.

 

As a result of the adoption, effective January 1, 2018, the Company began including the costs of painting activities as performance obligations within each contract, which results in a delay in recognition of revenue until such activities are complete and the product is shipped. With the exception of certain extended service contracts on a small percentage of units sold, the Company’s performance obligations are complete and sales revenue is recognized when products are shipped from the Company’s facilities.

 

We do not anticipate the adoption of the standard to have a material impact on an ongoing basis to the Company’s consolidated financial statements and related disclosures. The cumulative effect adjustment to the consolidated balance sheets as of January 1, 2018 was as follows:

 

    Balance at 
December 31, 2017		     Cumulative Effect 
Adjustment		     Balance at 
January 1, 2018		  
Assets                        
Accounts Receivable, net   $ 132,699     $ (2,496 )   $ 130,203  
Inventories, net     68,567       1,996       70,563  
                         
Liabilities and Shareholders' Equity                        
Accrued Liabilities     22,001       (176 )     21,825  
Accumulated Surplus     55,580       (324 )     55,256  

 

In accordance with the new revenue standard requirements, the impact of the adoption to the consolidated statement of income during the three and six months ended June 30, 2018 and the consolidated balance sheets as of June 30, 2018 was as follows:

 

    Three Months Ended June 30, 2018  
    As Reported     Balances Without 
Adoption of ASU 2014-09		     Effect of Adoption
Increase/(Decrease)		  
Statement of Income                        
Revenues                        
Net Sales   $ 176,888     $ 176,855     $ 33  
Costs and Expenses                        
Costs of Operations     155,609       155,583       26  
Income Tax Provision     2,890       2,864       26  
Net Income     7,600       7,619       (19 )

 

    Six Months Ended June 30, 2018  
    As Reported     Balances Without 
Adoption of ASU 2014-09		     Effect of Adoption
Increase/(Decrease)		  
Statement of Income                        
Revenues                        
Net Sales   $ 336,048     $ 336,890     $ (842 )
Costs and Expenses                        
Costs of Operations     296,342       297,016       (674 )
Income Tax Provision     5,553       5,588       (35 )
Net Income     14,270       14,403       (133 )

 

    June 30, 2018  
    As Reported     Balances Without 
Adoption of ASU 2014-09		     Effect of Adoption
Increase/(Decrease)		  
Balance Sheet                        
Assets                        
Accounts Receivable, net   $ 148,023     $ 148,865     $ (842 )
Inventories, net     81,219       80,545       674  
Liabilities and Shareholders’ Equity                        
Accrued Liabilities     26,729       26,764       (35 )
Accumulated Surplus     65,752       65,885       (133 )

 

As a result of the adoption, we changed our accounting policy. See Note 4 for further information.

 

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 required an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity will now 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 Company elected to adopt the standard in the first quarter of 2018, with an effective date of January 1, 2018. The adoption of this guidance did not have a material impact on its consolidated financial statements and related disclosures.

 

In May 2017, the FASB amended the requirements in the Compensation—Stock Compensation Topic of the 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 Company adopted the amendments in the first quarter of 2018, with an effective date of January 1, 2018. The adoption of this guidance did not have a material impact on the Company’s financial statements and related disclosures.
XML 32 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Tables)
 6 Months Ended
Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Schedule of adoption to reported results
  Balance at 
December 31, 2017		  Cumulative Effect 
Adjustment		  Balance at 
January 1, 2018		 
Assets            
Accounts Receivable, net $132,699  $(2,496) $130,203 
Inventories, net  68,567   1,996   70,563 
             
Liabilities and Shareholders' Equity            
Accrued Liabilities  22,001   (176)  21,825 
Accumulated Surplus  55,580   (324)  55,256 

  

  Three Months Ended June 30, 2018 
  As Reported  Balances Without 
Adoption of ASU 2014-09		  Effect of Adoption
Increase/(Decrease)		 
Statement of Income            
Revenues            
Net Sales $176,888  $176,855  $33 
Costs and Expenses            
Costs of Operations  155,609   155,583   26 
Income Tax Provision  2,890   2,864   26 
Net Income  7,600   7,619   (19)

 

  Six Months Ended June 30, 2018 
  As Reported  Balances Without 
Adoption of ASU 2014-09		  Effect of Adoption
Increase/(Decrease)		 
Statement of Income            
Revenues            
Net Sales $336,048  $336,890  $(842)
Costs and Expenses            
Costs of Operations  296,342   297,016   (674)
Income Tax Provision  5,553   5,588   (35)
Net Income  14,270   14,403   (133)

 

  June 30, 2018 
  As Reported  Balances Without 
Adoption of ASU 2014-09		  Effect of Adoption
Increase/(Decrease)		 
Balance Sheet            
Assets            
Accounts Receivable, net $148,023  $148,865  $(842)
Inventories, net  81,219   80,545   674 
Liabilities and Shareholders’ Equity            
Accrued Liabilities  26,729   26,764   (35)
Accumulated Surplus  65,752   65,885   (133)
XML 33 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of revenue by the geographic region for customers
  For the Three Months Ended 
June 30,		  For the Six Months Ended 
June 30,		 
  2018  2017  2018  2017 
Net Sales:                
North America $143,137  $137,354  $274,781  $268,031 
Foreign  33,751   15,735   61,267   33,991 
  $176,888  $153,089  $336,048  $302,022 
XML 34 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES (Tables)
 6 Months Ended
Jun. 30, 2018
Inventory Disclosure [Abstract]  
Schedule of inventories, net of reserves
    June 30, 
2018		     December 31,
2017		  
Chassis   $ 7,037     $ 7,525  
Raw materials     38,399       30,109  
Work in process     12,415       13,521  
Finished goods     23,368       17,412  
    $ 81,219     $ 68,567  
XML 35 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Jan. 01, 2018
Dec. 31, 2017
Assets      
Accounts Receivable, net $ 148,023   $ 132,699
Inventories, net 81,219   68,567
Liabilities and Shareholders' Equity      
Accrued Liabilities 26,729   22,001
Accumulated Surplus $ 65,752   $ 55,580
ASU 2014-09 | Cumulative Effect Adjustment      
Assets      
Accounts Receivable, net   $ (2,496)  
Inventories, net   1,996  
Liabilities and Shareholders' Equity      
Accrued Liabilities   (176)  
Accumulated Surplus   (324)  
ASU 2014-09 | Balance at January 1, 2018      
Assets      
Accounts Receivable, net   130,203  
Inventories, net   70,563  
Liabilities and Shareholders' Equity      
Accrued Liabilities   21,825  
Accumulated Surplus   $ 55,256  
XML 36 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Details 1) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Statement of Income        
Net Sales $ 176,888 $ 153,089 $ 336,048 $ 302,022
Costs and Expenses        
Costs of Operations 155,609 135,486 296,342 269,024
Income Tax Provision 2,890 3,267 5,553 5,415
Net Income 7,600 $ 5,425 14,270 $ 9,264
ASU 2014-09 | Balances Without Adoption of ASU 2014-09        
Statement of Income        
Net Sales 176,855   336,890  
Costs and Expenses        
Costs of Operations 155,583   297,016  
Income Tax Provision 2,864   5,588  
Net Income 7,619   14,403  
ASU 2014-09 | Effect of Adoption Increase/(Decrease)        
Statement of Income        
Net Sales 33   (842)  
Costs and Expenses        
Costs of Operations 26   (674)  
Income Tax Provision 26   (35)  
Net Income $ (19)   $ (133)  
XML 37 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Details 2) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Assets    
Accounts Receivable, net $ 148,023 $ 132,699
Inventories, net 81,219 68,567
Liabilities and Shareholders' Equity    
Accrued Liabilities 26,729 22,001
Accumulated Surplus 65,752 $ 55,580
ASU 2014-09 | Balances Without Adoption of ASU 2014-09    
Assets    
Accounts Receivable, net 148,865  
Inventories, net 80,545  
Liabilities and Shareholders' Equity    
Accrued Liabilities 26,764  
Accumulated Surplus 65,885  
ASU 2014-09 | Effect of Adoption Increase/(Decrease)    
Assets    
Accounts Receivable, net (842)  
Inventories, net 674  
Liabilities and Shareholders' Equity    
Accrued Liabilities (35)  
Accumulated Surplus $ (133)  
XML 38 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIC AND DILUTED INCOME PER SHARE (Detail Textuals) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Outstanding stock options included in the calculation of diluted EPS 9,000 18,000 9,000 24,000
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 39 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Disaggregation of Revenue [Line Items]        
Net Sales $ 176,888 $ 153,089 $ 336,048 $ 302,022
North America        
Disaggregation of Revenue [Line Items]        
Net Sales 143,137 137,354 274,781 268,031
Foreign        
Disaggregation of Revenue [Line Items]        
Net Sales $ 33,751 $ 15,735 $ 61,267 $ 33,991
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE (Detail Textuals) - USD ($)
$ in Thousands
Jun. 30, 2018
Jan. 01, 2018
Revenue from Contract with Customer [Abstract]    
Contract liability balances related to extended service contracts $ 708 $ 154
XML 41 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES - Summary of inventories, net of reserves (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Chassis $ 7,037 $ 7,525
Raw materials 38,399 30,109
Work in process 12,415 13,521
Finished goods 23,368 17,412
Inventories $ 81,219 $ 68,567
XML 42 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
LONG-TERM OBLIGATIONS (Detail Textuals)
€ in Thousands, $ in Thousands
 1 Months Ended 6 Months Ended
Nov. 30, 2017
EUR (€)
Jun. 30, 2018
USD ($)
Dec. 31, 2017
USD ($)
Apr. 05, 2017
USD ($)
First Tennessee Bank National Association ("First Tennessee") | Credit Facility        
Line of Credit Facility [Line Items]        
Revolving credit facility       $ 50,000
Description of reference rate basis   LIBOR Rate plus 1.50    
Outstanding borrowings under credit facility   $ 15,000 $ 10,000  
Maturity date   May 31, 2020    
First Tennessee Bank National Association ("First Tennessee") | Credit Facility | Minimum        
Line of Credit Facility [Line Items]        
Non-usage fee for current loan agreement in annual amount percentage   0.15%    
First Tennessee Bank National Association ("First Tennessee") | Credit Facility | Maximum        
Line of Credit Facility [Line Items]        
Non-usage fee for current loan agreement in annual amount percentage   0.35%    
Jige International S.A. | Banque Europeenne du Credit Mutuel        
Line of Credit Facility [Line Items]        
Unsecured fixed rate loan | € € 1,000      
Maturity date Sep. 30, 2020      
Interest rate per annum 0.30%      
Outstanding borrowings under loan agreement   $ 968 606  
Long-term obligations   582 212  
Long-term obligations due within one year   $ 386 $ 394  
XML 43 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES (Detail Textuals) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Long-term Purchase Commitment [Line Items]    
Maximum repurchase collateral amount $ 52,379 $ 54,093
Capital Addition Purchase Commitments    
Long-term Purchase Commitment [Line Items]    
Commitment for construction and acquisition of property, plant and equipment $ 5,586  
XML 44 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Detail Textuals) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Mar. 31, 2018
Income Tax Disclosure [Abstract]      
Corporate tax rate 21.00% 35.00%  
Noncurrent taxes payable   $ 1,102  
Deemed repatriation liability $ 0   $ 1,335
State net operating loss carryforward $ 849    
XML 45 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
SHAREHOLDERS EQUITY (Detail Textuals) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 06, 2018
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Stockholders Equity Note [Line Items]          
Quarterly cash dividends   $ 2,049 $ 2,048 $ 4,098 $ 4,091
Dividend (per share)   $ 0.18 $ 0.18 $ 0.36 $ 0.36
Subsequent Event          
Stockholders Equity Note [Line Items]          
Declared Date Aug. 06, 2018        
Dividend (per share) $ 0.18        
Payment Date Sep. 17, 2018        
Record Date Sep. 10, 2018        
XML 46 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENT (Detail Textuals) - First Tennessee Bank National Association ("First Tennessee") - Credit Facility - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jul. 19, 2018
Apr. 05, 2017
Subsequent Event [Line Items]      
Amount of unsecured revolving credit facility     $ 50,000
Maturity date May 31, 2020    
Subsequent Event      
Subsequent Event [Line Items]      
Amount of unsecured revolving credit facility   $ 50,000  
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