Miller Industries, Inc. (MLR) has reported a 14.26 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.84 million, or $0.34 a share in the quarter, compared with $3.36 million, or $0.30 a share for the same period last year. Revenue during the quarter went up marginally by 0.08 percent to $148.93 million from $148.82 million in the previous year period. Gross margin for the quarter expanded 162 basis points over the previous year period to 10.34 percent. Total expenses were 95.73 percent of quarterly revenues, down from 96.44 percent for the same period last year. This has led to an improvement of 71 basis points in operating margin to 4.27 percent.
Operating income for the quarter was $6.36 million, compared with $5.30 million in the previous year period.
Jeffrey I. Badgley, co-chief executive officer of the Company, stated, "We are very pleased with our performance this quarter, in what was a promising start to 2017. We achieved significant profitability improvement year over year, primarily due to a favorable change in our product mix, and our consistent top line performance. We continue to see favorable trends across our business as we deliver earnings growth, return shareholder value, and make progress on our strategic priorities."
Working capital declines
Miller Industries, Inc. has witnessed a decline in the working capital over the last year. It stood at $121.59 million as at Mar. 31, 2017, down 7.69 percent or $10.12 million from $131.71 million on Mar. 31, 2016. Current ratio was at 2.11 as on Mar. 31, 2017, down from 2.21 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 42 days for the quarter from 65 days for the last year period. Days sales outstanding were almost stable at 73 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 23 days for the quarter compared with 46 days for the previous year period. At the same time, days payable outstanding was almost stable at 54 days for the quarter, when compared with the previous year period.
Debt remains stable
Total debt remained stable at $10 million as on Mar. 31, 2017, when compared with the last year. Long-term debt remained stable at $10 million as on Mar. 31, 2017, when compared with the last year. Total debt was 3.25 percent of total assets as on Mar. 31, 2017, compared with 3.37 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.05 as on Mar. 31, 2017, when compared with the last year. Interest coverage ratio deteriorated to 16.84 for the quarter from 26.77 for the same period last year.
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