MILLER INDUSTRIES REPORTS 2022 FOURTH QUARTER AND FULL YEAR RESULTS.

CHATTANOOGA, Tenn: Miller Industries, Inc. (NYSE: MLR) (the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2022.

For the fourth quarter of 2022, net sales were $225.9 million, an increase of 12.0%, compared to $201.7 million for the fourth quarter of 2021. Net income in the fourth quarter of 2022 was $9.3 million, or $0.81 per diluted share, compared to net income of $2.7 million, or $0.24 per diluted share, in the prior year period, for increases of 242.2% and 237.5%, respectively.

Gross profit for the fourth quarter of 2022 was $25.5 million, or 11.3% of net sales, compared to $15.6 million, or 7.7% of net sales, for the fourth quarter of 2021. Selling, general and administrative expenses were $13.1 million, or 5.8% of net sales, compared to $11.2 million, or 5.5% of net sales, in the prior year period.

For the twelve months ended December 31, 2022, net sales were $848.5 million, an increase of 18.3% compared to $717.5 million in the prior year period. The Company reported net income of $20.3 million, or $1.78 per diluted share for the full year 2022, compared to net income of $16.3 million, or $1.42 per diluted share for the full year 2021, for increases of 25.2% and 25.4%, respectively.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable March 27, 2023, to shareholders of record at the close of business on March 20, 2023, the forty-ninth consecutive quarter that the Company has paid a dividend.

"Our fiscal year 2022 finished on a high note, with the fourth quarter coming in well ahead of internal expectations due to improvement in supply chain disruptions," said William G. Miller, II, Chief Executive Officer of the Company. "Not only does our topline growth reflect strong demand for our products in the marketplace, but...