Miller Industries Inc. on Thursday reported net income in 2007 totaled $16.3 million, or $1.40 per diluted share, versus 2006 net income of $45.3 million, or $3.91 per diluted share.
Net income for the year fell 64 percent over the previous year, and an even greater percentage for the quarter, the company said.
The company gained $18.4 million during all 2006, or $1.58 per diluted share, from discontinued operations. Miller in 2007 returned to a normalized effective tax rate, which was 36.8 percent in the fourth quarter, which resulted from the reversal of a deferred tax asset valuation allowance.
Net sales for 2007 were $400 million, compared to $409.4 million in 2006.
Fourth-quarter net sales were $84.5 million, compared to $116.7 million in the same period the year before.
Profit for the quarter declined 91 percent. Net income was $2.5 million, or 21 cents per diluted share, versus $27.2 million, or $2.34 per diluted share in the same quarter in 2006.
“Demand from our customers was negatively impacted by uncertainties associated with the softening economic environment, consumer confidence levels, rising fuel prices and tighter credit markets,” Jeffrey I. Badgley, president and CEO, said. “We continued to generate strong cash flow in the fourth quarter, further improving our cash position.”
Miller’s shares closed on Thursday at $10.67, up 16 cents.
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