Miller Industries Inc. (NYSE:MLR) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 10:00 am ET


Miller Industries Inc. (NYSE:MLR) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Miller Industries First Quarter 2020 Results Conference Call. Please note this event is being recorded. And now at this time, I would like to turn the call over to Brendan Dunlap, FTI Consulting. Please go ahead, sir.

Brendan Dunlap

Thank you and good morning everyone. I would like to welcome you to Miller Industries conference call. We are here today to discuss the company's 2020 first quarter results, which were released after the close of market yesterday. With us from the management team today are Bill Miller, Chairman of the Board; Will Miller, President and Co-CEO; Jeff Badgley, Co-CEO; Debbie Whitmire, Executive Vice President and CFO; and Frank Madonia, Executive Vice President, Secretary and General Counsel.

Today's call will begin with formal remarks from management, followed by a question-and-answer period. Please note in this morning's conference call, management may make forward-looking statements in accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. I'd like to call your attention to the risks related to these statements, which are more fully described in the company's annual report filed on Form 10-K and other filings with the Securities and Exchange Commission. With these formalities out of the way, I'd like to turn the call over to Jeff. Please go ahead, Jeff.

Jeffrey I. Badgley

Thank you, and good morning everyone. Before we discuss our first quarter financial results, let me start by saying that our thoughts are with all those affected by COVID-19. These are unprecedented and challenging times and I am deeply appreciative of the hard work and dedication of our employees. During March, we implemented significant actions to protect the health and well-being of our employees, as well as our suppliers and customers. Additionally, we took the necessary steps to adjust our operations that serve to balance health and safety with continued operations so that we can continue to serve our customers. I'd also like to say that we are thankful for the healthcare professionals and essential workers, which includes our employees and our customers on the frontline dedicated to moving America forward during this difficult time. As the country begins to heal, we remain committed to providing industry-leading products to help keep America's roadways clear.

Moving on to our financial results, our performance during the quarter was negatively impacted by disruptions in our supply chain, as well as production modifications and shutdowns and delayed deliveries associated with the onset of the COVID-19 pandemic. Revenue during the first quarter decreased 10.7% to $176.1 million versus $197.3 million a year ago as a result of rescheduled delivery of certain components within our supply chain and deferred delivery of units as a result of the cancellation of our largest trade show of the year due to COVID-19. Additionally, we experienced the temporary shutdown in our manufacturing facility at the end of the quarter and social distancing and shelter-in-place policies were implemented nationwide.

However, I am pleased to say that we were able to quickly