CHATTANOOGA, Tenn., April 2,
2024 /PRNewswire/ -- Miller Industries, Inc. (NYSE:
MLR) ("Miller Industries" or the "Company") today announced that
its Board of Directors has authorized a $25.0 million share repurchase program.
William G. Miller, II, Chief
Executive Officer, commented, "In light of the Company's strong
financial performance in 2023, we mentioned on our last earnings
call that we were evaluating a number of capital allocation
priorities in an effort to maximize shareholder value. We believe
that our shareholders should share in the upside of our
outperformance, and that is why we increased our quarterly dividend
by 5.6% last quarter. As a next step in that process the Board has
announced a share repurchase program, which is intended to create
more value for all of our shareholders. We believe this
announcement reflects the Board's confidence in our team and the
underlying strength of our business, our balance sheet, and our end
markets."
Through its share repurchase program, Miller Industries may
purchase shares on a discretionary basis through open market
purchases, private negotiated transactions or other means. The
timing and amount of any transactions to be conducted are subject
to the discretion of Miller Industries management based upon
valuation, economic and market conditions, capital requirements and
other considerations. Repurchases may be made in open market
transactions at prevailing prices, in privately negotiated
transactions, pursuant to preset trading plans meeting the
requirements of Rule 10b5-1 under the Securities Exchange Act of
1934, or by other means in accordance with federal securities laws.
The repurchase program is intended to be compliant with Rule
10b-18 and has no expiration date,
does not require the purchase of any minimum number of shares, and
may be suspended, modified or discontinued at any time without
prior notice.
In reaching its decision to authorize the share repurchase
program, the Miller Industries Board of Directors evaluated such
factors as the strong macroeconomic backdrop, the Company's recent
record financial results for the full year 2023, and the Company's
and its subsidiaries' current and foreseeable liquidity and capital
needs.
About Miller Industries
Miller Industries is The World's Largest Manufacturer of Towing
and Recovery Equipment®, and markets its towing and recovery
equipment under a number of well-recognized brands, including
Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®,
Jige™, Boniface™, Titan® and Eagle®.
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SOURCE Miller Industries, Inc.