Q1 2020 Earnings Call

FTI Consulting, please. Go ahead sir.

Thursday

To 10.5% reflecting reduce fixed cost absorption as a result of a decrease in Top Lane top-line players that in someone's five point four million dollars or forty eight cents per share compared to net income of 8.7 million dollars or $76 cents per month in the first quarter of 2019.

Border Financial results after that I'll be back with comments about Market environment and some closing remarks Debbie. Good morning everyone else. That sounds for the first quarter twenty twenty one hundred seventy six point 1 million dollars vs 197.2 million for the first quarter of 2019 at mk17. Appreciate your over your decrease driven by supplier delay issues and paste on deliveries resulting from covid-19.

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 2020 first quarter results, which were released after the close of market yesterday. But that's for the management team today our Bill Miller chairman of the board will Miller president and co co co co Debbie Whitmire Executive Vice President and off and frankly Dona executive vice president secretary and general counsel. Today's call Will begin with formal remarks for management followed by a question-and-answer. Please note. 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 life events, which are more fully described in the company's annual report filed on form 10-K others filings with the Securities and Exchange Commission.

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Despite the challenging environment. We are confident in our ability to continue meeting the needs of our customers that safety and well-being well-being. The wrong is our primary concern. So as we move into the second quarter, we are maintaining current production levels to balance deliveries done on strong backlog while following recommended social distancing guidelines and other CDT requirements in our facility.

Operation decrease 9.8% to 157.5 million for the first quarter twenty $20 compared to one hundred seventy four point six million wage 2019 you get the decline in our top-line sailed across the operation as a percentage of net sales expanded approximately 100 basis points to 85.5% from the prior year.

Would be a formality of the way. I'd like to turn the call over to Jim please go ahead Jeff.

It was eighteen point five million dollars or 10.5% of net sales for the first quarter of 2020 compared to twenty two point six million dollars or 11.5% of net sales for the first quarter 2019 reflecting reduced fixed cost absorption resulting from the decline and pipeline sales sg&a expenses or six million dollars for the first quarter 2020 compared to ten point two million dollars for the first quarter 2019 as a percentage of sales sg&a increased approximately 100 basis points to 6.2% from 5.2% in the prior year.

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 Thursday March the implemented significant actions to protect the health and well-being of Warrant or he's as well as our suppliers and customers additionally we took the service stops to adjust our operations that served to balance health and safety with continued operations so that we can continue to serve our customers would also like to say that we are thankful for the healthcare professionals and essential workers which includes our employees and our customers on the front line dedicated to log.

For the first quarter 2020 the $359,000 compared to $668,000 for the first quarter 2019 is interesting time for my distributor receivables increase in interest expense from the credit facility and distributor floor plan payment to decrease other income expense for the first quarter, 20, 20 off the net expense of $91,000 compared to the net expense of $245,000 for the first quarter 2019 student currency exchange rate fluctuations.

Give me a miracle forward during this difficult time as the country begins to heal and remain committed to providing industry-leading products to help people America's wage clear moving on to our financial results or 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 painted em.

That income for the first quarter 2020 with 5.4 million or $0.48 per diluted share that income for the first quarter 2019 with 8.7 million dollars or $0.76 per diluted share.

Sorry, not our balance sheet cash and cash equivalents as of March 31st 2020 with 43.1 million dollars compared to 26.1 million as of December 31st, 2019 and $19 and March 31st, 2019.

Let me join the first quarter decreased 10.7% to 176.1 million dollars versus $197,000 a year ago and the result of reschedule delivery of certain components within our supply chain and deferred delivery of units as a result of the birth information of our largest trade show of the year due to covid-19. Additionally, we experienced a temporary shutdown in our manufacturing facility at the end of the quarter off and social distancing and Children Place policies were implemented Nationwide. However, I am pleased to say that we were able to quickly adjust our business operations in order to resume production effectively and efficiently officially or domestic business was negatively impacted. However,

At March 31st 2020. So the 168 point nine million dollars compared to 160. 160 eight point six million dollars as of December 31st, 2019 and 183.