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Text: We are pleased to discuss our fourth quarter and full year results with you today.
This has been a record-breaking year for Miller Industries as we achieved the highest full year revenue and net income in our Company's history.
We finished the year with strong top line growth, gross margin expansion, and an increase in earnings per share.
Revenue during the fourth quarter increased 12.9% to $203.1 million versus $180 million a year ago, driven by broad-based demand across our portfolio.
Our domestic business continued its strong performance during the quarter as new order rates remained steady and our distributors continued to work at full capacity to deliver existing orders.
Our international business also performed in line with our expectations on a year-over-year basis.
Additionally, our fourth quarter results benefited from a catch-up related to supply chain delays we experienced during the third quarter.
Quarterly gross profits increased by 21.6% year-over-year to $26.9 million and our gross margin expanded 100 basis points year-over-year to 13.3%, which reflects strong demand, favorable mix and other cost reduction measures.
Additionally, during the quarter we continue to realize benefits from our cost control initiatives as SG&A expenses as a percentage of sales decreased by approximately 20 basis points from the prior year period.
Net income was $11.7 million or $1.03 per share compared to net income of $10.8 million or $0.95 per share in the fourth quarter of 2018.
As we move into the first quarter of 2020, our backlog remains healthy in both our domestic and international markets, and we remain committed to providing best-in-class customer services while continuing to invest in our business and generating shareholder value.
Further, our balance sheet remains healthy, as we continue to pay down debt and strategically deploy our resources to drive sustainable long-term growth.
After that, I'll be back with comments about the market environment and some closing remarks.
Net sales for the fourth quarter 2019 were $203.1 million versus $180 million for the fourth quarter of 2018, a 12.9% year-over-year increase driven by broad-based demand across our portfolio, as well as some additional sales that were included in the fourth quarter as a result of supplier delay issues we experienced in the preceding quarter.
Cost of operations increased 11.7% to $176.2 million for the fourth quarter 2019 compared to $157.8 million for the fourth quarter 2018, driven by our top line sales growth.
However, cost of operations as a percentage of net sales contracted approximately 100 basis points to 86.7% from the prior year period.
Gross profit was $26.9 million or 13.3% of net sales for the fourth quarter 2019 compared to $22.2 million or 12.3% of net sales for the fourth quarter 2018, reflecting a favorable product mix.
SG&A expenses were $11.8 million for the fourth quarter 2019 compared to $10.8 million for the fourth quarter 2018.
As a percentage of sales, SG&A decreased approximately 20 basis points to 5.8% from 6% in the prior year period, driven by our effective cost controls and increased operational efficiency across the organization.
Interest expense, net, for the fourth quarter 2019 was $565,000 compared to $449,000 for the fourth quarter 2018, as an increase in customer floor plan financing cost more than offset lower long-term debt-related interest expense.
Other income expense for the fourth quarter 2019 was a net gain of $211,000 compared to a net expense of $465,000 for the fourth quarter 2018, due primarily to currency exchange rate fluctuations.
Net income for the fourth quarter 2019 was $11.7 million or $1.03 per diluted share.
Net income for the fourth quarter 2018 was $10.8 million or $0.95 per diluted share.
Now, let me briefly review our results for the 12 months ended December 31, 2019.
Net sales for the year were $818.2 million compared to $711.7 million in the prior year period, an increase of 15%.
Gross profit for the year was $96.5 million or 11.8% of net sales compared to $83.3 million or 11.7% of net sales for 2018.
SG&A expenses were $43.4 million for 2019 or 5.3% of net sales compared to $39.5 million or 5.6% of net sales for 2018.
Net income for the year was $39.1 million or $3.43 per diluted share, an increase of 15.9% compared to net income of $33.7 million or $2.96 per diluted share in 2018.
Now, turning to our balance sheet.
Cash and cash equivalents as of December 31, 2019 was $26.1 million compared to $27.5 million as of September 30, 2019 and $27 million at December 31, 2018.
Accounts receivable at December 31, 2019 totaled $168.6 million compared to $165.8 million as of September 30, 2019 and $149.1 million at December 31, 2018.
Inventories were $88 million as of December 31, 2019, compared to $98.1 million as of September 30, 2019 and $93.8 million at December 31, 2018.
Accounts payable at December 31, 2019 was $95.8 million compared to $114.9 million as of September 30, 2019 and $98.2 million at December 31, 2018.
During the quarter, we reduced our long-term debt by approximately $5 million from the prior quarter, bringing the balance to approximately $5 million as of December 31, 2019.
Overall, our balance sheet remained strong and we continue to generate solid free cash flow, which provides us with financial flexibility to invest in our business and continue to drive long-term shareholder value.
Lastly, the Company also announced that its Board of Directors approved our quarterly cash dividend of $0.18 per share payable March 23, 2020 to shareholders of record at the close of business on March 16, 2020.
We are very proud of our performance this quarter and our record setting year.
Our performance this quarter was very encouraging as we returned solid year-over-year growth on both the top and bottom lines.
Our steadfast commitment to operational excellence, disciplined cost control measures and strategic capital deployment grant us flexibility to invest in long-term growth of our business while generating shareholder value.
Our quarterly dividend of $0.18 per share underscores our continued commitment to returning capital to our shareholders.
As we transition into this turbulent first quarter of 2020, we remain confident in the strength of our backlog and our underlying fundamentals in all our end markets.
We will continue to monitor the developing situation with COVID-19, and the impact it may have on our supply chain and operations.
Finally, we are confident that our previous and ongoing capital investments in conjunction with our strong cash flows and healthy balance sheet have positioned us to best serve our customers, while providing us with the financial flexibility to pursue any future opportunities to grow our business.
I'd like to close by welcoming our two new Board members, Leigh Walton and Deborah Whitmire.
Leigh Walton is an independent director and she has more than 40 years of experience, advising public companies on -- in the areas of corporate governance and corporate finance.
Debbie Whitmire, as the Company's Executive Vice President, Chief Financial Officer and Treasurer, and has provided invaluable expertise and leadership to our senior management team over the last several years as a member of our executive committee.
The leadership they will bring will be a valuable contribution, and I hope you all join me in congratulating them and welcoming them on the Board.
In addition, I'd like to just take one second to congratulate all the employees at Miller Industries and all of our vendors, suppliers and other partners, distributors for a phenomenal year, a record-breaking year after 30 years of $818 million in sales.

user
compname reports q4 earnings per share of $1.03.
q4 earnings per share $1.03.
q4 sales rose 12.9 percent to $203.1 million.

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