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MILLER INDS.

NYSE--MLR
7.80
2.94

RANKS

2
1
3

PERFORMANCE
Technical
SAFETY
BETA .80

RECENT
PRICE

Above
Average
Highest

11.48
7.20

VALUE
LINE

RELATIVE
DIVD
P/E RATIO 9.2 P/E RATIO 0.59 YLD 2.9%
16.50 TRAILING

22.59
9.90

30.34
16.51

26.45
11.72

14.15
4.25

11.70
4.95

16.03
10.85

21.29
14.30

High
Low

LEGENDS
12 Mos Mov Avg

. . . . Rel Price Strength

18

Shaded area indicates recession

13

Average

(1.00 = Market)

Financial Strength
Price Stability

B++

5
4
3

65

Price Growth Persistence

60

Earnings Predictability

40

1200
VOL.
(thous.)

2003

2004

2005

2006

2007

2008

2009

2010

2011

22.05
1.13
.27
-.13
3.00
9.34
15.0
.86
-206.0
8.6%
8.1
2.5
36.7%
1.2%
31.1
29.9
28.0
9.2%
9.0%
9.0%
--

21.13
.99
.64
-.06
4.18
11.18
14.6
.77
-236.3
6.9%
4.0
7.0
9.6%
3.0%
40.0
24.3
46.8
13.1%
14.9%
14.9%
--

31.15
1.94
1.63
-.13
5.73
11.30
9.4
.50
-351.9
8.2%
3.2
18.7
13.6%
5.3%
50.4
16.8
64.8
25.4%
28.9%
28.9%
--

35.57
2.58
2.33
-1.09
9.85
11.51
9.3
.50
-409.4
8.7%
2.7
27.0
8.3%
6.6%
76.3
10.5
113.4
23.3%
23.8%
23.8%
--

34.52
1.68
1.40
-.75
11.43
11.59
14.6
.78
-400.0
8.0%
3.1
16.3
36.3%
4.1%
82.0
4.2
132.5
13.3%
12.3%
12.3%
--

23.37
.61
.31
-.42
11.38
11.59
29.4
1.77
-271.0
4.1%
3.4
3.6
37.8%
1.3%
79.4
2.4
132.0
3.2%
2.7%
2.7%
--

20.43
.82
.51
-.07
12.16
11.63
16.7
1.11
-237.6
5.8%
3.5
6.0
39.5%
2.5%
94.3
.1
141.4
4.6%
4.3%
4.3%
--

26.21
1.30
.96
.10
.45
12.86
11.71
14.0
.89
.7%
306.9
7.5%
3.5
11.7
39.3%
3.8%
106.9
.0
150.6
7.9%
7.8%
7.0%
10%

--1.99 A,B
----8.3
----------------

VALUE LINE PUBLISHING LLC


SALES PER SH
CASH FLOW PER SH
EARNINGS PER SH
DIVDS DECLD PER SH
CAPL SPENDING PER SH
BOOK VALUE PER SH
COMMON SHS OUTSTG (MILL)
AVG ANNL P/E RATIO
RELATIVE P/E RATIO
AVG ANNL DIVD YIELD
SALES ($MILL)
OPERATING MARGIN
DEPRECIATION ($MILL)
NET PROFIT ($MILL)
INCOME TAX RATE
NET PROFIT MARGIN
WORKING CAPL ($MILL)
LONG-TERM DEBT ($MILL)
SHR. EQUITY ($MILL)
RETURN ON TOTAL CAPL
RETURN ON SHR. EQUITY
RETAINED TO COM EQ
ALL DIVDS TO NET PROF

2012/2013

1.98 C/NA

8.3/NA

Bold figures
are consensus
earnings
estimates
and, using the
recent prices,
P/E ratios.

ANo. of analysts changing earn. est. in last 12 days: 0 up, 0 down, consensus 5-year earnings growth not available. BBased upon 3 analysts estimates. CBased upon 3 analysts estimates.

ANNUAL RATES
of change (per share)
Sales
Cash Flow
Earnings
Dividends
Book Value

58.8
72.3
108.9

57.5
73.7
96.8

67.0
79.6

EARNINGS PER SHARE


1Q
2Q
3Q
4Q

Fiscal
Year
12/31/08
12/31/09
12/31/10
12/31/11
12/31/12
Calendar

54.3
81.3
97.6

.08
.08
.16
.61
.40

.09
.12
.26
.47
.52

.08
.14
.24
.41

.06
.17
.30
.50

QUARTERLY DIVIDENDS PAID


1Q
2Q
3Q
4Q

2008
2009
2010
2011

--.10
.12

---.12

---.12

2009
36.2
44.7
36.1
8.1
125.1

2010
46.3
60.1
38.9
8.9
154.2

9/30/11
35.7
72.5
55.1
6.7
170.0

Property, Plant
& Equip, at cost
Accum Depreciation
237.6 Net Property
306.9 Other
Total Assets

72.1
39.9
32.2
15.0
172.3

76.4
42.6
33.8
11.9
199.9

--31.8
12.0
213.8

LIABILITIES ($mill.)
Accts Payable
Debt Due
Other
Current Liab

19.1
.2
11.5
30.8

34.0
.0
13.3
47.3

39.4
.0
16.7
56.1

1 Yr.
28.5%
59.0%
88.0%
-5.5%

QUARTERLY SALES ($mill.)


1Q
2Q
3Q
4Q

Fiscal
Year
12/31/09
12/31/10
12/31/11
12/31/12

5 Yrs.
-1.0%
-7.5%
-7.0%
-23.0%

---.12

Full
Year

Full
Year
.31
.51
.96

Full
Year
--.10

to Buy
to Sell
Hlds(000)

1Q11
32
35
9414

LONG-TERM DEBT AND EQUITY


as of 9/30/11
Total Debt $.0 mill.
Due in 5 Yrs. NA
LT Debt None
Including Cap. Leases NA
Leases, Uncapitalized Annual rentals NA

INDUSTRY: Heavy Truck & Equip


BUSINESS: Miller Industries, Inc. manufactures vehicle
towing and recovery equipment. The company offers a line
of wrecker, car carrier, and trailer bodies. Wreckers are used
to recover and tow disabled vehicles and other equipment.
Car carriers are flat-bed vehicles with hydraulic tilt mechanisms that transport new or disabled vehicles and other
equipment, and are used for transporting vehicles or other
equipment over longer distances. Trailers are used for
moving various vehicles for auto auctions, car dealerships,
and leasing companies. These products are sold under
various brand names, including Century, Vulcan, Challenger, Holmes, Champion, Chevron, Eagle, Titan, Jige, and
Boniface. Miller Industries sells its products primarily
through independent distributors in the US, Canada,
Mexico, Europe, the Pacific Rim, the Middle East, South
America, and Africa. Has about 700 employees. Chairman
& C.T.O.: William G. Miller. Address: 8503 Hilltop Drive,
Suite 100, Ooltewah, TN 37363. Tel.: (423) 238-4171.
Internet: http://www.millerind.com.
W.T.
November 25, 2011

Pension Liability None in 10 vs. None in 09

INSTITUTIONAL DECISIONS
4Q10
40
29
8874

ASSETS ($mill.)
Cash Assets
Receivables
Inventory (FIFO)
Other
Current Assets

Pfd Stock None


2Q11
39
29
9288

Pfd Divd Paid None

TOTAL SHAREHOLDER RETURN


Dividends plus appreciation as of 10/31/2011

Common Stock 11,267,460 shares


(100% of Capl)

3 Mos.

6 Mos.

1 Yr.

3 Yrs.

5 Yrs.

25.62%

31.01%

55.18%

245.24%

5.30%

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