Miller Industries Reports 1999 Fiscal Q1 Results
12 August 1998Miller Industries Completes Acquisitions in the 1999 Fiscal First Quarter Adding $17.2 Million in Annualized Revenues
CHATTANOOGA, Tenn., Aug. 12 -- Miller Industries, Inc. today announced that its RoadOne subsidiary added 17 towing service companies during the first quarter of fiscal 1999 with annualized revenues totaling $17.2 million. The consideration paid for the acquisitions was a combination of 490,000 shares of Miller Industries common stock and approximately $8 million in cash. The inclusion of these acquisitions raises the total number of towing service companies operated by RoadOne to 93, with historical annual revenues of over $160 million. The Company has also entered into letters of intent to purchase an additional 23 companies. If all these acquisitions under letters of intent are completed, RoadOne would consist of 116 operating companies with historical annual revenues of approximately $185 million. With acquisitions in cities such as Orlando, Fort Worth and Phoenix, the Company's actions are strengthening its positions in the Southeast and Southwest. As a result of these acquisitions, RoadOne now maintains a presence in 52 of the top 209 markets in the country. The Company also announced that the number of participants in its affiliate program expanded to over 1,050 members, with approximately 7,400 vehicles in operation. Jeffrey I. Badgley, Chief Executive Officer of Miller Industries, commented, "RoadOne's commitment to service and quality continues to attract to our ranks premier towing operators in leading national markets. This marks the fifth consecutive quarter in which we have acquired historical revenues in excess of our goal of $15 million per quarter. Looking ahead, we are focused on continuing to strengthen this national network through further acquisitions and expansion of our affiliate program. With our progress in the first quarter, we are well on our way to achieving our goal of having one owned towing services company in each of the 209 top U.S. cities as we position RoadOne to provide comprehensive services to national accounts." Miller Industries is the world's leading integrated provider of vehicle towing and recovery equipment and services. The Company markets its towing services under the national brand name RoadOne and its towing equipment under a number of well-recognized brands. Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. The Company noted that forward looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed under the caption "Risk Factors" in the Company's Form 10-K for fiscal 1998, which discussion is incorporated herein by this reference.