Miller Industries Gains Attention As Tow Leader
By: Erez Kanaan, Tow Squad News. Published on: Subscribe in a reader
Despite Recession, Company Able To Reward Investors
CHATTANOOGA – So far in this recession, it’s been small business slowly towing the economy toward recovery. However Miller Industries has continually shown strength as the largest towing manufacturer. While most tow companies are relatively small enterprises, Miller Industries is the leading manufacturer of tow trucks, accessories and equipment. They made news last June when the company paid a quarterly cash dividend to investors following an impressive first quarter earnings report. $10.9 million in revenue with a net income of $2 million. CEO Jeffrey I. Badgley said that domestic markets are improving, chassis sales have been growing and the company is currently testing products with a French military contractor.
Badgley says he was pleased with the first quarter numbers and is optimistic about the company’s outlook. The cash dividend pays 13 cents per share on a quarterly basis, which has increased from 10 cents per share paid to investors in 2010. In June the company’s stock, which trades on the New York Stock Exchange under ticker symbol MLR, jumped from $14.50 per share to above $16 per share with a market cap of $180 million. The stock has now tripled since the market bottomed in early 2009. On May 25, 2012 shareholders overwhelmingly voted to reaffirm Badgley and other officers.
As a tow industry leader the company has remained visible this year, showcasing their products at Towing Trade Shows presented by American Towman. The company will appear at the biggest towing trade show in American west of the Mississippi River at Tow Expo International in San Antonio August 2-4. They will be demonstrating recovery techniques at the convention and showcasing their new technology.
In April 2012 the company was featured on the ION Television’s World’s Greatest, which recognized Miller as the World’s Greatest towing manufacturer. Miller has also gained visibility over the years with towing vehicles at high profile auto racetracks such as the Indy 500, the Daytona 500, and the Talladega Super Speedway.
Last year Miller Industries made U.S. presidential history when their equipment, with the help of the Secret Service, freed President Obama’s limousine, which stalled at the gate while leaving the U.S. Embassy in Ireland before onlookers.
Miller Industries is based in Ooltewah, Tennessee, near Chattanooga, the birthplace of the auto towing and recovery industry. The company manages several respected brands including Century, Vulcan, Chevron, Challenger, Eagle, Champion, Titan, Jige and Boniface. Additionally, Miller makes and markets Holmes vehicles, the original towing brand that got the industry rolling in 1919. The company, which launched in 1994, builds wreckers, car carriers, hydraulic flat-bed trucks, trailers and many other auto recovery products. They also offer financing from $25,000 to $5 million and consider financing equipment for start up companies.
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