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Miller Industries Inc. Message Board

  • thehackensackkid thehackensackkid Dec 15, 2000 9:43 AM Flag

    conference call

    Sounded very encouraging to me. Numbers arn't great but we seem to be moving in the right direction.

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    • My darn computer won't connect to the site! They only reply it till 11:00 today. It would be greatly appreciated if someone who has the time to post some of the highlights.



      • 1 Reply to japmyers
      • Jim,

        I'll try - I am cautiously optimistic
        too, things aren't good, but also not quite as grim as
        other posters would have you believe. Basically, they
        demonstrated progress in cost containment and debt reduction -
        nothing earth-shattering, but unequivocally moving in the
        right direction. I think debt's down by like $4M this
        quarter and they've got another $6.5M (from the sale of
        under-performing markets) coming in after close of Q2 that will go
        towards debt. They affirmed that they are on target to
        get debt under $100M by next fall in line with their
        original projection. I won't go into too many of the
        numbers as I don't really trust my notes.

        thing I did think was interesting was the discussion of
        "pro-forma" estimates for R1 after completing the disposal of
        targeted markets. They are looking at rev in the $140-150M
        range and margins in the 10-15% neighborhood.

        Still a VERY difficult operating environment with
        interest expense and fuel costs hurting the equipment

        Final thing I thought was interesting was
        apparently Bill himself was focused on working through the
        legal challenges that were recently settled - now his
        "project" will be securing more favorable credit terms.
        Bill spoke in more detail about some of the headlines
        on the credit and basically they could have
        continued with the existing bank, but they're really
        getting jammed on the interest. He is looking at other
        banks and some investment bank syndicates to get a
        better deal which he thinks should happen by mid-summer.
        This will save MLR some major cash as opposed to just
        re-upping with the current bank. There's simply not a
        credit problem now.

        Gotta run now, let me know if
        you've got any specific questions and I'll try to answer

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