Tennessee-based national tow truck firm Miller Industries said its revenues dropped during the first quarter of fiscal 2002, racking up a net loss of $2.5 million in the process.
For the first quarter of 2002, Miller’s net sales were $117 million, compared with $127.2 million in the first quarter of fiscal 2001. Operating income for the fiscal 2002 first quarter increased to $1.4 million from $800,000 in the same period last year, but the company took a net loss of $2.5 million, compared with a net loss of $2.1 million in the same period in fiscal 2001.
Miller said revenue in its towing and recovery equipment segment was relatively flat at $77.2 million compared to $77.6 million a year ago. The company added that it continued to bear the impact of unusually high operating expenses within the towing industry that have affected demand for towing and recovery equipment products. Operating income for the towing and recovery equipment segment in the fiscal 2002 first quarter was $1.8 million versus $2.5 million in the first quarter of fiscal 2001.
Within Miller’s RoadOne towing services segment, revenue for the fiscal 2002 first quarter was $39.7 million versus $49.6 million in the year-ago period. The year over year decline in revenue at RoadOne was due to the sale or closing of under-performing markets. The operating loss at RoadOne for the current quarter declined to $400,000 from an operating loss of $1 million in the previous quarter and $1.7 million in the year-ago period.
