Miller Industries (MLR) risk factors, FY2024 10-K

Risks Relating to Our Operations

1. 01Demand from our customers and towing operators is affected by the availability of capital and access to credit, as well as rising costs of equipment ownership
2. 02Macroeconomic trends, availability of financing, and changing interest rates, have and could continue to, adversely affect our business, results of operation or financial condition, as well as our customers’ ability to fund purchases of our products
3. 03Our business operations are subject to various international political, economic and other uncertainties, including any new or increased tariffs, any trade restrictions, or new or ongoing military conflicts, that could materially adversely affect our business results
4. 04Increases in the cost of skilled labor could adversely impact our business and profitability
5. 05Our business is subject to the cyclical nature of our industry and changes in consumer confidence and in economic conditions in general. Adverse changes or continued uncertainty with respect to these factors may lead to a downturn in our business
6. 06Our sales to U.S. and other governmental entities through prime contractors are subject to special risks
7. 07Overall demand from our customers may be affected by increases in their fuel and insurance costs and changes in weather conditions
8. 08Our competitors could impede our ability to attract or retain customers
9. 09The catastrophic loss of one of our manufacturing facilities could harm our business, financial condition and results of operations

Risks Related to Legal, Regulatory and Compliance Matters

1. 10Environmental and health and safety liabilities and requirements could require us to incur material costs
2. 11Failure to comply with domestic and foreign anti-corruption laws could have an adverse effect on our business
3. 12Our future success depends upon our ability to develop or acquire proprietary products and technology and assertions against us relating to intellectual property rights could harm our business
4. 13Changes in the tax regimes and related government policies and regulations in the countries in which we operate, including the imposition of new or increased tariffs and any resulting trade wars, could adversely affect our results and our effective tax rate
5. 14The effects of regulations relating to conflict minerals may adversely affect our business
6. 15A product warranty or product liability claim in excess of our insurance coverage, or an inability to acquire or maintain insurance at commercially reasonable rates, could have a material adverse effect upon our business

RISKS RELATED TO OUR COMMON STOCK

1. 16Our stock price may fluctuate greatly as a result of the general volatility of the stock market, or from our involvement with activist shareholders
2. 17Our charter and bylaws contain anti-takeover provisions that may make it more difficult or expensive to acquire us in the future or may negatively affect our stock price

RISKS RELATED TO INDEBTEDNESS AND LIQUIDITY

1. 18Our credit facility could restrict our ability to operate our business and failure to comply with its terms could adversely affect our business; our obligations to repurchase products from third-party lenders could adversely impact our future revenues and financial condition
2. 19We cannot assure you that we will continue to declare dividends on our common stock
3. 20A disruption in, or breach in security of, our information technology (“IT”) systems or any violation of data protection laws could adversely impact our business and operations
4. 21Any loss of the services of our key executives could have a material adverse impact on our operations