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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001107049-02-000432.txt : 20020515
<SEC-HEADER>0001107049-02-000432.hdr.sgml : 20020515
<ACCEPTANCE-DATETIME>20020515134202
ACCESSION NUMBER:		0001107049-02-000432
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20020331
FILED AS OF DATE:		20020515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILLER INDUSTRIES INC /TN/
		CENTRAL INDEX KEY:			0000924822
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCK & BUS BODIES [3713]
		IRS NUMBER:				621566286
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14124
		FILM NUMBER:		02650418

	BUSINESS ADDRESS:	
		STREET 1:		8503 HILLTOP DR
		STREET 2:		STE 100
		CITY:			OOLTEWAH
		STATE:			TN
		ZIP:			37363
		BUSINESS PHONE:		4232384171

	MAIL ADDRESS:	
		STREET 1:		900 CIRCLE 75 PARKWAY
		STREET 2:		SUITE 1250
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30339
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>miller1stq.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
<html>
<head>
<title>Prepared by Kilpatrick Stockton EDGAR Services</title>
</head>
<body link="blue" vlink="purple">
<p align="center"><b><font size="2" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<br />
WASHINGTON, DC 20549</font></b></p>

<p align="center"><b><font size="4" face="Times New Roman">FORM 10-Q</font></b></p>

<p align="center"><font size="2" face="Times New Roman">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)<br />
OF THE SECURITIES EXCHANGE ACT OF 1934<br />
For the quarterly period ended March 31, 2002<br />
Commission File No. 0-24298</font></p>

<p align="center"><b><font size="2" face="Times New Roman">MILLER INDUSTRIES, INC.<br>
</font></b><font size="2" face="Times New Roman">(Exact name of registrant as specified in its charter)</font></p>

<p align="center"><font size="2" face="Times New Roman"></font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="415">
<tr>
<td valign="top" width="210">
<p align="center"><b><font size="2" face="Times New Roman">Tennessee</font></b></p>
</td>
<td valign="top" width="201">
<p align="center"><b><font size="2" face="Times New Roman">62-1566286</font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="210">
<p align="center"><font size="2" face="Times New Roman">(State or other jurisdiction of</font></p>
</td>
<td valign="top" width="201">
<p align="center"><font size="2" face="Times New Roman">(I.R.S. Employer Identification No.)</font></p>
</td>
</tr>

<tr>
<td valign="top" width="210">
<p align="center"><font size="2" face="Times New Roman">incorporation or organization)</font></p>
</td>
<td valign="top" width="201"></td>
</tr>

<tr>
<td valign="top" width="210"></td>
<td valign="top" width="201"></td>
</tr>
</table>
</div>

<p><b><font size="2" face="Times New Roman"></font></b></p>

<div align="center">
  <center>

<table border="0" cellspacing="0" cellpadding="0" width="422">
<tr>
<td valign="top" width="213">
<p align="center"><b><font size="2" face="Times New Roman">8503 Hilltop Drive</font></b></p>
</td>
<td valign="top" width="205"></td>
</tr>

<tr>
<td valign="top" width="213">
<p align="center"><b><font size="2" face="Times New Roman">Ooltewah, Tennessee</font></b></p>
</td>
<td valign="top" width="205">
<p align="center"><b><font size="2" face="Times New Roman">37363</font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="213">
<p align="center"><font size="2" face="Times New Roman">(Address of principal executive offices)</font></p>
</td>
<td valign="top" width="205">
<p align="center"><font size="2" face="Times New Roman">(Zip Code)</font></p>
</td>
</tr>
</table>

  </center>
</div>

<p align="center"><font size="2" face="Times New Roman">Registrant's telephone number, including area
code:&nbsp;&nbsp;(423)&nbsp;&nbsp;238-4171</font></p>

<p></p>

<p><font size="2" face="Times New Roman">Indicate by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.</font></p>

<p align="center"><font size="2" face="Times New Roman">YES&nbsp;&nbsp; <font color=
"red">&nbsp;</font></font><font color="#FF0000"><font face="Wingdings" size="2">&#254;</font></font><font size="2" face="Times New Roman"><font color="#FF0000">&nbsp;</font><font color=
"red">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> NO </font><font face="Wingdings" size="2" color="#FF0000">&#168;</font></p>

<p><font size="2" face="Times New Roman">&nbsp;</font></p>

<p><font size="2" face="Times New Roman">The number of shares outstanding of the registrant's Common Stock, $.01 par value, as of
April 30, 2001 was 9,341,436.</font></p>

<p align="center">&nbsp;</p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p align="center"><b><font size="2" face="Times New Roman"><img border="0" src="logo.gif" width="181" height="51"></font></b></p>

<h1 align="center"><b><font size="2" face="Times New Roman">INDEX</font></b></h1>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="581">
<tr>
<td valign="top" width="79"></td>
<td colspan="2" valign="top" width="60"></td>
<td valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79">
<p><b><font size="2" face="Times New Roman">PART I.</font></b></p>
</td>
<td colspan="3" valign="top" width="417">
<p><b><font size="2" face="Times New Roman">FINANCIAL INFORMATION</font></b></p>
</td>
<td valign="top" width="79">
<p align="center"><u><font size="2" face="Times New Roman">Page Number</font></u></p>
</td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60">
<p><font size="2" face="Times New Roman">Item 1.</font></p>
</td>
<td colspan="2" valign="top" width="355">
<p><u><font size="2" face="Times New Roman"><a href="#item1">Financial Statements</a> (Unaudited)</font></u></p>
</td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman"><a href="#condensedconsolidatedbalancesheets">Condensed Consolidated Balance Sheets</a>
- -</font></p>
</td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman">March 31, 2002 and December 31, 2001</font></p>
</td>
<td valign="top" width="79">
<p align="center"><font size="2" face="Times New Roman">3</font></p>
</td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman"><a href="#condensedconsolidatedstmtsofincome">Condensed Consolidated Statements of
Operations</a></font></p>
</td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman">for the Three Months Ended March 31, 2002 and 2001</font></p>
</td>
<td valign="top" width="79">
<p align="center"><font size="2" face="Times New Roman">4</font></p>
</td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman"><a href="#condensedconsolidatedstmtsofcashflow">Condensed Consolidated Statements of Cash
Flows</a></font></p>
</td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman">for the Three Months Ended March 31, 2002 and 2001</font></p>
</td>
<td valign="top" width="79">
<p align="center"><font size="2" face="Times New Roman">5</font></p>
</td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman"><a href="#notestocondensedconsolfinancialstmts">Notes to Condensed Consolidated
Financial</a></font></p>
</td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman">Statements</font></p>
</td>
<td valign="top" width="79">
<p align="center"><font size="2" face="Times New Roman">6</font></p>
</td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60">
<p><font size="2" face="Times New Roman">Item 2.</font></p>
</td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman"><a href="#MDandAfinancialconditionandresultofop">Management's Discussion and Analysis of
Financial</a></font></p>
</td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355">
<p><u><font size="2" face="Times New Roman">Condition and Results of Operations</font></u></p>
</td>
<td valign="top" width="79">
<p align="center"><font size="2" face="Times New Roman">14</font></p>
</td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79">
<p><b><font size="2" face="Times New Roman">PART II.</font></b></p>
</td>
<td colspan="3" valign="top" width="417">
<p><b><font size="2" face="Times New Roman">OTHER INFORMATION</font></b></p>
</td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60">
<p><font size="2" face="Times New Roman">Item 1.</font></p>
</td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman"><a href="#legalproceedins">Legal Proceedings</a></font></p>
</td>
<td valign="top" width="79">
<p align="center"><font size="2" face="Times New Roman">19</font></p>
</td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79"></td>
<td valign="top" width="60">
<p><font size="2" face="Times New Roman">Item 6.</font></p>
</td>
<td colspan="2" valign="top" width="355">
<p><font size="2" face="Times New Roman"><a href="#Exhibits and Reports on Form 8-K">Exhibits and Reports on Form 8-K</a></font></p>
</td>
<td valign="top" width="79">
<p align="center"><font size="2" face="Times New Roman">19</font></p>
</td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79">&nbsp;&nbsp;</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79"></td>
</tr>

<tr>
<td valign="top" width="79">
<p><b><font size="2" face="Times New Roman">SIGNATURES</font></b></p>
</td>
<td valign="top" width="60"></td>
<td colspan="2" valign="top" width="355"></td>
<td valign="top" width="79">
<p align="center"><font size="2" face="Times New Roman">20</font></p>
</td>
</tr>
</table>
</div>

<p align="center"><font size="2" face="Times New Roman">2</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p align="left"><b><font size="2" face="Times New Roman">PART 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL
INFORMATION<br>
</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a name="item1"><font size="2" face="Times New Roman">ITEM 1</font></a>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements (Unaudited<b>)</b></p>

<p align="center"><b><font size="2" face="Times New Roman">MILLER INDUSTRIES, INC. AND SUBSIDIARIES<br />
<a name="condensedconsolidatedbalancesheets">CONDENSED CONSOLIDATED BALANCE
SHEETS</a>
</font></b></p>

<p align="center"><b><font size="2" face="Times New Roman">(In thousands, except share data)<br />
(Unaudited)</font></b></p>

<p align="center"><b><font size="2" face="Times New Roman">ASSETS</font></b></p>

<div align="center">
  <center>

<table border="0" cellspacing="0" cellpadding="0" width="599">
<tr>
<td valign="top" width="395"></td>
<td valign="top" width="7"></td>
<td valign="top" width="71">

<p align="center"><b><font size="2" face="Times New Roman">March 31,<br>
2002</font></b></p>

</td>
<td valign="top" width="37"></td>
<td valign="top" width="79">

<p align="center"><b><font size="2" face="Times New Roman">December 31,<br>
2001</font></b></p>

</td>
</tr>

<tr>
<td><font size="2">&nbsp;</font></td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top" width="395"></td>
<td valign="top" width="7"></td>
<td valign="top" width="71" align="right"></td>
<td valign="top" width="37" align="right"></td>
<td valign="top" width="79" align="right"></td>
</tr>

<tr>
<td width="395">
<p><b><font size="2" face="Times New Roman">CURRENT ASSETS:</font></b></p>
</td>
<td width="7"></td>
<td width="71" align="right"></td>
<td width="37" align="right"></td>
<td width="79" align="right"></td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Cash and temporary investments</font></p>
</td>
<td width="7">
<p align="right"><b><font size="2" face="Times New Roman">$</font></b></p>
</td>
<td width="71" align="right">
<p align="right"><b><font size="2" face="Times New Roman">6,406&nbsp;</font></b></p>
</td>
<td width="37" align="right">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">9,863&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Accounts receivable, net</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">
<p><b><font size="2" face="Times New Roman">65,044&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">66,555&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Inventories</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">
<p><b><font size="2" face="Times New Roman">65,138&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">60,114&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Deferred income taxes</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">
<p><b><font size="2" face="Times New Roman">12,323&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">12,421&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Prepaid expenses and other</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">

<p><b><font size="2" face="Times New Roman">13,954&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">

<p><font size="2" face="Times New Roman">12,178&nbsp;</font></p>
</td>
</tr>

<tr>
<td><font size="2">&nbsp;</font></td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 60"><font size="2" face="Times New Roman">Total current assets</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">
<p><b><font size="2" face="Times New Roman">162,865&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">161,131&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">&nbsp;</td>
<td width="7"></td>
<td width="71" align="right"></td>
<td width="37" align="right"></td>
<td width="79" align="right"></td>
</tr>

<tr>
<td width="395">
<p><b><font size="2" face="Times New Roman">PROPERTY, PLANT, AND EQUIPMENT, net</font></b></p>
</td>
<td width="7"></td>
<td width="71" align="right">
<p><b><font size="2" face="Times New Roman">52,259&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">53,122&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">&nbsp;</td>
<td width="7"></td>
<td width="71" align="right"></td>
<td width="37" align="right"></td>
<td width="79" align="right"></td>
</tr>

<tr>
<td width="395">
<p><b><font size="2" face="Times New Roman">GOODWILL, net</font></b></p>
</td>
<td width="7"></td>
<td width="71" align="right">
<p><b><font size="2" face="Times New Roman">11,619&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">33,435&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">&nbsp;</td>
<td width="7"></td>
<td width="71" align="right"></td>
<td width="37" align="right"></td>
<td width="79" align="right"></td>
</tr>

<tr>
<td width="395">
<p><b><font size="2" face="Times New Roman">OTHER ASSETS, net</font></b></p>
</td>
<td width="7"></td>
<td width="71" align="right">

<p><b><font size="2" face="Times New Roman">4,971&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">

<p><font size="2" face="Times New Roman">5,275&nbsp;</font></p>
</td>
</tr>

<tr>
<td><font size="2">&nbsp;</font></td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
</tr>

<tr height="30">
<td width="395">&nbsp;</td>
<td width="7">
<p align="right"><b><font size="2" face="Times New Roman">$</font></b></p>
</td>
<td width="71" align="right">

<p><b><font size="2" face="Times New Roman">231,714&nbsp;</font></b></p>
</td>
<td width="37" align="right">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td width="79" align="right">

<p><font size="2" face="Times New Roman">252,963&nbsp;</font></p>
</td>
</tr>

<tr>
<td><font size="2">&nbsp;</font></td>
<td><font size="2">&nbsp;&nbsp;</font></td>
<td>

<hr size="3" color="#000000">
</td>
<td><b><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;</font></b></td>
<td>

<hr size="3" color="#000000">
</td>
</tr>

<tr>
<td width="395"></td>
<td width="7"></td>
<td width="71" align="right"></td>
<td width="37" align="right"></td>
<td width="79" align="right"></td>
</tr>

<tr>
<td width="395">
<p><b><font size="2" face="Times New Roman">CURRENT LIABILITIES:</font></b></p>
</td>
<td width="7"></td>
<td width="71" align="right"></td>
<td width="37" align="right"></td>
<td width="79" align="right"></td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Current portion of long-term debt</font></p>
</td>
<td width="7">
<p align="right"><b><font size="2" face="Times New Roman">$</font></b></p>
</td>
<td width="71" align="right">
<p align="right"><b><font size="2" face="Times New Roman">14,085&nbsp;</font></b></p>
</td>
<td width="37" align="right">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">12,405&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Accounts payable</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">
<p align="right"><b><font size="2" face="Times New Roman">41,284&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">36,366&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Accrued liabilities and other</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">

<p><b><font size="2" face="Times New Roman">24,686&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">

<p><font size="2" face="Times New Roman">24,759&nbsp;</font></p>
</td>
</tr>

<tr>
<td><font size="2">&nbsp;</font></td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 60"><font size="2" face="Times New Roman">Total current liabilities</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">

<p><b><font size="2" face="Times New Roman">80,055&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">

<p><font size="2" face="Times New Roman">73,530&nbsp;</font></p>
</td>
</tr>

<tr>
<td><font size="2">&nbsp;</font></td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
<td><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td>

<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td width="395"></td>
<td width="7"></td>
<td width="71" align="right"></td>
<td width="37" align="right"></td>
<td width="79" align="right"></td>
</tr>

<tr>
<td width="395" height="21">
<p><b><font size="2" face="Times New Roman">LONG-TERM DEBT, less current portion</font></b></p>
</td>
<td width="7" height="21"></td>
<td width="71" align="right" height="21">

<p><b><font size="2" face="Times New Roman">86,267&nbsp;</font></b></p>
</td>
<td width="37" align="right" height="21"></td>
<td width="79" align="right" height="21">

<p><font size="2" face="Times New Roman">91,562&nbsp;</font></p>
</td>
</tr>

<tr>
<td height="21"><font size="2">&nbsp;</font></td>
<td height="21"><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td height="21">

<hr size="1" color="#000000">
</td>
<td height="21"><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td height="21">

<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td width="395" height="21">
<p><b><font size="2" face="Times New Roman">DEFERRED INCOME TAXES</font></b></p>
</td>
<td width="7" height="21"></td>
<td width="71" align="right" height="21">

<p align="right"><b><font size="2" face="Times New Roman">3,028&nbsp;</font></b></p>
</td>
<td width="37" align="right" height="21"></td>
<td width="79" align="right" height="21">

<p><font size="2" face="Times New Roman">3,028&nbsp;</font></p>
</td>
</tr>

<tr>
<td height="21"><font size="2">&nbsp;</font></td>
<td height="21"><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td height="21">

<hr size="1" color="#000000">
</td>
<td height="21"><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td height="21">

<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td width="395" height="21"></td>
<td width="7" height="21"></td>
<td width="71" align="right" height="21"></td>
<td width="37" align="right" height="21"></td>
<td width="79" align="right" height="21"></td>
</tr>

<tr>
<td width="395" height="21">
<p><b><font size="2" face="Times New Roman">SHAREHOLDERS' EQUITY</font></b> <font size="2" face="Times New Roman">&nbsp; (Note
2):</font></p>
</td>
<td width="7" height="21"></td>
<td width="71" align="right" height="21"></td>
<td width="37" align="right" height="21"></td>
<td width="79" align="right" height="21"></td>
</tr>

<tr>
<td width="395" height="32">
<p style="margin-left: 30"><font size="2" face="Times New Roman">Preferred stock, $.01 par value, 5,000,000 shares authorized;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none issued or outstanding</font></p>
</td>
<td width="7"></td>
<td valign="bottom" width="71" align="right" height="32">
<p><b><font size="2" face="Times New Roman"><br />
 0&nbsp;</font></b></p>
</td>
<td valign="bottom" width="37" align="right" height="32"></td>
<td valign="bottom" width="79" align="right" height="32">
<p><font size="2" face="Times New Roman"><br />
 0&nbsp;</font></p>
</td>
</tr>

<tr height="42">
<td height="47" width="395">
<p style="margin-left: 30"><font size="2" face="Times New Roman">Common stock, $.01 par value, 100,000,000 shares authorized;<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,341,436 shares issued and outstanding at March 31, 2002<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and December 31, 2001</font></p>
</td>
<td height="47" width="7"></td>
<td height="47" valign="bottom" width="71" align="right">

<p><b><font size="2" face="Times New Roman">93&nbsp;</font></b></p>
</td>
<td height="47" valign="bottom" width="37" align="right"></td>
<td height="47" valign="bottom" width="79" align="right">
<p><font size="2" face="Times New Roman">
 93&nbsp;</font></p>
</td>
</tr>

<tr height="8">
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Additional paid-in capital</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">
<p><b><font size="2" face="Times New Roman">145,088&nbsp;</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">145,088&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Accumulated deficit</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">
<p><b><font size="2" face="Times New Roman">(80,143)</font></b></p>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">
<p><font size="2" face="Times New Roman">(58,096)</font></p>
</td>
</tr>

<tr>
<td width="395">
<p style="text-indent: 30"><font size="2" face="Times New Roman">Accumulated other comprehensive loss</font></p>
</td>
<td width="7"></td>
<td width="71" align="right">

<p><b><font size="2" face="Times New Roman">(2,674)</font></b></p>
</div>
</td>
<td width="37" align="right"></td>
<td width="79" align="right">

<p><font size="2" face="Times New Roman">(2,242)</font></p>
</div>
</td>
</tr>

<tr>
<td height="21"><font size="2">&nbsp;</font></td>
<td height="21"><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td height="21">

<hr size="1" color="#000000">
</td>
<td height="21"><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td height="21">

<hr size="1" color="#000000">
</td>
</tr>

<tr height="19">
<td height="21" width="395">
<p style="text-indent: 60"><font size="2" face="Times New Roman">Total shareholders' equity</font></p>
</td>
<td height="21" width="7"></td>
<td height="21" width="71" align="right">

<p><b><font size="2" face="Times New Roman">62,364&nbsp;</font></b></p>
</td>
<td height="21" width="37" align="right"></td>
<td height="21" width="79" align="right">

<p><font size="2" face="Times New Roman">84,843&nbsp;</font></p>
</td>
</tr>

<tr>
<td height="21"><font size="2">&nbsp;</font></td>
<td height="21"><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td height="21">

<hr size="1" color="#000000">
</td>
<td height="21"><b><font face="Times New Roman" size="2">&nbsp;</font></b></td>
<td height="21">

<hr size="1" color="#000000">
</td>
</tr>

<tr height="28">
<td height="21" width="395">&nbsp;</td>
<td height="21" width="7">
<p align="right"><b><font size="2" face="Times New Roman">$</font></b></p>
</td>
<td height="21" width="71" align="right">

<p><b><font size="2" face="Times New Roman">231,714&nbsp;</font></b></p>
</td>
<td height="21" width="37" align="right">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td height="21" width="79" align="right">

<p><font size="2" face="Times New Roman">252,963&nbsp;</font></p>
</td>
</tr>

<tr height="28">
<td height="21" width="395"></td>
<td height="21" width="7">
</td>
<td height="21" width="71" align="right">

<hr size="3" color="#000000">
</td>
<td height="21" width="37" align="right">
</td>
<td height="21" width="79" align="right">

<hr size="3" color="#000000">
</td>
</tr>
</table>

  </center>
</div>

<p align="center"><font size="2" face="Times New Roman">See accompanying notes to condensed consolidated financial
statements.</font></p>

<p align="center"><font size="2" face="Times New Roman">3</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>


<p align="center"><b><font size="2" face="Times New Roman">MILLER INDUSTRIES, INC. AND SUBSIDIARIES<br />
<a name="condensedconsolidatedstmtsofincome">CONDENSED CONSOLIDATED STATEMENTS OF</a> OPERATIONS<br>
(In thousands, except per share data)<br>
(Unaudited)</font></b></p>

<p><font size="2" face="Times New Roman"></font></p>

<div align="center">
  <center>

<table border="0" cellspacing="0" cellpadding="0" width="569">
<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p align="center"><b><font size="2" face="Times New Roman">Three Months Ended<br />
 March 31,</font></b></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<hr size="1" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">2002</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">2001</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="1" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="1" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="top">
<p></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">NET SALES:</font></b></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><b><font size="2" face="Times New Roman">Towing and
Recovery<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment</font></b></p>
</td>
<td valign="bottom">
<p align="right"><b><font size="2" face="Times New Roman">
 $</font></b></p>
</td>
<td valign="bottom">

<p align="right"><b><font size="2" face="Times New Roman">70,301&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="right"><font size="2" face="Times New Roman">
 $</font></p>
</td>
<td valign="bottom">

<p align="right"><font size="2" face="Times New Roman">73,692&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr height="20">
<td valign="bottom">
<p style="margin-left: 20"><b><font size="2" face="Times New Roman">&nbsp;Towing Services</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><b><font size="2" face="Times New Roman">34,029&nbsp;</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><font size="2" face="Times New Roman">41,396&nbsp;&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="1" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="1" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><b><font size="2" face="Times New Roman">104,330&nbsp;</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><font size="2" face="Times New Roman">115,088&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><b><font size="2" face="Times New Roman">COSTS AND EXPENSES:</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p style="margin-left: 20"><b><font size="2" face="Times New Roman">Costs of operations:</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p style="margin-left: 30"><b><font size="2" face="Times New Roman">Towing and Recovery<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><b><font size="2" face="Times New Roman">61,647&nbsp;</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><font size="2" face="Times New Roman">64,803&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p style="margin-left: 30"><b><font size="2" face="Times New Roman">Towing Services</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><b><font size="2" face="Times New Roman">28,149&nbsp;</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><font size="2" face="Times New Roman">33,159&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="1" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="1" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><b><font size="2" face="Times New Roman">89,796&nbsp;</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><font size="2" face="Times New Roman">97,962&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p style="margin-left: 20"><b><font size="2" face="Times New Roman">Selling, general, and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;administrative expenses</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><b><font size="2" face="Times New Roman">12,448&nbsp;</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><font size="2" face="Times New Roman">15,804&nbsp;&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><b><font size="2" face="Times New Roman">Special charges and other<br>
&nbsp;&nbsp;&nbsp; &nbsp;operating (income) expenses, net</font></b></p>

</td>
<td valign="top"></td>
<td valign="top">

<p align="right"><b><font size="2" face="Times New Roman"><br>
(42)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">

<p align="right"><font size="2" face="Times New Roman"><br>
108&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td>
<p style="margin-left: 20"><b><font size="2" face="Times New Roman">Interest expense, net</font></b></p>
</td>
<td></td>
<td>
<p align="right"><b><font size="2" face="Times New Roman">2,100&nbsp;</font></b></p>
</td>
<td></td>
<td>
<p align="right"><font size="2" face="Times New Roman">4,056&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 40"><b><font size="2" face="Times New Roman">Total costs and expenses</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">104,302&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">117,930&nbsp;&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><b><font size="2" face="Times New Roman">INCOME (LOSS) BEFORE<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME&nbsp; TAXES</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><b><font size="2" face="Times New Roman">28&nbsp;</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><font size="2" face="Times New Roman">(2,842)</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><b><font size="2" face="Times New Roman">INCOME TAX PROVISION<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BENEFIT)</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><b><font size="2" face="Times New Roman">263&nbsp;</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><font size="2" face="Times New Roman">(893)</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="bottom">
<p><b><font size="2" face="Times New Roman">NET LOSS BEFORE CUMULATIVE<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFFECT OF CHANGE IN ACCOUNTING<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;METHOD</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><b><font size="2" face="Times New Roman">(235)</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">

<p align="right"><font size="2" face="Times New Roman">(1,949)</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">Cumulative effect of change in accounting method</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">

<p align="right"><b><font size="2" face="Times New Roman">(21,812)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">

<p align="right"><font size="2" face="Times New Roman">-&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="1" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="1" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">NET LOSS</font></b></p>
</td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">$</font></b></p>
</td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(22,047)</font></b></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(1,949)</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">BASIC AND DILUTED NET LOSS PER<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMON SHARE:</font></b></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
&nbsp;
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">Before cumulative effect of change
in<br>
&nbsp;&nbsp;&nbsp;&nbsp; accounting
method</font></b></p>
</td>
<td valign="top">

<p align="right"><b><font size="2" face="Times New Roman">$</font></b></p>
</td>
<td valign="bottom">

<p align="right"><b><font size="2" face="Times New Roman">(0.03)</font></b></p>
</td>
<td valign="bottom">

<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="bottom">

<p align="right"><font size="2" face="Times New Roman">(0.20)</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<b><font size="2" face="Times New Roman">&nbsp;</font></b>
</td>
<td valign="top">

</td>
<td valign="bottom">

</td>
<td valign="bottom">

</td>
<td valign="bottom">

</td>
<td>
</td>
</tr>

<tr>
<td valign="top">
<b><font size="2" face="Times New Roman">Cumulative effect of change in
accounting<br>
&nbsp;&nbsp;&nbsp;&nbsp;method</font></b>
</td>
<td valign="top">

</td>

  </center>
<td valign="bottom">

<p align="right"><font size="2" face="Times New Roman"><b>(2.33)</b></font>
</td>
  <center>

<td valign="bottom">

</td>

  </center>
<td valign="bottom">

<p align="right"><font size="2">-&nbsp;</font>
</td>
  <center>

<td>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">Net loss - Basic and Diluted</font></b></p>
</td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">$</font></b></p>
</td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(2.36)</font></b></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(0.20)</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">WEIGHTED AVERAGE<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES OUTSTANDING:</font></b></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">9,341&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">9,341&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">9,341&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">9,341&nbsp;</font></p>
</td>
<td>
<p><font size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td valign="top"></td>
<td valign="top">
<hr size="3" color="#000000">
</td>
<td>
</td>
</tr>
</table>

  </center>
</div>

<p align="center"><font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See accompanying notes to condensed consolidated financial statements.</font></p>

<p align="center"><font size="2" face="Times New Roman">4</font></p>

<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p align="center"><font size="2" face="Times New Roman"><b>MILLER INDUSTRIES, INC. AND SUBSIDIARIES<br />
<a name="condensedconsolidatedstmtsofcashflow">CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS</a><br />
(In thousands)<br>
(Unaudited)</b></font></p>

&nbsp;


<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="652">
<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p align="center"><font size="2" face="Times New Roman">Three Months Ended March 31,</font></p>
</td>
</tr>

<tr>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">2002</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">2001</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">OPERATING ACTIVITIES:</font></p>
</td>
<td height="16" valign="top"><font size="2">&nbsp;</font></td>
<td height="16" valign="top"><font size="2">&nbsp;</font></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Net loss</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(22,047)</font></b></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(1,949)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Adjustments to reconcile net loss to net cash provided<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by operating activities:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 50"><font size="2" face="Times New Roman">Depreciation and amortization</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">2,382&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">3,297&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 50"><font size="2" face="Times New Roman">Provision for doubtful accounts</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">595&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">631&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 50"><font size="2" face="Times New Roman">Special charges and other operating
(income) expense, net</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(42)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">108&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 50"><font size="2" face="Times New Roman">Cumulative effect of change in accounting method</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">21,812&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 50"><font size="2" face="Times New Roman">Deferred income tax provision</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">95&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">3&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 50"><font size="2" face="Times New Roman">(Gain) loss on disposals of property, plant, and equipment</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(9)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">60&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 50"><font size="2" face="Times New Roman">Changes in operating assets and liabilities:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 70"><font size="2" face="Times New Roman">Accounts receivable</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">353&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">6,929&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 70"><font size="2" face="Times New Roman">Inventories</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(5,132)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">6,708&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 70"><font size="2" face="Times New Roman">Prepaid expenses and other</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(1,846)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(4,562)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 70"><font size="2" face="Times New Roman">Other assets</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">7&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(104)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 70"><font size="2" face="Times New Roman">Accounts payable</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">5,027&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">1,419&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 70"><font size="2" face="Times New Roman">Accrued liabilities</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(18)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(4,660)</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 90"><font size="2" face="Times New Roman">Net cash provided by operating activities</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">1,177&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">7,880&nbsp;</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">INVESTING ACTIVITIES:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Purchases of property, plant, and equipment</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(1,806)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(1,273)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Proceeds from sale of property, plant, and equipment</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">85&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">963&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Proceeds from sale of businesses</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">1,285&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Proceeds from payments of notes receivable</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">47&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">75&nbsp;</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(389)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(235)</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
</tr>

<tr height="21">
<td height="21" valign="top">
<p><font size="2" face="Times New Roman">FINANCING ACTIVITIES:</font></p>
</td>
<td height="21" valign="top"></td>
<td height="21" valign="top"></td>
<td height="21" valign="top"></td>
<td height="21" valign="top"></td>
</tr>

<tr height="5">
<td height="5" valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Net payments under senior credit facility</font></p>
</td>
<td height="5" valign="top"></td>
<td height="5" valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(3,593)</font></b></p>
</td>
<td height="5" valign="top"></td>
<td height="5" valign="top">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Net payments under former credit facility</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">-&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(10,000)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Borrowings under long-term obligations</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">990&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">65&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Payments on long-term obligations</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(1,046)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(426)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Termination of interest rate swap</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(341)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Additions to deferred financing costs</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(177)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(540)</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 90"><font size="2" face="Times New Roman">Net cash used in financing activities</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(4,167)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(10,901)</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">EFFECT OF EXCHANGE RATE CHANGES ON CASH AND<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEMPORARY INVESTMENTS</font></p>
</td>
<td valign="top"></td>
<td valign="top">

<p align="right"><b><font size="2" face="Times New Roman"><br>
(78)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">

<p align="right"><font size="2" face="Times New Roman"><br>
(102)</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">NET DECREASE IN CASH AND TEMPORARY INVESTMENTS</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">(3,457)</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">(3,358)</font></p>
</td>
</tr>

<tr>
<td valign="top">

<p><font size="2" face="Times New Roman">CASH AND TEMPORARY INVESTMENTS, beginning of period</font></p>
</td>
<td valign="top"></td>
<td valign="top">

<p align="right"><b><font size="2" face="Times New Roman">9,863&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">

<p align="right"><font size="2" face="Times New Roman">10,208&nbsp;</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
<td></td>
<td>
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">CASH AND TEMPORARY INVESTMENTS, end of period</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">6,406&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">6,850&nbsp;</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="3" color="#000000">
</td>
<td></td>
<td>
<hr size="3" color="#000000">
</td>
</tr>

<tr>
<td valign="top">

<p><font size="2" face="Times New Roman">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Cash payments for interest</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">1,778&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">3,059&nbsp;</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="3" color="#000000">
</td>
<td></td>
<td>
<hr size="3" color="#000000">
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-left: 20"><font size="2" face="Times New Roman">Cash payments for income taxes</font></p>
</td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top">
<p align="right"><b><font size="2" face="Times New Roman">240&nbsp;</font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><font size="2" face="Times New Roman">363&nbsp;</font></p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td>
<hr size="3" color="#000000">
</td>
<td></td>
<td>
<hr color="#000000">
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>
</table>
</div>


<p align="center"><font size="1" face="Times New Roman">See accompanying notes to condensed consolidated financial
statements.</font></p>

<p align="center"><font size="2" face="Times New Roman">5</font></p>

<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<h1 align="center"><b><font size="2" face="Times New Roman">MILLER INDUSTRIES, INC. AND
SUBSIDIARIES</font></b></h1>

<p align="center"><a name="notestocondensedconsolfinancialstmts"><b><font size="2" face="Times New Roman">NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</font></b></a></p>

<p align="center"><b><font size="2" face="Times New Roman">(Unaudited)</font></b></p>

<p><font size="2" face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Basis of Presentation</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">The condensed consolidated financial statements of Miller Industries, Inc. and
subsidiaries (the "Company") included herein have been prepared by the Company pursuant to the rules and regulations of the
Securities and Exchange Commission.&nbsp; Certain information and footnote disclosures normally included in annual financial
statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted
pursuant to such rules and regulations.&nbsp; Nevertheless, the Company believes that the disclosures are adequate to make the
financial information presented not misleading.&nbsp; In the opinion of management, the accompanying unaudited condensed
consolidated financial statements reflect all adjustments, which are of a normal recurring nature, to present fairly the Company's
financial position, results of operations and cash flows at the dates and for the periods presented.&nbsp; Cost of goods sold for
interim periods for certain entities in the towing and recovery equipment segment is determined based on estimated gross profit
rates.&nbsp; Interim results of operations are not necessarily indicative of results to be expected for the fiscal year.&nbsp;
These condensed consolidated financial statements should be read in conjunction with the Company's Transition Report on Form 10-K
for the eight months ended December 31, 2001.</font></p>
<p><font size="2" face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Liquidity</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">The towing and recovery equipment manufacturing and towing services industries are highly
competitive.&nbsp; Certain competitors may have substantially greater financial and other resources than the Company.&nbsp; These
industries are also subject to a number of external influences, such as general economic conditions, interest rate levels, consumer
confidence, and general credit availability.&nbsp; Demand for the Company&rsquo;s equipment has been negatively impacted by cost
pressures facing its customers.&nbsp; Continuation of these pressures could impact the Company&rsquo;s ability to service its
debt.&nbsp;</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">At March 31, 2002, the Company had shareholders&rsquo; equity of $62,364,000, which
included an accumulated deficit of $80,143,000, and had incurred net losses of $22,047,000, $21,587,000, $6,434,000 and $73,143,000
during the three months ended March 31, 2002, the eight months ended December 31, 2001 and the two years ended April 30, 2001 and
2000, respectively.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company was in an over-advance position under its credit facility during the first
quarter of 2002.&nbsp; The Company negotiated certain amendments to the credit facility that waived the defaults and brought the
Company back into compliance as of April 15, 2002, but the Company may continue to have difficulties in the future complying with
such covenants, and in such event would have to seek additional waivers from its lenders.&nbsp; Such waivers typically require
payment of substantial additional fees, and there can be no assurance that the lenders will agree to any future waivers or
amendments.&nbsp; The Company&rsquo;s bank facilities are collateralized by liens on all of the Company&rsquo;s assets.&nbsp; The
liens give the lenders the right to foreclose on the assets of the Company under certain defined events of default and such
foreclosure could allow the lenders to gain control of&nbsp;</font></p>

<p align="center"><font size="2" face="Times New Roman">6</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p style="margin-left: 60"><font size="2" face="Times New Roman"> the operations of the Company.&nbsp;</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">As more fully disclosed in Note 7, the April 15, 2002 amendments will substantially
increase future interest rates at certain dates if amounts outstanding under the RoadOne portion of the revolving credit facility
exceed defined thresholds.&nbsp; The amendments also reduce the maximum RoadOne revolver amount from $36.0 million to $34.0 million
as of August 12, 2002 and to $30.0 million as of October 12, 2002.&nbsp; Commencing March 31, 2003, the borrowing limits will be
further reduced by $3.0 million on a quarterly basis, with such reductions continuing until the limit reaches zero on June 30,
2005.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">While management believes that the Company will be able to meet its debt service
requirements during 2002, failure to achieve the Company&rsquo;s cash flow projections could result in failure to comply with the
amended debt service requirements.&nbsp; Such non-compliance would result in an event of default, which if not waived by the
lending groups would result in the acceleration of the amounts due under the credit facility as well as other remedies.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">Further, the Company&rsquo;s compliance with the quarterly reductions in the RoadOne
revolver borrowing limits will most likely depend upon its ability to sell RoadOne assets at acceptable terms.&nbsp; To the extent
that the required reductions in the outstanding balance under the RoadOne revolver are not met through operating cash flows or
sales of RoadOne assets, the Company would seek to refinance the remaining balances.&nbsp; If the Company were unable to refinance
the credit facility on acceptable terms or find an alternative source of repayment for the credit facility, the Company&rsquo;s
business and financial condition would be materially and adversely affected.&nbsp; There is no assurance that the Company would be
able to obtain any such refinancing or that it would be able to sell assets on terms that are acceptable to the Company or at
all.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">To improve liquidity and profitably, the Company has focused on cost reduction and expense
control, as well as other opportunities for improving operating cash flows. The Company has also disposed of certain
underperforming RoadOne assets and operations in order to improve liquidity and to reduce expenses and debt. The Company plans to
continue these efforts. The Company also continues to investigate financial alternatives with respect to the overall towing
services segment.</font></p>
<p><font size="2" face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Net Income (Loss) Per Share</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">Basic net income (loss) per share is computed by dividing net income (loss) by the
weighted average number of common shares outstanding.&nbsp; Diluted net income (loss) per share is calculated by dividing net
income (loss) by the weighted average number of common and potential dilutive common shares outstanding.&nbsp; Diluted net income
per share takes into consideration the assumed conversion of outstanding stock options.&nbsp; Diluted net loss per share for the
three months ended March 31, 2002 and 2001 does not assume exercise of any stock options as the effect would be anti-dilutive.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">On October 1, 2001, the
Company effected a one-for-five reverse common stock split.&nbsp; All historical and per share amounts have been retroactively
restated to reflect the reverse common stock split.</font></p>

<p align="center"><font size="2" face="Times New Roman">7</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p><font size="2" face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Inventories</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">Inventory costs include materials, labor and factory overhead.&nbsp; Inventories are
stated at the lower of cost or market, determined on a first-in, first-out basis.</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">Inventories at March 31, 2002 and December 31, 2001 consisted of the following (in
thousands):</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="522">
<tr>
<td valign="top" width="142"></td>
<td valign="top" width="146"></td>
<td valign="top" width="9"></td>
<td valign="top" width="72">
<p align="center"><b><font size="2" face="Times New Roman">March 31,<br />
 2002</font></b></p>
</td>
<td valign="top" width="52"></td>
<td valign="top" width="89">
<p align="center"><font size="2" face="Times New Roman">December 31,<br />
 2001</font></p>
</td>
</tr>

<tr>
<td width="142">&nbsp;</td>
<td width="146">&nbsp;</td>
<td width="9"><b><font size="2" face="Times New Roman">&nbsp;</font></b></td>
<td width="72">
<hr size="1" color="#000000">
</td>
<td width="52"></td>
<td width="89">
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top" width="142"></td>
<td valign="top" width="146">
<p><font size="2" face="Times New Roman">Chassis</font></p>
</td>
<td valign="top" width="9">
<p align="right"><b><font size="2" face="Times New Roman">$</font></b></p>
</td>
<td valign="top" width="72">
<p align="right"><b><font size="2" face="Times New Roman">9,679</font></b></p>
</td>
<td valign="top" width="52">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top" width="89">
<p align="right"><font size="2" face="Times New Roman">&nbsp; 8,157</font></p>
</td>
</tr>

<tr>
<td valign="top" width="142"></td>
<td valign="top" width="146">
<p><font size="2" face="Times New Roman">Raw Materials</font></p>
</td>
<td valign="top" width="9"></td>
<td valign="top" width="72">
<p align="right"><b><font size="2" face="Times New Roman">13,054</font></b></p>
</td>
<td valign="top" width="52"></td>
<td valign="top" width="89">
<p align="right"><font size="2" face="Times New Roman">12,187</font></p>
</td>
</tr>

<tr>
<td valign="top" width="142"></td>
<td valign="top" width="146">
<p><font size="2" face="Times New Roman">Work in process</font></p>
</td>
<td valign="top" width="9"></td>
<td valign="top" width="72">
<p align="right"><b><font size="2" face="Times New Roman">10,676</font></b></p>
</td>
<td valign="top" width="52"></td>
<td valign="top" width="89">
<p align="right"><font size="2" face="Times New Roman">9,614</font></p>
</td>
</tr>

<tr>
<td valign="top" width="142"></td>
<td valign="top" width="146">
<p><font size="2" face="Times New Roman">Finished goods</font></p>
</td>
<td valign="top" width="9"></td>
<td valign="top" width="72">
<p align="right"><b><font size="2" face="Times New Roman">31,729</font></b></p>
</td>
<td valign="top" width="52"></td>
<td valign="top" width="89">
<p align="right"><font size="2" face="Times New Roman">&nbsp; 30,156</font></p>
</td>
</tr>

<tr>
<td width="142">&nbsp;</td>
<td width="146">&nbsp;</td>
<td width="9"><b><font size="2" face="Times New Roman">&nbsp;</font></b></td>
<td width="72">
<hr size="1" color="#000000">
</td>
<td width="52"></td>
<td width="89">
<hr size="1" color="#000000">
</td>
</tr>

<tr>
<td valign="top" width="142"></td>
<td valign="top" width="146"></td>
<td valign="top" width="9">
<p align="right"><b><font size="2" face="Times New Roman">$</font></b></p>
</td>
<td valign="top" width="72">
<p align="right"><b><font size="2" face="Times New Roman">65,138</font></b></p>
</td>
<td valign="top" width="52">
<p align="right"><font size="2" face="Times New Roman">$</font></p>
</td>
<td valign="top" width="89">
<p align="right"><font size="2" face="Times New Roman">60,114</font></p>
</td>
</tr>

<tr>
<td valign="top" width="142"></td>
<td valign="top" width="146"></td>
<td valign="top" width="9">
</td>
<td valign="top" width="72">
<hr size="3" color="#000000">
</td>
<td valign="top" width="52">
</td>
<td valign="top" width="89">
<hr size="3" color="#000000">
</td>
</tr>
</table>

<p><font size="2" face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Charges and Disposition of Towing Services Assets</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company periodically reviews the carrying amount of the long-lived assets and goodwill
in both its towing services and towing equipment businesses to determine if those assets may be recoverable based upon the future
operating cash flows expected to be generated by those assets.&nbsp; As a result of such review during the eight months ended
December 31, 2001 and the fiscal year ended April 30, 2000, the Company concluded that the carrying value of such assets in certain
towing services markets and certain assets within the Company&rsquo;s towing and recovery equipment segment were not fully
recoverable.</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">Impairment charges of $10,778,000 and $50,542,000 were recorded in the eight months ended
December 31, 2001 and the fiscal year ended April 30, 2000 to write-down the goodwill in certain towing services markets to their
estimated fair value.&nbsp; Additionally, charges of $2,644,000 and $18,576,000 were recorded for the eight months ended December
31, 2001 and the fiscal year ended April 30, 2000 to write-down the carrying value of certain fixed assets (primarily property and
equipment) in related markets to estimated fair value.&nbsp; The Company determined fair value for these assets on a market by
market basis taking into consideration various factors affecting the valuation in each market.</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company also reviewed the carrying values of goodwill associated with certain
investments within its towing and recovery equipment segment.&nbsp; This evaluation indicated that the recorded amounts of goodwill
for certain of these investments were not fully recoverable.&nbsp; Impairment charges of $1,480,000 and $4,967,000 were recorded to
reduce the carrying amount of goodwill to estimated fair value at December 31, 2001 and April 30,
2000.&nbsp; The Company recorded
$1,770,000 and $2,770,000 of additional costs related to the write-down of the carrying value of other long-lived assets of its
towing and recovery equipment segment for the eight months ended December 31, 2001 and the fiscal year ended April 30,
2000.</font></p>

<p align="center"><font size="2" face="Times New Roman">8</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>
<p style="margin-left: 60"><font size="2" face="Times New Roman">During the three months ended March 31, 2002, the Company continued efforts to reduce
expenses in the towing services segment. As part of these efforts, the Company disposed of assets in two underperforming market, as
well as certain assets in other markets.&nbsp; Total proceeds from these sales were approximately $1,255,000. No significant gains
or losses were realized upon the sale of these assets.&nbsp; The Company continues to investigate financial alternatives with
respect to the overall towing services segment in order to enhance shareholder value.</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">In accordance with SFAS No. 121 and APB No. 17, the Company wrote-off goodwill and
long-lived assets of $3,250,000 and $7,737,000 associated with the towing and recovery equipment segment as of December 31, 2001
and April 30, 2000, respectively.&nbsp; Additionally, during the eight months ended December 31, 2001 and the fiscal year ended
April 30, 2000, the Company wrote-off goodwill and long-lived assets associated with the towing services segment of $13,422,000 and
$69,118,000, respectively.&nbsp; Management believes its long-lived assets are appropriately valued following the impairment
charges.</font></p>
<p><font size="2" face="Times New Roman">6. </font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman">Goodwill and Other Long-Lived Assets</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">In June 2001, the FASB issued SFAS No. 141, &ldquo;Business Combinations&rdquo; and SFAS
No. 142, &ldquo;Goodwill and Other Intangible Assets&rdquo; (collectively the &ldquo;Standards&rdquo;).&nbsp; The Standards
are effective for fiscal years beginning after December 15, 2001.&nbsp; Companies with fiscal years beginning after March 15, 2001 may
early adopt, but only as of the beginning of that fiscal year and only if all existing goodwill is evaluated for impairment by the
end of that fiscal year.&nbsp; SFAS No. 141 will require companies to recognize acquired identifiable intangible assets separately
from goodwill if control over the future economic benefits of the asset results from contractual or other legal rights or the
intangible asset is capable of being separated or divided and sold, transferred, licensed, rented, or exchanged.&nbsp; The
Standards will require the value of a separately identifiable intangible asset meeting any of the criteria to be measured at its
fair value.&nbsp; SFAS No. 142 will require that goodwill not be amortized and that amounts recorded as goodwill be tested for
impairment.&nbsp; Annual impairment tests will have to be performed at the lowest level of an entity that is a business and that
can be distinguished, physically and operationally and for internal reporting purposes, from the other activities,operations, and assets of the entity.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">Upon adoption of SFAS No. 142 in January 2002, the Company ceased to amortize
goodwill.&nbsp; In lieu of amortization, the Company is required to perform an initial impairment review of goodwill in 2002 and an
annual impairment review thereafter.&nbsp; As a result of impairment reviews, the Company wrote-off goodwill of $2,886,000 in the
towing equipment segment and $18,926,000 in the towing services segment during the
three months ended March 31, 2002.&nbsp; The write-off
has been accounted for as a cumulative effect of change in accounting method to reflect application of the new accounting
standards.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">In addition, in October 2001, the FASB issued SFAS No. 144, &ldquo;Accounting for the
Impairment or Disposal of Long-Lived Assets.&rdquo; SFAS No. 144 addresses (i) the recognition and measurement of the impairment of
long-lived assets to be held and used and (ii) the measurement of long-lived assets to be disposed of by sale.&nbsp; SFAS No. 144
differs from SFAS No. 121 by clarifying impairment testing and excluding goodwill.&nbsp; In addition, SFAS No. 144 supersedes the
accounting and reporting provisions of APB No.</font></p>

<p align="center"><font size="2" face="Times New Roman">9</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p style="margin-left: 60"><font size="2" face="Times New Roman">30, &ldquo;Reporting the Results of Operations - Reporting the Effects of Disposal
of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions,&rdquo; for segments of a
business to be disposed of.&nbsp; However, SFAS No. 144 retains APB No. 30&rsquo;s requirement that entities report discontinued
operations separately from continuing operations and extends that reporting requirement to "a component of an entity" that either
has been disposed of (by sale, abandonment, or in a distribution to owners) or is classified as "held for sale".&nbsp; SFAS No. 144
is effective for fiscal years beginning after December 15, 2001.&nbsp; The Company is currently assessing the impact of the
adoption of SFAS No. 144.</font></p>
<p><font size="2" face="Times New Roman">7. </font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="Times New Roman">Long-Term Obligations</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">In July 2001, the Company entered into a new four year senior credit facility (the
&ldquo;Credit Facility&rdquo;) with a syndicate of lenders to replace the existing credit facility.&nbsp; As part of this
agreement, the previous credit facility was reduced with proceeds from the Credit Facility and amended to provide for a $14.0
million subordinated secured facility.&nbsp; The Credit Facility originally consisted of an aggregate $102.0 million revolving
credit facility and an $8.0 million term loan.&nbsp; The revolving credit facility provides for separate and distinct loan
commitment levels for the Company&rsquo;s towing and recovery equipment segment and RoadOne segment, respectively.&nbsp; At March
31, 2002, $38.8 million and $35.9 million, respectively were outstanding under the towing and recovery segment and RoadOne portions
of the revolving credit facility.&nbsp; In addition, $6.4 million was outstanding under the senior term loan, and $14.0 million was
outstanding under the subordinated secured facility.&nbsp;</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">Availability under the revolving Credit Facility is based on a formula of eligible
accounts receivable, inventory and fleet vehicles as separately calculated for the towing and recovery equipment segment and the
RoadOne segment, respectively.&nbsp; Borrowings under the term loan are collateralized by the Company&rsquo;s property, plant, and
equipment.&nbsp; The Company is required to make monthly amortization payments on the term loan of $167,000.&nbsp; The Credit
Facility bears interest at the option of the Company at either the rate of LIBOR plus 2.75% or prime rate (as defined) plus 0.75%
on the revolving portion and LIBOR plus 3.0% or prime rate (as defined) plus 1.0% on the term portion.</font></p>

<p style="margin-left: 60"><font size="2" color="black" face="Times New Roman">The Credit</font> <font size="2">Facility
<font color="black">matures in July
2005 and is collateralized by substantially all the assets of the Company.&nbsp; The Credit Facility contains requirements relating
to maintaining minimum excess availability at all times and minimum quarterly levels of earnings before income taxes, depreciation
and amortization (as defined) and a minimum quarterly fixed charge coverage ratio (as defined).&nbsp; In addition, the Credit
Facility contains restrictions on capital expenditures, incurrence of indebtedness, mergers and acquisitions, distributions and
transfers and sales of assets.&nbsp; The Credit Facility also contains requirements related to weekly and monthly collateral
reporting</font><font face="Times New Roman">.</font></font></p>

<p style="margin-left: 60"><font size="2" color="black" face="Times New Roman">The</font> <font size="2">subordinated
<font color="black">secured credit
facility contains, among other restrictions, requirements for the maintenance of certain financial covenants and imposes
restrictions on capital expenditures, incurrence of indebtedness, mergers and acquisitions, distributions and transfers and sales
of assets</font><font face="Times New Roman">.</font></font></p>
<p style="margin-left: 60"><b><font size="2" face="Times New Roman">2002 Amendments</font></b></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company was in an over-advance position under its credit facility during the first
quarter of 2002.&nbsp; On February 28, 2002 the Company entered into a Forbearance</font></p>

<p align="center"><font size="2" face="Times New Roman">10</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p style="margin-left: 60"><font size="2" face="Times New Roman">Agreement and First Amendment to Credit
Agreement with the lenders under the Credit Facility, as amended by that certain Amendment to Forbearance Agreement dated as of
March 18, 2002 and that certain Second Amendment to the Forbearance Agreement dated as of March 29, 2002 (as so amended, the
&ldquo;Forbearance Agreement&rdquo;).&nbsp; As a result of a revised asset appraisal conducted by the senior lenders, the senior
lenders determined that the amounts outstanding under the Credit Facility should be lowered below the amount then outstanding under
the Credit Facility, causing the Company to be over-advanced on its line of credit which resulted in the occurrence of an event of
default under the Credit Facility and a corresponding event of default under the Junior Credit Facility.&nbsp;
The Forbearance
Agreement and subsequent amendments waived the Company&rsquo;s overadvance under the Credit Facility and amended the terms of the
credit agreement to, among other things, (i) permanently reduce the commitment levels to $42.0 million for the towing and recovery
equipment segment and $36.0 million for the RoadOne segment portion of the revolving credit facility and $6,611,000 for the term
loan facility, (ii) eliminate the Company&rsquo;s ability to borrow funds at a LIBOR rate of interest, and (iii) increase the
interest rate to a floating rate of interest equal to the prime rate plus 2.75%.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">On April 15, 2002 the Company amended the Credit Facility, pursuant to which, among other
things: (i) the senior lenders waived the overadvance event of default and other events of default, (ii) interest on advances will
be charged at the <font color="black">prime rate (as defined) plus 2.75% on the revolving portion and the term portion, subject to
substantial upward adjustments in the interest rate on and after certain specified dates based on the amounts outstanding under the
revolving loan commitment relating to RoadOne (escalating at generally quarterly intervals from prime plus 4.50% as of October 1,
2002 to prime plus 14.00% as of April 1, 2005) and (iii) the revolving loan commitment amount relating to RoadOne is subject to
mandatory reductions over time commencing August 12, 2002, which reductions will require a mandatory repayment of portions of
outstanding loans at specified dates and the failure to timely make such repayments shall result in an event of default under the
bank credit agreements.&nbsp; The RoadOne revolving commitment amount, which was set at $36.0 million through the April 15, 2002
amendment, is scheduled to be reduced as follows:&nbsp; August 12, 2002 &ndash; to $34.0 million; October 12, 2002 &ndash; to $30.0
million; March 31, 2003 &ndash; to $27.0 million; thereafter &ndash; quarterly reductions of $3.0 million through June 30,
2005.&nbsp;</font> On April 15, 2002 the Company also amended the Junior Credit Facility, pursuant to which, among other things,
(i) the junior lenders waived the events of default, and (<font color="black">ii) extended the time for payment of certain
scheduled amortization payments.&nbsp; On April 15, 2002, the junior lender agent, the senior lender agent and the Company entered
into an Amended and Restated&nbsp; Intercreditor and Subordination Agreement, pursuant to which, among other things, subject to
certain terms and conditions, the junior lenders have agreed to defer the required payment of amortization payments under the
Junior Credit Facility until November 20, 2002, April 5, 2003 and May 20, 2003.&nbsp;</font></font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company may continue to have difficulties in the future making the mandatory
repayments and complying with such covenants, and in such event would have to seek additional waivers from its lenders.&nbsp; Such
waivers typically require payment of substantial additional fees, and there can be no assurance that the lenders will agree to any
future waivers or amendments.&nbsp; The Company&rsquo;s bank facilities are collateralized by liens on all of the Company&rsquo;s
assets.&nbsp; The liens give the lenders the right to foreclose on the assets of the Company under certain defined events of
default and such foreclosure could allow the lenders to gain control of the operations of the Company.&nbsp;</font></p>

<p align="center"><font size="2" face="Times New Roman">11</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company believes that it will be able to maintain compliance with the financial
covenants established by the April 2002 credit facility amendment, which will allow the Company to maintain sufficient liquidity in
2002 to fund operations.&nbsp; Failure to achieve the Company&rsquo;s revenue and income projections could result in failure to
comply with the amended debt service requirements.&nbsp; Such non-compliance would result in an event of default, which if not
waived by the lending groups would result in the acceleration of the amounts due under the credit facility as well as other
remedies.&nbsp; Under these circumstances the Company could be required to find alternative funding sources, such as sale of assets
or other financing sources.&nbsp; If the Company were unable to refinance the credit facility on acceptable terms or find an
alternative source of repayment for the credit facility, the Company&rsquo;s business and financial condition would be materially
and adversely affected.&nbsp; There is no assurance that the Company would be able to obtain any such refinancing or that it would
be able to sell assets on terms that are acceptable to the Company or at all.</font></p>

<p><font size="2" face="Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Commitments and Contingencies</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company is, from time to time, a party to litigation arising in the normal course of
its business.&nbsp; Management believes that the Company maintains adequate insurance coverage and as a result, none of these
actions, individually or in the aggregate are expected to have a material adverse effect on the financial position or operations of
the Company.</font></p>
<p><font size="2" face="Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Income Taxes</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">As of March 31, 2002, the Company had net deferred tax assets of $9.3 million.&nbsp;
A deferred tax asset valuation allowance of $7.1 million was established as of December 31,
2001.&nbsp; The allowance reflects the Company's recognition that continuing
losses from operations and certain liquidity matters discussed in Note 2
indicate that it is more likely than not certain future tax benefits will not be
realized as a result of future taxable income.</font></p>
<p><font size="2" face="Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Comprehensive Income</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company has other comprehensive income (loss) in the form of cumulative translation
adjustments and amortization of losses on early termination of interest rate swap transaction as more fully discussed in Note
11.&nbsp; Total other comprehensive income (loss) of approximately $(432,000) and $28,000 were recorded for the three months ended
March 31, 2002 and 2001, respectively.</font></p>

<p><font size="2" face="Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font size="2" face="Times New
Roman">Financial Instruments And Hedging Activities</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">SFAS No. 133 &ldquo;Accounting for Derivative Instruments and Hedging Activities&rdquo;,
establishes accounting and reporting standards requiring that every derivative instrument (including certain derivatives embedded
in other contracts) be recorded in the balance sheet as either an asset or liability measured at its fair value.&nbsp; SFAS No. 133
requires that changes in the derivatives fair value be recognized currently in earnings unless specific hedge criteria are
met.&nbsp; Special accounting for qualifying hedges allows a derivative&rsquo;s gains and losses to offset related results on the
hedged item on the income statement, and</font></p>

<p align="center"><font size="2" face="Times New Roman">12</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p style="margin-left: 60"><font size="2" face="Times New Roman">requires that the Company must formally document, designate, and assess the effectiveness
of transactions that receive hedge accounting.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">In October 2001, the Company obtained interest rate swaps as required by terms in its
Credit Facility to hedge exposure to market fluctuations.&nbsp; The interest rate swaps cover $40.0 million in notional amounts of
variable rate debt and with fixed rates ranging from 2.535% to 3.920%.&nbsp; The swaps expire annually from October 2002 to October
2004.&nbsp; Because the Company hedges only with derivatives that have high correlation with the underlying transaction pricing,
changes in derivatives fair values and the underlying pricing largely offset.&nbsp; The hedges were deemed to be fully effective
resulting in a pretax loss of $12,000 recorded in Other Comprehensive Loss at December 31, 2001.&nbsp; Upon expiration of these
hedges, the amount recorded in Other Comprehensive Loss will be reclassified into earnings as interest.&nbsp; During the first
quarter of 2002, the borrowing base was converted from LIBOR to prime, which rendered the swap ineffective as a hedge.&nbsp;
Accordingly, concurrent with the conversion, the Company prematurely terminated the swap in February 2002 at a cost of
$341,000.&nbsp; The resulting loss was recorded in Other Comprehensive Loss in February 2002 and
will be reclassified to earning as
interest expense over the term of the Credit Facility.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">At March 31, 2002, the Company had no other derivative instruments or hedging
transactions.</font></p>

<p><font size="2" face="Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Recent Accounting Pronouncements</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">In September 2000, the Emerging Issues Task Force (&ldquo;EITF&rdquo;) of the Financial
Accounting Standards Board (&ldquo;FASB&rdquo;) reached a final consensus on Issue No. 00-10, &ldquo;Accounting for Shipping and
Handling Fees and Costs&rdquo;.&nbsp; EITF 00-10 is effective for fiscal year 2001 and addresses the income statement
classification of amounts charged to customers for shipping and handling, as well as costs incurred related to shipping and
handling.&nbsp; The Company classifies shipping and handling costs billed to the customer as revenues and costs incurred related to
shipping and handling as cost of sales, which is in accordance with the consensus in EITF 00-10.</font></p>

<p><font size="2" face="Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Segment Information</font></p>
<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company operates in two principal operating segments:&nbsp;
(i) towing and recovery
equipment and (ii) towing services.&nbsp; The table below presents information about reported segments for the three months ended
March 31, 2002 and 2001 (in thousands):</font></p>

<p align="center"><font size="2" face="Times New Roman">13</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<table border="0" cellspacing="0" cellpadding="0" width="554">
<tr>
<td valign="bottom" width="257"></td>
<td valign="bottom" width="57">

<p align="right"><font size="2" face="Times New Roman">Towing and<br />
 Recovery<br />
 Equipment</font></p>
</td>
<td valign="bottom" width="81">

<p align="right"><font size="2" face="Times New Roman">Towing<br />
 Services</font></p>
</div>
</td>
<td valign="bottom" width="72">

<p align="right"><font size="2" face="Times New Roman">Eliminations</font></p>
</div>
</td>
<td valign="bottom" width="77">

<p align="right"><font size="2" face="Times New Roman">Consolidated</font></p>

</td>
</tr>

<tr>
<td valign="bottom" width="257"></td>
<td valign="bottom" width="57">

<hr size="1" color="#000000">
</td>
<td valign="bottom" width="81">

<hr size="1" color="#000000">
</td>
<td valign="bottom" width="72">

<hr size="1" color="#000000">
</td>
<td valign="bottom" width="77">

<hr size="1" color="#000000">

</td>
</tr>

<tr>
<td valign="top" width="257"></td>
<td valign="top" width="57"></td>
<td valign="top" width="81"></td>
<td valign="top" width="72"></td>
<td valign="top" width="77"></td>
</tr>

<tr>
<td valign="top" width="257">
<p><b><font size="2" face="Times New Roman">For the three months ended<br />
 March&nbsp; 31,&nbsp; 2002:</font></b></p>
</td>
<td valign="top" width="57"></td>
<td valign="top" width="81"></td>
<td valign="top" width="72"></td>
<td valign="top" width="77"></td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Net sales-external</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">$70,301</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">$34,029&nbsp;</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="77">
<p align="right"><font size="2" face="Times New Roman">$104,330&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Net sales-internal</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">1,321</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">(1,321)</font></p>
</td>
<td valign="top" width="77">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Special charges and other operating<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; income (expense),
net</font></p>
</td>
<td valign="bottom" width="57">

<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="81">

<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42&nbsp;</font></p>
</td>
<td valign="bottom" width="72">

<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="77">

<p align="right"><font size="2" face="Times New Roman">42&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Operating income (loss)</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">2,636</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">(419)</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">1&nbsp;</font></p>
</td>
<td valign="top" width="77">
<p align="right"><font size="2" face="Times New Roman">2,218&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Interest expense, net</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">1,448</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652&nbsp;</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="77">
<p align="right"><font size="2" face="Times New Roman">2,100&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Income (loss) before income taxes</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">1,098</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">(1,071)</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">1&nbsp;</font></p>
</td>
<td valign="top" width="77">
<p align="right"><font size="2" face="Times New Roman">28&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Cumulative effect of change in<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accounting method</font></p>
</td>
<td valign="bottom" width="57">

<p align="right"><font size="2" face="Times New Roman">2,886</font></p>
</td>
<td valign="bottom" width="81">

<p align="right"><font size="2" face="Times New Roman">18,926&nbsp;</font></p>
</td>
<td valign="bottom" width="72">

<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="77">

<p align="right"><font size="2" face="Times New Roman">21,812&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Total assets</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">241,637</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">55,054&nbsp;</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">(64,977)</font></p>
</td>
<td valign="top" width="77">
<p align="right"><font size="2" face="Times New Roman">231,714&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257"><font size="2">&nbsp;</font></td>
<td valign="top" width="57"><font size="2">&nbsp;</font></td>
<td valign="top" width="81"><font size="2">&nbsp;</font></td>
<td valign="top" width="72"><font size="2">&nbsp;</font></td>
<td valign="top" width="77"><font size="2">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="257">
<p><b><font size="2" face="Times New Roman">For the three months ended<br />
 March 31, 2001:</font></b></p>
</td>
<td valign="top" width="57"><font size="2">&nbsp;</font></td>
<td valign="top" width="81"><font size="2">&nbsp;</font></td>
<td valign="top" width="72"></td>
<td valign="top" width="77"><font size="2">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Net sales-external</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">$73,692</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">$41,396&nbsp;</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="77">
<p align="right"><font size="2" face="Times New Roman">$115,088&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Net sales-internal</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="77">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Special charges and other operating<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income (expense), net</font></p>
</td>
<td valign="bottom" width="57">

<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="81">

<p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108)</font></p>
</td>
<td valign="bottom" width="72">

<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="77">

<p align="right"><font size="2" face="Times New Roman">(108)</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Operating income (loss)</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">1,687</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">(473)</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="77" align="right">
<p align="right"><font size="2" face="Times New Roman">1,214&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Interest expense, net</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">1,819</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">2,237&nbsp;</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="77" align="right">
<p align="right"><font size="2" face="Times New Roman">4,056&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Income (loss) before income taxes</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">(132)</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">(2,710)</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="77" align="right">
<p align="right"><font size="2" face="Times New Roman">(2,842)</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">
<p><font size="2" face="Times New Roman">Total assets</font></p>
</td>
<td valign="top" width="57">
<p align="right"><font size="2" face="Times New Roman">242,590</font></p>
</td>
<td valign="top" width="81">
<p align="right"><font size="2" face="Times New Roman">100,741&nbsp;</font></p>
</td>
<td valign="top" width="72">
<p align="right"><font size="2" face="Times New Roman">(62,259)</font></p>
</td>
<td valign="top" width="77">
<p align="right"><font size="2" face="Times New Roman">281,072&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="257">&nbsp;</td>
<td valign="top" width="57"></td>
<td valign="top" width="81"></td>
<td valign="top" width="72"></td>
<td valign="top" width="77"></td>
</tr>
</table>

<table border="0" cellspacing="0" cellpadding="0" width="525">
<tr>
<td valign="top" width="62">
<p><b><font size="2" face="Times New Roman">Item 2.</font></b></p>
</td>
<td valign="top" width="459">
<p><b><font size="2" face="Times New Roman">Management's Discussion and Analysis of Financial Condition and Results of
Operations</font></b></p>
</td>
</tr>
</table>



<p style="margin-left: 60"><i><font size="2" face="Times New Roman">Recent Developments</font></i></p>

<p style="margin-left: 60"><b><font size="2" face="Times New Roman">Towing Services Initiatives</font></b></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">During the three months ended March 31, 2002, the Company continued its efforts to reduce
expenses in the towing services segment. &nbsp; As part of these efforts, the Company disposed of assets in two underperforming
markets, as well as assets in certain other markets for proceeds of approximately $1,255,000.&nbsp; No significant gains or losses
were realized upon the sale of these assets.&nbsp; The Company continues to investigate all financial alternatives with respect to
the overall towing services segment in order to enhance shareholder value.</font></p>

<p style="margin-left: 60"><b><font size="2" face="Times New Roman">Change in Fiscal Year</font></b></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">On September 25, 2001, the Company announced that its Board of Directors had approved a
change in the Company&rsquo;s fiscal year, from April 30 to December 31, effective December 31, 2001.&nbsp; The change to a
December 31 fiscal year will enable the Company to report results on a conventional calendar basis beginning in 2002.&nbsp; As a
result of the change in fiscal year, the Company filed a transition report for the eight month period ended December 31,
2001.</font></p>

<p style="margin-left: 60"><i><font size="2" face="Times New Roman">Results of Operations--Three Months Ended March 31, 2002 Compared to Three Months Ended
March 31, 2001.</font></i></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">Net sales for the three months ended March 31, 2002, decreased 9.4% to $104.3 million from
$115.1 million for the comparable period in 2001.&nbsp; Net sales in the towing and recovery equipment segment decreased 4.6% from
$73.7 million to $70.3 million as demand for the Company&rsquo;s towing and recovery equipment continued to be negatively</font></p>

<p align="center"><font size="2" face="Times New Roman">14</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p style="margin-left: 60"><font size="2" face="Times New Roman">&nbsp;impacted
by the cost pressures facing its customers.&nbsp; Net sales in the towing services segment decreased 17.8% from $41.4 million to
$34.0 million.&nbsp; Revenues in the towing services segment continued to be negatively impacted during the three months ended
March 31, 2002 by the impact on the overall transportation industry following the events of September 11<sup>th</sup>, as well as
the sale of several towing services markets.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">Costs of operations for the three months ended March 31, 2002, decreased 8.3% to $89.8
from $98.0 million for the comparable period in 2000.&nbsp; Costs of operations of the towing and recovery equipment segment
decreased slightly as a percentage of net sales from 87.9% to 87.7%.&nbsp; In the towing services segment, costs of operations as a
percentage of net sales increased from 80.1% to 82.7% primarily due to declines in revenue of certain underperforming
markets.&nbsp;</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">Selling, general, and administrative expenses for the three months ended March 31, 2002,
decreased 21.2% to $12.4 million from $15.8 million for the comparable period of 2001.&nbsp; The decrease was due primarily to the
continued cost reduction efforts implemented in prior fiscal years.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">Net interest expense decreased $2.0 million to $2.1 million for the three months ended
March 31, 2002 from $4.1 million for the three months ended March&nbsp; 31, 2001.&nbsp; During the three months ended March 31,
2002, the Company incurred lower interest expense as a result of&nbsp; refinancing its line of credit at more favorable rates in
July 2001, as well as a decrease in debt levels.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">Income taxes are accounted for on a consolidated basis and are not allocated by
segment.&nbsp; Tax expenses for the quarter relate primarily to income taxes of foreign subsidiaries.&nbsp; The effective rate of
the provision for (benefit from) income taxes was not meaningful&nbsp; for the three months ended March 31, 2002 and (31.4)% for the three months
ended March 31, 2001.</font></p>

<p style="margin-left: 60"><i><font size="2" face="Times New Roman">Liquidity and Capital Resources</font></i></p>

<p style="margin-left: 60"><font size="2" color="black" face="Times New Roman">Cash provided by operating activities was $1.2 million for the three months
ended March 31, 2002 compared to $7.8 million for the comparable period of 2001.&nbsp; The cash provided by operating activities
for the three months ended March 31, 2002 was primarily the result of slight
increases in accounts payable, offset by increases in inventory in preparation
for the industry</font><font size="2" face="Times New Roman">&rsquo;</font><font size="2" color="black" face="Times New Roman">s largest trade show.</font></p>

<p style="margin-left: 60"><font size="2" color="black" face="Times New Roman">Cash used in investing activities was $0.4 million for the three months
ended March 31, 2002 compared to $0.2 million for the comparable period in 2001.&nbsp; The cash used in investing activities was
primarily for the purchase of equipment in the towing services segment.</font></p>

<p style="margin-left: 60"><font size="2" color="black" face="Times New Roman">Cash used in financing activities was $4.1 million for the three months
ended March 31, 2002 and $10.9 million for the comparable period in the prior year.&nbsp; The cash was used primarily to reduce
borrowings under Company's credit facilities and other outstanding long-term debt and capital lease obligations.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">In July 2001, the Company entered into a new four year senior credit facility (the
&ldquo;Credit Facility&rdquo;) with a syndicate of lenders to replace the existing credit facility.&nbsp; As part of this
agreement, the previous credit facility was reduced with proceeds from the Credit Facility and amended to provide for a $14.0
million subordinated secured facility.&nbsp; The Credit Facility originally consisted of an aggregate $102.0 million revolving
credit facility and an $8.0 million term loan.&nbsp; The revolving credit facility provides for separate and distinct</font></p>

<p align="center"><font size="2" face="Times New Roman">15</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p style="margin-left: 60"><font size="2" face="Times New Roman">loan
commitment levels for the Company&rsquo;s towing and recovery equipment segment and RoadOne segment, respectively.&nbsp; At March
31, 2002, $38.8 million and $35.9 million, respectively were outstanding under the towing and recovery segment and RoadOne portions
of the revolving credit facility.&nbsp; In addition, $6.4 million was outstanding under the senior term loan, and $14.0 million was
outstanding under the subordinated secured facility.&nbsp;</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">Availability under the revolving Credit Facility is based on a formula of eligible
accounts receivable, inventory and fleet vehicles as separately calculated for the towing and recovery equipment segment and the
RoadOne segment, respectively.&nbsp; Borrowings under the term loan are collateralized by the Company&rsquo;s property, plant, and
equipment.&nbsp; The Company is required to make monthly amortization payments on the term loan of $167,000.&nbsp; The Credit
Facility bears interest at the option of the Company at either the rate of LIBOR plus 2.75% or prime rate (as defined) plus 0.75%
on the revolving portion and LIBOR plus 3.0% or prime rate (as defined) plus 1.0% on the term portion.</font></p>

<p style="margin-left: 60"><font size="2" color="black" face="Times New Roman">The Credit</font> <font size="2">Facility
<font color="black">matures in July
2005 and is collateralized by substantially all the assets of the Company.&nbsp; The Credit Facility contains requirements relating
to maintaining minimum excess availability at all times and minimum quarterly levels of earnings before income taxes, depreciation
and amortization (as defined) and a minimum quarterly fixed charge coverage ratio (as defined).&nbsp; In addition, the Credit
Facility contains restrictions on capital expenditures, incurrence of indebtedness, mergers and acquisitions, distributions and
transfers and sales of assets.&nbsp; The Credit Facility also contains requirements related to weekly and monthly collateral
reporting.</font></font></p>

<p style="margin-left: 60"><font size="2" color="black" face="Times New Roman">The</font> <font size="2">subordinated
<font color="black">secured facility
is by its terms expressly subordinated only to the Credit Facility.&nbsp; The subordinated secured facility matures in July 2003
and bears interest at 6.0% over the prime rate.&nbsp; The Company is required to make quarterly amortization payments on the
subordinated secured facility of $875,000 beginning not later than May 2002 provided that certain conditions are met, including
satisfying a fixed charge coverage ratio test and a minimum availability limit.&nbsp; The subordinated secured facility is
collateralized by certain specified assets of the Company and by a second priority lien and security interest in substantially all
other assets of the Company.&nbsp; The subordinated secured facility contains requirements for certain fees to be paid at six month
intervals beginning in January 2002 based on the outstanding balance of the subordinated secured facility at the time.&nbsp; The
subordinated secured facility also contains provisions for the issuance of warrants for up to 0.5% of the outstanding shares of the
Company&rsquo;s common stock in July 2002 and up to an additional 1.5% in July, 2003.&nbsp; The number of warrants which may be
issued would be reduced pro rata as the balance of the subordinated secured facility is reduced.</font></font></p>

<p style="margin-left: 60"><font size="2" color="black" face="Times New Roman">The</font> <font size="2">subordinated
<font color="black">secured credit
facility contains, among other restrictions, requirements for the maintenance of certain financial covenants and imposes
restrictions on capital expenditures, incurrence of indebtedness, mergers and acquisitions, distributions and transfers and sales
of assets.</font></font></p>

<p style="margin-left: 60"><b><font size="2" face="Times New Roman">2002 Amendments</font></b></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company was in an over-advance position under its credit facility during the first
quarter of 2002.&nbsp; On February 28, 2002 the Company entered into a Forbearance Agreement and First Amendment to Credit
Agreement with the lenders under the Credit Facility, as amended by that certain Amendment to Forbearance Agreement dated as of
March 18, 2002 and that certain Second Amendment to the Forbearance Agreement dated</font></p>

<p align="center"><font size="2" face="Times New Roman">16</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p style="margin-left: 60"><font size="2" face="Times New Roman">as of March 29, 2002 (as so amended, the
&ldquo;Forbearance Agreement&rdquo;).&nbsp; As a result of a revised asset appraisal conducted by the senior lenders, the senior
lenders determined that the amounts outstanding under the Credit Facility should be lowered below the amount then outstanding under
the Credit Facility, causing the Company to be over-advanced on its line of credit which resulted in the occurrence of an event of
default under the Credit Facility and a corresponding event of default under the Junior Credit Facility.&nbsp; The Forbearance
Agreement and subsequent amendments waived the Company&rsquo;s overadvance under the Credit Facility and amended the terms of the
credit agreement to, among other things, (i) permanently reduce the commitment levels to $42.0 million for the towing and recovery
equipment segment and $36.0 million for the RoadOne segment portion of the revolving credit facility and $6,611,000 for the term
loan facility, (ii) eliminate the Company&rsquo;s ability to borrow funds at a LIBOR rate of interest, and (iii) increase the
interest rate to a floating rate of interest equal to the prime rate plus 2.75%.</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">On April 15, 2002 the Company amended the Credit Facility, pursuant to which, among other
things: (i) the senior lenders waived the overadvance event of default and other events of default, (ii) interest on advances will
be charged at the <font color="black">prime rate (as defined) plus 2.75% on the revolving portion and the term portion, subject to
substantial upward adjustments in the interest rate on and after certain specified dates based on the amounts outstanding under the
revolving loan commitment relating to RoadOne (escalating at generally quarterly intervals from prime plus 4.50% as of October 1,
2002 to prime plus 14.00% as of April 1, 2005) and (iii) the revolving loan commitment amount relating to RoadOne is subject to
mandatory reductions over time commencing August 12, 2002, which reductions will require a mandatory repayment of portions of
outstanding loans at specified dates and the failure to timely make such repayments shall result in an event of default under the
bank credit agreements.&nbsp; The RoadOne revolving commitment amount, which was set at $36.0 million through the April 15, 2002
amendment, is scheduled to be reduced as follows:&nbsp; August 12, 2002 &ndash; to $34.0 million; October 12, 2002 &ndash; to $30.0
million; March 31, 2003 &ndash; to $27.0 million; thereafter &ndash; quarterly reductions of $3.0 million through June 30,
2005.&nbsp;</font> On April 15, 2002 the Company also amended the Junior Credit Facility, pursuant to which, among other things,
(i) the junior lenders waived the events of default, and (<font color="black">ii) extended the time for payment of certain
scheduled amortization payments.&nbsp; On April 15, 2002, the junior lender agent, the senior lender agent and the Company entered
into an Amended and Restated&nbsp; Intercreditor and Subordination Agreement, pursuant to which, among other things, subject to
certain terms and conditions, the junior lenders have agreed to defer the required payment of amortization payments under the
Junior Credit Facility until November 20, 2002, April 5, 2003 and May 20, 2003.&nbsp;</font></font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company may continue to have difficulties in the future making the mandatory
repayments and complying with such covenants, and in such event would have to seek additional waivers from its lenders.&nbsp; Such
waivers typically require payment of substantial additional fees, and there can be no assurance that the lenders will agree to any
future waivers or amendments.&nbsp; The Company&rsquo;s bank facilities are collateralized by liens on all of the Company&rsquo;s
assets.&nbsp; The liens give the lenders the right to foreclose on the assets of the Company under certain defined events of
default and such foreclosure could allow the lenders to gain control of the operations of the Company.&nbsp;</font></p>

<p style="margin-left: 60"><font size="2" face="Times New Roman">The Company believes that it will be able to maintain compliance with the financial
covenants established by the April 2002 credit facility amendment, which will allow the Company to maintain sufficient liquidity in
2002 to fund operations.&nbsp; Failure to achieve the Company&rsquo;s revenue and income projections could result in failure to
comply with</font></p>

<p align="center"><font size="2" face="Times New Roman">17</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p style="margin-left: 60"><font size="2" face="Times New Roman">the amended debt service requirements.&nbsp; Such non-compliance would result in an event of default, which if not
waived by the lending groups would result in the acceleration of the amounts due under the credit facility as well as other
remedies.&nbsp; Under these circumstances the Company could be required to find alternative funding sources, such as sale of assets
or other financing sources.&nbsp; If the Company were unable to refinance the credit facility on acceptable terms or find an
alternative source of repayment for the credit facility, the Company&rsquo;s business and financial condition would be materially
and adversely affected.&nbsp; There is no assurance that the Company would be able to obtain any such refinancing or that it would
be able to sell assets on terms that are acceptable to the Company or at all.</font></p>

<p style="margin-left: 60"><font size="2" color="black" face="Times New Roman">The Company believes that cash on hand, cash flows from operations and
unused borrowing capacity under the Credit Facility will be sufficient to fund its operating needs, capital expenditures and debt
service requirements for the remainder of the current fiscal year.&nbsp; No assurance in this regard can be given, however, since
future cash flows and the availability of financing will depend on a number of factors, including prevailing economic conditions
and financial, business and other factors beyond the Company&rsquo;s control.</font></p>

<p><font size="2" color="black" face="Times New Roman"></font></p>

<font size="2" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><font size="2" face="Times New Roman">18</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p><b><font size="2" face="Times New Roman">PART II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION</font></b></p>

<p><b><font size="2" face="Times New Roman"></font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="664">
<tr>
<td valign="top" width="68">
<p><b><font size="2" face="Times New Roman">Item 1.</font></b></p>
</td>
<td valign="top" width="592">
<p><a name="legalproceedins"><b><font size="2" face="Times New Roman">Legal Proceedings</font></b></a></p>
</td>
</tr>

<tr>
<td valign="top" width="68">&nbsp;</td>
<td valign="top" width="592"></td>
</tr>

<tr>
<td valign="top" width="68"></td>
<td valign="top" width="592">
<p><font size="2" face="Times New Roman">The Company is, from time to time, a party to litigation arising in the normal course of
its business.&nbsp; Management believes that the Company maintains adequate insurance coverage and as a result, none of these
actions, individually or in the aggregate, are expected to have a material adverse effect on the financial position or results of
operations of the Company.</font></p>
</td>
</tr>
</table>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="695">
<tr>
<td valign="top" width="68">
<p><b><font size="2" face="Times New Roman">Item 6.</font></b></p>
</td>
<td colspan="2" valign="top" width="623">
<p><b><font size="2" face="Times New Roman"><a name="Exhibits and Reports on Form 8-K">Exhibits and Reports on Form 8-K</a></font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="68">&nbsp;</td>
<td colspan="2" valign="top" width="623"></td>
</tr>

<tr>
<td valign="top" width="68"></td>
<td valign="top" width="43">
<p><font size="2" face="Times New Roman">(a)</font></p>
</td>
<td valign="top" width="578">
<p><font size="2" face="Times New Roman">Exhibits. &ndash; None</font></p>
</td>
</tr>

<tr>
<td valign="top" width="68">&nbsp;</td>
<td valign="top" width="43"></td>
<td valign="top" width="578"></td>
</tr>

<tr>
<td valign="top" width="68"></td>
<td valign="top" width="43">
<p><font size="2" face="Times New Roman">(b)</font></p>
</td>
<td valign="top" width="578">
<p><font size="2" face="Times New Roman">Reports on Form 8-K &ndash; No reports on Form 8-K were filed by the Registrant during the
three months ended March 31, 2002.</font></p>
</td>
</tr>
</table>

<p><b><font size="2" face="Times New Roman"></font></b></p>

<p><b><font size="2" face="Times New Roman"></font></b></p>

<p><b><font size="2" face="Times New Roman"></font></b></p>

<p align="center"><font size="2" face="Times New Roman">19</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p align="center"><b><font size="2" face="Times New Roman">SIGNATURES</font></b></p>

<p style="text-indent: 60"><font size="2" face="Times New Roman">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, Miller Industries, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</font></p>

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<p><font size="2" face="Times New Roman">MILLER INDUSTRIES, INC.</font></p>
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<tr>
<td valign="top" width="330">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
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<p><font size="2" face="Times New Roman">By<u><font color="blue">:&nbsp;&nbsp;&nbsp;<b><i>/s/ J. Vincent
Mish&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b></font></u></font></p>
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<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Vincent Mish</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</font></p>
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<p><font size="2" face="Times New Roman"></font></p>

<p><font size="2" face="Times New Roman">Date:&nbsp;&nbsp;&nbsp; May 15, 2002</font></p>

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<p align="center"><font size="2" face="Times New Roman">20</font></p>

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