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The Middleby Corporation Reports First Quarter Results

The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used for commercial food cooking, preparation and processing. The company's leading equipment brands serving the commercial foodservice industry include Anets®, Beech®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Carter Hoffmann®, CookTek®, CTX®, Doyon®, frifri®, Giga®, Holman®, Houno®, Jade®, Lang®, MagiKitch'n®, Middleby Marshall®, Nu-Vu®, PerfectFry®, Pitco Frialator®, Southbend®, Star®, Toastmaster®, TurboChef® and Wells®. The company’s leading equipment brands serving the food processing industry include Alkar®, Cozzini®, MP Equipment®, and RapidPak®. The Middleby Corporation has been recognized by Forbes Magazine as one of the Best Small Companies in 2008, 2009 and 2010.

For more information about The Middleby Corporation and the company brands, please visit www.middleby.com.

   
THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in 000’s, Except Per Share Information)
(Unaudited)

 

Three Months Ended

 

1 st Qtr, 2011 1 st Qtr, 2010
Net sales $ 182,572 $ 160,683
Cost of sales   110,742     97,210
 
Gross profit 71,830 63,473
 
Selling & distribution expenses 20,568 17,625
General & administrative expenses   19,898     19,413
 
Income from operations 31,364 26,435
 
Interest expense and deferred
financing amortization, net 2,060 2,475
Other income (expense), net   (162 )   344
 
Earnings before income taxes 29,466 23,616
 
Provision for income taxes   11,641     9,854
 
Net earnings $ 17,825   $ 13,762
 
 
Net earnings per share:
 
Basic $ 1.00   $ 0.78
 
Diluted $ 0.97   $ 0.74

Weighted average number shares:

 
Basic   17,901     17,754
 
Diluted   18,445     18,716

 
THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)
(Unaudited)
 
 
Apr 2, 2011 Jan 1, 2011
ASSETS
 
Cash and cash equivalents $ 9,258 $ 7,656
Accounts receivable, net 111,774 112,049
Inventories, net 116,225 106,463
Prepaid expenses and other 10,308 11,971
Current deferred tax assets 25,667   25,520
Total current assets 273,232 263,659
 
Property, plant and equipment, net 44,268 43,656
 
Goodwill 370,752 369,989
Other intangibles 187,085 189,254
Other assets 6,427   6,614
 
Total assets $ 881,764 $ 873,172
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current maturities of long-term debt $ 6,141 $ 5,097
Accounts payable 46,780 52,945
Accrued expenses 102,517   125,810
Total current liabilities 155,438 183,852
 
Long-term debt 233,455 208,920
Long-term deferred tax liability 12,672 11,858
Other non-current liabilities 44,245 43,629
 
Stockholders’ equity 435,954   424,913
 
Total liabilities and stockholders’ equity $ 881,764 $ 873,172




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