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TheStreet Open House

The Middleby Corporation Reports Second Quarter Results

Stocks in this article: MIDD

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®, Britannia®, Carter Hoffmann®, CookTek®, CTX®, Doyon®, frifri®, Giga®, Holman®, Houno®, IMC®, Jade®, Lang®, Lincat®, 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®, Auto-Bake®, Cozzini®, Danfotech®, Maurer-Atmos®, MP Equipment®, and RapidPak®. The Middleby Corporation has been recognized by Forbes 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

Six Months Ended

 

2 nd Qtr, 2011 2 nd Qtr, 2010 2 nd Qtr, 2011 2 nd Qtr, 2010
Net sales $ 210,855 $ 173,412 $ 393,427 $ 334,095
Cost of sales   125,518   103,988   236,260   201,198
 
Gross profit 85,337 69,424 157,167 132,897
 
Selling & distribution expenses 21,569 19,036 42,137 36,661
General & administrative expenses   28,520   20,659   48,418   40,072
 
Income from operations 35,248 29,729 66,612 56,164
 
Interest expense and deferred
financing amortization, net 2,119 2,246 4,179 4,721
Other expense, net   1,608   220   1,446   564
 
Earnings before income taxes 31,521 27,263 60,987 50,879
 
Provision for income taxes   11,893   9,754   23,534   19,608
 
Net earnings $ 19,628 $ 17,509 $ 37,453 $ 31,271
 
 
Net earnings per share:
 
Basic $ 1.09 $ 0.98 $ 2.08 $ 1.76
 
Diluted $ 1.06 $ 0.96 $ 2.02 $ 1.71

Weighted average number shares:

 
Basic   18,052   17,863   17,976   17,808
 
Diluted   18,579   18,322   18,512   18,269

     
THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

 
 
July 2, 2011   January 1, 2011
ASSETS
 
Cash and cash equivalents $ 21,389 $ 7,656
Accounts receivable, net 130,737 112,049
Inventories, net 122,114 106,463
Prepaid expenses and other 11,325 11,971
Current deferred tax assets 25,813   25,520
Total current assets 311,378 263,659
 
Property, plant and equipment, net 57,142 43,656
 
Goodwill 426,708 369,989
Other intangibles 216,966 189,254
Other assets 6,892   6,614
 
Total assets $ 1,019,086 $ 873,172
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt $ 7,033 $ 5,097
Accounts payable 55,773 52,945
Accrued expenses 119,830   125,810
Total current liabilities 182,636 183,852
 
Long-term debt 302,411 208,920
Long-term deferred tax liability 26,497 11,858
Other non-current liabilities 45,410 43,629
 
Stockholders’ equity 462,132   424,913
 
Total liabilities and stockholders’ equity $ 1,019,086 $ 873,172




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