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The Middleby Corporation Reports Third 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®, 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 Magazine as one of the Best Small Companies every year since 2005, most recently in October 2011.

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

 

Nine Months Ended

 

3 rd Qtr, 2011   3 rd Qtr, 2010

3 rd Qtr, 2011

 

3 rd Qtr, 2010

Net sales $ 218,720 $ 177,793 $ 612,147 $ 511,888
Cost of sales   131,402     107,106     367,662   308,304
 
Gross profit 87,318 70,687 244,485 203,584
 
Selling & distribution expenses 24,555 17,776 66,692 54,437
General & administrative expenses   25,577     20,900     73,995   60,972
 
Income from operations 37,186 32,011 103,798 88,175
 
Interest expense and deferred
financing amortization, net 2,324 2,177 6,503 6,898
Other (income) expense, net   (424 )   (121 )   1,022   443
 
Earnings before income taxes 35,286 29,955 96,273 80,834
 
Provision for income taxes   11,825     9,353     35,359   28,961
 
Net earnings $ 23,461   $ 20,602   $ 60,914 $ 51,873
 
 
Net earnings per share:
 
Basic $ 1.30   $ 1.16   $ 3.38 $ 2.91
 
Diluted $ 1.26   $ 1.13   $ 3.29 $ 2.84

Weighted average number shares:

 
Basic   18,040     17,815     17,998   17,811
 
Diluted   18,580     18,274     18,535   18,271
 

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

 
  October 1, 2011   January 1, 2011
ASSETS
 
Cash and cash equivalents $ 13,416 $ 7,656
Accounts receivable, net 136,670 112,049
Inventories, net 123,543 106,463
Prepaid expenses and other 9,591 11,971
Current deferred tax assets   25,960   25,520
Total current assets 309,180 263,659
 
Property, plant and equipment, net 59,460 43,656
 
Goodwill 439,700 369,989
Other intangibles 216,426 189,254
Other assets   5,601   6,614
 
Total assets $ 1,030,367 $ 873,172
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt $ 6,771 $ 5,097
Accounts payable 52,473 52,945
Accrued expenses   130,766   125,810
Total current liabilities 190,010 183,852
 
Long-term debt 296,868 208,920
Long-term deferred tax liability 21,505 11,858
Other non-current liabilities 46,123 43,629
 
Stockholders’ equity   475,861   424,913
 
Total liabilities and stockholders’ equity $ 1,030,367 $ 873,172
 




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