- Net sales increased 17.6% in the fourth quarter of 2011 over the prior year period. Excluding the impact of acquisitions, sales increased 5.9% during the fourth quarter.
- Net sales at the company’s Commercial Foodservice Equipment Group in the fourth quarter increased 25.1% over the prior year period. Excluding the impact of acquisitions, sales increased 15.9% over the prior year period. Revenue from the Commercial Foodservice Equipment Group continues to reflect growing sales with chain restaurant customers as they upgrade equipment and adopt new technologies to improve the efficiency of store operations. The company also continued to realize strong international growth, reflecting increased business in emerging markets and market penetration resulting from investments in the company’s expanding international selling organization.
- Net sales at the company’s Food Processing Equipment Group in the fourth quarter decreased by 8.9%. Excluding acquisitions, net sales for the group declined 28.6%, as compared to a record fourth quarter in 2010. In the prior year, numerous customer projects, which had been deferred in 2008 and 2009 during the economic downturn, were realized resulting in higher revenues. Despite the sales decline, the incoming order rate during the fourth quarter and second half of 2011 increased by more than 20%, reflecting strong demand from food processors looking to expand and modernize existing plant operations and new customers developing processing operations overseas due to growing demand for precooked and preprocessed foods in developing markets.
- Debt at December 31, 2011 was $317.3 million as compared to $303.6 at the end of the 2011 third quarter. The net increase in debt of $13.7 million during the fourth quarter reflects investments of $69.0 million to fund the acquisitions of Drake and Armor Inox, offset by $55.3 million in debt reductions primarily from cash flows generated from business operations.
The Middleby Corporation Announces 4th Quarter Earnings Release Date And Preliminary Financial Highlights
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