The Middleby Corporation Reports Fourth Quarter And Full Year 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®, Armor Inox®, Auto-Bake®, Cozzini®, Danfotech®, Drake®, 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								Twelve Months Ended
		4 th Qtr, 2011				4 th Qtr, 2010				4 th Qtr, 2011				4 th Qtr, 2010
Net sales		$	243,760			$	207,233			$	855,907			$	719,121
Cost of sales			144,108				124,140				511,770				432,444
Gross profit			99,652				83,093				344,137				286,677
Selling & distribution expenses			24,421				21,335				91,113				75,772
General & administrative expenses			30,319				27,145				104,314				88,117
Income from operations			44,912				34,613				148,710				122,788
Interest expense and deferred
financing amortization, net			2,000				1,694				8,503				8,592
Other (income) expense, net			(1,263	)			(483	)			(241	)			(40	)
Earnings before income taxes			44,175				33,402				140,448				114,236
Provision for income taxes			9,616				12,408				44,975				41,369
Net earnings		$	34,559			$	20,994			$	95,473			$	72,867
Net earnings per share:
Basic		$	1.92			$	1.18			$	5.30			$	4.09
Diluted		$	1.87			$	1.13			$	5.15			$	3.97
Weighted average number shares:
Basic			17,969				17,772				17,998				17,801
Diluted			18,505				18,537				18,534				18,337

THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in 000’s)
(Unaudited)
		Dec 31, 2011			Jan 1, 2011
ASSETS
Cash and cash equivalents		$ 40,216			$	7,656
Accounts receivable, net		151,441				112,049
Inventories, net		124,300				106,463
Prepaid expenses and other		12,336				11,971
Current deferred tax assets		39,090				25,520
Total current assets		367,383				263,659
Property, plant and equipment, net		62,507				43,656
Goodwill		477,812				369,989
Other intangibles		234,726				189,254
Other assets		4,084				6,614
Total assets		$ 1,146,512			$	873,172
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt		$ 315,831			$	5,097
Accounts payable		63,394				52,945
Accrued expenses		170,392				125,810
Total current liabilities		549,617				183,852
Long-term debt		1,504				208,920
Long-term deferred tax liability		37,845				11,858
Other non-current liabilities		46,577				43,629
Stockholders’ equity		510,969				424,913
Total liabilities and stockholders’ equity		$ 1,146,512			$	873,172

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