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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®, 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®, RapidPak® and Turkington®. 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 COMPREHENSIVE INCOME

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

(Unaudited)

 

Three Months Ended

 

1st Qtr, 2012 1 st Qtr, 2011
Net sales $ 228,823 $ 182,572
Cost of sales   141,340   110,742  
 
Gross profit 87,483 71,830
 
Selling & distribution expenses 25,175 20,568
General & administrative expenses   25,648   19,898  
 
Income from operations 36,660 31,364
 
Interest expense and deferred
financing amortization, net 2,091 2,060
Other expense (income), net   1,267   (162 )
 
Earnings before income taxes 33,302 29,466
 
Provision for income taxes   11,207   11,641  
 
Net earnings $ 22,095 $ 17,825  
 
 
Net earnings per share:
 
Basic $ 1.22 $ 1.00  
 
Diluted $ 1.20 $ 0.97  
 

Weighted average number shares:

 
Basic   18,148   17,901  
 
Diluted   18,465   18,445  
 
Comprehensive income $ 28,094 $ 18,458  

   
THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

 
Mar 31, 2012 Dec 31, 2011
ASSETS
 
Cash and cash equivalents $ 28,713 $ 40,216
Accounts receivable, net 138,903 151,441
Inventories, net 138,069 124,300
Prepaid expenses and other 20,588 12,336
Current deferred tax assets   39,453   39,090
Total current assets 365,726 367,383
 
Property, plant and equipment, net 62,907 62,507
 
Goodwill 487,290 477,812
Other intangibles 231,798 234,726
Other assets   3,912   4,084
 
Total assets $ 1,151,633 $ 1,146,512
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current maturities of long-term debt $ 315,104 $ 315,831
Accounts payable 60,830 63,394
Accrued expenses   146,640   170,392
Total current liabilities 522,574 549,617
 
Long-term debt 1,519 1,504
Long-term deferred tax liability 42,199 37,845
Other non-current liabilities 45,598 46,577
 
Stockholders’ equity   539,743   510,969
 
Total liabilities and stockholders’ equity $ 1,151,633 $ 1,146,512




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