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The Middleby Corporation Reports Third 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®, Nieco®, 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®, Baker Thermal Solutions® (formerly Turkington), Cozzini®, Danfotech®, Drake®, Maurer-Atmos®, MP Equipment®, RapidPak® and Stewart®. The Middleby Corporation has been recognized by Forbes as one of the Best Small Companies every year since 2005, most recently in October 2012.

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

Nine Months Ended

 

3 rd Qtr, 2012 3 rd Qtr, 2011 3 rd Qtr, 2012 3 rd Qtr, 2011
Net sales $ 257,699 $ 218,720 $ 746,562 $ 612,147
Cost of sales   157,254   131,402     456,818   367,662
 
Gross profit 100,445 87,318 289,744 244,485
 
Selling & distribution expenses 25,965 24,555 79,414 66,692
General & administrative expenses   27,051   25,577     80,903   73,995
 
Income from operations 47,429 37,186 129,427 103,798
 
Interest expense and deferred
financing amortization, net 2,988 2,324 7,046 6,503
Other expense (income), net   2,765   (424 )   3,652   1,022
 
Earnings before income taxes 41,676 35,286 118,729 96,273
 
Provision for income taxes   11,907   11,825     35,820   35,359
 
Net earnings $ 29,769 $ 23,461   $ 82,909 $ 60,914
 
 
Net earnings per share:
 
Basic $ 1.63 $ 1.30   $ 4.55 $ 3.38
 
Diluted $ 1.60 $ 1.26   $ 4.47 $ 3.29

Weighted average number shares:

 
Basic   18,296   18,040     18,237   17,998
 
Diluted   18,580   18,580     18,539   18,535
 
Comprehensive income $ 35,956 $ 11,881   $ 87,642 $ 50,980

   
THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

 
Sep 29, 2012

Dec 31, 2011

ASSETS
 
Cash and cash equivalents $ 35,105 $ 40,216
Accounts receivable, net 145,109 151,441
Inventories, net 147,021 124,300
Prepaid expenses and other 20,200 12,336
Current deferred tax assets 37,119   39,090
Total current assets 384,554 367,383
 
Property, plant and equipment, net 64,042 62,507
 
Goodwill 505,183 477,812
Other intangibles 230,062 234,726
Other assets 10,161   4,084
 
Total assets $ 1,194,002 $ 1,146,512
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt $ 3,409 $ 315,831
Accounts payable 74,101 63,394
Accrued expenses 155,862   170,392
Total current liabilities 233,372 549,617
 
Long-term debt 265,905 1,504
Long-term deferred tax liability 36,820 37,845
Other non-current liabilities 51,722 46,577
 
Stockholders’ equity 606,183   510,969
 
Total liabilities and stockholders’ equity $ 1,194,002 $ 1,146,512




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