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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®, 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®, Spooner Vicars® and Stewart Systems®. The company’s leading equipment brands serving the residential kitchen equipment industry includes Jade®, Viking® and Turbochef®. The Middleby Corporation has been recognized by Forbes Magazine 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 EARNINGS

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

(Unaudited)

 

 

Three Months Ended

Twelve Months Ended

 

4 th Qtr, 2012 4 th Qtr, 2011 4 th Qtr, 2012 4 th Qtr, 2011
Net sales $ 291,612 $ 243,760 $ 1,038,174 $ 855,907
Cost of sales   178,367   144,108     635,185   511,770  
 
Gross profit 113,245 99,652 402,989 344,137
 
Selling & distribution expenses 26,715 24,421 106,129 91,113
General & administrative expenses   27,873   30,319     108,776   104,314  
 
Income from operations 58,657 44,912 188,084 148,710
 

Interest expense and deferred financing amortization, net

2,192 2,000 9,238 8,503
Other expense (income), net   754   (1,263 )   4,406   (241 )
 
Earnings before income taxes 55,711 44,175 174,440 140,448
 
Provision for income taxes   17,923   9,616     53,743   44,975  
 
Net earnings $ 37,788 $ 34,559   $ 120,697 $ 95,473  
 
 
Net earnings per share:
 
Basic $ 2.06 $ 1.92   $ 6.61 $ 5.30  
 
Diluted $ 2.03 $ 1.87   $ 6.49 $ 5.15  

Weighted average number shares:

 
Basic   18,333   17,969     18,265   17,998  
 
Diluted   18,573   18,505     18,594   18,534  
   
THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

 
 
Dec 29, 2012 Dec 31, 2011
ASSETS
 
Cash and cash equivalents $ 34,366 $ 40,216
Accounts receivable, net 162,230 151,441
Inventories, net 153,490 124,300
Prepaid expenses and other 19,151 12,336
Current deferred tax assets   43,365   39,090
Total current assets 412,602 367,383
 
Property, plant and equipment, net 63,886 62,507
 
Goodwill 526,011 477,812
Other intangibles 233,341 234,726
Other assets   8,440   4,084
 
Total assets $ 1,244,280 $ 1,146,512
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current maturities of long-term debt $ 1,850 $ 315,831
Accounts payable 69,653 63,394
Accrued expenses   170,932   170,392
Total current liabilities 242,435 549,617
 
Long-term debt 258,220 1,504
Long-term deferred tax liability 44,838 37,845
Other non-current liabilities 48,760 46,577
 
Stockholders’ equity   650,027   510,969
 
Total liabilities and stockholders’ equity $ 1,244,280 $ 1,146,512




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