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The Middleby Corporation Reports Second 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 known as Turkington), Cozzini®, Danfotech®, Drake®, Maurer-Atmos®, MP Equipment®, RapidPak®, Spooner Vicars® and Stewart®. The company’s leading equipment brand servicing the residential kitchen industry includes Jade®, TurboChef® and Viking®. 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 COMPREHENSIVE INCOME

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

(Unaudited)

 

     

Three Months Ended

     

Six Months Ended

 

2 nd Qtr, 2013     2 nd Qtr, 2012 2 nd Qtr, 2013     2 nd Qtr, 2012
Net sales $ 363,801 $ 260,040 $ 691,252 $ 488,863
Cost of sales   227,227   158,224     433,410   299,564
 
Gross profit 136,574 101,816 257,842 189,299
 
Selling & distribution expenses 38,638 28,274 74,790 53,449
General & administrative expenses   37,611   28,204     80,532   53,852
 
Income from operations 60,325 45,338 102,520 81,998
 
Interest expense and deferred
financing amortization, net 4,046 1,967 7,480 4,058
Other expense (income), net   391   (380 )   604   887
 
Earnings before income taxes 55,888 43,751 94,436 77,053
 
Provision for income taxes   18,725   12,706     31,371   23,913
 
Net earnings $ 37,163 $ 31,045   $ 63,065 $ 53,140
 
 
Net earnings per share:
 
Basic $ 2.00 $ 1.70   $ 3.41 $ 2.92
 
Diluted $ 2.00 $ 1.67   $ 3.39 $ 2.87
 

Weighted average number shares:

 
Basic   18,585   18,267     18,490   18,207
 
Diluted   18,615   18,574     18,617   18,519
 
Comprehensive income $ 35,174 $ 23,592   $ 56,252 $ 51,686
 

 
THE MIDDLEBY CORPORATION
 

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

               
 
Jun 29, 2013 Dec 29, 2012
ASSETS
 
Cash and cash equivalents $ 34,406 $ 34,366
Accounts receivable, net 194,166 162,230
Inventories, net 204,245 153,490
Prepaid expenses and other 29,231 19,151
Prepaid taxes 12,610 --
Current deferred tax assets   43,479   43,365
Total current assets 518,137 412,602
 
Property, plant and equipment, net 111,783 63,886
 
Goodwill 690,462 526,011
Other intangibles 376,474 233,341
Other assets   13,695   8,440
 
Total assets $ 1,710,551 $ 1,244,280
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt $ 624 $ 1,850
Accounts payable 92,867 69,653
Accrued expenses   179,225   170,932
Total current liabilities 272,716 242,435
 
Long-term debt 617,409 258,220
Long-term deferred tax liability 44,588 44,838
Other non-current liabilities 51,259 48,760
 
Stockholders’ equity   724,579   650,027
 
Total liabilities and stockholders’ equity $ 1,710,551 $ 1,244,280
 




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