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The Middleby Corporation Reports Third Quarter Results

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
 

Nine Months Ended

 
3 rd Qtr, 2013   3 rd Qtr, 2012 3 rd Qtr, 2013   3 rd Qtr, 2012
Net sales $ 360,013 $ 257,699 $ 1,051,265 $ 746,562
Cost of sales   218,575   157,254   651,985   456,818
 
Gross profit 141,438 100,445 399,280 289,744
 
Selling & distribution expenses 41,769 25,965 116,559 79,414
General & administrative expenses   32,181   27,051   112,713   80,903
 
Income from operations 67,488 47,429 170,008 129,427
 
Interest expense and deferred
financing amortization, net 4,249 2,988 11,729 7,046
Other expense, net   1,394   2,765   1,998   3,652
 
Earnings before income taxes 61,845 41,676 156,281 118,729
 
Provision for income taxes   20,903   11,907   52,274   35,820
 
Net earnings $ 40,942 $ 29,769 $ 104,007 $ 82,909
 
Net earnings per share:
 
Basic $

2.19
$ 1.63 $

5.60
$ 4.55
 
Diluted $

2.18
$ 1.60 $

5.58
$ 4.47
 

Weighted average number shares:
 
Basic  

18,726
  18,296  

18,569
  18,237
 
Diluted  

18,742
  18,580  

18,655
  18,539
 
Comprehensive income $ 47,123 $ 35,956 $ 103,375 $ 87,642

 

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)
 
   
Sep 28, 2013 Dec 29, 2012
ASSETS
 
Cash and cash equivalents $ 29,355 $ 34,366
Accounts receivable, net 195,477 162,230
Inventories, net 209,758 153,490
Prepaid expenses and other 31,832 19,151
Prepaid taxes 3,323 -
Current deferred tax assets   44,403   43,365
Total current assets 514,148 412,602
 
Property, plant and equipment, net 117,739 63,886
 
Goodwill 635,718 526,011
Other intangibles 419,951 233,341
Other assets   12,932   8,440
 
Total assets $ 1,700,488 $ 1,244,280
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt $ 778 $ 1,850
Accounts payable 94,557 69,653
Accrued expenses   187,198   170,932
Total current liabilities 282,533 242,435
 
Long-term debt 536,608 258,220
Long-term deferred tax liability 45,065 44,838
Other non-current liabilities 54,779 48,760
 
Stockholders’ equity   781,503   650,027
 
Total liabilities and stockholders’ equity $ 1,700,488 $ 1,244,280
 

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