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®, and RapidPak®. 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 EARNINGS

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

(Unaudited)

 

Three Months Ended

Twelve Months Ended

 
4 th Qtr, 2011 4 th Qtr, 2010 4 th Qtr, 2011 4 th Qtr, 2010
Net sales $ 243,760 $ 207,233 $ 855,907 $ 719,121
Cost of sales   144,108     124,140     511,770     432,444  
 
Gross profit 99,652 83,093 344,137 286,677
 
Selling & distribution expenses 24,421 21,335 91,113 75,772
General & administrative expenses   30,319     27,145     104,314     88,117  
 
Income from operations 44,912 34,613 148,710 122,788
 
Interest expense and deferred
financing amortization, net 2,000 1,694 8,503 8,592
Other (income) expense, net   (1,263 )   (483 )   (241 )   (40 )
 
Earnings before income taxes 44,175 33,402 140,448 114,236
 
Provision for income taxes   9,616     12,408     44,975     41,369  
 
Net earnings $ 34,559   $ 20,994   $ 95,473   $ 72,867  
 
 
Net earnings per share:
 
Basic $ 1.92   $ 1.18   $ 5.30   $ 4.09  
 
Diluted $ 1.87   $ 1.13   $ 5.15   $ 3.97  

Weighted average number shares:
 
Basic   17,969     17,772     17,998     17,801  
 
Diluted   18,505     18,537     18,534     18,337  

   
THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)
 
Dec 31, 2011 Jan 1, 2011
ASSETS
 
Cash and cash equivalents $ 40,216 $ 7,656
Accounts receivable, net 151,441 112,049
Inventories, net 124,300 106,463
Prepaid expenses and other 12,336 11,971
Current deferred tax assets 39,090   25,520
Total current assets 367,383 263,659
 
Property, plant and equipment, net 62,507 43,656
 
Goodwill 477,812 369,989
Other intangibles 234,726 189,254
Other assets 4,084   6,614
 
Total assets $ 1,146,512 $ 873,172
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current maturities of long-term debt $ 315,831 $ 5,097
Accounts payable 63,394 52,945
Accrued expenses 170,392   125,810
Total current liabilities 549,617 183,852
 
Long-term debt 1,504 208,920
Long-term deferred tax liability 37,845 11,858
Other non-current liabilities 46,577 43,629
 
Stockholders’ equity 510,969   424,913
 
Total liabilities and stockholders’ equity $ 1,146,512 $ 873,172

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