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®, Baker Thermal Solutions® (formerly Turkington), Cozzini®, Danfotech®, Drake®, Maurer-Atmos®, MP Equipment® and RapidPak®. The Middleby Corporation has been recognized by Forbes 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

Six Months Ended

 
2 nd Qtr, 2012 2 nd Qtr, 2011 2 nd Qtr, 2012 2 nd Qtr, 2011
 
Net sales $ 260,040 $ 210,855 $ 488,863 $ 393,427
Cost of sales   158,224     125,518   299,564   236,260
 
Gross profit 101,816 85,337 189,299 157,167
 
Selling & distribution expenses 28,274 21,569 53,449 42,137
General & administrative expenses   28,204     28,520   53,852   48,418
 
Income from operations 45,338 35,248 81,998 66,612
 
Interest expense and deferred
financing amortization, net 1,967 2,119 4,058 4,179
Other (income) expense, net   (380 )   1,608   887   1,446
 
Earnings before income taxes 43,751 31,521 77,053 60,987
 
Provision for income taxes   12,706     11,893   23,913   23,534
 
Net earnings $ 31,045   $ 19,628 $ 53,140 $ 37,453
 
 
Net earnings per share:
 
Basic $ 1.70   $ 1.09 $ 2.92 $ 2.08
 
Diluted $ 1.67   $ 1.06 $ 2.87 $ 2.02
 

Weighted average number shares:
 
Basic   18,267     18,052   18,207   17,976
 
Diluted   18,574     18,579   18,519   18,512
 
Comprehensive income $ 23,592   $ 20,641 $ 51,686 $ 39,099
 

       
THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in 000’s)
(Unaudited)
 
Jun 30, 2012 Dec 31, 2012
ASSETS
 
Cash and cash equivalents $ 35,227 $ 40,216
Accounts receivable, net 140,665 151,441
Inventories, net 131,559 124,300
Prepaid expenses and other 19,318 12,336
Current deferred tax assets 36,554   39,090
Total current assets 363,323 367,383
 
Property, plant and equipment, net 62,206 62,507
 
Goodwill 484,627 477,812
Other intangibles 226,137 234,726
Other assets 4,721   4,084
 
Total assets $ 1,141,014 $ 1,146,512
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt $ 5,696 $ 315,831
Accounts payable 66,524 63,394
Accrued expenses 147,300   170,392
Total current liabilities 219,520 549,617
 
Long-term debt 268,503 1,504
Long-term deferred tax liability 40,281 37,845
Other non-current liabilities 46,405 46,577
 
Stockholders’ equity 566,305   510,969
 
Total liabilities and stockholders’ equity $ 1,141,014 $ 1,146,512

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