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Age Finance Ctxmortgagemortgagerefi Ctx Mortgage Mortgage High Szh Ctx Mortgage Mortgage The Middleby Corporation Reports First Quarter Results | Stock Market Summary (NSDQ, NYSE, AMEX and more) on Boston.com
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Net sales at the company’s Food Processing Equipment Group increased
75.3% in the first quarter as compared to the prior year first
quarter. During fiscal 2011, the company completed the acquisitions of
Auto-Bake, Maurer-Atmos, Danfotech, Drake and Armor Inox. During
fiscal 2012, the company completed the acquisition of Turkington.
Excluding the impact of the acquisitions, sales increased by 1.3% in
the first quarter.
Gross profit in the first quarter increased to $87.5 million from
$71.8 million and the gross margin rate decreased from 39.3% from
38.2%. The decline in the gross margin rate reflects a higher mix of
sales at the Food Processing Equipment Group, which have comparatively
lower margin due in part to the recent acquisitions.
Operating income increased 16.9% in the first quarter to $36.7 million
from $31.4 million in the prior year quarter.
Non-cash expenses during the first quarter of 2012 amounted to $9.8
million, including $2.1 million of depreciation, $5.0 million of
intangible amortization and $2.7 million of non-cash share based
compensation.
Provisions for income taxes amounted to $11.2 million at a 33.7%
effective rate in comparison to $11.6 million at a 39.5% effective
rate in the prior year quarter. The first quarter tax provision
reflects favorable reserve adjustments related to the reduction of
state tax exposures and increased deductions for U.S. manufacturing
activities.
Total debt at the end of the 2012 first quarter amounted to $316.6
million as compared to $317.3 million at the end of 2011. The
company’s debt is financed primarily under its $600.0 million senior
revolving credit facility, which matures in December 2012. The company
is currently in discussion with its banking partners and expects to
enter into a similarly structured facility.
Selim A. Bassoul Chairman and Chief Executive Officer, commented, “In
the first quarter, at our Commercial Foodservice Equipment Group, we
realized continued growth in our commercial foodservice business
reflecting increased sales with chain restaurant customers as they
upgrade equipment and adopt new technologies to improve the efficiency
of store operations.”
Mr. Bassoul continued, “Sales at our Food Processing Equipment Group
increased slightly as increased incoming orders in the second half of
last year began to translate into revenue growth. We continued to
realize a strong incoming order rate in the first quarter reflecting
growing demand from food processors looking to expand and modernize
existing plant operations and new customers developing processing
operations overseas due to increasing demand for pre-cooked and
pre-processed foods in developing markets.”
Mr. Bassoul continued, “In the first quarter, we continued to execute on
our acquisition strategy, adding the products of Turkington USA to our
portfolio of leading technologies at the Food Processing Equipment
Group. Turkington USA, is a leading manufacturer of automated baking
equipment for the food processing industry located in North Carolina.
This acquisition further extends Middleby’s food processing platform
adding a comprehensive line of proofing ovens, baking ovens and chilling
systems for baked goods and a variety of applications. The Turkington
equipment provides for a superior bake at industry leading speeds. This
acquisition complements our Auto-Bake business and further enhances
Middleby’s overall food processing business.”
Conference Call
A conference call will be held at 9:30 a.m. Central time on May 11, 2012
and can be accessed by dialing (866) 200-6965 and providing conference
code 73379731# or through the investor relations section of The Middleby
Corporation website at www.middleby.com.
An audio replay of the call will be available approximately one half
hour after its completion and can be accessed by calling (866) 206-0173
and providing code 272546#.
Statements in this press release or otherwise attributable to the
Company regarding the Company's business which are not historical fact
are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. The
Company cautions investors that such statements are estimates of future
performance and are highly dependent upon a variety of important factors
that could cause actual results to differ materially from such
statements. Such factors include variability in financing costs;
quarterly variations in operating results; dependence on key customers;
international exposure; foreign exchange and political risks affecting
international sales; changing market conditions; the impact of
competitive products and pricing; the timely development and market
acceptance of the Company's products; the availability and cost of raw
materials; and other risks detailed herein and from time-to-time in the
Company's SEC filings.
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®, RapidPak®
and Turkington®. 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
COMPREHENSIVE INCOME |
(Amounts in 000’s, Except Per Share Information)
|
(Unaudited)
|
|
| | Three Months Ended |
| | 1st Qtr, 2012 | | 1st Qtr, 2011 |
|
Net sales
| |
$
|
228,823
| |
$
|
182,572
| |
|
Cost of sales
| | | 141,340 | | | 110,742 | |
| | | | |
|
Gross profit
| | |
87,483
| | |
71,830
| |
| | | | |
|
Selling & distribution expenses
| | |
25,175
| | |
20,568
| |
|
General & administrative expenses
| | | 25,648 | | | 19,898 | |
| | | | |
|
Income from operations
| | |
36,660
| | |
31,364
| |
| | | | |
|
Interest expense and deferred
| | | | |
|
financing amortization, net
| | |
2,091
| | |
2,060
| |
|
Other expense (income), net
| | | 1,267 | | | (162 |
)
|
| | | | |
|
Earnings before income taxes
| | |
33,302
| | |
29,466
| |
| | | | |
|
Provision for income taxes
| | | 11,207 | | | 11,641 | |
| | | | |
|
Net earnings
| | $ | 22,095 | | $ | 17,825 | |
| | | | |
| | | | |
|
Net earnings per share:
| | | | |
|
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