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Ctxmortgagemortgagerefi 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: | |||||||
| Basic | $ | 1.22 | $ | 1.00 | |||
| Diluted | $ | 1.20 | $ | 0.97 | |||
Weighted average number shares: | |||||||
| Basic | 18,148 | 17,901 | |||||
| Diluted | 18,465 | 18,445 | |||||
| Comprehensive income | $ | 28,094 | $ | 18,458 |
| THE MIDDLEBY CORPORATION | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Amounts in 000’s) | ||||||
(Unaudited) | ||||||
| Mar 31, 2012 | Dec 31, 2011 | |||||
| ASSETS | ||||||
| Cash and cash equivalents | $ | 28,713 | $ | 40,216 | ||
| Accounts receivable, net | 138,903 | 151,441 | ||||
| Inventories, net | 138,069 | 124,300 | ||||
| Prepaid expenses and other | 20,588 | 12,336 | ||||
| Current deferred tax assets | 39,453 | 39,090 | ||||
| Total current assets | 365,726 | 367,383 | ||||
| Property, plant and equipment, net | 62,907 | 62,507 | ||||
| Goodwill | 487,290 | 477,812 | ||||
| Other intangibles | 231,798 | 234,726 | ||||
| Other assets | 3,912 | 4,084 | ||||
| Total assets | $ | 1,151,633 | $ | 1,146,512 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current maturities of long-term debt | $ | 315,104 | $ | 315,831 | ||
| Accounts payable | 60,830 | 63,394 | ||||
| Accrued expenses | 146,640 | 170,392 | ||||
| Total current liabilities | 522,574 | 549,617 | ||||
| Long-term debt | 1,519 | 1,504 | ||||
| Long-term deferred tax liability | 42,199 | 37,845 | ||||
| Other non-current liabilities | 45,598 | 46,577 | ||||
| Stockholders’ equity | 539,743 | 510,969 | ||||
| Total liabilities and stockholders’ equity | $ | 1,151,633 | $ | 1,146,512 |