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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, 20121st Qtr, 2011
Net sales $ 228,823 $ 182,572
Cost of sales 141,340110,742
Gross profit 87,483 71,830
Selling & distribution expenses 25,175 20,568
General & administrative expenses 25,64819,898
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 11,20711,641
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 18,14817,901
Diluted 18,46518,445
Comprehensive income $28,094$18,458

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

Mar 31, 2012Dec 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 39,45339,090
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 3,9124,084
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 146,640170,392
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 539,743510,969
Total liabilities and stockholders’ equity $1,151,633$1,146,512

Contacts:

The Middleby Corporation
Darcy Bretz, Investor and Public Relations, (847) 429-7756
Tim FitzGerald, Chief Financial Officer, (847) 429-7744
Related Stocks:
Middleby Corp
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