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a Mortgage tions 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 |
Contacts:
The Middleby Corporation
Darcy Bretz, Investor and Public
Relations, (847) 429-7756
Tim FitzGerald, Chief Financial Officer,
(847) 429-7744