UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 8, 2013
THE
MIDDLEBY CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
Delaware |
1-9973 |
36-3352497 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1400 Toastmaster Drive, Elgin, Illinois |
60120 |
(Address of Principal Executive Offices) | (Zip Code) |
(847) 741-3300
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 |
Results of Operations and Financial Condition. |
On May 8, 2013, The Middleby Corporation (the “Company”) issued a press release announcing its financial results for the first quarter ended March 30, 2013. A copy of that press release is furnished as Exhibit 99.1 and incorporated herein by reference.
The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K (including the exhibit hereto) shall not be considered "filed" under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered "filed" or incorporated by reference therein.
Item 9.01. |
Financial Statements and Exhibits. |
(c) |
Exhibits. |
Exhibit No. |
Description |
Exhibit 99.1 |
The Middleby Corporation press release dated May 8, 2013. |
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE MIDDLEBY CORPORATION |
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Dated: |
May 8, 2013 | By: |
/s/ Timothy J. FitzGerald |
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Timothy J. FitzGerald |
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Vice President, |
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Chief Financial Officer and |
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Chief Accounting Officer |
Exhibit Index
Exhibit No. |
Description | |
Exhibit 99.1 |
The Middleby Corporation press release dated May 8, 2013. |
Exhibit 99.1
The Middleby Corporation Reports First Quarter Results
ELGIN, Ill.--(BUSINESS WIRE)--May 8, 2013--The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing and residential kitchen equipment industries, today reported net sales and earnings for the first quarter ended March 30, 2013. Net earnings for the first quarter were $25,902,000 or $1.39 per share on net sales of $327,451,000 as compared to the prior year first quarter net earnings of $22,095,000 or $1.20 per share on net sales of $228,823,000.
2013 First Quarter Financial Highlights
Selim A. Bassoul Chairman and Chief Executive Officer, commented, “In the first quarter, at our Commercial Foodservice Equipment Group, we realized continued growth reflecting increased sales with chain restaurant customers as they upgrade equipment and adopt new technologies to improve the efficiency of store operations. Additionally, we continued to realize international sales growth due in part to our continued investment in emerging markets.”
Mr. Bassoul continued, “We also continued to realize strong sales growth at our Food Processing Equipment Group 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. We are realizing synergies in sales and marketing efforts as we are leveraging resources and capabilities across our expanded portfolio of leading food processing brands, which is contributing to our sales growth.”
Mr. Bassoul continued, “During the first quarter we made significant progress related to integration initiatives at Viking. We realized an EBITDA margin of approximately 12% in the quarter and anticipate profitability will continue to improve during the upcoming quarters as we realize the impact of cost reduction actions completed during the first quarter and we complete additional ongoing initiatives. We are also making significant progress with efforts to enhance customer service, assure the highest levels of product quality and develop a pipeline of new products for future introduction. We are very pleased with the results in the first several months and remain confident in our expectations for this acquisition.”
Conference Call
A conference call will be held at 10:00 a.m. Central time on Thursday, May 9, and can be accessed by dialing (866) 551-3680 and providing conference code 69161591# 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) 551-4520 and providing code 287271#, and participant PIN code 69161591#.
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®, Nieco®, 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 known as Turkington), Cozzini®, Danfotech®, Drake®, Maurer-Atmos®, MP Equipment®, RapidPak® and Spooner Vicars® and Stewart®. The company’s leading equipment brand servicing the residential kitchen industry includes Jade®, TurboChef® and Viking®. The Middleby Corporation has been recognized by Forbes Magazine as one of the Best Small Companies every year since 2005, most recently in October 2012.
For more information about The Middleby Corporation and the company brands, please visit www.middleby.com.
THE MIDDLEBY CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
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(Amounts in 000’s, Except Per Share Information) |
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(Unaudited) |
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Three Months Ended |
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1st Qtr, 2013 | 1st Qtr, 2012 | ||||
Net sales | $ | 327,451 | $ | 228,823 | ||
Cost of sales | 206,183 | 141,340 | ||||
Gross profit | 121,268 | 87,483 | ||||
Selling & distribution expenses | 36,152 | 25,175 | ||||
General & administrative expenses | 42,921 | 25,648 | ||||
Income from operations | 42,195 | 36,660 | ||||
Interest expense and deferred | ||||||
financing amortization, net | 3,434 | 2,091 | ||||
Other expense (income), net |
213 |
1,267 |
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Earnings before income taxes | 38,548 | 33,302 | ||||
Provision for income taxes | 12,646 | 11,207 | ||||
Net earnings | $ | 25,902 | $ | 22,095 | ||
Net earnings per share: | ||||||
Basic | $ | 1.41 | $ | 1.22 | ||
Diluted | $ | 1.39 | $ | 1.20 | ||
Weighted average number shares: |
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Basic | 18,395 | 18,148 | ||||
Diluted | 18,618 | 18,465 | ||||
Comprehensive income | $ | 21,078 | $ | 28,094 |
THE MIDDLEBY CORPORATION | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Amounts in 000’s) |
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(Unaudited) |
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Mar 30, 2013 |
Dec 29, 2012 |
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ASSETS | ||||||
Cash and cash equivalents | $ 43,769 | $ | 34,366 | |||
Accounts receivable, net | 189,971 | 162,230 | ||||
Inventories, net | 187,026 | 153,490 | ||||
Prepaid expenses and other | 25,821 | 19,151 | ||||
Current deferred tax assets | 43,566 | 43,365 | ||||
Total current assets | 490,153 | 412,602 | ||||
Property, plant and equipment, net | 139,317 | 63,886 | ||||
Goodwill | 667,609 | 526,011 | ||||
Other intangibles | 379,432 | 233,341 | ||||
Other assets | 21,243 | 8,440 | ||||
Total assets | $ 1,697,754 | $ | 1,244,280 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Current maturities of long-term debt | $ 1,669 | $ | 1,850 | |||
Accounts payable | 88,879 | 69,653 | ||||
Accrued expenses | 199,479 | 170,932 | ||||
Total current liabilities | 290,027 | 242,435 | ||||
Long-term debt | 636,757 | 258,220 | ||||
Long-term deferred tax liability | 43,947 | 44,838 | ||||
Other non-current liabilities | 52,942 | 48,760 | ||||
Stockholders’ equity | 674,081 | 650,027 | ||||
Total liabilities and stockholders’ equity | $ 1,697,754 | $ | 1,244,280 |
CONTACT:
The Middleby Corporation
Darcy Bretz, Investor and Public
Relations, (847) 429-7756
Tim FitzGerald, Chief Financial Officer,
(847) 429-7744