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): August 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 August 8, 2013, The Middleby Corporation (the “Company”) issued a press release announcing its financial results for the second quarter ended June 29, 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 August 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: |
August 8, 2013 | By: |
/s/ Timothy J. FitzGerald |
|
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 August 8, 2013. |
Exhibit 99.1
The Middleby Corporation Reports Second Quarter Results
ELGIN, Ill.--(BUSINESS WIRE)--August 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 second quarter ended June 29, 2013. Net earnings for the second quarter were $37,163,000 or $2.00 per share on net sales of $363,801,000 as compared to the prior year second quarter net earnings of $31,045,000 or $1.67 per share on net sales of $260,040,000.
2013 Second Quarter Financial Highlights
Selim A. Bassoul Chairman and Chief Executive Officer, commented, “We continued to realize strong growth at both the Commercial Foodservice Equipment Group and the Food Processing Group. Increased revenues in both segments reflect demand from customers adopting new technologies to improve the efficiency of their operations and continued expansion in international markets.”
Mr. Bassoul continued, “We continue to make progress related to integration initiatives at Viking. We realized continued improvement in the EBITDA margin, which expanded to 15% in the second quarter. We anticipate continued profit improvement in the second half of 2013 and remain confident in our 20% expectation of EBITDA margins for this business by the end of next year.”
Mr. Bassoul added, “At Viking, we also continued to make significant progress with initiatives to assure the highest levels of product quality and customer service. In conjunction with these efforts, we completed the acquisition of several Viking former U.S. distributors, which account for approximately 40% of the domestic revenues. These acquisitions will allow us to control and enhance critical aspects of the sales, marketing and customer support processes. We expect to finalize our reorganization of the domestic distribution channels in the second half of the 2013.”
Mr. Bassoul further commented, “We are also very excited about the significant pipeline of new Viking products and product enhancements scheduled for introduction in the second half of this year. This includes the introduction of several new products and technologies adopted from our Commercial Foodservice business, such as a new high speed oven developed in conjunction with Turbochef. We have also focused heavily on development of products specifically for the international markets, obtaining international certifications for approximately one-hundred products that we now can offer to markets outside of the U.S.”
Conference Call
A conference call will be held at 10:00 a.m. Central time on Friday, August 9, 2013 and can be accessed by dialing (855) 410-0553 and providing conference code 596645# 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 (877) 764-8714 and providing code 338996#.
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®, 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 | |||||||||||||||||||
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 |
Six Months Ended |
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2nd Qtr, 2013 | 2nd Qtr, 2012 | 2nd Qtr, 2013 | 2nd Qtr, 2012 | |||||||||||||||
Net sales | $ | 363,801 | $ | 260,040 | $ | 691,252 | $ | 488,863 | |||||||||||
Cost of sales | 227,227 | 158,224 | 433,410 | 299,564 | |||||||||||||||
Gross profit | 136,574 | 101,816 | 257,842 | 189,299 | |||||||||||||||
Selling & distribution expenses | 38,638 | 28,274 | 74,790 | 53,449 | |||||||||||||||
General & administrative expenses | 37,611 | 28,204 | 80,532 | 53,852 | |||||||||||||||
Income from operations | 60,325 | 45,338 | 102,520 | 81,998 | |||||||||||||||
Interest expense and deferred | |||||||||||||||||||
financing amortization, net | 4,046 | 1,967 | 7,480 | 4,058 | |||||||||||||||
Other expense (income), net | 391 | (380 | ) | 604 | 887 | ||||||||||||||
Earnings before income taxes | 55,888 | 43,751 | 94,436 | 77,053 | |||||||||||||||
Provision for income taxes | 18,725 | 12,706 | 31,371 | 23,913 | |||||||||||||||
Net earnings | $ | 37,163 | $ | 31,045 | $ | 63,065 | $ | 53,140 | |||||||||||
Net earnings per share: | |||||||||||||||||||
Basic | $ | 2.00 | $ | 1.70 | $ | 3.41 | $ | 2.92 | |||||||||||
Diluted | $ | 2.00 | $ | 1.67 | $ | 3.39 | $ | 2.87 | |||||||||||
Weighted average number shares: |
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Basic | 18,585 | 18,267 | 18,490 | 18,207 | |||||||||||||||
Diluted | 18,615 | 18,574 | 18,617 | 18,519 | |||||||||||||||
Comprehensive income | $ | 35,174 | $ | 23,592 | $ | 56,252 | $ | 51,686 | |||||||||||
THE MIDDLEBY CORPORATION | ||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Amounts in 000’s) |
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(Unaudited) |
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Jun 29, 2013 | Dec 29, 2012 | |||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 34,406 | $ | 34,366 | ||||||||
Accounts receivable, net | 194,166 | 162,230 | ||||||||||
Inventories, net | 204,245 | 153,490 | ||||||||||
Prepaid expenses and other | 29,231 | 19,151 | ||||||||||
Prepaid taxes | 12,610 | -- | ||||||||||
Current deferred tax assets | 43,479 | 43,365 | ||||||||||
Total current assets | 518,137 | 412,602 | ||||||||||
Property, plant and equipment, net | 111,783 | 63,886 | ||||||||||
Goodwill | 690,462 | 526,011 | ||||||||||
Other intangibles | 376,474 | 233,341 | ||||||||||
Other assets | 13,695 | 8,440 | ||||||||||
Total assets | $ | 1,710,551 | $ | 1,244,280 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current maturities of long-term debt | $ | 624 | $ | 1,850 | ||||||||
Accounts payable | 92,867 | 69,653 | ||||||||||
Accrued expenses | 179,225 | 170,932 | ||||||||||
Total current liabilities | 272,716 | 242,435 | ||||||||||
Long-term debt | 617,409 | 258,220 | ||||||||||
Long-term deferred tax liability | 44,588 | 44,838 | ||||||||||
Other non-current liabilities | 51,259 | 48,760 | ||||||||||
Stockholders’ equity | 724,579 | 650,027 | ||||||||||
Total liabilities and stockholders’ equity | $ | 1,710,551 | $ | 1,244,280 | ||||||||
CONTACT:
The Middleby Corporation
Darcy Bretz, Investor and Public
Relations, (847) 429-7756
or
Tim FitzGerald, Chief Financial
Officer, (847) 429-7744