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): November 5, 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 November 5, 2013, The Middleby Corporation (the “Company”) issued a press release announcing its financial results for the third quarter ended September 28, 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. |
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Exhibit No. |
Description |
|
Exhibit 99.1 | The Middleby Corporation press release dated November 5, 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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|
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Dated: |
November 5, 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 November 5, 2013. |
Exhibit 99.1
The Middleby Corporation Reports Third Quarter Results
ELGIN, Ill.--(BUSINESS WIRE)--November 5, 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 third quarter ended September 28, 2013. Net earnings for the third quarter were $40,942,000 or $2.18 per share on net sales of $360,013,000 as compared to the prior year third quarter net earnings of $29,769,000 or $1.60 per share on net sales of $257,699,000.
2013 Third Quarter Financial Highlights
Selim A. Bassoul, Chairman and Chief Executive Officer, commented, “In the third quarter, at our Commercial Foodservice Equipment Group, we realized continued growth with chain restaurant customers adopting our new innovative technologies resulting in improvements in the efficiency of restaurant operations. We also continued to realize growth in international markets as our customers expand restaurant operations in emerging markets.”
Mr. Bassoul continued, “We also continued to realize revenue growth at our Food Processing Equipment Group as food processors continue to expand and modernize existing plant operations through investments in new equipment innovations. We also continue to develop new business opportunities with customers developing processing operations in emerging markets due to increasing demand for pre-cooked and pre-processed foods. In the fourth quarter of 2012 we realized sales growth of 30% due to certain large orders, and as a result will have a challenging 2013 fourth quarter comparison. However, we remain positive on the overall trends and prospects of this segment of our business.”
Mr. Bassoul further commented, “At Viking, we continued to make progress on our integration initiatives. This is reflected in our continued improvement in EBITDA margins, which increased to over 18% in the third quarter and remain on track with our established profitability targets.”
“At Viking, we made significant progress with initiatives related to changes in distribution and new product development. In conjunction with these efforts, we continued to integrate several former U.S. distributors into the Viking organization. Now over 50% of the domestic revenues are managed through Viking owned distribution. These distribution changes will allow us to control and enhance critical aspects of the sales, marketing and customer support processes. We expect to complete our reorganization of the domestic distribution channels in the upcoming quarters,” said Mr. Bassoul. “We are also very excited about the significant pipeline of new Viking products and product enhancements scheduled for introduction in the fourth quarter. This includes a complete new lineup of ranges, cooktops, built-in refrigeration and ventilation.”
Mr. Bassoul concluded, “We were also very pleased to recently announce the acquisition of Celfrost to add to our portfolio of Commercial Foodservice Equipment brands. With this acquisition, Middleby further strengthens its presence in the fast growing market of India and expands product offerings in India to include complementary cold side products alongside our cooking and warming brands. Celfrost has an extensive marketing and service network in India, including 15 brand centers that we will strategically leverage to support Middleby’s entire portfolio of commercial foodservice equipment brands in the market.”
Conference Call
A conference call will be held at 9:00 a.m. Central time on Wednesday, November 6, 2013 and can be accessed by dialing (877) 303-6993 and providing conference code 93864716# 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 2 hours after its completion and can be accessed by calling (855) 859-2056 and providing code 93864716#.
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®, Celfrost®, 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®, Baker Thermal Solutions® (formerly Turkington), Cozzini®, Danfotech®, Drake®, Maurer-Atmos®, MP Equipment® and RapidPak®. The Middleby Corporation has been recognized by Forbes 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 |
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
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(Amounts in 000’s, Except Per Share Information) |
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(Unaudited) |
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Three Months Ended |
Nine Months Ended |
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|
3rd Qtr, 2013 | 3rd Qtr, 2012 | 3rd Qtr, 2013 | 3rd Qtr, 2012 | ||||||||
Net sales | $ | 360,013 | $ | 257,699 | $ | 1,051,265 | $ | 746,562 | ||||
Cost of sales | 218,575 | 157,254 | 651,985 | 456,818 | ||||||||
Gross profit | 141,438 | 100,445 | 399,280 | 289,744 | ||||||||
Selling & distribution expenses | 41,769 | 25,965 | 116,559 | 79,414 | ||||||||
General & administrative expenses | 32,181 | 27,051 | 112,713 | 80,903 | ||||||||
Income from operations | 67,488 | 47,429 | 170,008 | 129,427 | ||||||||
Interest expense and deferred | ||||||||||||
financing amortization, net | 4,249 | 2,988 | 11,729 | 7,046 | ||||||||
Other expense, net | 1,394 | 2,765 | 1,998 | 3,652 | ||||||||
Earnings before income taxes | 61,845 | 41,676 | 156,281 | 118,729 | ||||||||
Provision for income taxes | 20,903 | 11,907 | 52,274 | 35,820 | ||||||||
Net earnings | $ | 40,942 | $ | 29,769 | $ | 104,007 | $ | 82,909 | ||||
Net earnings per share: | ||||||||||||
Basic | $ |
2.19 |
$ | 1.63 | $ |
5.60 |
$ | 4.55 | ||||
Diluted | $ |
2.18 |
$ | 1.60 | $ |
5.58 |
$ | 4.47 | ||||
Weighted average number shares: |
||||||||||||
Basic |
18,726 |
18,296 |
18,569 |
18,237 | ||||||||
Diluted |
18,742 |
18,580 |
18,655 |
18,539 | ||||||||
Comprehensive income | $ | 47,123 | $ | 35,956 | $ | 103,375 | $ | 87,642 |
THE MIDDLEBY CORPORATION |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Amounts in 000’s) |
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(Unaudited) |
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Sep 28, 2013 | Dec 29, 2012 | |||||
ASSETS | ||||||
Cash and cash equivalents | $ | 29,355 | $ | 34,366 | ||
Accounts receivable, net | 195,477 | 162,230 | ||||
Inventories, net | 209,758 | 153,490 | ||||
Prepaid expenses and other | 31,832 | 19,151 | ||||
Prepaid taxes | 3,323 | - | ||||
Current deferred tax assets | 44,403 | 43,365 | ||||
Total current assets | 514,148 | 412,602 | ||||
Property, plant and equipment, net | 117,739 | 63,886 | ||||
Goodwill | 635,718 | 526,011 | ||||
Other intangibles | 419,951 | 233,341 | ||||
Other assets | 12,932 | 8,440 | ||||
Total assets | $ | 1,700,488 | $ | 1,244,280 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Current maturities of long-term debt | $ | 778 | $ | 1,850 | ||
Accounts payable | 94,557 | 69,653 | ||||
Accrued expenses | 187,198 | 170,932 | ||||
Total current liabilities | 282,533 | 242,435 | ||||
Long-term debt | 536,608 | 258,220 | ||||
Long-term deferred tax liability | 45,065 | 44,838 | ||||
Other non-current liabilities | 54,779 | 48,760 | ||||
Stockholders’ equity | 781,503 | 650,027 | ||||
Total liabilities and stockholders’ equity | $ | 1,700,488 | $ | 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