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Middleby Reports Record Q4 Results
Mar 12, 2007
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Commercial foodservice equipment producer The Middleby Corporation (Elgin, Illinois, U.S.) reported record net sales and earnings for the fourth quarter ended Dec. 30, 2006. Net earnings for the fourth quarter were U.S. $11,059,000 or $1.34 per share on net sales of $98,294,000 as compared to the prior year fourth quarter net earnings of $7,233,000 or $0.88 per share on net sales of $76,930,000.

Net earnings for the fiscal year ended Dec. 30, 2006 were $42,377,000 or $5.13 per share on net sales of $403,131,000 as compared to net earnings of $32,178,000 or $3.98 per share on net sales of $316,668,000 in the prior year. Net sales rose 27.8 percent in the fourth quarter, reflecting the impact of acquisitions, which accounted for 14.5 percent of sales growth for the quarter. Excluding acquisitions, sales rose 13.3 percent in the fourth quarter. Operating income increased by 53.2 percent to $20,453,000 from $13,348,000, reflecting the benefit of increased sales.

"We realized sales and earnings growth at each of our brands for the quarter and the year," said Middleby Chairman and CEO Selim A. Bassoul. "As we move into 2007, we remain excited about the pipeline of new products focused on speed of cooking, energy savings, and automation."

Bassoul also commented on the recently announced acquisition of Jade Products from Maytag Corporation, now part of Whirlpool Corporation. "This acquisition, due to close on April 2, 2007, further strengthens Middleby's position in ranges and ovens with a leading industry brand."

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