Middleby 2Q Earnings and Sales Up Aug 12, 2010

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The Middleby Corporation, maker of commercial appliances and foodservice equipment, said net sales were up 9.3% in the second quarter ending July 3, 2010. Excluding acquisitions, sales were up 7.0%.

Net earnings for the second quarter were $17,509,000 on net sales of $173,412,000; last year's second quarter net earnings were $13,714,000 on net sales of $158,601,000.

Gross profit increased to $69,424,000 from $61,340,000 last year.

"In the second quarter we began to realize an increase in sales and order activity," said chairman and CEO Selim A. Bassoul.
“At our Commercial Foodservice Group we have seen an improvement in international sales resulting from increased market penetration due to investments made in our international sales organization in 2009 and improved conditions in emerging markets where we are well positioned. Additionally, we have seen increased demand in the domestic markets as replacement business has improved somewhat from the prior year. We continue to be excited about our positioning to capture sales opportunities as market conditions improve in the food service sector with our strengthened portfolio of technologies we have developed both internally and through acquisition over the past several years.”

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