Middleby Reports Record Q4 Results Feb 17, 2004

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The Middleby Corporation, a manufacturer of restaurant and foodservice cooking equipment, reported record results for the fourth quarter and year ended Jan. 3, 2004.

For the fourth quarter, net earnings were reported at U.S. $5.8 million, or $0.60 per share. Net sales increased 6.1 percent to $57.8 million compared to the same period in 2003 with net sales of $54.5 million.

Net earnings for the year ended Jan. 3, 2004 were $18.7 million, or $1.99 per share. Net sales for the year were up 2.7 percent to $235.4 million, compared to sales of $229.1 million for the year ended Dec. 28, 2002.

The company reported that total debt was reduced to $56.5 million for the year ended Jan. 3, 2004 compared to $87.9 million for the year ended Dec. 28, 2002, and included prepayments of $18.6 million on high interest notes due to Maytag Corporation. Gross margin rates were reported at 37.2 percent for the quarter and 36.5 percent for the year ended 2003, as compared to 34.2 percent and 34.3 percent in the fourth quarter and year ended 2002.

"Sales growth accelerated in the fourth quarter, reflecting increased business in the U.S. driven in part by the success of new products along with continued expansion in the international markets," said Selim A. Bassoul, president and CEO. "As we move into 2004, we are introducing new patented and innovative products focused on speed of cooking and energy savings."

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