The Middleby Corporation (Elgin, Illinois, U.S.), a global producer of foodservice cooking equipment, reported record net sales and earnings for the first quarter ended March 31, 2007. Net earnings for the first quarter were U.S. $10,720,000 or $1.28 per share on net sales of $105,695,000 as compared to the prior year first quarter net earnings of $8,051,000 or $0.97 per share on net sales of $96,749,000.
"We continued to realize sales and earnings growth across our brands, fueled in part by increased sales of new products," said Chairman and CEO Selim A. Bassoul. "During the first quarter we were pleased to introduce our newest Middleby Marshall conveyor oven at the Pizza Expo 2007. The space savings platform of the Mini-WOW! oven has a 40-inch bake chamber and is 35 percent faster and 30 percent more energy efficient than prior models of this size. During the second quarter we will be demonstrating several new products at the National Restaurant Association show, including the Blodgett Hydrovection oven and the Pitco Soltsice Rethermalizer, both which have won the Kitchen Innovation award from the National Restaurant Association."
"On April 1, 2007, we completed the acquisition of Jade Range from Maytag Corporation. This acquisition further strengthens Middleby's position in ranges and ovens with a leading industry brand," Bassoul added. "This acquired business has approximately $20 million in annual sales and operating losses of approximately $3 million. Although we anticipate this transaction will be dilutive to the 2007 results, we are taking initiatives to reduce the losses at this business. We expect to realize continued improvement in the profitability at this division throughout 2007 and anticipate this transaction will be accretive to earnings in 2008."
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