-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ub6mp8H3NHhSgE3qHGnD7iQKpXBN6fXp65ZiwdXcD7pP4Y0kNrILxeVvxJNJq6Gt CcTmeNIJ/1m9LQibumUnTw== 0001157523-04-001450.txt : 20040217 0001157523-04-001450.hdr.sgml : 20040216 20040217060947 ACCESSION NUMBER: 0001157523-04-001450 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040216 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIDDLEBY CORP CENTRAL INDEX KEY: 0000769520 STANDARD INDUSTRIAL CLASSIFICATION: REFRIGERATION & SERVICE INDUSTRY MACHINERY [3580] IRS NUMBER: 363352497 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09973 FILM NUMBER: 04602140 BUSINESS ADDRESS: STREET 1: 1400 TOASTMASTER DRIVE CITY: ELGIN STATE: IL ZIP: 60120 BUSINESS PHONE: 8477413300 MAIL ADDRESS: STREET 1: 1400 TOASTMASTER DRIVE CITY: ELGIN STATE: IL ZIP: 60120 8-K 1 a4573544.txt THE MIDDLEBY CORPORATION 8-K 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): February 16, 2004 THE MIDDLEBY CORPORATION (Exact Name of Registrant as Specified in its Charter) Commission File No. 1-9973 Delaware 36-3352497 (State or Other Jurisdiction of (I.R.S. Employer Identification No.) Incorporation or Organization) 1400 Toastmaster Drive, Elgin, Illinois 60120 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone No., including Area Code (847) 741-3300 Item 7. Financial Statements and Exhibits (c) Exhibits. 99.1 Press release dated February 16, 2004 of The Middleby Corporation. Item 9. Regulation FD Disclosure On February 16, 2004, The Middleby Corporation issued a press release announcing its financial results for the quarter ended January 3, 2004. A copy of that press release is attached as Exhibit 99.1. The information in this Form 8-K is being furnished pursuant to "Item 12. Results of Operations and Financial Condition" of Form 8-K in accordance with SEC Release Nos. 33-8216 and 34-47583 (March 27, 2003). Such information, including any exhibits, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any filing made under the ecurities Act of 1933, except as expressly set forth by specific reference in such filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE MIDDLEBY CORPORATION ---------------------------- (Registrant) Date February 16, 2004 By: /s/ Timothy J. FitzGerald ---------------------------- Timothy J. FitzGerald Vice President, Chief Financial Officer EX-99.1 3 a4573544ex991.txt EXHIBIT 99.1 Exhibit 99.1 The Middleby Corporation Reports Record Fourth Quarter Results ELGIN, Ill.--(BUSINESS WIRE)--Feb. 16, 2004--The Middleby Corporation (NASDAQ:MIDD), a leading worldwide manufacturer of restaurant and foodservice cooking equipment, today reported record results for the fourth quarter and year ended January 3, 2004. Net earnings of $5,841,000 or $0.60 per share on net sales of $57,786,000 for the fourth quarter increased from the prior year fourth quarter net loss of $2,089,000 or ($0.23) per share on net sales of $54,460,000. Net earnings for the year ended January 3, 2004 were $18,698,000 or $1.99 per share on sales of $235,402,000 as compared to net 2002 earnings of $6,102,000 or $0.67 per share on sales of $229,108,000. Net earnings for the 2002 fourth quarter and full year periods included a non-recurring charge of $5,514,000 or $0.60 per share related to $9,122,000 of debt refinancing expenses net of $3,608,000 in tax benefits. Financial Highlights -- Net sales up 6.1% in the fourth quarter; 2.7% for the year -- Gross margin rate of 37.2% for the quarter and 36.5% for the year ended 2003 as compared to 34.2% and 34.3% in the fourth quarter and year ended 2002 -- Operating income margins of 15.5% for the fourth quarter and 14.9% for the year ended 2003 improved from 14.4% in the prior year quarter and 13.0% for the year ended 2002 -- Total debt reduced to $56,500,000 for the year ended 2003 from $87,962,000 at the end of 2002 "We are proud of our company's financial and operating performance in 2003. Together, our business units delivered record earnings and cash flows," said President and Chief Executive Officer Selim A. Bassoul. "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. As we move into 2004, we are introducing new patented and innovative products focused on speed of cooking and energy savings." William F. Whitman, Jr., Chairman of the Board, added, "We reduced total debt during the quarter by $5.7 million and $31.5 million for the entire year. The debt reduction in 2003 included prepayments of $18.6 million on high interest notes due to Maytag Corporation, of which only $2.0 million remain outstanding. In light of our strong cash flows, we were also pleased to have issued a $0.25 per share special dividend to our shareholders in December 2003." Conference Call A conference call will be held at noon EST on Tuesday, February 17 and can be accessed by dialing 1(800) 374-0538 and providing password 5571977. Members of the financial community who participate in the question and answer session will receive a separate call-in number. A webcast of the conference call can be accessed through investor services at www.middleby.com. A digital replay of the call will be available approximately one half hour after its completion and can be accessed by calling 1(800) 642-1687 and providing password 5571977. A transcript of the call will also be posted on the company website. Investor Conference Middleby also announces that it will be presenting on February 18 at 10 a.m. PST at the Roth Capital Partners 16th Annual Growth Stock Conference taking place at the St. Regis Monarch Beach Resort and Spa in Dana Point, California. Investors may access the Internet webcast of the presentation at www.middleby.com. 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 cooking and food preparation in commercial and institutional kitchens and restaurants throughout the world. The company's leading equipment brands include Blodgett(R), Blodgett Combi(R), Blodgett Range(R), CTX(R), MagiKitch'n(R), Middleby Marshall(R), Pitco Frialator(R), Southbend(R), and Toastmaster(R). Middleby's international subsidiary, Middleby Worldwide, is a leading exporter and distributor of foodservice equipment in the global marketplace. Middleby's international manufacturing subsidiary, Middleby Philippines Corporation, is a leading supplier of specialty equipment in the Asian markets. For further information about Middleby, visit www.middleby.com. THE MIDDLEBY CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in 000's, Except Per Share Information) (Unaudited) Three Months Ended Fiscal Year Ended 4th Qtr, 4th Qtr, 4th Qtr, 4th Qtr, 2003 2002 2003 2002 -------------------------------------- Net sales $57,786 $54,460 $235,402 $229,108 Cost of sales 36,268 35,838 149,549 150,608 -------------------------------------- Gross profit 21,518 18,622 85,853 78,500 Selling & distribution expense 7,408 6,639 29,609 28,213 General & administrative expense 5,131 4,116 21,228 20,556 -------------------------------------- Income from operations 8,979 7,867 35,016 29,731 Interest expense and deferred financing amortization, net 1,144 2,397 5,891 11,180 Loss (gain) on acquisition financing derivatives 17 (177) (62) (286) Debt refinancing expenses - 9,122 - 9,122 Other expense (income), net 337 506 366 901 -------------------------------------- Earnings before income taxes 7,481 (3,981) 28,821 8,814 Provision for income taxes 1,640 (1,892) 10,123 2,712 -------------------------------------- Net earnings $5,841 $(2,089) $18,698 $6,102 ====================================== Net earnings excluding debt refinancing expenses, net of tax(1) $ 5,841 $ 3,425 $ 18,698 $ 11,616 ====================================== Net earnings per share: Basic $0.64 $(0.23) $2.06 $0.68 Diluted $0.60 $(0.23) $1.99 $0.67 Net earnings per share excluding debt refinancing expenses, net of tax(1): Basic $0.64 $0.38 $2.06 $1.29 Diluted $0.60 $0.37 $1.99 $1.27 Weighted average number shares: Basic 9,162 9,025 9,065 8,990 Diluted 9,744 9,250 9,392 9,132 (1) This information was presented in the 2002 financial statements as "Earnings before extraordinary item" and "Earnings per share before extraordinary item." THE MIDDLEBY CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (Amounts in 000's) (Unaudited) Jan. 3, Dec. 28, 2004 2002 --------- --------- ASSETS Cash and cash equivalents $3,652 $8,378 Accounts receivable, net 23,318 27,797 Inventories, net 25,381 27,206 Deferred tax assets 12,838 13,341 Other current assets 1,219 1,069 --------- --------- Total current assets 66,408 77,791 Property, plant and equipment, net 24,921 27,500 Goodwill 74,761 74,761 Other intangibles 26,300 26,300 Other assets 1,671 1,610 --------- --------- Total assets $194,061 $207,962 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current maturities of long-term debt $14,500 $14,400 Accounts payable 19,490 13,488 Accrued expenses 28,928 36,013 --------- --------- Total current liabilities 62,918 63,901 Long-term debt 42,000 73,562 Long-term deferred tax liability 8,762 7,878 Other non-current liabilities 18,789 17,989 Shareholders' equity 61,592 44,632 --------- --------- Total liabilities and shareholders' equity $194,061 $207,962 ========= ========= CONTACT: The Middleby Corporation Darcy Bretz, 847-429-7756 David Baker, 847-429-7915 Timothy FitzGerald, 847-429-7744 -----END PRIVACY-ENHANCED MESSAGE-----