ELGIN, Ill.--(BUSINESS WIRE)--November 5, 2014--The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing and residential kitchen industries, today reported net sales and earnings for the third quarter ended September 27, 2014. Net earnings for the third quarter were $59,713,000 or $1.05 per share on net sales of $404,289,000 as compared to the prior year third quarter net earnings of $40,942,000 or $0.73 per share on net sales of $360,013,000.

Selim A. Bassoul Chairman and Chief Executive Officer, commented, “We continued to realize solid growth in sales and profit at our Commercial Foodservice Equipment Group. Increased sales reflect continued demand from customers adopting new technologies to improve the efficiency of their operations and continued growth in demand from international markets.”

“At the Food Processing Equipment Group we realized strong margin improvement resulting from the benefits of integration initiatives related to the numerous acquisitions completed in this segment over the past several years. Our EBITDA margin at this segment amounted to 23% for the current quarter and exceeds 20% for the full year. Revenue growth lessened in the quarter reflecting the impact of timing for large projects. However, we continue to remain confident about the outlook for this business as we anticipate increased adoption of technologies in emerging markets as food processors look to enhance the efficiency of their operations and adopt new standards of food safety,” said Mr. Bassoul.

Mr. Bassoul continued, “At Viking, we are focused on the launch of our new lineup of ranges, cooktops, ovens, refrigeration and ventilation products. We are making significant investments to promote the display of these new products on dealer showroom floors. Additionally, we are making significant investments in international markets to promote these products along with expanding our residential selling organization. We believe the investments we are making in 2014 are positioning us for profitable growth in 2015.”

Mr. Bassoul concluded, “We were pleased to recently announce the acquisitions of Concordia and U-Line. Concordia is a leading manufacturer of automated coffee and espresso machines. This acquisition enhances our offering of innovative beverage equipment products for the commercial foodservice industry. The acquisition of U-Line adds a leading brand of premium under-counter refrigeration, wine preservation and ice machines to our Residential Kitchen Equipment Group. We are very excited about the growth prospects of U-Line as they launch a complete new lineup of energy efficient products.”

A conference call will be held at 9:00 a.m. Central time on Thursday, November 6, 2014 and can be accessed by dialing (888) 391-6937 and providing conference code 21823027# or through the investor relations section of The Middleby Corporation website at www.middleby.com. An audio replay of the call will be available approximately one half hour after its completion and can be accessed by calling (855) 859-2056 and providing code 21823027#.

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 commercial food cooking, preparation and processing. The company's leading equipment brands serving the commercial foodservice industry include Anets®, Beech®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®, CookTek®, CTX®, Doyon®, FriFri®, Giga®, Holman®, Houno®, IMC®, Jade®, Lang®, Lincat®, MagiKitch'n®, Market Forge®, Middleby Marshall®, MPC®, Nieco®, Nu-Vu®, PerfectFry®, Pitco Frialator®, Southbend®, Star®, Toastmaster®, Turbochef®, Viking® Wells® and Wunder-Bar®. The company’s leading equipment brands serving the food processing industry include Alkar®, Armor Inox®, Auto-Bake®, Baker Thermal Solutions®, Cozzini®, Danfotech®, Drake®, Maurer-Atmos®, MP Equipment®, Process Equipment Solutions®, RapidPak®, Spooner Vicars® and Stewart Systems®. The company’s leading equipment brands serving the residential kitchen equipment industry includes Brigade®, Jade®, Turbochef®, U-Line® and Viking®. The Middleby Corporation was named one of Fortune Magazine’s Fastest Growing Companies in October 2014.

For more information about The Middleby Corporation and the company brands, please visit www.middleby.com.



THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in 000’s, Except Per Share Information) (Unaudited)

	Three Months Ended					Nine Months Ended
	3^rd Qtr, 2014			3^rd Qtr, 2013		3^rd Qtr, 2014			3^rd Qtr, 2013
Net sales	$	404,289		$	360,013	$	1,201,543		$	1,051,265
Cost of sales		241,909			218,575		730,013			651,985

Gross profit		162,380			141,438		471,530			399,280

Selling & distribution expenses		42,006			41,769		137,078			116,559
General & administrative expenses		40,428			32,181		122,834			112,713
Gain on litigation settlement		(6,519	)		--		(6,519	)		--

Income from operations		86,465			67,488		218,137			170,008

Interest expense and deferred
financing amortization, net		3,895			4,249		12,051			11,729
Other expense, net		993			1,394		2,053			1,998

Earnings before income taxes		81,577			61,845		204,033			156,281

Provision for income taxes		21,864			20,903		62,470			52,274

Net earnings	$	59,713		$	40,942	$	141,563		$	104,007


Net earnings per share:

Basic	$	1.05		$	0.73	$	2.50		$	1.87

Diluted	$	1.05		$	0.73	$	2.50		$	1.86

Weighted average number shares:

Basic		56,866			56,179		56,729			55,706

Diluted		56,868			56,227		56,731			55,966

Comprehensive income	$	47,108		$	47,123	$	132,372		$	103,375



THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in 000’s) (Unaudited)


	Sep 27, 2014		Dec 28, 2013
ASSETS

Cash and cash equivalents	$	38,152	$	36,894
Accounts receivable, net		228,464		205,264
Inventories, net		260,005		220,116
Prepaid expenses and other		25,946		32,322
Prepaid taxes		629		801
Current deferred taxes		48,939		50,337
Total current assets		602,135		545,734

Property, plant and equipment, net		128,622		125,457

Goodwill		723,640		687,955
Other intangibles, net		437,732		447,944
Long-term deferred tax assets		2,853		1,641
Other assets		18,935		10,475

Total assets	$	1,913,917	$	1,819,206


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt	$	8,831	$	1,408
Accounts payable		101,675		96,518
Accrued expenses		219,403		213,459
Total current liabilities		329,909		311,385

Long-term debt		506,552		570,190
Long-term deferred tax liability		68,446		61,433
Other non-current liabilities		45,992		37,851

Stockholders’ equity		963,018		838,347

Total liabilities and stockholders’ equity	$	1,913,917	$	1,819,206

CONTACT:
The Middleby Corporation
Darcy Bretz, Investor and Public Relations, (847) 429-7756
or
Tim FitzGerald, Chief Financial Officer, (847) 429-7744