10-Q Filing

MIDDLEBY CORP CIK: 769520 Q2 2010

Filing Information

Form Type	10-Q
Accession Number	`0001144204-10-043180`
Period End Date	20100630
Filing Date	20100812
Fiscal Year	2010
Fiscal Period	Q2
XBRL Instance	midd-20100703.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 64 Cash Flow Statement 55

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.69M	USD	Point-in-time
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.60M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$44.99M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$47.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.03M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.36M	USD	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $6,694 and $6,596	`AccountsReceivableNetCurrent`	$78.90M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $6,694 and $6,596	`AccountsReceivableNetCurrent`	$94.88M	USD	Point-in-time
Inventories, net	`InventoryNet`	$90.16M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$90.64M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$10.37M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$9.91M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	47.50M	shares	Point-in-time
Prepaid taxes	`PrepaidTaxes`	$5.29M	USD	Point-in-time
Prepaid taxes	`PrepaidTaxes`	$5.87M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	47.50M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$23.34M	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$25.29M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.62M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.65M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$233.37M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.07M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.13M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$217.03M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $47,174 and $44,988	`PropertyPlantAndEquipmentNet`	$44.42M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $47,174 and $44,988	`PropertyPlantAndEquipmentNet`	$47.34M	USD	Point-in-time
Goodwill	`Goodwill`	$357.30M	USD	Point-in-time
Goodwill	`Goodwill`	$358.51M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$184.38M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$189.57M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.90M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.39M	USD	Point-in-time
Total assets	`Assets`	$823.86M	USD	Point-in-time
Total assets	`Assets`	$816.35M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$5.68M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$7.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$44.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$38.58M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$100.26M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$95.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$146.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$146.36M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$243.33M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$268.12M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$14.38M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$14.19M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$43.54M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$45.02M	USD	Point-in-time
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 47,500,000 shares authorized; 22,651,650 and 22,622,650 shares issued in 2010 and 2009, respectively	`CommonStockValue`	$137.00K	USD	Point-in-time
Common stock, $0.01 par value; 47,500,000 shares authorized; 22,651,650 and 22,622,650 shares issued in 2010 and 2009, respectively	`CommonStockValue`	$136.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$162.00M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$169.94M	USD	Point-in-time
Treasury stock at cost; 4,126,311 and 4,069,913 shares in 2010 and 2009, respectively	`TreasuryStockValue`	$102.00M	USD	Point-in-time
Treasury stock at cost; 4,126,311 and 4,069,913 shares in 2010 and 2009, respectively	`TreasuryStockValue`	$105.03M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$287.39M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$318.66M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.87M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.11M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$342.65M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$376.59M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$816.35M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$823.86M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$334.10M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$158.60M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$340.15M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$173.41M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$97.26M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$103.99M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$201.20M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$210.04M	USD	2 Qtrs
Gross profit	`GrossProfit`	$61.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$69.42M	USD	1 Quarter
Gross profit	`GrossProfit`	$132.90M	USD	2 Qtrs
Gross profit	`GrossProfit`	$130.11M	USD	2 Qtrs
Selling expenses	`SellingExpense`	$16.67M	USD	1 Quarter
Selling expenses	`SellingExpense`	$19.04M	USD	1 Quarter
Selling expenses	`SellingExpense`	$36.66M	USD	2 Qtrs
Selling expenses	`SellingExpense`	$32.97M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$20.66M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$17.73M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$40.07M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$42.10M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$55.04M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$29.73M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$56.16M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$26.95M	USD	1 Quarter
Net interest expense and deferred financing amortization	`InterestAndDebtExpense`	$2.86M	USD	1 Quarter
Net interest expense and deferred financing amortization	`InterestAndDebtExpense`	$6.00M	USD	2 Qtrs
Net interest expense and deferred financing amortization	`InterestAndDebtExpense`	$2.25M	USD	1 Quarter
Net interest expense and deferred financing amortization	`InterestAndDebtExpense`	$4.72M	USD	2 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-220.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-744.00K	USD	2 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-460.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-564.00K	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$23.63M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$48.29M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$27.26M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$50.88M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$9.75M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$20.51M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$19.61M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$9.91M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$31.27M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$17.51M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.71M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$27.78M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.98	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.76	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.78	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.58	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$1.51	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.74	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.71	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.96	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	17.58M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	17.81M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	17.86M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	17.58M	shares	2 Qtrs
Dilutive stock options	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	461,000.00	shares	2 Qtrs
Dilutive stock options	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	819,000.00	shares	2 Qtrs
Dilutive stock options	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	459,000.00	shares	1 Quarter
Dilutive stock options	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	1.05M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.40M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.27M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.64M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.32M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$31.27M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$17.51M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.71M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$27.78M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.07M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.81M	USD	2 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.76M	USD	2 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-87.00K	USD	2 Qtrs
Non-cash share-based compensation	`ShareBasedCompensation`	$5.49M	USD	2 Qtrs
Non-cash share-based compensation	`ShareBasedCompensation`	$7.37M	USD	2 Qtrs
Unrealized loss on derivative financial instruments	`UnrealizedGainLossOnDerivatives`	$-15.00K	USD	2 Qtrs
Unrealized loss on derivative financial instruments	`UnrealizedGainLossOnDerivatives`	$-11.00K	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$17.56M	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-19.37M	USD	2 Qtrs
Inventories, net	`IncreaseDecreaseInInventories`	$-9.71M	USD	2 Qtrs
Inventories, net	`IncreaseDecreaseInInventories`	$486.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.40M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$796.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-6.63M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.72M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilities`	$-17.96M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedExpensesAndOtherLiabilities`	$-507.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$32.07M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$47.15M	USD	2 Qtrs
Net additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.40M	USD	2 Qtrs
Net additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.97M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.03M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-131.46M	USD	2 Qtrs
Net (repayments) proceeds under revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$86.65M	USD	2 Qtrs
Net (repayments) proceeds under revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$-25.15M	USD	2 Qtrs
Net repayments under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$-246.00K	USD	2 Qtrs
Net repayments under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$-377.00K	USD	2 Qtrs
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$3.04M	USD	2 Qtrs
Net proceeds from stock issuances	`ProceedsFromIssuanceOfCommonStock`	$18.00K	USD	2 Qtrs
Net proceeds from stock issuances	`ProceedsFromIssuanceOfCommonStock`	$565.00K	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-27.87M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$86.29M	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-169.00K	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-99.00K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-991.00K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.89M	USD	2 Qtrs
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$6.14M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$8.03M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$7.37M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$8.36M	USD	Point-in-time
Cash and cash equivalents at end of the six-month period	`CashAndCashEquivalentsAtCarryingValue`	$6.14M	USD	Point-in-time
Cash and cash equivalents at end of the six-month period	`CashAndCashEquivalentsAtCarryingValue`	$8.03M	USD	Point-in-time
Cash and cash equivalents at end of the six-month period	`CashAndCashEquivalentsAtCarryingValue`	$7.37M	USD	Point-in-time
Cash and cash equivalents at end of the six-month period	`CashAndCashEquivalentsAtCarryingValue`	$8.36M	USD	Point-in-time
Interest paid	`InterestPaid`	$4.21M	USD	2 Qtrs
Interest paid	`InterestPaid`	$5.62M	USD	2 Qtrs
Income tax payments	`IncomeTaxesPaid`	$12.39M	USD	2 Qtrs
Income tax payments	`IncomeTaxesPaid`	$17.69M	USD	2 Qtrs
Stock issuance related to the acquisition of TurboChef	`StockIssuedAcquisitionTransaction`	$44.05M	USD	2 Qtrs
Contingent consideration related to the acquisition of CookTek	`BusinessAcquisitionDateContingentConsiderationAtFairValue`	$7.36M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.