10-Q Filing

MIDDLEBY CORP CIK: 769520 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001445305-12-002585`
Period End Date	20120630
Filing Date	20120809
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	midd-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 68 Cash Flow Statement 58

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.12M	USD	Point-in-time
Accounts receivable, reserve for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.88M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$57.94M	USD	Point-in-time
Property, plant and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$54.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$40.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.66M	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.23M	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $7,116 and $6,878	`AccountsReceivableNetCurrent`	$140.66M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Accounts receivable, net of reserve for doubtful accounts of $7,116 and $6,878	`AccountsReceivableNetCurrent`	$151.44M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$131.56M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Inventories, net	`InventoryNet`	$124.30M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$12.34M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$19.32M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	47.50M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$39.09M	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$36.55M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	47.50M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$363.32M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.30M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.09M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$367.38M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $57,940 and $54,014	`PropertyPlantAndEquipmentNet`	$62.51M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $57,940 and $54,014	`PropertyPlantAndEquipmentNet`	$62.21M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.59M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.44M	shares	Point-in-time
Goodwill	`Goodwill`	$477.81M	USD	Point-in-time
Goodwill	`Goodwill`	$484.63M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$226.14M	USD	Point-in-time
Other intangibles	`IntangibleAssetsNetExcludingGoodwill`	$234.73M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.08M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.72M	USD	Point-in-time
Total assets	`Assets`	$1.02B	USD	Point-in-time
Total assets	`Assets`	$1.14B	USD	Point-in-time
Total assets	`Assets`	$1.15B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$315.83M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$5.70M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$63.39M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$66.52M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$170.39M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$147.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$219.52M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$549.62M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.50M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$268.50M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$37.84M	USD	Point-in-time
Long-term deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$40.28M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$46.41M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$46.58M	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; 23,295,541 and 23,093,338 shares issued in 2012 and 2011, respectively	`CommonStockValue`	$139.00K	USD	Point-in-time
Common stock, $0.01 par value; 47,500,000 shares authorized; 23,295,541 and 23,093,338 shares issued in 2012 and 2011, respectively	`CommonStockValue`	$137.00K	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$202.32M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapital`	$220.44M	USD	Point-in-time
Treasury stock at cost; 4,586,105 and 4,437,428 shares in 2012 and 2011, respectively	`TreasuryStockValue`	$126.68M	USD	Point-in-time
Treasury stock at cost; 4,586,105 and 4,437,428 shares in 2012 and 2011, respectively	`TreasuryStockValue`	$141.15M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$508.87M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$455.73M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-20.53M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-21.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$510.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$566.30M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.15B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.14B	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$210.85M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$393.43M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$488.86M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$260.04M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$158.22M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$299.56M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$125.52M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$236.26M	USD	2 Qtrs
Gross profit	`GrossProfit`	$189.30M	USD	2 Qtrs
Gross profit	`GrossProfit`	$101.82M	USD	1 Quarter
Gross profit	`GrossProfit`	$85.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$157.17M	USD	2 Qtrs
Selling and distribution expenses	`SellingExpense`	$21.57M	USD	1 Quarter
Selling and distribution expenses	`SellingExpense`	$42.14M	USD	2 Qtrs
Selling and distribution expenses	`SellingExpense`	$28.27M	USD	1 Quarter
Selling and distribution expenses	`SellingExpense`	$53.45M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$53.85M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$48.42M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$28.52M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$28.20M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$45.34M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$35.25M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$82.00M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$66.61M	USD	2 Qtrs
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$2.12M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$4.18M	USD	2 Qtrs
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$1.97M	USD	1 Quarter
Net interest expense and deferred financing amortization, net	`InterestAndDebtExpense`	$4.06M	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-887.00K	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$380.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-1.45M	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-1.61M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$77.05M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$31.52M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$43.75M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$60.99M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$12.71M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$23.53M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.89M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$23.91M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$53.14M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$19.63M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$31.05M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$37.45M	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$2.92	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$1.70	USD	1 Quarter
Basic (in usd per share)	`EarningsPerShareBasic`	$2.08	USD	2 Qtrs
Basic (in usd per share)	`EarningsPerShareBasic`	$1.09	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$2.02	USD	2 Qtrs
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.06	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$1.67	USD	1 Quarter
Diluted (in usd per share)	`EarningsPerShareDiluted`	$2.87	USD	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.27M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.05M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	17.98M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.21M	shares	2 Qtrs
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	527,000.00	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	307,000.00	shares	1 Quarter
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	312,000.00	shares	2 Qtrs
Dilutive common stock equivalents (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	536,000.00	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.58M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.57M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.52M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.51M	shares	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$51.69M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$23.59M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$20.64M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$39.10M	USD	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$53.14M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$19.63M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$31.05M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$37.45M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.54M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$13.59M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.33M	USD	2 Qtrs
Non-cash share-based compensation	`ShareBasedCompensation`	$5.88M	USD	2 Qtrs
Non-cash share-based compensation	`ShareBasedCompensation`	$7.35M	USD	2 Qtrs
Non-cash share-based compensation	`ShareBasedCompensation`	$5.30M	USD	1 Quarter
Non-cash share-based compensation	`ShareBasedCompensation`	$3.20M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$2.40M	USD	2 Qtrs
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-600.00K	USD	2 Qtrs
Unrealized loss/(gain) on derivative financial instruments	`UnrealizedGainLossOnDerivatives`	$3.00K	USD	2 Qtrs
Unrealized loss/(gain) on derivative financial instruments	`UnrealizedGainLossOnDerivatives`	$-13.00K	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-10.49M	USD	2 Qtrs
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$7.10M	USD	2 Qtrs
Inventories, net	`IncreaseDecreaseInInventories`	$7.63M	USD	2 Qtrs
Inventories, net	`IncreaseDecreaseInInventories`	$5.66M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.16M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.05M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-5.64M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.02M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-4.60M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-20.52M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.72M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$54.30M	USD	2 Qtrs
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.10M	USD	2 Qtrs
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.15M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-101.93M	USD	2 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.72M	USD	2 Qtrs
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$93.40M	USD	2 Qtrs
Net (repayments) proceeds under current revolving credit facilities	`RepaymentsOfProceedsFromRevolvingCreditFacilities`	$-42.30M	USD	2 Qtrs
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$1.33M	USD	2 Qtrs
Net (repayments) proceeds under foreign bank loan	`ProceedsFromRepaymentsOfOtherDebt`	$-641.00K	USD	2 Qtrs
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$14.47M	USD	2 Qtrs
Repurchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$9.45M	USD	2 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$373.00K	USD	2 Qtrs
Excess tax benefit related to share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$10.95M	USD	2 Qtrs
Excess tax benefit related to share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	2 Qtrs
Net proceeds from stock issuances	`ProceedsFromIssuanceOfCommonStock`	$1.30M	USD	2 Qtrs
Net proceeds from stock issuances	`ProceedsFromIssuanceOfCommonStock`	$224.00K	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-45.17M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$85.12M	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$815.00K	USD	2 Qtrs
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-392.00K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.99M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.73M	USD	2 Qtrs
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$40.22M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$21.39M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$7.66M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$35.23M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$40.22M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$21.39M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$7.66M	USD	Point-in-time
Cash and cash equivalents at end of quarter	`CashAndCashEquivalentsAtCarryingValue`	$35.23M	USD	Point-in-time

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