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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Middleby Corp | NASDAQ:MIDD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 0.11% | 140.23 | 140.19 | 140.26 | 141.90 | 139.51 | 140.94 | 178,378 | 20:29:22 |
x
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
o
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
|
36-3352497
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification Number)
|
|
|
1400 Toastmaster Drive, Elgin, Illinois
|
60120
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code:
|
(847) 741-3300
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
ASSETS
|
Jul 1, 2017
|
|
|
Dec 31, 2016
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
64,873
|
|
|
$
|
68,485
|
|
Accounts receivable, net of reserve for doubtful accounts of $12,399 and $12,600
|
327,148
|
|
|
325,868
|
|
||
Inventories, net
|
421,934
|
|
|
368,243
|
|
||
Prepaid expenses and other
|
50,798
|
|
|
42,704
|
|
||
Prepaid taxes
|
19,566
|
|
|
6,399
|
|
||
Total current assets
|
884,319
|
|
|
811,699
|
|
||
Property, plant and equipment, net of accumulated depreciation of $128,408 and $119,435
|
264,786
|
|
|
221,571
|
|
||
Goodwill
|
1,134,994
|
|
|
1,092,722
|
|
||
Other intangibles, net of amortization of $186,606 and $168,369
|
774,976
|
|
|
696,171
|
|
||
Long-term deferred tax assets
|
46,876
|
|
|
51,699
|
|
||
Other assets
|
34,584
|
|
|
43,274
|
|
||
Total assets
|
$
|
3,140,535
|
|
|
$
|
2,917,136
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current maturities of long-term debt
|
$
|
4,860
|
|
|
$
|
5,883
|
|
Accounts payable
|
148,913
|
|
|
146,921
|
|
||
Accrued expenses
|
290,855
|
|
|
335,605
|
|
||
Total current liabilities
|
444,628
|
|
|
488,409
|
|
||
Long-term debt
|
798,414
|
|
|
726,243
|
|
||
Long-term deferred tax liability
|
102,621
|
|
|
77,760
|
|
||
Accrued pension benefits
|
323,795
|
|
|
322,988
|
|
||
Other non-current liabilities
|
43,517
|
|
|
36,418
|
|
||
Stockholders' equity:
|
|
|
|
|
|
||
Preferred stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 95,000,000 shares authorized; 62,693,417 and 62,445,315 shares issued in 2017 and 2016, respectively
|
145
|
|
|
144
|
|
||
Paid-in capital
|
374,121
|
|
|
355,287
|
|
||
Treasury stock, at cost; 5,082,646 and 4,905,549 shares in 2017 and 2016, respectively
|
(229,925
|
)
|
|
(205,280
|
)
|
||
Retained earnings
|
1,547,761
|
|
|
1,399,490
|
|
||
Accumulated other comprehensive loss
|
(264,542
|
)
|
|
(284,323
|
)
|
||
Total stockholders' equity
|
1,427,560
|
|
|
1,265,318
|
|
||
Total liabilities and stockholders' equity
|
$
|
3,140,535
|
|
|
$
|
2,917,136
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
Jul 1, 2017
|
|
|
Jul 2, 2016
|
|
|
Jul 1, 2017
|
|
|
Jul 2, 2016
|
|
||||
Net sales
|
$
|
579,343
|
|
|
$
|
580,456
|
|
|
$
|
1,109,640
|
|
|
$
|
1,096,811
|
|
Cost of sales
|
344,735
|
|
|
346,954
|
|
|
665,582
|
|
|
666,536
|
|
||||
Gross profit
|
234,608
|
|
|
233,502
|
|
|
444,058
|
|
|
430,275
|
|
||||
Selling, general and administrative expenses
|
113,020
|
|
|
115,199
|
|
|
219,666
|
|
|
224,991
|
|
||||
Restructuring expenses
|
11,494
|
|
|
6,390
|
|
|
13,219
|
|
|
6,996
|
|
||||
Gain on sale of plant
|
(12,042
|
)
|
|
—
|
|
|
(12,042
|
)
|
|
—
|
|
||||
Income from operations
|
122,136
|
|
|
111,913
|
|
|
223,215
|
|
|
198,288
|
|
||||
Interest expense and deferred financing amortization, net
|
5,702
|
|
|
6,059
|
|
|
11,507
|
|
|
11,335
|
|
||||
Other expense (income), net
|
302
|
|
|
(3,838
|
)
|
|
2,169
|
|
|
(4,638
|
)
|
||||
Earnings before income taxes
|
116,132
|
|
|
109,692
|
|
|
209,539
|
|
|
191,591
|
|
||||
Provision for income taxes
|
38,563
|
|
|
36,801
|
|
|
61,268
|
|
|
64,162
|
|
||||
Net earnings
|
$
|
77,569
|
|
|
$
|
72,891
|
|
|
$
|
148,271
|
|
|
$
|
127,429
|
|
|
|
|
|
|
|
|
|
||||||||
Net earnings per share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
1.35
|
|
|
$
|
1.28
|
|
|
$
|
2.59
|
|
|
$
|
2.23
|
|
Diluted
|
$
|
1.35
|
|
|
$
|
1.28
|
|
|
$
|
2.59
|
|
|
$
|
2.23
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
57,299
|
|
|
57,022
|
|
|
57,201
|
|
|
57,037
|
|
||||
Dilutive common stock equivalents
1
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted
|
57,299
|
|
|
57,022
|
|
|
57,201
|
|
|
57,037
|
|
||||
Comprehensive income
|
$
|
88,542
|
|
|
$
|
54,388
|
|
|
$
|
168,052
|
|
|
$
|
112,187
|
|
|
Six Months Ended
|
||||||
|
Jul 1, 2017
|
|
|
Jul 2, 2016
|
|
||
Cash flows from operating activities--
|
|
|
|
|
|
||
Net earnings
|
$
|
148,271
|
|
|
$
|
127,429
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities--
|
|
|
|
|
|
||
Depreciation and amortization
|
32,315
|
|
|
31,240
|
|
||
Non-cash share-based compensation
|
6,505
|
|
|
11,160
|
|
||
Deferred income taxes
|
17,579
|
|
|
8,593
|
|
||
Gain on sale of plant
|
(12,042
|
)
|
|
—
|
|
||
Impairment of equipment
|
2,929
|
|
|
—
|
|
||
Changes in assets and liabilities, net of acquisitions
|
|
|
|
|
|
||
Accounts receivable, net
|
17,257
|
|
|
(16,745
|
)
|
||
Inventories, net
|
(25,607
|
)
|
|
(23,358
|
)
|
||
Prepaid expenses and other assets
|
(17,442
|
)
|
|
(8,575
|
)
|
||
Accounts payable
|
(10,832
|
)
|
|
36
|
|
||
Accrued expenses and other liabilities
|
(72,897
|
)
|
|
(34,098
|
)
|
||
Net cash provided by operating activities
|
86,036
|
|
|
95,682
|
|
||
Cash flows from investing activities--
|
|
|
|
|
|
||
Additions to property, plant and equipment
|
(31,708
|
)
|
|
(13,108
|
)
|
||
Proceeds on sale of plant
|
14,278
|
|
|
—
|
|
||
Acquisitions, net of cash acquired
|
(119,262
|
)
|
|
(212,024
|
)
|
||
Net cash used in investing activities
|
(136,692
|
)
|
|
(225,132
|
)
|
||
Cash flows from financing activities--
|
|
|
|
|
|
||
Net proceeds under Credit Facility
|
70,548
|
|
|
128,500
|
|
||
Net (repayments) proceeds under international credit facilities
|
(1,130
|
)
|
|
26,165
|
|
||
Net (repayments) under other debt arrangement
|
(17
|
)
|
|
(17
|
)
|
||
Repurchase of treasury stock
|
(24,645
|
)
|
|
(4,418
|
)
|
||
Excess tax (detriment) related to share-based compensation
|
—
|
|
|
(833
|
)
|
||
Net cash provided by financing activities
|
44,756
|
|
|
149,397
|
|
||
Effect of exchange rates on cash and cash equivalents
|
2,288
|
|
|
(1,444
|
)
|
||
Changes in cash and cash equivalents--
|
|
|
|
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(3,612
|
)
|
|
18,503
|
|
||
Cash and cash equivalents at beginning of year
|
68,485
|
|
|
55,528
|
|
||
Cash and cash equivalents at end of period
|
$
|
64,873
|
|
|
$
|
74,031
|
|
|
|
|
|
||||
Non-cash investing and financing activities:
|
|
|
|
||||
Stock issuance related to the acquisition of CVP Systems
|
$
|
12,330
|
|
|
$
|
—
|
|
1)
|
Summary of Significant Accounting Policies
|
A)
|
Basis of Presentation
|
B)
|
Non-Cash Share-Based Compensation
|
C)
|
Income Taxes
|
D)
|
Fair Value Measures
|
|
Fair Value
Level 1
|
|
Fair Value
Level 2
|
|
Fair Value
Level 3
|
|
Total
|
||||||||
As of July 1, 2017
|
|
|
|
|
|
|
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
7,894
|
|
|
$
|
—
|
|
|
$
|
7,894
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,108
|
|
|
$
|
4,108
|
|
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
8,842
|
|
|
$
|
—
|
|
|
$
|
8,842
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
100
|
|
Contingent consideration
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,612
|
|
|
$
|
6,612
|
|
2)
|
Acquisitions and Purchase Accounting
|
|
(as initially reported) May 20, 2016
|
|
Measurement Period Adjustments
|
|
(as adjusted) May 20, 2016
|
||||||
Current assets
|
$
|
746
|
|
|
(65
|
)
|
|
681
|
|
||
Goodwill
|
1,816
|
|
|
183
|
|
|
1,999
|
|
|||
Current liabilities
|
(934
|
)
|
|
(62
|
)
|
|
(996
|
)
|
|||
Other non-current liabilities
|
(628
|
)
|
|
(56
|
)
|
|
(684
|
)
|
|||
|
|
|
|
|
|
||||||
Consideration paid at closing
|
$
|
1,000
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
|
|
|
|
|
|
||||||
Deferred payments
|
1,559
|
|
|
118
|
|
|
1,677
|
|
|||
|
|
|
|
|
|
||||||
Net assets acquired and liabilities assumed
|
$
|
2,559
|
|
|
$
|
118
|
|
|
$
|
2,677
|
|
|
(as initially reported) May 31, 2016
|
|
Measurement Period Adjustments
|
|
(as adjusted) May 31, 2016
|
||||||
Cash
|
$
|
22,620
|
|
|
$
|
2,888
|
|
|
$
|
25,508
|
|
Current assets
|
41,602
|
|
|
(2,249
|
)
|
|
39,353
|
|
|||
Property, plant and equipment
|
19,868
|
|
|
8,598
|
|
|
28,466
|
|
|||
Goodwill
|
76,220
|
|
|
(35,656
|
)
|
|
40,564
|
|
|||
Other intangibles
|
82,450
|
|
|
41,810
|
|
|
124,260
|
|
|||
Other assets
|
1,358
|
|
|
170
|
|
|
1,528
|
|
|||
Current liabilities
|
(11,779
|
)
|
|
(10,801
|
)
|
|
(22,580
|
)
|
|||
Other non-current liabilities
|
(616
|
)
|
|
(4,064
|
)
|
|
(4,680
|
)
|
|||
|
|
|
|
|
|
||||||
Net assets acquired and liabilities assumed
|
$
|
231,723
|
|
|
$
|
696
|
|
|
$
|
232,419
|
|
|
(as initially reported) May 1, 2017
|
||
Cash
|
$
|
2,514
|
|
Current assets
|
8,594
|
|
|
Property, plant and equipment
|
656
|
|
|
Goodwill
|
7,289
|
|
|
Other intangibles
|
4,900
|
|
|
Current liabilities
|
(4,424
|
)
|
|
Long term deferred tax liability
|
(1,840
|
)
|
|
|
|
||
Net assets acquired and liabilities assumed
|
$
|
17,689
|
|
|
(as initially reported) June 30, 2017
|
||
Cash
|
$
|
621
|
|
Current assets
|
5,973
|
|
|
Property, plant and equipment
|
238
|
|
|
Goodwill
|
20,297
|
|
|
Other intangibles
|
8,700
|
|
|
Current liabilities
|
(1,532
|
)
|
|
Long term deferred tax liability
|
(3,168
|
)
|
|
|
|
||
Net assets acquired and liabilities assumed
|
$
|
31,129
|
|
|
(as initially reported) June 30, 2017
|
||
Cash
|
$
|
4,569
|
|
Current assets
|
22,686
|
|
|
Property, plant and equipment
|
9,128
|
|
|
Other assets
|
1,170
|
|
|
Goodwill
|
33,785
|
|
|
Other intangibles
|
34,175
|
|
|
Current liabilities
|
(11,782
|
)
|
|
Long term deferred tax liability
|
(7,751
|
)
|
|
Other non-current liabilities
|
(42
|
)
|
|
|
|
||
Net assets acquired and liabilities assumed
|
$
|
85,938
|
|
|
Six Months Ended
|
||||||
|
July 1, 2017
|
|
July 2, 2016
|
||||
Net sales
|
$
|
1,153,875
|
|
|
$
|
1,212,108
|
|
Net earnings
|
150,513
|
|
|
133,583
|
|
||
|
|
|
|
||||
Net earnings per share:
|
|
|
|
|
|
||
Basic
|
2.63
|
|
|
2.34
|
|
||
Diluted
|
2.63
|
|
|
2.34
|
|
3)
|
Litigation Matters
|
4)
|
Recently Issued Accounting Standards
|
5)
|
Other Comprehensive Income
|
|
Currency Translation Adjustment
|
|
Pension Benefit Costs
|
|
Unrealized Gain/(Loss) Interest Rate Swap
|
|
Total
|
||||||||
Balance as of December 31, 2016
|
$
|
(116,411
|
)
|
|
$
|
(173,394
|
)
|
|
$
|
5,482
|
|
|
$
|
(284,323
|
)
|
Other comprehensive income before reclassification
|
29,456
|
|
|
(9,174
|
)
|
|
305
|
|
|
20,587
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
—
|
|
|
(806
|
)
|
|
(806
|
)
|
||||
Net current-period other comprehensive income
|
$
|
29,456
|
|
|
$
|
(9,174
|
)
|
|
$
|
(501
|
)
|
|
$
|
19,781
|
|
Balance as of July 1, 2017
|
$
|
(86,955
|
)
|
|
$
|
(182,568
|
)
|
|
$
|
4,981
|
|
|
$
|
(264,542
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
Jul 1, 2017
|
|
Jul 2, 2016
|
|
Jul 1, 2017
|
|
Jul 2, 2016
|
||||||||
Net earnings
|
$
|
77,569
|
|
|
$
|
72,891
|
|
|
$
|
148,271
|
|
|
$
|
127,429
|
|
Currency translation adjustment
|
18,621
|
|
|
(19,579
|
)
|
|
29,456
|
|
|
(19,975
|
)
|
||||
Pension liability adjustment, net of tax
|
(6,647
|
)
|
|
1,078
|
|
|
(9,174
|
)
|
|
4,856
|
|
||||
Unrealized gain on interest rate swaps, net of tax
|
(1,001
|
)
|
|
(2
|
)
|
|
(501
|
)
|
|
(123
|
)
|
||||
Comprehensive income
|
$
|
88,542
|
|
|
$
|
54,388
|
|
|
$
|
168,052
|
|
|
$
|
112,187
|
|
6)
|
Inventories
|
|
Jul 1, 2017
|
|
Dec 31, 2016
|
||||
|
(in thousands)
|
||||||
Raw materials and parts
|
$
|
187,077
|
|
|
$
|
154,647
|
|
Work-in-process
|
38,556
|
|
|
35,975
|
|
||
Finished goods
|
196,301
|
|
|
177,621
|
|
||
|
$
|
421,934
|
|
|
$
|
368,243
|
|
7)
|
Goodwill
|
|
Commercial
Foodservice
|
|
Food
Processing
|
|
Residential Kitchen
|
|
Total
|
||||||||
Balance as of December 31, 2016
|
$
|
542,090
|
|
|
$
|
134,680
|
|
|
$
|
415,952
|
|
|
$
|
1,092,722
|
|
Goodwill acquired during the year
|
$
|
33,785
|
|
|
$
|
27,586
|
|
|
$
|
—
|
|
|
$
|
61,371
|
|
Measurement period adjustments to goodwill acquired in prior year
|
(36,408
|
)
|
|
41
|
|
|
—
|
|
|
(36,367
|
)
|
||||
Exchange effect
|
4,124
|
|
|
2,660
|
|
|
10,484
|
|
|
17,268
|
|
||||
Balance as of July 1, 2017
|
$
|
543,591
|
|
|
$
|
164,967
|
|
|
$
|
426,436
|
|
|
$
|
1,134,994
|
|
8)
|
Intangibles
|
|
July 1, 2017
|
|
December 31, 2016
|
||||||||||||||||
|
Estimated
Weighted Avg Remaining Life |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
|
Estimated
Weighted Avg Remaining Life |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
||||||
Amortized intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Customer lists
|
7.3
|
|
$
|
301,082
|
|
|
$
|
(153,598
|
)
|
|
5.5
|
|
$
|
251,025
|
|
|
$
|
(136,895
|
)
|
Backlog
|
0.3
|
|
16,285
|
|
|
(15,276
|
)
|
|
0.0
|
|
13,550
|
|
|
(13,550
|
)
|
||||
Developed technology
|
4.1
|
|
21,640
|
|
|
(17,732
|
)
|
|
4.8
|
|
24,874
|
|
|
(17,924
|
)
|
||||
|
|
|
$
|
339,007
|
|
|
$
|
(186,606
|
)
|
|
|
|
$
|
289,449
|
|
|
$
|
(168,369
|
)
|
Indefinite-lived assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trademarks and tradenames
|
|
|
$
|
622,575
|
|
|
|
|
|
|
|
$
|
575,091
|
|
|
|
|
2017
|
$
|
33,436
|
|
2018
|
28,033
|
|
|
2019
|
23,873
|
|
|
2020
|
21,282
|
|
|
2021
|
18,572
|
|
|
Thereafter
|
27,205
|
|
|
|
$
|
152,401
|
|
9)
|
Accrued Expenses
|
|
Jul 1, 2017
|
|
Dec 31, 2016
|
||||
|
(in thousands)
|
||||||
Accrued payroll and related expenses
|
$
|
62,232
|
|
|
$
|
74,505
|
|
Accrued warranty
|
48,965
|
|
|
40,851
|
|
||
Advanced customer deposits
|
40,394
|
|
|
41,735
|
|
||
Accrued customer rebates
|
29,972
|
|
|
49,923
|
|
||
Accrued professional fees
|
13,460
|
|
|
16,605
|
|
||
Accrued sales and other tax
|
13,093
|
|
|
13,565
|
|
||
Accrued agent commission
|
11,644
|
|
|
12,834
|
|
||
Accrued product liability and workers compensation
|
11,557
|
|
|
11,417
|
|
||
Product recall
|
6,154
|
|
|
7,003
|
|
||
Restructuring
|
3,945
|
|
|
2,295
|
|
||
Other accrued expenses
|
49,439
|
|
|
64,872
|
|
||
|
|
|
|
||||
|
$
|
290,855
|
|
|
$
|
335,605
|
|
10)
|
Warranty Costs
|
|
Six Months Ended
|
||
|
Jul 1, 2017
|
||
|
(in thousands)
|
||
Balance as of December 31, 2016
|
$
|
40,851
|
|
Warranty reserve related to acquisitions
|
6,288
|
|
|
Warranty expense
|
27,611
|
|
|
Warranty claims
|
(25,785
|
)
|
|
Balance as of July 1, 2017
|
$
|
48,965
|
|
11)
|
Financing Arrangements
|
|
Jul 1, 2017
|
|
Dec 31, 2016
|
||||
|
(in thousands)
|
||||||
Credit Facility
|
$
|
797,647
|
|
|
$
|
725,500
|
|
Other international credit facilities
|
5,432
|
|
|
6,413
|
|
||
Other debt arrangement
|
195
|
|
|
213
|
|
||
Total debt
|
$
|
803,274
|
|
|
$
|
732,126
|
|
Less: Current maturities of long-term debt
|
4,860
|
|
|
5,883
|
|
||
Long-term debt
|
$
|
798,414
|
|
|
$
|
726,243
|
|
|
Jul 1, 2017
|
|
Dec 31, 2016
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Total debt
|
$
|
803,274
|
|
|
$
|
803,274
|
|
|
$
|
732,126
|
|
|
$
|
732,126
|
|
12)
|
Financial Instruments
|
|
Condensed Consolidated
Balance Sheet Presentation
|
|
Jul 1, 2017
|
|
|
Dec 31, 2016
|
|
||
Fair value
|
Other assets
|
|
$
|
7,894
|
|
|
$
|
8,842
|
|
Fair value
|
Accrued expenses
|
|
$
|
(3
|
)
|
|
$
|
(100
|
)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
Presentation of Gain/(loss)
|
|
Jul 1, 2017
|
|
Jul 2, 2016
|
|
|
Jul 1, 2017
|
|
Jul 2, 2016
|
|
||||||
Gain/(loss) recognized in accumulated other comprehensive income
|
Other comprehensive income
|
|
$
|
(1,955
|
)
|
|
$
|
(211
|
)
|
|
$
|
(1,643
|
)
|
|
$
|
(730
|
)
|
Gain/(loss) reclassified from accumulated other comprehensive income (effective portion)
|
Interest expense
|
|
$
|
(284
|
)
|
|
$
|
(208
|
)
|
|
$
|
(806
|
)
|
|
$
|
(525
|
)
|
Gain/(loss) recognized in income (ineffective portion)
|
Other expense
|
|
$
|
(8
|
)
|
|
$
|
(4
|
)
|
|
$
|
(15
|
)
|
|
$
|
7
|
|
13)
|
Segment Information
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||
|
Jul 1, 2017
|
|
Jul 2, 2016
|
|
Jul 1, 2017
|
|
Jul 2, 2016
|
||||||||||||||||||||
|
Sales
|
|
Percent
|
|
Sales
|
|
Percent
|
|
Sales
|
|
Percent
|
|
Sales
|
|
Percent
|
||||||||||||
Business Segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Foodservice
|
$
|
333,753
|
|
|
57.6
|
%
|
|
$
|
321,028
|
|
|
55.3
|
%
|
|
$
|
646,002
|
|
|
58.2
|
%
|
|
$
|
600,014
|
|
|
54.7
|
%
|
Food Processing
|
92,368
|
|
|
15.9
|
|
|
83,475
|
|
|
14.4
|
|
|
169,644
|
|
|
15.3
|
|
|
162,111
|
|
|
14.8
|
|
||||
Residential Kitchen
|
153,222
|
|
|
26.5
|
|
|
175,953
|
|
|
30.3
|
|
|
293,994
|
|
|
26.5
|
|
|
334,686
|
|
|
30.5
|
|
||||
Total
|
$
|
579,343
|
|
|
100.0
|
%
|
|
$
|
580,456
|
|
|
100.0
|
%
|
|
$
|
1,109,640
|
|
|
100.0
|
%
|
|
$
|
1,096,811
|
|
|
100.0
|
%
|
|
Commercial
Foodservice
|
|
|
Food Processing
|
|
|
Residential Kitchen
|
|
|
Corporate
and Other
(2)
|
|
|
Total
|
|
|||||
Three Months Ended July 1, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net sales
|
$
|
333,753
|
|
|
$
|
92,368
|
|
|
$
|
153,222
|
|
|
$
|
—
|
|
|
$
|
579,343
|
|
Income (loss) from operations
|
95,007
|
|
|
24,199
|
|
|
22,006
|
|
|
(19,076
|
)
|
|
122,136
|
|
|||||
Depreciation and amortization expense
|
8,496
|
|
|
1,657
|
|
|
7,627
|
|
|
478
|
|
|
18,258
|
|
|||||
Net capital expenditures
|
20,764
|
|
|
1,308
|
|
|
1,661
|
|
|
(301
|
)
|
|
23,432
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Six Months Ended July 1, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
646,002
|
|
|
$
|
169,644
|
|
|
$
|
293,994
|
|
|
$
|
—
|
|
|
$
|
1,109,640
|
|
Income (loss) from operations
|
175,548
|
|
|
42,188
|
|
|
40,918
|
|
|
(35,439
|
)
|
|
223,215
|
|
|||||
Depreciation and amortization expense
|
13,478
|
|
|
3,044
|
|
|
14,834
|
|
|
959
|
|
|
32,315
|
|
|||||
Net capital expenditures
|
26,749
|
|
|
1,946
|
|
|
2,943
|
|
|
70
|
|
|
31,708
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
1,495,316
|
|
|
$
|
393,674
|
|
|
$
|
1,205,676
|
|
|
$
|
45,869
|
|
|
$
|
3,140,535
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended July 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net sales
|
$
|
321,028
|
|
|
$
|
83,475
|
|
|
$
|
175,953
|
|
|
$
|
—
|
|
|
$
|
580,456
|
|
Income (loss) from operations
|
93,732
|
|
|
19,186
|
|
|
22,364
|
|
|
(23,369
|
)
|
|
111,913
|
|
|||||
Depreciation and amortization expense
|
5,575
|
|
|
1,520
|
|
|
8,238
|
|
|
977
|
|
|
16,310
|
|
|||||
Net capital expenditures
|
3,322
|
|
|
884
|
|
|
1,078
|
|
|
131
|
|
|
5,415
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Six Months Ended July 2, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
600,014
|
|
|
$
|
162,111
|
|
|
$
|
334,686
|
|
|
$
|
—
|
|
|
$
|
1,096,811
|
|
Income (loss) from operations
|
170,301
|
|
|
37,049
|
|
|
32,215
|
|
|
(41,277
|
)
|
|
198,288
|
|
|||||
Depreciation and amortization expense
|
9,946
|
|
|
2,958
|
|
|
16,942
|
|
|
1,394
|
|
|
31,240
|
|
|||||
Net capital expenditures
|
7,506
|
|
|
2,682
|
|
|
2,789
|
|
|
131
|
|
|
13,108
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
1,367,664
|
|
|
$
|
321,694
|
|
|
$
|
1,195,379
|
|
|
$
|
46,933
|
|
|
$
|
2,931,670
|
|
|
|
|
|
|
|
|
|
|
|
|
Jul 1, 2017
|
|
Jul 2, 2016
|
||||
United States and Canada
|
$
|
202,789
|
|
|
$
|
170,854
|
|
Asia
|
15,370
|
|
|
15,582
|
|
||
Europe and Middle East
|
127,053
|
|
|
64,199
|
|
||
Latin America
|
1,034
|
|
|
1,151
|
|
||
Total international
|
$
|
143,457
|
|
|
$
|
80,932
|
|
|
$
|
346,246
|
|
|
$
|
251,786
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
Jul 1, 2017
|
|
|
Jul 2, 2016
|
|
|
Jul 1, 2017
|
|
|
Jul 2, 2016
|
|
||||
United States and Canada
|
$
|
394,004
|
|
|
$
|
381,369
|
|
|
$
|
754,105
|
|
|
$
|
707,310
|
|
Asia
|
44,873
|
|
|
43,796
|
|
|
87,565
|
|
|
81,590
|
|
||||
Europe and Middle East
|
115,063
|
|
|
134,484
|
|
|
223,767
|
|
|
271,088
|
|
||||
Latin America
|
25,403
|
|
|
20,807
|
|
|
44,203
|
|
|
36,823
|
|
||||
Total international
|
$
|
185,339
|
|
|
$
|
199,087
|
|
|
$
|
355,535
|
|
|
$
|
389,501
|
|
|
$
|
579,343
|
|
|
$
|
580,456
|
|
|
$
|
1,109,640
|
|
|
$
|
1,096,811
|
|
14)
|
Employee Retirement Plans
|
(a)
|
Pension Plans
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
July 1, 2017
|
|
July 2, 2016
|
|
July 1, 2017
|
|
July 2, 2016
|
||||||||
Net Periodic Pension Benefit:
|
|
|
|
|
|
|
|
|
|
|
||||||
Service cost
|
|
$
|
996
|
|
|
$
|
888
|
|
|
$
|
1,960
|
|
|
$
|
1,777
|
|
Interest cost
|
|
8,017
|
|
|
10,654
|
|
|
15,781
|
|
|
21,324
|
|
||||
Expected return on assets
|
|
(17,323
|
)
|
|
(17,579
|
)
|
|
(34,097
|
)
|
|
(35,249
|
)
|
||||
Amortization of net loss (gain)
|
|
743
|
|
|
—
|
|
|
1,463
|
|
|
—
|
|
||||
Pension settlement
|
|
(49
|
)
|
|
—
|
|
|
(97
|
)
|
|
—
|
|
||||
|
|
$
|
(7,616
|
)
|
|
$
|
(6,037
|
)
|
|
$
|
(14,990
|
)
|
|
$
|
(12,148
|
)
|
(b)
|
Defined Contribution Plans
|
15)
|
Restructuring
|
|
|
Severance/Benefits
|
|
Facilities/Operations
|
|
Other
|
|
Total
|
||||||||
Balance as of December 31, 2016
|
|
$
|
5,145
|
|
|
$
|
2,032
|
|
|
$
|
69
|
|
|
$
|
7,246
|
|
Expenses
|
|
5,825
|
|
|
4,919
|
|
|
286
|
|
|
11,030
|
|
||||
Exchange
|
|
391
|
|
|
268
|
|
|
6
|
|
|
665
|
|
||||
Payments/Utilization
|
|
(3,212
|
)
|
|
(3,996
|
)
|
|
(276
|
)
|
|
(7,484
|
)
|
||||
Balance as of July 1, 2017
|
|
$
|
8,149
|
|
|
$
|
3,223
|
|
|
$
|
85
|
|
|
$
|
11,457
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||
|
Jul 1, 2017
|
|
Jul 2, 2016
|
|
Jul 1, 2017
|
|
Jul 2, 2016
|
||||||||||||||||||||
|
Sales
|
|
Percent
|
|
Sales
|
|
Percent
|
|
Sales
|
|
Percent
|
|
Sales
|
|
Percent
|
||||||||||||
Business Segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial Foodservice
|
$
|
333,753
|
|
|
57.6
|
%
|
|
$
|
321,028
|
|
|
55.3
|
%
|
|
$
|
646,002
|
|
|
58.2
|
%
|
|
$
|
600,014
|
|
|
54.7
|
%
|
Food Processing
|
92,368
|
|
|
15.9
|
|
|
83,475
|
|
|
14.4
|
|
|
169,644
|
|
|
15.3
|
|
|
162,111
|
|
|
14.8
|
|
||||
Residential Kitchen
|
153,222
|
|
|
26.5
|
|
|
175,953
|
|
|
30.3
|
|
|
293,994
|
|
|
26.5
|
|
|
334,686
|
|
|
30.5
|
|
||||
Total
|
$
|
579,343
|
|
|
100.0
|
%
|
|
$
|
580,456
|
|
|
100.0
|
%
|
|
$
|
1,109,640
|
|
|
100.0
|
%
|
|
$
|
1,096,811
|
|
|
100.0
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
Jul 1, 2017
|
|
Jul 2, 2016
|
|
Jul 1, 2017
|
|
Jul 2, 2016
|
||||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
59.5
|
|
|
59.8
|
|
|
60.0
|
|
|
60.8
|
|
Gross profit
|
40.5
|
|
|
40.2
|
|
|
40.0
|
|
|
39.2
|
|
Selling, general and administrative expenses
|
19.5
|
|
|
19.8
|
|
|
19.8
|
|
|
20.5
|
|
Restructuring expenses
|
2.0
|
|
|
1.1
|
|
|
1.2
|
|
|
0.7
|
|
Gain on sale of plant
|
(2.1
|
)
|
|
—
|
|
|
(1.1
|
)
|
|
—
|
|
Income from operations
|
21.1
|
|
|
19.3
|
|
|
20.1
|
|
|
18.0
|
|
Interest expense and deferred financing amortization, net
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
Other expense (income), net
|
0.1
|
|
|
(0.6
|
)
|
|
0.2
|
|
|
(0.4
|
)
|
Earnings before income taxes
|
20.0
|
|
|
18.9
|
|
|
18.9
|
|
|
17.4
|
|
Provision for income taxes
|
6.7
|
|
|
6.3
|
|
|
5.5
|
|
|
5.8
|
|
Net earnings
|
13.3
|
%
|
|
12.6
|
%
|
|
13.4
|
%
|
|
11.6
|
%
|
•
|
Net sales of the Commercial Foodservice Equipment Group increased by
$12.8 million
, or
4.0%
, to
$333.8 million
in the
three months period ended July 1, 2017
, as compared to
$321.0 million
in the prior year quarter. Net sales resulting from the acquisition of Follett, which was acquired on May 31, 2016, accounted for an increase of
$27.0 million
during the
three months period ended July 1, 2017
. Excluding the impact of this acquisition, net sales of the Commercial Foodservice Equipment Group decreased
$14.2 million
, or
4.4%
, as compared to the prior year quarter. Excluding the impact of foreign exchange and acquisition, net sales decreased
3.3%
at the Commercial Foodservice Equipment Group. Domestically, the company realized a sales increase of
$13.3 million
, or
6.1%
, to
$230.8 million
, as compared to
$217.5 million
in the prior year quarter. This includes an increase of
$23.7 million
from the recent acquisition. Excluding the acquisition, the net decrease in sales was
$10.4 million
, or
4.8%
. The domestic sales reduction reflects lower sales to restaurant chains in comparison to the prior year. International sales decreased
$0.5 million
, or
0.5%
, to
$103.0 million
, as compared to
$103.5 million
in the prior year quarter. This includes an increase of
$3.3 million
from the recent acquisition offset by a reduction of
$3.6 million
due to the unfavorable impact of exchange rates.
|
•
|
Net sales of the Food Processing Equipment Group increased by
$8.9 million
, or
10.7%
, to
$92.4 million
in the
three months period ended July 1, 2017
, as compared to
$83.5 million
in the prior year quarter. Net sales resulting from the acquisition of Burford, which was acquired on May 1, 2017, accounted for an increase of
$2.2 million
during the
three months period ended July 1, 2017
. Excluding the impact of this acquisition, net sales of the Food Processing Equipment Group increased
$6.7 million
, or
8.0%
, as compared to the prior year quarter. Excluding the impact of foreign exchange and acquisition, net sales increased
8.5%
at the Food Processing Equipment Group. Domestically, the company realized a sales increase of
$6.7 million
, or
10.5%
, to
$70.7 million
, as compared to
$64.0 million
in the prior year quarter. This includes an increase of
$1.8 million
from the recent acquisition. International sales increased
$2.2 million
, or
11.3%
, to
$21.7 million
, as compared to
$19.5 million
in the prior year quarter. This includes an increase of
$0.4 million
from the recent acquisition offset by a reduction of
$0.4 million
due to the unfavorable impact of exchange rates.
|
•
|
Net sales of the Residential Kitchen Equipment Group decreased by
$22.8 million
, or
13.0%
, to
$153.2 million
in
three months period ended July 1, 2017
, as compared to
$176.0 million
in the prior year quarter. Excluding the impact of foreign exchange, net sales of the Residential Kitchen Equipment Group decreased
9.1%
, as compared to the prior year quarter. This decrease is net of price increases, which are estimated to have added 2.0% to net sales in comparison to the prior year. Domestically, the company realized a sales decrease of
$7.3 million
, or
7.3%
, to
$92.6 million
, as compared to
$99.9 million
in the prior year quarter. International sales decreased
$15.4 million
, or
20.3%
to
$60.6 million
, as compared to
$76.0 million
in the prior year quarter. This includes
$6.7 million
of unfavorable impact of exchange rates. The sales decrease reflects the impact of product rationalization at the AGA Group in connection with prior year acquisition integration initiatives. Sales also continue to be affected by the 2015 recall of certain Viking products manufactured prior to 2013 and Middleby's acquisition of Viking.
|
•
|
Gross profit at the Commercial Foodservice Equipment Group decreased by
$3.0 million
, or
2.1%
, to
$137.4 million
in
three months period ended July 1, 2017
, as compared to
$140.4 million
in the prior year quarter. Gross profit from the acquisition of Follett accounted for approximately
$9.5 million
of the increase in gross profit during the period. Excluding the recent acquisition, gross profit decreased by approximately
$12.5 million
due to lower sales volume and product mix in comparison to prior year quarter. The impact of foreign exchange rates reduced gross profit by approximately
$1.0 million
. The gross margin rate decreased to
41.2%
as compared to
43.7%
in the prior year quarter due to lower margins at Follett.
|
•
|
Gross profit at the Food Processing Equipment Group increased by
$6.3 million
, or
19.6%
, to
$38.4 million
in the
three months period ended July 1, 2017
, as compared to
$32.1 million
in the prior year quarter. Gross profit from the acquisition of Burford accounted for approximately
$0.5 million
of the increase in gross profit during the period. The impact of foreign exchange rates reduced gross profit by approximately
$0.6 million
. The gross margin rate increased to
41.6%
as compared to
38.4%
in the prior year quarter, reflecting the impact of higher sales volume and more favorable sales mix .
|
•
|
Gross profit at the Residential Kitchen Equipment Group decreased by
$1.6 million
, or
2.6%
, to
$60.9 million
in the
three months period ended July 1, 2017
, as compared to
$62.5 million
in the prior year quarter. The impact of foreign exchange rates reduced gross profit by approximately
$2.4 million
. The gross margin rate increased to
39.8%
as compared to
35.5%
in the prior year quarter, due to the impact of improved margins at the AGA Group, Uline and Lynx as a result of cost reduction and acquisition integration initiatives.
|
•
|
Net sales of the Commercial Foodservice Equipment Group increased by
$46.0 million
, or
7.7%
, to
$646.0 million
in the
six months period ended July 1, 2017
, as compared to
$600.0 million
in the prior year period. Net sales resulting from the acquisition of Follett, which was acquired on May 31, 2016, accounted for an increase of
$71.6 million
during the
six months period ended July 1, 2017
. Excluding the impact of this acquisition, net sales of the Commercial Foodservice Equipment Group decreased
$25.6 million
, or
4.3%
, as compared to the prior year period. Excluding the impact of foreign exchange and acquisition, net sales decreased
3.0%
at the Commercial Foodservice Equipment Group. Domestically, the company realized a sales increase of
$46.2 million
, or
11.5%
, to
$448.3 million
, as compared to
$402.1 million
in the prior year period. This includes an increase of
$63.8 million
from recent acquisition. Excluding the acquisition, the net decrease in domestic sales was
$17.6 million
, or
4.4%
. Domestic sales reflect the impact of several large rollouts with major restaurant chain customers in the prior year period. International sales decreased
$0.2 million
, or
0.1%
, to
$197.7 million
, as compared to
$197.9 million
in the prior year period. This includes an increase of
$7.8 million
from the recent acquisitions, offset by
$7.8 million
related to the unfavorable impact of exchange rates.
|
•
|
Net sales of the Food Processing Equipment Group increased by
$7.5 million
, or
4.6%
, to
$169.6 million
in the
six months period ended July 1, 2017
, as compared to
$162.1 million
in the prior year period. Net sales from the acquisition of Burford, which was acquired on May 1, 2017, accounted for an increase of
$2.2 million
during the
six months period ended July 1, 2017
. Excluding the impact of this acquisition, net sales of the Food Processing Equipment Group increased
$5.3 million
, or
3.3%
. Excluding the impact of foreign exchange and acquisition, net sales increased
3.9%
at the Food Processing Equipment Group. Domestically, the company realized a sales increase of
$9.3 million
, or
7.6%
, to
$131.8 million
, as compared to
$122.5 million
in the prior year period. This includes an increase of
$1.8 million
from the recent acquisition. International sales decreased
$1.8 million
, or
4.5%
, to
$37.8 million
, as compared to
$39.6 million
in the prior year period. This includes an increase of
$0.4 million
from the recent acquisition offset by
$1.1 million
related to the unfavorable impact of exchange rates.
|
•
|
Net sales of the Residential Kitchen Equipment Group decreased by
$40.7 million
, or
12.2%
, to
$294.0 million
in the
six months period ended July 1, 2017
, as compared to
$334.7 million
in the prior year period. Excluding the impact of foreign exchange, net sales decreased
7.6%
at the Residential Kitchen Equipment Group. Domestically, the company realized a sales decrease of
$8.7 million
, or
4.8%
, to
$174.0 million
, as compared to
$182.7 million
in the prior year period. International sales decreased
$32.0 million
, or
21.1%
, to
$120.0 million
, as compared to
$152.0 million
in the prior year quarter, including a reduction of
$15.2 million
related to the unfavorable impact of exchange rates. The sales decrease reflects the impact of product rationalization at the AGA Group in connection with prior year acquisition integration initiatives. Sales also continue to be affected by the 2015 recall of certain Viking products manufactured prior to 2013 and Middleby's acquisition of Viking.
|
•
|
Gross profit at the Commercial Foodservice Equipment Group increased by
$8.8 million
, or
3.4%
, to
$265.1 million
in the
six months period ended July 1, 2017
, as compared to
$256.3 million
in the prior year period. Gross profit from the acquisition of Follett accounted for approximately
$26.5 million
of the increase in gross profit during the period. Excluding the recent acquisitions, gross profit decreased by approximately
$17.7 million
due to lower sales volume and product mix in comparison to prior year period. The impact of foreign exchange rates reduced gross profit by approximately
$2.1 million
. The gross margin rate decreased to
41.0%
, as compared to
42.7%
in the prior year period, due to lower margins at Follett
|
•
|
Gross profit at the Food Processing Equipment Group increased by
$5.3 million
, or
8.3%
, to
$68.9 million
in the
six months period ended July 1, 2017
, as compared to
$63.6 million
in the prior year period. Gross profit from the acquisition of Burford accounted for approximately
$0.5 million
of the increase in gross profit during the period. Excluding the recent acquisition, gross profit increased by approximately
$4.8 million
on higher sales volume. The impact of foreign exchange rates reduced gross profit by approximately
$1.1 million
. The gross profit margin rate increased to
40.6%
, as compared to
39.2%
in the prior year period. The increase in the gross margin rate reflects higher sales volume and favorable sales mix.
|
•
|
Gross profit at the Residential Kitchen Equipment Group increased by
$1.0 million
, or
0.9%
, to
$112.9 million
in the
six months period ended July 1, 2017
, as compared to
$111.9 million
in the prior year period. The impact of foreign exchange rates reduced gross profit by approximately
$5.6 million
. The gross margin rate increased to
38.4%
, as compared to
33.4%
in the prior year period, due to the impact of improved margins at the AGA Group, Uline and Lynx as a result of cost reduction and acquisition integration initiatives.
|
Twelve Month Period Ending
|
|
Variable Rate
Debt
|
||
|
|
|
||
July 1, 2018
|
|
$
|
4,860
|
|
July 1, 2019
|
|
298
|
|
|
July 1, 2020
|
|
123
|
|
|
July 1, 2021
|
|
123
|
|
|
July 1, 2022 and thereafter
|
|
797,870
|
|
|
|
|
$
|
803,274
|
|
|
Total
Number of
Shares
Purchased
|
|
|
Average
Price Paid
per Share
|
|
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plan or
Program
|
|
|
Maximum
Number of
Shares that May
Yet be
Purchased
Under the Plan
or Program (1)
|
|
|
April 2 to April 29, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
2,389,665
|
|
April 30 to May 27, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
2,389,665
|
|
|
May 28 to July 1, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
2,389,665
|
|
|
Quarter ended July 1, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
2,389,665
|
|
|
|
|
THE MIDDLEBY CORPORATION
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
|
August 10, 2017
|
|
By:
|
/s/ Timothy J. FitzGerald
|
|
|
|
|
Timothy J. FitzGerald
|
|
|
|
|
Vice President,
|
|
|
|
|
Chief Financial Officer
|
1 Year Middleby Chart |
1 Month Middleby Chart |
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