x
|
Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
¨
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
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
|
DESCRIPTION
|
PAGE
|
||
PART
I. FINANCIAL INFORMATION
|
|||
Item
1.
|
Condensed
Consolidated Financial Statements (unaudited)
|
||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
1
|
||
April
3, 2010 and January 2, 2010
|
|||
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS
|
2
|
||
April
3, 2010 and April 4, 2009
|
|||
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
3
|
||
April
3, 2010 and April 4, 2009
|
|||
NOTES
TO CONDENSED CONSOLIDATED
|
|||
FINANCIAL
STATEMENTS
|
4
|
||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition
|
||
and
Results of Operations
|
21
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
29
|
|
Item
4.
|
Controls
and Procedures
|
32
|
|
PART
II. OTHER INFORMATION
|
|||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
33
|
|
Item
6.
|
Exhibits
|
34
|
|
April 3, 2010
|
January 2, 2010
|
||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 8,295 | $ | 8,363 | ||||
Accounts
receivable, net of reserve for doubtful accounts of $6,614 and
$6,596
|
83,735 | 78,897 | ||||||
Inventories,
net
|
89,328 | 90,640 | ||||||
Prepaid
expenses and other
|
8,672 | 9,914 | ||||||
Prepaid
taxes
|
— | 5,873 | ||||||
Current
deferred taxes
|
23,609 | 23,339 | ||||||
Total
current assets
|
213,639 | 217,026 | ||||||
Property,
plant and equipment, net of accumulated depreciation of $46,379 and
$44,988
|
47,371 | 47,340 | ||||||
Goodwill
|
358,035 | 358,506 | ||||||
Other
intangibles
|
187,073 | 189,572 | ||||||
Other
assets
|
4,542 | 3,902 | ||||||
Total
assets
|
$ | 810,660 | $ | 816,346 | ||||
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Current
maturities of long-term debt
|
$ | 7,015 | $ | 7,517 | ||||
Accounts
payable
|
39,041 | 38,580 | ||||||
Accrued
expenses
|
82,871 | 100,259 | ||||||
Total
current liabilities
|
128,927 | 146,356 | ||||||
Long-term
debt
|
263,961 | 268,124 | ||||||
Long-term
deferred tax liability
|
14,375 | 14,187 | ||||||
Other
non-current liabilities
|
44,124 | 45,024 | ||||||
Stockholders'
equity:
|
||||||||
Preferred
stock, $0.01 par value; nonvoting; 2,000,000 shares authorized; none
issued
|
— | — | ||||||
Common
stock, $0.01 par value; 47,500,000 shares authorized; 22,632,650 and
22,622,650 shares issued in 2010 and 2009, respectively
|
136 | 136 | ||||||
Paid-in
capital
|
165,503 | 162,001 | ||||||
Treasury
stock at cost; 4,069,913 shares in 2010 and 2009
|
(102,000 | ) | (102,000 | ) | ||||
Retained
earnings
|
301,149 | 287,387 | ||||||
Accumulated
other comprehensive income
|
(5,515 | ) | (4,869 | ) | ||||
Total
stockholders' equity
|
359,273 | 342,655 | ||||||
Total
liabilities and stockholders' equity
|
$ | 810,660 | $ | 816,346 |
Three Months Ended
|
||||||||
Apr 3, 2010
|
April 4, 2009
|
|||||||
Net
sales
|
$ | 160,683 | $ | 181,546 | ||||
Cost
of sales
|
97,210 | 112,776 | ||||||
Gross
profit
|
63,473 | 68,770 | ||||||
Selling
expenses
|
17,625 | 16,306 | ||||||
General
and administrative expenses
|
19,413 | 24,373 | ||||||
Income
from operations
|
26,435 | 28,091 | ||||||
Net
interest expense and deferred financing amortization
|
2,475 | 3,146 | ||||||
Other
expense, net
|
344 | 284 | ||||||
Earnings
before income taxes
|
23,616 | 24,661 | ||||||
Provision
for income taxes
|
9,854 | 10,594 | ||||||
Net
earnings
|
$ | 13,762 | $ | 14,067 | ||||
Net
earnings per share:
|
||||||||
Basic
|
$ | 0.78 | $ | 0.80 | ||||
Diluted
|
$ | 0.74 | $ | 0.77 | ||||
Weighted
average number of shares
|
||||||||
Basic
|
17,754 | 17,584 | ||||||
Dilutive stock options1
|
962 | 586 | ||||||
Diluted
|
18,716 | 18,170 |
1
|
There
were no anti-dilutive stock options excluded from common stock equivalents
for any period presented.
|
Three Months Ended
|
||||||||
Apr 3, 2010
|
Apr 4, 2009
|
|||||||
Cash
flows from operating activities-
|
||||||||
Net earnings
|
$ | 13,762 | $ | 14,067 | ||||
Adjustments
to reconcile net earnings to cash
|
||||||||
provided by operating activities:
|
||||||||
Depreciation
and amortization
|
3,916 | 5,205 | ||||||
Deferred
taxes
|
(83 | ) | (269 | ) | ||||
Non-cash
share-based compensation
|
3,234 | 2,725 | ||||||
Unrealized
(gain) loss on derivative financial instruments
|
(7 | ) | 48 | |||||
Changes
in assets and liabilities, net of acquisitions
|
||||||||
Accounts
receivable, net
|
(5,588 | ) | (8,668 | ) | ||||
Inventories,
net
|
552 | 5,562 | ||||||
Prepaid
expenses and other assets
|
6,435 | 542 | ||||||
Accounts
payable
|
741 | 5,559 | ||||||
Accrued
expenses and other liabilities
|
(16,156 | ) | (14,880 | ) | ||||
Net
cash provided by operating activities
|
6,806 | 9,891 | ||||||
Cash
flows from investing activities-
|
||||||||
Net
additions to property and equipment
|
(1,401 | ) | (1,870 | ) | ||||
Acquisition
of Giga
|
(1,621 | ) | — | |||||
Acquisition
of TurboChef, net of cash acquired
|
— | (116,078 | ) | |||||
Net
cash (used in) investing activities
|
(3,022 | ) | (117,948 | ) | ||||
Cash
flows from financing activities-
|
||||||||
Net
(repayments) proceeds under revolving credit facilities
|
(4,800 | ) | 112,250 | |||||
Net
proceeds (repayments) under foreign bank loan
|
514 | (505 | ) | |||||
Net
proceeds from stock issuances
|
270 | — | ||||||
Net
cash (used in) provided by financing activities
|
(4,016 | ) | 111,745 | |||||
Effect
of exchange rates on cash and cash equivalents
|
164 | (983 | ) | |||||
Changes
in cash and cash equivalents-
|
||||||||
Net
(decrease) increase in cash and cash equivalents
|
(68 | ) | 2,705 | |||||
Cash
and cash equivalents at beginning of year
|
8,363 | 6,144 | ||||||
Cash
and cash equivalents at end of quarter
|
$ | 8,295 | $ | 8,849 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Interest
paid
|
$ | 2,475 | $ | 2,699 | ||||
Income
tax payments
|
$ | 2,156 | $ | 2,055 | ||||
Non-cash
financing activities:
|
||||||||
Stock
issuance related to the acquisition of TurboChef
|
$ | — | $ | 44,048 |
1)
|
Summary
of Significant Accounting Policies
|
A)
|
Basis
of Presentation
|
B)
|
Non-Cash
Share-Based Compensation
|
|
C)
|
Income
Tax Contingencies
|
United
States – federal
|
2007 - 2009 | |||
United
States – states
|
2002 - 2009 | |||
China
|
2002 - 2009 | |||
Canada
|
2009
|
|||
Denmark
|
2006 - 2009 | |||
Italy
|
2008 - 2009 | |||
Mexico
|
2005 - 2009 | |||
Philippines
|
2006 - 2009 | |||
South
Korea
|
2005 - 2009 | |||
Spain
|
2007 - 2009 | |||
Taiwan
|
2007 - 2009 | |||
United
Kingdom
|
2007 - 2009 |
D)
|
Fair
Value Measures
|
Fair Value
|
Fair Value
|
Fair Value
|
||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Financial
Assets:
|
||||||||||||||||
None
|
— | — | — | $ | — | |||||||||||
Financial
Liabilities:
|
||||||||||||||||
Interest
rate swaps
|
— | 2,844 | — | $ | 2,844 | |||||||||||
Contingent
consideration
|
— | — | 4,134 | $ | 4,134 |
2)
|
Acquisitions
and Purchase Accounting
|
(as initially reported)
|
Measurement Period
|
(as adjusted)
|
||||||||||
Apr 26, 2009
|
Adjustments
|
Apr 26, 2009
|
||||||||||
Current
assets
|
$ | 2,595 | $ | (12 | ) | $ | 2,583 | |||||
Property,
plant and equipment
|
152 | — | 152 | |||||||||
Goodwill
|
11,544 | (5,649 | ) | 5,895 | ||||||||
Other
intangibles
|
3,622 | 3,000 | 6,622 | |||||||||
Current
liabilities
|
(3,428 | ) | 165 | (3,263 | ) | |||||||
Other
non-current liabilities
|
(6,485 | ) | 2,496 | (3,989 | ) | |||||||
Total
cash paid
|
$ | 8,000 | $ | — | $ | 8,000 | ||||||
Deferred
cash payment
|
1,000 | — | 1,000 | |||||||||
Contingent
consideration
|
7,360 | (2,660 | ) | 4,700 | ||||||||
Net
assets acquired and liabilities assumed
|
$ | 16,360 | $ | (2,660 | ) | $ | 13,700 |
Apr 30, 2009
|
||||
Current
assets
|
$ | 2,210 | ||
Goodwill
|
3,320 | |||
Other
intangibles
|
1,085 | |||
Current
liabilities
|
(3,107 | ) | ||
Other
non-current liabilities
|
(150 | ) | ||
Total
cash paid
|
$ | 3,358 | ||
Deferred
cash payment
|
500 | |||
Net
assets acquired and liabilities assumed
|
$ | 3,858 |
Dec 14, 2009
|
||||
Current
assets
|
$ | 5,034 | ||
Property,
Plant and Equipment
|
1,876 | |||
Goodwill
|
191 | |||
Intangibles
|
2,355 | |||
Current
maturities of long-term debt
|
(285 | ) | ||
Current
liabilities
|
(2,105 | ) | ||
Long-term
debt
|
(1,081 | ) | ||
Other
non-current liabilities
|
(166 | ) | ||
Total
cash paid
|
$ | 5,819 |
3)
|
Litigation
Matters
|
4)
|
Recently
Issued Accounting Standards
|
5)
|
Other
Comprehensive Income
|
Three Months Ended
|
||||||||
Apr 3, 2010
|
April 4, 2009
|
|||||||
Net
earnings
|
$ | 13,762 | $ | 14,067 | ||||
Currency
translation adjustment
|
(709 | ) | (744 | ) | ||||
Unrealized
gain on interest rate swaps, net of tax
|
63 | 223 | ||||||
Comprehensive
income
|
$ | 13,116 | $ | 13,546 |
6)
|
Inventories
|
Apr 3, 2010
|
Jan 2, 2010
|
|||||||
(in thousands)
|
||||||||
Raw
materials and parts
|
$ | 51,001 | $ | 51,071 | ||||
Work-in-process
|
14,085 | 13,629 | ||||||
Finished
goods
|
25,033 | 26,731 | ||||||
|
90,119
|
91,431 | ||||||
LIFO
adjustment
|
(791 | ) | (791 | ) | ||||
$ | 89,328 | $ | 90,640 |
7)
|
Goodwill
|
Commercial
|
Food
|
International
|
||||||||||||||
Foodservice
|
Processing
|
Distribution
|
Total
|
|||||||||||||
Balance
as of January 2, 2010
|
$ | 326,980 | $ | 31,526 | $ | — | $ | 358,506 | ||||||||
Goodwill
acquired during the year
|
— | — | — | — | ||||||||||||
Adjustments
to prior year acquisitions
|
— | — | — | — | ||||||||||||
Exchange
effect
|
(471 | ) | — | — | (471 | ) | ||||||||||
Balance
as of April 3, 2010
|
$ | 326,509 | $ | 31,526 | $ | — | $ | 358,035 |
8)
|
Accrued
Expenses
|
Apr 3, 2010
|
Jan 2, 2010
|
|||||||
(in
thousands)
|
||||||||
Accrued
payroll and related expenses
|
$ | 15,341 | $ | 19,988 | ||||
Accrued
warranty
|
14,421 | 14,265 | ||||||
Advance
customer deposits
|
10,137 | 14,066 | ||||||
Accrued
product liability and workers comp
|
10,129 | 9,877 | ||||||
Accrued
customer rebates
|
6,569 | 12,980 | ||||||
Accrued
professional services
|
4,226 | 4,931 | ||||||
Other
accrued expenses
|
22,048 | 24,152 | ||||||
$ | 82,871 | $ | 100,259 |
9)
|
Warranty
Costs
|
Three Months Ended
|
||||
April 3, 2010
|
||||
(in thousands)
|
||||
Beginning
balance
|
$ | 14,265 | ||
Warranty
expense
|
5,970 | |||
Warranty
claims
|
(5,814 | ) | ||
Ending
balance
|
$ | 14,421 |
10)
|
Financing
Arrangements
|
Apr 3, 2010
|
Jan 2, 2010
|
|||||||
(in thousands)
|
||||||||
Senior
secured revolving credit line
|
$ | 261,100 | $ | 265,900 | ||||
Foreign
loan
|
9,876 | 9,741 | ||||||
Total
debt
|
$ | 270,976 | $ | 275,641 | ||||
Less: Current
maturities of long-term debt
|
7,015 | 7,517 | ||||||
Long-term
debt
|
$ | 263,961 | $ | 268,124 |
April 3, 2010
|
January 2, 2010
|
|||||||||||||||
Carrying Value
|
Fair Value
|
Carrying Value
|
Fair Value
|
|||||||||||||
Total
debt
|
$ | 270,976 | $ | 263,689 | $ | 275,641 | $ | 267,632 |
Fixed
|
|||||||
Notional
|
Interest
|
Effective
|
Maturity
|
||||
Amount
|
Rate
|
Date
|
Date
|
||||
15,000,000
|
1.220 | % |
11/23/09
|
11/23/11
|
|||
20,000,000
|
1.800 | % |
11/23/09
|
11/23/12
|
|||
25,000,000
|
3.670 | % |
09/23/08
|
09/23/11
|
|||
10,000,000
|
3.460 | % |
09/08/08
|
09/06/11
|
|||
15,000,000
|
3.130 | % |
09/08/08
|
09/06/10
|
|||
10,000,000
|
3.032 | % |
02/06/08
|
02/06/11
|
|||
20,000,000
|
1.560 | % |
03/11/10
|
12/11/12
|
|||
10,000,000
|
1.120 | % |
03/11/10
|
03/11/12
|
|||
10,000,000
|
3.590 | % |
06/10/08
|
06/10/11
|
|||
20,000,000
|
3.350 | % |
06/10/08
|
06/10/10
|
11)
|
Financial
Instruments
|
Three months ended
|
||||||||||
Location
|
Apr. 3, 2010
|
Apr. 4, 2009
|
||||||||
|
(amounts in thousands)
|
|||||||||
Fair
value
|
Other
non-current liabilities
|
$ | (2,844 | ) | $ | (5,406 | ) | |||
Gain/(loss)
recognized in other comprehensive income
|
Other
comprehensive income
|
$ | (876 | ) | $ | (890 | ) | |||
Gain/(loss)
reclassified from accumulated other comprehensive income (effective
portion)
|
Interest
expense
|
$ | (991 | ) | $ | (1,163 | ) | |||
Gain
recognized in income (ineffective portion)
|
Other
expense
|
$ | 7 | $ | 48 |
12)
|
Segment
Information
|
Three Months Ended
|
||||||||||||||||
Apr 3, 2010
|
Apr 4, 2009
|
|||||||||||||||
Sales
|
Percent
|
Sales
|
Percent
|
|||||||||||||
Business Divisions:
|
||||||||||||||||
Commercial
Foodservice
|
$ | 136,235 | 84.8 | $ | 163,529 | 90.1 | ||||||||||
Food
Processing
|
20,146 | 12.5 | 12,865 | 7.1 | ||||||||||||
International
Distribution(1)
|
10,438 | 6.5 | 11,997 | 6.6 | ||||||||||||
Intercompany
sales (2)
|
(6,136 | ) | (3.8 | ) | (6,845 | ) | (3.8 | ) | ||||||||
Total
|
$ | 160,683 | 100.0 | % | $ | 181,546 | 100.0 | % |
(1)
|
Consists
of sales of products manufactured by Middleby and products manufactured by
third parties.
|
(2)
|
Represents
the elimination of sales from the Commercial Foodservice Equipment Group
to the International Distribution
Division
|
Commercial
|
Food
|
International
|
Corporate
|
|||||||||||||||||||||
Foodservice
|
Processing
|
Distribution
|
and Other(2)
|
Eliminations(3)
|
Total
|
|||||||||||||||||||
Three
months ended April 3, 2010
|
||||||||||||||||||||||||
Net
sales
|
$ | 136,235 | $ | 20,146 | $ | 10,438 | $ | — | $ | (6,136 | ) | $ | 160,683 | |||||||||||
Operating
income
|
30,480 | 4,372 | 855 | (9,272 | ) | — | 26,435 | |||||||||||||||||
Depreciation
and amortization expense
|
3,395 | 358 | 38 | 125 | — | 3,916 | ||||||||||||||||||
Net
capital expenditures
|
1,322 | 62 | 17 | — | — | 1,401 | ||||||||||||||||||
Total
assets
|
675,308 | 68,880 | 24,013 | 47,957 | (5,498 | ) | 810,660 | |||||||||||||||||
Long-lived
assets
|
523,763 | 43,445 | 427 | 29,386 | — | 597,021 | ||||||||||||||||||
Three
months ended April 4, 2009
|
||||||||||||||||||||||||
Net
sales
|
$ | 163,529 | $ | 12,865 | $ | 11,997 | $ | — | $ | (6,845 | ) | $ | 181,546 | |||||||||||
Operating
income
|
35,119 | 1,673 | 694 | (9,650 | ) | 255 | 28,091 | |||||||||||||||||
Depreciation
and amortization expense
|
4,663 | 348 | 37 | 157 | — | 5,205 | ||||||||||||||||||
Net
capital expenditures
|
1,549 | 24 | 59 | 238 | — | 1,870 | ||||||||||||||||||
Total
assets
|
710,947 | 66,724 | 23,727 | 36,717 | (6,135 | ) | 831,980 | |||||||||||||||||
Long-lived
assets
|
515,412 | 43,135 | 557 | 22,269 | — | 581,373 |
(1)
|
Non-operating
expenses are not allocated to the operating
segments. Non-operating expenses consist of interest expense
and
deferred financing amortization, foreign exchange gains and losses and
other income and expense items outside of income
from operations.
|
(2)
|
Includes
corporate and other general company assets and
operations.
|
(3)
|
Includes
elimination of intercompany sales, profit in inventory and intercompany
receivables. Intercompany sale transactions are predominantly
from the Commercial Foodservice Equipment Group to the International
Distribution Division.
|
Three Months Ended
|
||||||||
Apr 3, 2010
|
Apr 4, 2009
|
|||||||
United
States and Canada
|
$ | 570,621 | $ | 555,190 | ||||
Asia
|
1,916 | 278 | ||||||
Europe
and Middle East
|
24,279 | 25,692 | ||||||
Latin
America
|
205 | 213 | ||||||
Total
international
|
$ | 26,400 | $ | 26,183 | ||||
$ | 597,021 | $ | 581,373 |
Three Months Ended
|
||||||||
Apr 3, 2010
|
Apr 4, 2009
|
|||||||
United
States and Canada
|
$ | 128,929 | $ | 158,532 | ||||
Asia
|
8,913 | 5,307 | ||||||
Europe
and Middle East
|
18,825 | 13,576 | ||||||
Latin
America
|
4,016 | 4,131 | ||||||
Total
international
|
$ | 31,754 | $ | 23,014 | ||||
$ | 160,683 | $ | 181,546 |
13)
|
Employee
Retirement Plans
|
14)
|
Subsequent
Events
|
Three Months Ended
|
||||||||||||||||
Apr. 3, 2010
|
Apr. 4, 2009
|
|||||||||||||||
Sales
|
Percent
|
Sales
|
Percent
|
|||||||||||||
Business Divisions:
|
||||||||||||||||
Commercial
Foodservice
|
$ | 136,235 | 84.8 | $ | 163,529 | 90.1 | ||||||||||
Food
Processing
|
20,146 | 12.5 | 12,865 | 7.1 | ||||||||||||
International
Distribution(1)
|
10,438 | 6.5 | 11,997 | 6.6 | ||||||||||||
Intercompany
sales (2)
|
(6,136 | ) | (3.8 | ) | (6,845 | ) | (3.8 | ) | ||||||||
Total
|
$ | 160,683 | 100.0 | % | $ | 181,546 | 100.0 | % |
Three Months Ended
|
||||||||
Apr 3, 2010
|
Apr 4, 2009
|
|||||||
Net
sales
|
100.0 | % | 100.0 | % | ||||
Cost
of sales
|
60.5 | 62.1 | ||||||
Gross
profit
|
39.5 | 37.9 | ||||||
Selling,
general and administrative expenses
|
23.0 | 22.4 | ||||||
Income
from operations
|
16.5 | 15.5 | ||||||
Net
interest expense and deferred financing amortization
|
1.6 | 1.7 | ||||||
Other
expense, net
|
0.2 | 0.2 | ||||||
Earnings
before income taxes
|
14.7 | 13.6 | ||||||
Provision
for income taxes
|
6.1 | 5.8 | ||||||
Net
earnings
|
8.6 | % | 7.8 | % |
|
·
|
Cost
reduction initiatives that were instituted in 2009 due to economic
conditions.
|
|
·
|
Improved
margins at certain of the newly acquired operating companies which have
improved due to acquisition integration initiatives including cost savings
from plant consolidations.
|
|
·
|
Reduced
material costs associated with supply chain
initiatives.
|
Amounts
|
Total
|
|||||||||||||||||||
Due Sellers
|
Idle
|
Contractual
|
||||||||||||||||||
From
|
Long-term
|
Operating
|
Facility
|
Cash
|
||||||||||||||||
Acquisitions
|
Debt
|
Leases
|
Leases
|
Obligations
|
||||||||||||||||
Less
than 1 year
|
$ | 2,983 | $ | 7,015 | $ | 3,611 | $ | 742 | $ | 14,351 | ||||||||||
1-3
years
|
5,032 | 261,970 | 5,900 | 1,248 | 274,150 | |||||||||||||||
3-5
years
|
252 | 464 | 2,437 | 734 | 3,887 | |||||||||||||||
After
5 years
|
— | 1,527 | 67 | 183 | 1,777 | |||||||||||||||
$ | 8,267 | $ | 270,976 | $ | 12,015 | $ | 2,907 | $ | 294,165 |
Fixed
|
Variable
|
|||||||
Rate
|
Rate
|
|||||||
Twelve Month Period Ending
|
Debt
|
Debt
|
||||||
(in
thousands)
|
||||||||
April
3, 2010
|
$ | — | $ | 7,015 | ||||
April
3, 2011
|
— | 435 | ||||||
April
3, 2012
|
— | 261,535 | ||||||
April
3, 2013
|
— | 347 | ||||||
April
3, 2014 and thereafter
|
— | 1,644 | ||||||
$ | — | $ | 270,976 |
Fixed
|
|||||||||
Notional
|
Interest
|
Effective
|
Maturity
|
||||||
Amount
|
Rate
|
Date
|
Date
|
||||||
15,000,000
|
1.220 | % |
11/23/09
|
11/23/11
|
|||||
20,000,000
|
1.800 | % |
11/23/09
|
11/23/12
|
|||||
25,000,000
|
3.670 | % |
09/23/08
|
09/23/11
|
|||||
10,000,000
|
3.460 | % |
09/08/08
|
09/06/11
|
|||||
15,000,000
|
3.130 | % |
09/08/08
|
09/06/10
|
|||||
10,000,000
|
3.032 | % |
02/06/08
|
02/06/11
|
|||||
20,000,000
|
1.560 | % |
03/11/10
|
12/11/12
|
|||||
10,000,000
|
1.120 | % |
03/11/10
|
03/11/12
|
|||||
10,000,000
|
3.590 | % |
06/10/08
|
06/10/11
|
|||||
20,000,000
|
3.350 | % |
06/10/08
|
06/10/10
|
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
|
|||||||||||||
January
3 to January 30, 2010
|
— | — | — | 627,332 | ||||||||||||
January
31, 2010 to February 27, 2010
|
— | — | — | 627,332 | ||||||||||||
February
28, 2010 to April 3, 2010
|
— | — | — | 627,332 | ||||||||||||
Quarter
ended April 3, 2010
|
— | — | — | 627,332 |
Exhibit
10.1 –
|
Amended
and Restated Employment Agreement, dated March 1, 2010, by and among The
Middleby Corporation, Middleby Marshall Inc. and the Timothy J. FitzGerald
(incorporated by reference to the company’s Current Report on Form 8-K
filed on March 4, 2010).
|
Exhibit
31.1 –
|
Rule
13a-14(a)/15d -14(a) Certification of the Chief Executive Officer as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
Exhibit
31.2 –
|
Rule
13a-14(a)/15d -14(a) Certification of the Chief Financial Officer as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
Exhibit
32.1 –
|
Certification
by the Principal Executive Officer of The Middleby Corporation Pursuant to
Rule 13A-14(b) under the Exchange Act and Section 906 of the
Sarbanes-Oxley Act of 2002(18 U.S.C. 1350).
|
Exhibit
32.2 –
|
Certification
by the Principal Financial Officer of The Middleby Corporation Pursuant to
Rule 13A-14(b) under the Exchange Act and Section 906 of the
Sarbanes-Oxley Act of 2002(18 U.S.C.
1350).
|
THE MIDDLEBY CORPORATION
|
||||
(Registrant)
|
||||
Date
|
May 13, 2010
|
By:
|
/s/ Timothy J.
FitzGerald
|
|
Timothy
J. FitzGerald
|
||||
Vice
President,
|
||||
Chief
Financial
Officer
|