Middleby Corp. (MIDD:NASDAQ)

Middleby Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended October 3, 2009. For the quarter, the company's net earnings were $15,501,000 or $0.83 per share on net sales of $153,989,000 as compared to the prior year third quarter net earnings of $16,290,000 or $0.96 per share on net sales of $166,472,000. Net sales declined 7.5% in the third quarter. Excluding the impact of acquisitions, sales declined 19.8% during the third quarter. Sales of the Commercial Foodservice Group declined 19.6% for the quarter and sales of the Food Processing Group declined 21.0% for the quarter. Sales continued to be impacted by economic conditions. Operating income decreased to $28,074,000 from $30,953,000. Operating income included a $2.5 million non-cash charge associated with the write-down of property and equipment associated with a production facility which was exited during the third quarter as result of production consolidation initiatives. Earnings before income taxes were $25.4 million against $26.9 million a year ago. For the nine months, the company's net earnings were $43,282,000 or $2.34 per share on net sales of $494,136,000 as compared to net earnings of $46,588,000 or $2.72 per share on net sales of $500,868,000 in the prior year first nine months. Income from operations was $83.1 million against $89.5 million a year ago. Earnings before income taxes were $73.7 million against $77.7 million a year ago.

Middleby Corp., Q3 2009 Earnings Call, Nov-10-2009

Middleby Corp. expected to Report Fiscal Year 2009 Results on March 1, 2010. This event was calculated by Capital IQ (Created on November 6, 2009).