News
Middleby reports record Q4 revenues, net income
March 4, 2009
ELGIN, Ill. -- Revenues at oven manufacturer The Middleby Corp. were $151 million for the company's fourth quarter ended Jan. 3, the company has announced, up 4 percent from revenues of $145.5 million for the fourth quarter of 2007. Revenues for the year were $651.9 million, up 30 percent compared with revenues of $500.5 million for 2007.
Net income for the quarter was $17.3 million, up 13.1 percent compared with net income of $15.3 million for the 2007 fourth quarter. For the year, net income was $63.9 million, up 21.4 percent compared with net income of $52.6 million for 2007.
Both revenues and net income for the fourth quarter were records for the company.
Middleby completed three acquisitions during the year, including New Star International Inc. on Dec. 31, 2007, FriFri on April 22, 2008, and Giga Grand Cucine S.r.l. on April 23, 2008. The financial results of these acquisitions are reflected in the company's 2008 statements of earnings and balance sheets.
On Jan. 5, subsequent to Middleby's 2008 fiscal year end, the company also completed the acquisition of TurboChef Technologies Inc. The impact of this acquisition is not reflected in the 2008 financial reports.
"Business conditions were difficult during the fourth quarter due to the general economic situation," said Middleby chairman and CEO Selim A. Bassoul. "However, we were able to lessen this impact with cost reduction measures and improved profitability from recent acquisitions."
The company continues to implement measures to reduce costs in the near-term, Bassoul said. Middleby anticipates lower steel costs will benefit the second quarter and second half of the year.
Related Media
Subscribe
Get the latest news and resources from Pizza Marketplace.
