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Sales, earnings and income up in 2Q at Middleby Corp.

August 7, 2002

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ELGIN, Ill. -- Foodservice equipment supplier, Middleby Corporation (NASDAQ:MIDD), reported earnings of $2.8 million (31 cents per share) on net sales of $62.5 million for the second quarter ended June 29. In the same period last year, the company posted earnings of $676,000 (8 cents per share) on net sales of $25.3 million.

According to a company release, year-to-date earnings for the six months ended June 29 were $3.9 million (43 cents per share) on sales of $117 million, as compared to net earnings of $1.2 million (14 cents per share) on net sales of $50 million in the same period last year.

The second quarter and year-to-date financial performance for fiscal 2002 includes the results of Blodgett Holdings, Inc., which was acquired from Maytag Corp. last December.

The increase in net sales over 2001 reflects the incremental business associated with the acquired Blodgett operations. On a pro forma basis, net sales for combined Middleby and Blodgett increased in the quarter by $4.2 million or 7.1 percent from $58.3 million in the second quarter of 2001, and increased $4.3 million or 3.8 percent from $113 million for the first six months of 2001. The sales increase occurred largely at the acquired Blodgett operations in the second quarter of 2002.

Gross profit in the second quarter of 2002 was $21.5 million as compared to $8.2 million from the second quarter of 2001, and was $39.4 million for the first six months of 2002 as compared to $16.4 million in the prior year first half.