Middleby (MIDD) FY2012 results: revenue $1.0 billion, up 21.3% on the year
Middleby Corp. (MIDD) reported revenue of $1.0 billion for fiscal 2012, the year ended 29 December 2012, up 21.3% on the year before. Net income was $121 million, up 26.4%, and diluted earnings per share $2.16. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2013.
Revenue
$1.0 billion
+21.3% on the year
FY2008FY2012
Operating margin
18.1%
17.4% a year earlier
FY2008FY2012
Net income
$121 million
+26.4% on the year
FY2008FY2012
Diluted EPS
$2.16
+26.0% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
1,038
856
719
+21.3%
Cost of revenue
635
512
432
+24.1%
Gross profit
403
344
287
+17.1%
Gross margin
38.8%
40.2%
39.9%
Research and development
14.1
10.4
7.7
+35.6%
Operating income
188
149
123
+26.5%
Operating margin
18.1%
17.4%
17.1%
Pre-tax income
174
140
114
+24.2%
Income tax
53.7
45.0
41.4
+19.5%
Effective tax rate
30.8%
32.0%
36.2%
Net income
121
95.5
72.9
+26.4%
Net margin
11.6%
11.2%
10.1%
Diluted EPS
$2.16
$1.72
$1.32
+26.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
128
130
98.0
-1.6%
Capital expenditure
7.7
7.8
3.2
-2.4%
Free cash flow
121
123
94.8
-1.5%
Free cash flow margin
11.6%
14.3%
13.2%
Cash from investing
-69.9
-189
-28.9
Cash from financing
-64.9
91.6
-69.9
Depreciation and amortisation
26.9
19.7
17.0
+36.5%
Share-based compensation
12.0
18.1
14.7
-33.9%
Buybacks
20.7
15.7
9.0
+32.0%
Diluted shares, weighted
56m
56m
55m
+0.3%
Shares outstanding at period end
56m
56m
55m
+0.8%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
650
511
650
+27.2%
Debt
260
317
214
-18.0%
Other liabilities
334
318
1,897
+5.0%
Total liabilities and equity
1,244
1,147
2,761
+8.5%
Fixed assets
63.9
62.5
43.7
+2.2%
Goodwill
526
478
526
+10.1%
Intangible assets
233
235
189
-0.6%
Cash and equivalents
34.4
43.9
40.2
-21.8%
Receivables
162
151
112
+7.1%
Inventory
153
124
106
+23.5%
Other assets
71.0
51.8
1,744
+37.0%
Total assets
1,244
1,147
2,761
+8.5%
10-K for the year ended 29 December 2012, filed 27 February 2013: the filing.