THE MIDDLEBY CORPORATION REPORTS
FIRST QUARTER RESULTS

Elgin, IL, May 8, 2001 - The Middleby Corporation (NASDAQ: MIDD), a global supplier of equipment to the foodservice industry, today reported net earnings of $.06 per share on net sales of $24,747,000 for the fiscal first quarter ended March 31, 2001 as compared to net earnings of $.05 per share on sales of $32,474,000 in the first quarter of 2000.

Net sales decreased by $7,727,000 or 24% as compared to the first quarter of the prior year.  Sales were impacted significantly by the slowdown in the U.S. and international economies.  Additionally, certain major restaurant chain customers temporarily slowed their rate of store openings and purchases of equipment.  The gross margin rate decreased to 33.0% in the first quarter of 2001 as compared to 34.5% in the prior year quarter due to the net sales decline resulting in lower production efficiencies.

Operating expenses decreased by $2,236,000 or 26% as compared to the first quarter of 2000.  The reduction in expenses reflects a combination of savings from a lower cost structure resulting from prior year restructuring efforts, tightened controls on discretionary spending implemented during the slowdown, and lower variable expenses related to sales such as commissions and incentive compensation.

Net earnings for the quarter amounted to $549,000 or $.06 per share as compared to $490,000 or $.05 per share last year.  The increase in net earnings reflects lower operating expenses, interest costs, and tax expense which offset the impact of lower net sales and gross margin.

Commenting on the company’s performance for the first quarter, Selim A. Bassoul, President and Chief Executive Officer, said, “The slowdown in the world economies and growth rates of some of our larger customers had a major impact on first quarter sales.  We expect these factors to also impact the second quarter, however, we are cautiously optimistic that sales levels will rebound in the second half of the year.  To combat the business slowdown we have embarked upon several programs targeted to stimulate sales.  For example, we are focusing on the introduction of energy savings products to address the rising costs of natural gas and enable our customers to reduce their monthly restaurant operating costs.  Additionally, we are in the process of introducing several new financing programs structured to make the purchase of our equipment and the initial costs of a restaurant opening more affordable to our customers.  We expect these programs will have a favorable impact on sales and enable us to gain market share.”

Mr. Bassoul continued “Although we are disappointed with the first quarter sales, we are pleased that we were able to exceed net earnings as compared to the first quarter of last year.  Our repositioning efforts that have taken place over the past two years have resulted in a much lower cost structure that has allowed us to maintain earnings on a lower volume of sales.  As sales return to higher levels this will be reflected in increased earnings and improved shareholder returns.”

Statements in this press release or otherwise attributable to the company regarding the company’s business which are not historical fact are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements.  Such factors include, but are not limited to, quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company’s products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company’s SEC filings, including those discussed under the heading entitled “Risk Factors” in the company’s Registration Statement on Form S-2 (No. 333-35397) filed with the Securities and Exchange Commission.

The Middleby Corporation is a leader in the design, manufacture, marketing and service of a broad line of equipment used for cooking and preparation of food in commercial and institutional kitchens and restaurants throughout the world.  The company’s leading equipment brands include Middleby Marshall^â, Southbend ^â, and Toastmaster ^â.  Middleby’s international subsidiary, Middleby Worldwide, is a leading exporter and distributor of foodservice equipment in the global marketplace and its international fabrication subsidiary, Middleby Philippines Corporation, is a leading supplier of specialty equipment in the Asian markets.

For further information about Middleby, visit the company’s World Wide Web site, http://www.middleby.com. 

Contact:         Selim A. Bassoul, Chief Executive Officer – 847- 429-7788
                        David B. Baker, Chief Financial Officer – 847- 429-7915

THE MIDDLEBY CORPORATION
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 THE MIDDLEBY CORPORATION
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