NASDAQ: MFP
Midera Food Processing, Inc.CIK 0002088281 · SIC 3580 · Refrigeration & Heating Equipment
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Midera debuts post-spin-off with 22% sales growth, margin dip, and $1B credit facility
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Latest financial statements
From 10-Q filed Aug 18, 2026 (period ending Jul 4, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Statements of Earnings (Unaudited)
(amounts in millions)
| Description | Three months ended July 4, 2026 | Three months ended June 28, 2025 | Six months ended July 4, 2026 | Six months ended June 28, 2025 |
|---|---|---|---|---|
| Net sales | 245.4 | 216.7 | 470.4 | 385.2 |
| Cost of sales | 158.7 | 135.8 | 306.3 | 243.3 |
| Gross profit | 86.7 | 80.9 | 164.1 | 141.9 |
| Selling, general and administrative expenses | 62.8 | 54.6 | 121.9 | 99.9 |
| Restructuring expenses | 0.2 | — | 0.1 | 0.1 |
| Income from operations | 23.7 | 26.3 | 42.1 | 41.9 |
| Interest expense (income), net | 0.4 | (0.6) | 0.4 | (1.0) |
| Other expense (income), net | 2.0 | (10.6) | 1.4 | (11.0) |
| Earnings before income taxes | 21.3 | 37.5 | 40.3 | 53.9 |
| Provision for income taxes | 10.5 | 8.4 | 15.2 | 12.6 |
| Net earnings | 10.8 | 29.1 | 25.1 | 41.3 |
Balance Sheets (Unaudited)
(amounts in millions)
| Description | July 4, 2026 | January 3, 2026 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 50.5 | 90.9 |
| Accounts receivable, net of reserve for doubtful accounts of $9.6 and $9.1 | 212.6 | 215.3 |
| Related party accounts receivable | 1.0 | 2.2 |
| Inventories, net | 207.1 | 193.6 |
| Prepaid expenses and other | 80.6 | 79.6 |
| Total current assets | 551.8 | 581.6 |
| Property, plant and equipment, net of accumulated depreciation of $75.1 and $65.8 | 159.7 | 163.2 |
| Goodwill | 499.3 | 502.3 |
| Other intangibles, net | 165.9 | 173.3 |
| Long-term deferred tax assets | 0.4 | 1.4 |
| Related party loans receivable | — | 11.7 |
| Other assets | 29.9 | 27.5 |
| Total assets | 1,407.0 | 1,461.0 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Current maturities of long-term debt | 4.5 | 4.8 |
| Accounts payable | 71.7 | 77.1 |
| Related party accounts payable | 0.9 | 2.1 |
| Accrued expenses | 223.3 | 217.2 |
| Total current liabilities | 300.4 | 301.2 |
| Long-term debt | 254.1 | 28.7 |
| Long-term deferred tax liability | 35.1 | 35.1 |
| Other non-current liabilities | 31.9 | 35.3 |
| Commitments and contingencies (Note 11) | ||
| Parent company net investment: | ||
| Net Parent Investment (NPI) | 820.4 | 1,088.2 |
| Accumulated other comprehensive loss | (34.9) | (27.5) |
| Total Parent company net investment | 785.5 | 1,060.7 |
| Total liabilities and Parent company net investment | 1,407.0 | 1,461.0 |
Statements of Cash Flows (Unaudited)
(amounts in millions)
| Description | Six months ended July 4, 2026 | Six months ended June 28, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net earnings | 25.1 | 41.3 |
| Adjustments to reconcile net earnings to net cash provided by operating activities | ||
| Depreciation and amortization | 13.5 | 11.8 |
| Non-cash share-based compensation | 4.6 | 1.8 |
| Deferred income taxes | 0.9 | (1.0) |
| Other non-cash items | (0.1) | (0.2) |
| Changes in assets and liabilities, net of acquisitions | ||
| Accounts receivable, net | 1.9 | 5.8 |
| Inventories, net | (16.8) | (16.3) |
| Prepaid expenses and other assets | 0.5 | 9.1 |
| Accounts payable | (5.4) | 5.8 |
| Accrued expenses and other liabilities | 15.9 | (10.3) |
| Net cash provided by operating activities | 40.1 | 47.8 |
| Cash flows from investing activities: | ||
| Capital expenditures | (6.6) | (25.7) |
| Proceeds from sale of property, plant and equipment | 0.2 | — |
| Acquisitions, net of cash acquired | (1.1) | — |
| Collections of loans to related parties | 23.3 | 3.0 |
| Loans made to related parties | (11.5) | (5.5) |
| Net cash provided by (used in) investing activities | 4.3 | (28.2) |
| Cash flows from financing activities: | ||
| Distribution to Parent | (233.0) | — |
| Net transfers to Parent | (64.8) | (7.3) |
| Borrowings under revolving credit facility | 228.0 | — |
| Payments of debt issuance costs | (2.9) | — |
| Payments of foreign loans | (1.7) | — |
| Payments of deferred purchase price | (7.2) | (4.8) |
| Payments of finance lease obligations | (0.7) | (0.7) |
| Other, net | — | (1.9) |
| Net cash used in financing activities | (82.3) | (14.7) |
| Effect of exchange rates on cash and cash equivalents | (2.5) | 8.1 |
| Changes in cash and cash equivalents: | ||
| Net (decrease) increase in cash and cash equivalents | (40.4) | 13.0 |
| Cash and cash equivalents at beginning of year | 90.9 | 59.2 |
| Cash and cash equivalents at end of period | 50.5 | 72.2 |
| Supplemental cash flow information: | ||
| Cash paid for income taxes, net of refunds | 5.9 | 7.5 |
Amounts as printed on the EDGAR/iXBRL face — (amounts in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗