IRVING, Texas, Nov. 6, 2014 /PRNewswire/ -- Darling Ingredients
Inc. (NYSE: DAR), a global developer and producer of
sustainable natural ingredients from edible and inedible
bio-nutrients, creating a wide range of ingredients and customized
specialty solutions for customers in the pharmaceutical, food, pet
food, feed, technical, fuel, bioenergy, and fertilizer industries,
today reported financial results for the third quarter ended
September 27, 2014.
Net sales for the third quarter of 2014 increased to
$955.8 million, compared with
$425.8 million in the same period of
2013, attributable to newly acquired operations. Segment operating
income in the third quarter of 2014 was $49.9 million reflecting an increase of
$8.3 million or 20% as compared to
income for the same period of 2013. Including the Company's share
of net loss of unconsolidated subsidiaries, primarily the Diamond
Green Diesel (DGD) Joint Venture, operating income for the third
quarter of fiscal 2014 would have been $48.9
million or $4.7 million lower
than the same period in 2013.
Comments on the Third Quarter
"In the third quarter, our business felt the pressures of the
global resetting of ingredient prices. Lower earnings were driven
by a significant decline in fat and used cooking oil finished
product prices attributable to overall lower feed ingredient prices
and the business interruption at DGD, on the portion that was not
offset by our formula agreements. Most notably, the
shutdown at DGD forced us to sell our finished fats into the spot
feed market, which was already being negatively impacted by the
record grain production and the effect was to lower fat values even
further. The good news is we were able to roll our sales with
DGD that got deferred in August and September forward to October
and November at the July values," said Randall Stuewe, Darling Ingredients Inc.
Chairman and Chief Executive Officer.
"Our European rendering business felt similar margin pressures
from lower fat prices driven by a global biofuel slowdown; however,
management has since been working to adjust raw material values to
normalize margins. Our Canadian rendering business did a nice
job navigating a difficult finished product value market.
Overall, our raw material volumes were steady globally and we
completed the acquisition of Custom Blenders, which is an excellent
addition to our Bakery Feeds group," continued Mr. Stuewe.
"Our gelatin business showed moderately lower earnings with
softness in demand in China and
increased raw material pricing in South
America. Our European edible fat business normalized from
second quarter with the casings business showing signs of weaker
seasonal demand."
"Diamond Green Diesel suffered a fire incident on August 3 which limited production during the
quarter," Mr. Stuewe added. "The downtime at our DGD Joint Venture
allowed the facility to proceed with a planned expansion increasing
the input feedstock capacity to 11,000 barrels per day following
the resumption of operations on September
18, 2014. Overall, we were thankful no one was injured and
the DGD team seized the opportunity for expansion," concluded Mr.
Stuewe.
Continued Quarter Results
Third quarter 2014 net income was $14.3
million, or $0.09 per diluted
share, compared with net income of $27.7
million, or $0.23 per diluted
share, in the third quarter of 2013. Results for the third quarter
of 2014 and 2013 respectively, include the following after-tax
costs:
Fiscal 2014
- $1.4 million ($0.01 per diluted share) associated with the
acquisition and integration of Rothsay and VION Ingredients during
the third quarter of fiscal 2014.
Fiscal 2013
- $5.3 million ($0.04 per diluted share) associated mainly with
the acquisition and integration of Rothsay and VION Ingredients
during the third quarter of fiscal 2013.
Net income and diluted earnings per common share, adjusted to
eliminate the one-time costs listed above, would have been
$15.7 million and $0.10 per diluted share, respectively, for the
third quarter of 2014.
Reconciliation of Net Income to Adjusted EBITDA and Pro forma
Adjusted EBITDA
Darling Ingredients Inc. reports Adjusted EBITDA as a measure to
evaluate performance and for other discretionary purposes. However,
Adjusted EBITDA is not a recognized measurement under generally
accepted accounting principles (GAAP), should not be considered as
an alternative to net income as a measure of operating results or
to cash flow as a measure of liquidity, and is not intended to be a
presentation in accordance with GAAP. In addition to the
foregoing, management also uses or will use Adjusted EBITDA to
measure compliance with certain financial covenants under the
Company's Senior Secured Credit Facilities and 5.375% Notes that
were outstanding at September 27,
2014. However, the amounts shown below for Adjusted EBITDA
differ from the amounts calculated under similarly titled
definitions in the Company's Senior Secured Credit Facilities and
5.375% Notes, as those definitions permit further adjustments to
reflect certain other non-recurring costs and non-cash charges.
|
|
Three Months
Ended
|
Adjusted
EBITDA
|
|
September
27,
|
|
September
28,
|
(U.S. dollars in
thousands)
|
2014
|
|
2013
|
|
|
|
|
|
Net income
attributable to Darling
|
$ 14,318
|
|
$27,651
|
Depreciation and
amortization
|
67,311
|
|
23,131
|
Interest
expense
|
|
25,355
|
|
5,313
|
Income tax
expense
|
|
11,136
|
|
17,373
|
Foreign currency
gain
|
|
(1,522)
|
|
−
|
Other expense /
(income), net
|
(2,053)
|
|
3,268
|
Equity in net
(income)/ loss of unconsolidated subsidiaries
|
1,055
|
|
(11,953)
|
Net income
attributable to noncontrolling interests
|
1,636
|
|
−
|
|
Adjusted
EBITDA
|
$117,236
|
|
$64,783
|
|
|
|
|
|
Acquisition and
integration-related expenses
|
2,191
|
|
8,326
|
DGD Joint Venture
Adjusted EBITDA (Darling's share) (1)
|
2,907
|
|
16,352
|
|
|
|
|
|
|
Pro Forma
Adjusted EBITDA
|
$122,334
|
|
$89,461
|
|
|
|
|
|
(1) Derived from
the unaudited financial statements of the DGD Joint
Venture.
|
For the third quarter of fiscal 2014, the Company generated
Adjusted EBITDA of $117.2 million, as
compared to $64.8 million in the same
period in 2013. The increase was primarily attributable to the
inclusion of the newly acquired businesses. On a Pro Forma Adjusted
EBITDA basis, the Company would have generated $122.3 million in the third quarter 2014, as
compared to a Pro Forma Adjusted EBITDA of $89.5 million in the same period in 2013. The
increase in Pro Forma Adjusted EBITDA is attributable to the
inclusion of the newly acquired businesses that more than offset
the decrease in earnings from the DGD Joint Venture and the
reduction in acquisition and integration expenses.
Third Quarter Segment Performance
Feed
Ingredients
|
Three Months
Ended
|
($
thousands)
|
September 27,
2014
|
September 28,
2013
|
|
|
|
Net Sales
|
$
583,408
|
$
423,661
|
Operating
Income
|
$
46,250
|
$
58,833
|
- Feed Ingredients operating income decreased by $12.5 million to $46.3
million compared to the third quarter of fisal 2013. Lower
earnings were driven by a significant decline in fat and used
cooking oil finished product prices attributable to overall lower
feed ingredient prices as a result of the global record-setting
grain production and the business interruption at DGD on the
portion that was not offset by our formula agreements.
- Canada had a solid
performance, China performed
generally as expected, and Europe
was moderately below expectations.
Food
Ingredients
|
Three Months
Ended
|
($
thousands)
|
September 27,
2014
|
September 28,
2013
|
|
|
|
Net Sales
|
$
301,398
|
-
|
Operating
Income
|
$
14,047
|
-
|
- Food Ingredients operating income was $14.0 million for the third quarter of 2014
compared to no prior reporting segment or activity in the Food
Ingredients business lines in the third quarter of 2013. On an
adjusted sequential quarter basis, the Food Ingredients operating
income (exclusive of the non-cash inventory step-up) decreased from
$14.7 million in the second quarter
of fiscal 2014 to $14.0 million in
the third quarter of fiscal 2014, a decrease of $0.7 million.
- The gelatin business had marginally lower earnings, which was
principally related to softness in demand in China as a result of recent food safety and
pharmaceutical scandals, increasing raw material prices and
competition in South America,
general economic slowdowns in both China and Brazil, and unfavorable foreign exchange
impacts caused by the strengthening U.S. dollar. The European
edible fats business normalized from the second quarter; however,
the Company's casings business weakened marginally over the second
quarter principally as a result of a reduction in seasonal demand
for casings.
Fuel
Ingredients
|
Three Months
Ended
|
($
thousands)
|
September 27,
2014
|
September 28,
2013
|
|
|
|
Net Sales
|
$
70,994
|
$
2,125
|
Operating
Income
|
$
2,914
|
$
359
|
- Exclusive of the DGD Joint Venture, Fuel Ingredients operating
income for the third quarter of fiscal 2014 was $2.9 million, an increase of $2.5 million as compared to third quarter of
fiscal 2013. Including the DGD Joint Venture, the Fuel Ingredients
Segment income was $1.4 million in
third quarter 2014, as compared to $12.3
million in the same period of 2013. The reduction of
$10.9 million is primarily related to
the blenders tax credit which applied during the third quarter of
fiscal 2013, but which expired as of December 31, 2013 and therefore, no such credits
were generated in the third quarter of fiscal 2014 and the shutdown
of the facility as a result of the fire incident on August 3, 2014.
- Results for North America
continue to be negatively impacted by lower RIN (Renewable
Identification Number) values, resulting from an uncertain
regulatory environment with respect to the U.S. mandated renewable
fuel volume obligation (RVO) requirements for 2014 and uncertainty
related to the possible extension of the blenders tax credit. The
DGD Joint Venture resumed operations on September 18, 2014, and operated on 52% of the
available production days in the third quarter of 2014.
Nine Months Ended September 27,
2014 Performance
For the nine months ended September 27,
2014, the Company reported net sales of $2.9 billion, as compared to $1.3 billion for the 2013 comparable period. The
$1.6 billion increase in sales
resulted primarily to the inclusion of the newly acquired
businesses.
For the nine months ended September 27,
2014, the Company reported a net loss of $(5.7) million, or $(0.03) per diluted share, as compared to net
income of $86.5 million, or
$0.73 per diluted share, for the 2013
comparable period. The results for the first nine months of fiscal
2014 and 2013 respectively, include the following after-tax
costs:
Fiscal 2014
- $34.8 million ($0.21 per diluted share) related to a non-cash
inventory step-up associated with the required purchase accounting
for the VION Acquisition related to the portion of acquired
inventory sold during the period;
- $20.2 million ($0.12 per diluted share) related to the
redemption premium and write-off of deferred loan cost associated
with the retirement of the Company's 8.5% Senior Notes on
January 7, 2014;
- $16.8 million ($0.10 per diluted share) associated with the
acquisition and integration of Rothsay and VION Ingredients during
the period;
- $8.0 million ($0.05 per diluted share) related to certain euro
forward contracts entered into to hedge against foreign exchange
risks related to the closing of the VION Acquisition; and
- $5.2 million ($0.03 per diluted share) associated with discrete
tax items principally associated with the VION Acquisition.
Fiscal 2013
- $5.8 million ($0.05 per diluted share) associated mainly with
the acquisition and integration of Rothsay and VION Ingredients
during the first nine months of 2013.
Net income and diluted earnings per common share, adjusted to
eliminate the one-time costs listed above, would have been
$79.3 million and $0.48 per diluted share for the nine months ended
September 27, 2014, respectively as
compared to $92.3 million and
$0.78 per share for the first nine
months ended September 28, 2013,
respectively. When comparing the first nine months of fiscal 2014
to the first nine months of fiscal 2013 this would have resulted in
a $13.0 million decrease in net
income and a 38.5% decline in diluted earnings per common
share.
Segment operating income for the nine months ended September 27, 2014 was $124.8 million, which reflects a decline of
$26.2 million or 17% as compared to
the nine months ended September 28,
2013. The results for the nine months include an increase to
cost of sales of $49.8 million
related to the inventory step-up associated with the required
purchase accounting for the VION Acquisition. Without these costs,
segment operating income for the first nine months of fiscal 2014
would have been $174.6 million or
15.6% higher than the same period in 2013. Including the
Company's share of net income of unconsolidated subsidiaries,
primarily the DGD Joint Venture, segment income for the nine months
ended September 27, 2014, would have
been $180.7 million or $20.9 million (13%) higher than the same period
in 2013. The DGD Joint Venture has not yet distributed any earnings
to its venture partners.
Reconciliation of Net Income to Adjusted EBITDA and Pro forma
Adjusted EBITDA – Nine Months Ended
|
|
Nine Months
Ended
|
Adjusted
EBITDA
|
|
September
27,
|
|
September
28,
|
(U.S. dollars in
thousands)
|
2014
|
|
2013
|
|
|
|
|
|
Net income/ (loss)
attributable to Darling
|
$ (5,728)
|
|
$ 86,474
|
Depreciation and
amortization
|
200,478
|
|
67,074
|
Interest
expense
|
|
110,783
|
|
16,607
|
Income tax expense/
(benefit)
|
8,349
|
|
54,126
|
Foreign currency
loss
|
|
12,281
|
|
−
|
Other expense/
(income), net
|
(28)
|
|
2,619
|
Equity in net
(income)/ loss of unconsolidated subsidiaries
|
(6,062)
|
|
(8,796)
|
Net loss/ (income)
attributable to noncontrolling interests
|
5,251
|
|
−
|
|
Adjusted
EBITDA
|
$325,324
|
|
$218,104
|
|
|
|
|
|
Non-cash inventory
step-up associated with VION Acquisition
|
49,803
|
|
−
|
Acquisition and
integration-related expenses
|
22,304
|
|
9,157
|
DGD Joint Venture
Adjusted EBITDA (Darling's share) (1)
|
17,882
|
|
13,195
|
Darling Ingredients
International - 13th week (2)
|
4,100
|
|
−
|
|
|
|
|
|
|
Pro Forma
Adjusted EBITDA
|
$419,413
|
|
$240,456
|
|
|
|
|
|
(1) Derived from
the unaudited financial statements of the DGD Joint
Venture.
|
|
|
(2) January 7,
2014 closed on VION Ingredients, thus the 13th week would be
revenue adjusted for January 1, 2014 through January 7,
2014.
|
For the nine months ended September 27,
2014, the Company generated Adjusted EBITDA of $325.3 million, as compared to $218.1 million in the same period in 2013. The
increase was primarily attributable to the newly acquired Rothsay
and VION Ingredients businesses. On a Pro forma Adjusted EBITDA
basis, the Company would have generated $419.4 million in the first nine months of fiscal
2014, as compared to a Pro forma Adjusted EBITDA of $240.5 million in the same period in 2013. The
increase in Pro forma Adjusted EBITDA is attributable to the
inclusion of the newly acquired Rothsay and VION Ingredients
businesses.
About Darling
Darling Ingredients Inc. is the world's largest publicly-traded
developer and producer of sustainable natural ingredients from
edible and inedible bio-nutrients, creating a wide range of
ingredients and customized specialty solutions for customers in the
pharmaceutical, food, pet food, feed, technical, fuel, bioenergy
and fertilizer industries. With operations on five
continents, the Company collects and transforms all aspects of
animal by-product streams into useable and specialty ingredients,
such as gelatin, edible fats, feed-grade fats, animal proteins and
meals, plasma, pet food ingredients, organic fertilizers, yellow
grease, fuel feedstocks, green energy, natural casings and
hides. The Company also recovers and converts used cooking
oil and commercial bakery residuals into valuable feed and fuel
ingredients. In addition, the Company provides grease trap
services to food service establishments, environmental services to
food processors and sells restaurant cooking oil delivery and
collection equipment. For additional information, visit the
Company's website at http://ir.darlingii.com.
Darling Ingredients Inc. will host a conference call to discuss
the Company's third quarter 2014 financial results at 8:30 am Eastern Time (7:30
am Central Time) on Friday, November
7, 2014. To listen to the conference call,
participants calling from within North
America should dial 1- 877-270-2148; international
participants should dial 1-412-902-6510. Please refer to
access code 10053929. Please call approximately ten minutes
before the start of the call to ensure that you are connected.
The call will also be available as a live audio webcast that can
be accessed on the Company website at http://ir.darlingii.com
beginning two hours after its completion, a replay of the call can
be accessed through November 17,
2014, by dialing 1-877-344-7529 domestically, or
1-412-317-0088 if outside North America. The access code for
the replay is 10053929. The conference call will also be
archived on the Company's website.
Cautionary Statements Regarding Forward-Looking Information:
{This media release contains "forward-looking" statements
regarding the business operations and prospects of Darling
Ingredients Inc. and industry factors affecting it. These
statements are identified by words such as "believe,"
"anticipate," "expect," "estimate," "intend," "could," "may,"
"will," "should," "planned," "potential," "continue," "momentum,"
and other words referring to events that may occur in the
future. These statements reflect Darling Ingredient's current
view of future events and are based on its assessment of, and are
subject to, a variety of risks and uncertainties beyond its
control, each of which could cause actual results to differ
materially from those indicated in the forward-looking
statements. These factors include, among others, existing and
unknown future limitations on the ability of the Company's direct
and indirect subsidiaries to upstream their profits to the Company
for payments on the Company's indebtedness or other purposes;
general performance of the U.S. and global economies; disturbances
in world financial, credit, commodities and stock markets;
any decline in consumer confidence and discretionary spending,
including the inability of consumers and companies to obtain credit
due to lack of liquidity in the financial markets; volatile prices
for natural gas and diesel fuel; climate conditions; unanticipated
costs or operating problems related to the acquisition and
integration of Rothsay and Darling Ingredients International
(including transactional costs and integration of the new
enterprise resource planning (ERP) system); global demands for
biofuels and grain and oilseed commodities, which have exhibited
volatility, and can impact the cost of feed for cattle, hogs and
poultry, thus affecting available rendering feedstock and selling
prices for the Company's products; reductions in raw material
volumes available to the Company due to weak margins in the meat
production industry as a result of higher feed costs, reduced
consumer demand or other factors, reduced volume from food service
establishments, reduced demand for animal feed, or
otherwise; reduced finished product prices; changes
to worldwide government policies relating to renewable fuels and
greenhouse gas emissions that adversely affect programs like the
National Renewable Fuel Standard Program (RFS2) and tax credits for
biofuels both in the U.S. and abroad; possible product
recall resulting from developments relating to the discovery of
unauthorized adulterations to food or food
additives; the occurrence of Bird Flu including, but not
limited to H1N1 flu, bovine spongiform encephalopathy (or "BSE"),
porcine epidemic diarrhea ("PED") or other diseases associated with
animal origin in the U.S. or elsewhere; unanticipated
costs and/or reductions in raw material volumes related to the
Company's compliance with the existing or unforeseen new U.S. or
foreign regulations (including, without limitation, China) affecting the industries in which the
Company operates or its value added products (including new or
modified animal feed, Bird Flu, PED or BSE or similar or
unanticipated regulations); risks associated with the
renewable diesel plant in Norco,
Louisiana owned and operated by a joint venture between
Daring Ingredients and Valero Energy Corporation, including
possible unanticipated operating disruptions; risks relating to
possible third party claims of intellectual property infringement;
increased contributions to the Company's pension and benefit plans,
including multiemployer and employer-sponsored defined benefit
pension plans as required by legislation, regulation or other
applicable U.S. or foreign law or resulting from a U.S. mass
withdrawal event; bad debt write-offs; loss of or failure to obtain
necessary permits and registrations; continued or escalated
conflict in the Middle East,
North Korea, Ukraine or elsewhere; and/or unfavorable
export or import markets. Other risks and uncertainties
regarding Darling Ingredients Inc., its business and the industries
in which it operates are referenced from time to time in the
Company's filings with the Securities and Exchange
Commission. Darling Ingredients Inc. is under no obligation
to (and expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.}
Darling Ingredients
Inc.
|
Consolidated
Operating Results
|
For the Periods
Ended September 27, 2014 and September 28, 2013
|
(Dollars in
thousands, except per share amounts)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
$ Change
|
|
|
|
|
|
$ Change
|
|
|
Sept 27,
|
|
Sept 28,
|
|
Favorable
|
|
Sept 27,
|
|
Sept 28,
|
|
Favorable
|
|
2014
|
|
2013
|
|
(Unfavorable)
|
|
2014
|
|
2013
|
|
(Unfavorable)
|
Net sales
|
$955,800
|
|
$425,786
|
|
$ 530,014
|
|
$2,894,194
|
|
$1,294,801
|
|
$ 1,599,393
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and
operating expenses
|
$725,170
|
|
$310,089
|
|
$(415,081)
|
|
$2,218,115
|
|
$ 942,697
|
|
$(1,275,418)
|
|
Selling, general and
administrative expenses
|
111,203
|
|
42,588
|
|
(68,615)
|
|
328,451
|
|
124,843
|
|
(203,608)
|
|
Depreciation and
amortization
|
67,311
|
|
23,131
|
|
(44,180)
|
|
200,478
|
|
67,074
|
|
(133,404)
|
|
Acquisition and
Integration costs
|
2,191
|
|
8,326
|
|
6,135
|
|
22,304
|
|
9,157
|
|
(13,147)
|
Total costs and
expenses
|
905,875
|
|
384,134
|
|
(521,741)
|
|
2,769,348
|
|
1,143,771
|
|
(1,625,577)
|
Operating
income
|
49,925
|
|
41,652
|
|
8,273
|
|
124,846
|
|
151,030
|
|
(26,184)
|
Other
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(25,355)
|
|
(5,313)
|
|
(20,042)
|
|
(110,783)
|
|
(16,607)
|
|
(94,176)
|
|
Foreign currency
gain/(loss)
|
1,522
|
|
-
|
|
1,522
|
|
(12,281)
|
|
-
|
|
(12,281)
|
|
Other
income/(expense), net
|
2,053
|
|
(3,268)
|
|
5,321
|
|
28
|
|
(2,619)
|
|
2,647
|
Total other
expense
|
(21,780)
|
|
(8,581)
|
|
(13,199)
|
|
(123,036)
|
|
(19,226)
|
|
(103,810)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net
income/(loss) of unconsolidated subsidiaries
|
(1,055)
|
|
11,953
|
|
(13,008)
|
|
6,062
|
|
8,796
|
|
(2,734)
|
Income before income
taxes
|
27,090
|
|
45,024
|
|
(17,934)
|
|
7,872
|
|
140,600
|
|
(132,728)
|
Income taxes
expense
|
11,136
|
|
17,373
|
|
6,237
|
|
8,349
|
|
54,126
|
|
45,777
|
Net
income/(loss)
|
$ 15,954
|
|
$ 27,651
|
|
$ (11,697)
|
|
$ (477)
|
|
$ 86,474
|
|
$ (86,951)
|
Net (income)/loss
attributable to noncontrolling interests
|
$ (1,636)
|
|
-
|
|
$ (1,636)
|
|
$ (5,251)
|
|
-
|
|
$
(5,251)
|
Net income/(loss)
attributable to Darling
|
$ 14,318
|
|
$ 27,651
|
|
$ (13,333)
|
|
$ (5,728)
|
|
$ 86,474
|
|
$ (92,202)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income/(loss)
per share:
|
$ 0.09
|
|
$ 0.23
|
|
$ (0.14)
|
|
$ (0.03)
|
|
$ 0.73
|
|
$
(0.76)
|
Diluted income/(loss)
per share:
|
$ 0.09
|
|
$ 0.23
|
|
$ (0.14)
|
|
$ (0.03)
|
|
$ 0.73
|
|
$
(0.76)
|
Darling
Ingredients Inc.
|
Condensed
Consolidated Balance Sheets - Assets
|
For the Periods
Ended September 27, 2014 and December 28, 2013
|
(Dollars in
thousands)
|
|
|
|
September
27,
|
|
December
28,
|
|
2014
|
|
2013
|
Current
assets:
|
(unaudited)
|
|
|
|
Cash and cash
equivalents
|
$ 193,427
|
|
$ 870,857
|
|
Restricted
cash
|
346
|
|
354
|
|
Accounts Receivable,
net
|
423,729
|
|
112,844
|
|
Inventories
|
420,082
|
|
65,133
|
|
Prepaid
expenses
|
46,470
|
|
14,223
|
|
Income taxes
refundable
|
22,079
|
|
14,512
|
|
Other current
assets
|
21,583
|
|
32,290
|
|
Deferred income
taxes
|
15,653
|
|
17,289
|
|
Total current assets
|
1,143,369
|
|
1,127,502
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
|
|
less accumulated
depreciation, net
|
1,638,126
|
|
666,573
|
|
|
|
|
|
Intangible
assets
|
|
|
|
|
less accumulated
amortization, net
|
979,781
|
|
588,664
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
Goodwill
|
1,393,289
|
|
701,637
|
|
Investment in
unconsolidated subsidiaries
|
144,503
|
|
115,114
|
|
Other
|
72,170
|
|
44,643
|
|
Deferred income
taxes
|
6,618
|
|
−
|
|
Total assets
|
$ 5,377,856
|
|
$ 3,244,133
|
Darling
Ingredients Inc.
|
Condensed
Consolidated Balance Sheets
|
Liabilities and
Stockholders' Equity
|
For the Periods
Ended September 27, 2014 and December 28, 2013
|
(Dollars in
thousands)
|
|
|
|
September
27,
|
|
December
28,
|
|
2014
|
|
2013
|
Current
liabilities:
|
(unaudited)
|
|
|
|
Current portion of
long-term debt
|
$ 60,197
|
|
$ 19,888
|
|
Accounts payable,
principally trade
|
170,402
|
|
43,742
|
|
Income taxes
payable
|
10,312
|
|
−
|
|
Accrued
expenses
|
303,379
|
|
113,174
|
|
Total current
liabilities
|
544,290
|
|
176,804
|
|
|
|
|
|
Long-term debt, net
of current portion
|
2,223,030
|
|
866,947
|
Other non-current
liabilities
|
90,158
|
|
40,671
|
Deferred income
taxes
|
448,948
|
|
138,759
|
|
Total
liabilities
|
3,306,426
|
|
1,223,181
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
Total Darling's
Stockholders' equity:
|
1,971,307
|
|
2,020,952
|
|
Noncontrolling
interests
|
100,123
|
|
−
|
|
Total
stockholders' equity
|
$ 2,071,430
|
|
$ 2,020,952
|
|
|
$ 5,377,856
|
|
$ 3,244,133
|
For More
Information, contact:
|
|
Melissa A. Gaither,
Director of Investor Relations
|
|
251 O'Connor Ridge
Blvd., Suite 300
|
Email:
mgaither@darlingii.com
|
Irving, Texas
75038
|
Phone:
972-717-0300
|
SOURCE Darling Ingredients Inc.