- Net income attributable to Darling of $14.3 million or $0.09 per diluted share; Pro Forma Adjusted
EBITDA of $122.3 million
- Strong cash generation in the third quarter with
$138.3 million of net cash provided
by operating activities; Cash EPS of $0.84 per diluted share
- Feed Segment performance impacted by significant decline in
fat prices worldwide
- Fuel Segment performance reflects Diamond Green Diesel
operating on 47 days during the quarter
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:
+1-972-717-0300
|