IRVING, Texas, May 12, 2016 /PRNewswire/ --
1ST Quarter 2016 Highlights
- Net income of $1.1 million, or
$0.01 per GAAP diluted share
- Consolidated revenue of $779.6
million
- Gross margin of 23.2%
- Adjusted EBITDA of $98.9
million, steady sequential EBITDA margins of 12.7%
- Food Segment contributed solid sequential earnings and
EBITDA margin expansion
- Fat and protein pricing improvements at end of Q1 will show
benefits in Q2
Darling Ingredients Inc. (NYSE: DAR), a global leader in
converting edible and inedible bio-nutrient streams into a wide
range of ingredients and specialty products for customers in the
pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy,
and fertilizer industries, today announced financial results for
the first quarter ended April 2,
2016.
For the first quarter of 2016, the Company reported net sales of
$779.6 million, as compared with net
sales of $874.7 million for the first
quarter of 2015. The $95.1 million
decrease in net sales is primarily attributable to weaker selling
prices for fats and protein within the Feed Ingredients segment and
continued FX translation impacts. Overall, global raw material
volumes were stronger year over year.
Net income attributable to Darling for the three months ended
April 2, 2016, was $1.1 million, or $0.01 per diluted share, compared to a net income
of $0.1 million, or $0.00 per diluted share, for the three months
ended April 4, 2015. Adjusted EBITDA
for Darling for the three months ended April
2, 2016 was $98.9 million
compared to Adjusted EBITDA of $98.2
million for the three months ended April 4, 2015. The $0.7
million increase in Adjusted EBITDA is primarily
attributable to increased earnings in the Food and Fuel Ingredients
segments and higher raw material volumes in the Feed Ingredients
segment that more than offset lower finished product prices and the
impact of foreign exchange.
Comments on the First Quarter 2016
Randall C. Stuewe, Darlings
Ingredients Inc. Chairman and Chief Executive Officer, said of the
Company's quarterly performance, "Sequentially, our segments showed
nice consistency in light of very volatile markets around the
globe. Most notably, our Food segment delivered solidly with
Rousselot and Sonac delivering consistent earnings. In the Feed
segment, we saw our global rendering businesses once again adjust
to falling protein prices during the quarter but volume increases
and strengthening fat prices partially offset the
headwinds. Our Fuel segment, when normalized for the blender's
tax credit, showed a very consistent performance. Looking forward,
we have seen both protein and fat prices significantly strengthen
late in the quarter and we should see our Feed segment realize the
benefit in the second quarter. Our model is clearly working and we
are picking up momentum once again," concluded Mr. Stuewe.
Operational Update by Segment
- Feed Ingredients – Protein meal values dipped to
decade lows before rebounding in mid-March
2016, while fat prices trended upwards during the quarter
and rose sharply in late March 2016.
Pet Food premiums returned due to strong consumer demand. Global
blood volumes were strong and pricing held steady. Restaurant
Services experienced volume growth and non-formula pricing will
show benefits going forward.
- Food Ingredients – Rousselot continued to deliver
solid results characterized by steady performance in China, margin and volume improvements in
South America, consistency in
European markets, and new customer addition in the United States. Sonac edible fats margins
normalized due to solid demand and rising palm oil prices. CTH was
impacted by lower sales volumes but achieved improved margins for
hog casings.
- Fuel Ingredients – Biofuels delivered earnings
consistent with those in prior quarter, after adjusting the prior
quarter to allocate the 2015 blender's tax credit received
retroactive in the fourth quarter of 2015 to the 2015 quarter in
which it was earned. Ecoson and Rendac had a steady quarter with
solid volumes. The Ecoson bio-phosphate plant in Holland remains offline until autumn due to
the Q4 2015 fire.
- Diamond Green Diesel Joint
Venture – First quarter EBITDA was $19.3 million at the entity level, $9.6 million Darling's share. DGD received a tax
credit of $156 million, and each
partner received a dividend of $25
million in April 2016. Current
total debt in the JV is $89.9 million
after pay down of $54.7 million in
April 2016. Escalating fat prices,
volatile heating oil prices, and stagnant RINs weighed on earnings.
DGD performance was also impacted by downtime of approximately 18
days for scheduled plant maintenance and a force majeure declared
by KCS railroad due to flooding that caused a rate curtailment of
approximately 4 million gallons. In early April 2016, a major expansion was announced that
when completed in the fourth quarter of 2017, will increase output
from 160 million gallons annually to 275 million gallons
annually.
Reconciliation of First Quarter Net Income to Adjusted EBITDA
(Non-GAAP) and Pro Forma Adjusted EBITDA
Darling Ingredients Inc. reports Adjusted EBITDA results, which
is a Non-GAAP financial measure, as a complement to results
provided in accordance with generally accepted accounting
principles (GAAP). The Company believes that Adjusted EBITDA
provides additional useful information to investors. As the Company
uses the term, Adjusted EBITDA, is calculated below:
|
|
Three Months Ended -
Year over Year
|
Adjusted
EBITDA
|
|
April 2,
|
|
April 4,
|
(U.S. dollars in
thousands)
|
2016
|
|
2015
|
|
|
|
|
|
Net income
attributable to Darling
|
$
1,079
|
|
$
109
|
Depreciation and
amortization
|
72,256
|
|
66,398
|
Interest
expense
|
|
23,901
|
|
23,109
|
Income tax
expense
|
|
1,863
|
|
2,115
|
Foreign currency
loss
|
|
2,603
|
|
2,460
|
Other expense,
net
|
|
1,305
|
|
509
|
Equity in net
(income)/loss of unconsolidated subsidiary
|
(5,643)
|
|
1,808
|
Net income
attributable to noncontrolling interests
|
1,584
|
|
1,715
|
|
Adjusted
EBITDA
|
$
98,948
|
|
$
98,223
|
|
|
|
|
|
Acquisition and
integration-related expenses
|
331
|
|
5,319
|
|
Pro forma
Adjusted EBITDA (Non-GAAP)
|
$
99,279
|
|
$ 103,542
|
Foreign currency
exchange impact
|
2,260
|
|
-
|
Pro forma Adjusted
EBITDA to Foreign Currency (Non-GAAP)
|
$
101,539
|
|
$ 103,542
|
|
|
|
|
|
DGD Joint Venture
Adjusted EBITDA (Darling's share) (1)
|
$
9,629
|
|
$
2,346
|
|
|
(1)
|
Darling's Pro
forma Adjusted EBITDA (Non-GAAP) in the above table does not
include the DGD Joint Venture Adjusted EBITDA (Darling's share) if
we had consolidated the DGD Joint Venture.
|
For the three months ended April 2,
2016, the Company generated Adjusted EBITDA of $98.9 million, as compared to $98.2 million in the same period in fiscal 2015.
The increase was primarily attributable to increased earnings in
the Food and Fuel Ingredients segments and higher raw material
volumes in the Feed Ingredients segment that more than offset lower
finished product prices attributable to lower global competing
ingredient prices and the impact of foreign exchange rates as a
function of the strengthening U.S. dollar as compared mainly to the
euro and Canadian dollar. On a Pro forma Adjusted EBITDA basis, the
Company would have generated $99.3
million in the three months ended April 2, 2016, as compared to a Pro forma
Adjusted EBITDA of $103.5 million in
the same period in 2015. The decrease in the Pro forma Adjusted
EBITDA is attributable to lower finished product prices, the impact
of foreign exchange rates as a function of the strengthening U.S.
dollar as compared mainly to the euro and Canadian dollar and lower
acquisition and integration-related expense, which were partially
offset by an increase in raw material volumes.
The above Pro forma Adjusted EBITDA results for the three months
ended April 2, 2016 would have been
$101.5 million when taking into
consideration the change in average foreign currency fluctuations
of $2.3 million, as compared to
$103.5 million for the same period in
fiscal 2015, a reduction of $2.0
million.
Financial Update by Segment
Feed
Ingredients
|
Three Months
Ended
|
($
thousands)
|
April 2,
2016
|
April 4,
2015
|
Net Sales
|
$
476,171
|
$
547,498
|
Segment operating
Income
|
$
13,886
|
$
35,414
|
EBITDA
|
$
58,263
|
$
75,469
|
- Feed Ingredients operating income for the three months ended
April 2, 2016 was $13.9 million, a decrease of $21.5 million as compared to the three months
ended April 4, 2015. Earnings for the
Feed Ingredients segment were lower due to significant decline in
proteins, fats and used cooking oil finished product prices as a
result of the global record-setting grain production and increased
volumes from the slaughter industry which increased supply above
demand levels. Looking forward, both fat and protein prices have
increased and we should realize a benefit to the Feed Ingredients
segment earnings in the second quarter of 2016.
- The Company's Feed Ingredients segment operating cash flow was
negatively impacted by foreign exchange translation by
approximately $1.2 million when using
prior year average exchange rates.
Food
Ingredients
|
Three Months
Ended
|
($
thousands)
|
April 2,
2016
|
April 4,
2015
|
Net Sales
|
$
247,897
|
$
270,157
|
Segment operating
Income
|
$
21,880
|
$
10,847
|
EBITDA
|
$
38,584
|
$
28,044
|
- Food Ingredients operating income for three months ended
April 2, 2016 was $21.9 million, an increase of $11.1 million as compared to the three months
ended April 4, 2015. The increased
earnings are mainly attributable to improved performance in the
gelatin business and more normalized margins within the European
edible fats business.
- The Company's Food Ingredients segment operating cash flow was
negatively impacted by foreign exchange translation by
approximately $0.8 million when using
prior year average exchange rates.
Fuel
Ingredients
|
Three Months
Ended
|
($
thousands)
|
April 2,
2016
|
April 4,
2015
|
Net Sales
|
$
55,573
|
$
57,039
|
Segment operating
Income
|
$
6,122
|
$
2,494
|
EBITDA
|
$
13,041
|
$
9,125
|
- Exclusive of the DGD Joint Venture, Fuel Ingredients operating
income for three months ended April 2,
2016 was $6.1 million, an
increase of $3.6 million as compared
to three months ended April 4, 2015.
The increase is due to higher sales volumes and improved operating
performances at Ecoson and Rendac with improved margins at the
Canadian biodiesel facility as compared to the same period in
fiscal 2015 mainly related to the reinstatement of the blender's
tax credit for 2016.
- Exclusive of the DGD Joint Venture, Fuel Ingredients operating
cash flow was negatively impacted by foreign exchange translation
by approximately $0.3 million when
using prior year average exchange rates.
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 specialty products for customers in the
pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy,
and fertilizer industries. With operations on five
continents, the Company collects and transforms all aspects of
animal by-product streams into broadly used 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 first quarter 2016 financial results at 8:30
am Eastern Time (7:30 am Central
Time) on Friday, May 13,
2016. To listen to the conference call, participants calling
from within North America should
dial 1-866-777-2509; international participants should dial
1-412-317-5413. Please refer to access code
10085015. 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 one hour after its completion, a replay of the call can
be accessed through May 20, 2016 by
dialing 1-877-344-7529 (U.S. callers), 1-855-669-9658 (Canada) and 1-412-317-0088 (international
callers). The access code for the replay is
10085015. The conference call will also be archived on
the Company's website.
Use of Non-GAAP Financial Measures:
Adjusted EBITDA is presented here not as an alternative to net
income, but rather as a measure of the Company's operating
performance and is not intended to be a presentation in accordance
with GAAP. Since EBITDA (generally, net income plus interest
expenses, taxes, depreciation and amortization) is not calculated
identically by all companies, this presentation may not be
comparable to EBITDA or Adjusted EBITDA presentations disclosed by
other companies. Adjusted EBITDA is calculated in this presentation
and represents, for any relevant period, net income/(loss) plus
depreciation and amortization, goodwill and long-lived asset
impairment, interest expense, (income)/loss from discontinued
operations, net of tax, income tax provision, other
income/(expense) and equity in net loss of unconsolidated
subsidiary. Management believes that Adjusted EBITDA is useful in
evaluating the Company's operating performance compared to that of
other companies in its industry because the calculation of Adjusted
EBITDA generally eliminates the effects of financing income taxes
and certain non-cash and other items that may vary for different
companies for reasons unrelated to overall operating
performance.
As a result, the Company's management uses Adjusted EBITDA as a
measure to evaluate performance and for other discretionary
purposes. However, Adjusted EBITDA is not a recognized measurement
under 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 and 4.75% Notes that were outstanding
at April 2, 2016. However, the amounts shown in this
presentation for Adjusted EBITDA differ from the amounts calculated
under similarly titled definitions in the Company's Senior Secured
Credit Facilities and 5.375% Notes and 4.75% Notes, as those
definitions permit further adjustments to reflect certain other
non-recurring costs and non-cash charges. Additionally, the Company
evaluates the impact of foreign exchange on operating cash flow,
which is defined as segment operating income (loss) plus
depreciation and amortization.
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 make their cash flow available to the
Company for payments on the Company's indebtedness or other
purposes; global demands for bio-fuels 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, including a
decline in fat and used cooking oil finished product prices;
changes to worldwide government policies relating to renewable
fuels and greenhouse gas emissions that adversely affect programs
like the Renewable Fuel Standards Program (RFS2), low carbon fuel
standards (LCFS) and tax credits for biofuels both in the Unites
States 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 H5N1 flu, bovine spongiform
encephalopathy (or "BSE"), porcine epidemic diarrhea ("PED") or
other diseases associated with animal origin in the United States 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 Darling Ingredients
and Valero Energy Corporation, including possible unanticipated
operating disruptions and issues related to the announced expansion
project; difficulties or a significant disruption in our
information systems or failure to implement new systems and
software successfully, including our ongoing enterprise
resource planning project; 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. These
factors, coupled with volatile prices for natural gas and diesel
fuel, climate conditions, currency exchange fluctuations, general
performance of the U.S. and global economies, disturbances in world
financial, credit, commodities and stock markets, and 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, among others, could
negatively impact the Company's results of operations. Among other
things, future profitability may be affected by the Company's
ability to grow its business, which faces competition from
companies that may have substantially greater resources than the
Company. The Company's announced share repurchase program may be
suspended or discontinued at any time and purchases of shares under
the program are subject to market conditions and other factors,
which are likely to change from time to time. 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.}
For More
Information, contact:
Melissa A. Gaither,
V.P. Investor Relations and Global Communications
251 O'Connor Ridge
Blvd., Suite 300
Irving, Texas
75038
|
Email:
mgaither@darlingii.com
Phone:
972-717-0300
|
Darling
Ingredients Inc. and Subsidiaries Condensed Consolidated
Balance Sheets April 2, 2016 and January 2,
2016 (Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
April 2,
|
|
January 2,
|
|
2016
|
|
2016
|
|
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
147,326
|
|
$
156,884
|
|
Restricted
cash
|
321
|
|
331
|
|
Accounts Receivable,
net
|
376,346
|
|
371,392
|
|
Inventories
|
372,616
|
|
344,583
|
|
Prepaid
expenses
|
40,279
|
|
36,175
|
|
Income taxes
refundable
|
11,825
|
|
11,963
|
|
Other current
assets
|
11,570
|
|
10,460
|
|
Total current assets
|
960,283
|
|
931,788
|
Property, plant and equipment, less
accumulated depreciation, net
|
1,535,521
|
|
1,508,167
|
Intangible
assets, less accumulated
amortization, net
|
792,166
|
|
782,349
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
Goodwill
|
1,269,296
|
|
1,233,102
|
|
Investment in
unconsolidated subsidiaries
|
256,604
|
|
247,238
|
|
Other
assets
|
40,584
|
|
41,623
|
|
Deferred income
taxes
|
17,362
|
|
16,352
|
|
Total assets
|
$
4,871,816
|
|
$
4,760,619
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term debt
|
$
46,591
|
|
$
45,166
|
|
Accounts payable,
principally trade
|
170,895
|
|
149,998
|
|
Income taxes
payable
|
7,032
|
|
6,679
|
|
Accrued
expenses
|
227,338
|
|
239,825
|
|
Total current liabilities
|
451,856
|
|
441,668
|
|
|
|
|
|
Long-term debt, net
of current portion
|
1,924,393
|
|
1,885,851
|
Other non-current
liabilities
|
96,116
|
|
97,809
|
Deferred income
taxes
|
368,640
|
|
360,681
|
|
Total liabilities
|
2,841,005
|
|
2,786,009
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
Total Darling's
stockholders' equity:
|
1,927,330
|
|
1,870,709
|
|
Noncontrolling
interests
|
103,481
|
|
103,901
|
|
Total stockholders' equity
|
$2,031,811
|
|
$1,974,610
|
|
|
$4,871,816
|
|
$4,760,619
|
Darling
Ingredients Inc. and Subsidiaries Consolidated Statements
of Operations For the Periods Ended April 2, 2016 and
April 4, 2015 (Dollars in thousands, except per share
data)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
$ Change
|
|
|
April 2,
|
|
April 4,
|
|
Favorable
|
|
2016
|
|
2015
|
|
(Unfavorable)
|
|
|
|
|
|
|
|
Net sales
|
|
$ 779,641
|
|
$ 874,694
|
|
$ (95,053)
|
Costs and
expenses:
|
|
|
|
|
|
|
Cost of sales and
operating expenses
|
$ 598,893
|
|
$ 684,521
|
|
$
85,628
|
|
Selling, general and
administrative expenses
|
81,469
|
|
86,631
|
|
5,162
|
|
Depreciation and
amortization
|
72,256
|
|
66,398
|
|
(5,858)
|
|
Acquisition and
integration costs
|
331
|
|
5,319
|
|
4,988
|
Total costs and
expenses
|
752,949
|
|
842,869
|
|
89,920
|
Operating
income
|
26,692
|
|
31,825
|
|
(5,133)
|
|
|
|
|
|
|
|
Other
expense:
|
|
|
|
|
|
|
Interest
expense
|
(23,901)
|
|
(23,109)
|
|
(792)
|
|
Foreign currency
loss
|
(2,603)
|
|
(2,460)
|
|
(143)
|
|
Other expense,
net
|
(1,305)
|
|
(509)
|
|
(796)
|
Total other
expense
|
(27,809)
|
|
(26,078)
|
|
(1,731)
|
|
|
|
|
|
|
|
Equity in net
income/(loss) of unconsolidated subsidiary
|
5,643
|
|
(1,808)
|
|
7,451
|
Income before income
taxes
|
4,526
|
|
3,939
|
|
587
|
Income tax
expense
|
1,863
|
|
2,115
|
|
252
|
Net income
|
$ 2,663
|
|
$ 1,824
|
|
$
839
|
Net income
attributable to noncontrolling interests
|
$ (1,584)
|
|
$ (1,715)
|
|
$
131
|
Net income
attributable to Darling
|
$ 1,079
|
|
$ 109
|
|
$
970
|
|
|
|
|
|
|
|
Basic income per
share
|
$ 0.01
|
|
$
-
|
|
$
0.01
|
Diluted income per
share
|
$ 0.01
|
|
$
-
|
|
$
0.01
|
Darling
Ingredients Inc. and Subsidiaries Consolidated Statement
of Cash Flows Three months ended April 2, 2016 and April
4, 2015 (Dollars in thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
April 2,
|
|
April 4,
|
Cash flows from
operating activities:
|
2016
|
|
2015
|
|
Net income
|
|
$
2,663
|
|
$
1,824
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
72,256
|
|
66,398
|
|
|
Loss on disposal of
property, plant, equipment and other assets
|
698
|
|
47
|
|
|
Gain on insurance
proceeds from insurance settlements
|
−
|
|
(341)
|
|
|
Deferred
taxes
|
(3,705)
|
|
503
|
|
|
Increase/(decrease)
in long-term pension liability
|
(1,146)
|
|
261
|
|
|
Stock-based
compensation expense
|
2,440
|
|
1,282
|
|
|
Deferred loan cost
amortization
|
2,794
|
|
2,409
|
|
|
Equity in net
(income)/loss of unconsolidated subsidiaries
|
(5,643)
|
|
1,808
|
|
|
Changes in operating
assets and liabilities, net of effects from
acquisitions:
|
|
|
|
|
|
Accounts
receivable
|
7,118
|
|
12,269
|
|
|
Income taxes
refundable/payable
|
400
|
|
(1,857)
|
|
|
Inventories
and prepaid expenses
|
(21,206)
|
|
(26,511)
|
|
|
Accounts
payable and accrued expenses
|
3,336
|
|
(19,985)
|
|
|
Other
|
(14,962)
|
|
21,133
|
|
|
|
Net cash
provided/(used) by operating activities
|
45,043
|
|
59,240
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(53,375)
|
|
(50,838)
|
|
Acquisitions, net of
cash acquired
|
(8,511)
|
|
−
|
|
Gross proceeds from
disposal of property, plant and equipment and other
assets
|
1,424
|
|
534
|
|
Proceeds from
insurance settlement
|
1,181
|
|
341
|
|
Payments related to
routes and other intangibles
|
−
|
|
(753)
|
|
|
|
Net cash used by
investing activities
|
(59,281)
|
|
(50,716)
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
long-term debt
|
8,760
|
|
5,943
|
|
Payments on long-term
debt
|
(16,207)
|
|
(13,602)
|
|
Borrowings from
revolving credit facility
|
33,000
|
|
27,428
|
|
Payments on revolving
credit facility
|
(21,000)
|
|
(37,943)
|
|
Net cash overdraft
financing
|
−
|
|
31,162
|
|
Issuance of commons
stock
|
45
|
|
81
|
|
Repurchase of
treasury stock
|
(5,000)
|
|
−
|
|
Minimum withholding
taxes paid on stock awards
|
(1,788)
|
|
(4,469)
|
|
Excess tax benefits
from stock-based compensation
|
(446)
|
|
(35)
|
|
Distributions to
noncontrolling interests
|
−
|
|
(38)
|
|
|
|
Net cash
provided/(used) by financing activities
|
(2,636)
|
|
8,527
|
Effect of exchange
rate changes on cash
|
7,316
|
|
(13,704)
|
Net
increase/(decrease) in cash and cash equivalents
|
(9,558)
|
|
3,347
|
Cash and cash
equivalents at beginning of period
|
156,884
|
|
108,784
|
Cash and cash
equivalents at end of period
|
$
147,326
|
|
$
112,131
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
Accrued capital
expenditures
|
$
(6,595)
|
|
$
2,164
|
|
Cash paid during the
period for:
|
|
|
|
|
|
Interest, net of
capitalized interest
|
$
20,597
|
|
$
26,118
|
|
|
Income taxes, net of
refunds
|
$
5,114
|
|
$
5,149
|
|
Non-cash financing
activities:
|
|
|
|
|
|
Debt issued for
service contract assets
|
$
10
|
|
$
-
|
|
|
Contribution of
property to unconsolidated subsidiary
|
$
2,674
|
|
$
-
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/darling-ingredients-inc-reports-first-quarter-2016-financial-results-strong-food-performance-drives-solid-results-macro-environment-improving-300267754.html
SOURCE Darling Ingredients Inc.