darling ingredients inc (DAR) Key Developments
Darling Ingredients Inc. Appoints Mary R. Korby to its Board of Directors
Sep 25 14
Darling Ingredients Inc. announced the appointment of Mary R. Korby to its Board of Directors. Ms. Korby joins the Board as an independent director, and her appointment is effective immediately. The appointment of Ms. Korby will expand the total number of directors to eight. The Board of Directors has not yet determined the committees of the Board to which Ms. Korby will be appointed, if any. Ms. Korby recently retired as a partner of the law firm of K&L Gates LLP, after having practiced law for more than 19 years as a partner at the law firms of K&L Gates LLP and previously, Weil Gotshal & Manges.
Darling Ingredients Mulls Acquisitions
Aug 14 14
Darling Ingredients Inc. (NYSE:DAR) is seeking acquisition opportunities. Randy Stuewe, Chairman and Chief Executive Officer of Darling Ingredients, said, "You can see that what we are doing is continuing to look for bolt-on acquisitions- USA, Euro, and Brazil."
Darling Ingredients Mulls Acquisitions
Aug 13 14
Darling Ingredients Inc. (NYSE:DAR) is seeking acquisition opportunities. Randy Stuewe, Chairman and Chief Executive Officer of Darling Ingredients, said, “Really at the end of the day, Darling Ingredients is going to make future investments, whether it is organic or acquisitive around the world, where additional animal proteins are going to be produced.” He said, “When we talk customers, we talk suppliers in this end of the raw material side for the meat industry. They continue to grow globally. We continue to get closer and closer to them. And with that comes the opportunity to capture the growth around the world organically, acquisitively, and you will hear us talk about putting some new facilities under construction.”
Darling Ingredients Inc. Reports Commencement of Exchange Offer for 5.375% Senior Notes Due 2022
Aug 11 14
Darling Ingredients Inc. reported the commencement of an exchange offer pursuant to which it is offering to exchange up to $500,000,000 in aggregate principal amount of 5.375% Senior Notes due 2022 the 'Exchange Notes', which have been registered under the United States Securities Act of 1933 the 'Securities Act', for an equal aggregate principal amount of its outstanding 5.375% Senior Notes due 2022 the 'Old Notes' that were originally issued on January 2, 2014 in a transaction exempt from registration under the Securities Act. The terms of the Exchange Notes are substantially identical to the terms of the Old Notes, except that the Exchange Notes have been registered under the Securities Act and will not be subject to the transfer restrictions and registration rights that related to the Old Notes. The exchange offer is being made to satisfy Darling's obligations under a registration rights agreement entered into in connection with the issuance of the Old Notes, and does not represent a new financing transaction. The exchange offer will expire at 5:00 p.m., New York City time, on September 9, 2014, unless extended. Tenders of Old Notes must be made before the exchange offer expires and may be withdrawn any time prior to the expiration of the exchange offer.
Darling International Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 28, 2014
Aug 7 14
Darling International Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 28, 2014. For the quarter, the company reported net sales of $1,006,959,000 as compared to $423,593,000 for the second quarter of 2013. Net income was $34,575,000 or $0.20 per basic and diluted share, as compared to $26,418,000 or $0.22 per basic and diluted share, for the 2012 comparable period. Operating income was $75.5 million reflecting an increase of $24.7 million or 49% as compared to income for the same period of 2013. Net income attributable to Darling was $32,757,000 compared to $26,418,000 a year ago. On a Pro Forma Adjusted EBITDA basis, the company would have generated $158.0 million as compared to a Pro Forma Adjusted EBITDA of $70.9 million in the year ago period. The increase in Pro Forma Adjusted EBITDA is attributable to the inclusion of the newly acquired businesses.
For the six months, the company reported net sales of $1,938,394,000 as compared to $869,015,000 for the 2013 comparable period. Net loss was $16,431,000 or $0.12 per basic and diluted share, as compared to net income of $58,823,000 or $0.50 per basic and diluted share, for the 2012 comparable period. Operating income was $74,921,000 as compared to $109,378,000 for the 2013 comparable period. Net loss attributable to Darling was $20,046,000 compared to net income of $58,823,000 a year ago. The company generated Adjusted EBITDA of $208.1 million, as compared to $153.3 million in the same period a year ago. The increase was primarily attributable to the newly acquired businesses. From a CapEx perspective, the company spent $103.5 million during the first six months of 2014 compared to $54.7 million during the year-ago comparable period. The net increase of $48.8 million is directly tied to acquired businesses, in addition to the implementation of certain modules in new ERP system.