Suppliers' News

Darling International Inc. Announces Profits Increase in Second Quarter

Wednesday, August 13, 2003

Darling International Inc., Texas, U.S. has reported sales and earnings for its 2003 fiscal second quarter and six months ended June 28, 2003 as compared to the same periods of the prior year.

For the 2003 second quarter, the Company's net sales grew 30.4% to $78.5 million as compared to $60.2 million for the 2002 second quarter. Increases in finished product prices and finished products purchased for resale accounted for the majority of the $18.3 million net sales increase. For the 2003 second quarter, the Company reported net income of $3.2 million as compared to $1.2 million for the 2002 comparable period.  The $2.0 million increase in net income for 2003 resulted from increases in net sales, a reduction in depreciation and amortization and interest expense, which more than offset increases in cost of sales, selling, general and administrative expense, other expenses, and income taxes.

For the six months ended June 28, 2003, the Company reported net sales grew 23.8% to $147.2 million as compared to $118.9 million for the 2002 comparable period.  Increases in finished product prices and finished products purchased for resale accounted for the majority of the $28.3 million net sales increase.  For the six months ended June 28, 2003, the Company reported net income of $6.6 million as compared to $1.8 million for the 2002 comparable period.  The $4.8 million increase in net income for 2003 resulted from increases in net sales, a reduction in depreciation and amortization and interest expense, which more than offset increases in cost of sales, selling, general and administrative expense, income taxes, and a reduction in other income.

Darling International Inc. is the largest publicly traded, food processing by-products recycling company in the United States.  The Company recycles used restaurant cooking oil and by-products from the beef, pork and poultry processing industries into useable products such as tallow, feed-grade fats and meat and bone meal.  These products are primarily sold to animal feed and oleo-chemical manufacturers around the world.  In addition, the Company provides grease trap collection services and sells equipment to restaurants.

The Company's shares are traded on the American Stock Exchange under the symbol DAR.  In AMEX trading on August 11, 2003, Darling stock closed at $2.45 per share.

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