Darling out of the red

- Last updated on GMT

Related tags: Generally accepted accounting principles

Darling International, the US-based food by-products recyclying
company, has reported earnings which take it back into the black.

Darling International, the US-based food by-products recyclying company, has reported earnings which take it back into the black.

For the 2002 second quarter, the Company reported net income of $1.2 million (€1.23m) as compared to a net loss of $5.7 million for the second quarter of 2001.

The $6.9 million increase in net income for the second quarter 2002 resulted from an increase in net sales and other income, and a decrease in depreciation and amortization and interest expense, which more than offset an increase in selling, general and administrative costs and income taxes.

For the six months ended June 29, 2002, the Company reported net income of $1.8 million as compared to a net loss of $6.9 million for the 2001 comparable period.

The Company's chief executive officer, Denis Taura, stated that "the Company's return to profitability for the first two fiscal quarters of 2002, coupled with the successful completion of the May 2002 financial restructuring, reflect continuing efforts to enhance shareholder value."

Darling International 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.

Related topics: Processing & Packaging

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