In
addition , the period-over-period change in the Company's income from
operations was impacted by a $4. In
addition , management believes that Adjusted EBITDA is of interest to
the Company's investors and lenders because it is the basis for the
calculation of the financial covenant tests under the Company's senior
credit facility. It is important to note that actual results could differ
materially from those expressed or implied by such forward-looking
statements.6)
--------- ---------
Cash flows from financing activities:
Principal payments on long-term debt (0.8)
Adjustments to net income (loss):
Interest expense, net 18.3)
--------- ------- --
Net cash provided by (used in) operating
activities $ 4.

consolidation turtles

1 million compared to $270.
A reconciliation of Adjusted EBITDA to GAAP net income (loss) and
GAAP cash flows from operating activities is included as a table
below. The Company
sells to approximately 550 customers around the world and serves many
of the top pet food retailers in the United States, Europe and Japan. For more information about the Company, including
its SEC filings and past press releases, please visit
www.8
% of net sales 19.4 14.8
Accounts receivable, net 102.5) (2.0)
--------- ---------
Net cash used in financing activities (0.4
Other operating (income) expense (3.4)
Other operating expenses - (1.

volos smulders

2 million for its 2005 first
quarter compared to a net loss of $7.9 million in 2005
from $11.1 $ 270.3) (0.8 580.7
Accumulated deficit (164.4
Amortization 1.6) (0.8 29.3
------- -- ---------
Cash and cash equivalents, end of period $ 27.2
--------- ---------
Adjusted EBITDA 31.

deodoriser cages

Michigan Entrepreneur Eddie Denha Dollar Castle Stores Owner Opens Michigan Wholesale Mart in Metro Detroit

Eight show expos will be held each year with the first one set for
March 8, 9, and 10, 2005.

Doane Pet Care Continues Positive Earnings Momentum in Q1 2005

This decrease was primarily due to our cost-sharing arrangements and
the related impact of passing through lower commodity costs.1
million, or up $7.

About the Company

Doane Pet Care Company, based in Brentwood, Tennessee, is the
largest manufacturer of private label pet food and the second largest
manufacturer of dry pet food overall in the United States.5% 15.2
------------ -----------
Income from operations 26.0
Other income, net (0.4 68.8) (9.5)

Effect of exchange rate changes on cash and cash
equivalents 0.

dimitra reflective

m. The significant increase was largely due to lower global
commodity costs. The Company
defines Adjusted EBITDA as cash flows from operating activities,
including income from joint ventures , before interest paid, income
taxes paid, changes in working capital and certain other charges.2 1.1 102.7 165.7
Accumulated other comprehensive income 50.

chameleons collars

Ohio, Indiana, Illinois, and other Midwest states consumers
will benefit by receiving significant savings at area retailers

SOUTHFIELD, Mich.
The Company believes cash flows from operating activities is the
most directly comparable GAAP financial measure to the non-GAAP
Adjusted EBITDA liquidity measure typically reported in its earnings
releases."
Doug Cahill , the Company's President and CEO, said, "This was a
great quarter for our company.com.1 40 .0

Property, plant and equipment, net 248.0) (171.6 (2.8 8.3) (0.

coldwater chameleons

, Eyes will be on Michigan, as
vendors from across the country flock to Oakland County's Southfield,
Michigan, and the Michigan Wholesale Mart, set to open March 8, 2005, at 23840
West Eight Mile, in Southfield.m. Management believes that it is a useful
presentation to investors in addition to GAAP cash flows from
operating activities because of the significant impact working capital
fluctuations can have on reported cash flows from operating
activities.1 13.2
Amortization 1.6 $ 28.9
============= =============

DOANE PET CARE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Millions )
(Unaudited)

First quarter
-------------------

2005 2004
--------- ---------

Cash flows from operating activities:
Net income (loss) $ 7.8 8.3) (0.8

Changes in current assets and liabilities (18.

supplying importers

Income from operations increased to $26.1 million favorable change in the
required mark-to-market fair value accounting of the Company's
commodity derivative instruments and $3.8 million for the first quarter
of 2004. The calculation of Adjusted EBITDA is explained below in the
section titled "Adjusted EBITDA Supplemental Information.

-four tables to follow-

DOANE PET CARE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Millions)
(Unaudited )

First quarter
------------------------

2005 2004
------------ -----------

Net sales $ 267.5) 1.1 $ 901.9
============= =============

LIABILITIES AND STOCKHOLDER'S EQUITY

Current liabilities:
Current maturities of long-term debt $ 3.1
------------- -------------
Long-term debt:
Long-term debt, excluding current
maturities 578.5
Deferred tax liabilities 34.3
Change in income taxes payable - 0.

dimitra turtles

The Michigan Wholesale Mart will include a 30,000 square foot facility
lined with the latest in premium merchandise including glassware, electronics,
pet supplies, toys, baby items, linens, stationary , even food items and
cleaning products.8 million for the 2004 first
quarter. Fortunately, our global team
did a terrific job in moderating the impact of these cost pressures
with excellent performance in safety, service and productivity this
past quarter.6 258.2
Accrued liabilities 52.01 par value, 1,000
shares authorized, issued and
outstanding - -
Additional paid-in-capital 115.5)
--------- ---------
Net cash used in investing activities (5.3 1.

canned dimitra

Although the Company believes the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. Factors that could cause results to differ materially
include without limitation: decreases or changes in demand for the
Company's products, changes in market trends, general competitive
pressures from existing and new competitors, price volatility of
commodities, natural gas, other raw materials and packaging, foreign
currency exchange rate fluctuations, future investment returns in its
pension plans, changes in laws and regulations, adverse changes in
operating performance, adverse economic conditions and other factors.
Further information concerning factors that could cause actual results
to differ materially from those in the forward -looking statements are
contained from time to time in the Company's SEC filings, including
without limitation the Company's 2004 Annual Report on Form 10-K.1%

Operating expenses:
Promotion and distribution 14.2
--- --------- -----------
Net income (loss) $ 7.2
------------- -------------
Total current liabilities 142.2 $ (7.1
SFAS 133 gain (loss) 2.4) (14.

salvaged chameleons

Hours for this show will be 8:00 a.----Doane Pet Care
Company (the "Company") today reported sales and earnings results for
its fiscal 2005 first quarter. Excluding the benefit of the
favorable foreign currency exchange rate, net sales decreased 2.3
Deferred tax assets 2.7 115.6 $ 20.2
Depreciation 8.1 23 .

wyld closeouts

However, nothing contained therein shall be
deemed to be a part of this press release.5
Other assets 32.6
Other long-term liabilities 9.7 9.1) (2.

chameleons turtles

Over one hundred vendor booths will be set up where
business owners and buyers will be able to meet with the vendors to get the
very best deals on goods from all price points.m., on March 10.6 million for the
2005 first quarter compared to cash used by operating activities of
$2."

Adjusted EBITDA Supplemental Information

Adjusted EBITDA is a non-GAAP liquidity measure presented in this
press release as a supplemental disclosure to cash flows from
operating activities. We
undertake no obligation to revise the forward-looking statements to
reflect any future events or circumstances.1 7.1
------ ------- -------------
Total current assets 212.4 34.4
Deferred income tax expense 1.2 1.

melton dimitra

With the opening of the Michigan Wholesale Mart, the first of its kind in
the Midwest, Dollar Castle owner and CEO, Eddie Denha, is bringing the savings
back to consumers throughout the Midwest.m. until 4:00 p.m.9 million for the first quarter of
fiscal 2004, a decrease of 1.0 230.1
------------ -----------
Gross profit 52.3
------------- -------------
Total assets $ 878.5 33.7
---------- --- -------------
Commitments and contingencies

Stockholder's equity:
Common stock, $0 .2 1.8)
--------- ---------
Net cash provided by (used in) operating
activities 4.9) (4.5 0.

volos outlets

6%.0 million in 2004.5 million of other operating
income primarily related to favorable litigation settlements.3% in the current quarter to $31. The Company
has significant uses of cash flows, including capital expenditures,
interest payments, income tax payments, debt principal repayments and
other charges, which are not reflected in Adjusted EBITDA.2
Selling, general and administrative 13.4
Prepaid expenses and other current assets 11.5 106.2 62.8)
Items not requiring (providing) cash:
Depreciation 8.4
Changes in current assets and liabilities (18.5)
Payments for debt issuance costs - (3.7 18.8)

Adjustments to net income (loss ) which are
changes in current assets and liabilities:
Change in interest payable 2.8
Equity in joint ventures (0.

chameleons cages

Net cash provided by operating activities was $4.3 million from $23.4
Inventories, net 69.5 390.0 59.1)
----- ---- ---------
Cash flows from investing activities:
Capital expenditures (4.2 1.4)
Other operating income 3.

wyld frogs

Adjusted EBITDA increased 30. The Company's management uses Adjusted EBITDA to
evaluate its business, to allocate resources and capital and to
measure performance for incentive compensation purposes.5 (6 .1
Goodwill and other intangible assets 384.9
current redemption value 110.5 4.4
Amortization 1.

frogs eleni

Management also believes Adjusted EBITDA is an analytical
indicator of cash generated for purposes of assessing the Company's
ability to service its debt and fund capital expenditures.6)

Income tax expense 1.2)

Cash and cash equivalents, beginning of period 28.

consolidation chameleons

4%.
However, Adjusted EBITDA should be considered in addition to, not
as a substitute for , cash flows from operating activities.
The Company offers its customers a full range of pet food products for
both dogs and cats, including dry, semi-moist, soft-dry, wet, treats
and dog biscuits .2 $ (7.4
------------- -------------
Total long-term debt 689.7
Equity in joint ventures (0.1)
Other, net (0.2) (9.2 $ (7.4
SFAS 133 (gain) loss (2.5) 1.3) (0.

overstock chameleons

,
on March 8 and 9, and 8:00 a.m. The improvement was
principally due to higher earnings partially offset by the timing of
payments of certain accrued expenses. We remain optimistic about our prospects for the balance
of 2005 despite some upward movement in dry raw material costs in
recent weeks.
These other charges include SFAS 133 accounting as well as charges
associated with strategic and financial initiatives, including
acquisitions, divestitures, financing transactions and restructuring
efforts such as plant closings .5
------------- -------------
Total liabilities 876.1
========= =========

ADJUSTED EBITDA RECONCILIATION FOR
DOANE PET CARE COMPANY AND SUBSIDIARIES
(Dollars in Millions)
(Unaudited)

HISTORICAL RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
AND CASH FLOWS FROM OPERATING ACTIVITIES

First quarter
-------------------

2005 2004
--------- ---------

Net income (loss) $ 7.6)
Income taxes paid (0.

coldwater agl

The direct phone for the Michigan Wholesale Mart is 248-350-1315.1 million for the 2004 first quarter.4)
------------ -----------
Income (loss) before income taxes 8.7
Accounts payable 87.0 0.

supplying turtles

Business Editors

BRENTWOOD, Tenn.

Quarterly Results

For the first quarter of fiscal 2005, the Company 's net sales were
$267. The substantial improvement in income from
operations was primarily due to lower global commodity costs. While our dry raw material costs have
declined to a more normalized level, we continue to combat the same
cost pressures that our customers are combating such as fuel ,
packaging, natural gas and medical costs.

Forward-Looking Statements

All statements in this press release, including those relating to
the Company's 2005 outlook, other than statements of historical facts
are "forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended . All forward-looking
statements attributable to the Company are expressly qualified in
their entirety by this cautionary statement.0

Interest expense, net 18.8)
============ ===========

DOANE PET CARE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Millions, except Par Value and Shares)
(Unaudited )

End of
---------------------------
First quarter Fiscal
2005 2004
------------- -------------

ASSETS

Current assets:
Cash and cash equivalents $ 27.1
Senior Preferred Stock (Redeemable),
3,000,000 shares authorized, 1,200,000
shares issued and outstanding, $114.3)
Asset impairments - 0.8) (9.6)

Adjustments to net income (loss ) which provide
(require) cash:
Interest paid (15.

dimitra corona

The Company reported net income of $7.doanepetcare.3 1.6 $ 3.3 686.2)
------------- -------------
Total stockholder's equity 1.9 7.9
Non-cash interest expense 5.6 ) 1.6 $ (2.

canned consolidation

Admission for business owners will simply be
their tax identification number and business card. Readers should not place
undue reliance on any forward-looking statements, which speak only as
of the date made.9
Cost of goods sold 215.9 11.7 18.1 112.4 2.6 219.2
------------- -------------
Total liabilities and stockholder's
equity $ 878.1 $ 901.9) (1.6 (1.

deodoriser volos

- 6:00 p. Beginning in
April , the Michigan Wholesale Mart will be open every day, 9:00 a. to
5:00 p.2
Other operating (income ) expense (3.2 894.2 -
--------- ---------
Decrease in cash and cash equivalents (1.0
Income tax expense 1.1)
========= =========