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Westlake Village, California - December 14, 2001
Dole Food Company, Inc. (NYSE: DOL) Friday announced that the Board of Directors had unanimously approved a plan to increase its quarterly cash dividend to shareholders by 50%. As a result, the quarterly cash dividend to shareholders for 2002 when declared by the Board will be raised to 15 cents per share as compared to 10 cents per share, which has been the rate in existence since 1991. The increase will become effective in the first quarter of 2002.
David H. Murdock, chairman and chief executive officer, stated, "We are pleased to announce the planned dividend increase. The business reconfiguration programs which have been implemented during 2001 and the recent sale of our Honduran Beverage operations have satisfactorily improved our financial position. Our expectations of enhanced profitability and cash flow position the Company to return increased value to our shareholders while still maintaining a focus on strategic initiatives and future growth."
Dole Food Company, Inc., with 2000 revenues of approximately $4.8 billion, is the world's largest producer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers, and markets a growing line of packaged foods.
This release contains forward-looking statements that involve a number of risks and uncertainties. Forward looking statements, which are based on management's current expectations, are generally identifiable by the use of terms such as "will," "expects," "anticipates," and similar expressions. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and raw materials supplies and pricing; electrical power supply and pricing; changes in interest and currency exchange rates; economic crises in developing countries; quotas, tariffs and other governmental actions; international conflict; and the ability of the company and its European customers and suppliers to complete euro conversion efforts. Further information on the factors that could affect Dole's financial results is included in its SEC filings, including its Annual Report on Form 10-K.
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