Visit Dole Pages on Facebook
Visit Dole Pages on Twitter
Visit Dole Pages on Pinterest
Visit Dole Pages on YouTube
Visit Dole Pages on Instagram
Recipe Discovery
Enter Your Ingredients Add up to 5
Latest Articles

BANANA SELFIE BOOMERANG

Regardless of whether banana selfies are an effective way to protest racism, banana snacks are undoubtedly an effective way to refuel the body.

Read More

EAT FRUIT, LIVE LONGER

Whole fruit linked to longevity while added sugar doubles heart disease.

Read More

E-CIGS SAFE?

Are e-cigarettes safe? Research has yet to catch up with the runaway craze for haze, but two recent studies provide cause for concern.

Read More
Company Overview

About Us

Founded in Hawaii in 1851, Dole Food Company, Inc., with 2010 revenues of $6.9 billion, is the world's largest producer and marketer of high-quality fresh fruit and fresh vegetables. Dole markets a growing line of packaged and frozen foods, and is a produce industry leader in nutrition education and research. The Company does business in more than 90 countries and employs, on average, 36,000 full-time, regular employees and 23,000 full-time seasonal or temporary employees, worldwide.
About

DOLE FOOD COMPANY, INC. ANNOUNCES IMPROVED THIRD QUARTER AND YEAR-TO-DATE INCOME FROM CONTINUING OPERATIONS

WESTLAKE VILLAGE, California - November 06, 2002

Dole Food Company, Inc. (NYSE: DOL) announced Wednesday an increase in its third quarter 2002 income from continuing operations to $14.7 million, or $0.26 per share comprising $0.24 per share plus the $0.02 per share from the sale of and recovery on assets noted below. For the third quarter of 2001, the company incurred a loss from continuing operations of $103.9 million, or $1.86 per share. For the first three quarters of 2002, income from continuing operations increased to $137.8 million, or $2.44 per share, improving from a loss of $41.2 million, or $0.74 per share, for the same period of 2001.

Included in the third quarter 2002 income from continuing operations are the disposal of Pascual Hermanos, a citrus and vegetable producer in Spain, and Saman, a dried fruit processor located in France, two operations that do not fit Dole's business strategies; and the recovery of a previously written-off investment in Honduras. The disposition of these operations and the recovery of the Honduran investment resulted in a positive impact on third quarter 2002 earnings of approximately $0.02 per share.

The third quarter and year-to-date losses from continuing operations for 2001 included $104.8 million and $132.7 million, respectively, of previously disclosed expenses associated with business reconfiguration programs initiated during the second and third quarters of 2001. Year-to-date results for 2001 also included an $8.2 million pre-tax gain on an investment in available-for-sale securities. Excluding these items, loss from continuing operations for the third quarter of 2001 was $0.8 million, or $0.01 per share, while year-to-date 2001 income from continuing operations was $75.3 million, or $1.35 per share, after considering the tax effects of the items noted above.

Third quarter 2002 net income was $14.7 million, or $0.26 per share compared to a net loss of $94.8 million, or $1.70 per share for the third quarter of 2001. For the first three quarters of 2002, net income was $17.9 million, or $0.32 per share, which includes a previously disclosed non-cash, after-tax charge of $119.9 million from the write-off of goodwill associated with the company's fresh-cut flowers segment. For the comparable year-to-date period of 2001, the company reported a net loss of $23.1 million, or $0.41 per share.

Revenues for the third quarter rose 4% to $1.25 billion, reflecting higher pricing on bananas sold in Asia, higher volumes in the European ripening and distribution business, higher volumes sold of packaged salads as well as FRUIT BOWLS® and FRUIT-N-GEL BOWLS, higher pricing and volumes for Dole's PREMIUM SELECT pineapples, as well as favorable foreign currency exchange rates. These increases were partially offset by lower volumes of bananas sold in Europe, lower pricing in North America for commodity vegetables and bananas, and lower volumes and pricing of fresh-cut flowers. For the first three quarters of 2002, revenues also increased 2% to $3.4 billion, driven by the same factors that influenced the third quarter.

For the third quarter of 2002, earnings before interest expense and taxes ("EBIT") from continuing operations improved to $47.2 million from a loss of $83.9 million for the third quarter of 2001, which included $104.8 million of expenses associated with previously disclosed business reconfiguration programs. Excluding the impact of these expenses, third quarter 2001 EBIT from continuing operations was $20.9 million. The $26.3 million increase in EBIT for the third quarter of 2002 resulted primarily from improved performance in the company's fresh fruit and packaged foods segments.

For the first three quarters of 2002, EBIT increased to $252.2 million in 2002 from $46.7 million in 2001, which included $132.7 million of expenses associated with the company's previously disclosed business reconfiguration programs and an $8.2 million pre-tax gain on an investment in available-for-sale securities. Excluding these items, the $81.0 million increase in year-to-date EBIT was primarily attributable to similar factors as in the third quarter, with the exception of the fresh-cut flowers segment, which decreased due to lower pricing and volumes.

The West Coast port lockout of October 2002 had a modest impact on the company's third quarter and is fully reflected in the above numbers. The company continues to monitor the situation closely and believes it has adequate contingency plans in effect.

Results of Significant Reporting Segments

                       
Summary of Dole Food Company, Inc. Results
     
 
 
2002 2001 % Change 2002 2001<

EBIT $47.2 ($83.9) NA $252.2 $46.7 440%
EBIT, excluding reconfiguration and other charges * Income (loss) from continuing operations, excluding reconfiguration and other charges * $14.7 ($0.8) NA $137.8 $75.3 83%
Net Income (loss)

Fresh fruit revenues grew 4% for the quarter and 2% year-to-date. The revenue growth was primarily attributable to higher pricing for bananas sold in Asia, higher volumes in the European ripening and distribution business and higher pricing and volumes of Dole's PREMIUM SELECT pineapples. Revenues also increased as a result of favorable foreign currency exchange rates, which impacted the quarter by approximately $27 million. These increases were partially offset by lower volumes of bananas sold in Europe, lower pricing and flat volumes in North American bananas and the winding down of the company's California deciduous and Northwest apples operations. For the first three quarters of 2002, the revenue increase was the result of similar factors as in the third quarter.

Fresh fruit EBIT increased to $43.7 million for the third quarter of 2002 from a loss of $33.2 million in 2001. Excluding the impact of the third quarter $48.9 million business reconfiguration expenses recorded in 2001, EBIT increased $28.0 million for the third quarter of 2002. Excluding the impact of the year-to-date reconfiguration expenses of $73.5 million recorded in 2001, for the first three quarters of 2002, EBIT increased $69.1 million. EBIT increased for both the third quarter and year-to-date primarily due to the same factors that drove the increase in revenues.

                       
Fresh Fruit
      (in millions)
 
 
2002 2001 % Change 2002 2001
EBIT $43.7 ($33.2) NA $189.3 $46.7 305%
EBIT, excluding reconfiguration charges $43.7


Fresh vegetables revenues decreased 1% for the quarter but increased 1% year-to-date for 2002 compared to the same periods in 2001. The third quarter decrease was due primarily to lower commodity vegetable prices, partially offset by higher volumes in the packaged salads business. The year-to-date revenue increase was attributable to higher packaged salads volume due to continued category growth, offset by lower commodity vegetable volumes.

Fresh vegetables third quarter 2002 EBIT increased to $18.4 million from a loss of $10.6 million in 2001. Excluding business reconfiguration expenses of $34.0 million recorded in the third quarter of 2001, third quarter EBIT decreased from 2001 to 2002 by $5.0 million. This decrease was the result of lower commodity vegetables pricing, offset by higher volumes and lower costs for the packaged salads business in 2002. Excluding $34.0 million of business reconfiguration expenses in 2001, for the first three quarters of 2002, EBIT was flat year over year as improved performance in the packaged salads business was offset by declines in commodity vegetable volumes.

                       
Fresh Vegetables
      (in millions)
 
 
2002 2001 % Change 2002 2001
EBIT $18.4 ($10.6) NA $75.4 $41.4 82%
EBIT, excluding reconfiguration charges $18.4
                       
Packaged Foods
      (in millions)
 
 
2002 2001 % Change 2002 2001
EBIT $19.2 $2.6 638% $44.7 $8.8 408%
EBIT, excluding reconfiguration charges $19.2
Packaged foods revenues increased during 2002 compared to the corresponding quarter and year-to-date periods in 2001 as a result of volume increases from the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

Packaged foods 2002 EBIT increased $16.6 million in the third quarter and $35.9 million year-to-date over the corresponding periods in 2001. Excluding reconfiguration expenses for the 2001 third quarter of $14.4 million and year-to-date 2001 of $16.8 million, 2002 EBIT increased $2.2 million and $19.1 million for the third quarter and year-to-date, respectively. As with revenues, the key driver is the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

                       
Fresh-cut Flowers
      (in millions)
 
 
2002 2001 % Change 2002 2001
EBIT ($7.0) ($19.8) NA ($5.8) ($10.8) NA
EBIT, excl





Packaged foods revenues increased during 2002 compared to the corresponding quarter and year-to-date periods in 2001 as a result of volume increases from the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

Packaged foods 2002 EBIT increased $16.6 million in the third quarter and $35.9 million year-to-date over the corresponding periods in 2001. Excluding reconfiguration expenses for the 2001 third quarter of $14.4 million and year-to-date 2001 of $16.8 million, 2002 EBIT increased $2.2 million and $19.1 million for the third quarter and year-to-date, respectively. As with revenues, the key driver is the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

                       
Fresh-cut Flowers
      (in millions)
 
 
2002 2001 % Change 2002 2001
EBIT ($7.0) ($19.8) NA ($5.8) ($10.8) NA
EBIT, excl



Fresh-cut flowers 2002 revenues decreased for the quarter and year-to-date corresponding periods in 2001 due to lower volumes and pricing. Excluding reconfiguration expenses in 2001 of $7.4 million for both the third quarter and year-to-date, 2002 EBIT loss improved by $5.4 million for the third quarter and worsened by $2.4 million year-to-date. The third quarter improvement was due to reduced operating costs primarily from the closure of six production farms. The year-to-date deterioration was due to lower volumes partially offset by lower product and shipping costs.

Overall

Interest income for the third quarter and year-to-date 2002 was $4.0 million and $8.6 million, respectively, compared to $2.2 million and $4.3 million for the third quarter and year-to-date 2001, respectively. The increase in interest income in the third quarter and year-to-date 2002 was due to interest earned on higher cash balances which resulted from the issuance of $400 million of 7 1/4%unsecured senior notes in the second quarter of 2002 and the divesture of the Honduran beverage business in the fourth quarter of 2001.

Interest expense increased from $20.2 million for the third quarter of 2001 to $26.8 million for the third quarter of 2002, mainly due to the $400 million senior note issuance previously mentioned. Year-to-date interest expense increased from $56.6 million in 2001 to $60.8 million in 2002. During the third quarter the company repurchased approximately $37 million of its public debt through its previously announced repurchase program, now terminated.

Third quarter earnings from continuing operations before interest expense, taxes, depreciation and amortization ("EBITDA"), was $81.2 million compared to a loss of $47.4 million for the third quarter 2001, which included $104.8 million of expenses associated with business reconfiguration programs. For the first three quarters of 2002, EBITDA totaled $333.9 million compared to $140.7 million for 2001, which includes $132.7 million of expenses associated with business reconfiguration programs and an $8.2 million pre-tax gain on investment in available-for-sale securities.

Lawrence A. Kern, president and chief operating officer, said: "We are pleased with our third quarter and year-to-date results." Mr. Kern also stated "Dole's profit growth in 2001 and 2002 has been driven principally by favorable pricing in some of our most important commodity businesses and by the implementation of our cost cutting and profit improvement programs. The bulk of these programs have now been implemented, so we cannot rely on them to produce significant growth in profitability in 2003 and beyond. In addition, we have now sold our principal non-core businesses. Our challenge, going forward, is to grow Dole's earnings by growing our market share in our core businesses through internal growth and selective acquisitions. However, acquisitions in our core businesses may be more difficult to achieve given the highly competitive businesses in which we operate and our market position in most of those businesses. As we look forward to the fourth quarter of 2002 

Click here to download 2002 third quarter earnings in Adobe Acrobat (*pdf) format.

Dole Food Company, Inc., with 2001 revenues of $4.4 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.

The company will host an earnings conference call today at 1 p.m. (EST), featuring remarks by Lawrence A. Kern, president and chief operating officer, and Richard J. Dahl, vice president and chief financial officer. The conference call will be webcast live and may be accessed on the company's website at www.dole.com and at CCBN's individual investor center at www.companyboardroom.com. Institutional investors can access the call via CCBN's password protected event management site at www.streetevents.com.

The company evaluates and monitors segment performance primarily through earnings before interest expense and income taxes ("EBIT"). The company believes that segment EBIT provides useful information for analyzing the underlying business results as well as by allowing investors a means to evaluate the financial results of each segment in relation to the company as a whole. Earnings before interest expense, taxes, depreciation and amortization ("EBITDA") is a non-GAAP measure for cash flow from continuing operations. EBIT and EBITDA are not defined under accounting principles generally accepted in the United States ("GAAP"), and should not be considered in isolation or as a substitute for net income or cash flow measures prepared in accordance with GAAP or as a measure of the company's profitability or liquidity. Additionally, the company's computation of EBIT and EBITDA may not be comparable to other similarly titled measures computed by other companie

This release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, 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 "may," "will," "expects," "believes" 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 and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. 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.


Packaged foods revenues increased during 2002 compared to the corresponding quarter and year-to-date periods in 2001 as a result of volume increases from the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

Packaged foods 2002 EBIT increased $16.6 million in the third quarter and $35.9 million year-to-date over the corresponding periods in 2001. Excluding reconfiguration expenses for the 2001 third quarter of $14.4 million and year-to-date 2001 of $16.8 million, 2002 EBIT increased $2.2 million and $19.1 million for the third quarter and year-to-date, respectively. As with revenues, the key driver is the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

                       
Fresh-cut Flowers
      (in millions)
 
 
2002 2001 % Change 2002 2001
EBIT ($7.0) ($19.8) NA ($5.8) ($10.8) NA
EBIT, excl

Fresh-cut flowers 2002 revenues decreased for the quarter and year-to-date corresponding periods in 2001 due to lower volumes and pricing. Excluding reconfiguration expenses in 2001 of $7.4 million for both the third quarter and year-to-date, 2002 EBIT loss improved by $5.4 million for the third quarter and worsened by $2.4 million year-to-date. The third quarter improvement was due to reduced operating costs primarily from the closure of six production farms. The year-to-date deterioration was due to lower volumes partially offset by lower product and shipping costs.

Overall

Interest income for the third quarter and year-to-date 2002 was $4.0 million and $8.6 million, respectively, compared to $2.2 million and $4.3 million for the third quarter and year-to-date 2001, respectively. The increase in interest income in the third quarter and year-to-date 2002 was due to interest earned on higher cash balances which resulted from the issuance of $400 million of 7 1/4%unsecured senior notes in the second quarter of 2002 and the divesture of the Honduran beverage business in the fourth quarter of 2001.

Interest expense increased from $20.2 million for the third quarter of 2001 to $26.8 million for the third quarter of 2002, mainly due to the $400 million senior note issuance previously mentioned. Year-to-date interest expense increased from $56.6 million in 2001 to $60.8 million in 2002. During the third quarter the company repurchased approximately $37 million of its public debt through its previously announced repurchase program, now terminated.

Third quarter earnings from continuing operations before interest expense, taxes, depreciation and amortization ("EBITDA"), was $81.2 million compared to a loss of $47.4 million for the third quarter 2001, which included $104.8 million of expenses associated with business reconfiguration programs. For the first three quarters of 2002, EBITDA totaled $333.9 million compared to $140.7 million for 2001, which includes $132.7 million of expenses associated with business reconfiguration programs and an $8.2 million pre-tax gain on investment in available-for-sale securities.

Lawrence A. Kern, president and chief operating officer, said: "We are pleased with our third quarter and year-to-date results." Mr. Kern also stated "Dole's profit growth in 2001 and 2002 has been driven principally by favorable pricing in some of our most important commodity businesses and by the implementation of our cost cutting and profit improvement programs. The bulk of these programs have now been implemented, so we cannot rely on them to produce significant growth in profitability in 2003 and beyond. In addition, we have now sold our principal non-core businesses. Our challenge, going forward, is to grow Dole's earnings by growing our market share in our core businesses through internal growth and selective acquisitions. However, acquisitions in our core businesses may be more difficult to achieve given the highly competitive businesses in which we operate and our market position in most of those businesses. As we look forward to the fourth quarter of 2002 

Click here to download 2002 third quarter earnings in Adobe Acrobat (*pdf) format.

Dole Food Company, Inc., with 2001 revenues of $4.4 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.

The company will host an earnings conference call today at 1 p.m. (EST), featuring remarks by Lawrence A. Kern, president and chief operating officer, and Richard J. Dahl, vice president and chief financial officer. The conference call will be webcast live and may be accessed on the company's website at www.dole.com and at CCBN's individual investor center at www.companyboardroom.com. Institutional investors can access the call via CCBN's password protected event management site at www.streetevents.com.

The company evaluates and monitors segment performance primarily through earnings before interest expense and income taxes ("EBIT"). The company believes that segment EBIT provides useful information for analyzing the underlying business results as well as by allowing investors a means to evaluate the financial results of each segment in relation to the company as a whole. Earnings before interest expense, taxes, depreciation and amortization ("EBITDA") is a non-GAAP measure for cash flow from continuing operations. EBIT and EBITDA are not defined under accounting principles generally accepted in the United States ("GAAP"), and should not be considered in isolation or as a substitute for net income or cash flow measures prepared in accordance with GAAP or as a measure of the company's profitability or liquidity. Additionally, the company's computation of EBIT and EBITDA may not be comparable to other similarly titled measures computed by other companie

This release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, 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 "may," "will," "expects," "believes" 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 and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. 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.

Packaged foods revenues increased during 2002 compared to the corresponding quarter and year-to-date periods in 2001 as a result of volume increases from the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

Packaged foods 2002 EBIT increased $16.6 million in the third quarter and $35.9 million year-to-date over the corresponding periods in 2001. Excluding reconfiguration expenses for the 2001 third quarter of $14.4 million and year-to-date 2001 of $16.8 million, 2002 EBIT increased $2.2 million and $19.1 million for the third quarter and year-to-date, respectively. As with revenues, the key driver is the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

                       
Fresh-cut Flowers
      (in millions)
 
 
2002 2001 % Change 2002 2001
EBIT ($7.0) ($19.8) NA ($5.8) ($10.8) NA
EBIT, excl

Fresh-cut flowers 2002 revenues decreased for the quarter and year-to-date corresponding periods in 2001 due to lower volumes and pricing. Excluding reconfiguration expenses in 2001 of $7.4 million for both the third quarter and year-to-date, 2002 EBIT loss improved by $5.4 million for the third quarter and worsened by $2.4 million year-to-date. The third quarter improvement was due to reduced operating costs primarily from the closure of six production farms. The year-to-date deterioration was due to lower volumes partially offset by lower product and shipping costs.

Overall

Interest income for the third quarter and year-to-date 2002 was $4.0 million and $8.6 million, respectively, compared to $2.2 million and $4.3 million for the third quarter and year-to-date 2001, respectively. The increase in interest income in the third quarter and year-to-date 2002 was due to interest earned on higher cash balances which resulted from the issuance of $400 million of 7 1/4%unsecured senior notes in the second quarter of 2002 and the divesture of the Honduran beverage business in the fourth quarter of 2001.

Interest expense increased from $20.2 million for the third quarter of 2001 to $26.8 million for the third quarter of 2002, mainly due to the $400 million senior note issuance previously mentioned. Year-to-date interest expense increased from $56.6 million in 2001 to $60.8 million in 2002. During the third quarter the company repurchased approximately $37 million of its public debt through its previously announced repurchase program, now terminated.

Third quarter earnings from continuing operations before interest expense, taxes, depreciation and amortization ("EBITDA"), was $81.2 million compared to a loss of $47.4 million for the third quarter 2001, which included $104.8 million of expenses associated with business reconfiguration programs. For the first three quarters of 2002, EBITDA totaled $333.9 million compared to $140.7 million for 2001, which includes $132.7 million of expenses associated with business reconfiguration programs and an $8.2 million pre-tax gain on investment in available-for-sale securities.

Lawrence A. Kern, president and chief operating officer, said: "We are pleased with our third quarter and year-to-date results." Mr. Kern also stated "Dole's profit growth in 2001 and 2002 has been driven principally by favorable pricing in some of our most important commodity businesses and by the implementation of our cost cutting and profit improvement programs. The bulk of these programs have now been implemented, so we cannot rely on them to produce significant growth in profitability in 2003 and beyond. In addition, we have now sold our principal non-core businesses. Our challenge, going forward, is to grow Dole's earnings by growing our market share in our core businesses through internal growth and selective acquisitions. However, acquisitions in our core businesses may be more difficult to achieve given the highly competitive businesses in which we operate and our market position in most of those businesses. As we look forward to the fourth quarter of 2002 

Click here to download 2002 third quarter earnings in Adobe Acrobat (*pdf) format.

Dole Food Company, Inc., with 2001 revenues of $4.4 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.

The company will host an earnings conference call today at 1 p.m. (EST), featuring remarks by Lawrence A. Kern, president and chief operating officer, and Richard J. Dahl, vice president and chief financial officer. The conference call will be webcast live and may be accessed on the company's website at www.dole.com and at CCBN's individual investor center at www.companyboardroom.com. Institutional investors can access the call via CCBN's password protected event management site at www.streetevents.com.

The company evaluates and monitors segment performance primarily through earnings before interest expense and income taxes ("EBIT"). The company believes that segment EBIT provides useful information for analyzing the underlying business results as well as by allowing investors a means to evaluate the financial results of each segment in relation to the company as a whole. Earnings before interest expense, taxes, depreciation and amortization ("EBITDA") is a non-GAAP measure for cash flow from continuing operations. EBIT and EBITDA are not defined under accounting principles generally accepted in the United States ("GAAP"), and should not be considered in isolation or as a substitute for net income or cash flow measures prepared in accordance with GAAP or as a measure of the company's profitability or liquidity. Additionally, the company's computation of EBIT and EBITDA may not be comparable to other similarly titled measures computed by other companie

This release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, 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 "may," "will," "expects," "believes" 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 and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. 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.

Packaged foods revenues increased during 2002 compared to the corresponding quarter and year-to-date periods in 2001 as a result of volume increases from the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

Packaged foods 2002 EBIT increased $16.6 million in the third quarter and $35.9 million year-to-date over the corresponding periods in 2001. Excluding reconfiguration expenses for the 2001 third quarter of $14.4 million and year-to-date 2001 of $16.8 million, 2002 EBIT increased $2.2 million and $19.1 million for the third quarter and year-to-date, respectively. As with revenues, the key driver is the continued success of the FRUIT BOWLS and FRUIT-N-GEL BOWLS products.

                       
Fresh-cut Flowers
      (in millions)
 
 
2002 2001 % Change 2002 2001
EBIT ($7.0) ($19.8) NA ($5.8) ($10.8) NA
EBIT, excl

Fresh-cut flowers 2002 revenues decreased for the quarter and year-to-date corresponding periods in 2001 due to lower volumes and pricing. Excluding reconfiguration expenses in 2001 of $7.4 million for both the third quarter and year-to-date, 2002 EBIT loss improved by $5.4 million for the third quarter and worsened by $2.4 million year-to-date. The third quarter improvement was due to reduced operating costs primarily from the closure of six production farms. The year-to-date deterioration was due to lower volumes partially offset by lower product and shipping costs.

Overall

Interest income for the third quarter and year-to-date 2002 was $4.0 million and $8.6 million, respectively, compared to $2.2 million and $4.3 million for the third quarter and year-to-date 2001, respectively. The increase in interest income in the third quarter and year-to-date 2002 was due to interest earned on higher cash balances which resulted from the issuance of $400 million of 7 1/4%unsecured senior notes in the second quarter of 2002 and the divesture of the Honduran beverage business in the fourth quarter of 2001.

Interest expense increased from $20.2 million for the third quarter of 2001 to $26.8 million for the third quarter of 2002, mainly due to the $400 million senior note issuance previously mentioned. Year-to-date interest expense increased from $56.6 million in 2001 to $60.8 million in 2002. During the third quarter the company repurchased approximately $37 million of its public debt through its previously announced repurchase program, now terminated.

Third quarter earnings from continuing operations before interest expense, taxes, depreciation and amortization ("EBITDA"), was $81.2 million compared to a loss of $47.4 million for the third quarter 2001, which included $104.8 million of expenses associated with business reconfiguration programs. For the first three quarters of 2002, EBITDA totaled $333.9 million compared to $140.7 million for 2001, which includes $132.7 million of expenses associated with business reconfiguration programs and an $8.2 million pre-tax gain on investment in available-for-sale securities.

Lawrence A. Kern, president and chief operating officer, said: "We are pleased with our third quarter and year-to-date results." Mr. Kern also stated "Dole's profit growth in 2001 and 2002 has been driven principally by favorable pricing in some of our most important commodity businesses and by the implementation of our cost cutting and profit improvement programs. The bulk of these programs have now been implemented, so we cannot rely on them to produce significant growth in profitability in 2003 and beyond. In addition, we have now sold our principal non-core businesses. Our challenge, going forward, is to grow Dole's earnings by growing our market share in our core businesses through internal growth and selective acquisitions. However, acquisitions in our core businesses may be more difficult to achieve given the highly competitive businesses in which we operate and our market position in most of those businesses. As we look forward to the fourth quarter of 2002 

Click here to download 2002 third quarter earnings in Adobe Acrobat (*pdf) format.

Dole Food Company, Inc., with 2001 revenues of $4.4 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.

The company will host an earnings conference call today at 1 p.m. (EST), featuring remarks by Lawrence A. Kern, president and chief operating officer, and Richard J. Dahl, vice president and chief financial officer. The conference call will be webcast live and may be accessed on the company's website at www.dole.com and at CCBN's individual investor center at www.companyboardroom.com. Institutional investors can access the call via CCBN's password protected event management site at www.streetevents.com.

The company evaluates and monitors segment performance primarily through earnings before interest expense and income taxes ("EBIT"). The company believes that segment EBIT provides useful information for analyzing the underlying business results as well as by allowing investors a means to evaluate the financial results of each segment in relation to the company as a whole. Earnings before interest expense, taxes, depreciation and amortization ("EBITDA") is a non-GAAP measure for cash flow from continuing operations. EBIT and EBITDA are not defined under accounting principles generally accepted in the United States ("GAAP"), and should not be considered in isolation or as a substitute for net income or cash flow measures prepared in accordance with GAAP or as a measure of the company's profitability or liquidity. Additionally, the company's computation of EBIT and EBITDA may not be comparable to other similarly titled measures computed by other companie

This release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, 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 "may," "will," "expects," "believes" 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 and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. 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.