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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.
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DOLE FOOD COMPANY, INC. ANNOUNCES STRONG 2ND QUARTER RESULTS AND CONTINUED REDUCTION OF NET DEBT

WESTLAKE VILLAGE, California - August 04, 2009

Dole Food Company, Inc. today announced 2nd Quarter operating income of $108 million and cash flow from operations of $170 million. Dole also announced that it has succeeded in reducing its net debt by $145 million during the 2nd Quarter and by $480 million, or 20%, over the last five Quarters. Net debt is defined as total debt less cash and cash equivalents.

In addition, Dole announced that it has signed Letters of Intent to sell certain operating properties in Latin America for approximately $68 million. These transactions are all expected to close in the third quarter of 2009. Dole anticipates that the sales of these operating properties will not have a significant impact on ongoing earnings. Proceeds of these transactions will be used to pay down debt.

David A. DeLorenzo, President and Chief Executive Officer said, "We are very pleased with the excellent results of our 2nd Quarter, especially the strong, $170 million of cash flow we generated from operations, as compared with $60 million in the 2nd Quarter of 2008. We continue on track to meet or exceed our operational and financial goals for 2009."

Dole, with 2008 net revenues of $7.6 billion, is the world's largest producer and marketer of high-quality fresh fruit and fresh vegetables, and is the leading producer of organic bananas. Dole markets a growing line of packaged and frozen foods and is a produce industry leader in nutrition education and research. 
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," "intends," "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; energy 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.
DOLE FOOD COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited) 

Quarter Ended
June 20, 2009 
(in thousands)
Revenues, net $ 1,714,722 
Cost of products sold (1,492,606) 
Gross margin 222,116 
Selling, marketing and general and administrative expenses (113,944) 
Gain on asset sales 159 
Operating income 108,331 
Other income (expense), net (33,046) 
Interest income 1,500 
Interest expense (50,242) 
Income from continuing operations before income taxes and equity earnings 26,543 
Income taxes (8,963) 
Equity in earnings of unconsolidated subsidiaries 3,277 
Income from continuing operations 20,857 
Income from discontinued operations, net of income taxes 265 
Gain on disposal of discontinued operations, net of income taxes - 
Net income 21,122 
Less: Net income attributable to noncontrolling interests (977) 
Net income attributable to Dole Food Company, Inc. $ 20,145