Company Info / Press Release 20021106DOLE FOOD COMPANY, INC. ANNOUNCES IMPROVED THIRD QUARTER AND YEAR-TO-DATE INCOME FROM CONTINUING OPERATIONSWESTLAKE 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 SegmentsSummary of Dole Food Company, Inc. Results2002 2001 % Change 2002 2001