WESTLAKE VILLAGE, CA. - November 19, 2009

Dole Food Company, Inc. (NYSE:DOLE) announced today significant improvement in financial and operating results for the third quarter ended October 10, 2009.

SIGNIFICANT HIGHLIGHTS

Q3 Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortization) increased 18% to $85 million from $71 million.Adjusted EBITDA for the last twelve months increased to $449 million.$283 million cash flow generated from operations over past three quarters.
September issuance of $315 million of 8% Senior Secured Notes used to redeem the 2010 maturity.October IPO net proceeds of $415 million used to pay down debt.During the third quarter,
Dole sold one box manufacturing plant in Latin America. Following the close of the quarter, three additional box plants were sold. Total proceeds from these asset sales, which will be used to pay down debt, are expected to be approximately $100 million.November 10, 2009, final judgment by U.S. District Court Southern District of Florida in favor of Dole denying enforcement of Nicaraguan judgment.

“We are extremely pleased with the significant positive developments for our company, including improvements in our operations, substantial reduction in debt and another significant legal victory,” said David DeLorenzo,
Chief Executive Officer. Adjusted EBITDA increased 18% in the quarter to $85 million, which when combined with the strong performance in the first half,
resulted in the generation of $283 million of positive cash flow from operations over the past three quarters.
Cash flow from operations, asset sales and the IPO have allowed Dole to reduce net debt by over $880 million or 36% over the past six quarters. Dole’s
current leverage ratio of net debt to adjusted EBITDA is 3.3 times.”

DeLorenzo added, “While we have made great progress in a short time,
and are very pleased with the increased earnings and cash flow we have achieved,
we are also looking forward to the continued positive effects of our improved capital structure,
which will help to continue to reduce interest costs and drive net income growth.”

THIRD QUARTER 2009 SUMMARY

 Quarter Ended  October 10, 2009  October 4, 2008
   (In Millions)
 Revenues, net $ 1,938   $ 2,256
 Operating income 44  35
 Adjusted EBITDA 85  71
 Cash flow from operations 283  (27) 

For the third quarter, the company reported Adjusted EBITDA of $85 million compared to $71 million in 2008,
an increase of 18%. U.S. GAAP operating income for the third quarter was $44 million, compared to $35 million in 2008, an increase of 28%.
Third quarter U.S. GAAP loss from continuing operations of $53 million compared to $2 million in 2008 includes significant unrealized non-cash foreign exchange related gains and losses,
as well as book gains on asset sales.

The following table is a reconciliation of Adjusted EBITDA to U.S. GAAP loss from continuing operations.

See “Non-GAAP Measurements” below for discussion of Adjusted EBITDA.

 Quarter Ended  October 10, 2009  October 4, 2008
   
(In Millions)
U. S. GAAP loss from continuing operations $ (53) $ (2)
Interest expense 70 53
Income taxes expense (benefit) (2)  -
 Depreciation and amortization from continuing operations 38  41
 Adjustments:    
 Net unrealized (gain) loss on derivative instruments 40  (3) 
 Foreign currency (gain) on vessel obligations (1)  (7)
 Net unrealized (gain) loss on foreign denominated instruments (8)
 Gain on assets sales (16)_________  (3)_________
 Adjusted EBITDA $ 85_________  $ 71
 _________

Revenue, Gross Margin and Adjusted EBITDA

Third quarter 2009 revenues decreased 14% to $1.9 billion, primarily due to the fourth quarter 2008 sale of the JP Fresh and Dole France businesses
(“divested businesses”). Revenues also decreased in the remaining distribution businesses due to unfavorable foreign exchange conversions and reduced economic activity experienced by many of the European supermarkets these distribution centers service.

Gross profit margin increased from 8.1% for the third quarter of 2008 to 9.1% for the third quarter of 2009. Gross profit margin includes net unrealized non-cash losses on foreign currency and fuel hedges of $12 million. Excluding these items, gross profit margin increased from 7.6% for the third quarter of 2008 to 9.8% for the third quarter of 2009.

Adjusted EBITDA for the third quarter of 2009 increased 18% to $85 million, due to higher earnings in the packaged foods segment, improved performance in the fresh vegetables value-added operations, and higher earnings in the fresh fruit pineapple operations.

Liquidity, Debt Maturity, Refinancing Transaction, and IPO

As of October 10, 2009, Dole had a cash balance of $102 million, net debt (defined as total debt less cash and cash equivalents, including current restricted deposits) of $1.86 billion, and no outstanding borrowings under its revolving credit facility. Cash flows provided by operating activities were $283 million for the three quarters ended October 10, 2009,
compared to cash flows used in operating activities of $27 million for the three quarters ended October 4, 2008.

During September 2009, Dole completed the sale and issuance of $315 million principal amount of 8% Senior Secured Notes due 2016. On October 26, 2009, Dole used the net proceeds from the issuance, together with cash on hand and borrowings under the revolving credit facility, to redeem all of its 7.25% Senior Notes due 2010.

On October 22, 2009, Dole priced its $446 million IPO to sell approximately 35.7 million common shares at $12.50 per share, and began trading on the New York Stock Exchange under the ticker symbol “DOLE” on October 23, 2009. After expenses of $31 million, Dole received net proceeds of $415 million, which are being used to repay indebtedness and related premiums and interest, including approximately $47 million outstanding under its revolving credit facility. The IPO eliminated all potential cross-defaults that could have affected Dole based on indebtedness of Dole’s former parent and its affiliates.

Following the close of the IPO, Dole issued notices of redemption for approximately $122.5 million of its 13.875% Senior Secured Notes due 2014 and $130 million of its 8.875% Senior Notes due 2011. Upon completion of these redemptions, approximately $227.4 million principal amount of the 13.875% notes and $70 million principal amount of the 8.875% notes will remain outstanding.

SEGMENT INFORMATION

 Quarter Ended October 10, 2009  October 4, 2008  October 10, 2009 October 4, 2008
 Fresh Fruit   (In Millions)
 Revenues  $ 1,329  $ 1,602  $ 3,673  $ 4,297

Fresh fruit EBIT for the third quarter was significantly impacted by unrealized non-cash foreign exchange gains and losses and gains on assets sales, which are detailed in the table below:

 Quarter Ended October 10, 2009  October 4, 2008  October 10, 2009 October 4, 2008
EBIT:  (In Millions)
 Fresh fruit products  $ 41  $ 43  $ 223  $ 203
 Unrealized gain(loss) on foreign currency and fuel hedges  (13) 8 1 16
 Foreign currency exchange gain (loss) on vessel obligations 7 (6) 9
 Net unrealized gain (loss) on foreign denominated instruments - 1 (1) 2
 Gains on asset sales 16_________ 1_________ 23_________ 13_________
 Total Fresh fruit EBIT. $ 45 _________  $ 59_________  $ 240_________  $ 243 
 Quarter Ended October 10, 2009  October 4, 2008  October 10, 2009 October 4, 2008
Fresh Vegetables  (In Millions)
 Revenues $ 299  $ 328  $ 790 $ 839
EBIT $ (3) $ (6) $ 10 $ (8)
Packaged Foods
 Revenues $ 310 $ 326 $ 786 $ 843
EBIT $ 29 $ 10 $ 75  $ 41  

Fresh Fruit Segment

Revenues: Excluding the third quarter 2008 sales from Dole’s divested businesses, fresh fruit revenues decreased $146 million or 10%. Third quarter banana sales decreased as a result of lower global volumes (-7%),
primarily due to business divestitures and planned volume reductions in Europe, offset by a 1% improvement in pricing. European ripening and distribution revenues decreased due to lower volumes and unfavorable foreign currency exchange movements. These factors were partially offset by higher fresh pineapples sales due mainly to higher volumes.

EBIT: Improved banana performance in Europe, due to lower shipping and distribution costs, and higher worldwide fresh pineapples earnings, were offset by lower banana earnings in North America, due to higher fruit costs that resulted from adverse weather conditions in Latin America. In addition, earnings in our European ripening and distribution business and in our deciduous fruit operations were lower in the quarter.

Fresh Vegetables Segment

Revenues: Revenues decreased due primarily to lower volumes in North America fresh-packed vegetables resulting from planned reductions in plantings, and lower pricing for certain vegetables. Revenues decreased in the value-added operations due to slightly lower volumes (-2%), lower fuel surcharges and a small shift in sales from higher to lower priced products.

EBIT: EBIT improved due to higher earnings generated in the value-added operations from improved plant efficiencies, lower fuel costs and more efficient supply chain utilization. Earnings decreased in the North America fresh-packed vegetables business due to lower pricing, partially offset by lower packing and harvesting costs.

Packaged Foods Segment

Revenues: The decrease in revenues was primarily due to lower volumes in North America.

EBIT: EBIT increased due to improved pricing and lower product and shipping and distribution costs. Lower product costs resulted from lower commodity costs, primarily for fuel and plastic, as well as favorable foreign currency movements inThailand and the Philippines, where product is sourced.

(Note: amounts in this press release may not sum or calculate due to rounding.)

Conference Call

Dole will hold a conference call for investors to discuss its results at 4:45 p.m. EST today. Access to a live audio webcast is available at www.dole.com in the “Investors” section under “Company Information.” Toll-free telephone access will be available by dialing 1-800-322-5044 in the United States and 1-617-614-4927 from international locations and providing the conference code 49702998. A replay of the call will be available until December 3, 2009. To access the telephone replay, dial 1-888-286-8010 from the United States and 617-801-6888 from international locations and enter the confirmation code 30419690.

Non-GAAP Measurements

EBIT and Adjusted EBITDA are measures commonly used by financial analysts in evaluating the performance of companies. EBIT is calculated by adding back interest expense and income taxes to income (loss) from continuing operations. Adjusted EBITDA is calculated by adding depreciation and amortization from continuing operations to EBIT, by adding the net unrealized loss or subtracting the net unrealized gain on certain derivative instruments to and from EBIT, respectively, (foreign currency and bunker fuel hedges and the cross currency swap), by adding the foreign currency loss or subtracting the foreign currency gain on the vessel obligations to and from EBIT, respectively, by adding the net unrealized loss or subtracting the net unrealized gain on foreign denominated instruments to and from EBIT, respectively, and by subtracting the gain on asset sales from EBIT. Adjusted EBITDA for the last twelve months is calculated by adding adjusted EBITDA for the three quarters ended October 10, 2009, to adjusted EBITDA for the fourth fiscal quarter ended January 3, 2009. During the first quarter of 2007, all of Dole’s foreign currency and bunker fuel hedges were designated as effective hedges of cash flows as defined by FASB ASC Topic 815, and these designations were changed during the second quarter of 2007. Beginning in the second quarter of 2007, all unrealized gains and losses related to these instruments have been recorded in the consolidated statement of operations. During 2008, Dole initiated an asset sale program in order reduce the leverage of the company with proceeds generated from the sale of non-core assets during the 2008 fiscal year and the three quarters ended October 10, 2009. Dole’s capital lease obligations related to its vessel leases are denominated in currencies that are different than the functional currencies of the subsidiaries that hold these leases. In addition, Dole has loans and deposits denominated in currencies that are different than the functional currencies of the subsidiaries that hold these instruments. The currency gains and losses recorded on the vessel obligations and the unrealized currency gains and losses recorded on foreign denominated instruments have been excluded from Adjusted EBITDA because management excludes these amounts when evaluating the performance of Dole.

EBIT and Adjusted EBITDA are not calculated or presented in accordance with U.S. GAAP and EBIT and Adjusted EBITDA are not a substitute for net income attributable to Dole Food Company, Inc., net income, income from continuing operations, cash flows from operating activities or any other measure prescribed by U.S. GAAP. Further, EBIT and Adjusted EBITDA as used herein are not necessarily comparable to similarly titled measures of other companies. However, Dole has included EBIT and Adjusted EBITDA herein because management believes that EBIT and Adjusted EBITDA are useful performance measures for Dole. In addition, EBIT and Adjusted EBITDA are presented because Dole’s management believes that these measures are frequently used by securities analysts, investors and others in the evaluation of our Company. Management internally uses EBIT and Adjusted EBITDA for decision making and to evaluate Dole’s performance.

Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as an alternative to, operating income, cash flow or other combined income or cash flow data prepared in accordance with U.S. GAAP. Because of these limitations, Adjusted EBITDA and the related ratios presented throughout this earnings release should not be considered as measures of discretionary cash available to invest in business growth or reduce indebtedness. Dole compensates for these limitations by relying primarily on its U.S. GAAP results and using Adjusted EBITDA only supplementally

About Dole Food Company, Inc.

Dole Food Company, Inc. (NYSE:DOLE), is the world’s largest producer and marketer of high-quality fresh fruit and fresh vegetables, and a leading producer of organic products. Dole markets a growing line of packaged and frozen foods and is an industry leader in nutrition education and research. With 2008 annual revenues over $7 billion, Dole has approximately 76,000 employees operating in more than 90 countries around the world. For more information, please visit our corporate web site at www.dole.com.

Forward-looking Statements

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.

FINANCIAL INFORMATION

DOLE FOOD COMPANY, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)

 Quarter Ended October 10, 2009  October 4, 2008  October 10, 2009 October 4, 2008
 Fresh Fruit   (In Millions)
 Revenues  $ 1,329  $ 1,602  $ 3,673  $ 4,297

Fresh fruit EBIT for the third quarter was significantly impacted by unrealized non-cash foreign exchange gains and losses and gains on assets sales, which are detailed in the table below:

 Quarter Ended October 10, 2009  October 4, 2008  October 10, 2009 October 4, 2008
EBIT:  (In Millions)
 Fresh fruit products  $ 41  $ 43  $ 223  $ 203
 Unrealized gain(loss) on foreign currency and fuel hedges  (13) 8 1 16
 Foreign currency exchange gain (loss) on vessel obligations 7 (6) 9
 Net unrealized gain (loss) on foreign denominated instruments - 1 (1) 2
 Gains on asset sales 16_________ 1_________ 23_________ 13_________
 Total Fresh fruit EBIT. $ 45 _________  $ 59_________  $ 240_________  $ 243_________ 
   Quarter Ended  Three Quarters Ended
 
October 10, 2009  October 4, 2008  October 10, 2009 October 4, 2008
 (In Millions)
Revenues, net $ 1,938  $ 2,256 $ 5,250 $ 5,980
Cost of products sold (1,761)________ (2,074)________ (4,647)________ (5,395)________
Gross margin 177 182 603 585
Selling, marketing and general and administrative expenses (149) (150) (360) (390)
Gain on asset sales 16 
________
3
________ 
33
________
14

________
Operating income  44 35 276 209
Other income (expense), net (34)  11 Income taxes - (16) 60
Equity in earnings of unconsolidated subsidiaries 3
________

________
 8 

________
 6 
________
Income (loss) from continuing operations (53)  (2) 70 149
Income (loss) from discontinued operations net of income taxes (22) (20)
 Gain on disposal of discontinued operations net of income taxes
________ 

________
 1 
________
 3 
________
 Net income (loss) (53) (21)  72 132
 Less: Net income attributable to noncontrolling interests (1)________  -________  (3)
________  
(2)________ 
 Net income (loss) attributable to Dole Food Company Inc. $ (54)________   $ (21)________   $ 69________ $ 130________ 

 DOLE FOOD COMPANY INC. SUPPLEMENTAL DATA (Unaudited)

 October 10 2009  October 4 2008
   (In Millions)
 Total assets $ 4 454 $ 4 365
 Total net debt* $ 1 861 $ 2 113
 Total shareholders equity $ 513 $ 433
 

*Net debt is defined as total debt less cash and cash equivalents including current restricted deposits

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