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Dole Food Company, Inc. Announces Second Quarter 2012 Results And Strategic Business Review Update

Revenues

Revenues decreased 10% to $1.7 billion during the second quarter ended June 16, 2012, primarily as a result of the divestitures of two of our fresh fruit subsidiaries (German subsidiary and Dole Spain). Excluding 2011 revenues of $199 million from these divested businesses as well as second quarter 2012 sales of $26 million from the fourth quarter 2011 berry business acquisition, second quarter sales were comparable. Fresh fruit revenues, excluding the impact from the divestitures, decreased 4% primarily as a result of lower banana pricing in North America, as well as unfavorable foreign currency exchange movements in Europe. These factors were partially offset by higher volumes of bananas and other fresh fruit sold in Asia. Fresh vegetables revenues increased 11%, primarily due to higher sales of fresh berries resulting from the berry acquisition and higher sales of packaged salads, partially offset by lower pricing for fresh-packed vegetables. Excluding revenues from the acquired business, fresh vegetables sales increased 2%. Packaged foods revenues increased 7%, primarily due to higher sales of frozen fruit and healthy snacks in North America and improved pricing worldwide, partially offset by lower volumes of packaged fruit sold in North America and Europe.

Adjusted EBITDA

Adjusted EBITDA was $132 million in the second quarter of 2012 compared to $161 million in the prior year. Fresh fruit Adjusted EBITDA decreased primarily due to lower pricing for bananas in North America and Asia, partially offset by lower fruit costs from Latin America. Packaged foods Adjusted EBITDA decreased as a result of higher worldwide product costs and higher marketing expenses associated with the introduction of new frozen fruit products, partially offset by higher global pricing. Fresh vegetables Adjusted EBITDA increased as a result of higher earnings in the packaged salads business and earnings from the 2011 berry acquisition, partially offset by lower pricing in the fresh-packed vegetables business.

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