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

Exhibit 1 - Reconciliation of Net income to EBIT before discontinued operations and Adjusted EBITDA (Unaudited)

    Quarter Ended     Half Year Ended

 

June 16,

2012

   

June 18,

2011

June 16,

2012

   

June 18,

2011

(In millions)
Net income $ 65.5 $ 83.1 $ 82.7 $ 85.1
Discontinued operations, net - (0.4 ) - (0.6 )
Interest expense 30.8 34.8 61.6 70.3
Income taxes   3.9     13.5     7.8     18.7  
Earnings before interest, taxes and discontinued operations (“EBIT before disc. ops”) 100.2 131.0 152.1 173.5
Depreciation and amortization 24.9 24.1 48.5 47.4
Net unrealized loss on derivative instruments 2.6 2.3 0.8 5.9
Net (gain) loss on long-term Japanese yen hedges 1.0 (5.0 ) 0.9 22.4
Foreign currency exchange (gain) loss on vessel obligations (0.9 ) 0.1 0.5 2.5
Net unrealized (gain) loss on foreign denominated instruments 1.0 0.6 (2.9 ) 7.5
Share-based compensation 2.9 2.1 5.7 4.0
Charges for restructuring and long-term receivables 2.0 5.9 3.3 8.7
Loss on early retirement of debt 0.4 - 0.4 -
Gain on asset sales   (1.9 )   -     (6.1 )   -  
Adjusted EBITDA $ 132.2   $ 161.1   $ 203.2   $ 271.9  
 

Exhibit 2 - Items Eliminated to Calculate Adjusted EBITDA (Unaudited)

Fresh fruit and packaged foods EBIT was impacted by charges for restructuring, unrealized non-cash foreign currency exchange gains and losses, share-based compensation and gain on asset sales, which are detailed in the tables below. These items are eliminated for purposes of calculating Adjusted EBITDA.

    Quarter Ended     Half Year Ended

 

June 16,

2012

   

June 18,

2011

June 16,

2012

   

June 18,

2011

Fresh Fruit

(In millions)
Charges for restructuring and long-term receivables $ (2.0 ) $ (5.9 ) $ (3.3 ) $ (8.7 )
Unrealized loss on foreign currency and fuel hedges (2.9 ) (1.8 ) (1.5 ) (0.6 )
Net gain (loss) on long-term Japanese yen hedges 0.6 0.2 (0.3 ) 0.2
Net unrealized loss on foreign denominated instruments (0.4 ) (0.2 ) (0.2 ) (0.1 )
Foreign currency exchange gain (loss) on vessel obligations 0.9 (0.1 ) (0.5 ) (2.5 )
Share-based compensation (0.6 ) (0.4 ) (1.3 ) (0.8 )
Gain on asset sales   1.9     -     6.1     -  
Total $ (2.5 ) $ (8.2 ) $ (1.0 ) $ (12.5 )
 

Quarter Ended

Half Year Ended

 

June 16,

2012

June 18,

2011

June 16,

2012

June 18,

2011

Packaged Foods

(In millions)
Unrealized gain (loss) on foreign currency hedges $ 0.3 $ (0.5 ) $ 0.7 $ (1.5 )
Unrealized gain (loss) on foreign denominated instruments (0.1 ) 0.1 - (1.0 )
Share-based compensation   (0.3 )   (0.2 )   (0.5 )   (0.3 )
Total $ (0.1 ) $ (0.6 ) $ 0.2   $ (2.8 )
 

Exhibit 3 - Reconciliation of Income from continuing operations to Comparable Income from continuing operations (Unaudited):

    Quarter Ended
June 16, 2012 June 18, 2011
(In millions, except per share data)
   

Earnings per share

       

Earnings per share

Income from continuing operations $ 65.5 $ 0.74 $ 82.7 $ 0.94
Net unrealized loss on derivative instruments, net of income taxes of $(0.5) million and $(0.1) million

 

2.2

 

0.03

 

2.2

 

0.03

Net (gain) loss on long-term Japanese yen hedges, net of income taxes of $(0.2) million and $0 million

 

0.8

 

0.01

 

(5.0

 

)

 

(0.06

 

)

Charges for restructuring, net of income taxes 1 2.0 0.02 5.9 0.07
Foreign currency exchange (gain) loss on vessel obligations, net of income taxes 1

(0.9

)

(0.01

)

0.1

-

Net unrealized loss on foreign denominated instruments, net of income taxes of $(0.2) million and $0 million

 

0.8

 

0.01

 

0.6

 

0.01

Share-based compensation, net of income taxes of $(0.8) million and $0 million

2.0

0.02

2.1

0.02
Loss on early retirement of debt, net of income taxes of $(0.1) million

0.3

0.00

-

-
Gain on asset sales, net of income taxes of $0.1 million  

(1.9

)

(0.02

)

 

-

   

-

 
Comparable Income from continuing operations

$

70.8

 

$ 0.80

 

$

88.6

 

$

1.01

 
 

1 There was no income tax impact for this reconciling item.

    Half Year Ended
June 16, 2012 June 18, 2011
(In millions, except per share data)
   

Earnings per share

     

Earnings per share

Income from continuing operations $ 82.7 $ 0.94 $ 84.5 $ 0.96
Net unrealized loss on derivative instruments, net of income taxes of $0.1 million and $(0.4) million 0.9 0.01 5.5 0.06
Net loss on long-term Japanese yen hedges, net of income taxes of $(0.1) million and $0 million

0.8

0.01

22.4

0.25

Charges for restructuring, net of income taxes 1 3.3 0.04 8.7 0.10
Foreign currency exchange loss on vessel obligations, net of income taxes 1 0.5 0.01 2.5 0.03
Net unrealized (gain) loss on foreign denominated instruments, net of income taxes of $(0.1) million and $0 million

 

(3.0

 

)

 

(0.03

 

)

 

7.5

 

0.08

Share-based compensation, net of income taxes of $(1.7) million and $0 million

4.0

0.04

4.0

0.05
Loss on early retirement of debt, net of income taxes of $(0.1) million

0.3

0.00

-

-
Gain on asset sales, net of income taxes of $0.5 million  

(5.7

)

 

(0.07

)

 

-

 

-

Comparable Income from continuing operations

$

83.8

 

$

0.95

 

$

135.1

$

1.53

1 There was no income tax impact for this reconciling item.



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