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Dole Food Company, Inc. Announces Third Quarter 2012 Results

“The third quarter was challenging on a number of fronts, including the continued quarantine issue between China and the Philippines, as well as adverse growing conditions and foreign exchange rates,” continued DeLorenzo. “We are pleased that despite these events, we were able to improve performance, compared to last year, in most of our operating groups.”

Strategic Business Review

As a result of the strategic business review that Dole announced on May 3, 2012, on September 17, 2012, Dole signed an exclusive definitive agreement with ITOCHU Corporation for the sale of Dole’s worldwide packaged foods and Asia fresh produce businesses for $1.685 billion in cash. The transaction is subject to Dole stockholder approval and customary regulatory approvals, and is expected to close by December 31, 2012.

Selected Financial Data (Unaudited)
    Quarter Ended     Three Quarters Ended

 

October 6, 2012
   

October 8, 2011

October 6, 2012
   

October 8, 2011
(In millions)
Revenues $ 1,957.1 $ 2,086.0 $ 5,302.2 $ 5,687.9
Operating income 18.2 10.3 162.7 211.6
Adjusted EBITDA 62.4 61.1 266.7 333.0
Comparable Income (loss) (5.3 ) (12.1 ) 79.6 123.0
 

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

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