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Dole Food Company, Inc. Announces Third Quarter 2012 Results

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

    Quarter Ended     Three Quarters Ended

 

October 6,

2012

   

October 8,

2011

October 6,

2012

   

October 8,

2011

(In millions)
Net income (loss) $ (13.9 ) $ (47.0 ) $ 68.8 $ 38.1
Discontinued operations, net 0.3 - 0.3 (0.6 )
Interest expense 39.9 41.4 101.5 111.7
Income taxes   (8.0 )   0.1     (0.2 )   18.8  
Earnings before interest, taxes and discontinued operations (“EBIT before disc. ops”) 18.3 (5.5 ) 170.4 168.0
Depreciation and amortization 31.7 31.7 80.2 79.1
Net unrealized (gain) loss on derivative instruments (0.1 ) 2.5 0.7 8.4
Net (gain) loss on long-term Japanese yen hedges 0.9 (2.3 ) 1.8 20.1
Foreign currency exchange (gain) loss on vessel obligations 2.2 (2.6 ) 2.7 (0.1 )
Net unrealized (gain) loss on foreign denominated instruments 3.5 (1.7 ) 0.6 5.8
Share-based compensation 3.7 2.9 9.4 6.9
Charges for restructuring and long-term receivables 0.8 13.2 4.1 21.9
Strategic review transaction costs 7.2 - 8.3 -
Refinancing charges and loss on early retirement of debt - 26.2 0.4 26.2
Gain on asset sales   (5.8 )   (3.3 )   (11.9 )   (3.3 )
Adjusted EBITDA $ 62.4   $ 61.1   $ 266.7   $ 333.0  
 

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

EBIT was impacted by charges for restructuring and long-term receivables, unrealized non-cash foreign currency exchange gains and losses, share-based compensation, strategic review transaction costs, and gain on asset sales, which are detailed in the tables below. These items are eliminated for purposes of calculating Adjusted EBITDA.

    Quarter Ended     Three Quarters Ended

 

October 6,

2012

    October 8,

2011

October 6,

2012

    October 8,

2011

Fresh Fruit

(In millions)
Unrealized gain (loss) on foreign currency and fuel hedges $ 0.2 $ (1.5 ) $ (1.3 ) $ (2.1 )
Net gain (loss) on long-term Japanese yen hedges (1.8 ) (0.1 ) (2.1 ) 0.1
Foreign currency exchange gain (loss) on vessel obligations (2.2 ) 2.6 (2.7 ) 0.1
Net unrealized loss on foreign denominated instruments (0.2 ) (0.1 ) (0.4 ) (0.2 )
Share-based compensation (0.9 ) (0.7 ) (2.2 ) (1.5 )
Charges for restructuring and long-term receivables (0.8 ) (13.2 ) (4.1 ) (21.9 )
Gain on asset sales   5.8     3.3     11.9     3.3  
Total $ 0.1   $ (9.7 ) $ (0.9 ) $ (22.2 )
 
 
Quarter Ended Three Quarters Ended

 

October 6,

2012

October 8,

2011

October 6,

2012

October 8,

2011

Fresh Vegetables

(In millions)
Share-based compensation $ (0.2 ) $ (0.2 ) $ (0.6 ) $ (0.5 )
Total $ (0.2 ) $ (0.2 ) $ (0.6 ) $ (0.5 )
 
 

Quarter Ended Three Quarters Ended

 

October 6,

2012

October 8,

2011

October 6,

2012

October 8,

2011

Packaged Foods

(In millions)
Unrealized gain (loss) on foreign currency hedges $ (0.1 ) $ (1.0 ) $ 0.6 $ (2.5 )
Unrealized loss on foreign denominated instruments (0.4 ) - (0.4 ) (1.0 )
Share-based compensation   (0.2 )   (0.2 )   (0.8 )   (0.5 )
Total $ (0.7 ) $ (1.2 ) $ (0.6 ) $ (4.0 )
 
 
Quarter Ended Three Quarters Ended

 

October 6,

2012

October 8,

2011

October 6,

2012

October 8,

2011

Corporate

(In millions)
Unrealized loss on cross currency swap $ - $ - $ - $ (3.8 )
Net gain (loss) on long-term Japanese yen hedges 0.9 2.4 0.3 (20.2 )
Net unrealized gain (loss) on foreign denominated instruments (2.9 ) 1.8 0.2 (4.6 )
Share-based compensation (2.4 ) (1.8 ) (5.8 ) (4.4 )
Refinancing charges and loss on early retirement of debt - (26.2 ) (0.4 ) (26.2 )
Strategic review transaction costs   (7.2 )   -     (8.3 )   -  
Total $ (11.6 ) $ (23.8 ) $ (14.0 ) $ (59.2 )
 

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

    Quarter Ended
October 6, 2012 October 8, 2011
(In millions, except per share data)
   

Earnings per share

     

Earnings per share

Loss from continuing operations $ (13.6 ) $ (0.16 ) $ (47.0 ) $ (0.54 )
Net unrealized (gain) loss on derivative instruments, net of income taxes of $(0.2) million and $0.1 million

 

(0.3

 

)

 

0.00

 

2.6

 

0.03

Net (gain) loss on long-term Japanese yen hedges, net of income taxes 1

0.9

0.01

(2.3

)

(0.02

)

Charges for restructuring, net of income taxes of $(0.1) million and $0

0.7

0.01

13.2

0.15

Foreign currency exchange (gain) loss on vessel obligations, net of income taxes 1

2.2

0.03

(2.5

)

(0.03

)

Net unrealized loss on foreign denominated instruments, net of income taxes of $0.1 million and $(0.2) million

 

3.5

 

0.04

 

(1.9

 

)

 

(0.02

 

)

Share-based compensation, net of income taxes of $(1.1) million and $0

2.6

0.03

2.9

0.03
Refinancing charges and loss on early retirement of debt, net of income taxes 1

-

-

26.2

0.30
Strategic review transaction costs, net of income taxes of $(2.7) million and $0 4.5 0.05 - -
Gain on asset sales, net of income taxes 1   (5.8 ) (0.07 )   (3.3 )   (0.04 )
Comparable Income (loss) from continuing operations

$

(5.3

)

$ (0.06

)

$

(12.1

)

$

(0.14

)

 

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

    Three Quarters Ended
October 6, 2012 October 8, 2011
(In millions, except per share data)
   

Earnings per share

     

Earnings per share

Income from continuing operations $ 69.1 $ 0.78 $ 37.5 $ 0.43
Net unrealized loss on derivative instruments, net of income taxes of $(0.1) million and $(0.2) million 0.6 0.01 8.1 0.09
Net loss on long-term Japanese yen hedges, net of income taxes of $(0.1) million and $0

1.7

0.02

20.1

0.23

Charges for restructuring, net of income taxes of $(0.1) million and $0

4.0

0.05

21.9

0.25

Foreign currency exchange loss on vessel obligations, net of income taxes 1

2.7

0.03

-

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

 

0.5

 

0.01

 

5.6

 

0.06

Share-based compensation, net of income taxes of $(2.8) million and $0

6.6

0.07

6.9

0.08
Refinancing charges and loss on early retirement of debt, net of income taxes of $(0.1) million and $0 million

0.3

0.00

26.2

0.30
Strategic review transaction costs, net of income taxes of $(2.7) million and $0 5.6 0.06 - -
Gain on asset sales, net of income taxes of $0.4 million and $0  

(11.5

)

(0.13

)

 

(3.3

)

 

(0.04

)

Comparable Income from continuing operations

$

79.6

 

$ 0.90

 

$

123.0

 

$

1.40

 

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



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