Dole Receives Approval From China To Sell Worldwide Packaged Foods And Asia Fresh Produce Business
Dole expects to timely file its annual report on Form 10-K by March 14, 2013, including its audited financial statements for fiscal year 2012. At that time, Dole expects to issue an earnings release and will host a conference call with investors.
Earnings before interest, taxes and discontinued operations (“EBIT before discontinued operations”) and Adjusted EBITDA are measures commonly used by financial analysts in evaluating the performance of companies. EBIT before discontinued operations is calculated from income from continuing operations before income taxes and equity earnings by adding interest expense and equity earnings. Adjusted EBITDA is calculated from EBIT before discontinued operations by: (1) adding depreciation and amortization; (2) adding the net unrealized loss or subtracting the net unrealized gain on foreign currency and bunker fuel hedges; (3) adding the foreign currency loss or subtracting the foreign currency gain on the vessel obligations; (4) adding the net unrealized loss or subtracting the net unrealized gain on foreign denominated instruments; (5) adding share-based compensation expense; (6) adding charges for restructuring and long-term receivables; (7) adding ITOCHU transaction related costs; and (8) subtracting the gain on asset sales. These items have been adjusted because management excludes these amounts when evaluating the performance of Dole. Net debt is calculated as total debt less cash.EBIT before discontinued operations and Adjusted EBITDA are not calculated or presented in accordance with U.S. GAAP and are not a substitute for net income attributable to Dole Food Company, Inc., net income, income from continuing operations, income from continuing operations before income taxes and equity earnings, cash flows from operating activities or any other measure prescribed by U.S. GAAP. Further, EBIT before discontinued operations and Adjusted EBITDA from continuing operations as used herein are not necessarily comparable to similarly titled measures of other companies. However, Dole has included these two measures herein because management believes that they are useful performance measures for Dole and for securities analysts, investors and others in the evaluation of Dole.
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