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Dole Food Company, Inc. Announces Fourth Quarter And Full Year Results

Revenues from Continuing Operations (the two lines of fresh produce businesses remaining with the new Dole)

Revenues decreased 11% to $4.2 billion for the year ended December 29, 2012, primarily due to the divestitures of fresh fruit subsidiaries in Germany and Spain, which represented $539 million of the sales decrease. Fresh fruit revenues, excluding the impact of the divestitures, decreased 2% as a result of lower pricing in North America bananas and unfavorable euro and Swedish krona foreign currency movements in Europe. This was partially offset by higher volumes of fresh pineapple sold and improved pricing for Chilean deciduous fruit. Fresh vegetables revenues increased 8% primarily due to improved pricing for packaged salads and sales from the October 2011 berry acquisition, which contributed $68 million to sales in 2012. This was partially offset by lower pricing for fresh-packed vegetables. Excluding the sales from the berry business acquisition, fresh vegetables revenues improved 3%.

Adjusted EBITDA from Continuing Operations (the two lines of fresh produce businesses remaining with the new Dole)

Adjusted EBITDA from continuing operations was $146 million for the year ended December 29, 2012 compared to $196 million in the prior year. Fresh fruit Adjusted EBITDA from continuing operations decreased primarily due to lower pricing for bananas in North America as well as higher fruit costs in Europe, partially offset by lower shipping costs in Europe. In addition, fresh fruit earnings were impacted by provisions totaling $26 million recorded in the fourth quarter of 2012 in connection with the possible resolution of certain legal-related matters. Fresh vegetables Adjusted EBITDA from continuing operations was comparable year over year. Higher earnings in the packaged salads and fresh berries businesses were offset by lower pricing experienced during the first half of 2012 across all major fresh-packed vegetable product lines. Packaged salads earnings increased primarily due to improved pricing. Fresh berries earnings increased as a result of the berry business acquisition, partially offset by higher growing costs.

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