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

Stocks in this article: DOLE

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

    Quarter Ended     Fiscal Year

 

December 29,

2012

    December 31,

2011

December 29,

2012

    December 31,

2011

(In millions)
Net income (loss) $ (210 ) $ 4 $ (142 ) $ 42
Discontinued operations, net 123 2 143 60
Interest expense from continuing ops. 5 2 12 9
Income taxes from continuing ops.   12     (13 )   11     (2 )
Earnings before interest, taxes and discontinued operations (“EBIT before discontinued ops”) (70 ) (5 ) 24 109
Depreciation and amortization from continuing ops. 15 15 66 64
Net unrealized (gain) loss on derivative instruments from continuing ops. - (1 ) 1 1
Foreign currency exchange loss on vessel obligations - - 2 -
Net unrealized (gain) loss on foreign denominated instruments from continuing ops. - (3 ) 1 2
Share-based compensation from continuing ops. 3 2 11 8
Charges for restructuring and long-term receivables from continuing ops. 1 4 5 16
ITOCHU transaction related costs 40 - 49 -
Gain on asset sales   (1 )   (1 )   (13 )   (4 )
Adjusted EBITDA from continuing operations $ (12 ) $ 11   $ 146   $ 196  
 

Exhibit 2 - Items Eliminated to Calculate Adjusted EBITDA from Continuing Operations

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

    Quarter Ended     Fiscal Year

 

December 29,

2012

    December 31,

2011

December 29,

2012

    December 31,

2011

Fresh Fruit

(In millions)
Unrealized gain (loss) on foreign currency and fuel hedges $ - $ 1 $ (1 ) $ (1 )
Foreign currency exchange loss on vessel obligations - - (2 ) -
Charges for restructuring and long-term receivables (1 ) (4 ) (5 ) (16 )
Share-based compensation (1 ) - (3 ) (2 )
Gain on asset sales   1     1     13     4  
Total $ (1 ) $ (2 ) $ 2   $ (15 )
 
 
Quarter Ended Fiscal Year

 

December 29,

2012

December 31,

2011

December 29,

2012

December 31,

2011

Fresh Vegetables

(In millions)
Share-based compensation $ -   $ -   $ (1 ) $ -  
Total $ -   $ -   $ (1 ) $ -  
 
 

 

Quarter Ended Fiscal Year

 

December 29,

2012

December 31,

2011

December 29,

2012

December 31,

2011

Corporate

(In millions)

Net unrealized gain (loss) on foreign denominated instruments

$ - $ 3 $ (1 ) $ (2 )

Share-based compensation

(2 ) (2 ) (7 ) (6 )

ITOCHU transaction related costs

  (40 )   -     (49 )   -  

Total

$ (42 ) $ 1   $ (57 ) $ (8 )
 

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

    Quarter Ended
December 29, 2012 December 31, 2011
(In millions, except per share data)
   

Earnings per share

       

Earnings per share

Income (loss) from continuing operations

$ (88 ) $ (0.99 ) $ 6 $ 0.06

Net unrealized gain on derivative instruments, net of income taxes of $0 and $0.1 million

 

-

 

-

 

(1

 

)

 

(0.01

 

)

Charges for restructuring, net of income taxes of $(0.2) million and $(0.3) million

1

0.01

3

0.04

Net unrealized (gain) loss on foreign denominated instruments, net of income taxes of $0.1 million and $0

 

1

 

-

 

(3

 

)

 

(0.03

 

)

Share-based compensation, net of income taxes of $(0.2) million and $(3) million

3

0.03

(1

)

(0.01 )
ITOCHU transaction related costs, net of income taxes of $(7.7) million and $0 32 0.37 - -

Gain on asset sales, net of income taxes of $0 and $1.2 million

 

(1

)

(0.01

)

 

-

   

-

 
Comparable income (loss) from continuing operations

$

(52

)

$ (0.59

)

$

4

 

$

0.05

 
 
    Fiscal Year
December 29, 2012 December 31, 2011
(In millions, except per share data)
   

Earnings per share

       

Earnings per share

Income from continuing operations $ 1 $ 0.00 $ 102 $ 1.15
Net unrealized loss on derivative instruments, net of income taxes of $0.1 million and $(0.2) million

 

1

 

0.01

 

-

 

-

Charges for restructuring, net of income taxes of $(0.3) million and $(0.3) million

5

0.06

16

0.18

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

2

0.03

-

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

 

1

 

0.01

 

2

 

0.02

Share-based compensation, net of income taxes of $(2.7) million and $(3) million

8

0.09

5

0.06
ITOCHU transaction related costs, net of income taxes of $(10.4) million and $0 38 0.43 - -
Gain on asset sales, net of income taxes of $0.5 million and $1.2 million  

(12

)

(0.14

)

 

(3

)

 

(0.04

)

Comparable income from continuing operations

$

44

 

$ 0.49

 

$

122

 

$

1.37

 

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



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