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Dole Food Company, Inc. (NYSE:DOLE) today announced financial and operating results for the second quarter ended June 15, 2013, and reiterated guidance for full year 2013. In addition, Dole noted previously announced events during the quarter, namely, the April 1 completion of the sale of its former worldwide packaged foods and Asia fresh businesses, reported as discontinued operations, and the June 10 receipt of an unsolicited proposal from David H. Murdock to acquire all of the outstanding shares of common stock of Dole that he does not already own for $12 per share in cash. Dole also reported that during the second quarter, on May 10 and 13, it repurchased a total of 240,000 shares of its outstanding common stock at an average price per share of $11.26 (approximately $2.7 million) under the previously announced and now suspended share repurchase program.
For its continuing operations, Dole reported second quarter 2013 Adjusted EBITDA of $56 million compared to $81 million in the second quarter 2012. For the first half 2013, Adjusted EBITDA was $90 million compared to $125 million in the first half 2012. Adjusted EBITDA, GAAP income from continuing operations and Comparable Income from continuing operations for the first half 2013 reflected a charge of $34 million for legal provisions related to the European General Court judgment, recorded in the first quarter of 2013.
GAAP income from continuing operations for the second quarter of 2013 was $2 million, or $0.01
(1) per share, compared to $56 million, or $0.63
(1) per share, in the second quarter 2012. GAAP income from continuing operations for the first half 2013 was $6 million, or $0.05
(1) per share, compared to $82 million, or $0.91
(1) in the first half 2012. GAAP income from continuing operations for the second quarter and first half 2013 included $22 million and $30 million of costs, respectively, related to the ITOCHU transaction, the associated refinancing and other restructuring activities (see Exhibit 3).
1Earnings per share calculation excludes net income attributable to non-controlling interests
Comparable Income from continuing operations for the second quarter 2013 was $25 million, or $0.28 per share, compared to $61 million, or $0.69 per share, in the second quarter 2012. Comparable Income from continuing operations for the first half 2013 was $36 million, or $0.40 per share, compared to $83 million, or $0.93 per share, in the first half 2012 (see Exhibit 3).