Dole Food Co., Inc. Reports Decline In Second Quarter Earnings

Dole Food Co., Inc. announced financial and operating results for the second quarter ended June 16, 2012. Dole reported second quarter of 2012 Adjusted EBITDA of $132 million compared to $161 million in the second quarter of 2011. GAAP income from continuing operations for the second quarter of 2012 was $66 million, or $0.74 per share, compared to $83 million, or $0.94 per share, in the second quarter of 2011. Comparable income from continuing operations for the second quarter of 2012 was $71 million, or $0.80 per share, compared to $89 million, or $1.01 per share, in the second quarter of 2011.

For the first half of 2012, Adjusted EBITDA was $203 million compared to $272 million in the first half of 2011. GAAP income from continuing operations for the first half of 2012 was $83 million, or $0.94 per share, compared to $85 million, or $0.96 in the first half of 2011. Comparable Income from continuing operations for the first half of 2012 was $84 million, or $0.95 per share, compared to $135 million, or $1.53 per share, in the first half of 2011.

“We are pleased that our second quarter Adjusted EBITDA was in line with expectations,” said David A. DeLorenzo, Dole’s president and CEO in a prepared statement. “As anticipated, banana earnings were weaker primarily due to lower pricing in North America. The positive steps we have taken to restructure our European operations have partially offset the impacts of weaker currencies in Europe. Fresh vegetables Adjusted EBITDA was higher compared to last year, with incremental earnings from last year’s berry acquisition and continuing improvement in our packaged salads business. Earnings in our packaged foods segment were lower than last year, as expected, due to the launch of our national advertising campaign to support our new Fruit Smoothie Shakers® and Frozen Fruit Single-serve cups.”

We are continuing to look at a wide variety of potential alternatives as part of the strategic review of our businesses,” DeLorenzo continued. “As part of this review, we are exploring transactions that may include a full or partial separation of one or more of our businesses through a spin-off or other capital markets transaction, as well as joint venture and sale transactions, all of which are aimed at enhancing shareholder value. This review continues to be a company priority in our efforts to enhance shareholder value.” 

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