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Dole Food Company, Inc Common S Message Board

  • bluecheese4u bluecheese4u Jul 19, 2012 7:33 PM Flag

    Dole Food Company, Inc. Announces Second Quarter 2012 Results and Strategic Business Review Update

    Dole Food Company, Inc. Announces Second Quarter 2012 Results and Strategic Business Review Update

    WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Jul. 19, 2012-- Dole Food Company, Inc. today 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 (see Exhibit 3).

    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 (see Exhibit 3).

    “We are pleased that our second quarter Adjusted EBITDA was in line with expectations,” said David A. DeLorenzo, Dole’s President and CEO. “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.”

    Strategic Business Review

    Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are assisting the Board of Directors and management in reviewing a number of strategic alternatives. The company is currently evaluating prospective transactions and options for a number of the company’s businesses and has been in discussions with numerous third parties who have expressed interest in select businesses. For the worldwide packaged foods business, the company is exploring a possible sale transaction as well as a possible spin-off of this business to current Dole stockholders. The company is also exploring a possible separation of the

    http://investors.dole.com/phoenix.zhtml?c=231558&p=irol-newsArticle&ID=1716650&highlight=

 

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