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Dole Food Company, Inc Common S Message Board

  • bluecheese4u bluecheese4u Nov 15, 2012 11:14 PM Flag

    Dole Food Company, Inc. Announces Third Quarter 2012 Results

    Dole Food Company, Inc. Announces Third Quarter 2012 Results

    WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Nov. 15, 2012-- Dole Food Company, Inc. (NYSE: DOLE) today announced financial and operating results for the third quarter ended October 6, 2012. Dole reported third quarter of 2012 Adjusted EBITDA of $62.4 million compared to $61.1 million in the third quarter of 2011. GAAP loss from continuing operations for the third quarter of 2012 improved to $(13.6) million, or $(0.16) per share, compared to a loss of $(47) million, or $(0.54) per share, in the third quarter of 2011. Comparable Income from continuing operations for the third quarter of 2012 improved to a loss of $(5.3) million, or $(0.06) per share, compared to a loss of $(12.1) million, or $(0.14) per share, in the third quarter of 2011 (see Exhibit 3).

    For the first three quarters of 2012, Adjusted EBITDA was $266.7 million compared to $333 million in the first three quarters of 2011. GAAP income from continuing operations for the first three quarters of 2012 was $69.1 million, or $0.78 per share, compared to $37.5 million, or $0.43 in the first three quarters of 2011. Comparable Income from continuing operations for the first three quarters of 2012 was $79.6 million, or $0.90 per share, compared to $123 million, or $1.40 per share, in the first three quarters of 2011 (see Exhibit 3).

    “During the third quarter we announced that Dole had signed an exclusive definitive agreement with ITOCHU Corporation for the sale of Dole’s worldwide Packaged Foods and Asia Fresh businesses for $1.685 billion in cash,” said David A. DeLorenzo, Dole’s President and CEO. “We are pleased to say that this transaction is continuing on track, including the required regulatory approval process, and we do not foresee any issues in obtaining all required regulatory approvals as well as approval of our shareholders. We remain optimistic that the sale will be completed by the end of this year.”

    “The third quarter was challenging on a number of fronts, including the continued quarantine issue between China and the Philippines, as well as adverse growing conditions and foreign exchange rates,” continued DeLorenzo. “We are pleased that despite these events, we were able to improve performance, compared to last year, in most of our operating groups.”

    Strategic Business Review

    As a result of the strategic business review that Dole announced on May 3, 2012, on September 17, 2012, Dole signed an exclusive definitive agreement with ITOCHU Corporation for the sale of Dole’s worldwide packaged foods and Asia fresh produce businesses for $1.685 billion in cash. The transaction is subject to Dole stockholder approval and customary regulatory approvals, and is expected to close by December 31, 2012.

    dole

 

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