WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--May. 9, 2013--
Dole Food Company, Inc. (NYSE: DOLE) today announced that its Board of
Directors has approved a share repurchase program for up to $200 million
of Dole’s outstanding common stock. The share repurchase authorization,
which is effective immediately, permits Dole to effect share repurchases
from time to time through open market repurchases (including through
Rule 10b5-1 plans to allow longer periods of repurchase opportunity),
block trades, privately negotiated transactions, tender offers, and/or
other transactions. The timing, method, and amount of any shares
repurchased will be determined based on Dole’s evaluation of market
conditions, the trading price of Dole’s common stock and other factors.
“This share repurchase program affords us an opportunity to return cash
to our shareholders, while rebalancing our capital structure by reducing
the number of outstanding shares of common stock and increasing earnings
per share,” said C. Michael Carter, Dole’s President and Chief Operating
Officer. “Our new capital structure was designed and implemented to
provide needed flexibility to enhance shareholder value, as well as to
meet future competitive challenges as we continue to launch the new
Dole. We believe the share repurchase program will enhance shareholder
value.”
About Dole Food Company, Inc.
Dole Food Company, Inc., with 2012 revenues from continuing operations
of $4.2 billion, is one of the world’s largest producers and marketers
of high-quality fresh fruit and fresh vegetables. Dole is an industry
leader in many of the products it sells, as well as in nutrition
education and research. For more information, please visit www.dole.com
or http://investors.dole.com.
Forward-Looking Statements
This release contains “forward-looking statements,” within the meaning
of the Private Securities Litigation Reform Act of 1995, that involve a
number of risks and uncertainties. Forward-looking statements, which are
based on management’s current expectations, are generally identifiable
by the use of terms such as “may,” “will,” “expects,” “believes,”
“intends,” “anticipates,” and similar expressions. The potential risks
and uncertainties that could cause actual results to differ materially
from those expressed or implied herein include weather-related
phenomena; market responses to industry volume pressures; product and
raw materials supplies and pricing; energy supply and pricing; changes
in interest and currency exchange rates; economic crises and security
risks in developing countries; international conflict; and quotas,
tariffs and other governmental actions. Further information on the
factors that could affect Dole’s financial results is included in its
SEC filings, including its Annual Report on Form 10-K. There can be no
assurance as to the amount, timing or prices of share repurchases that
may be effected under the share repurchase program. The specific timing
and amount of repurchases will vary based on market conditions and other
factors. The share repurchase program may be modified, suspended,
extended or terminated by Dole’s Board of Directors at any time.
