Dole Food Company, Inc. Announces Third Quarter 2011 Results
WESTLAKE VILLAGE, Calif., Nov 17, 2011 (BUSINESS WIRE) --
Dole Food Company, Inc. today announced its financial and operating results for the third quarter ended October 8, 2011. GAAP loss from continuing operations for the third quarter of 2011 improved to $47 million, or ($0.54) per share, compared to a loss of $53 million, or ($0.61) per share, in the third quarter of 2010. Comparable Income from continuing operations for the third quarter was a loss of $15 million versus income of $3 million in the third quarter of 2010 (see Exhibit 2). For the first three quarters of 2011, GAAP income from continuing operations increased from $2 million in 2010, to $38 million or $0.43 per share in 2011. For the first three quarters of 2011, Comparable Income was $116 million as compared to $62 million in 2010 (see Exhibit 2).
"Following very strong earnings in the first half of this year, we encountered a challenging market in Europe in the third quarter, as anticipated. Given the positive results of the efficiency and cost measures we took last year, we are implementing additional restructuring initiatives focused on further improving our European profitability in 2012," said David A. DeLorenzo, Dole's President and CEO. "Our packaged salads business continued to improve in the quarter, however weaker performance in fresh-packed vegetables due primarily to lower iceberg lettuce pricing, impacted the results. Our packaged foods segment performed well as higher prices offset rising costs. We also launched several exciting new frozen fruit products in the quarter, including Fruit Smoothie Shakers(R) and Frozen Fruit Single-serve Cups."
Mr. DeLorenzo continued, "We are very pleased with our recent acquisition of SunnyRidge Farm. Their premium fresh blueberry and blackberry operations are an excellent strategic complement to our existing fresh and frozen strawberry businesses. This acquisition affords opportunities for synergies as well as growth in this higher margin and fast growing category. Additionally, we have continued to make good progress on our non-core asset sale program, having sold about 400 acres of Hawaii agricultural land for $10.4 million during the quarter, and sold our ripening business in Spain to Compagnie Fruitière, in which Dole owns a 40% interest, shortly after the quarter closed for 15 million euros, or about $21 million."
Selected Financial Data (Unaudited)
Quarter Ended