<p style="text-indent:0px; line-height:12px;"><span style="font-weight:bold;line-height:130%"> Westlake Village, CA</span><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">By Eric Anderson<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">3.13.13</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p>A smaller Dole has reported losses for the fourth quarter and full year 2012. The sale of Dole’s worldwide packaged foods and Asia fresh businesses on April 1, 2013 to ITOCHU Corporation, for $1.685 billion in cash, will result in a major portion of Dole’s operations being sold.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><img src="https://cdn.andnowuknow.com/legacyWriterImages/dole031313body1.jpg" alt="images031313" /><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">Revenues for the fourth quarter fell by $74 million from $962 million to $888 million, and for the full year $4.77 billion to $4.24 billion.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p>The comparable loss from continuing operations for the fourth quarter of 2012 increased from $4 million $52 million. For the full year, comparable profits from continuing operations fell from $122 million to $44 million. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p>Dole pointed to banana market conditions, expenses related to the Itochu deal, and costs incurred by a storm in Asia, to account for its lower profitability. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p>“Fiscal 2012 results for both Dole’s continuing operations and its discontinued operations were lower compared to 2011 mainly due to banana market conditions and non-recurring charges for ITOCHU transaction related costs, provisions for certain previously-disclosed legal-related matters, and charges related to Typhoon Bopha in Asia,” said C. Michael Carter, Dole’s President and Chief Operating Officer. “The combined revenue of Dole’s discontinued operations being sold represented approximately 38% of Dole’s revenues, at $2.6 billion in 2012. The new Dole will continue as an international commodity produce company with a smaller footprint, retaining its entire North American fresh vegetables business as well as its fresh fruit businesses in North America, Latin America, Europe and Africa, which together generated $4.2 billion in revenues in fiscal 2012 and Adjusted EBITDA from continuing operations of $146 million.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">“As announced on February 22, 2013, we expect fiscal 2013 Adjusted EBITDA for the new Dole to be at the low end of the guidance range previously given, with the continuing declining trend in fresh fruit performance principally due to banana market conditions, assuming no major market changes,” continued Carter. “While the current environment in the banana market remains challenging, we are optimistic that this transformative sale transaction will leave the new Dole with the financial and operational flexibility to grow in this competitive environment.” </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://www.dole.com/ " target="_new">Dole</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">
