<p style="text-indent:0px; line-height:12px;"><span style="font-weight:bold;"> Charlotte, N.C.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">By ANUK Staff<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">1.29.13</span></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>Substantial operating losses are in store for the fourth quarter of 2012, Chiquita predicts.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The company announced fourth-quarter and full-year reports for 2012 and expects an operating loss from $188 million to $233 million for the fourth quarter 2012, up from $12 million for fourth quarter 2011.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><img src="https://cdn.andnowuknow.com/legacyWriterImages/chiquita-body-2.jpg" alt="images012813" /><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Fourth quarter 2012 net sales increased from $722 million in 2011 to $738 million. Compared to the fourth quarter of 2011, stronger banana pricing and logistical savings partially offset lower salad results, lower average European currency exchange rates and a number of unusual cost items in the fourth quarter of 2012, and the net results was in line with the company's previous expectations for the quarter.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">For the full year 2012, net sales were approximately $3.1 billion, the same figure as 2011. Chiquita officials predict their final numbers will show operating losses between $236 million and $281 million, compared with an operating cost of $34 million in 2011.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><img src="https://cdn.andnowuknow.com/legacyWriterImages/chiquita-body-1.jpg" alt="images012813" /></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>The company has implemented strategic initiatives to cut costs. The measures were substantially completed in the fourth quarter of 2012 and are expected to drive at least $60 million in annual savings beginning in 2013, including $25 million for completed headcount reductions and approximately $35 million for value chain cost reductions.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.chiquita.com/Home.aspx" target="_new">Chiquita</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
