Dole income drops significantly in quarter

by FoodBusinessNews.net Staff
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WESTLAKE VILLAGE, CALIF. — For the second quarter ended June 20, Dole Food Co., Inc. had net income of $20,145,000, which compared with income of $180,754,000 during the same quarter of the previous year. The company had quarterly net revenues of $1,714,722,000, down 14% from $1,994,943,000 during the same quarter of the previous year.

"We are very pleased with the excellent results of our second quarter, especially the strong $170 million of cash flow we generated from operations as compared with $60 million in the second quarter of 2008. We continue on track to meet or exceed our operational and financial goals for 2009."

Dole also announced it has signed letters of intent to sell certain operating properties in Latin America for approximately $68 million. These transactions are expected to close during the third quarter.

For the six months ended June 20, the company had net income of $122,965,000, down 19% from $151,809,000 during the same period of the previous year. During the six months the company had sales of $3,311,312,000, down 11% from $3,723,288,000 during the same period of the previous year.

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