Dole returns to profitability in year

by Staff
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WESTLAKE VILLAGE, CALIF. — Cost reduction efforts helped Dole Food Company, Inc. return to profitability during 2011. For the year ended Dec. 31, the company had an income of $42 million, which compared with a loss of $30 million during the previous year. Revenue for the year was $7,224 million, up 5% from $6,893 million during the previous year.

“We are very pleased with Dole’s strong fourth-quarter earnings,” said David A. DeLorenzo, president and chief executive officer. “Adjusted EBITDA of $53 million in the quarter was a 70% improvement over the previous year as a result of solid performances in each of our operating segments.

“The cost reduction programs set forth in the past two years have helped improve earnings despite increasing input costs and the strength of foreign currencies. Going forward, we continue to be encouraged by consumer acceptance of our new product introductions as well as the strength of our core products. We are also pleased to report that we have entered into an agreement to sell our distribution company in Germany. This pending sale is in line with our continuing plan to divest non-core assets and will further our goal to reduce debt and improve operating margins.”

For the fourth quarter ended Dec. 31, the company had an income of $4 million, which compared with a loss of $37 million during the same quarter of the previous year. Revenue for the quarter was $1,536 million, down 1% from $1,557 million during the same quarter of the previous year.

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