Dole 4Q Results
For the full year, Dole reported Adjusted EBITDA of $386 million compared to $364 million in 2010. Dole reported GAAP income from continuing operations for fiscal year 2011 of $42 million or $0.47 per share, compared to a loss of $34 million or ($0.39) per share in 2010. Comparable Income from continuing operations for fiscal year 2011 was $121 million or $1.38 per share, compared to $40 million or $0.46 per share in 2010 (see Exhibit 2).
"We are very pleased with Dole's strong fourth quarter earnings. 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," said David A. DeLorenzo, Dole's president and CEO. "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."
From the March 19, 2012, Prepared Foods' Daily News.