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Dole 99 annrpt

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  • 1. ANNUAL REPORT 1999
  • 2. Dole Financial Highlights 1999 (in $ millions, except per share data) 1998 1997 1996 1995 $ 5,061 Revenue $ 4,424 $ 4,336 $ 3,840 $ 3,804 $ 49 Income from continuing operations $ 12 $ 160 $ 89 $ 120 - Loss from discontinued operations - - - (97) 49 Net income 12 160 89 23 Diluted net income (loss) per common share $ 0.85 Continuing operations $ 0.20 $ 2.65 $ 1.47 $ 2.00 - Discontinued operations - - - (1.61) 0.85 Net income 0.20 2.65 1.47 0.39 57 Diluted average common shares outstanding 60 60 60 60 $ 3,034 Total assets $ 2,915 $ 2,464 $ 2,487 $ 2,442 Capitalization $ 39 Short-term debt $ 36 $ 14 $ 22 $ 24 1,286 Long-term debt 1,116 755 904 896 49 Minority interests 57 38 30 26 532 Common shareholders’ equity 622 666 550 508 1,906 Total capitalization 1,831 1,473 1,506 1,454 $ 9.53 Book value per common share $ 10.49 $ 11.10 $ 9.18 $ 8.49 Common stock price: 161/4 453/4 End of year 30 34 35 33 13/16 571/8 495/8 431/2 High 38 13 13/16 285/16 333/8 327/8 Low 24 0.40 Annual cash dividends per common share 0.40 0.40 0.40 0.40 NOTE: Income from continuing operations for 1999 includes a pre-tax charge of $48 million and net insurance proceeds of $28 million. Income from continuing operations for 1998 and 1996 includes pre-tax charges of $120 million, net of insurance proceeds, and $50 million, respectively. Income from continuing operations for 1995 includes a pre-tax gain of $62 million related to assets sold or held for sale. The real estate and resorts business distributed to shareholders in 1995 has been presented throughout this report as discontinued operations. GROWTH CASH FLOW CAPITALIZATION 508 550 666 622 532 308 338 372 328 308 3,804 3,840 4,336 4,424 5,061 95 96 97 98 99 95 96 97 98 99 95 96 97 98 99 Revenue EBITDA* Shareholder Equity (in $ millions) (in $ millions) (in $ millions) • • EBIT Depreciation & Amortization * Before special charges in 1999, 1998 and 1996, net insurance proceeds in 1999 and a net gain on asset dispositions in 1995.
  • 3. To Our Shareholders: For the first time in Dole’s 148-year history, sales exceeded $5 billion in 1999. FINANCIAL RESULTS While sales increased 14%, net income from ongoing operations, which excludes special charges and Hurricane Mitch net insurance proceeds, was $68 million for 1999 versus $113 million for 1998. Cash flow from ongoing operations (EBITDA) remained strong, totaling $308 million for 1999 compared with $328 million for 1998. The year presented numerous challenges and the main order of business was overcoming obstacles and capitalizing on opportunities. Refinement of our global structure began with the streamlining of our operations to synchronize with recovering economies in Latin America, Asia and Europe. Further, we expanded our product offerings to benefit from a resilient U.S. economy. We pursued three primary goals throughout the year: focus on our core CORE BUSINESSES, businesses, remain the world’s low-cost producer of fresh fruits, fresh vegetables LOW COSTS, PEOPLE and fresh-cut flowers, and employ and maintain the most talented people in the industry. These goals resulted in the following significant activities and modifications in 1999: Rehabilitation and recuperation from the devastating effects of Hurricane • Mitch and the California citrus freeze. Downsizing and cost-cutting in our worldwide banana operations. • Consolidation of our North American-sourced fresh product administration • and sales activities. Expansion of our new fresh pineapple variety. • Numerous successful new product introductions including Great Restaurant • Salads, FRUIT BOWLS® and FUN SHAPES ®.
  • 4. Consolidation of the flower • companies acquired during the latter part of 1998, 1998. Continued expansion of our • distribution networks in Europe and Japan, Japan. Completion and delivery of the • two largest refrigerated container ships in the world — the Dole Chile and the Dole Colombia, Colombia. Dole Food Company Board of Directors Opening of Dole’s world headquarters • (Seated): David H. Murdock (Standing, left to right): David A. DeLorenzo, James F. in Westlake Village, California. Gary, Richard M. Ferry, Elaine L. Chao, Mike Curb, Zoltan Merszei Dole enters the Year 2000 with a renewed sense of purpose. In the long term, OUTLOOK we are confident that investing in our brands and our people will improve profitability and enhance shareholder returns. The DOLE® brand is stronger than ever in its universal representation of fresh, nutritious, high-quality products. The difficult period of rehabilitation and downsizing has effectively been accomplished. Our infrastructure is transformed, our cost structure is improved and our worldwide management team is united in purpose and direction, prepared to accelerate growth and profitability. Once again, we express our appreciation to our shareholders, employees, customers and suppliers for their continued support and confidence. Sincerely, David H. Murdock Chairman and Chief Executive Officer
  • 5. Dole Worldwide Product List Dole Fresh Vegetables Pascual Hermanos Dole Fresh Flowers Dole Lychees Dole Melon-Flavored Dole Mandarins Tropical Fruit in Syrup Dole Artichokes Dole Santa (Grape) Tomatoes Agapanthus Dole Mangoes Dole Mushroom Dole Asparagus Dole Cherry Tomatoes Alstroemeria Dole Morado Banana Dole Nata de Coco in Syrup Dole Bell Peppers Dole On-Vine Tomatoes Aster Butterfly Dole Native Banana Dole Nata de Coco Dole Broccoli Dole Plum Tomatoes Aster Matsumoto Dole Nectarines with Jackfruit Snack Cup Dole Brussels Sprouts Dole Little Gem Baby Lettuce Aster Montecasino Dole Oranges Dole Papaya in Syrup Dole Butter Lettuce Dole Rucola Salad Bells of Ireland Dole Papayas Dole Peach Halves in Syrup Dole Carrots Dole Mini Leaf Salad Bouvardia Dole Peaches Dole Peach Snack Cup Dole Cauliflower Dole Spring Onions Bupleurum Dole Pears Dole Peaches in Juice and Syrup Dole Celery Callas Dole Dried Fruit & Nut Dole Persimmons Dole Pear Snack Cup Dole Dry Onions Campanulas Dole Pineapple Dole Pears in Juice and Syrup Dole Endive Dole Dates Chopped in Carnations Dole Fresh-Cut Pineapple Dole Pine Orange Banana Juice Dole Escarole Recloseable Bags Chinese Carnations Chunks Dole Pineapple Chunks in Juice Dole Green Leaf Lettuce Dole CinnaRaisins in Cremons Dole Fresh-Cut Pineapple or Syrup Dole Green Onions Recloseable Bags Delphinium Spears Dole Pineapple Concentrate Dole Iceberg Lettuce Dole Golden Seedless Raisins Farm Bouquets Dole Fresh-Cut Pineapple Dole Pineapple Cubes in Syrup Dole Idaho Potatoes Dole Dates Pitted in Recloseable Football Mums Cylinders Dole Pineapple Fun Shapes – Dole Radishes Bags Freesia Dole Plantains Cosmic Dole Red Leaf Lettuce Dole Pitted Prunes Canister Gerbera Dole Plums Dole Pineapple Fun Shapes – Dole Romaine Lettuce Dole Pitted Prunes in Gerspider Dole Pomegranates Sea Creatures Dole Sugar Peas Recloseable Bags Gypsophila Dole Raspberries Dole Pineapple Grapefruit Juice Dole Tomatoes Dole Seedless Raisins Canister Kangaroo Paws Dole Satsumas Dole Pineapple Grapefruit Dole Seedless Raisins in Leatherleaf Dole Fresh-Cut Dole Strawberries Juice Drink Recloseable Bags Liatris Vegetables Dole Super Sweet Banana Dole Pineapple Juice Dole Seedless Raisins Lilies Dole Tangelos Dole Frozen Pineapple Juice Dole All-American Toss Salad Mini Snacks Limonium Dole Tangerines Dole Pineapple Juice Drink Dole American Special Dole Seedless Raisins Six Packs Lisianthus Dole Yucca Dole Pineapple Lychee Blend Salad Million Stars Gypsophila Saman Juice Drink Dole Chopped Romaine Salad Miniature Carnations Dole Packaged Foods Dole Pineapple Orange Juice Dole Classic Cole Slaw Dole Golden Raisins Monk’s Hood Dole Aloe Vera (Solid) Dole Pineapple Orange Dole Classic Greek Dole Mixed Fruit & Nut Nerines Dole Apricot Halves Juice Box Marinade Salad Dole Pine Nuts Pompons Dole Apricot Snack Cup Dole Pineapple Orange Dole Classic Iceberg Salad Dole Soelia Pistachios Queen Anne’s Lace Dole Apricots in Juice or Syrup Juice Drink Dole Classic Romaine Salad Dole Soft Apricots Roses (Hybrid Tea) Dole Crushed Pineapple in Juice Dole Pineapple Orange Dole Complete Caesar Salad Guyennoise Prunor Pitted Roses (Micro) or Syrup Raspberry Juice Box Dole Complete Caesar Salad Prunes Rover Mums Dole Deciduous Fruit Cocktail Dole Pineapple Pink with Light Dressing Guyennoise Prunor Whole Snapdragons in Juice and Syrup Grapefruit Drink Dole Complete Creamy Prunes Solidago Dole Fruit Bowls – Diced Dole Pineapple Slices in Juice Garlic Caesar Salad JA Whole Dates Solidaster Peaches or Syrup Dole Complete Oriental Salad JA Whole Prunes Spider Mums Dole Fruit Bowls – Mixed Dole Pineapple Snack Cup Dole Complete Romano Salad Soelia Blanched Whole Spray Roses Fruit Dole Pineapple Snack Wedges, Dole Complete Sunflower Almonds Statice Dole Fruit Bowls – Pineapple Easy Open Ranch Salad Soelia Dried Apricots Stock Tidbits Dole Pineapple Strawberry Dole Complete Zesty Italian Soelia Dried Figs Strawflowers Dole Fruit Bowls – Tropical Juice Drink Salad with Light Dressing Soelia Pitted Prunes Sunflowers Fruit Dole Pineapple Tidbits Dole European Special Soelia Sliced Thin Almonds Sweetheart Roses Dole Fruit Festival Snack Cup for Pizza Blend Salad Soelia Whole Peanuts Trachelium Dole Guava Halves Dole Pineapple Tidbits in Juice Dole French Special Soelia Whole Prunes Tree Fern Dole Guava in Syrup Dole Rambutan in Syrup Blend Salad Dole Walnut Halves Yarrow Dole Ketchup Dole Rambutan Snack Cup Dole Greener Selection Salad Whole Deglet Nour Dates (Regular & Hot Spice) Dole Rambutan with Pineapple Dole Italian Special Dole Fresh Fruit Dole Longans in Syrup Snack Cup Blend Salad Dole Longans Snack Cup Dole Red Papaya Chunks in Dole Mediterranean Dole Apples Dole Lychees in Syrup Light Syrup Marinade Salad Dole Apricots Dole Lychees Snack Cup Dole Tropical Fruit Cocktail in Dole Mediterranean Special Dole Avocado Dole Mandarin Orange Juice and Syrup Blend Salad Dole Bananas Fruit Cups Dole Tropical Fruit Cocktail Dole Peeled Mini-Carrots Dole Blackberries Dole Mandarin Orange in Syrup with Passion Dole Romaine Special Dole Cantaloupe Segments Fruit Juice Blend Salad Dole Cherries Dole Mandarin Orange Dole Tropical Fruit Juice Box Dole Shredded Carrots Dole Clementines Segments, Easy Open Dole Tropical Fruit Salad Dole Shredded Lettuce Dole Coconuts Dole Mango Cubes Snack Cup Dole Tropical Fruit Salad, Dole Shredded Red Cabbage Dole Cranberries Dole Mango Juice Drink Easy Open Dole Spring Mix Special Dole Grapefruit Dole Mango Slices in Blended Dole White Asparagus Blend Salad Dole Gift Baskets Juice or Syrup Dole Yellow Papaya Chunks Dole Triple Cheese Toss Salad Dole Grapes in Syrup Dole Tuscany Special Dole Honeydew Melon Seasons Pineapple Juice Blend Salad Dole Kiwi Seasons Tropical Fruit Mix Dole Verona Special Dole Lemons Blend Salad Dole Limes
  • 6. Directors and Officers DOLE FOOD COMPANY, INC. DOLE FOOD COMPANY, INC. DOLE FOOD COMPANY Directors Officers Operating Division Officers David H. Murdock Paul Cuyegkeng Elaine L. Chao2 Chairman of the Board and President-Dole Asia Distinguished Fellow Chief Executive Officer The Heritage Foundation William F. Feeney David A. DeLorenzo President-Dole Europe Mike Curb1,3 President and Chief Operating Officer Chairman Juergen Schumacher Curb Records, Inc. Kenneth J. Kay President-Dole Latin America Vice President and David A. DeLorenzo Peter M. Nolan Chief Financial Officer President and Chief Operating Officer President-Dole North America Dole Food Company, Inc. Patrick A. Nielson Lawrence A. Kern Vice President – International Legal and Richard M. Ferry 1,2 President-Dole Fresh Vegetables Regulatory Affairs Chairman Roberto Zacarias Korn/Ferry International George R. Horne President-Dole Honduran Beverage (international executive search firm) Vice President – Human Resources Lorenzo de la Torre James F. Gary2,3 Roberta Wieman President-Dole Fresh Flowers Chairman Emeritus Vice President Michael J. Cavallero Pacific Resources, Inc. Roger P. Shockley Vice President Sales and Marketing, Zoltan Merszei 3 Vice President-Mergers, Acquisitions and North America Former Chief Executive Officer, New Business Development President and Chairman Gil Borok The Dow Chemical Company Controller and Chief Accounting Officer David H. Murdock1 Beth Potillo Chairman of the Board and Treasurer Chief Executive Officer 1 Executive, Finance and Nominating Committee Dole Food Company, Inc. 2 Audit Committee 3 Compensation and Employee Benefits Committee The new Dole Columbia docked in Honduras following her maiden voyage. The Dole Chile was also christened in 1999. They are the largest refrigerated container vessels in the world, each capable of hauling nearly one million boxes, doubling the capacity of other vessels.
  • 7. Company and Shareholder Information THE COMPANY Founded in Hawaii in 1851, Dole Food Company, Inc. is the largest producer and marketer of fresh fruits, fresh vegetables and fresh-cut flowers, and markets a growing line of packaged foods. The Company does business in more than 90 countries and employs approximately 59,500 full-time people. Corporate Headquarters One Dole Drive, Westlake Village, CA 91362 (818) 879-6600 Auditors Shareholder Inquiries Arthur Andersen LLP For a copy of the Annual Report on Form 10-K, or for other 633 West Fifth Street, Los Angeles, CA 90071 information requests, shareholders should contact: Office of the Corporate Secretary Securities Transfer and Dividend Disbursement Agent Dole Food Company, Inc. American Stock Transfer & Trust Company One Dole Drive, Westlake Village, CA 91362 40 Wall Street Telephone (818) 879-6814 New York, NY 10005 Facsimile (818) 879-6615 (800) 937-5449 E-mail address: shareholder_relations@na.dole.com Internet address: www.amstock.com Dole’s Annual Report on Form 10-K is available on the Dividend Information internet at http://www.dole.com A cash dividend of $0.10 per common share was declared in each quarter of 1999 for a total annual dividend of $0.40 per Stock Exchange share. Dole Food Company, Inc. does not have a dividend Dole Food Company, Inc.’s common stock (DOL) is traded reinvestment plan. on The New York and Pacific Stock Exchanges Investment Community Inquiries Internet Addresses Members of the investment community should direct http://www.dole.com inquiries to: http://www.dole5aday.com Office of the Chief Financial Officer Dole Food Company, Inc. One Dole Drive, Westlake Village, CA 91362 (818) 879-6600 E-mail address: investor_relations@na.dole.com Corporate Officers: Operating Officers: (Seated – Left to Right): David H. Murdock, David A. DeLorenzo (Seated – Left to Right): David H. Murdock, David A. DeLorenzo (Standing – Left to Right): Patrick A. Nielson, Gil Borok, (Standing – Left to Right): Juergen Schumacher, Michael J. Cavallero, Roberta Wieman, George R. Horne, Kenneth J. Kay, Beth Potillo, William F. Feeney, Peter M. Nolan, Roberto Zacarias, Lorenzo de la Torre, Roger P. Shockley Paul Cuyegkeng, Lawrence A. Kern DOLE® IS A REGISTERED TRADEMARK OF DOLE FOOD COMPANY, INC. ©2000 DOLE FOOD COMPANY, INC. ALL RIGHTS RESERVED.
  • 8. Dole Food Company, Inc. www.Dole.com

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