Annual Report 2000
Dole Financial Highlights

 (in millions, except per-share data)                                         2000             ...
To Our Shareholders

                          ull year 2000 net income from ongoing
Packaged Foods - Our packaged foods business also performed well and is expected to continue
its growth in 2001. Our tradi...
Dole Worldwide Product List

Dole Fresh Vegetables           Pascual Hermanos                 Dole Lychees                ...
Directors and Officers

Dole Food Company, Inc.                 Dole Food Company, Inc.                    Dole Food Compa...
Company and Shareholder Information

The Company
Founded in Hawaii in 1851, Dole Food Company, Inc. is the largest
Dole Food Company, Inc.
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Dole 2000 Annual

  1. 1. Annual Report 2000
  2. 2. Dole Financial Highlights (in millions, except per-share data) 2000 1999 1998 1997 1996 $ 4,763 $ 4,794 $ 4,189 $ 4,065 $ 3,575 Revenue $ 68 $ 49 $ 12 $ 160 $ 89 Net income $ 1.21 $ 0.85 $ 0.20 $ 2.65 $ 1.47 Diluted net income per common share 56 57 60 60 60 Diluted average common shares outstanding $ 2,845 $ 3,034 $ 2,915 $ 2,464 $ 2,487 Total assets Capitalization $ 45 $ 39 $ 36 $ 14 $ 22 Short-term debt 1,136 1,286 1,116 755 904 Long-term debt 45 49 57 38 30 Minority interests 555 532 622 666 550 Common shareholders’ equity 1,781 1,906 1,831 1,473 1,506 Total capitalization $ 9.93 $ 9.53 $ 10.49 $ 11.10 $ 9.18 Book value per common share Common stock price: 16 3/8 16 1/4 45 3/4 30 34 End of year 20 1/2 33 13/16 57 1/8 49 5/8 43 1/2 High 1115/16 13 13/16 28 5/16 33 3/8 32 7/8 Low 0.40 0.40 0.40 0.40 0.40 Annual cash dividends per common share NOTE: Net income for 2000 includes a pre-tax charge of $46 million, net insurance proceeds of $43 million and a pre-tax gain of $9 million on assets sold. Net income for 1999 includes a pre-tax charge of $48 million and net insurance proceeds of $28 million. Net income for 1998 and 1996 includes pre-tax charges of $120 million, net of $23 million of insurance proceeds, and $50 million, respectively. REVENUE CASH FLOW SHAREHOLDERS’ EQUITY (in millions) (EBITDA* in millions) (in millions) 3,575 4,065 4,189 4,794 4,763 550 666 622 532 555 338 372 328 308 329 96 97 98 99 00 96 97 98 99 00 96 97 98 99 00 • • EBIT Depreciation & Amortization * Before special charges in 2000, 1999, 1998 and 1996, net insurance proceeds in 2000, 1999 and 1998, and a net gain on assets sold in 2000.
  3. 3. To Our Shareholders F ull year 2000 net income from ongoing operations, which excludes a business downsizing charge, one-time gains from asset sales and Hurricane Mitch insurance David H. Murdock proceeds, was $72.9 million, or $1.30 per Chairman and Chief Executive Officer share, reflecting a 9% improvement in earnings per share as compared to full year 1999 net income from ongoing operations of $67.9 million, or $1.19 per share. Revenues for 2000 were slightly down at $4.76 billion versus $4.79 billion for 1999. Cash flow from ongoing operations (EBITDA) in 2000 was $328.8 million compared with $307.6 million for 1999. Operations - While an improvement over 1999, our 2000 results were disappointing. Earnings were down from our original plan due to a reduction in our banana business profits largely as a result of the drop in the euro to U.S. dollar exchange rate, a dramatic rise in fuel rates during the year, and a continued oversupply of bananas in the market. Additionally, Dole’s flower operations have not yet achieved the benefits of a full consolidation of the four companies previously acquired in that industry. Cost reduction programs have been put in place in both our banana and flower businesses to improve performance in 2001. Our other businesses all performed quite well and are expected to continue to do well in 2001. Dole’s Premium SelectTM Pineapple Fresh Fruit - While banana pricing is not expected to improve in 2001, we have is sweet in taste and taken significant measures to reduce costs in this business including the areas of high in vitamin C. Grown in the Tropics, production, shipping, selling, marketing, distribution and G&A activities. We it is distinguished believe these measures should result in meaningful improvement in the banana by its golden-yellow business results in 2001. high shell color. Fresh Vegetables - Our fresh vegetables business posted record earnings in 2000 as a result of continued growth in the fresh-cut salads business and favorable pricing in the commodity vegetables business. Our fresh-cut salads business grew approximately 20% in 2000 and achieved a twelve- week market share of 37.2% by the end of the year. During 2001, we anticipate continued growth in our fresh-cut salads business and a return to more normal pricing levels in our commodity vegetables business.
  4. 4. Packaged Foods - Our packaged foods business also performed well and is expected to continue its growth in 2001. Our traditional canned pineapple business maintained its approximate 50% market share in North America, and our new FRUIT BOWLS® plastic cup introduction achieved sales of $70 million in its first full year of roll out, an approximate 30% market share. These new products offer potential for future revenue and profitability growth. Beverage - Our beverage business in Honduras returned to more normalized conditions in the wake of Hurricane Mitch. As previously reported, we are pursuing a possible sale of this business. Proceeds from such a sale would be primarily used to pay down debt. Flowers - Our fresh-cut flowers business was only slightly profitable in 2000, but this was an improvement over the $5 million loss incurred in 1999. In 2001, we are working toward the consolidation of our Miami-based flowers operations into a new distribution facility which will be located near the Miami airport. Dole Special Blends This should improve costs, quality and service to our customers. are the fastest growing line of fresh-cut salads, Financing Activities - In July 2000, we entered into a $250 million, 364-day combining over twenty revolving credit facility. Agents in the facility are Bank of America, types of lettuces and Commerzbank and The Bank of Nova Scotia. Also in July, we repaid $225 vegetables in fourteen different salads to satisfy million, of our 6.75% notes which matured on July 15, 2000. These notes were any taste preference. refinanced under our existing $400 million, five-year revolving credit facility Dole offers a broad line, and the new 364-day facility. with both conventional and organic varieties Management Changes - In early 2001, Lawrence A. Kern was promoted to available. President and Chief Operating Officer and was appointed to the Board of Directors. Mr. Kern joined Dole in 1993, most recently serving as President of our worldwide fresh vegetables and non-tropical fresh fruit operations. David A. DeLorenzo, former President and Chief Operating Officer, was appointed Vice Chairman of the Board of Directors and will have a significant role in guiding strategic initiatives aimed at enhancing shareholder value. Mr. DeLorenzo has served Dole in various executive capacities since 1970. In October 2000, C. Michael Carter joined us as Vice President, General Counsel and Corporate Secretary. 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. 5. Dole Worldwide Product List Dole Fresh Vegetables Pascual Hermanos Dole Lychees Dole Mango Cubes Dole Tropical Fruit Cocktail Dole Artichokes Dole Santa (Grape) Tomatoes Dole Mandarins Snack Cup in Syrup with Passion Dole Asparagus Dole Cherry Tomatoes Dole Mangoes Dole Mango Juice Drink Fruit Juice Dole Bell Peppers Dole On-Vine Tomatoes Dole Morado Banana Dole Mango Slices in Blended Dole Tropical Fruit Juice Box Dole Broccoli Dole Plum Tomatoes Dole Native Banana Juice or Syrup Dole Tropical Fruit Salad Dole Brussels Sprouts Dole Little Gem Baby Lettuce Dole Nectarines Dole Mushroom Dole Tropical Fruit Salad, Dole Butter Lettuce Dole Rucola Salad Dole Oranges Dole Nata de Coco in Syrup Easy Open Dole Carrots Dole Mini Leaf Salad Dole Papayas Dole Nata de Coco Dole Tropical-Pineapple Dole Cauliflower Dole Spring Onions Dole Peaches with Jackfruit Snack Cup Juice Blend Dole Celery Dole Pears Dole Papaya in Syrup Dole White Asparagus Dole Dried Fruit & Nut Dole Cilantro Dole Persimmons Dole Peach Halves in Syrup Dole Yellow Papaya Chunks Dole Dry Onions Dole Dates Chopped in Dole Pineapple Dole Peach Slices – Easy Open in Syrup Dole Endive Resealable Bags Dole Fresh-Cut Pineapple Dole Peach Snack Cup Seasons Pineapple Juice Dole Escarole Dole CinnaRaisins in Chunks Dole Peaches in Juice Seasons Tropical Fruit Mix Dole Green Leaf Lettuce Resealable Bags Dole Fresh-Cut Pineapple and Syrup Sun Giant Pineapple Slices Dole Green Onions Dole Golden Seedless Raisins Spears Dole Pear Snack Cup in Juice or Syrup Dole Iceberg Lettuce Dole Dates Pitted in Dole Fresh-Cut Pineapple Dole Pears in Juice and Syrup Sun Giant Pineapple Chunks Dole Idaho Potatoes Resealable Bags Cylinders Dole Pine Orange in Juice Dole Radishes Dole Pitted Prunes Canister Dole Plantains Banana Juice Sun Giant Crushed Pineapple Dole Red Leaf Lettuce Dole Pitted Prunes in Dole Plums Dole Pineapple Chunks in Juice Dole Romaine Lettuce Resealable Bags Dole Pomegranates in Juice or Syrup Sun Giant Pineapple Juice Dole Sugar Peas Dole Seedless Raisins Canister Dole Raspberries Dole Pineapple Concentrate Dole Fresh Flowers Dole Tomatoes Dole Seedless Raisins in Dole Satsumas Dole Pineapple Cubes Resealable Bags Dole Strawberries Agapanthus in Syrup Dole Fresh-Cut Dole Seedless Raisins Dole Super Sweet Banana Alstroemeria Dole Pineapple Fun Shapes – Vegetables Mini Snacks Dole Tangelos Aster Butterfly Cosmic Dole All American Salad Kit Dole Seedless Raisins Dole Tangerines Aster Matsumoto Dole Pineapple Fun Shapes – Dole American Salad Blend Six Packs Dole Yucca Aster Montecasino Sea Creatures Dole Chopped Individually Quick Frozen Bells of Ireland Dole Pineapple Grapefruit Saman Romaine Salad (IQF) Bouvardia Juice Drink Dole Classic Cole Slaw Dole Golden Raisins Dole Bananas Bupleurum Dole Pineapple Juice Dole Classic Greek Salad Kit Dole Mixed Fruit & Nut Dole Mango Callas Dole Frozen Pineapple Juice Dole Classic Iceberg Salad Dole Pine Nuts Dole Pineapple Campanulas Dole Pineapple Juice Drink Dole Classic Romaine Salad Dole Soelia Pistachios Carnations Dole Pineapple Lychee Dole Packaged Foods Dole Caesar Salad Kit Dole Soft Apricots Chinese Carnations Juice Drink Dole Light Caesar Salad Kit Guyennoise Prunor Dole Aloe Vera (Solid) Cremons Dole Pineapple Mandarin Dole Creamy Garlic Caesar Pitted Prunes Dole Apricot Halves Delphinium Orange Banana Juice Salad Kit Guyennoise Prunor Dole Apricot Snack Cup Farm Bouquets Dole Pineapple Orange Juice Dole Romano Salad Kit Whole Prunes Dole Apricots in Juice Football Mums Dole Pineapple Orange Dole Sunflower Ranch JA Whole Dates or Syrup Freesia Juice Box Salad Kit JA Whole Prunes Dole Crushed Pineapple Gerbera Dole Pineapple Orange Dole European Salad Blend Soelia Blanched Whole in Juice or Syrup Gerspider Juice Drink Dole French Salad Blend Almonds Dole Deciduous Fruit Gypsophila Dole Pineapple Orange Dole Greener Selection® Salad Soelia Dried Apricots Cocktail in Juice and Syrup Kangaroo Paws Raspberry Juice Box Dole Italian Salad Blend Soelia Dried Figs Dole Fruit Bowls – Diced Leatherleaf Dole Pineapple Orange Dole Just Lettuce Salad Soelia Pitted Prunes Peaches Liatris Strawberry Juice Dole (Mediterranean) Leaf & Soelia Sliced Thin Almonds Dole Fruit Bowls – Mixed Fruit Lilies Dole Pineapple Pink Escarole Salad Blend Soelia Whole Peanuts Dole Fruit Bowls – Pineapple Limonium Grapefruit Drink Dole Mediterranean Salad Kit Soelia Whole Prunes Tidbits Lisianthus Dole Pineapple Slices Dole Organic Baby Lettuces Dole Walnut Halves Dole Fruit Bowls – Tropical Million Stars Gypsophila in Juice or Syrup Dole Organic Baby Spinach Whole Deglet Nour Dates Fruit Salad Miniature Carnations Dole Pineapple Snack Cup Dole Organic Hearts of Dole Fruit Bowls – Mandarin Monk’s Hood Dole Pineapple Snack Wedges, Dole Fresh Fruit Romaine Mix Orange Segments Nerines Easy Open Dole Organic Spring Mix Dole Apples Dole Fruit Festival Snack Cup Pompons Dole Pineapple Strawberry with Herbs Dole Apricots Dole Fruit in Gels – Queen Anne’s Lace Juice Drink Dole Peeled Mini-Carrots Dole Avocado Pineapple in Lime Gel Roses (Hybrid Tea) Dole Pineapple Tidbits Dole Romaine Salad Blend Dole Bananas Mandarin Orange in Roses (Micro) for Pizza Dole Shredded Carrots Dole Banana Puree Orange Gel Rover Mums Dole Pineapple Tidbits Dole Shredded Lettuce Dole Blackberries Peaches in Strawberry Gel Snapdragons in Juice Dole Shredded Red Cabbage Dole Cantaloupe Dole Guava Halves Solidago Dole Pouch – Pineapple Dole Spring Mix Salad Blend Dole Cherries Dole Guava in Syrup Solidaster Tidbits in Syrup Dole Triple Cheese Salad Kit Dole Clementines Dole Longans in Syrup Spider Mums Dole Rambutan in Syrup Dole (Tuscany) Butter Lettuce Dole Coconuts Dole Longans Snack Cup Spray Roses Dole Rambutan Snack Cup Salad Blend Dole Cranberries Dole Lychees in Syrup Statice Dole Rambutan with Dole (Verona) Field Greens Dole Grapefruit Dole Lychees Snack Cup Stock Pineapple Snack Cup Salad Blend Dole Gift Baskets Dole Mandarin Orange Strawflowers Dole Red Papaya Chunks Dole Very VeggieTM Dole Grapes Fruit Cups Sunflowers in Light Syrup Salad Blend Dole Honeydew Melon Dole Mandarin Orange Sweetheart Roses Dole Tomato Sauce Dole Kiwi Segments Trachelium Dole Tropical Fruit Cocktail Dole Lemons Dole Mandarin Orange Tree Fern in Juice and Syrup Dole Limes Segments, Easy Open Yarrow
  6. 6. Directors and Officers Dole Food Company, Inc. Dole Food Company, Inc. Dole Food Company Directors Officers Operating Division Officers Mike Curb 1, 3 David H. Murdock Paul Cuyegkeng Chairman Chairman of the Board and President – Dole Asia Curb Records, Inc. Chief Executive Officer William F. Feeney President – Dole Europe David A. DeLorenzo David A. DeLorenzo Vice Chairman Vice Chairman Juergen Schumacher Dole Food Company, Inc. President – Dole Latin America Lawrence A. Kern President and Chief Operating Officer Richard M. Ferry 1, 2 Peter M. Nolan Chairman President – Dole North America Kenneth J. Kay Korn/Ferry International Vice President and Eric M. Schwartz (international executive search firm) Chief Financial Officer President – Dole Worldwide Fresh Vegetables James F. Gary 2, 3 C. Michael Carter Roberto Zacarias Chairman Emeritus Vice President, General Counsel and President – Dole Honduran Beverage Pacific Resources, Inc. Corporate Secretary Lorenzo de la Torre Lawrence A. Kern Patrick A. Nielson President – Dole Fresh Flowers President and Chief Operating Officer Vice President – International Legal and Dole Food Company, Inc. Regulatory Affairs Michael J. Cavallero President – Dole North America Zoltan Merszei 2, 3 George R. Horne Tropical Fresh Fruit Former Chief Executive Officer, Vice President – Human Resources President and Chairman Roberta Wieman 1 Executive, Finance and Nominating Committee The Dow Chemical Company Vice President 2 Audit Committee 3 Compensation and Benefits Committee David H. Murdock 1 James A. Kennedy Chairman of the Board and Vice President – Taxes Chief Executive Officer Gil Borok Dole Food Company, Inc. Controller and Chief Accounting Officer Beth Potillo Treasurer Dole grows over 145 varieties of roses, which is only one of over 40 flower types offered, helping make Dole the leading grower, mar- keter, and distributor of floral products.
  7. 7. Company and Shareholder Information The Company Founded in Hawaii in 1851, Dole Food Company, Inc. is the largest producer and marketer of high-quality fresh fruit, 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 61,000 full-time people. Corporate Headquarters One Dole Drive, Westlake Village, CA 91362 (818) 879-6600 Auditors Shareholder Inquiries Available in the fall of 2001, Arthur Andersen LLP For a copy of the Annual Report on The Encyclopedia of Foods: 633 West Fifth Street Form 10-K, or for other information A Guide to Healthy Nutrition is a definitive resource on what Los Angeles, CA 90071 requests, shareholders should contact: to eat for maximum health. Office of the Corporate Secretary The book is part of Dole’s Securities Transfer and Dividend Dole Food Company, Inc. ongoing nutrition education Disbursement Agent One Dole Drive program and provides a comprehensive, in-depth review American Stock Transfer Westlake Village, CA 91362 of the role of nutrition in our & Trust Company Telephone (818) 879-6814 lives by nutrition experts from 59 Maiden Lane Facsimile (818) 879-6615 Mayo Clinic, University of New York, NY 10007 E-mail address: California Los Angeles, and Dole Food Company, Inc. (800) 937-5449 Internet address: Dole’s Annual Report on Form 10-K is available on the internet at Dividend Information A cash dividend of $0.10 per common Stock Exchange share was declared in each quarter of 2000 for a total annual dividend of Dole Food Company, Inc.’s common $0.40 per share. Dole Food stock (DOL) is traded on The New York Company, Inc. does not have a and Pacific Stock Exchanges dividend reinvestment plan. Internet Addresses Dole® Fruit Bowls® are bite- Investment Community Inquiries sized pieces of 100 percent Members of the investment community natural fruit, conveniently packed in clear, plastic bowls should direct inquiries to: with easy-to-open, peel off lids. Office of the Chief Financial Officer Fruit Bowls‚ are available in Dole Food Company, Inc. five varieties: Diced Peaches, One Dole Drive Mixed Fruit, Pineapple, Tropical Fruit, and Mandarins. Westlake Village, CA 91362 This innovative new line of (818) 879-6600 DOLE® IS A REGISTERED TRADEMARK products captured a 30% share OF DOLE FOOD COMPANY, INC. E-mail address: of the $200 million Fruit Cup ©2001 DOLE FOOD COMPANY, INC. category in 2000. ALL RIGHTS RESERVED.
  8. 8. Dole Food Company, Inc.