Annual Report 2002
Dole Financial Highlights

                                                                                      2002     ...
A Message from Mr. David H. Murdock




                                         We are at the beginning of what I believe...
Dole Food Company Board of Directors
(Seated,right to left): David H. Murdock, Lawrence A. Kern, Richard M. Ferry (Standin...
A Message from Mr. Lawrence A. Kern

                                          During 2002, Dole Food Company, Inc. contin...
A Message from the Dole Nutrition Institute

       The link between food and health promises to be one of the biggest cha...
Dole Worldwide Product List
Dole Fresh Vegetables             Dole Dried Fruit                      Dole Fruit Bowls -    ...
Dole Worldwide Operations




                                                                     v
                     ...
Dole Food Company, Inc.

Business Review 2002
Introduction                                                        United States, Canada and other countries in which we
...
Established produce companies have sought to
fresh produce sales are split roughly evenly between the
                    ...
freshest product to our customers. We own or lease                     reportable segments are managed separately due to d...
under the DOLE PREMIUM SELECT® label.The sweet                          butter lettuce, celery, cauliflower, broccoli, carr...
Lawrence A. Kern, President and Chief Operating
Research and Development
                                                 ...
Fruit in March 2001. Mr. Cavallero holds a B.A. from San             Risk Management. He was promoted to his present posi-...
in 2000, and was recently promoted to President, Dole
Fresh Flowers, in May 2002. Mr. Schouten holds a B.A.
from the Unive...
Dole Food Company Officers and Operating Division Officers




Dole Food Company Officers
(Seated,right to left): Roberta ...
Dole Food Company Officers and Operating Division Officers


Directors                                    Officers         ...
Company Information


                                                                                  2002 Dividend Info...
Dole Food Company, Inc.
    www.Dole.com
Upcoming SlideShare
Loading in …5
×

Dole 2002 Annual

3,563 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
3,563
On SlideShare
0
From Embeds
0
Number of Embeds
5
Actions
Shares
0
Downloads
29
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Dole 2002 Annual

  1. 1. Annual Report 2002
  2. 2. Dole Financial Highlights 2002 2001 2000 1999 1998 (in millions,except per-share data) Revenues, net $ 4,392 $ 4,315 $ 4,400 $ 4,449 $ 3,877 Income (loss) from continuing operations, net of income taxes 156 (37) 36 17 1 Income from discontinued operations, net of income taxes — 187 32 32 11 Cumulative effect of a change in accounting principle (120) — — — — Net income $ 36 $ 150 $ 68 $ 49 $ 12 Diluted net income (loss) per common share Continuing operations $ 2.76 $ (0.66) $ 0.65 $ 0.29 $ 0.02 Discontinued operations — 3.33 0.56 0.56 0.18 Cumulative effect of a change in accounting principle (2.12) — — — — Net income $ 0.64 $ 2.67 $ 1.21 $ 0.85 $ 0.20 Diluted average common shares outstanding 57 56 56 57 60 Total assets $ 3,037 $ 2,768 $ 2,801 $ 2,994 $ 2,864 Capitalization Short-term debt $ 242 $ 27 $ 45 $ 38 $ 36 Long-term debt 882 816 1,135 1,285 1,116 Total shareholders’ equity 745 736 555 532 622 Total capitalization $ 1,869 $ 1,579 $ 1,735 $ 1,855 $ 1,774 Book value per common share $ 13.26 $ 13.17 $ 9.93 $ 9.53 $ 10.49 Common stock price: End of year $ 32.64 $ 26.75 $ 16.38 $ 16.25 $ 30.00 High $ 33.85 $ 27.30 $ 20.50 $ 33.81 $ 57.13 Low $ 24.30 $ 14.72 $ 11.94 $ 13.81 $ 28.31 Annual cash dividends per common share 0.60 0.40 0.40 0.40 0.40 : Revenues have been restated to reflect the adoption of EITF 01-9 in 2002. The adoption resulted in a reduction of previously reported revenues and selling,marketing and general and administrative expenses by $134 million,$102 million,$94 million and $61 million in 2001,2000,1999 and 1998,respectively. Loss from continuing operations for 2001 includes pre- tax charges of $133 million and a pre-tax non-operating gain of $8 million related to the sale of available-for-sale securities.Income from continuing operations for 2000 includes a pre-tax charge of $46 million,net insurance proceeds of $43 million and a pre-tax gain of $9 million related to asset sales. Income from continuing operations for 1999 includes a pre-tax charge of $48 million and net insurance proceeds of $20 million. Income from continuing operations for 1998 includes pre-tax charges of $98 million. In 2001,Dole divested its Honduran Beverage operations. Operating results of this business have been accounted for as a discontinued operation. Income from discontinued operations in 2001 includes a net gain of $169 million on the disposition of this business.Income from discontinued operations in 1999 and 1998 include net insurance proceeds of $8 million and a pre-tax charge of $22 million,respectively. 3,877 4,449 4,400 4,315 4,392 145 49 121 244 227 622 532 555 736 745 ‘98 ‘99 ‘00 ‘01 ‘02 ‘98 ‘99 ‘00 ‘01 ‘02 ‘98 ‘99 ‘00 ‘01 ‘02 Cash Flow from Operating Activities Revenues, net Total Shareholders’ Equity (in millions) (in millions) of Continuing Operations ( in millions)
  3. 3. A Message from Mr. David H. Murdock We are at the beginning of what I believe will be another important chapter in Dole Food Company’s 152-year history as it commences operations as a private company. I am pleased and proud to be the owner of this Company. David H. Murdock Chairman and Chief Executive Officer When I joined Dole Food Company eighteen years ago, the Company was primarily a commodity company, under siege by its creditors and struggling to stay afloat; some thought that it was beyond saving. What I perceived beneath the burden of debt was a company with a trustworthy brand name and a group of dedicated and loyal employees. There seemed to be a future full of possibilities. Dole ® Fruit Bowls ® With a bit of creative imagination and a lot of effort by a great team, we returned Dole Fruit Bowls’ new 7 oz.single-serve cup Dole to its rightful and profitable place. While the road was not always easy, we was introduced in mid-year 2002. Each have since risen to become the world’s largest produce company, broadly diversi- individually packaged,single-serve cup offers 75% more fruit than the original 4 oz.Fruit fied, with an incredibly strong brand name. Bowls and comes with a plastic fork. These Fruit Bowls come in four varieties: Sliced In the process of rebuilding, we made it our priority to escape the volatility of a Peaches, Pineapple Chunks,Tropical Fruit commodity-driven market. Along the way, we rebuilt our core infrastructure and and Mandarin Oranges. These larger serving acquired and disposed of numerous new and old assets and businesses. We have made size cups are designed to meet the snack- mistakes and have experienced our share of natural disasters, including Hurricane ing needs of the active, on-the-go woman. Convenience Store News named the 7 oz. Mitch, which hit our Central American plantations with a vengeance, while El Niño Fruit Bowls its “Best New Product for 2002.” created havoc with our crops. These challenges,combined with pricing pressures and European quotas, created a volatile business environment. We are proud of our achievements and eager to build upon them and lead the Company toward continued growth and greater profitability. In this volatile market environment and time of global uncertainty, I believe that a privatized company will have the agility to better meet unanticipated obstacles and opportunities as well. The public markets want short-term predictability of earnings, which are difficult to attain in a company such as Dole. I am pre- pared to invest in this Company for the long haul. We will continue to expand, particularly with our lines of highly successful, value-added, packaged foods. In addition to being profitable, innovative and easy-to-use, products like Fruit Bowls and salad packs make it easier for consumers to eat more of the healthy fruits and vegetables their diets so desperately need. It has long been my belief that Dole can play a crucial role in helping consumers eat healthier and thus lead longer, healthier and more vital lives. I feel privileged and inspired to lead a company that not only creates s Eat more, weigh less. Fruits and vegetables have roughly 75 calories per cup – compared to 250 calories for starches like pasta or rice. -1-
  4. 4. Dole Food Company Board of Directors (Seated,right to left): David H. Murdock, Lawrence A. Kern, Richard M. Ferry (Standing,right to left): David A. DeLorenzo, E. Rolland Dickson, M.D., Lawrence M. Johnson, Zoltan Merszei, Mike Curb prosperity and provides 57,000 jobs in over 90 countries, but that has the opportunity and the capability to provide healthful products to millions of people around the world. It is my goal for Dole to not only be the leading produce company in the world, but also to be the leader in nutrition education. Looking back on what we have accomplished, and forward to the work and tremendous opportunities that lie ahead, I am fully aware that it is the team of peo- ple at Dole who are responsible for the past and future. My sincere appreciation and gratitude goes to each of our employees for their continued support and dedica- tion. I know they share my enthusiasm and eagerness to pursue new goals and accomplishments and to reward our consumers with the best products and nutri- tion information possible. Dole ® Special Blends Sincerely, Dole Salad Blends continue to be the fastest growing segment of the salad category, boosted by the addition of three new baby spinach blends – Baby Spinach,Baby Spinach and Red Leaf,and Baby Spinach and Radic- David H. Murdock, Chairman and Chief Executive Officer chio. As Americans are eating more spinach March 2003 than ever, Dole’s new Baby Spinach Salad Blends are perfectly positioned to build on that growing trend. s Obesity in America. Over half of Americans are overweight or obese.Obesity is our nation’s leading health problem and is on the rise, up 30% in the last 20 years. The health consequences of obesity cause 300,000 deaths each year. -2-
  5. 5. A Message from Mr. Lawrence A. Kern During 2002, Dole Food Company, Inc. continued to build upon the solid foundation we established in 2001. Dole’s management team worked together to achieve financial results for 2002, which were significantly improved over 2001. Total earnings before interest expense and taxes (“EBIT”) from continuing opera- tions was $291 million for 2002 compared to $63 million for 2001, which includes the $133 million in pre-tax business reconfiguration charges recorded in 2001. Dole’s Fresh Fruit segment posted improved results for 2002 with strong per- formances in North America, Europe and Asia. Our volumes of North American bananas, Dole Premium Select® pineapples, and Chilean and South African decidu- ous fruit continue to increase. We are particularly pleased about the growth of our Dole Premium Select pineapple and organic banana programs. Dole’s Fresh Vegetables segment posted improved results for 2002 with weaker Lawrence A. Kern commodity pricing offset by continued growth in our packaged salads business. Dole President and Chief Operating Officer increased its packaged salads share leadership by a full share point during 2002,closing 2002 with a 38.2% market share. Dole’s Packaged Foods segment also posted improved results for 2002 achieving market share gains in canned pineapple as well as Fruit Bowls®. Fruit Bowls’ market share continued to grow during 2002, closing the year at 43.9%, which was up 4.2 share points from last year. Finally, Dole’s Fresh Flowers segment narrowed its operating loss during 2002 as a result of an improved cost structure. We are encouraged with our progress in the Fresh Flowers segment and expect that trend to continue. During 2002, we completed the previously announced divestiture of non-core assets with the sales of our Pas- cual Hermanos vegetable business in Spain and our Saman dried fruit and nut business in France. We have identified 100% of our total $200 million in annual operating improvements to future operating results that should be realized on a steady state basis by the end of 2003. To date, Dole has achieved over 95% of our $200 million steady state goal, which benefited Dole’s earnings in 2001 and 2002. Going forward, Dole will enjoy a significantly improved cost structure. The year 2002 saw a number of management changes. Richard J. Dahl joined the Company asVice President and Chief Financial Officer. He was previously president and chief operating officer of Pacific Century Financial Corpo- ration and Bank of Hawaii. John T. Schouten was promoted to the position of President – Dole Fresh Flowers. He previously served as Senior Vice President and General Manager of all commodity operations for Dole FreshVegeta- bles. Joseph S.Tesoriero was appointed Vice President –Tax. Prior to joining Dole, he served as Senior Vice Presi- dent of Tax for Global Crossing, Ltd. Thomas W. Crowell was promoted to Vice President and Chief Information Officer. He was previouslyVice President and Chief Information Officer of the Company’s FreshVegetables division and, prior to joining Dole, he had extensive experience in the food industry. Yoon J. Hugh was promoted to Con- troller and Chief Accounting Officer. She previously served as Assistant Controller of Dole. Sue Hagen was pro- moted to the position of Vice President – Human Resources. She previously served as Vice President – Human Resources North America Operations. After 36 years of dedicated service, George Horne,Vice President Adminis- tration and Support Operations, has decided to retire from Dole Food Company. With a strong management team now in place, we look forward to meeting the challenges facing us in 2003 as a much stronger company. Sincerely, Lawrence A. Kern, President and Chief Operating Officer March 2003 s The benefits of lutein. One serving of Dole baby spinach contains 6 mg of lutein – clinically proven to protect eyesight from the deterioration caused by aging. -3-
  6. 6. A Message from the Dole Nutrition Institute The link between food and health promises to be one of the biggest challenges – and opportunities – of the century. What we eat should give life, not take it. Yet obesity in America has reached epidemic propor- tions. Diets high in sugar, processed carbohydrates and animal fats add up to too many calories, and too few essential vitamins and nutrients.The crisis has sparked various reactions – from class action law- suits against fast food companies, to invasive medical procedures, to fad diets. Yet nature herself offers a simpler, healthier solution. Medical opinion is unanimous: increasing consumption of fruits and vegetables is fundamental to maintaining a healthy weight and meeting basic nutritional needs. Every day new scientific research reveals ways in which fruits and vegetables prevent and even reverse disease. We at Dole Food Company have always believed in providing consumers with the freshest fruits and vegeta- bles. As chairman of the world’s largest produce supplier, David H. Murdock wanted to take this mission one step further: to water the seeds of knowledge, and provide the public with the latest, most definitive, and most com- prehensive information on nutrition and health. Thus the Dole Nutrition Institute was born. The Dole Nutrition Institute is a non-profit research, education and advocacy organization aimed at helping people “eat to live.” In the months ahead, we plan to: Subsidize scientific inquiry into the specific health benefits of certain fruits and vegetables at the world’s leading universities,and host academic symposia publicizing the results. s Sponsor 5 A Day and other nutrition-education programs in schools,and campaign to improve the nutritional value of school lunch programs. s Develop the “Dole Nutrition System”– a complete program of produce and new products that provides individuals with all their dietary needs. s Launch an on-line service to provide consumers with useful,personalized information, helping them to meet their health and dietary goals. s Offer helpful,easy-to-understand materials to let people know what nutrients they need, why they need them,and what foods they should eat to get them. s Publish 365 Days of Nutrition – with health facts,meal plans and easy recipes. These are just a few of the ways we at the Dole Nutrition Institute – and all of us at Dole Food Company – are stepping forward to take the lead in expanding the knowledge, growing the foods, developing the products and providing the tools people need to “eat to live” longer, healthier, more vital lives. Sincerely, Jennifer A. Grossman, Vice President Director, Dole Nutrition Institute March 2003 -4-
  7. 7. Dole Worldwide Product List Dole Fresh Vegetables Dole Dried Fruit Dole Fruit Bowls - Dole Plastic Jar - Pineapple Chunks Dole Artichokes Dole Dates Chopped Mandarin Oranges Dole Plastic Jar -Tropical Fruit Dole Asparagus in Resealable Bags Dole Fruit Festival Snack Cup Dole Plastic Jar - Sliced Peaches Dole Bell Peppers Dole CinnaRaisins® Dole Fruit Salad with Dole Pouch - PineappleTidbits Dole Broccoli in Resealable Bags Extra Cherries Plastic Jar in Syrup Dole Brussels Sprouts Dole Golden Seedless Raisins Dole Fruit Salad with Extra Dole Pouch -Tropical Fruit Salad Dole Butter Lettuce Dole Dates Pitted Cherries Plastic Cup Dole Rambutan in Syrup Dole Carrots in Resealable Bags Dole Fruit-N-Gel Bowls™ Dole Rambutan Snack Cup Dole Cauliflower Dole Pitted Prunes Canister Pineapple in Lime Gel Dole Red Papaya Chunks Dole Celery Dole Pitted Prunes Dole Fruit-N-Gel Bowls in Light Syrup Dole Cilantro in Resealable Bags Mandarins in Orange Gel DoleTomato Sauce Dole Dry Onions Dole Seedless Raisins Canister Dole Fruit-N-Gel Bowls DoleTropical Fruit Cocktail Dole Green Leaf Lettuce Dole Seedless Raisins Peaches in Strawberry Gel in Juice and Syrup Dole Green Onions in Resealable Bags Dole Reduced Sugar DoleTropical Fruit Cocktail Dole Iceberg Lettuce Dole Seedless Raisins Mini Snacks Fruit-N-Gel Pears in Syrup with Dole Idaho Potatoes Dole Seedless Raisins Six Packs in Kiwiberry Gel Passion Fruit Juice Dole Radishes Dole Reduced Sugar DoleTropical Fruit Juice Box Dole Red Leaf Lettuce Fruit-N-Gel Papaya DoleTropical Fruit Salad Dole Fresh Fruit Dole Red Potatoes in Peach Gel DoleTropical Fruit Salad Easy Open Dole Apples Dole Russet Potatoes Dole FruiTango™ Mandarin DoleTropical - Pineapple Juice Blend Dole Apricots Dole Romaine Lettuce Dole FruiTango Pineapple DoleWhite Asparagus Dole Avocados Dole Sugar Peas Dole FruiTango Strawberry DoleYellow Papaya Chunks in Syrup Dole Bananas DoleWhite Potatoes Dole FruiTangoTropical Seasons™ Pineapple Juice Dole Banana Puree DoleYukon Gold Potatoes Dole Guava Halves Seasons Tropical Fruit Mix Dole Cantaloupes Dole Guava in Syrup Dole Cherries Dole Longans in Syrup Dole Fresh-Cut Vegetables Dole Clementines Dole Fresh Flowers Dole Longans Snack Cup Dole All American Salad Kit Dole Coconuts Achillea Dole Lychees in Syrup Dole American Salad Blend Dole Cranberries Alstroemeria Dole Mandarin Orange Dole Baby Spinach Salad Blend Dole Fresh-Cut Aster Butterfly Fruit Cups Dole Baby Spinach and Papaya Halves Aster Matsumoto Dole Mandarin Oranges Red Leaf Salad Blend Dole Grapefruit Aster Montecasino Dole Mandarin Orange Dole Baby Spinach and Dole Grapes Bouvardia Segments Easy Open Radicchio Salad Blend Dole Honeydew Melons Bupleurum Dole Mango Slices in Dole Butter Lettuce Salad Blend Dole Kiwis Campanulas Blended Juice or Syrup Dole Chopped Romaine Salad Dole Mangoes Carnations Dole Mushrooms Dole Classic Cole Slaw Dole Nectarines Chinese Carnations Dole Nata de Coco in Syrup Dole Classic Greek Salad Kit Dole Oranges Cremons Dole Nata de Coco with Dole Classic Iceberg Salad Dole Organic Bananas Delphinium Jackfruit Snack Cup Dole Classic Romaine Salad Dole Papayas Farm Bouquets Dole Peach Halves in Syrup Dole Caesar Salad Kit Dole Peaches Football Mums Dole Pineapple Concentrate Dole Creamy Garlic Caesar Dole Pears Freesia Dole Pineapple Cubes in Syrup Salad Kit Dole Pineapple Gerbera Dole Pineapple Grapefruit Dole Light Caesar Salad Kit Dole Fresh-Cut Gerspider Juice Drink Dole Escarole and Leaf Pineapple Chunks Godetias Dole Pineapple Juice Salad Blend Dole Fresh-Cut Gypsophila Dole Pineapple Juice Box Dole Just Lettuce® Salad Pineapple Spears Kangaroo Paws Dole Frozen Pineapple Juice Dole Romano Salad Kit Dole Fresh-Cut Leatherleaf Dole Pineapple Juice Drink Dole Sunflower Ranch Pineapple Cylinders Limonium Dole Pineapple Lychee Salad Kit Dole Plantains Lisianthus Juice Drink Dole European Salad Blend Dole Plums Micro Pompons Dole Pineapple Mandarin Dole Field Greens Salad Blend Dole Pomegranates Million Stars Gypsophila Orange Banana Juice Dole French Salad Blend Dole Strawberries Miniature Carnations Dole Pineapple Orange Juice Dole Greener Selection® Salad Dole Sweetio® Bananas Monk’s Hood Dole Pineapple Orange Juice Box Dole Hearts of Romaine Dole Sweetio™ Pineapple Mums Dole Pineapple Orange Juice Drink Mix Salad Blend DoleTropical Gold™ Pompons Dole Pineapple Orange Banana Dole Italian Salad Blend Pineapple Roses (Hybrid Tea) Juice Box Dole Mini-Asparagus Roses (Micro) Dole Pineapple Orange Dole Organic Baby Lettuces Rover Mums - Fall only Dole Packaged Foods Raspberry Juice Box Dole Organic Baby Spinach Snapdragons Dole AloeVera (Solid) Dole Pineapple Passion Dole Organic Hearts Solidago Dole Crushed Pineapple Banana Juice Box of Romaine Mix Solidaster in Juice or Syrup Dole Pineapple Orange Dole Organic Spring Mix Spider Mums Dole Deciduous Fruit Strawberry Juice with Herbs Spray Roses Cocktail in Juice or Syrup Dole Pineapple Slices In Juice or Syrup Dole Peeled Mini-Carrots Statice Dole Fruit Bowls® - Fruit Salad Dole Pineapple Snack Cup Dole Shredded Carrots Stock with Extra Cherries Dole Pineapple SnackWedges Dole Shredded Lettuce Sunflowers Dole Fruit Bowls - Mango Peach Easy Open Dole Shredded Red Cabbage Sweetheart Roses Dole Fruit Bowls - Peaches Dole Pineapple Strawberry Juice Drink Dole Spring Mix Salad Blend Tree Fern Dole Fruit Bowls - Pears Dole PineappleTidbits for Pizza DoleTriple Cheese Salad Kit Yarrow Dole Fruit Bowls - Mixed Fruit Dole PineappleTidbits in Juice DoleVeryVeggie® Salad Blend Dole Fruit Bowls- Pineapple Dole Fruit Bowls -Tropical Fruit -5-
  8. 8. Dole Worldwide Operations v vv v v v v v v v v x Sourcing s Ripening/Distribution v Markets q Corporate x Food Operating Divisions Europe and Africa Belgium • Cameroon • Canary Islands • France • Germany • Ghana • Greece • Italy • Ivory Coast • Kenya • Namibia • Netherlands • South Africa • Spain • Tunisia • Turkey • United Kingdom • Zimbabwe Latin America and Caribbean Bermuda • Chile • Colombia • Costa Rica • Ecuador • Guadeloupe • Guatemala • Honduras • Jamaica • Martinique • Mexico • Peru Asia China • Japan • New Zealand • Philippines • Thailand North America Canada • United States:Arizona, California, Florida, Hawaii, Ohio,Washington s Food Marketing Divisions Europe and Middle East Albania • Algeria • Austria • Azerbaijan • Bahrain • Belarus • Belgium • Bosnia • Bulgaria • Croatia • Czech Republic • Denmark • Estonia • Egypt • Finland • France • Georgia • Germany • Greece • Hungary • Iceland • India • Ireland • Israel • Italy • Jordan • Kazakhstan • Kuwait • Latvia • Lebanon • Lithuania • Luxembourg • Malta • Morocco • Netherlands • Norway • Oman • Poland • Portugal • Qatar • Romania • Russia • Saudi Arabia • Senegal • Slovakia • Spain • Sweden • Switzerland • Tajikistan • Tunisia • Turkey • Ukraine • United Arab Emirates • United Kingdom • Uzbekistan Latin America and Caribbean Argentina • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guatemala • Honduras • Mexico • Peru • Puerto Rico • Uruguay Asia China • Hong Kong • Japan • New Zealand • Philippines • South Korea • Thailand North America Canada • United States -6-
  9. 9. Dole Food Company, Inc. Business Review 2002
  10. 10. Introduction United States, Canada and other countries in which we conduct business and regard them as important corpo- Dole Food Company, Inc. was founded in Hawaii in rate assets with high recognition and acceptance. 1851 and was incorporated under the laws of Hawaii in 1894. Dole reincorporated as a Delaware corporation in We source or sell over 200 products in more than July 2001. During fiscal year 2002, we had, on average, 90 countries. Our fully integrated operations include approximately 57,000 people in full-time permanent or sourcing, growing, processing, distributing and market- full-time seasonal or temporary positions worldwide. ing our products. Our products are produced both Our website address is www.dole.com.We make avail- directly on Dole-owned or leased land and through able, free of charge through our website, our annual associated producer and independent grower arrange- report on Form 10-K, quarterly reports on Form 10-Q, ments under which we provide varying degrees of current reports on Form 8-K, and all amendments to farming, harvesting, packing, storing, shipping, stevedor- those reports as soon as reasonably practicable after such ing and marketing services. material is electronically filed with or furnished to the Dole has significant owned and operated food Securities and Exchange Commission. For detailed finan- sourcing and related operations in Chile, Colombia, cial information with respect to Dole’s business and its Costa Rica, Ecuador, Guatemala, Honduras, Japan, the operations, see Dole’s Consolidated Financial Statements Philippines,Thailand and the United States. Dole also and the related Notes to Consolidated Financial sources food products in Algeria, Argentina, Australia, Statements, which are included in our Form 10-K. Brazil, Cameroon, China, Greece, Italy, Ivory Coast, Mexico, New Zealand, Peru, South Africa, South Korea, Overview Spain,Tunisia and Turkey. Significant volumes of Dole’s We are the world’s largest producer and marketer of fresh fruit and packaged products are marketed in fresh fruit, fresh vegetables and fresh-cut flowers, and we Canada,Western Europe, Japan and the United States, market a growing line of value-added products.We are with lesser volumes marketed in Australia, China, Hong one of the world’s largest producers of bananas and Kong, New Zealand, Russia, South Korea and certain pineapples, a leading marketer of citrus and table grapes other countries in Asia, Eastern Europe, Scandinavia, the worldwide and an industry leader in packaged fruit prod- Middle East and Central and South America. ucts, ready-to-eat salads and vegetables. Our most significant products hold the number one or number two Industry positions in the respective markets in which we compete. The worldwide fresh produce industry is character- We utilize product quality, food safety, brand recog- ized by consistent underlying demand and favorable nition, competitive pricing, customer service and growth dynamics. In recent years, the market for fresh consumer marketing programs to enhance our position produce has grown at a rate above population growth, within the food industry.We provide wholesale, retail supported by ongoing trends including greater con- and institutional customers around the world with high- sumer demand for healthy, fresh and convenient foods, quality food products that bear the DOLE® trademarks. increased retailer square footage devoted to produce, The DOLE brand was introduced in 1933 and we believe and increased emphasis on fresh produce as a differenti- it is one of the most recognized for fresh and packaged ating factor in attracting customers. According to the produce in the United States, as evidenced by our 42% Food and Agriculture Organization, worldwide produce unaided consumer brand awareness, twice that of our production grew 3.6% per annum from 814 million nearest competitor, according to C.A. Walker and metric tons in 1990 to an estimated 1,244 million in Associates. Consumer and institutional recognition of 2002.Total wholesale fresh produce sales in the United the DOLE trademarks and related brands and the associa- States surpassed $80 billion in 2001, up from approxi- tion of these brands with high-quality food products mately $35 billion in 1987, representing a 6.1% contribute significantly to our leading positions in the compounded annual growth rate. In the US, wholesale markets that we serve.We own these trademarks in the -8-
  11. 11. Established produce companies have sought to fresh produce sales are split roughly evenly between the strengthen relationships with leading retailers through retail and foodservice channels. value-added services such as banana ripening and distri- Health conscious consumers are driving much of the bution, category management, branding initiatives and growth in demand for fresh produce. Over the past 20 establishment of long term supply agreements. years, the benefits of natural, preservative-free foods have become an increasingly prominent element of the public dialogue on health and nutrition.As a result, con- Competitive Strengths sumption of fresh fruit and vegetables has increased Our competitive strengths have contributed to our markedly.According to the United States Department of strong historical operating performance and should Agriculture (“USDA”), Americans consumed 54 more enable us to capitalize on future growth opportunities: pounds of fresh fruit and vegetables per capita in 2000 • Market Share Leader. Our most significant prod- than they did in 1986.Time-starved consumers are also ucts hold the number one or number two positions in the demonstrating continued demand for convenient, ready- respective markets in which we compete.We maintain to-eat products. Food manufacturers have responded number one market share positions in global bananas, with new product introductions and packaging innova- winter fruits exported from Chile, and in North tions in segments such as bagged baby carrots and American iceberg lettuce, celery, cauliflower, ready-to- ready-to-eat salads, contributing to industry growth. eat salads and packaged fruit products, including our line For example, the US market for fresh-cut produce has of fruit cups called FRUIT BOWLS® and FRUIT-N-GEL increased from an estimated $3 billion in 1994 to an esti- BOWLSTM. In addition, we believe that we are the only mated $11 billion in 2000.According to the International fully integrated fresh-cut flower and bouquet supplier of Fresh-cut Produce Association, growth in the fresh-cut our size in North America. produce market is forecasted to continue at a compound annual rate of 6.4%, reaching approximately $15 billion • Strong Global Brand. Consumer and institutional by 2005. recognition of the DOLE trademark and related brands and the association of these brands with high-quality food Retail consolidation and the growing importance of products contribute significantly to our leading positions food to mass merchandisers are major factors affecting in each of the markets that we serve. By implementing a the food manufacturing and fresh produce industries.As global marketing program, we have made the distinctive food retailers have grown and expanded, they have red “DOLE” letters and sunburst a familiar symbol of sought to increase profitability through value-added freshness and quality recognized around the world.We product offerings and in-store services.As fresh produce believe that opportunities exist to leverage the DOLE has become a strategic focus, retailers have expanded brand through product extensions and new product square footage dedicated to produce departments by introductions. almost 7% per annum between 1994 and 1999. This development has led to an increase in produce sales as a • Low-Cost Production Capabilities. We believe we percentage of total supermarket sales, from 8.8% in are one of the lowest cost producers of many of our major 1987 to 9.8% in 2001, according to the Food Marketing product lines, including bananas, North American fresh Institute.The fresh produce category is also attractive to vegetables and ready-to-eat salads and packaged fruit retailers due to its higher margins. According to the products. Over the last several years, we have undertaken USDA’s Agriculture Information Bulletin No. 758, gross various initiatives to achieve this low-cost position.We margins for the produce department were 33% com- plan to maintain these low-cost positions through a con- pared to a 26% average for the entire store in 1997. Fully tinued focus on operating efficiency. integrated produce companies, such as Dole, are well • State-of-the-Art Infrastructure. We have made sig- positioned to meet the needs of large retailers through nificant investments in our production, processing, the delivery of consistent, high quality produce, reliable transportation and distribution infrastructure with the service, competitive pricing and innovative products. goal of efficiently delivering the highest quality and -9-
  12. 12. freshest product to our customers. We own or lease reportable segments are managed separately due to dif- ferences in their products, production processes, approximately 120,000 acres of land worldwide, over 50 distribution channels and customer bases. processing, ripening and distribution centers, and the largest dedicated refrigerated containerized shipping fleet in the world, comprising 21 ships and approximately Fresh Fruit 10,800 refrigerated containers. In addition, our market- Our fresh fruit business segment has four primary leading logistics and distribution capabilities allow us to operating divisions: bananas, fresh pineapple, European act as a preferred fresh and packaged food provider to Ripening & Distribution and Dole Chile.We believe that leading global supermarkets and mass merchandisers. we are the industry leader in growing, sourcing, shipping and distributing consistently high-quality fresh fruit. • Diversity of Sourcing Locations. We currently source our fresh fruits, vegetables and fresh-cut flowers Bananas in 28 countries and distribute products in more than 90 We are the world’s largest producer of bananas, countries.We are not dependent on any one country for growing and selling more than 120 million boxes of the sourcing of any of our products.The diversity of our bananas annually.We primarily sell bananas to customers production sources reduces our risk from exposure to in North America, Europe and Asia.We are the number natural disasters and political disruptions in any one par- one brand of bananas in both North America and Japan ticular country. and the number two brand in Europe. In Latin America, our bananas are primarily sourced in Honduras, Costa • Experienced Management Team. Our management Rica, Ecuador, Colombia and Guatemala. Bananas pro- team has a demonstrated history of delivering strong duced by us in Latin America are shipped primarily to operating results through disciplined execution.The cur- North America and Europe on our refrigerated, con- rent management team has been instrumental in our tainerized shipping fleet. In Asia, we source our bananas continuing drive to transform Dole from a production primarily in the Philippines. driven company into a sales and marketing driven one. In addition, the management team has led our recent Consistent with our strategy to focus on value-added Company-wide restructuring and improvement initia- products, we have continued to expand our focus on tives. Daily operations are led by Lawrence A. Kern, higher margin, niche bananas. While the traditional President and Chief Operating Officer. “green” bananas still comprise the majority of our banana sales, we have successfully introduced niche bananas such as organic, low chemical and sweet bananas. We have Business Segments found that organic produce is a growing category in We have four primary reportable operating seg- North America and Europe and there is a strong demand ments: fresh fruit, fresh vegetables, packaged foods and fresh-cut flowers.The fresh fruit segment contains sever- for low chemical and sweet bananas in Asia. al operating segments that produce and market fresh fruit Fresh Pineapples to wholesale, retail and institutional customers world- We are the number two global producer of fresh wide.The fresh vegetables segment contains operating pineapples, growing and selling more than 17 million segments that produce and market commodity vegeta- boxes annually. We sell our pineapples globally and bles and ready-to-eat packaged vegetables to wholesale, source them from Company-operated farms and inde- retail and institutional customers primarily in North America, Europe and Asia. Both the fresh fruit and fresh pendent growers in Latin America, Hawaii, the vegetable segments sell produce grown by a combination Philippines and Thailand.We produce and sell two princi- of Company-owned and independent farms.The pack- pal varieties of pineapples: the Champaka (or green) aged foods segment contains several operating segments pineapple and the sweet yellow pineapple. The that produce and market packaged foods, including fruit, Champaka pineapple, traditionally the most widely avail- juices and snack foods. Dole’s fresh-cut flowers segment able type of pineapple, is primarily sold to the sources, imports and markets fresh-cut flowers, grown foodservice sector and is also used in our packaged prod- mainly in Colombia and Ecuador, primarily to wholesale ucts.The sweet yellow pineapple was introduced in 1999 florists and supermarkets in the United States. These - 10 -
  13. 13. under the DOLE PREMIUM SELECT® label.The sweet butter lettuce, celery, cauliflower, broccoli, carrots, brus- yellow pineapple sells for a higher price than the sels sprouts, spinach, red and green onions, asparagus, Champaka, which translates into a higher margin for us snow peas and artichokes.We sell our commodity veg- and our customers. Our sweet yellow pineapple has had etable products primarily in North America,Asia and, to a excellent market acceptance, with our unit volume more lesser extent,Western Europe. In North America, we are than doubling in 2002 as compared with 2001. the number one provider of lettuce, celery and cauliflow- er and the number two provider of broccoli. European Ripening & Distribution Value-Added Our European Ripening & Distribution business dis- tributes DOLE and non-DOLE branded fresh produce in Our value-added vegetable products include ready- Europe.This business operates approximately 50 sales to-eat salads, bagged baby carrots, broccoli florets, and and distribution centers in nine countries, predominant- cauliflower florets. In 2002, consumers purchased more ly in Western Europe.This business assists us in firmly of our ready-to-eat salads than any other brand. establishing customer relationships in Europe.We own 60% of Scandinavia’s leading importer and distributor of Packaged Foods fruit, vegetables and flowers, which imports from more Our packaged food segment produces canned than 60 countries and which has a Netherlands subsidiary pineapple, canned pineapple juice, fruit juice concen- that is one of Europe’s largest exotic fruit import and dis- trate, packaged fruit and plastic fruit cups (i.e., FRUIT tribution companies. BOWLS and FRUIT-N-GEL BOWLS).All of our signifi- Dole Chile cant packaged food products hold the number one We began our Chilean operations in 1982 and have market position in North America. grown to become the largest exporter of Chilean fruit. Our FRUIT BOWLS products were introduced in We export grapes, apples, pears, stone fruit (e.g., peach- 1998 and continue to exceed our volume and share es and plums) and kiwifruit.The weather and geographic expectations.The trend towards convenience and healthy features of Chile are similar to those of the Western snacking has been responsible for the explosive growth in United States, with opposite seasons.Accordingly, Chile’s the plastic fruit cup category, which is now larger than harvest is counter-seasonal to that in the Northern the applesauce cup and gelatin cup categories. Hemisphere, offsetting the seasonality in our other fresh fruit. We primarily export Chilean fruit to North America, Latin America and Europe. Fresh-Cut Flowers We entered the fresh-cut flowers business in 1998 and are now the largest producer of fresh flowers in Latin Fresh Vegetables America with over 90% of our Latin American flowers Our fresh vegetables business segment operates shipped into North America. Our products include over under two divisions: commodity and value-added.We 800 varieties of fresh-cut flowers such as roses, carna- source our fresh vegetables from Company-owned and tions and Alstroemeria. contracted farms.To satisfy the increasing demand for our products, we have continued to expand production We are the only flower importer with guaranteed and distribution capabilities of our fresh vegetables seg- daily deliveries by air. Immediately after harvesting, our ment.We have recently completed expansion projects at flowers are flown to our Miami facilities where tempera- our Springfield, Ohio and Yuma, Arizona ready-to-eat tures are maintained at consistent levels in all warehouse salad and vegetable facilities. and production operations. Maintaining the cold chain enables us to deliver the freshest and healthiest flowers to CommodityVegetables the market. We source, harvest, cool, distribute and market more than 20 different types of fresh vegetables, including ice- berg lettuce, red and green leaf lettuce, romaine lettuce, - 11 -
  14. 14. Lawrence A. Kern, President and Chief Operating Research and Development Officer. Mr. Kern joined the Company as President, Our research and development programs concen- Dole Fresh Vegetables in 1993. In July 2000, he was pro- trate on sustaining the productivity of our agricultural moted to the position of President, Worldwide Fresh lands, food safety, product quality of existing products Vegetables, Packaged Salads and Non-Tropical Fresh and the development of new value-added products, as Fruit. Mr. Kern was appointed President and Chief well as agricultural research and packaging design. Operating Officer of the Company in February 2001. He Agricultural research is directed toward sustaining and holds a B.S. and M.B.A. from Indiana University. improving product yields and product quality by examin- ing and improving agricultural practices in all phases of C.Michael Carter,Vice President,General Counsel production (such as development of specifically adapted and Corporate Secretary. Mr. Carter joined the plant varieties, land preparation, fertilization, cultural Company in October 2000, after serving as Executive practices, pest and disease control, post-harvesting, han- Vice President, General Counsel and Corporate Secretary dling, packing and shipping procedures), and includes of Pinkerton’s Inc. Prior to Pinkerton’s, Inc., Mr. Carter on-site technical services and the implementation and held positions at Concurrent Computer Corporation, monitoring of recommended agricultural practices. Nabisco Group Holdings,The Singer Company and the Research efforts are also directed towards integrated law firm of Winthrop, Stimson, Putnam and Roberts. He pest management and biological pest control. Specialized holds a B.S. from the University of California at Berkeley machinery is developed for various phases of agricultural and a J.D. from George Washington University. production and packaging that reduces labor costs, Richard J. Dahl, Vice President and Chief improves productivity and efficiency and increases prod- Financial Officer. Mr. Dahl joined Dole Food Company uct quality. Agricultural research is conducted at field as Vice President and Chief Financial Officer in June facilities primarily in California, Hawaii, Latin America 2002, after serving as President and Chief Operating and Asia.We also sponsor research related to environ- Officer of Pacific Century Financial Corporation and mental improvements and the protection of worker and Bank of Hawaii. Prior to Pacific Century, Mr. Dahl held community health. various positions at Ernst & Young. He holds a B.S. in Accounting from the University of Idaho and is a Certified Management Public Accountant. Below is a list of the names and brief employment Jonathan Y. Bass, Vice President and General history of the officers and senior management of Dole as Manager, Chilean Division. Mr. Bass joined the of March 1, 2003. Company in 1977 as Manager of Financial Analysis in the David H. Murdock, Chairman of the Board and Costa Rican banana division. He held various financial and Chief Executive Officer. Mr. Murdock joined the operational positions in the Latin American banana orga- Company as Chairman of the Board and Chief Executive nization and was ultimately promoted to Vice President Officer in July 1985. He has been Chairman of the Board, for Banana Production. Mr. Bass was appointed Vice Chief Executive Officer and Director of Castle & Cooke, President and General Manager of the Chilean Division in Inc., a Hawaii corporation, since October 1995 (indirect- 1989. He holds a B.S. from the University of North ly wholly-owned by Mr. Murdock since September Carolina and an M.B.A. from the University of Hawaii. 2000). Since June 1982, he has been Chairman of the Michael J. Cavallero, President, North America Board and Chief Executive Officer of Flexi-Van Leasing, Tropical Fresh Fruit. Mr. Cavallero joined the Company Inc., a Delaware corporation wholly-owned by Mr. in 1974 as a technical service representative with the Murdock. Mr. Murdock also is the sole owner and devel- Fresh Marketing organization where he held various posi- oper of the Sherwood Country Club in Ventura County, tions before transferring to Fresh Vegetables in 1986 as California, and numerous other real estate developments Vice President, Sales. In 1992, he was promoted to Vice and is the sole stockholder of numerous corporations President, Sales and Marketing, North America. He was engaged in a variety of business ventures and in the manu- promoted to President, North America Tropical Fresh facture of industrial and building products. - 12 -
  15. 15. Fruit in March 2001. Mr. Cavallero holds a B.A. from San Risk Management. He was promoted to his present posi- Francisco State University. tion in April 2001. Mr. Horne holds a B.S. from the University of Idaho and an M.B.A. from the University of Paul Cuyegkeng, President, Dole Asia. Hawaii. Mr. Cuyegkeng originally joined the Company in 1975 as a Financial Analyst in the Honduras division. He left the Yoon J. Hugh, Corporate Controller and Chief Company in 1979 and returned again in 1988 when he Accounting Officer. Ms. Hugh joined the Company in became Manager of Operations for Asia in the Fresh Fruit December 2001 as Assistant Corporate Controller and division stationed in Japan. He held various positions in was promoted to Corporate Controller and Chief the Asia region until he was promoted to President of Accounting Officer in October 2002. Prior to joining Dole Asia in 1993. Mr. Cuyegkeng holds a B.S. from De Dole, she was with PricewaterhouseCoopers LLP for La Salle College in Manila, Philippines, and an M.B.A. approximately 10 years. She holds a B.A. in Business/ from Stanford University. Economics from the University of California, Los Angeles. William F. Feeney, President, Dole Europe. Mr. Feeney joined the Company in 1981 as Vice President Javier H. Idrovo, Vice President, Strategy. and General Manager of Chile. He became President and Mr. Idrovo joined the Company in 2001 as Vice President, Managing Director of Dole Europe in 1990 with the cre- Strategy. He previously worked as a Manager for Boston ation of a European headquarters, which has been in Paris Consulting Group. Mr. Idrovo holds a B.S. and M.S. in since 1993. Mr. Feeney holds a B.S. from the U.S. Naval Engineering from Harvey Mudd College, and an M.B.A. Academy and an M.B.A. from Columbia University. from Harvard Business School. Sue Hagen,Vice President, Human Resources. Peter M. Nolan, President,Worldwide Packaged Ms. Hagen joined Dole Food Company in 1986 as Foods. Mr. Nolan joined the Company as Senior Vice Personnel Administrator. She subsequently was promot- President, Sales and Marketing, for North America ed to be Manager of Human Resources in 1990, Director before becoming President of Packaged Foods in 1995. of Human Resources in 1993, Vice President, Human He was promoted to President, North America Resources North America Operations in 2000 and Vice Operations in 2000, and was subsequently promoted to President, Human Resources in 2003. Ms. Hagen holds a President,Worldwide Packaged Foods. Mr. Nolan previ- B.A. from the University of Redlands and an M.B.A. ously worked for Van De Kamp’s Frozen Foods and Vlasic from the University of Southern California. Foods, as well as Sanwa Food. He holds a B.S. from Boston University. Richard A. Harrah, President, Dole Latin America. Mr. Harrah joined the Company in 2000 as Beth Potillo,Treasurer. Ms. Potillo joined Dole Vice President of Operations for Dole Fresh Flowers, in 1986. She was Manager of Financial Planning from and was recently appointed President of Dole Latin January 1995 to July 1995. She held the position of America. He previously worked for Noboa Corporation Manager of Corporate Finance from July 1995 to July as Chief Financial Officer and as Chief Operating Officer. 1997. She became Assistant Treasurer of Dole in July Prior to Noboa, Mr. Harrah also held positions with 1997, and has been Treasurer of Dole since November Geest and Del Monte Fresh Produce. He holds a B.A. 1998. Ms. Potillo holds a B.M. from Southern Illinois from Sonoma State University and is a Certified Public University and an M.B.A. from the University of Accountant. California, Los Angeles. George R. Horne,Vice President,Administration John T. Schouten, President, Dole Fresh Flowers. and Support Operations. Mr. Horne joined the Mr. Schouten joined the Company in 1985 and held vari- Company in 1966. His executive positions at Dole have ous positions in the sales and production organizations of included Director of Labor Relations, Vice President- Dole Fresh Vegetables. He was promoted to Senior Vice Labor Relations,Vice President Human Resources and President and General Manager, Commodity Operations - 13 -
  16. 16. in 2000, and was recently promoted to President, Dole Fresh Flowers, in May 2002. Mr. Schouten holds a B.A. from the University of Oregon. Eric M.Schwartz,President,WorldwideVegetables. Mr. Schwartz joined Dole in 1993 as Plant Manager, Dole Fresh Vegetables. He left the Company in 1996 and returned in 1998 as Vice President of Manufacturing, Dole Fresh Vegetables. He most recently was Senior Vice President of Operations at Dole Fresh Vegetables, and was promoted to President, Worldwide Vegetables in March 2001. Mr. Schwartz holds a B.S. from Pennsylvania State University. Roberta Wieman,Vice President. Ms. Wieman joined the Company in November 1991 as Executive Assistant to the Chairman of the Board and Chief Executive Officer and was promoted to Vice President in February 1995. She also serves as an officer and/or director of various companies held by Mr. Murdock. Disclosure Regarding Forward-Looking Statements (Cautionary Statements Under the Private Securities Litigation Reform Act of 1995) Some of the information contained in this Annual Report may contain “forward-looking statements,” with- in the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Forward looking statements, which are based on management’s current expectations, are gener- ally identifiable by the use of terms such as “may,” “will,” “expects,” “believes,” “intends” and similar expressions. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and raw materials supplies and pricing; electrical power supply and pricing; changes in interest and currency exchange rates; economic crises and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. Further informa- tion on the factors that could affect Dole’s financial results is included in its SEC filings, including its Annual Report on Form 10-K. - 14 -
  17. 17. Dole Food Company Officers and Operating Division Officers Dole Food Company Officers (Seated,right to left): Roberta Wieman, David H. Murdock, Lawrence A. Kern (Standing,right to left): Yoon J. Hugh, George R. Horne, Javier H. Idrovo, C. Michael Carter, Beth Potillo, Richard J. Dahl Dole Food Company Operating Division Officers (Seated, right to left): Paul Cuyegkeng, David H. Murdock, Lawrence A. Kern, Peter M. Nolan (Standing, right to left): William F. Feeney, John T. Schouten, Richard A. Harrah, Michael J. Cavallero, Eric M. Schwartz, JonathanY. Bass - 15 -
  18. 18. Dole Food Company Officers and Operating Division Officers Directors Officers Operating Division Officers Mike Curb 1, 2, 4 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 Lawrence A. Kern Former Vice Chairman, President and Chief Operating Officer President and Chief Operating Officer Richard A. Harrah Dole Food Company,Inc. President – Dole Latin America Richard J. Dahl Vice President and Chief Financial Officer E. Rolland Dickson, M.D. 4 Peter M. Nolan Director for Development President – Dole Worldwide Mayo Foundation Packaged Foods C. Michael Carter Vice President,General Counsel and Corporate Secretary Richard M. Ferry 1, 2, 3 Eric M. Schwartz Founder Chairman President – Dole Worldwide Korn/Ferry International FreshVegetables George R. Horne (international executive search firm) Vice President – Administration and Support Operations John T. Schouten Lawrence M. Johnson 1, 3 President – Dole Fresh Flowers Chairman and CEO (retired) Roberta Wieman Bank of Hawaii Vice President Michael J. Cavallero President – Dole North America Lawrence A. Kern Tropical Fresh Fruit Sue Hagen President and Chief Operating Officer Vice President – Human Resources Dole Food Company,Inc. JonathanY. Bass Vice President and General Manager Javier H. Idrovo Zoltan Merszei 3, 4 Vice President – Strategy Dole Chile Former Chief Executive Officer, President and Chairman 1 Nominating Committee Beth Potillo The Dow Chemical Company 2 Executive and Finance Committee Treasurer 3 Audit Committee 4 Corporate Compensation and Benefits Committee David H. Murdock 2 Yooh J. Hugh Chairman of the Board and Controller and Chief Accounting Officer Chief Executive Officer Dole Food Company,Inc. s The benefits of potassium. Bananas are an excellent source of potassium. Research shows people with the highest intakes of potassium are less likely to have a stroke compared to those with the lowest intakes of potassium. - 16 -
  19. 19. Company Information 2002 Dividend Information A cash dividend of $0.15 per common share was declared in each quarter of 2002 for a total annual dividend of $0.60 per share. Investment Community Inquiries Members of the investment community should direct inquiries to: Office of the Chief Financial Officer Dole Food Company, Inc. One Dole Drive Westlake Village, CA 91362 818-879-6600 Dole’s New San Diego Berth E-mail address: investor_relations@na.dole.com In October 2002, Dole Fresh Fruit Company moved its West Coast terminal and port facility to the Port of San Diego, California. Quality Dole® bananas, pineapples and other tropical fruits pass through this facility on their way to Dole customers throughout Western North America. Other Inquiries For a copy of the Annual Report on Form 10-K, or for other information requests, direct the inquiry to: Office of the Corporate Secretary Dole Food Company, Inc The Company One Dole Drive Founded in Hawaii in 1851, Dole Food Company, Inc., is the largest Westlake Village, CA 91362 producer and marketer of high-quality fresh fruit, fresh vegetables 818-879-6814 and fresh-cut flowers, markets a growing line of packaged foods and E-mail address: shareholder_relations@na.dole.com is a produce industry leader in nutrition education and research. The Dole’s 2002 Annual Report on Form 10-K and other Company does business in more than 90 countries and employs approx- filings with the Securities and Exchange Commission are imately 57,000 people in full-time permanent or full-time seasonal or available on the internet at http://www.dole.com. temporary positions. Internet Addresses Corporate Headquarters http://www.dole.com One Dole Drive http://www.dole5aday.com Westlake Village, CA 91362 818-879-6600 Auditors Deloitte & Touche LLP 350 South Grand Avenue Los Angeles, CA 90071 s Fighting obesity. “Increasing the intake of fruits and vegetables is a key component of the solution to the worldwide obesity epidemic”– Dr.David Heber,Professor of Medicine,UCLA;Chief Scientific Advisor to Dole Food Company
  20. 20. Dole Food Company, Inc. www.Dole.com

×