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Annual Report 2003
Dole Financial Highlights



                                                                              2003           ...
A M e s s ag e Fro m


Mr. David H. Murdock
                                                                              ...
Dole Food Company, Inc. Board of Directors
    (Seated, left to right): David H. Murdock, Richard M. Ferry, Andrew J. Conr...
(Left to right): Robert Slavin, Mayor, Westlake Village; Dr. Andrew J. Conrad; David H. Murdock; California Governor Arnol...
The Dole Wellness Center,
    Spa and Hotel
                                                   This health and beauty dest...
Hotel & Conference Center
The luxury hotel will have a grand ballroom capable of
accommodating 350 guests, a conference ce...
The clinic will be supported by a research and scientific
                                                                 ...
body measures and self-reporting. The resulting Wellbeing Index         Television Studio
score, targeting what the center...
The Dole Nutrition Institute
                                                       Here is a look back at the year’s acco...
Dole Worldwide Product List
                                                                                              ...
Dole Worldwide Operations




                                                                          ▲
                ...
Dole Food Company, Inc.

Business Review 2003




                              11
Introduction                                                      products are produced both directly on Dole-owned or lea...
Retail consolidation and the growing importance of food to       significantly to our leading positions in each of the mark...
• Experienced Management Team. Our management team has            primarily to North America and Europe on our refrigerate...
Dole Chile                                                        plastic cups and pouches. All of our significant packaged...
Research and Development                                             Richard J. Dahl, President and Chief Operating Officer...
Executive Officer and was promoted to Vice President in            July 1997. She became Assistant Treasurer of Dole in Jul...
Richard A. Harrah, President, Dole Latin America.                 Disclosure Regarding Forward-Looking Statements
     Mr....
Dole Food Company, Inc. Officers and Operating Division Officers




Dole Food Company, Inc. Officers
(Seated, right to lef...
Dole Food Company, Inc. Directors, Officers
                                and Operating Division Officers
     Directors...
Dole 2003 Annual
Dole 2003 Annual
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Dole 2003 Annual

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Dole 2003 Annual

  1. 1. Annual Report 2003
  2. 2. Dole Financial Highlights 2003 2002 2001 2000 1999 (in millions) Revenues, net $ 4,773 $ 4,392 $ 4,314 $ 4,400 $ 4,449 Gross Margin 659 695 430 469 452 Cash Flow from Operating Activities of Continuing Operations 339 227 244 121 49 Total Assets 3,988 3,037 2,768 2,801 2,994 Working Capital 279 715 586 377 393 Capitalization Short-term debt 47 243 27 45 38 Long-term debt 1,804 882 816 1,135 1,285 Total shareholders’ equity 456 745 736 555 532 Total capitalization $ 2,307 $ 1,870 $ 1,579 $ 1,735 $ 1,855 NOTE: In 2003, Dole completed a going-private transaction. Financial results for 2003 prior to the going-private merger transaction (“Predecessor” presentation) have been combined with the financial results after the going-private merger transaction (“Successor” presentation) to facilitate an understanding of Dole results. In 2001, Dole divested its Honduran Beverage operations. Operating results of this business have been accounted for as a discontinued operation. 4,449 4,400 4,314 4,392 4,773 452 469 430 695 659 49 121 244 227 339 1,855 1,735 1,579 1,870 2,307 ’99 ’00 ’01 ’02 ’03 ’99 ’00 ’01 ’02 ’03 ’99 ’00 ’01 ’02 ’03 ’99 ’00 ’01 ’02 ’03 Cash Flow from Revenues, net Gross Margin Total Capitalization Operating Activities (in $ millions) (in $ millions) (in $ millions) of Continuing Operations ( in $ millions)
  3. 3. A M e s s ag e Fro m Mr. David H. Murdock In just one year as a private company, Dole is meeting and surpassing expecta- tions of reaching higher earnings and growth potential. The Company has 2003 was a banner year. It began with the expanded with increased sales of nearly nine percent, as well as increased earnings completion of the going-private transaction in from operations of approximately 18 percent. In 2003, subsequent to the David H. Murdock March. This transaction marked a turning going-private transaction, the Company Chairman and Chief Executive Officer repaid over $200 million in bank debt. point in Dole’s 152-year history, opening up Dole’s management continues to follow very similar procedures long-term opportunities while minimizing the and policies, though with management changes indicative of Dole’s strong management base. Richard J. Dahl was promoted short-term pressures of the public equities market. to President and Chief Operating Officer. Other recently- announced promotions from senior and middle management include the appointment of Joseph S. Tesoriero as Vice President and Chief Financial Officer; C. Michael Carter to Executive Vice President, General Counsel and Corporate Secretary; Scott A. Griswold to Executive Vice President, Corporate Development; Roberta Wieman to Executive Vice President, Chief of Staff; Sue Hagen to Senior Vice President, Human Resources, and Javier H. Idrovo to Senior Vice President, Strategy. Dr. Andrew J. Conrad, co-founder and chief scientific officer of the National Genetics Institute, a subsidiary of Laboratory Corporation of America, joined Dole’s Board of Directors. The Dole Nutrition Institute’s first year has been full of exciting new initiatives aimed at educating the public about the health benefits of fruits and vegetables. Every day, headlines prove the timeliness of this message. Obesity in America and around the world continues to reach crisis proportions. Poor DOLE ® Fresh-Cut Pineapple Chunks Dole’s 16 oz. Pineapple Chunks were intro- duced in early 2004 as part of a full line of fresh-cut fruit offerings. Specially cultivated to produce an extra sweet, juicy flavor, Tropical Gold ® pineapple delivers the taste consumers prefer from a brand they trust. Fresh-cut fruit is an emerging category that capitalizes on consumers’ demand for products offering wholesome nutrition in convenient formats. 1
  4. 4. Dole Food Company, Inc. Board of Directors (Seated, left to right): David H. Murdock, Richard M. Ferry, Andrew J. Conrad, Ph.D. (Standing, left to right): David A. DeLorenzo, C. Michael Carter, Justin M. Murdock, Scott A. Griswold, Richard J. Dahl, David H. Murdock, Jr., Edward C. Roohan, Roberta Wieman diet and inactivity is on the verge of surpassing tobacco as the brochures, website, and published articles. The Institute’s leading cause of preventable death, according to a watershed innovative employee wellness program has helped many report released by the Centers for Disease Control. Excess employees to lose weight, improve fitness, lower cholesterol weight and lack of exercise now contributes to 400,000 deaths and improve health—while helping Dole to lead by example a year—representing an increase of 33% over the past decade. as an advocate for better diet and daily exercise. In order to help combat these unhealthy trends, the Dole As part of the wellness program, a “model café” was created Nutrition Institute is bringing the most definitive nutritional with the total revamping of the menu in Dole’s corporate information to thousands of consumers through its newsletter, employees’ dining facilities, encompassing a near total elimination of saturated fat, junk foods, sugar sodas, etc. and DOLE ® Spring Mix Salad Blend including the addition of a fresh juice and smoothie bar, the expansion of fish and vegetarian selections, and a “Daily Launched in early 2004 as part of a new Dole” special, low in calories and fat. line of clamshell packaged salad blends, DOLE 7 oz. Spring Mix Salad Blend offers The Company continues its investment in deep plowing as a convenient new twist on already popular part of its commitment to sustainable agriculture and better salad blends. Packaged in clear, reusable nutrition. Now in its eleventh year, the practice of deep plastic clamshell containers, this product plowing rejuvenates the soil, reaching up to three feet deep, combines great taste, versatility and value. Other blends while conventional plowing merely turns the topsoil. By this available in clamshell packaging include Baby Spinach and process, Dole was able to eliminate most banana pests Baby Romaine. (known as nematodes), producing taller, healthier plants with greater yields. 2
  5. 5. (Left to right): Robert Slavin, Mayor, Westlake Village; Dr. Andrew J. Conrad; David H. Murdock; California Governor Arnold Schwarzenegger; Leonard D. Schaeffer, Chairman and Chief Executive Officer, WellPoint Health Networks, Inc.; Denny Weinberg, Executive Vice President, WellPoint Health Networks, Inc. Governor Schwarzenegger said: “This is going to be an The most important ground broken this year was that of the extraordinary center. I’ve seen the plans. It’s absolutely new Dole Wellness Center, Spa and Hotel. On March 12, remarkable...this is going to be one of those places the rest of 2004, California Governor Arnold Schwarzenegger joined in the world will know.” The groundbreaking was one of the a groundbreaking ceremony for an over 700,000 square-foot most exciting days of my life. I look forward to the completion complex to comprise medical facilities with physicians of construction of the complex in March 2006. on-site providing state-of-the-art diagnostic services; a 267-room five-star hotel to be operated by a first class hotel The achievements of this past year are a reflection of the and resort company; a full-service spa and fitness center; a incredible dedication, creativity, and teamwork of everyone conference center and an ultra-modern TV production facility at Dole Food Company. I am extremely proud of the men focusing on health and wellbeing programming; and an and women that have made this year of new beginnings interactive wellbeing center to be developed in partnership possible. They have my sincerest thanks and my confidence, with a prominent health plan manager. as we move forward to cultivating these beginnings and watch them bear fruit. This new health and nutrition center, to be built adjacent to Dole’s World Headquarters in Westlake Village, California, Sincerely, is a natural extension of Dole’s goal to provide people with not just the knowledge but the tools and treatments to fight disease and upgrade their quality of life. Visitors will be empowered not just to learn but to live fuller, longer, more vibrant lives. David H. Murdock Chairman and Chief Executive Officer 3
  6. 6. The Dole Wellness Center, Spa and Hotel This health and beauty destination is the brainchild of Dole Food Company, Inc. Chairman and CEO, David H. Murdock. His holistic vision of human potential and longer life through better nutrition and fitness was the On March 12, 2004, ground was broken for foundation for establishing the Dole Nutrition Institute, dedicated to nutrition education and disease prevention. a premiere wellness center, medical spa and The new complex will be located 30 miles northwest of luxury hotel to be built amid beautifully Los Angeles across from the Dole World Headquarters in landscaped gardens spanning the 20 acres Westlake Village. Construction of the complex began in March 2004 and it is anticipated that construction will be directly across from Dole Food Company, Inc. completed in March 2006. The handsome, six-story, brick and glass contemporary design was conceived by renowned World Headquarters. architect Arnold Savrann. Ten acres of elegantly landscaped walking and running paths will wind through ponds, fountains, waterfalls and theme gardens. 4
  7. 7. Hotel & Conference Center The luxury hotel will have a grand ballroom capable of accommodating 350 guests, a conference center and business center. Dining options will include a sushi restaurant and spa café. A unique outdoor function area is planned with nearby luxuri- ous gardens and waterfalls. There will be walking/jogging paths on the ten acres of open land surrounding the new complex. Medi-Spa The health and beauty spa will feature over two dozen treatment rooms, each complemented with private outdoor gardens and spa bath amenities. Hydrotherapy pools, Vichy showers, steam rooms, watsu pools and dry saunas are among the amenities that will provide visitors with a relaxing, state- of-the-art spa experience where they will be attended to by experienced and skilled aestheticians and therapists. A full-service beauty salon will be integrated into the spa, with top stylists offering a modern approach to beauty, hair, nails and makeup. Medical Facility A major component of the new development will be a medical facility with physicians on staff to provide diagnostic services. Fully integrated into the wellness complex and spa, the facility will offer guests an opportunity to learn what dietary and behavioral changes can help them ward off the DNA damage that increases the risk of cancer and other chronic diseases. Medical staff will include a team of physicians board-certified in their respective disciplines. This facility will contain a complete diagnostic and imaging suite including MRI, Did you know? • Broccoli was brought to the United States in the early 1900’s by Italian immigrants to northern California. Broccoli is high in vitamins A and C and contains phytochem- icals that may help prevent cancer. • The winner of an athletic event in ancient Greece was given a bunch of celery, much like flowers are given today. Celery is a great source of potassium and fiber. 5
  8. 8. The clinic will be supported by a research and scientific program that includes a proprietary test that can assay the rate at which DNA damage is occurring within an individual. The complex will consist of a 267-room five-star This test will then serve as an objective benchmark to determine the efficacy of antioxidants included in the Dole Scale nutrition hotel to be operated by a first class hotel and resort program being advocated at the clinic. company, a full-service luxury spa and fitness Health & Wellbeing Center facility, a comprehensive medical clinic and It is envisioned that a unique center will be created within the overall complex where guests and visitors can access diagnostic facility, a wellness center, as well as a interactive technology and support services to monitor and improve their health. television studio with full production capability. A serene environment will encourage browsing in the well- being exhibit gallery or in a variety of wellbeing retail stores or taking a refreshing break at the healthy juice and snack bar. Personal health coaches will serve as guides to exploring CT scan and other body-scan imaging equipment, X-Ray various self-improvement programs and vacations. and ultrasound capabilities, a full medical laboratory, exam Combined with the medical, diagnostic and personal care suites, and an endoscopy suite. In addition, there will be services in other parts of the complex, a proprietary Wellbeing related health care professionals, such as physical Index will be used to assess health and wellness through both therapists and dieticians, on staff. 6
  9. 9. body measures and self-reporting. The resulting Wellbeing Index Television Studio score, targeting what the center calls the four pillars of wellbeing, A state-of-the-art television production studio will develop and identifies a baseline measurement for each enrolled guest. offer programs that emphasize the importance of healthful eating and the role that good food, nutrition, and exercise play Using this baseline diagnosis, wellbeing center personal in living a long, healthy and productive life. Programs designed health coaches will suggest a program of life changes to to promote health and longevity will be created for guests to promote happiness, health and longevity. The areas of focus follow during and after their visits to the center. include food and nutrition, physical fitness, recreation, physical and emotional health and the latest in what science, Conclusion technology, communications and personal care can offer. David H. Murdock, Chairman and CEO of Dole stated: “It has long been my belief that Dole can play a crucial role in helping consumers eat healthier and thus lead longer, Did you know? healthier and more vital lives. This new complex is an example • One-quarter of a medium cantaloupe of Dole’s commitment to this goal.” provides more than 400 percent of your daily vitamin A and nearly 100 percent of In addition to the wellness center in Westlake Village, it is your daily vitamin C. anticipated that wellness centers will be developed at the • Most of the United States’ domestic Manele Bay Hotel and the Lodge at Koele on the Island of supplies of artichokes are grown in the midcoast region of Lana‘i, Hawaii. The Manele Bay Hotel, the Lodge at Koele California. Artichokes are high in Vitamin C and fiber and and the Wellness Center in Westlake Village are owned by an are a good source of folate. affiliate of Dole. 7
  10. 10. The Dole Nutrition Institute Here is a look back at the year’s accomplishments, and a look The Dole Nutrition Institute had a fruitful first forward to future plans: year, bringing to life new projects designed to Dole Nutrition News: Launching an electronic newsletter educate the public about the role of proper featuring the “Dole Diet Center”, “Nutrition News Desk”, “Director’s Corner”, “Featured Recipe”, and the “Dole Spa”. nutrition in promoting health and preventing “Partners in Health” Pamphlet Series and Healthy Snack disease. In particular, our efforts have focused Magnet: Publishing the first five brochures in a series of seven ultimately to include: #1 Weight Loss, #2 Heart on researching and communicating the unique Health, #3 Diabetes, #4 Kids’ Health, #5 Carb Confusion, potential of a plant-based diet to aid weight #6 Women’s Health, #7 Dole Spa and others. Dole Employee Wellness Program: Implementing an loss, lower cholesterol and reduce the risk of innovative wellness program for Dole headquarters certain types of cancer, cardiovascular disease employees. A 60-member study group was established to measure the program’s health impact. and other chronic diseases. Nutrition Sales and Marketing Conference: Teaching Dole sales representatives how integrating nutrition into marketing is an effective strategy. Nutrition Literacy Survey: Polling 6,232 grade school children to ascertain their level of nutrition know-how, revealing confusion about obesity and its impact on health. FDA Health Claim Advertisement: Promoting the Food and Drug Administration’s newly-approved health claim with half- page advertisements that ran in major newspapers nationwide. Research Laboratory: Employing a manager for the Dole Nutrition Research Laboratory and conducting phytochemical analyses of produce. Dole Nutrition Institute Website: Including Food Facts A-Z, 365 Days of Nutrition, Dole Spa, a Nutrition Quiz, and much more. Looking ahead, the Institute plans on expanding the Dole Nutrition News, expanding the Dole Nutrition Institute website, launching a fresh fruit recipe contest and creating a produce training video for retailers. Jennifer A. Grossman, Vice President Director, Dole Nutrition Institute 8
  11. 11. Dole Worldwide Product List Dole Plastic Jar – Mandarins Dole Fruit Bowls – Pears Dole Shredded Lettuce Dole Fresh Vegetables Dole Plastic Jar – Mixed Fruit Dole Fruit Bowls – Mixed Fruit Dole Shredded Red Cabbage Dole Artichokes Dole Plastic Jar – Pineapple Dole Fruit Bowls – Pineapple Dole Spinach Dole Asparagus Chunks Dole Fruit Bowls – Tropical Fruit Dole Broccoli Dole Plastic Jar – Sliced Peaches Dole Fruit Bowls – Mandarin Dole Brussels Sprouts Dole Fresh Fruit Dole Plastic Jar – Tropical Fruit Oranges Dole Butter Lettuce Dole Apples Dole Pouch – Pineapple Tidbits Dole Fruit Bowls – Mixed Fruit Dole Carrots Dole Apricots in Syrup in Black Cherry Gel Dole Cauliflower Dole Avocados Dole Pouch – Tropical Fruit Dole Fruit Bowls – Dole Celery Dole Baby Bananas Salad Pineapple in Lime Gel Dole Cilantro Dole Bananas Dole Rambutan in Syrup Dole Fruit Bowls – Dole Green Leaf Lettuce Dole Banana Puree Dole Rambutan Snack Cup Mandarins in Orange Gel Dole Fresh Bulb Onions – Dole Cantaloupes Dole Red Papaya Dole Fruit Bowls – yellow, red and white Dole Cherries Chunks in Light Syrup Peaches in Strawberry Gel Dole Green Onions Dole Chayote Dole Tomato Sauce Dole Reduced Sugar Fruit Bowls Dole Sweet Onions Dole Clementines Dole Tropical Fruit Cocktail – Pears in Kiwiberry Gel Dole Iceberg Lettuce Dole Coconuts in Juice and Syrup Dole Fruit Festival Snack Cup Dole Idaho Potatoes Dole Cranberries Dole Tropical Fruit Cocktail in Dole Fruit Salad with Extra Dole Portobello Mushrooms Dole Grapefruit Syrup with Passion Fruit Juice Cherries, Plastic Cup Dole Radishes Dole Grapes Dole Tropical Fruit Juice Box Dole Guava Halves Dole Red Leaf Lettuce Dole Honeydew Melons Dole Tropical Fruit Salad Dole Guava in Syrup Dole Red Potatoes Dole Kiwis Dole Tropical Fruit Salad – Dole Longans in Syrup Dole Romaine Lettuce Dole Malange (root) Easy Open Dole Longans Snack Cup Dole Russet Potatoes Dole Mangoes Dole Tropical Pineapple Juice Dole Lychees in Syrup Dole Shiitake Mushrooms Dole Nectarines Blend Dole Mandarin Orange Dole Sugar Peas Dole Oranges Dole White Asparagus Fruit Cups Dole White Mushrooms Dole Organic Bananas Dole Yellow Papaya Chunks Dole Mandarin Oranges Dole White Potatoes Dole Organic Pineapples in Syrup Dole Mandarin Orange Dole Yukon Gold Potatoes Dole Papayas Seasons™ Pineapple Juice Segments Easy Open Dole Peaches Seasons Tropical Fruit Mix Dole Mango Slices Dole Fresh-Cut Vegetables Dole Pears in Blended Juice or Syrup Dole American Salad Blend Dole Pineapples Dole Mushrooms Dole Fresh Flowers Dole Baby Spinach Salad Blend Dole Plantains Dole Nata de Coco in Syrup Alstroemeria Dole Baby Spinach Dole Plums Dole Nata de Coco with Aster Butterfly and Red Leaf Salad Blend Dole Pomegranates Jackfruit Snack Cup Aster Matsumoto Dole Baby Spinach Dole Premium Select® Pineapple Dole Peach Halves in Syrup Aster Montecasino and Radicchio Salad Blend Dole Red Bananas Dole Pineapple Concentrate Bupleurum Dole Butter Lettuce Salad Blend Dole Strawberries Dole Pineapple Cubes in Syrup Campanulas Dole European Salad Blend Dole Sweetio® Bananas Dole Pineapple Grapefruit Carnations Dole Field Greens Salad Blend Dole Sweetio™ Pineapple Juice Drink Chinese Carnations Dole French Salad Blend Dole Tropical Gold® Pineapple Dole Pineapple Juice Cremons Dole Hearts of Romaine Mix Dole Yuca Dole Pineapple Juice Box Delphinium Salad Blend Dole Frozen Pineapple Juice Farm Bouquets Dole Italian Salad Blend Dole Fresh-Cut Fruit Dole Pineapple Juice Drink Football Mums Dole Mediterranean Blend Dole Fresh-Cut Cantaloupe Dole Pineapple Freesia Dole Spring Mix Salad Blend Dole Fresh-Cut Fruit Mix Lychee Juice Drink Gerbera Dole Very Veggie® Salad Blend Dole Fresh-Cut Honeydew Melon Dole Pineapple Mandarin Gerspider Dole Caesar Salad Kit Dole Fresh-Cut Melon Mix Orange Banana Juice Gypsophila Dole Creamy Garlic Dole Fresh-Cut Papaya Halves Dole Pineapple Orange Juice Kangaroo Paws Caesar Salad Kit Dole Fresh-Cut Pineapple Chunks Dole Pineapple Limonium Dole Light Caesar Salad Kit Dole Fresh-Cut Pineapple Orange Juice Box Lisianthus Dole Romano Salad Kit Cored & Peeled Dole Pineapple Micro Pompons Dole Sunflower Ranch Salad Kit Dole Fresh-Cut Pineapple Orange Juice Drink Million Stars Gypsophila Dole Angel Hair Cole Slaw Cylinders Dole Pineapple Orange Miniature Carnations Dole Classic Cole Slaw Dole Fresh-Cut Pineapple Rings Banana Juice Box Monk’s Hood Dole Chopped Romaine Salad Dole Fresh-Cut Pineapple Spears Dole Pineapple Orange Mums Dole Classic Iceberg Salad Dole Fresh-Cut Tropical Fruit Mix Raspberry Juice Box Pompons Dole Classic Romaine Salad Dole Fresh-Cut Watermelon Dole Pineapple Passion Roses (Hybrid tea) Dole Greener Selection® Salad Banana Juice Box Rover Mums – Fall only Dole Just Lettuce® Salad Dole Packaged Foods Dole Pineapple Orange Snapdragons Dole Organic Baby Lettuces Dole Aloe Vera (Solid) Strawberry Juice Solidago Dole Organic Baby Spinach Dole Crushed Pineapple in Juice Dole Pineapple Slices Spider Mums Dole Organic Romaine Hearts or Syrup in Juice or Syrup Spray Roses and Radicchio Dole Deciduous Fruit Dole Pineapple Snack Cup Statice Dole Organic Spring Mix Cocktail in Juice or Syrup Dole Pineapple Snack Stock with Herbs Dole Fruit Bowls® – Wedges Easy Open Sunflowers Dole Baby Romaine Cherry Mixed Fruit Dole Pineapple Strawberry Sweetheart Roses Dole Leafy Romaine Dole Fruit Bowls – Fruit Salad Juice Drink Dole Peeled Mini-Carrots with Extra Cherries Dole Pineapple Tidbits for Pizza Dole Shredded Carrots Dole Fruit Bowls – Peaches Dole Pineapple Tidbits in Juice 9
  12. 12. Dole Worldwide Operations ▲ ▲▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ◆ ▲ ▲ ▲ Sourcing ■ Ripening/Distribution ▲ Markets ● Corporate ◆ Food Operating Divisions Europe and Africa Belgium • Cameroon • Canary Islands • France • Germany • Ghana • Greece • Italy • Ivory Coast • Kenya • Morocco Namibia • Netherlands • South Africa • Spain • Sweden • Turkey • United Kingdom • Zimbabwe Latin America and Caribbean Bermuda • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guadeloupe Guatemala • Honduras • Jamaica • Martinique • Mexico • Peru Asia China • Hong Kong • Japan • New Zealand • Philippines • South Korea • Thailand North America Canada • United States: Arizona, California, Florida, Hawaii, Ohio, Washington 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 • Macedonia • Malta • Morocco • Netherlands • Norway Oman • Poland • Portugal • Qatar • Romania • Russia • Saudi Arabia • Senegal • Slovakia • Slovenia • 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 • Singapore • South Korea • Thailand North America Canada • United States 10
  13. 13. Dole Food Company, Inc. Business Review 2003 11
  14. 14. Introduction products are produced both directly on Dole-owned or leased land and through associated producer and independent Dole Food Company, Inc. was founded in Hawaii in 1851 and grower arrangements under which we provide varying was incorporated under the laws of Hawaii in 1894. Dole degrees of farming, harvesting, packing, storing, shipping, reincorporated as a Delaware corporation in July 2001. stevedoring and marketing services. During fiscal year 2003, we had, on average, 36,000 full-time permanent employees and 23,000 full-time seasonal or Industry temporary employees worldwide. Dole is the world’s largest producer and marketer of high-quality fresh fruit, fresh The worldwide fresh produce industry is characterized by vegetables and fresh-cut flowers, markets a growing line consistent underlying demand and favorable growth dynamics. of packaged and frozen foods and is a produce industry In recent years, the market for fresh produce has grown at a leader in nutrition education and research. Dole is a rate above population growth, supported by ongoing trends leading producer and marketer of branded and non-branded including greater consumer demand for healthy, fresh and frozen fruit. convenient foods, increased retailer square footage devoted to produce, and increased emphasis on fresh produce as a Overview differentiating factor in attracting customers. According to the United Nations’ Food and Agriculture Organization, Dole is the world’s largest producer of fresh fruit, fresh worldwide produce production grew 3.6% per annum from vegetables and fresh-cut flowers, and we market a growing 814 million metric tons in 1990 to an estimated 1,244 million line of value-added products. We are one of the world’s in 2002. Total wholesale fresh produce sales in the United largest producers of bananas and pineapples, a leading States surpassed $80 billion in 2001, up from approximately marketer of table grapes and citrus worldwide and an industry $35 billion in 1987, representing a 6.1% compounded annual leader in packaged and frozen food products, ready-to-eat growth rate. salads and vegetables. Our most significant products hold the number one or number two positions in the respective Health conscious consumers are driving much of the growth markets in which we compete. in demand for fresh produce. Over the past 20 years, the benefits of natural, preservative-free foods have become an We utilize product quality, food safety, brand recognition, increasingly prominent element of the public dialogue on competitive pricing, customer service and consumer marketing health and nutrition. As a result, consumption of fresh fruit programs to enhance our position within the food industry. and vegetables has increased markedly. According to the Dole provides wholesale, retail and institutional customers United States Department of Agriculture (“USDA”), around the world with high-quality food products that bear Americans consumed 54 more pounds of fresh fruit and veg- the DOLE® trademarks. The DOLE brand was introduced in etables per capita in 2000 than they did in 1986. Time-starved 1933, and we believe it is one of the most recognized for fresh consumers are also demonstrating continued demand for and packaged produce in the United States, as evidenced by convenient, ready-to-eat products. Food manufacturers have our 42% unaided consumer brand awareness — twice that of responded with new product introductions and packaging our nearest competitor, according to C.A. Walker and innovations in segments such as bagged baby carrots and Associates. Consumer and institutional recognition of the ready-to-eat salads, contributing to industry growth. For DOLE trademarks and related brands and the association of example, the US market for fresh-cut produce has increased these brands with high-quality food products contribute signif- from an estimated $3 billion in 1994 to an estimated $11 icantly to our leading positions in the markets that we serve. billion in 2000. According to the International Fresh-cut Produce Association, growth in the fresh-cut produce market We source or sell over 200 products in more than 90 countries. is forecasted to continue at a compound annual rate of 6.4%, Our fully-integrated operations include sourcing, growing, reaching approximately $15 billion by 2005. processing, distributing and marketing our products. Our 12
  15. 15. Retail consolidation and the growing importance of food to significantly to our leading positions in each of the markets mass merchandisers are major factors affecting the food that we serve. By implementing a global marketing program, manufacturing and fresh produce industries. As food retailers we have made the distinctive red “DOLE” letters and sun- have grown and expanded, they have sought to increase burst a familiar symbol of freshness and quality recognized profitability through value-added product offerings and in- around the world. We believe that opportunities exist to store services. As fresh produce has become a strategic focus, leverage the DOLE brand through product extensions and retailers have expanded square footage dedicated to produce new product introductions. departments by almost 7% per annum between 1994 and • Low-Cost Production Capabilities. We believe we are one of 1999. This development has led to an increase in produce the lowest-cost producers of many of our major product sales as a percentage of total supermarket sales, from 8.8% in lines, including bananas, North American fresh vegetables 1987 to 9.8% in 2001, according to the Food Marketing and ready-to-eat salads and packaged fruit products. Over Institute. The fresh produce category is also attractive to the last several years, we have undertaken various initiatives retailers due to its higher margins. According to the USDA’s to achieve this low-cost position, including closing facilities, Agriculture Information Bulletin No. 758, gross margins for centralizing our raw material purchasing and leveraging our the produce department were 33% compared to a 26% global logistics infrastructure more efficiently. We plan to average for the entire store in 1997. Fully-integrated produce maintain these low-cost positions through a continued focus companies, such as Dole, are well positioned to meet the on operating efficiency. needs of large retailers through the delivery of consistent, high-quality produce, reliable service, competitive pricing • State-of-the-Art Infrastructure. We have made significant and innovative products. Established produce companies investments in our production, processing, transportation have sought to strengthen relationships with leading retailers and distribution infrastructure with the goal of efficiently through value-added services such as banana ripening and delivering the highest quality and freshest product to our distribution, category management, branding initiatives and customers. We own or lease approximately 120,000 acres of establishment of long-term supply agreements. land worldwide, over 50 processing, ripening and distribution centers, and the largest dedicated refrigerated containerized Competitive Strengths shipping fleet in the world, comprising 21 ships and approximately 10,800 refrigerated containers. The investments Our competitive strengths have contributed to our strong in our infrastructure should allow for continued growth historical operating performance and should enable us to without the need for sizable capital expenditures in the capitalize on future growth opportunities: near term. In addition, our market-leading logistics and • Market Share Leader. Our most significant products hold distribution capabilities allow us to act as a preferred fresh the number one or number two positions in the respective and packaged food provider to leading global supermarkets markets in which we compete. We maintain number one and mass merchandisers. market share positions in global bananas, winter fruits • Diversity of Sourcing Locations. Dole currently sources its exported from Chile, and in North American iceberg lettuce, fresh fruits, vegetables and fresh-cut flowers in 28 countries celery, cauliflower, ready-to-eat salads and packaged fruit and distributes products in more than 90 countries. We are products, including our line of fruit cups called FRUIT not dependent on any one country for the sourcing of any of BOWLS® and FRUIT-N-GEL BOWLS™. In addition, we our products. The largest concentration of production is in believe that we are the only fully-integrated fresh-cut flower Ecuador, where we sourced approximately one-third of our and bouquet supplier of our size in North America. Latin bananas in 2003. The diversity of our production • Strong Global Brand. Consumer and institutional recognition sources reduces our risk from exposure to natural disasters of the DOLE trademark and related brands and the association and political disruptions in any one particular country. of these brands with high-quality food products contribute 13
  16. 16. • Experienced Management Team. Our management team has primarily to North America and Europe on our refrigerated, a demonstrated history of delivering strong operating results containerized shipping fleet. In Asia, we source our bananas through disciplined execution. The current management team primarily in the Philippines. has been instrumental in our continuing drive to transform Dole Consistent with our strategy to focus on value-added from a production driven company into a marketing driven one. products, we have continued to expand our focus on higher In addition, the management team led our recent company-wide margin, niche bananas. While the traditional “green” bananas restructuring and improvement initiatives. still comprise the majority of our banana sales, we have successfully introduced niche bananas such as organic, low Business Segments chemical and sweet bananas. We have found that organic Dole has four primary business segments: fresh fruit, fresh produce is a growing category in North America and Europe vegetables, packaged foods, and fresh-cut flowers. The fresh and there is a strong demand for low chemical and sweet fruit segment contains several operating units that bananas in Asia. produce and market fresh fruit to wholesale, retail and institutional customers worldwide. The fresh vegetables Fresh Pineapples segment contains several operating units that produce and We are the number two global producer of fresh pineapples, market commodity vegetables and ready-to-eat packaged growing and selling more than 20 million boxes annually. We vegetables to wholesale, retail and institutional customers sell our pineapples globally and source them from company- primarily in North America, Europe and Asia. The packaged operated farms and independent growers in Latin America, foods segment contains several operating units that Hawaii, the Philippines and Thailand. We produce and sell produce and market packaged foods, including fruit, juices, two principal varieties of pineapples: the Champaka (or snack foods and frozen food. Our fresh-cut flowers segment green) pineapple and the sweet yellow pineapple. The sources, imports and markets fresh-cut flowers, grown mainly Champaka pineapple, traditionally the most widely available in Colombia and Ecuador, primarily to wholesale florists and type of pineapple, is primarily sold to the foodservice sector retail grocers in the United States. and is also used in our packaged products. The sweet yellow pineapple was introduced in 1999 under the DOLE Fresh Fruit PREMIUM SELECT® label; we also market a substantial Our fresh fruit business segment has four primary operating portion of the fruit under the DOLE TROPICAL GOLD® units: bananas, fresh pineapple, European Ripening & label. The sweet yellow pineapple sells for a higher price than Distribution and Dole Chile. We believe that we are the the Champaka, which translates into a higher margin for us industry leader in growing, sourcing, shipping and distributing and our customers. consistently high-quality fresh fruit. European Ripening & Distribution Bananas Our European Ripening & Distribution business distributes Dole is the world’s largest producer of bananas, growing and DOLE and non-DOLE branded fresh produce in Europe. selling more than 120 million boxes of bananas annually. We This business operates approximately 48 sales and distribution sell most of our bananas under the DOLE brand. We primarily centers in nine countries, predominantly in Western Europe. sell bananas to customers in North America, Europe and Asia. This business assists us in firmly establishing customer We are the number one brand of bananas in both North relationships in Europe. We own 60% of Scandinavia’s America and Japan and the number two brand in Europe. In leading importer and distributor of fruit, vegetables and Latin America, our bananas are primarily sourced in flowers, with imports from more than 60 countries. Honduras, Costa Rica, Ecuador, Colombia, Guatemala and Peru. Bananas produced by us in Latin America are shipped 14
  17. 17. Dole Chile plastic cups and pouches. All of our significant packaged food products hold the number one market position in We began our Chilean operations in 1982 and have grown to North America. become the largest exporter of Chilean fruit. We export grapes, apples, pears, stone fruit (e.g., peaches and plums) Our FRUIT BOWLS products were introduced in 1998 and and kiwifruit. The weather and geographic features of Chile continue to exceed our volume and share expectations. The are similar to those of the Western United States, with trend towards convenience and healthy snacking has been opposite seasons. Accordingly, Chile’s harvest is counter- responsible for the explosive growth in the plastic fruit cup seasonal to that in the Northern Hemisphere, offsetting the category, which is now larger than the applesauce cup and seasonality in our other fresh fruit. We primarily export gelatin cup categories. Chilean fruit to North America, Latin America and Europe. Dole recently completed the acquisition of J.R. Wood, Inc., a leading producer and marketer of branded, foodservice, Fresh Vegetables industrial and non-branded frozen food products. Our fresh vegetables business segment operates two units: commodity and value-added. We source our fresh vegetables Fresh-Cut Flowers from company-owned and contracted farms. To satisfy the increasing demand for our products, we have continued to We entered the fresh-cut flowers business in 1998 and are expand production and distribution capabilities of our fresh now the largest producer of fresh flowers in Latin America vegetables segment. We have recently completed expansion with over 90% of our Latin American flowers shipped into projects at our Springfield, Ohio and Yuma, Arizona ready- North America. Our products include over 800 varieties of to-eat salad and vegetable facilities. fresh-cut flowers such as roses, carnations and Alstroemeria. We are the only flower importer with guaranteed daily deliveries by air. Immediately after harvesting, our flowers Commodity Vegetables are flown to our Miami facilities where temperatures are We source, harvest, cool, distribute and market more than 20 maintained at consistent levels in all warehouse and production different types of fresh vegetables, including iceberg lettuce, operations. Maintaining the cold chain enables us to deliver red and green leaf lettuce, romaine lettuce, butter lettuce, the freshest and healthiest flowers to the market. celery, cauliflower, broccoli, carrots, brussels sprouts, green onions, asparagus, snow peas and artichokes. We sell our Global Logistics commodity vegetable products primarily in North America, Asia and, to a lesser extent, Western Europe. In North We have significant owned and operated food sourcing and America, we are the number one provider of lettuce, celery related operations in Chile, Colombia, Costa Rica, Ecuador, and cauliflower. Guatemala, Honduras, Japan, the Philippines, Thailand and the United States. We also source food products in Algeria, Argentina, Australia, Brazil, Cameroon, China, Greece, Italy, Value-Added Ivory Coast, Mexico, New Zealand, Peru, South Africa, South Our value-added vegetable products include ready-to-eat Korea, Spain, Tunisia and Turkey. Significant volumes of salads, bagged baby carrots, broccoli florets, and cauliflower Dole’s fresh fruit and packaged products are marketed in florets. In 2003, consumers purchased more of our ready-to- Canada, Western Europe, Japan and the United States, with eat salads than any other brand. lesser volumes marketed in Australia, China, Hong Kong, New Zealand, South Korea, and certain other countries in Packaged Foods Asia, Eastern Europe, Scandinavia, the Middle East and Central and South America. Our packaged food segment produces canned pineapple, canned pineapple juice, fruit juice concentrate and fruit in 15
  18. 18. Research and Development Richard J. Dahl, President and Chief Operating Officer. Mr. Dahl became Dole’s President and Chief Operating Officer in Our research and development programs concentrate on July 2004. He was promoted to Senior Vice President and sustaining the productivity of our agricultural lands, food Chief Financial Officer in July 2003 and became a director of safety, product quality of existing products and the Dole in April 2003. Mr. Dahl joined Dole as Vice President development of new value-added products, as well as and Chief Financial Officer in June 2002, after serving as agricultural research and packaging design. Agricultural President and Chief Operating Officer of Pacific Century research is directed toward sustaining and improving Financial Corporation and Bank of Hawaii. Prior to Pacific product yields and product quality by examining and Century, Mr. Dahl held various positions at Ernst & Young. improving agricultural practices in all phases of production He holds a B.S. in Accounting from the University of Idaho (such as development of specifically adapted plant varieties, and is a Certified Public Accountant. land preparation, fertilization, cultural practices, pest and disease control, post-harvesting, handling, packing and C. Michael Carter, Executive Vice President, General Counsel shipping procedures), and includes on-site technical services and Corporate Secretary. Mr. Carter became Dole’s Executive and the implementation and monitoring of recommended Vice President, General Counsel and Corporate Secretary in agricultural practices. Research efforts are also directed towards July 2004. He was promoted to Senior Vice President, integrated pest management and biological pest control. General Counsel and Corporate Secretary in July 2003 and Specialized machinery is developed for various phases of agri- became a director of Dole in April 2003. Mr. Carter joined cultural production and packaging that reduces labor costs, the Company in October 2000 as Vice President, General improves productivity and efficiency and increases product Counsel and Corporate Secretary. Prior to his employment quality. Agricultural research is conducted at field facilities by Dole, Mr. Carter had served as Executive Vice President, primarily in California, Hawaii, Latin America and Asia. We also General Counsel and Corporate Secretary of Pinkerton’s sponsor research related to environmental improvements and Inc. Prior to Pinkerton’s, Inc., Mr. Carter held positions the protection of worker and community health. at Concurrent Computer Corporation, Nabisco Group Holdings, The Singer Company and the law firm of Winthrop, Management Stimson, Putnam and Roberts. He holds a B.S. from the University of California at Berkeley and a J.D. from George Below is a list of the names and brief employment history of Washington University. the officers and senior management of Dole as of July 29, 2004. Scott A. Griswold, Executive Vice President, Corporate David H. Murdock, Chairman of the Board and Chief Development. Mr. Griswold was promoted to Executive Vice Executive Officer. Mr. Murdock joined the Company as President, Corporate Development, in July 2004. He became Chairman of the Board and Chief Executive Officer in July Dole’s Vice President, Acquisitions and Investments, in July 1985. He was also President from February to July 2004. He 2003 and joined Dole’s Board of Directors in April 2003. Mr. has been Chairman of the Board, Chief Executive Officer and Griswold has been Executive Vice President of Finance of Director of Castle & Cooke, Inc., a Hawaii corporation, since Castle & Cooke, Inc., which is indirectly wholly-owned by October 1995 (indirectly wholly-owned by Mr. Murdock Mr. Murdock, since 2000. Since 1987, he has served as an since September 2000). Since June 1982, he has been officer and/or director of various companies held by Mr. Chairman of the Board and Chief Executive Officer of Flexi-Van Murdock. Mr. Griswold holds a B.A. from Luther College. Leasing, Inc., a Delaware corporation wholly-owned by Mr. Murdock. Mr. Murdock also is the sole owner and developer Roberta Wieman, Executive Vice President, Chief of Staff. of the Sherwood Country Club in Ventura County, Ms. Wieman became Dole’s Executive Vice President, Chief California, and numerous other real estate developments, and of Staff in July 2004 and joined Dole’s Board of Directors in is the sole stockholder of numerous corporations engaged in April 2003. She joined the Company in November 1991 as a variety of business ventures and in the manufacture of Executive Assistant to the Chairman of the Board and Chief industrial and building products. 16
  19. 19. Executive Officer and was promoted to Vice President in July 1997. She became Assistant Treasurer of Dole in July February 1995. She has also served as an officer and/or 1997, and Treasurer of Dole in November 1998. Ms. Potillo director of various companies held by Mr. Murdock. holds a B.M. from Southern Illinois University and an M.B.A. from the University of California, Los Angeles. Sue Hagen, Senior Vice President, Human Resources. Ms. Hagen became Dole’s Senior Vice President, Human Joseph S. Tesoriero, Vice President and Chief Financial Resources, in July 2004. She was promoted to Vice President, Officer. Mr. Tesoriero became Dole’s Vice President and Chief Human Resources, in April 2003. She was Vice President, Financial Officer in July 2004. He joined the Company in Human Resources, North America Operations, from January October 2002 as Vice President, Taxes. From July 1998 to 2000 to March 2003. Ms. Hagen joined the Company in June September 2002, Mr. Tesoriero was Senior Vice President of Tax 1986. She holds a B.S. from the University of Redlands and an with Global Crossing Services Company, Inc. Prior to Global M.B.A. from the University of Southern California. Crossing, he held various tax-related positions with The Coleman Company, Inc., Revlon, Inc., International Business Javier H. Idrovo, Senior Vice President, Strategy. Mr. Idrovo Machines and Deloitte Haskins & Sells. Mr. Tesoriero holds a became Dole’s Senior Vice President, Strategy, in July 2004. He B.S. in Accounting from Villanova University, a J.D. from New joined the Company in 2001 as Vice President, Strategy. He York Law School and an LL.M. in Tax from Boston University previously worked as a Manager for Boston Consulting Group. School of Law. Mr. Idrovo holds a B.S. and M.S. in Engineering from Harvey Mudd College, and an M.B.A. from Harvard Business School. Jonathan Y. Bass, Vice President and General Manager, Chilean Division. Mr. Bass joined the Company in 1977 as Jeffrey B. Conner, Vice President, Associate General Counsel Manager of Financial Analysis in the Costa Rican banana and Assistant Secretary. Mr. Conner became Dole’s Vice division. He held various financial and operational positions President, Associate General Counsel and Assistant Secretary in the Latin American banana organization and was in July 2003. He joined Dole in January 2001 as Associate ultimately promoted to Vice President for Banana General Counsel. Mr. Conner also serves as Division General Production. Mr. Bass was appointed Vice President and Counsel for Dole’s Worldwide Vegetable Division. Prior to General Manager of the Chilean Division in 1989. He holds joining Dole, he practiced law at the law firm of Gibson, a B.S. from the University of North Carolina and an M.B.A. Dunn & Crutcher. Mr. Conner holds a B.A. from the from the University of Hawaii. University of California, Los Angeles, a Ph.D. in Economics from Harvard University and J.D. from Harvard University. Michael J. Cavallero, President, North America Tropical Fresh Fruit. Mr. Cavallero joined the Company in 1974 as a Yoon J. Hugh, Vice President, Corporate Controller and Chief technical service representative with the Fresh Marketing Accounting Officer. Ms. Hugh joined the Company in organization where he held various positions before transferring December 2001 as Assistant Corporate Controller and was to Fresh Vegetables in 1986 as Vice President, Sales. In 1992, promoted to Corporate Controller and Chief Accounting he was promoted to Vice President, Sales and Marketing, Officer in October 2002 and to Vice President, Corporate North America. He was promoted to President, North Controller and Chief Accounting Officer in July 2003. Prior to America Tropical Fresh Fruit in March 2001. Mr. Cavallero joining Dole, she was with PricewaterhouseCoopers LLP for holds a B.A. from San Francisco State University. approximately 10 years. Ms. Hugh holds a B.A. in Business/ Economics from the University of California, Los Angeles. William F. Feeney, President, Dole Europe. Mr. Feeney joined the Company in 1981 as Vice President and General Manager Beth Potillo, Vice President and Treasurer. Ms. Potillo became of Chile. He became President and Managing Director of Vice President and Treasurer of Dole in July 2003. She Dole Europe in 1990 with the creation of a European head- joined the Company in 1986. She was Manager of Financial quarters, which has been in Paris since 1993. Mr. Feeney Planning from January 1995 to July 1995. She held the holds a B.S. from the U.S. Naval Academy and an M.B.A. position of Manager of Corporate Finance from July 1995 to from Columbia University. 17
  20. 20. Richard A. Harrah, President, Dole Latin America. Disclosure Regarding Forward-Looking Statements Mr. Harrah joined the Company in 2000 as Vice President of (Cautionary Statements Under the Private Securities Operations for Dole Fresh Flowers, and was appointed Litigation Reform Act of 1995) President of Dole Latin America in July 2001. He previously Some of the information included in this Annual Report and worked for Noboa Corporation as Chief Financial Officer other materials filed or to be filed by us with the Securities and as Chief Operating Officer. Prior to Noboa, Mr. Harrah and Exchange Commission (as well as information included also held positions with Geest and Del Monte Fresh Produce. in oral statements or other written statements made or to be Mr. Harrah holds a B.A. from the University of Redlands and made by us or our representatives) contains or may contain an M.B.A. from the University of Southern California. forward-looking statements within the meaning of Section Peter M. Nolan, President, Worldwide Packaged Foods. 27A of the Securities Act and Section 21E of the Securities Mr. Nolan joined the Company in 1992 as Senior Vice Exchange Act of 1934, as amended (the “Exchange Act”). President, Sales and Marketing for North America and These statements can be identified by the fact that they do became President of Packaged Foods in 1995. He was not relate strictly to historical or current facts and may promoted to President, North America Operations in 2000, include the words “may,” “could,” “should,” “would,” and was subsequently promoted to President, Worldwide “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan” or Packaged Foods. Mr. Nolan previously worked for Van De other words or expressions of similar meaning. We have Kamp’s Frozen Foods and Vlasic Foods, as well as Sanwa based these forward-looking statements on our current Food. He holds a B.S. from Boston University. expectations about future events. The forward-looking statements include statements that reflect management’s James Prideaux, President, Dole Asia. Mr. Prideaux joined the beliefs, plans, objectives, goals, expectations, anticipations and Company as Chief Financial Officer of Dole Asia in July 2000. intentions with respect to our financial condition, results He became acting President in June 2003 and was named of operations, future performance and business, including President in February 2004. Prior to joining Dole, Mr. Prideaux statements relating to our business strategy and our current and held various financial positions with Atlantic Richfield future development plans. Company (ARCO). He holds a B.B.A. from Birmingham University, England, and is a Chartered Accountant. Our website address is www.dole.com. For detailed financial information with respect to Dole’s business and its operations, John T. Schouten, President, Dole Fresh Flowers. see Dole’s Consolidated Financial Statements and the related Mr. Schouten joined the Company in 1985 and held various Notes to Consolidated Financial Statements, which are positions in the sales and production organizations of Dole included in Dole’s Form 10-K. Fresh Vegetables. He was promoted to Senior Vice President and General Manager, Commodity Operations in 2000, and was promoted to President, Dole Fresh Flowers, in May 2002. Mr. Schouten holds a B.A. from the University of Oregon. Eric M. Schwartz, President, Worldwide Vegetables. 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. 18
  21. 21. Dole Food Company, Inc. Officers and Operating Division Officers Dole Food Company, Inc. Officers (Seated, right to left): David H. Murdock, Sue Hagen, Javier H. Idrovo (Standing, right to left): C. Michael Carter, Beth Potillo, Richard J. Dahl, Roberta Wieman, Scott A. Griswold, Yoon J. Hugh (Not pictured): Jeffrey B. Conner, Joseph S. Tesoriero Dole Food Company, Inc. Operating Division Officers (Seated, right to left): David H. Murdock, Jonathan Y. Bass, Michael J. Cavallero (Standing, right to left): James Prideaux, William F. Feeney, Peter M. Nolan, Richard A. Harrah, Eric M. Schwartz 19
  22. 22. Dole Food Company, Inc. Directors, Officers and Operating Division Officers Directors Officers Operating Division Officers David H. Murdock David H. Murdock James Prideaux Chairman of the Board Chairman of the Board President, Dole Asia and Chief Executive Officer and Chief Executive Officer William F. Feeney Dole Food Company, Inc. Richard J. Dahl President, Dole Europe C. Michael Carter President and Richard A. Harrah Executive Vice President, General Chief Operating Officer President, Dole Latin America Counsel and Corporate Secretary C. Michael Carter Dole Food Company, Inc. Peter M. Nolan Executive Vice President, General President, Dole Worldwide Andrew J. Conrad, Ph.D. Counsel and Corporate Secretary Packaged Foods Co-founder and Chief Scientific Officer Scott A. Griswold National Genetics Institute Eric M. Schwartz Executive Vice President, President, Dole Worldwide Richard J. Dahl Corporate Development Fresh Vegetables President and Roberta Wieman Chief Operating Officer John T. Schouten Executive Vice President, Chief of Staff Dole Food Company, Inc. President, Dole Fresh Flowers Sue Hagen David A. DeLorenzo Michael J. Cavallero Senior Vice President, Former Vice Chairman, President, Dole North America Human Resources President and Chief Operating Officer Tropical Fresh Fruit Dole Food Company, Inc. Javier H. Idrovo Jonathan Y. Bass Senior Vice President, Strategy Richard M. Ferry Vice President and General Manager, Founder Chairman Jeffrey B. Conner Dole Chile Korn/Ferry International Vice President, Associate General (international executive search firm) Counsel and Assistant Corporate Secretary Scott A. Griswold Executive Vice President, Yoon J. Hugh Corporate Development Vice President, Controller and Dole Food Company, Inc. Chief Accounting Officer Executive Vice President, Finance Castle & Cooke, Inc. Beth Potillo Vice President and Treasurer David H. Murdock, Jr. Chief Executive Officer and President Joseph S. Tesoriero JEDCO (home builder) Vice President and Vice President of Development Chief Financial Officer Castle & Cooke, Inc. Justin M. Murdock Vice President of Investments DOLE ® Fresh-Cut Fruit Mix Castle & Cooke, Inc. DOLE Fresh-Cut Fruit Mix is an integral offering in Dole’s Edward C. Roohan new fresh-cut fruit line. Combining everyday favorites such as President and Chief Operating Officer Castle & Cooke, Inc. cantaloupe, honeydew and grapes, DOLE Fresh-Cut Fruit Mix brings consumers the refreshing fruits they love in the Roberta Wieman convenient formats their busy lives demand. Available in 12 Executive Vice President, Chief of Staff oz. and 24 oz. fully recyclable, clear plastic containers. Also available are fresh-cut can- Dole Food Company, Inc. Executive Vice President and teloupe, watermelon, honeydew, melon mix, pineapple rings, pineapple chunks, and Corporate Secretary cored and peeled pineapple. Castle & Cooke, Inc. 20

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