1. DOLE FOOD COMPANY, INC.
ANNUAL REPORT 1995

2. DOLE FOOD COMPANY’S
worldwide team of growers, packers,
processors, shippers and employees is
committed to consistently providing
safe, high quality fruit, vegetables and
food products while protecting the
environment in which its products are
grown and processed. Dole’s dedication scientific pest management programs,
to quality is a commitment solidly stringent quality control measures,
backed by: state-of-the-art production and
transportation technologies, contin-
uous improvement through research
and innovation, dedication to the
safety of our workers, communities
and the environment.

3. Dole Food Company, Inc.
F H
INANCIAL IGHLIGHTS
(in millions, except per share data) 1995 1994 1993 1992 1991
Revenue $3,804 $3,499 $3,108 $3,120 $2,965
Income from continuing operations before
cumulative effect of accounting change $ ,120 $ , 58 $ , 62 $ ,66 $ ,139
Discontinued operations (97) 10 16 (2) (5)
Cumulative effect of accounting change – – – (48) –
Net income $ ,23 $ , 68 $ , 78 $ , 16 $ ,134
Earnings per common share
Income from continuing operations before
cumulative effect of accounting change $ 2.00 $ .98 $ 1.04 $ 1.11 $ 2.33
Discontinued operations (1.61) .16 .26 (.04) (.09)
Cumulative effect of accounting change – – – (.81) –
Net income $ .39 $ 1.14 $ 1.30 $ .26 $ 2.24
Average common shares outstanding 60 60 60 60 60
Total assets $2,442 $3,685 $3,159 $2,926 $2,774
Capitalization
Short-term debt $ ,24 $ , 54 $ , 79 $ , 81 $ , 76
Long-term debt 896 1,555 1,111 950 803
Minority interests 26 25 39 35 27
Common shareholders’ equity 508 1,081 1,052 1,001 1,009
Total $1,454 $2,715 $2,281 $2,067 $1,915
Book value per common share $ 8.49 $18.17 $17.70 $16.85 $17.00
Common stock price at year-end $35.00 $23.00 $26.75 $32.13 $36.50
Market price range
High $ ,38 $ 351/2 $ 377/8 $ , 40 $ , 48
Low $ ,24 $ 22 /2 $ 25 /8 $ , 26 $ , 28
1 7
Annual cash dividends per common share $ .40 $ .40 $ .40 $ .40 $ .40
Note: In connection with the distribution, the real estate and resorts business has been presented throughout this report as discontinued
operations. Prior year amounts have been restated to conform with the 1995 presentation.
1,563
1,081
3,804
1,052
223
1,009
1,001
3,499
3,120
3,108
193
2,965
1,155
175
166
995
138
847
843
508
91 92 93 94 95 91 92 93 94 95 91 92 93 94 95 91 92 93 94 95
COMMON
REVENUE O P E R AT I N G I N C O M E NET DEBT
SHAREHOLDER’S EQUITY
(in millions) (in millions) (in millions)
(in millions)
1

4. T O S :
O UR HAREHOLDERS
Dole celebrated the completion of its 144th year in held corporation, traded on the New York Stock
1995. It was a year of significant accomplishments. Exchange under the symbol “CCS,” owns the real
We made substantial improvements in our financial estate and resorts business previously conducted
position, expanded key business activities, and by Dole. As a result of the separation, sharehold-
divested lower return assets and businesses. We ers are able to separately evaluate the perfor-
achieved our long-term goal of separating our real mance of these two distinct businesses.
estate and resorts business from our food business.
This series of achievements significantly enhanced Operations
In 1995 our food business posted a number of
shareholder value in 1995. The market value of
significant achievements. Revenue grew to $3.8
Dole, including the value of Castle & Cooke, Inc.,
billion, a strong 14% increase over the prior year,
increased by over $1 billion in 1995.
excluding revenue from divested businesses. The
strong performance of many of our food business-
Real Estate Distribution
Dole had long been a large owner of real estate. es resulted in operating income for 1995 of $193
These holdings included the world-class resort million, a 40% increase over 1994. Our worldwide
hotels on the Island of Lana’i, substantial residen- banana, fresh vegetable, processed and fresh
tial developments and homebuilding operations in pineapple operations all posted improved results
Hawaii, California and Arizona and commercial over 1994. In all, we are pleased with the results
and industrial properties in Hawaii, California, posted by our food businesses which reflect the
Arizona and the Southeastern United States. Lana’i’s positive effect of the capital invested and strategic
resorts are spectacular and have been the recipient programs implemented over the last few years.
of many prestigious awards in recognition of its fine
hotels, golf courses and new residential develop- Product Expansion
We are enthusiastic about the growth and accep-
ments. The award winning residential developments
tance of our value added pre-cut salad business. In
in Hawaii and master planned communities in
1995 we introduced such innovative product line
Bakersfield continue to win high praises. Despite
extensions as the fat free complete salads and,
these successes, Dole concluded that its shareholders
most recently, Lunch for One single serving salads.
are best served by the separation of its real estate
We continued to expand our distribution network
and resorts business from the food business as these
throughout Europe and made investments in dis-
businesses are distinct in investment, operation
tribution companies in Germany, Spain and Italy.
and financial characteristics. During 1995, Dole
We also expanded our product line offering in
successfully completed the separation by distrib-
Europe. We entered into a joint venture with a
uting to its shareholders the common stock of
large South African producer of processed fruits.
Castle & Cooke, Inc. The new, separate, publicly
2

5. BOARD OF DIRECTORS
(Seated–Left to Right) David A. DeLorenzo, Richard M.
Ferry, James F. Gary, Elaine L. Chao, David H. Murdock
(Standing–Left to Right) Mike Curb, Frank J. Hata
encompassed 3,900 products and services of approx-
Further, in January 1996, we signed an agreement
imately 200 companies and government agencies.
which will result in Dole’ s ownership of substan-
We are pleased that Dole’s continuous investments
tially all of the outstanding shares of Pascual
in quality assurance programs are recognized by
Hermanos, a leading Spanish grower/marketer of
consumers. Dole will continue its strict quality
citrus and fresh vegetables. These actions position
control programs to ensure consumers will be
Dole as a major participant in the European fresh,
satisfied with our products year after year.
dried and packaged fruit and vegetable markets.
Number One in Customer Satisfaction I n c r e a s e i n S h a r e h o l d e r ’s E q u i t y
One of the most comprehensive customer satisfac- Our 1995 results were also strengthened as we
tion studies ever done, conducted by the University continued to execute plans to divest of certain
of Michigan Business School and the American assets and businesses that do not meet our long-
Society of Quality Control, rated Dole number one term growth strategies and performance expectations.
in customer satisfaction for the second consecutive While we are committed to providing high quality
year as published by Fortune magazine. The survey fresh produce and packaged products to the
3

6. Financial Strength
global markets, our goal remains to participate in a
manner that will result in higher returns on invest- As a result of the multiple efforts expended dur-
ed capital and create a more stable earnings base. ing the year, Dole enters 1996 with a very strong
We completed the sale of our juice and juice financial position and a significantly improved
beverage business to The Seagram Company Ltd., balance sheet. Dole began 1995 with net debt
owner of Tropicana Products, for net proceeds of exceeding $1.5 billion and ended the year with
$270 million. Given Seagram’s greater presence in net debt of $847 million, a reduction in borrowing
the juice business and economies of scale, we of over $700 million. We continue to enjoy the
expect to significantly benefit from its ability to support from our multinational bank group.
expand the Dole brand. Dole continues to own its
Outlook
canned pineapple juice business.
We have sold, and have under active negotiation, We are pleased with Dole’s accomplishments in
selected agricultural land in North America. It is our 1995 and the associated value created for you,
objective to retain the production from most of these our shareholders. We are excited about the future
properties to process through our packing/distribution prospects for Dole as we focus on the worldwide
systems. In North America, we intend to participate growth opportunities of our food business and the
more selectively in the growing of fresh produce and resulting continued creation of shareholder value.
will continue to downsize our ownership of agricul- Our sincere gratitude and appreciation to our
tural land properties. During 1995, we also divested 43,000 employees throughout the world. Without
our North American pistachio nut business. their advice, dedication and energy, our 1995
accomplishments would not have been possible.
Management We further applaud their achievement in upholding
We are pleased to announce that in March 1996, Dole’s number one ranking with customers for
David A. DeLorenzo was promoted to the position service, quality and value for two consecutive years.
of president and chief operating officer with all We wish to thank our shareholders and cus-
operating division presidents reporting directly to tomers for their continued support and confidence.
him. Our management group is comprised of well-
Sincerely,
seasoned executives who are particularly knowledge-
able in their respective areas as well as the food
industry in general. Working closely with Mr.
DeLorenzo, who has served Dole in various execu-
David H. Murdock
tive capacities throughout the world for more than
Chairman and Chief Executive Officer
25 years, our team will continue to work together
in maximizing the growth, profits and value of Dole. March 1996

7. Dole Worldwide Operations
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5 Corporate q
Portugal
FOOD OPERATING Martinique Bahrain Honduras
Qatar
DIVISIONS AND LOCATIONS Mexico Belarussia Jamaica
Romania
Nicaragua Belgium Martinique
Europe and Africa
Russia
Panama Bosnia Mexico
Belgium
Saudi Arabia
Peru Bulgaria Netherlands-Antilles
Cameroon
Senegal
Venezuela Croatia Panama
Canary Islands
Slovakia
Windward Islands Czech Republic Peru
France
Spain
Denmark Trinidad & Tobago
Germany Asia
Sweden
Estonia Uruguay
Greece Australia
Switzerland
Egypt Venezuela
Italy China
Syria
Finland
Ivory Coast Japan Asia
Tunisia
France
Netherlands New Zealand Australia
Turkey
Germany
Somalia Philippines China
Ukraine
Greece
South Africa Thailand Hong Kong
United Arab Emirates
Hungary
Spain Indonesia
North America
United Kingdom
Iceland
Tunisia Japan
Canada
India
Turkey Malaysia
Latin America and
United States
Ireland
United Kingdom New Zealand
Caribbean
Arizona
Italy Argentina Philippines
California
Latin America and
Jordan Bahamas Singapore
Florida
Caribbean
Kuwait Barbados South Korea
Argentina Hawaii
Latvia Bermuda Taiwan
Chile Washington
Lebanon Brazil Thailand
Colombia
Lithuania Chile
Costa Rica FOOD MARKETING North America
Luxembourg Colombia
Dominican Republic DIVISIONS AND LOCATIONS Canada
Malta Costa Rica
Ecuador United States
Europe and Morocco Dominican Republic
Guadeloupe Middle East Netherlands Ecuador
Guatemala Albania Norway Guadeloupe
Honduras Algeria Oman Guatemala
Jamaica Austria Poland

8. T Y I R
HE EAR N EVIEW
North America
Dole The North
American food business performed extremely well in 1995. With
sales of approximately $1.9 billion, Dole’s North American customers are supplied with a
wide array of high quality, wholesome products including bananas, fresh and processed
pineapple, fresh vegetables (including value added pre-cut salad), citrus, apples, grapes,
stonefruit, and dried fruit and nuts.
DUE TO the breadth of its product line, Dole is Vegetable operations achieved record earnings
uniquely able to create multiple opportunities in both the value added and commodity segments.
for “store-wide” recognition of its fresh and Value added results are expected to approximate
processed products. Dole will continue to leverage those of the branded segment in 1996. This
these synergies which benefit both Dole and its represents the successful restructuring of Dole’s
retail customers. vegetable business to leverage the stability of
value added products while
capitalizing on favorable market
conditions for commodities. The
fresh fruit operations continue to
improve with deciduous fruit
sourced from both North America
and Chile realizing very strong
returns in 1995. Citrus and apples
returns are above initial expecta-
tions and should improve further in
1996 as efforts continue to dispose
of selected agricultural properties
D O L E W O R L D W I D E O P E R AT I O N S G R O U P that do not meet Dole’s return criteria.
(Seated–Left to Right) David A. DeLorenzo, PRESIDENT, &
The value added vegetable business is now an
COO, Andrew J. Biles, EXECUTIVE VICE PRESIDENT & COO
EUROPE, David Green, PRESIDENT, DOLE NORTHWEST, William F.
established, accepted and expanding segment of
Feeney, PRESIDENT, DOLE EUROPE, David H. Murdock, CHAIRMAN
& CEO (Standing–Left to Right) Gregory L. Costley,
nearly all supermarkets, representing about eight
PRESIDENT, DOLE NORTH AMERICA FRUIT, Benjamin Paz,
PRESIDENT, DOLE LATIN AMERICA, Lawrence A. Kern, PRESIDENT,
percent of produce sales in the United States. As
DOLE FRESH VEGETABLES, Paul Cuyegkeng, PRESIDENT, DOLE ASIA
(Not Pictured) Peter M. Nolan, PRESIDENT, DOLE PACKAGED consumers continue to seek fresh, healthy, ready-
FOODS, Gerald W. LaFleur, EXECUTIVE VICE PRESIDENT, Roberto
to-eat foods, pre-cut fresh produce will gain an
Zacarias, PRESIDENT, DOLE HONDURAN BEVERAGE.
6

11. increasing share of marketer in many of its fresh product lines. In
1995 WORLDWIDE SALES
(in millions)
the consumer’s food selective cases, Dole plans to modify its participation
Packaged
budget. During 1995, as a grower with the goal of achieving higher,
$996
Vegetables
$667
Dole’s retail sales of more stable returns on invested capital. Dole has
value added products sold or is negotiating to sell other agricultural
grew significantly, land in North America to further reduce its com-
outpacing industry modity exposure and increase returns.
growth. Dole expects In other fresh branded categories, Dole contin-
strong continued ued its emphasis on the agricultural service, pack-
Fresh Fruit
$2,141 growth in this category ing and market segments. Dole believes it can
with new offerings such as five fat free complete achieve higher, more stable returns per investment
salads, two complete salads and three special dollar in these areas as this revenue structure is
blends introduced in 1995. In 1996, the single more fee-for-service based and less dependent on
serve salad with dressing and bread will be intro- the growing aspects of the agri-business.
duced offering an affordable complete meal for
individuals at work or home.
Continuing its lead in quality and technology,
Dole was commended by Food Engineering maga-
zine, which voted the recently completed Dole
Value Added Products Plant at Soledad, California,
“New Plant of the Year.” It recognized that the
plant “leapfrogs conventional plant design to set a
new standard in the fresh vegetable industry.”
Dole is setting the pace in serving retail
customer needs. Through a category management
program for its value added salads, Dole will be
the first major company in the produce industry
Recognized as “New Plant of the Year,” Dole’s Soledad
to help customers manage store shelves to optimize facility processes vegetables in a sterile environment to
assure the highest quality and freshness for consumers.
return on investments. Dole will also provide
Dole is gradually changing its product mix to
value added products in closer proximity to
better meet emerging consumer preferences and
customers to quickly respond to fluctuations in
seasonal requirements. For example, Dole is
customer requirements. These major services
emphasizing new apple and grape varieties and
will assure closer partnering relationships with
exploring opportunities in fresh and processed
retail customers and are designed to increase
fruit. While Dole continues to offer produce year-
Dole’s profitability.
round, it will concentrate on seasonal periods that
Historically, Dole North America has been
traditionally offer superior prices.
vertically integrated as a grower, packer and
9

12. Latin America/Caribbean Dole Latin
America continues to be a premier source of fresh fruit that is distributed
worldwide by Dole’s controlled shipping and distribution network. Dole
sources fruit from 11 Latin American countries and three Caribbean
nations. Dole operates the largest refrigerated container fleet in the industry between Latin
America and one of its key markets, North America.
DOLE refrigerated containers provide the most efficient owned plantations or from associated growers.
system to transport perishable cargo to its quality-and- Dole personnel ensures that Dole’s stringent fruit
service oriented customers in North America. Once quality standards are met and maintained. The
fresh fruit is loaded into refrigerated containers, the banana industry continues to produce more fruit
proper temperature is maintained and produce is not than can be sold through traditional markets on a
handled until it is delivered to the customer’s year-round basis. Dole has effectively devel-
oped distribution capacity in new, emerging
markets to alleviate oversupply conditions
in traditional markets. Dole’s success is
due in large part to its position as a low
cost producer with consistent high quality
and service levels.
While North America is Dole’s largest
market for bananas, Dole also continues
to grow at a rapid rate in Europe despite
the European Union banana regime
restricting the entry of Latin American
sourced bananas. Dole’s success in the
European market is due to
Dole fresh produce is field packed at harvest, minimizing
handling and ensuring farm-to-table freshness.
its strategy of adapting to
distribution center. Dole also operates an efficient fleet market requirements
of modern refrigerated vessels, servicing the European rather than solely relying
Union, Eastern Europe, the Mediterranean, and on governmental assistance.
certain Far Eastern and Middle Eastern markets. Dole has extended its Dole bananas featured
collectible Muppet
Dole manages the sourcing and distribution of banana sourcing to include stickers for kids in a
cross promotion with
the market requirements for its major product — significant volumes from
the popular 1996 film,
bananas. Bananas are sourced from either Dole- both Latin American and MUPPET TREASURE ISLAND.
10

15. European Union protected sources in order to the Middle East and Far East as well as the emerg-
provide maximum service to its customers. In ing Latin American markets. Dole also sources
addition, Dole started a direct service into Russia fresh pineapples, citrus, melons and mangos for
in 1995 with discharges in St. Petersburg and a North America and Europe.
new service to the Black Sea, which covers In 1996, Dole expects to continue to benefit
Southern Russia and other emerging markets of from its restructuring started several years ago,
the area. Dole also commenced direct service from encompassing every level of production and
Latin America to New Zealand. distribution. The main thrust of this strategy is to
Dole, the largest fruit focus on improved productivity, quality and
exporter from Chile, achieved efficiency, and to leverage the Latin American
its fifth straight record year in infrastructure for ever improving returns. Dole
volume and sales. Chile is maintains strict quality and cost control of
Dole’s major winter source for company-owned farms as well as of those of its
grapes, apples, pears, stonefruit and kiwis. In associated growers for which technical support
recent years, Dole has made several strategic and other services are provided. Dole’s commitment
investments in sourcing, packing and cold storage. to serve and assist its associate growers assures
These investments have allowed Dole to increase continued loyalty and support and maintains a
its volume in apples, stonefruit and kiwis to meet high level of product quality.
market requirements in North America, Europe,
Dole pineapple, the SMOOTH CAYENNE variety of pineapple and the same variety originally
planted by James Dole in the early 1900s, was voted number one in the 1995 AMERICAN
CONSUMER SATISFACTION INDEX.
13

16. Europe
Dole Dole Europe continued its growth in the
European Union, Eastern Europe, Scandinavia, the Mediterranean
countries and Russia. Dole’s European sales have grown 20% from 1994 to over $900 million
in 1995. The Dole European group, including joint ventures and alliances with Jamaica
Producers Fruit Distributors and Compagnie Fruitiere, had sales of over $1.4 billion.
IN CONTRAST to Dole’s North American customer alliances with Compagnie Fruitiere, France, and
base of supermarket chains and a few large whole- Jamaica Producers Fruit Distributors, UK, while
salers, its European customers have been regional building Dole Food España by acquiring several
distributors and processors. Three years ago, Dole distribution companies in Spain.
began to forward integrate into distribution to Dole began developing an Italian distribution
gain logistics efficiencies and work more closely network in 1995 by acquiring companies in Rome
with retailers to enhance the profit potential of and near Florence. A state-of-the-art banana
both Dole and the retailer. ripening facility was also built near Rome. Dole
now sources Italian fruit and vegetables, using
specialized packaging for Italian supermarkets
Fresh Produce Distribution Centers
During 1995, Dole expanded distribution to retailers and also exports products to other Dole companies
in France and the United Kingdom by maximizing in France, Spain, Turkey and Egypt.
Processed Fruit
Dole, through its wholly-
owned subsidiary, Saman, is
the leading dried fruit and nut
company in France. Despite
rising raw material prices and
a very competitive retail sec-
tor, Saman reported strong
1995 earnings.
Leveraging off its well
established canned pineapple
business in Europe, Dole formed a
strategic alliance with Langeberg
The Dole America is among Dole’s fleet of technologically Food Limited of South Africa.
advanced refrigerated vessels which bring fresh produce
Under the alliance, Dole will be
to market.
14

19. the exclusive marketer and In January 1996, Dole signed an agreement to
distributor in Europe of acquire Pascual Hermanos, Spain’s foremost
Langeberg’s deciduous Spanish citrus and vegetable producer and
canned products under exporter. Pascual Hermanos has long been the
both the Dole brand and best known name in Spain for high quality produce
private label. This opportu- and has enjoyed high recognition by English,
In 19,000 elementary
schools nationwide, 5 A nity allows Dole to expand French and German retailers. The Pascual
Day Adventures received
its brand presence in Hermanos production capability, together with
the highest rating by
Consumer’s Union for
processed fruit in retail Dole’s technology and capability in vegetable
corporate sponsored
educational material. markets throughout Europe. growing, packing and distribution in Europe,
makes Pascual Hermanos a key element for Dole’s
strategic growth plans in Europe.
Developing Sources
Dole is broadening its strong European relationships Dole will continue its growth in both distribu-
with supermarkets and its distribution network by tion and new products throughout the European
expanding its product line. Compagnie Fruitiere Union, Eastern Europe and Russia and the
has established a joint venture in the Ivory Coast Mediterranean countries.
to produce and export pineapples and bananas.
Dole fresh vegetables are harvested, processed, packaged and rapidly shipped
to maintain freshness and the highest quality.
17

20. Asia
Dole Dole Asia had 1995 sales of over $700 million. Asia,
with a population of 2.5 billion and a growing demand for fresh fruit and
vegetables, represents a key growth market for Dole. As agricultural land in Japan, Korea and
Taiwan continues to be converted to commercial and industrial use, and other Asian coun-
tries enjoy a rising standard of living, profitable growth opportunities for Dole abound.
and East Russian markets. In New Zealand, Dole
Sales and Distribution
DURING 1995, Dole completed construction of its completed the acquisition of the banana importing
Nagoya integrated distribution facility which ripens business of Chiquita Brands New Zealand Ltd.
bananas and processes other value added products.
This facility will be supported by a new state-of-the- Product Sourcing
art cold storage facility which was completed by a Dole Asia manages in excess of $200 million in
strategic partner for Dole’s exclusive use in Nagoya. production assets in the Philippines and Thailand
The fifth Dole center is scheduled for completion in consisting of 45,000 acres of agricultural land as
1996 and will service the Tokyo markets. well as three integrated canneries which supply its
Dole continues to expand in other markets. worldwide requirements for processed pineapple.
In the Philippines, Dole restructured its sales Weather conditions had a major impact on
force to better serve the local market require- product sourcing in 1995. Thailand suffered a
ments and has also made inroads into Chinese drought in late 1994, producing a severe pineap-
ple shortage in 1995. Changing weather patterns
in the Philippines also produced seasonal short-
falls in bananas and pineapples. Throughout these
periods, Dole’s logistical and distribution systems
worked well to manage the production peaks and
valleys and to meet customers’ needs. Dole’s geo-
graphical diversification also helped alleviate the
impact of adverse weather conditions.
Consistent with Dole’s corporate emphasis on
quality management procedures, Dole Asia
recently completed its International Standards
Organization (“ISO 9000”) product quality
certification in record time for its four divisions
in the Philippines.
Dole employees pack fresh broccoli at a new integrated
distribution facility in Nagoya, Japan.
18

21. Dole Food Products Include:
Dole Green Onions Dole Dried Fruit and Nuts
Dole Fresh Fruit
Dole Blanched Slivered Almonds in
Dole Apples Dole Red Sweet Onions
Reclosable Bags
Dole Apricots Dole Sugar Peas
Dole Blanched Whole Almonds in
Dole Bananas Dole Idaho Potatoes
Reclosable Bags
Dole Cherries Dole Radishes
Dole Chopped Natural Almonds in
Dole Coconuts
Reclosable Bags
Dole Grapefruit Dole Fresh-Cut Vegetables
Dole Sliced Natural Almonds in
Dole Grapes Dole Peeled-Mini Carrots
Reclosable Bags
Dole Honeydew Melon Dole Shredded Carrots
Dole Whole Natural Almonds in
Dole Kiwi Dole Shredded Lettuce
Reclosable Bags
Dole Lemons Dole Shredded Green Cabbage
Dole Roasted Almonds in
Dole Mangos Dole Shredded Red Cabbage
Single Serve Bags
Dole Nectarines Dole Cole Slaw
Dole Seedless Raisins Carton
Dole Oranges Dole Classic Salad
Dole Golden Seedless Raisins
Dole Peaches Dole American Special Blend Salad
Dole Seedless Raisins Mini Snacks
Dole Pears Dole French Special Blend Salad
Dole Seedless Raisins in
Dole Persimmons Dole Italian Special Blend Salad
Single Serve Bags
Dole Pineapple Dole European Special Blend Salad
Dole Seedless Raisins Canister
Dole Pineapple Fresh-Cut Bags Dole Romaine Special Blend Salad
Dole Seedless Raisins in Reclosable Bags
Dole Plums Dole Complete Spinach/Bacon Salad
Dole Seedless Raisins 6 packs
Dole Pomegranates Dole Complete Oriental Salad
Dole Pitted Dates Carton
Dole Raspberries Dole Complete Sunflower Ranch Salad
Dole Chopped Dates Carton
Dole Strawberries Dole Complete Romano Salad
Dole Whole Dates Cup
Dole Tangelos Dole Complete Caesar Salad
Dole Pitted Dates Gelatin Mold Cup
Dole Tangerines with Fat Free Dressing
Dole Pitted Dates Cup
Dole Complete Herb Ranch Salad
Dole Chopped Dates Cup
with Fat Free Dressing
Dole Fresh Vegetables
Dole Medjool Dates
Dole Artichokes Dole Complete Raspberry Romaine Salad
Dole Date Nut Roll
Dole Asparagus with Fat Free Dressing
Dole Baking Dates
Dole Bell Peppers Dole Complete Tangy French Salad
Dole “Hawaiian Style” Trail Mix in
Dole Bok Choy with Fat Free Dressing
Single Serve Bags
Dole Broccoli Dole Complete Zesty Italian Salad
Dole “California Style” Trail Mix in
Dole Brussels Sprouts with Fat Free Dressing
Single Serve Bags
Dole Butter Lettuce
Dole Pitted Prunes Carton
Dole Carrots Dole Packaged Foods
Dole Pitted Prunes Canister
Dole Cauliflower Dole Crushed Pineapple in Juice, Syrup
Dole Pitted Prunes in Reclosable Bags
Dole Celery Dole Pineapple Chunks in Juice, Syrup
Dole Large Prunes in Reclosable Bags
Dole Green Leaf Lettuce Dole Pineapple Slices in Juice, Syrup
Dole Breakfast Prunes in Reclosable Bags
Dole Iceberg Lettuce Dole Pineapple Tidbits in Juice, Syrup
Dole Red Batavia Lettuce Dole Pineapple Snack Wedges
Dole Red Butter Lettuce Dromedary
Dole Mandarin Orange Segments
Dromedary Pitted Dates
Dole Red Leaf Lettuce Dole Tropical Fruit Salad
Dromedary Chopped Dates
Dole Romaine Lettuce Dole Tropical Fruit Salad Snack Cup
Dole Napa

22. F H
INANCIAL IGHLIGHTS
3,804
223
244
3,499
3,120
193
3,108
211
2,965
175
166
178
168
138
108
91 92 93 94 95 91 92 93 94 95 91 92 93 94 95
REVENUE O P E R AT I N G I N C O M E O P E R AT I N G C A S H F L O W
(in millions) (in millions) (in millions)
16.0%
259
14.0%
212
174
164
7.6%
6.5%
6.4%
90
91 92 93 94 95 91 92 93 94 95
RETURN ON EQUITY C A P I TA L E X P E N D I T U R E S
(in millions) (in millions)
20

23. Dole Food Company, Inc.
C S I
ONSOLIDATED TATEMENTS OF NCOME
(in thousands, except per share data) 1995 1994 1993
Revenue $3,803,846 $3,498,553 $3,108,381
Cost of products sold 3,217,869 2,965,675 2,608,951
Gross margin 585,977 532,878 499,430
Selling, marketing and administrative expenses 392,694 394,763 333,374
Cost reduction program – – 42,500
Operating income 193,283 138,115 123,556
Interest expense (81,186) (76,911) (58,457)
Interest income 7,501 9,884 10,344
Net gain on assets sold or held for disposal 61,655 – –
Other expense – net (5,429) (2,943) (9,710)
Income from continuing operations before income taxes 175,824 68,145 65,733
Income taxes (56,000) (9,900) (3,600)
Income from continuing operations 119,824 58,245 62,133
Discontinued operations:
Income (loss) from discontinued operations,
net of income taxes (93,543) 9,638 15,756
Distribution expenses, net of income taxes (2,950) – –
Income (loss) from discontinued operations (96,493) 9,638 15,756
Net income $ ,23,331 $ , 67,883 $ , 77,889
Earnings (loss) per common share, primary and fully diluted
Continuing operations $ ,2.00 $, .98 $, 1.04
Discontinued operations (1.61) .16 .26
Net income $ , .39 $, 1.14 $, 1.30
See Notes to Consolidated Financial Statements.
21

24. Dole Food Company, Inc.
C B S
ONSOLIDATED ALANCE HEETS
(in thousands, except shares outstanding) 1995 1994
Current assets
Cash and short-term investments $ , 72,151 $ , 45,162
Receivables – net 462,303 494,755
Inventories 559,660 552,523
Prepaid expenses 43,087 46,569
Total current assets 1,137,201 1,139,009
Investments 63,319 58,683
Property, plant and equipment – net 1,016,991 1,273,545
Long-term receivables – net 28,409 38,763
Other assets 196,272 108,917
Net assets held for distribution – 1,065,702
$2,442,192 $3,684,619
Current liabilities
Notes payable $ , 21,778 $ , 50,366
Current portion of long-term debt 1,779 3,450
Accounts payable 182,152 173,463
Accrued liabilities 451,181 416,987
Total current liabilities 656,890 644,266
Long-term debt 895,998 1,554,504
Other long-term liabilities 354,545 380,527
Minority interests 26,324 24,681
Common shareholders’ equity
Common stock (shares outstanding: 1995 – 59,854,739;
1994 – 59,478,108) 320,497 320,121
Additional paid-in capital 170,266 165,541
Retained earnings 58,269 634,717
Cumulative foreign currency translation adjustment (40,597) (39,738)
Total common shareholders’ equity 508,435 1,080,641
$2,442,192 $3,684,619
See Notes to Consolidated Financial Statements.
22

25. Dole Food Company, Inc.
C S C F
ONSOLIDATED TATEMENTS OF ASH LOW
(in thousands) 1995 1994 1993
Operating activities
Income from continuing operations $ ,(119,824 $ (58,245 $,(62,133
Adjustments to continuing operations
Depreciation and amortization 123,671 119,847 105,975
Equity earnings net of distributions (6,533) (2,539) (3,503)
Net gain on assets sold or held for disposal (61,655) – –
Provision (benefit) for deferred income taxes 30,429 14,073 (31,268)
Charge for cost reduction program – – 42,500
Other 41 1,191 (956)
Change in operating assets and liabilities, net of effects
from acquisitions
Receivables – net 53,142 (103,628) (19,624)
Inventories (57,588) 1,376 16,635
Prepaid expenses 445 (9,383) (7,823)
Other assets (19,245) (29,086) (20,345)
Accounts payable and accrued liabilities 57,995 35,252 (33,553)
Income taxes payable (27,153) 8,558 (5,636)
Other 21,246 20,573 (1,055)
Cash flow from operating activities of
continuing operations 234,619 114,479 103,480
Cash flow (used in) from operating activities of
discontinued operations (11,467) (44,906) 27,182
Cash flow from operating activities 223,152 69,573 130,662
Investing activities
Proceeds from sales of businesses and assets 432,746 17,223 17,072
Capital additions (90,276) (211,882) (173,514)
Purchases of investments and acquisitions, net of cash acquired (35,251) (66,660) (47,198)
Other 998 879 2,320
Cash flow from (used in) investing activities of
continuing operations 308,217 (260,440) (201,320)
Cash flow used in investing activities of
discontinued operations (15,144) (143,635) (106,717)
Cash flow from (used in) investing activities 293,073 (404,075) (308,037)
Financing activities
Short-term borrowings 29,348 54,213 78,244
Repayments of short-term debt (62,944) (69,202) (98,514)
Long-term borrowings 12,384 462,885 548,882
Repayments of long-term debt (675,098) (33,952) (398,212)
Proceeds from distribution of real estate and resorts business 235,186 – –
Cash dividends paid (23,861) (23,791) (23,784)
Other 5,101 1,170 1,264
Cash flow (used in) from financing activities of
continuing operations (479,884) 391,323 107,880
Cash flow (used in) from financing activities of
discontinued operations (9,352) (45,712) 67,970
Cash flow (used in) from financing activities (489,236) 345,611 175,850
Increase (decrease) in cash and short-term investments 26,989 11,109 (1,525)
Cash and short-term investments at beginning of year 45,162 34,053 35,578
Cash and short-term investments at end of year $ ,(72,151 $ (45,162 $ (34,053
See Notes to Consolidated Financial Statements.
23

26. Dole Food Company, Inc.
N C F S
OTES TO ONSOLIDATED INANCIAL TATEMENTS
Note 1 – Nature of Operations determining net income and resulted in net losses of
$2.4 million, $3.5 million, and $3.6 million, for 1995,
Dole Food Company, Inc. and its consolidated sub-
1994 and 1993, respectively. Net foreign exchange gains
sidiaries (“the Company”) is engaged in the worldwide
or losses resulting from the translation of assets and
sourcing, processing, distributing and marketing of
liabilities of foreign subsidiaries whose local currency is
high quality, branded food products including fruits,
the functional currency are accumulated in a separate
vegetables and nuts in the following locations: North
component of common shareholders’ equity.
America; Latin America, principally Chile, Colombia,
Costa Rica, Ecuador, Guatemala, Honduras and Panama; Income Taxes – Deferred income taxes are recognized for
Asia, principally Japan, the Philippines and Thailand; the tax consequences of temporary differences by apply-
and Europe, principally France, Germany, Italy, Spain ing enacted statutory tax rates to the differences between
and the United Kingdom. The Company also conducts financial statement carrying amounts and the tax bases
other operations in Honduras, primarily beverage of assets and liabilities. The income taxes which would
bottling. be due upon the distribution of foreign subsidiary earn-
ings have not been provided where the undistributed
The Company’s principal products are produced both
earnings are considered permanently invested.
directly on Company-owned or leased land and through
associated producer and independent grower arrange- Earnings Per Common Share – Primary earnings per com-
ments. The Company’s products are primarily packed and mon share are based on the weighted average number of
processed by the Company and sold to retail and institu- shares outstanding during the period after consideration
tional customers and other food product companies. of the dilutive effect of stock options and restricted stock
awards. The primary weighted average number of com-
Note 2 – Summary of Accounting Policies mon shares outstanding was 59.8 million for 1995 and
59.7 million for 1994 and 1993.
Principles of Consolidation – The consolidated financial
statements include the accounts of all significant Cash and Short-Term Investments – Cash and short-term
majority-owned subsidiaries. All significant intercompany investments include cash on hand and time deposits.
transactions have been eliminated. Such short-term investments generally have original
maturities of three months or less.
Annual Closing Date – The Company’s fiscal year ends on
the Saturday closest to December 31. Fiscal years 1995, Fair Value of Financial Instruments – For short-term
1994 and 1993 ended on December 30, 1995, December financial instruments the historical carrying amount is
31, 1994 and January 1, 1994, respectively. a reasonable estimate of fair value. For long-term finan-
cial instruments not readily marketable, fair values were
Inventories – Inventories are stated at the lower of cost
estimated based upon discounted future cash flows at
or market. Cost is determined principally on a first-in,
prevailing market interest rates. Based on these assump-
first-out basis. Specific identification and average
tions, management believes the fair market values of the
cost methods are also used for packing materials and
Company’s financial instruments other than certain debt
operating supplies.
instruments (see Note 7) are not materially different
Agricultural Costs – The costs of growing bananas and from their recorded amounts as of December 30, 1995.
pineapples are charged to operations as incurred. Grow-
Stock Based Compensation – In October 1995, the Finan-
ing costs related to other crops are recognized when the
cial Accounting Standards Board issued Statement of
crops are harvested and sold.
Financial Accounting Standards No. 123, “Accounting for
Investments – Investments in affiliates with ownership of Stock-Based Compensation”(“SFAS 123”). SFAS 123
20% to 50% are generally recorded on the equity method. defines a fair value based method of accounting for
employee stock compensation plans, but allows for the
Property, Plant and Equipment – Property, plant and
continuation of the intrinsic value based method of
equipment are stated at cost, less accumulated depre-
accounting to measure compensation cost prescribed by
ciation. Depreciation is computed principally by the
Accounting Principles Board Opinion No. 25 “Accounting
straight-line method over the estimated useful lives of
for Stock Issued to Employees” (“APB 25”). For com-
the assets.
panies electing not to change their accounting, SFAS 123
Foreign Exchange – The United States (“U.S.”) dollar is requires pro forma disclosures of earnings and earnings
the functional currency for substantially all of the Com- per share as if the change in accounting provisions of
pany’s consolidated operations. Net foreign exchange SFAS 123 had been adopted. The Company has elected
transaction gains or losses for companies with the U.S. to continue to utilize the accounting method prescribed
dollar as their functional currency are included in by APB 25 and adopt the disclosure requirements of
24

27. SFAS 123 when required in 1996. As a result, SFAS 123 record on December 20, 1995 received a dividend of one
will have no effect on the financial condition or results share of Castle common stock for every three shares of
of operations of the Company. the Company’s common stock. The distribution is not
currently taxable to the Company’s shareholders since
Use of Estimates – The preparation of financial state-
the Company did not, for federal income tax purposes,
ments in conformity with generally accepted accounting
have current earnings and profits for 1995 or accumu-
principles requires management to make estimates and
lated earnings and profits as of the distribution date.
assumptions that affect the reported amounts of assets
and liabilities and disclosures of contingent assets and Under the plan of distribution, the Company transferred
liabilities at the date of the financial statements and the approximately $1.0 billion of net assets to Castle, and in
reported amounts of revenues and expenses during the partial consideration thereof the Company received cash
reporting period. Actual results could differ from those proceeds of approximately $235 million and a $10 million
estimates. Management believes that these estimates note receivable from Castle which bears interest at the
and assumptions provide a reasonable basis for the fair rate of 7% per annum and is due December 8, 2000. As
presentation of the financial statements. a result of the distribution, the Company’s common
shareholders’ equity was reduced by approximately
Reclassifications – Certain prior year amounts have been
$582 million. (See Note 10.)
reclassified to conform to the 1995 presentation.
In connection with the distribution, the operating
Note 3 – Acquisitions and Dispositions results of the real estate and resorts business have been
accounted for as discontinued operations. The 1994
During 1995, the Company acquired various food
and 1993 consolidated financial statements have been
operations located in Europe for an aggregate cash pur-
restated to conform with the 1995 presentation.
chase price of approximately $35 million. During 1994,
the Company acquired a 35% interest in a produce distri- During 1995, the Company elected to adopt Statement
bution company in the United Kingdom and various of Financial Accounting Standards No. 121, “Accounting
other food and food related operations for an aggregate for the Impairment of Long-Lived Assets and Long-Lived
purchase price of approximately $64 million. Each of Assets to be Disposed of” (“SFAS 121”), which requires an
these acquisitions was accounted for as a purchase and impaired property to be written down to fair value. The
accordingly, the purchase price was allocated to the net Company reviewed certain of its real estate and resort
assets acquired based upon their estimated fair values properties to determine whether expected future cash
as of the date of acquisition. The fair values of assets flows (undiscounted and without interest charges) from
acquired and liabilities assumed were $70 million each property would result in the recovery of the carrying
(including cash of $3 million) and $35 million for 1995 amount of such property. Certain adverse developments
and $91 million (including cash of $1 million) and affecting the Lana’i resort properties which occurred
$27 million for 1994. subsequent to the Company’s 1994 year end caused
management to substantially lower its estimates of future
Subsequent to December 30, 1995 the Company signed
cash flow and led to a determination that the Lana’i resort
an agreement to acquire a Spanish grower/marketer of
properties were impaired in accordance with generally
citrus and fresh vegetables for approximately $25 mil-
accepted accounting principles. In accordance with State-
lion. The acquisition is expected to be completed in the
ment of Financial Accounting Standards No. 67, “Account-
first quarter of 1996.
ing for Costs and Initial Rental Operations of Real Estate
During 1995, the Company completed the sale of its world- Projects” (“SFAS 67”), each of the Company’s real estate
wide juice and juice beverage business, resulting in net projects was carried at the lower of cost or net realizable
proceeds of approximately $270 million and a pretax gain value, with net realizable value deemed to be the undis-
of approximately $145 million. In addition, during 1995 counted estimated future cash flows from the project.
the Company began to implement its plan to sell certain Under SFAS 67, the Lana’i resort properties would have
of its agricultural properties and other assets which have been written down by approximately $91 million to their
generated low returns. The book value of the assets to be net realizable value. In accordance with SFAS 121, an
sold exceeded the estimated fair value less costs to sell, impairment loss of $103.8 million after tax was recorded
resulting in an adjustment of $83.3 million. The above as part of discontinued operations in the accompanying
dispositions resulted in a net pretax gain of $61.7 million. 1995 statement of income.
Revenues from discontinued operations for 1995, 1994
Note 4 – Discontinued Operations
and 1993 were $349 million, $343 million and $322 mil-
On December 28, 1995, the Company completed the lion, respectively. Income (loss) from discontinued opera-
separation of its real estate and resorts entity, Castle & tions reflects an allocation of the Company’s overall
Cooke, Inc. (“Castle”) from its food business. In connec- interest costs, based on the cash proceeds and the inter-
tion with the distribution, each Company shareholder of est bearing note received by the Company at distribution,
25