DOLE OFFICIALS TRY TO PUT GLOSS ON WEAK QUARTERLY EARNINGS.Byline: Chris Sieroty Staff Writer Although its fourth-quarter earnings are expected to be below previous estimates when they are released early next year, Dole Food Company Dole Food Company, Inc. is an American-based agricultural multinational corporation headquartered in Westlake Village, California and is the leading grower and packer of such food items as bananas, pineapples (fresh and packaged), grapes, strawberries, and other fresh and frozen Inc. said Friday that company officials were encouraged by the significant year-over-year, fourth-quarter improvement in its banana business. The Westlake Village-based grower and marketer of fruits and flowers also said its ongoing cost-reduction programs were expected to assist the company in achieving stronger profitability in the coming year. Dole acknowledged that lower pricing in the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community due to banana oversupply in that market has hurt expectations for the fourth quarter. Earnings are expected in the range of 2 cents to 4 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the quarter, the company said in a statement, compared to a 13 cent loss per share for the fourth quarter of 1998. ``While we are disappointed with this quarter's results, we are encouraged by the upward trend in quarterly earnings from our worldwide banana operations as well as the strength of our other core businesses,'' said Davis H. Murdock, chairman and chief executive officer, in a statement. ``We are confident that the cost-cutting measures begun in 1999 and the expected return Expected Return The average of a probability distribution of possible returns, calculated by using the following formula: to normal operations in the Honduran and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. citrus businesses will provide significant improvement to Dole's results next year,'' Murdock said. As previously announced last month, Dole will take a fourth-quarter charge of $40 million in connection with its downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing and consolidation programs. With revenues of $5 billion, Dole Foods is the world's largest producer and marketer of fruit and vegetables, and markets a growing line of packaged foods and fresh flowers. |
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