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CHIQUITA ANNOUNCES EXPECTED SECOND QUARTER RESULTS

 CHIQUITA ANNOUNCES EXPECTED SECOND QUARTER RESULTS
 CINCINNATI, July 22 /PRNewswire/ -- Chiquita Brands International, Inc. (NYSE: CQB)announced today that it expects to report a per share loss in the range of ($.30) to ($.35) for the quarter ended June 30, 1992. Chiquita previously announced that it expected to report substantially lower earnings for the second quarter, first half and full year. Final earnings for the second quarter are expected to be reported on or about August 4, 1992.
 The expected loss is principally the result of a continuation of weak pricing in the European banana market. Deep price discounting in the European market was influenced by an unusual decline in industry product quality, high industry volume and an unprecedented abundance of competitive fruits. In the second quarter, these same factors contributed to negative pricing comparisons for the North American banana market.
 During the second quarter, Chiquita essentially curtailed its multi-year investment spending program for Latin American banana production assets. Estimated spending through 1993 has been reduced by over $200 million. For the first half of 1992, Chiquita contracted its market share in each major market (Europe, North America and the Far East).
 Meat Division second quarter results were adversely affected by lower industry margins on fresh pork resulting from heightened competition among packers. Chiquita stated that it is evaluating and implementing reorganization plans with respect to its Meat Division. These plans include aggressive cost reduction and consolidation coupled with the sale of certain Meat Division assets.
 The Company also announced that it is considering commencing an offer to acquire a significant portion of Chiquita's outstanding common stock in exchange for a new issue of preferred stock. As presently contemplated, the new preferred stock would provide a fixed, cumulative preferred dividend, higher than the present common stock dividend, and would be redeemed at the end of up to three years in exchange for Chiquita common stock. Details of any exchange offer will be distributed to shareholders if such an offer is commenced.
 Keith E. Lindner, President and Chief Operating Officer, said: "We are leaving no stone unturned in actively managing toward a return to an acceptable level of long-term profitability".
 Chiquita is a leading international marketer, processor and producer of quality fresh and prepared food products.
 -0- 7/23/92
 /CONTACT: Sandra W. Heimann of Chiquita Brands International, 513-784-8011/
 (CQB) CO: Chiquita Brands International, Inc. ST: Ohio IN: FOD SU: ERN


DA -- CL028 -- 2745 07/23/92 17:02 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
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