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CHIQUITA ANNOUNCES FIRST QUARTER EARNINGS AND DECLARES QUARTERLY DIVIDENDS

 CINCINNATI, April 29 /PRNewswire/ -- Chiquita Brands International, Inc. (NYSE: CQB) today reported earnings per share for its first quarter ended March 31, 1993 of $.53, up from $.10 per share for the first quarter of 1992. Net income for the quarter increased to $27.5 million from $5.5 million in the first quarter of 1992. Net sales increased to $731 million from $708 million last year.
 Chiquita attributed the operating improvements primarily to reductions in fresh fruit costs as a result of the successful implementation of its previously announced restructuring and cost reduction programs.
 Keith E. Lindner, President and Chief Operating Officer, said: "We are very pleased with the results to date of our cost reduction program. In addition, first quarter prices in Europe, while below normal, were better than they were in the first quarter of 1992."
 The Company indicated that EC politics and the uncertainty surrounding EC legislation for the banana industry is disrupting the European markets and causing early second quarter prices to fall further below normal seasonal levels.
 Mr. Lindner added: "Facing these uncertainties, we are continuing both our cost reduction program and the reorganization of our European operations in preparation for an effective transition into the future European Community."
 The Company today declared a quarterly dividend of $.17 per share on its Common Stock and a quarterly dividend of $.33 per share on its $1.32 Depositary Shares, each payable June 7, 1993, to shareholders of record at the close of business on May 21, 1993. Chiquita indicated that it will continue to periodically review the dividend on its Common Stock considering historical operating results and the outlook for future financial performance based on changing industry conditions and regulations.
 Chiquita is a leading international marketer, processor and producer of quality food products.
 CHIQUITA BRANDS INTERNATIONAL, INC.
 SUMMARY OF CONSOLIDATED OPERATIONS
 FOR THE QUARTER ENDED MARCH 31, 1993 AND 1992
 (In thousands, except for per share amounts)
 Quarter Ended
 March 31,
 1993 1992
 Net sales $731,109 $708,053
 Operating income $ 70,342 $ 33,663
 Income from continuing operations
 before income taxes $ 34,830 $ 11,716
 Income from continuing operations $ 27,530 $ 9,316
 Discontinued operations $ -- $ (3,811)
 Net income $ 27,530 $ 5,505
 Fully diluted earnings (loss)
 per share:
 - Continuing operations $.53 $.17
 - Discontinued operations -- (.07)
 - Net income .53 .10
 Weighted average number of common
 shares and equivalents outstanding 51,908 54,741
 Quarterly results are subject to significant seasonal variations and are not necessarily indicative of the results of operations for a full fiscal year.
 -0- 4/29/93
 /CONTACT: Sandra W. Heimann of Chiquita Brands International, 513-784-8011/
 (CQB)


CO: Chiquita Brands International, Inc. ST: Ohio IN: FOD SU: ERN DIV

LC -- CL031 -- 2851 04/29/93 16:33 EDT
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Date:Apr 29, 1993
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