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CHIQUITA ANNOUNCES SECOND QUARTER RESULTS

 CHIQUITA ANNOUNCES SECOND QUARTER RESULTS
 CINCINNATI, Aug. 4 /PRNewswire/ -- Chiquita Brands International


(NYSE: CQB) today announced second quarter results. In line with its earlier estimate, the company reported losses for the quarter and six months ended June 30, 1992 of $.32 and $.21 per share on net losses of $16.7 million and $11.2 million, respectively. In 1991, Chiquita earned $1.43 per share for the second quarter and $2.46 per share for the first half on net income of $71.9 million and $121.0 million, respectively. Net sales were approximately $1.2 billion for the second quarter and $2.4 billion for the first half of both 1992 and 1991.
 The decline in operating results was principally due to 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.
 As previously announced, the company also indicated 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.
 CHIQUITA BRANDS INTERNATIONAL, INC.
 SUMMARY OF CONSOLIDATED OPERATIONS
 FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 1992 AND 1991
 (In thousands, except per share amounts)
 Quarter Ended Six Months Ended
 June 30, June 30
 1992 1991 1992 1991
 Net sales $1,229,916 $1,256,784 $2,388,176 $2,436,711
 Operating income $ 14,650 $ 110,282 $ 45,806 $ 197,954
 Income (loss) before
 income taxes $(14,136) $ 97,255 $ (6,231) $ 172,753
 Net income (loss) $(16,736) $ 71,855 $ (11,231) $ 120,953
 Earnings (loss) per share:
 Primary $ (.32) $ 1.49 $ (.21) $ 2.52
 Fully diluted $ (.32) $ 1.43 $ (.21) $ 2.46
 Weighted average number
 of common shares
 outstanding 52,294 48,207 52,382 48,042
 Quarterly results are subject to significant seasonal variations and are not necessarily indicative of the results of operations for a full fiscal year.
 -0- 8/4/92
 /CONTACT: Sandra W. Heimann of Chiquita Brands International, 513-784-8011/
 (CQB) CO: Chiquita Brands International ST: Ohio IN: FOD SU: ERN


KK -- CL016 -- 6795 08/04/92 16:17 EDT
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Date:Aug 4, 1992
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