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CHIQUITA ANNOUNCES THIRD QUARTER RESULTS

 CHIQUITA ANNOUNCES THIRD QUARTER RESULTS
 CINCINNATI, Nov. 2 /PRNewswire/ -- In line with its Oct. 22


announcement of expected third quarter results, Chiquita Brands International, Inc. (NYSE: CQB) today reported losses of ($1.55) per share for the third quarter and ($1.74) per share for the nine months ended Sept. 30, 1992 on net losses of ($79.4) million and ($90.6) million, respectively. In 1991, Chiquita lost ($0.03) per share for the third quarter on a net loss of ($1.7) million and earned $2.37 per share in the first nine months on net income of $119.2 million. Net sales were approximately $1.0 billion for the third quarter and $3.4 billion for the first nine months of both 1992 and 1991.
 The decline in third quarter results was due equally to operating losses and non-operating items.
 The operating loss resulted principally from sharply increased banana costs and expenses for the entire nine months. These costs have been significantly impacted by a widespread decline in product quality resulting from the extraordinary outbreak of disease and unusual weather patterns (El Nino) affecting the banana industry's cultivations in the year to date period. In response to these quality issues, Chiquita reduced the volume of fruit marketed in the third quarter, resulting in a significant amount of unrecovered cost. The company believes that the unusual product quality issues have been fully addressed by extraordinary control measures and reduction of lower quality purchased fruit and that its product quality has returned to standard. While higher costs will continue to depress operating results for the fourth quarter, the realignment of Chiquita's volumes and cost structure is expected to result in significant cost savings and normal cost levels in 1993.
 In contrast, third quarter banana prices were comparable to normal seasonal levels following a first half marked by significantly lower prices than comparable prior periods.
 Meat Division third quarter results continued to be adversely affected by lower industry margins on fresh meat resulting from heightened competition among packers. As previously announced, Chiquita 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 is pursuing the sale of assets including a significant non- core operation. Additionally, this restructure may include a management buyout of remaining Meat Division assets. Chiquita is also discussing the possible merger or joint venture of another of its prepared foods units with a major international food company.
 Non-operating costs for the third quarter were significantly higher as a result of increased net interest expense and a nonrecurring charge of $10 million with respect to the proposed settlement of shareholder litigation arising earlier in 1992. This settlement is subject to court approval. The loss includes a $5 million charge for foreign income taxes and does not reflect any tax benefit that may be realized in future years from the carry forward of the current net loss.
 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 NINE MONTHS ENDED SEPT. 30, 1992 AND 1991
 (In thousands, except for per share amounts)
 Quarter Ended Nine Months Ended
 September 30, September 30,
 1992 1991 1992 1991
 Net sales $1,031,571 $1,035,957 $3,419,747 $3,472,668
 Operating
 income (loss) (34,720) $ 4,031 $ 11,086 $ 201,985
 Income (loss)
 before income
 taxes $ (74,392) $ (2,519) $ (80,623) $ 170,234
 Net income
 (loss) $ (79,392) $ (1,719) $ (90,623) $ 119,234
 Earnings (loss)
 per share:
 Primary $ (1.55) $ (0.03) $ (1.74) $ 2.41
 Fully
 diluted $ (1.55) $ (0.03) $ (1.74) $ 2.37
 Weighted average
 number of common
 shares
 outstanding 51,177 52,617 51,980 49,567
 Quarterly results are subject to significant seasonal variations and are not necessarily indicative of the results of operations for a full fiscal year.
 -0- 11/2/92
 /CONTACT: Sandra W. Heimann of Chiquita Brands International, 513-784-8011/
 (CQB) CO: Chiquita Brands International ST: Ohio IN: FOD SU: ERN


KK -- CL026 -- 1756 11/02/92 16:33 EST
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Date:Nov 2, 1992
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