CHIQUITA REPORTS EARNINGS
CHIQUITA REPORTS EARNINGS CINCINNATI, Nov. 5 /PRNewswire/ -- Chiquita Brands International
(NYSE: CQB) today reported that fully diluted earnings per share for the nine months ended Sept. 30, 1991, increased to $2.37 from last year's nine month results of $2.17. Revenues for the nine months ended Sept. 30, 1991, advanced to $3.5 billion from $3.2 billion, and nine month net income was $119.2 million compared to $91.6 million earned in the first nine months of 1990.
Keith E. Lindner, president and chief operating officer, indicated that the company's nine month earnings improvement was due to higher fresh food earnings in the first six months of the year. Lindner said, "Chiquita generally makes in excess of 90 percent of its earnings in the first half of the year, and the third and fourth quarters are generally not significant earnings contributors." In this context, and consistent with previously announced expectations, Chiquita reported a third quarter loss of $1.7 million ($0.03 loss per share) on sales of $1 billion, compared with net earnings of $2.3 million ($0.05 earnings per share) on comparable sales in 1990. Lindner added that management remains comfortable with Wall Street estimates of full year earnings per share in the mid-$2.50 range, and Chiquita will have exceeded its core objective of 15 percent compounded earnings per share growth off a 1986 base year. 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, 1991 AND 1990 (In Thousands except for per share amounts) Quarter Ended September 30, 1991 1990 Net sales $1,035,957 $1,060,388 Operating income 4,031 12,070 Income (loss) before income taxes (2,519) 3,770 Net income (loss) (1,719) 2,270 Earnings per share: Primary ($.03) $.05 Fully diluted ($.03) $.05 Weighted average number of common shares outstanding 52,617 43,000 Nine Months Ended September 30, 1991 1990 Net sales $3,472,668 $3,221,904 Operating income 201,985 166,245 Income (loss) before income taxes 170,234 148,064 Net income (loss) 119,234 91,564 Earnings per share: Primary $2.41 $2.22 Fully diluted $2.37 $2.17 Weighted average number of common shares outstanding 49,567 41,280 Quarterly results are subject to significant variations and are not necessarily indicative of the results of operations for a full fiscal year. -0- 11/5/91 /CONTACT: Sandra W. Heimann of Chiquita Brands International, Inc., 513-784-8011/ (CQB) CO: Chiquita Brands International, Inc. ST: Ohio IN: FOD SU: ERN KK -- CL006 -- 1083 11/05/91 08:25 EST
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|Date:||Nov 5, 1991|
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