2009 Annual Report
Dol e Fi na nci a l HigHligH ts
(in millions, except per-share data)
2009 $ $ $ $ $ $ $ $ 6,779 352 85 1.45 59 4,107 1,478 1,598 866 2,464 $ $ $ $ $ $ $ $
2008 7,620 275 147 2.84 52 4,365 2,113 2,204 433 2,637 $ $ $ $ $ $ $ $
2007 6,821 149 (38) (0.75) 52 4,643 2,314 2,411 355 2,766 $ $ $ $ $ $ $ $
2006 5,991 136 (40) (0.75) 52 4,612 2,272 2,364 366 2,730 $ $ $ $ $ $ $ $
2005 5,638 229 48 0.93 52 4,413 1,978 2,027 644 2,671
Revenue Operating income Net income (loss) from continuing operations Diluted net income (loss) per common share Diluted average common shares outstanding Total assets Net debt* Capitalization Total debt Total shareholders’ equity Total capitalization
Note: During the fourth quarter of 2008, Dole completed the sale of its JP Fresh and Dole France ripening and distribution subsidiaries. On October 28, 2009, Dole successfully completed a $446 million initial public offering (IPO) of 35.7 million common shares.
* Net debt is calculated as total debt less cash and cash equivalents.
To o u r S h a r e h o l d e r S
David H. Murdock Chairman of the Board
Founded in Hawaii in 1851, Dole Food Company, Inc. is the world’s leading producer, marketer and distributor of fresh fruit and fresh vegetables, including an expanding line of value-added products. Dole is one of the world’s largest producers of bananas and pineapples, and a leader in packaged fruit products, packaged salads and fresh vegetables. Dole is an industry leader in nutrition education and research, and is committed to communicating to the public the health benefits of eating a diet rich in fruits and vegetables.
I am very pleased to report on the successful year that Dole completed in 2009. It was a year filled with many accomplishments despite the difficult worldwide economic environment. Dole increased its Adjusted EBITDA to $417 million, generated over $185 million of net cash proceeds from the sale of assets, refinanced both its 2009 and 2010 bonds, completed its initial public offering which generated net proceeds of $330 million to the company, and paid down $635 million, or approximately 30%, of its total debt, thereby significantly improving its leverage ratios. We have built one of the strongest brand names in the world, an international market presence and a fully integrated global infrastructure 1
supporting a diverse line of healthful products at a time when consumers are demanding fresh, nutritious “good for you” food products. While we are happy with our success in 2009, we are even more excited about our prospects for growth going forward. We are well positioned worldwide
Bananas protect against muscle loss. Seniors with higher potassium intakes have more lean muscle mass than their potassium-poor peers. The metabolic by-products of potassium help to maintain the body’s alkaline balance, counteracting the breakdown of muscle driven by excess acidity.
There is not only a growing worldwide trend toward healthier eating, but a real need for the world’s population to better understand and benefit from improved nutrition. With our Dole Nutrition Institute, we are perfectly positioned to meet this need. We believe that Dole can play a crucial role in helping consumers learn how to eat better and thus lead longer, healthier and more vital lives.
to take advantage of the expected global economic rebound. We expect to see robust growth from our international divisions, particularly in emerging economies where demand for Dole products can match or exceed growing purchasing power. In the United States, our strong marketing campaigns, as well as new product introductions in our packaged salad, frozen fruit and packaged fruit lines, should drive increased consumption,...