2. Dole Financial Highlights
(in millions, except per-share data) 2000 1999 1998 1997 1996
$ 4,763 $ 4,794 $ 4,189 $ 4,065 $ 3,575
Revenue
$ 68 $ 49 $ 12 $ 160 $ 89
Net income
$ 1.21 $ 0.85 $ 0.20 $ 2.65 $ 1.47
Diluted net income per common share
56 57 60 60 60
Diluted average common shares outstanding
$ 2,845 $ 3,034 $ 2,915 $ 2,464 $ 2,487
Total assets
Capitalization
$ 45 $ 39 $ 36 $ 14 $ 22
Short-term debt
1,136 1,286 1,116 755 904
Long-term debt
45 49 57 38 30
Minority interests
555 532 622 666 550
Common shareholders’ equity
1,781 1,906 1,831 1,473 1,506
Total capitalization
$ 9.93 $ 9.53 $ 10.49 $ 11.10 $ 9.18
Book value per common share
Common stock price:
16 3/8 16 1/4 45 3/4
30 34
End of year
20 1/2 33 13/16 57 1/8 49 5/8 43 1/2
High
1115/16 13 13/16 28 5/16 33 3/8 32 7/8
Low
0.40 0.40 0.40 0.40 0.40
Annual cash dividends per common share
NOTE: Net income for 2000 includes a pre-tax charge of $46 million, net insurance proceeds of $43 million and a pre-tax gain of $9 million on assets sold.
Net income for 1999 includes a pre-tax charge of $48 million and net insurance proceeds of $28 million. Net income for 1998 and 1996 includes pre-tax charges
of $120 million, net of $23 million of insurance proceeds, and $50 million, respectively.
REVENUE CASH FLOW SHAREHOLDERS’ EQUITY
(in millions) (EBITDA* in millions) (in millions)
3,575 4,065 4,189 4,794 4,763 550 666 622 532 555
338 372 328 308 329
96 97 98 99 00 96 97 98 99 00
96 97 98 99 00
• •
EBIT Depreciation & Amortization
* Before special charges in 2000, 1999, 1998 and 1996, net insurance proceeds in 2000, 1999 and 1998, and a net gain on assets sold in 2000.
3. To Our Shareholders
F
ull year 2000 net income from ongoing
operations, which excludes a business
downsizing charge, one-time gains from
asset sales and Hurricane Mitch insurance
David H. Murdock
proceeds, was $72.9 million, or $1.30 per Chairman and
Chief Executive Officer
share, reflecting a 9% improvement in earnings per
share as compared to full year 1999 net income from ongoing
operations of $67.9 million, or $1.19 per share. Revenues for 2000
were slightly down at $4.76 billion versus $4.79 billion for 1999. Cash
flow from ongoing operations (EBITDA) in 2000 was $328.8 million
compared with $307.6 million for 1999.
Operations - While an improvement over 1999, our 2000 results were
disappointing. Earnings were down from our original plan due to a reduction in our
banana business profits largely as a result of the drop in the euro to U.S. dollar
exchange rate, a dramatic rise in fuel rates during the year, and a continued
oversupply of bananas in the market. Additionally, Dole’s flower operations have
not yet achieved the benefits of a full consolidation of the four companies
previously acquired in that industry. Cost reduction programs have been put in
place in both our banana and flower businesses to improve performance in 2001.
Our other businesses all performed quite well and are expected to continue to do
well in 2001.
Dole’s Premium
SelectTM Pineapple
Fresh Fruit - While banana pricing is not expected to improve in 2001, we have
is sweet in taste and
taken significant measures to reduce costs in this business including the areas of
high in vitamin C.
Grown in the Tropics, production, shipping, selling, marketing, distribution and G&A activities. We
it is distinguished
believe these measures should result in meaningful improvement in the banana
by its golden-yellow
business results in 2001.
high shell color.
Fresh Vegetables - Our fresh vegetables business posted record earnings in 2000 as
a result of continued growth in the fresh-cut salads business and favorable pricing in the commodity
vegetables business. Our fresh-cut salads business grew approximately 20% in 2000 and achieved a twelve-
week market share of 37.2% by the end of the year. During 2001, we anticipate continued growth in our
fresh-cut salads business and a return to more normal pricing levels in our commodity vegetables business.
4. Packaged Foods - Our packaged foods business also performed well and is expected to continue
its growth in 2001. Our traditional canned pineapple business maintained its approximate 50% market
share in North America, and our new FRUIT BOWLS® plastic cup introduction achieved sales of $70
million in its first full year of roll out, an approximate 30% market share. These new products offer potential
for future revenue and profitability growth.
Beverage - Our beverage business in Honduras returned to more normalized
conditions in the wake of Hurricane Mitch. As previously reported, we are
pursuing a possible sale of this business. Proceeds from such a sale would be
primarily used to pay down debt.
Flowers - Our fresh-cut flowers business was only slightly profitable in 2000,
but this was an improvement over the $5 million loss incurred in 1999. In 2001,
we are working toward the consolidation of our Miami-based flowers operations
into a new distribution facility which will be located near the Miami airport.
Dole Special Blends
This should improve costs, quality and service to our customers.
are the fastest growing
line of fresh-cut salads,
Financing Activities - In July 2000, we entered into a $250 million, 364-day
combining over twenty
revolving credit facility. Agents in the facility are Bank of America, types of lettuces and
Commerzbank and The Bank of Nova Scotia. Also in July, we repaid $225 vegetables in fourteen
different salads to satisfy
million, of our 6.75% notes which matured on July 15, 2000. These notes were
any taste preference.
refinanced under our existing $400 million, five-year revolving credit facility Dole offers a broad line,
and the new 364-day facility. with both conventional
and organic varieties
Management Changes - In early 2001, Lawrence A. Kern was promoted to available.
President and Chief Operating Officer and was appointed to the Board of
Directors. Mr. Kern joined Dole in 1993, most recently serving as President of our worldwide fresh
vegetables and non-tropical fresh fruit operations. David A. DeLorenzo, former President and Chief
Operating Officer, was appointed Vice Chairman of the Board of Directors and will have a significant role
in guiding strategic initiatives aimed at enhancing shareholder value. Mr. DeLorenzo has served Dole in
various executive capacities since 1970. In October 2000, C. Michael Carter joined us as Vice President,
General Counsel and Corporate Secretary.
We express our appreciation to our shareholders, employees, customers and suppliers for their continued
support and confidence.
Sincerely,
David H. Murdock
Chairman and Chief Executive Officer
5. Dole Worldwide Product List
Dole Fresh Vegetables Pascual Hermanos Dole Lychees Dole Mango Cubes Dole Tropical Fruit Cocktail
Dole Artichokes Dole Santa (Grape) Tomatoes Dole Mandarins Snack Cup in Syrup with Passion
Dole Asparagus Dole Cherry Tomatoes Dole Mangoes Dole Mango Juice Drink Fruit Juice
Dole Bell Peppers Dole On-Vine Tomatoes Dole Morado Banana Dole Mango Slices in Blended Dole Tropical Fruit Juice Box
Dole Broccoli Dole Plum Tomatoes Dole Native Banana Juice or Syrup Dole Tropical Fruit Salad
Dole Brussels Sprouts Dole Little Gem Baby Lettuce Dole Nectarines Dole Mushroom Dole Tropical Fruit Salad,
Dole Butter Lettuce Dole Rucola Salad Dole Oranges Dole Nata de Coco in Syrup Easy Open
Dole Carrots Dole Mini Leaf Salad Dole Papayas Dole Nata de Coco Dole Tropical-Pineapple
Dole Cauliflower Dole Spring Onions Dole Peaches with Jackfruit Snack Cup Juice Blend
Dole Celery Dole Pears Dole Papaya in Syrup Dole White Asparagus
Dole Dried Fruit & Nut
Dole Cilantro Dole Persimmons Dole Peach Halves in Syrup Dole Yellow Papaya Chunks
Dole Dry Onions Dole Dates Chopped in Dole Pineapple Dole Peach Slices – Easy Open in Syrup
Dole Endive Resealable Bags Dole Fresh-Cut Pineapple Dole Peach Snack Cup Seasons Pineapple Juice
Dole Escarole Dole CinnaRaisins in Chunks Dole Peaches in Juice Seasons Tropical Fruit Mix
Dole Green Leaf Lettuce Resealable Bags Dole Fresh-Cut Pineapple and Syrup Sun Giant Pineapple Slices
Dole Green Onions Dole Golden Seedless Raisins Spears Dole Pear Snack Cup in Juice or Syrup
Dole Iceberg Lettuce Dole Dates Pitted in Dole Fresh-Cut Pineapple Dole Pears in Juice and Syrup Sun Giant Pineapple Chunks
Dole Idaho Potatoes Resealable Bags Cylinders Dole Pine Orange in Juice
Dole Radishes Dole Pitted Prunes Canister Dole Plantains Banana Juice Sun Giant Crushed Pineapple
Dole Red Leaf Lettuce Dole Pitted Prunes in Dole Plums Dole Pineapple Chunks in Juice
Dole Romaine Lettuce Resealable Bags Dole Pomegranates in Juice or Syrup Sun Giant Pineapple Juice
Dole Sugar Peas Dole Seedless Raisins Canister Dole Raspberries Dole Pineapple Concentrate
Dole Fresh Flowers
Dole Tomatoes Dole Seedless Raisins in Dole Satsumas Dole Pineapple Cubes
Resealable Bags Dole Strawberries Agapanthus
in Syrup
Dole Fresh-Cut Dole Seedless Raisins Dole Super Sweet Banana Alstroemeria
Dole Pineapple Fun Shapes –
Vegetables Mini Snacks Dole Tangelos Aster Butterfly
Cosmic
Dole All American Salad Kit Dole Seedless Raisins Dole Tangerines Aster Matsumoto
Dole Pineapple Fun Shapes –
Dole American Salad Blend Six Packs Dole Yucca Aster Montecasino
Sea Creatures
Dole Chopped Individually Quick Frozen Bells of Ireland
Dole Pineapple Grapefruit
Saman
Romaine Salad (IQF) Bouvardia
Juice Drink
Dole Classic Cole Slaw Dole Golden Raisins Dole Bananas Bupleurum
Dole Pineapple Juice
Dole Classic Greek Salad Kit Dole Mixed Fruit & Nut Dole Mango Callas
Dole Frozen Pineapple Juice
Dole Classic Iceberg Salad Dole Pine Nuts Dole Pineapple Campanulas
Dole Pineapple Juice Drink
Dole Classic Romaine Salad Dole Soelia Pistachios Carnations
Dole Pineapple Lychee
Dole Packaged Foods
Dole Caesar Salad Kit Dole Soft Apricots Chinese Carnations
Juice Drink
Dole Light Caesar Salad Kit Guyennoise Prunor Dole Aloe Vera (Solid) Cremons
Dole Pineapple Mandarin
Dole Creamy Garlic Caesar Pitted Prunes Dole Apricot Halves Delphinium
Orange Banana Juice
Salad Kit Guyennoise Prunor Dole Apricot Snack Cup Farm Bouquets
Dole Pineapple Orange Juice
Dole Romano Salad Kit Whole Prunes Dole Apricots in Juice Football Mums
Dole Pineapple Orange
Dole Sunflower Ranch JA Whole Dates or Syrup Freesia
Juice Box
Salad Kit JA Whole Prunes Dole Crushed Pineapple Gerbera
Dole Pineapple Orange
Dole European Salad Blend Soelia Blanched Whole in Juice or Syrup Gerspider
Juice Drink
Dole French Salad Blend Almonds Dole Deciduous Fruit Gypsophila
Dole Pineapple Orange
Dole Greener Selection® Salad Soelia Dried Apricots Cocktail in Juice and Syrup Kangaroo Paws
Raspberry Juice Box
Dole Italian Salad Blend Soelia Dried Figs Dole Fruit Bowls – Diced Leatherleaf
Dole Pineapple Orange
Dole Just Lettuce Salad Soelia Pitted Prunes Peaches Liatris
Strawberry Juice
Dole (Mediterranean) Leaf & Soelia Sliced Thin Almonds Dole Fruit Bowls – Mixed Fruit Lilies
Dole Pineapple Pink
Escarole Salad Blend Soelia Whole Peanuts Dole Fruit Bowls – Pineapple Limonium
Grapefruit Drink
Dole Mediterranean Salad Kit Soelia Whole Prunes Tidbits Lisianthus
Dole Pineapple Slices
Dole Organic Baby Lettuces Dole Walnut Halves Dole Fruit Bowls – Tropical Million Stars Gypsophila
in Juice or Syrup
Dole Organic Baby Spinach Whole Deglet Nour Dates Fruit Salad Miniature Carnations
Dole Pineapple Snack Cup
Dole Organic Hearts of Dole Fruit Bowls – Mandarin Monk’s Hood
Dole Pineapple Snack Wedges,
Dole Fresh Fruit
Romaine Mix Orange Segments Nerines
Easy Open
Dole Organic Spring Mix Dole Apples Dole Fruit Festival Snack Cup Pompons
Dole Pineapple Strawberry
with Herbs Dole Apricots Dole Fruit in Gels – Queen Anne’s Lace
Juice Drink
Dole Peeled Mini-Carrots Dole Avocado Pineapple in Lime Gel Roses (Hybrid Tea)
Dole Pineapple Tidbits
Dole Romaine Salad Blend Dole Bananas Mandarin Orange in Roses (Micro)
for Pizza
Dole Shredded Carrots Dole Banana Puree Orange Gel Rover Mums
Dole Pineapple Tidbits
Dole Shredded Lettuce Dole Blackberries Peaches in Strawberry Gel Snapdragons
in Juice
Dole Shredded Red Cabbage Dole Cantaloupe Dole Guava Halves Solidago
Dole Pouch – Pineapple
Dole Spring Mix Salad Blend Dole Cherries Dole Guava in Syrup Solidaster
Tidbits in Syrup
Dole Triple Cheese Salad Kit Dole Clementines Dole Longans in Syrup Spider Mums
Dole Rambutan in Syrup
Dole (Tuscany) Butter Lettuce Dole Coconuts Dole Longans Snack Cup Spray Roses
Dole Rambutan Snack Cup
Salad Blend Dole Cranberries Dole Lychees in Syrup Statice
Dole Rambutan with
Dole (Verona) Field Greens Dole Grapefruit Dole Lychees Snack Cup Stock
Pineapple Snack Cup
Salad Blend Dole Gift Baskets Dole Mandarin Orange Strawflowers
Dole Red Papaya Chunks
Dole Very VeggieTM Dole Grapes Fruit Cups Sunflowers
in Light Syrup
Salad Blend Dole Honeydew Melon Dole Mandarin Orange Sweetheart Roses
Dole Tomato Sauce
Dole Kiwi Segments Trachelium
Dole Tropical Fruit Cocktail
Dole Lemons Dole Mandarin Orange Tree Fern
in Juice and Syrup
Dole Limes Segments, Easy Open Yarrow
6. Directors and Officers
Dole Food Company, Inc. Dole Food Company, Inc. Dole Food Company
Directors Officers Operating Division Officers
Mike Curb 1, 3 David H. Murdock Paul Cuyegkeng
Chairman Chairman of the Board and President – Dole Asia
Curb Records, Inc. Chief Executive Officer
William F. Feeney
President – Dole Europe
David A. DeLorenzo David A. DeLorenzo
Vice Chairman Vice Chairman
Juergen Schumacher
Dole Food Company, Inc.
President – Dole Latin America
Lawrence A. Kern
President and Chief Operating Officer
Richard M. Ferry 1, 2
Peter M. Nolan
Chairman
President – Dole North America
Kenneth J. Kay
Korn/Ferry International
Vice President and
Eric M. Schwartz
(international executive search firm)
Chief Financial Officer
President – Dole Worldwide Fresh Vegetables
James F. Gary 2, 3
C. Michael Carter
Roberto Zacarias
Chairman Emeritus
Vice President, General Counsel and
President – Dole Honduran Beverage
Pacific Resources, Inc. Corporate Secretary
Lorenzo de la Torre
Lawrence A. Kern Patrick A. Nielson
President – Dole Fresh Flowers
President and Chief Operating Officer Vice President – International Legal and
Dole Food Company, Inc. Regulatory Affairs Michael J. Cavallero
President – Dole North America
Zoltan Merszei 2, 3 George R. Horne
Tropical Fresh Fruit
Former Chief Executive Officer, Vice President – Human Resources
President and Chairman
Roberta Wieman 1 Executive, Finance and Nominating Committee
The Dow Chemical Company
Vice President 2 Audit Committee
3 Compensation and Benefits Committee
David H. Murdock 1
James A. Kennedy
Chairman of the Board and
Vice President – Taxes
Chief Executive Officer
Gil Borok
Dole Food Company, Inc.
Controller and Chief Accounting
Officer
Beth Potillo
Treasurer
Dole grows over 145
varieties of roses, which
is only one of over 40
flower types offered,
helping make Dole the
leading grower, mar-
keter, and distributor
of floral products.
