1. Do l e Fo o d C o m p a n y, In c .
1997 Annual Report

2. Dole Food Company’s worldwide
team of growers, packers, processors, shippers and
employees is committed to consistently providing
safe, high quality fruit, vegetables and food products
while protecting the environment in which its
products are grown and processed. Dole’s dedication
to quality is a commitment solidly backed by:
scientific pest management programs, stringent
quality control measures, state-of-the-art production
and transportation technologies, continuous
improvement through research and innovation,
and dedication to the safety of our employees,
communities and the environment.

3. Dole Financial Highlights
(in millions, except per share data) 1997 1996 1995 1994 1993
Revenue $4,336 $3,840 $3,804 $3,499 $3,108
Income from continuing operations $ 160 $ 89 $ 120 $ 58 $ 62
Income from discontinued operations – – (97) 10 16
Net income $ 160 $ 89 $ 23 $ 68 $ 78
Diluted earnings per common share
Continuing operations $ 2.65 $ 1.47 $ 2.00 $ 0.98 $ 1.04
Discontinued operations – – (1.61) 0.16 0.26
Net Income $ 2.65 $ 1.47 $ 0.39 $ 1.14 $ 1.30
Diluted average common shares outstanding 60 60 60 60 60
Total Assets $2,464 $2,487 $2,442 $3,685 $3,159
Capitalization
Short-term debt $ 14 $ 22 $ 24 $ 54 $ 79
Long-term debt 755 904 896 1,555 1,111
Minority interests 38 30 26 25 39
Common shareholders’ equity 666 550 508 1,081 1,052
Total $1,473 $1,506 $1,454 $2,715 $2,281
Book value per common share $11.10 $ 9.18 $ 8.49 $18.17 $17.70
$ 45 3⁄4 $ 26 3⁄4
Common stock price at year-end $ 341⁄2 $ 351⁄2 $ 231⁄2
Market price range
High $ 49 5⁄8 $ 431⁄2 $ 381⁄2 $ 351⁄2 $ 37 7⁄8
Low $ 33 3⁄8 $ 32 7⁄8 $ 241⁄2 $ 221⁄2 $ 25 7⁄8
Annual cash dividends per common share $ 0.40 $ 0.40 $ 0.40 $ 0.40 $ 0.40
Note: Income from continuing operations for 1996 and 1993 includes pre-tax restructuring charges of $50 million and $43 million, respectively. Income from
continuing operations for 1995 includes a pre-tax gain of $62 million on assets sold or held for disposal. The real estate and resorts business distributed to
shareholders in 1995 has been presented throughout this report as a discontinued operation.
Growth Cash Flow Return Va l u e
$45.75
26.3 %
4,336
372
24.6 %
3,840
3,804
338
3,499
$35.00
308
$34.00
3,108
273
265
16.0 %
$26.75
$23.00
7.6 %
6.4 %
93 94 95 96 97 93 94 95 96 97 93 94 95 96 97 93 94 95 96 97
Revenue E BI TD A* Re tu r n o n Eq u i t y * * Sto c k Pr ice
(in millions) (in millions) (in percent) (year-end)
s Depreciation & Amortization
s EBIT
*NOTE: Before restructuring charges and 1995 net gain on asset dispositions
**NOTE: Before 1996 restructuring charge and 1995 asset impairment


4. To O u r S h a r e h o l d e r s
1997 was an excellent year for the Dole Food Company.
Revenues grew to $4.3 billion, an increase of 13% over prior year.
s
Cash flow from operations (EBITDA) grew to $372 million, an increase of 10% over prior year.
s
Net income after taxes grew to $160.2 million ($2.65 per share), an increase of 23% over prior
s
year, excluding the extraordinary charge taken in 1996.
Net debt was reduced by $154 million, from $891 million to $737 million.
s
Shareholder equity increased by $116 million, from $550 million to $666 million, and improved
s
debt to equity ratio from 62% to 53%.
These achievements were the result of the combined contribution of all of our business units which
are focused on earning higher returns on investments.
1997 was a year of solid growth for our core business units. Dole’s array of
G ROWTH
wholesome, fresh, nourishing products continues to benefit from the worldwide trend toward a healthier
lifestyle. This trend, combined with Dole’s quality and service achieved by its unique global production
and distribution infrastructure, will allow Dole to grow at this accelerated pace well into the future.
Dole’s volume growth came from all areas of our business:
Increasing demand for fresh fruit and vegetables in the developed markets of the United States,
s
Europe and Japan.
Growing demand for fresh fruits and vegetables in the developing economies in Latin America,
s
Eastern Europe, Russia and the former Soviet Republics, and China.
Increasing demand for Dole’s convenient, ready-to-eat prepared salad mixes, both domestically and
s
internationally.
New product line extensions in both the fresh salad, fresh cut fruit, and the packaged food areas.
s
Growth and expansion of Dole’s unique distribution network throughout Europe and Japan.
s
Continued expansion of Dole’s global sourcing network, including growth at its Spanish citrus and veg-
s
etable subsidiary, Pascual Hermanos, and growth from joint venture relationships in Africa with tropical
fruits from Cameroon and Ivory Coast, and citrus and deciduous fruits from South Africa.
While Dole’s volume growth was fueled by all of the above factors, its revenue growth was impacted
in 1997 due to adverse foreign currency movements, which were compounded in the marketplace by
the Asian financial crisis. It was gratifying to see that the strong demand for Dole products offset
adverse market conditions.


5. (Seated - Right to Left):
David H. Murdock, David
A. DeLorenzo, Mike Curb
and Elaine L. Chao
(Standing - Right to Left):
Richard M. Ferry, Zoltan
Merszei and James F. Gary
Our foremost interest is in expanding cash flow through
C V
REATING ALUE
company ownership of depreciable assets. It is our belief that the primary value to stockholders is
considerable cash flow in excess of earnings.
As the Dole brand continues to grow and become more visible around the globe, management has
also focused on downsizing or liquidating businesses or assets that have not provided adequate return.
In 1997 Dole successfully liquidated its dried fruit business in the United States, as well as continued
its orderly sale of certain agricultural lands in North America. The cash flow from these liquidations
has been used to pay down debt.
As a result of the significant debt reduction in 1997, Dole’s current debt consists almost entirely of
its long term bonds. Based on the strong cash flow generated during the year, Dole also reduced its
available five year revolving credit facility from $600 million to $400 million. Agents in the facility are
Chase Manhattan Bank, Bank of America and Citibank.
In January 1998, Dole announced plans to move to a new headquarters facility in Westlake Village,
California. Construction of the complex is anticipated to begin in 1998 and Dole plans to occupy
these facilities during 1999.


6. As the largest grower, shipper and
N F S
UTRITION AND OOD AFETY
marketer of fresh fruits and vegetables in the world, Dole remains committed to nutrition education,
and to providing leadership in the area of food safety.
Dole’s nutrition department, in combination with nutrition experts at the Mayo Clinic and the
University of California, Los Angeles, are in the process of compiling a nutrition encyclopedia for pub-
lication within the year. The encyclopedia will focus on the value of eating fresh fruits, vegetables, nuts
and protein products. This undertaking will enhance the quality of life for the benefit of all people
around the globe.
Dole’s nutrition education CD-ROM for children continues to provide elementary school teachers
with the tools needed to teach proper nutrition to children and is now in use in more than 35,000
schools. Our popular 5 A Day web site also provides educational materials for people of all ages and
all nations, and has gained widespread popularity.
O In 1985, when I became chairman of Dole Food Company, it was predomi-
UTLOOK
nately a banana and pineapple company, with major real estate holdings. Over the years, Dole has
evolved into a highly focused internationally diversified food processing company with operations in
more than 90 countries.
Dole is a financially sound company with excellent prospects for further growth. Dole is positioning
its expertise and technology in the industry to take advantage of developing opportunities in Asia,
which could conceivably be the emerging continent in the next century. We continue to expand our
distribution system, which will assure growth and market penetration of Dole’s quality brand of pack-
aged and fresh fruit and vegetable products throughout Asia and Europe.
Dole has a clear and strategic vision, an efficient cost base, a dynamic brand and a first rate team of
employees. It is this dedicated group of women and men who embody the intellect, integrity, creative
imagination and skills that enable Dole to be a leader in the industry.
We wish to express our appreciation and gratitude to our employees, shareholders and customers for
their continued support and confidence.
Sincerely,
David H. Murdock
Chairman and Chief Executive Officer

7. D o l e Wo r l d w i d e O p e r a t i o n s
q
q
q
q
q q
q
q
q qq
q v qv
vq
q v qq
q
q qq
q
q q qq q
s s vvqq q
q qq
s
q sv v s qv q
s
v s
q q
sq
v q
5 s
s qq
qq
q qq
q
q
s
s q q
q
s q q
q q qq
q
q q
s
qs
qs
q q sq
sq s q
sq q
qq
q
ss
qs s
sq s
sq s ss
q q
s
s q
q
q
s
q
s
q
s
s
s q
q
s s
q
q q
Sourcing
s
v Ripening/Distribution
q Markets
5 Corporate
FOOD OPERATING DIVISIONS AND LOCATIONS FOOD MARKETING DIVISIONS AND LOCATIONS
EUROPE AND AFRICA Colombia
EUROPE AND
Windward Islands Malta
Belgium MIDDLE EAST Costa Rica
Morocco
ASIA
Cameroon Albania Dominican Republic
Netherlands
Australia
Canary Islands Algeria Ecuador
Norway
China
France Austria Guadeloupe
Oman
Japan
Germany Azerbaijan Guatemala
Poland
New Zealand
Ghana Bahrian Honduras
Portugal
Philippines
Greece Belarussia Jamaica
Qatar
Thailand
Italy Belgium Martinique
Romania
NORTH AMERICA
Ivory Coast Bosnia Mexico
Russia
Canada
Netherlands Bulgaria Netherlands-Antilles
Saudia Arabia
United States
South Africa Croatia Panama
Senegal
Arizona
Spain Czech Republic Peru
Slovakia
California
Tunisia Denmark Trinidad & Tobago
Somalia
Florida
Turkey Estonia Uruguay
Spain
Hawaii
United Kingdom Egypt Venezuela
Sweden
Ohio Finland Switzerland
LATIN AMERICA AND ASIA
Washington France Syria
CARIBBEAN Australia
Georgia Taijikistan
Argentina China
Germany Tunisia
Chile Hong Kong
Greece Turkey
Colombia Indonesia
Hungary Ukraine
Costa Rica Japan
Iceland United Arab Emirates
Ecuador Malaysia
India United Kingdom
Guadeloupe New Zealand
Ireland Uzbekistan
Guatemala Philippines
Israel LATIN AMERICA AND
Honduras Singapore
Italy CARIBBEAN
Jamaica South Korea
Jordan Argentina
Martinique Taiwan
Kazakhstan Bahamas
Mexico Thailand
Kuwait Barbados
Nicaragua NORTH AMERICA
Latvia Bermuda
Panama Canada
Lebanon Brazil
Peru United States
Lithuania Chile
Venezuela
Luxembourg 

8. Dole
North America
Dole’s North American operation achieved its highest revenue in company history in
1997 by growing approximately 13 percent versus 1996. In North America, Dole has
the broadest product mix of any region in the world. Dole continues to be the leading
supplier of fresh produce and related products to the region. With efforts to maintain
the highest quality and to promote the benefits of healthy eating, Dole is well
positioned to continue market growth within North America.
Growth, both in earnings and market share, was the key to success for Dole
P ACKAGED
packaged foods in 1997. Record sales and earnings growth were fueled by new product introductions,
Innovative field
harvesting delivers
roll out of existing products to new geographic areas, and volume increases in base businesses. Dole’s
fresh packed produce
direct to the market.
share of the canned pineapple business grew to 44.4 percent, the only major brand to show volume
gains. Cost reductions in the distribution and marketing areas contributed significantly to earnings.
As the number of meals eaten away from home increases, the foodservice area
becomes increasingly important. Pineapple as a pizza topping continues to gain in popularity. Dole
pizza-cut tidbits distribution has been expanded nationally. Dole “Easy Open” pineapple chunks and
tropical fruit salad have provided vending machine operators with convenient and healthy snack alter-
natives. New packaging forms, such as pouches, have been developed for pineapple in response to
restaurant operators’ requests for convenience.
The fresh cut salad category continues to exhibit double
F V
RESH EGETABLES
digit growth, with a 17 percent dollar increase in 1997, growing to nearly $1.6 billion in sales. Dole’s growth
outpaced the category, and Dole salads are now a familiar item in nearly 60 percent of supermarkets.
Iceberg salad continues to be the largest segment within fresh cut salads. Fifty percent
of American households buy iceberg salads, more than any other salad segment. Following extensive


9. 

11. consumer research, in early 1998 Dole will introduce a new, iceberg-based salad, “Greener Selection,”
which incorporates romaine and iceberg lettuce, carrots and cabbage.
Dole has built a new
E D N
XPANDED ISTRIBUTION ETWORK
$30 million, 150,000 square foot fresh vegetable manufacturing and distribution facility in Springfield,
Ohio. Situated on 40 acres, the facility will be operational during the first quarter of 1998. The plant
will incorporate the same advanced technology that won Dole’s Soledad, California facility Food
Engineering’s “Plant of the Year” award. This facility dramatically expands and improves Dole’s ability
to service retail customers. A sophisticated logistics system will connect the Springfield plant with four
local delivery points: Chicago, Atlanta, Wilkes-Barre and New York. This will provide customers in the
Midwestern and Eastern United States more frequent deliveries and service within 24 hours.
©
A third facility in Yuma, Arizona completes Dole’s value added facilities. In the five
years since the pre-cut salad category exploded in the marketplace, Dole has built more than 600,000 Product Diversification
Consumers select from
square feet of manufacturing space to take advantage of this demand. over 170 products with
the Dole brand from
nearly every aisle of
Dole continues to be the market leader of imported fresh tropical fruit. Products
F RUIT the supermarket.
include bananas, pineapples, mangoes, papayas and melons. Annual sales for these products increased
more than 10 percent during 1997. Dole is the only fully refrigerated, containerized fresh produce
importer in North America, which enables it to maintain the highest quality standards in delivering
product to the marketplace.
In 1997, a record quality navel orange crop allowed Dole’s sales group to increase
market penetration and to solidify its position as the second highest market share in the navel orange
industry. High quality crops and Dole’s brand strength in the marketplace resulted in one of the
highest returns in the industry for lemons.
Dole is the leading importer of fresh fruit from Chile, generating sales of approximately
$200 million. Dole’s high quality winter season table grapes, kiwi, deciduous and stone fruit sourced from
Chile contributed to increased market penetration in these product categories in 1997. Momentum from
early season sales of Chilean sourced products carried through the year, allowing a record volume of California
sourced table grapes to be marketed. Dole continues to be the continent’s leading supplier of grapes.


12. Dole
Latin America
1997 marked a record year for Dole production, despite severe flooding throughout
Central America at the end of 1996 and in the Spring of 1997. Dole Latin America
experienced a 12 percent increase in export volume over 1996. Dole supplements its
own production with a selective network of 1,300 independent growers. Over 21,000
employees on the Dole Latin America team provide the highest quality, safest fresh
produce possible.
©
Dole is reducing its overall cost structure in its shipping program. Due to continued strong brand
growth in North America and Europe, Dole has ordered two refrigerated container vessels from
The world’s largest
dedicated refrigerated
HDW in Kiel, Germany, which will reduce Dole’s reliance on costly short-term charters while
containerized ship-
ping fleet distributes
expanding company-owned and managed shipping capacity in late 1999.
to global markets.
Dole constantly strives to incorporate the latest technology in its operations to
improve quality. The company converted nine vessels in its Northern European service to carry fruit
under controlled atmosphere conditions, which extends product shelf life and ensures that fruit
arrives to the consumer in peak condition year-round. In addition, Dole has expanded its fleet of
refrigerated containers by ten percent and undertaken a long term container modernization program.
Dole Latin America will continue to focus on profitable growth of its core products
and markets as well as opportunities to build earnings and expand the Dole brand name throughout
Latin and South America. The strategy is to integrate forward and open distribution centers from
which Dole products will be delivered directly to retailers.
Dole is the largest exporter of deciduous fruits in Chile. Expansion through joint
ventures further enables Dole to distribute products directly to retail supermarkets in the Santiago area.


15. Dole has also acquired additional grape farms in Northern Chile and entered into several long term
land rental agreements for production of deciduous fruit.
A significant portion of Dole production is purchased from independent growers.
Dole assists over 640 farmers to successfully grow and pack quality bananas. A team of highly skilled
agronomists and technical staff educate growers to ensure Dole’s recommended agricultural practices,
quality guidelines, and environmental procedures and standards are implemented.
©
In 1997, Dole completed the installation of the most technically advanced sorting
and sizing equipment at its apple packing plant in Chile. In order to continue to lead the industry in Nutritious food for
a healthy active
productivity and quality, Dole has invested in state-of-the-art technology which has been applied to its lifestyle enjoyed by
families worldwide.
pre-sizer equipment. Dole now has the most modern packing facility in Central and South America.
Dole’s majority-owned
H B O
ONDURAN EVERAGE PERATION
beverage operation continues as the dominant beverage supplier in Honduras. The operation leads
the Honduran market commanding market shares of approximately 75 percent in soft drinks and
99 percent in beer. The operation exclusively represents Coca-Cola® and Canada Dry® products as
well as controlling its own brand of fruit-flavored soft drinks. The division produces and/or distributes
four leading domestic brands of beer, along with the internationally recognized brands of Holsten®
and Budweiser® Vertical operations include a sugar mill, a plastic case and bottle business, and bottle
.
cap manufacturing. It also operates an edible oil and soap operation with well-established local brands.
The division has initiated an upgrade of its production facilities, starting with the
recent purchase of one of the most modern soft drink bottling lines in Latin America. These and
other plant upgrades are being made to fulfill projected growth in product demand.
Sales and service levels have improved
B D
EVERAGE ISTRIBUTION
significantly due to efforts made in 1997 to expand direct control over product distribution in
Honduras’ rural regions. New routes are continuously being added in both rural and urban areas to
deliver beverages to more customers. The operation has also initiated the modernization of its sales
information system by implementing a hand-held computer-based order retrieval system.


16. Dole
Asia
Sales in Asia increased to approximately $1.04 billion, a 6.6 percent improvement
from 1996. Despite the economic crisis in Asia, Dole quickly adapted to the changes
in the economy. Sales in Japan, Dole’s flagship market, increased 16 percent in local
currency due to increased marketing efforts and the strength of the Dole brand,
which is recognized by 92 percent of the consumers.
©
Production facilities in the Philippines and Thailand experienced an
P RODUCTION
excellent year of quality and production. Dole Philippines, located in the southern most island of
Dole canneries
shipped over 721,000
Mindanao, celebrated its 35th year of operation and produced more than 490,000 tons of fresh and
tons of fresh and
packaged pineapple
processed pineapple in 1997. Its sister operation in Thailand celebrated a milestone 25th anniversary
in 1997.
at its facilities in Hua Hin located on the Gulf of Thailand. When combined with Dole’s second
cannery in Champorn, located 400 miles south of Bangkok, these plants comprise the largest produc-
tion operations in Thailand, producing 231,000 tons of pineapple in 1997.
More than 95 percent of the Dole pineapple produced in Thailand is sourced from
independent growers, reducing overall cost structure. The devaluation of the currencies in the
Philippines and Thailand contributed favorably to reducing cost in these two divisions. Targeted capi-
tal spending programs aimed at introducing new technology to enhance plants and equipment also
served to increase efficiency, strengthen quality and reduce costs.
Dole’s new line of fruits packed in clear plastic cups is enjoying a successful intro-
duction in Europe and Asia. Utilizing new packaging technology, these convenient cups provide an
excellent alternative to conventional canned packaging and provide added convenience for consumers
on the go. Manufactured in Dole’s Philippine and Thailand operations, new fruit varieties have been
added to the product line. Testing in selected markets in North America is scheduled in 1998.


19. The tremendous demand for the Dole brand in Japan resulted in
D ISTRIBUTION
the opening of a second distribution center in Tokyo and the expansion of the Dole center in Kobe.
By year end, Dole had six distribution centers in Japan operating at or near capacity. This forward
integration has allowed Dole greater efficiency and quality control of products distributed directly to Dole enjoys a 92%
brand recognition by
the supermarket shelf. Dole is by far the largest importer of fresh fruits and vegetables and in 1997 Japanese consumers.
expanded its product offerings by marketing more domestically grown product.
©
To provide the Japanese consumers with convenient meal solutions, Dole established
fresh-cut fruit and vegetable centers in Japan. These centers enhance product line offerings, which
help meet requirements of the retail and foodservice market segments, and expand consumer aware-
ness of the Dole brand.
The new distribution and fresh-cut centers are allowing Dole to expand category
management efforts in the retail market. With an efficient distribution network, a wide array of
both domestic and imported fruits and vegetables, and a growing line of pre-cut fruits, vegetables and
salads, Dole is uniquely positioned to supply the increasing needs of Japan’s supermarkets. Sapporo
Expanded distribution systems throughout the world, materially enhance the recognition of qsv
Dole’s unique emblem. Dole’s goal is to have the industry’s finest distribution system deliver
the highest quality product at the most efficient cost structure.
Recent deregulation in Japan allowed Dole to introduce the concept of con-
tract growing and create evolutionary change in the country’s traditional agribusiness sv
structure. Dole is now sourcing domestically grown products from a newly Niigata
5
established network of over 1,200 Japanese farmers. Contracted in
5
Sendai
1997, growers are producing broccoli, tomatoes,
cabbage, radishes, carrots, lettuce, cherry tomatoes sv
sv sv
Fukuoka qsv
sv
and melons for distribution in Dole centers sv qsv
qsv
throughout the country. qsv
Tokyo
sv
Nagoya
Kobe
q Dole Center
sv
s Fruit Packing Plant
v Future Vegetable Packing Plant
5 Future Dole Center, Fruit and
Vegetable Packing Plant


20. Dole
Europe
During 1997, Dole Europe increased sales by 13 percent to $1.2 billion and continued
to invest in the expansion of its European distribution network. This closely links Dole’s
extensive worldwide production and sourcing network to retail distribution, distinguish-
ing Dole as the largest and broadest producer and distributor of fresh fruits and vegeta-
bles in Europe. The Dole brand increasingly signifies a dedication to consistently pro-
viding retail customers with high quality products on a timely basis, as well as product
innovation and an assurance of agricultural and distribution practices that meet the
highest criteria of food safety and environmental protection.
Dole added to its European distribution network by acquiring distribution centers from its French
joint venture partner, Compagnie Fruitiere. These centers, eight in France, four in Spain and one in
Packing, shipping
and distribution are
the United Kingdom, were merged with Dole’s existing distribution network, providing unsurpassed
the keys to delivering
the Dole brand
breadth of distribution to retailers in these countries.
throughout the world.
Dole increased its participation in the Compagnie Fruitiere joint venture. The joint
venture focused on the development of banana and pineapple production in West Africa and French
Antilles. During 1997, the joint venture acquired the largest banana and pineapple producer and
exporter in the Ivory Coast, SCB, providing additional volume to Dole’s distribution to European
retailers. The combination of unequaled distribution coverage and premium African sourcing has cre-
ated a unique market position for Dole and further reduces the cost base on Dole’s shipping service to
the European Union markets in France, Italy, North Europe and the United Kingdom.
In the Italian market, Dole continued to capitalize on investments in both ripening
and distribution. As the supermarket channel continues to grow in importance in Italy, Dole is ideally


23. positioned to be the premier supplier of fresh fruit and vegetable products in this marketplace.
The benefits in 1997 of controlling distribution and production were a large part of Dole’s financial
success in Europe.
Dole continues to develop its Spanish production base for European produced fruits
and vegetables. Dole views European production as essential to developing long-term relationships
with retailers. European retailers stock over 50 percent of their produce departments with domestically
grown produce year-round. Through its continued growth and integration of Pascual Hermanos,
Dole is working to achieve a full complement of European produce to offer retailers through Dole’s
distribution network.
In its new Pascual Hermanos subsidiary, Dole acquired 326 acres of climatic controlled
growing facilities, sixty-five percent of which are being improved to make Dole the industry’s best and Dole’s convenient
ready-to-eat salads
most resourceful supplier of fruits and vegetables in Spain. are gaining recogni-
tion in Europe.
During 1997, Dole introduced Pascual Hermanos to field packing of iceberg lettuce.
Automated field harvest and packing machines, developed in conjunction with Dole fresh vegetables
in Salinas, California, bring the packing lines to the field. This produces savings in time, handling,
transport and labor, and most importantly, provides a substantially higher quality produce to cus-
tomers. This is a superb example of leveraging Dole’s worldwide capabilities.
Dole secured a substantial cost advantage in 1997 while continuing to penetrate new
markets by consolidating its Black Sea shipping service. This operation serves Romania, Bulgaria, Ukraine
and Russia. A new market, Georgia, was added during 1997, as well as a trucking service from Dole’s
Istanbul distribution facility that reaches the new markets of Kazakhstan, Uzbekistan and Taijikistan.
Dole recognizes its responsibility to promote sustainable agriculture and protect
the environment and employees. Dole is aggressively implementing ISO 14000, the international
environmental standard. Dole believes a key success factor in the European marketplace is an
unquestioned commitment to environmental responsibility and employee welfare. Dole intends to
lead the industry in both.


24. D o l e F o o d P r o d u c t s Wo r l d w i d e
DOLE FRESH FRUIT Dole Classic Romaine Salad DOLE PACKAGED FOODS
Dole Apples Dole Shredded Lettuce Dole Apricots in Juice or Syrup
Dole Apricots Dole Shredded Red Cabbage Dole Apricot Halves
Dole Bananas Dole Classic Iceberg Salad Dole Apricot Snack Cup
Dole Blueberries Dole Greener SelectionTM Salad Dole Aloe Vera (Solid)
Dole Cantaloupe Dole American Special Blend Salad Dole Cherry Flavored Mixed Fruit
Dole Cherries Dole European Special Blend Salad Dole Diced Peaches
Dole Clementines Dole French Special Blend Salad Dole Fruit Bowls – Diced Peaches
Dole Coconuts Dole Italian Special Blend Salad Dole Fruit Bowls – Mixed Fruit
Dole Cranberries Dole Romaine Special Blend Salad Dole Fruit Bowls – Tropical Fruit
Dole Grapefruit Dole Spring Mix Special Blend Salad Dole Fruit Bowls – Pineapple Tidbits
Dole Grapes Dole Mediterranean Special Blend Salad Dole Fruit Cocktail
Dole Honeydew Melon Dole Verona Special Blend Salad Dole Fruit Mix, Easy Open
Dole Kiddie Pack (bananas) Dole Tuscany Special Blend Salad Dole Fruit Festival Snack Cup
Dole Kiwi Dole Complete Caesar Salad Dole Guava Halves
Dole Lemons Dole Complete Spinach Bacon Salad Dole Ketchup (Regular and Hot Spice)
Dole Lychees Dole Complete Oriental Salad Dole Orange Fruit Jelly Cups
Dole Mangos Dole Complete Sunflower Ranch Salad Dole Peach Halves
Dole Morado Banana Dole Complete Romano Salad Dole Peach Snack Cup
Dole Native Banana Dole Complete Caesar Salad with Fat Free Dressing Dole Pear Snack Cup
Dole Nectarines Dole Complete Herb Ranch Salad with Fat Free Dole Pineapple Cubes in Syrup
Dole Oranges Dressing Dole Pineapple Concentrate
Dole Papayas Dole Complete Raspberry Romaine Salad with Fat Free Dole Pineapple Fun Shapes – Cosmic
Dole Peaches Dressing Dole Pineapple Fun Shapes – Sea Creatures
Dole Pears Dole Complete Zesty Italian Salad with Fat Free Dole Pineapple Tidbits for Pizza
Dole Persimmons Dressing Dole Pineapple Slices in Juice or Syrup
Dole Pineapple Dole Caesar Lunch For OneTM Dole Pineapple Chunks in Juice or Syrup
Dole Fresh-Cut Pineapple Dole Classic Ranch Lunch For OneTM Dole Pineapple Snack Cup
Dole Plantains Dole Caesar with Fat Free Dressing Lunch For OneTM Dole Pineapple Snack Wedges, Easy Open
Dole Plums Dole Italian with Fat Free Dressing Lunch For OneTM Dole Pineapple Tidbits in Juice or Syrup
Dole Pomegranates Dole Crushed Pineapple in Juice or Syrup
Dole Raspberries DOLE DRIED FRUIT & NUTS Dole Pineapple & Peach Cups
Dole Satsumas Dole Blanched Slivered Almonds in Reclosable Bags Dole Pineapple & Papaya Fruit Jelly Cups
Dole Strawberries Dole Blanched Whole Almonds in Reclosable Bags Dole Tropical Fruit Juice Box
Dole Super Sweet Pine Dole Chopped Natural Almonds in Reclosable Bags Dole Pineapple Juice
Dole Sweet Banana Dole Sliced Natural Almonds in Reclosable Bags Dole Pineapple Orange Juice
Dole Tangelos Dole Whole Natural Almonds in Reclosable Bags Dole Pine–Orange Banana Juice
Dole Tangerines Dole Golden Seedless Raisins Dole Pine–Orange Guava Juice
Dole Yucca Dole Seedless Raisins Canister Dole Pine–Passion Banana Juice
Dole Seedless Raisins Carton Dole Pineapple Orange Juice Box
DOLE FRESH VEGETABLES Dole Seedless Raisins Mini Snacks Dole Pineapple Orange Banana Juice Box
Dole Artichokes Dole Seedless Raisins Six Packs Dole Pineapple Orange Raspberry Juice Box
Dole Asparagus Dole Seedless Raisins in Reclosable Bags Dole Pineapple Juice Drink
Dole Bell Peppers Dole Chopped Dates Carton Dole Pineapple Grapefruit Juice
Dole Broccoli Dole Pitted Dates Carton Dole Pineapple Pink Grapefruit Drink
Dole Brussels Sprouts Dole Pitted Prunes Canister Dole Pineapple Lychee Juice Drink
Dole Carrots Dole Pitted Prunes Carton Dole Pineapple Orange Juice Drink
Dole Cauliflower Dole Pitted Prunes in Reclosable Bags Dole Pineapple Strawberry Juice Drink
Dole Celery Dole Mandarin Orange Segments
Dole Green Leaf Lettuce SAMAN Dole Mandarin Orange Segments, Easy Open
Dole Iceberg Lettuce Guyennoise Prunor Pitted Prunes Dole Mandarin Orange Fruit Cups
Dole Butter Lettuce Guyennoise Prunor Whole Prunes Dole Mushroom
Dole Red Leaf Lettuce JA Whole Dates Dole Papaya in Syrup
Dole Romaine Lettuce JA Whole Prunes Dole Yellow Papaya Chunks
Dole Green Onions Whole Deglet Nour Dates Dole Red Papaya Chunks in Light Syrup
Dole Sugar Peas Soelia Dried Apricots Dole Pears in Juice and Syrup
Dole Idaho Potatoes Soelia Dried Figs Dole Peaches in Juice and Syrup
Dole Radishes Soelia Blanched Whole Almonds Dole Deciduous Fruit Cocktail in Juice and Syrup
Soelia Sliced Thin Almonds Dole Sliced Peaches, Easy Open
DOLE FRESH-CUT VEGETABLES Soelia Whole Peanuts Dole Tropical Fruit Salad in Juice or Syrup
Dole Peeled-Mini Carrots Soelia Pistachios Dole Tropical Fruit Salad, Easy Open
Dole Shredded Carrots Soelia Pitted Prunes Dole White Asparagus
Dole Cole Slaw Soelia Whole Prunes Seasons Tropical Fruit Mix
Dole Chopped Romaine Salad


25. (Seated - Right to Left):
David H. Murdock, Peter
M. Nolan, Andrew Biles
and Juergen Schumacher
(Standing - Right to Left):
Lawrence A. Kern,
William F. Feeney,
Paul Cuyegkeng and
David A DeLorenzo
(Not pictured:
Gregory L. Costley and
Roberto Zacarias)
Officers:
(Seated - Right to Left):
Thomas J. Pernice,
David H. Murdock,
James A. Dykstra,
Roberta Wieman and
David A. DeLorenzo
(Standing - Right to Left):
Edward A. Lang III,
David A. Cohen, John W.
Tate, George R. Horne,
David W. Perrigo and
J. Brett Tibbitts
(Not Pictured:
Patrick A. Nielson)


26. Dole Financial Highlights
Growth
577%
$981
$873
75%
235%
$588
$149
95%
North Latin Asia Europe
America America
Re ve n u e Grow t h by Re g i o n
1987 to 1997
(in millions)
Cash Flow
372
212
338
308
174
273
265
129
110
90
93 94 95 96 97 93 94 95 96 97
E BIT D A* C ap i tal Exp e n d i tu re s
(in millions) (in millions)
s Depreciation & Amortization s EBIT
Capitalization
62.5 %
61.9 %
1,081
1,563
1,052
59.1 %
52.5 %
52.3 %
1,155
666
891
847
550
737
508
93 94 95 96 97 93 94 95 96 97 93 94 95 96 97
C ommon Sha rehol d ers’ Ne t De b t Ne t De b t to
Eq uit y Ne t De b t an d Equi ty R a tio
(in millions)
(in millions) (in percent)
*NOTE: Before restructuring charges and 1995 net gain on asset dispositions


27. Consolidated Statements of Income
(in thousands, except per share data) 1997 1996 1995
Revenue $4,336,120 $3,840,303 $3,803,846
Cost of products sold 3,692,277 3,256,345 3,217,869
Gross margin 643,843 583,958 585,977
Selling, marketing and administrative expenses 399,800 369,675 392,694
Restructuring charge – 50,000 –
Operating income 244,043 164,283 193,283
Interest income 7,776 8,412 7,501
Net gain on assets sold or held for disposal – – 61,655
Other income (expense) – net 8,034 4,535 (5,429)
Earnings before interest and taxes 259,853 177,230 257,010
Interest expense (64,589) (68,699) (81,186)
Income from continuing operations before income taxes 195,264 108,531 175,824
Income taxes (35,100) (19,500) (56,000)
Income from continuing operations 160,164 89,031 119,824
Loss from discontinued operations, net of income taxes – – (96,493)
Net income $ 160,164 $ 89,031 $ 23,331
Earnings per common share
Basic – continuing operations $ 2.67 $ 1.48 $ 2.01
Diluted – continuing operations 2.65 1.47 2.00
Basic – net income (after discontinued operations) $ 0.39
Diluted – net income (after discontinued operations) 0.39
See Notes to Consolidated Financial Statements

DOLE FOOD COMPANY, INC.

28. Consolidated Balance Sheets
(in thousands) 1997 1996
Current assets
Cash and short-term investments $ 31,202 $ 34,342
Receivables – net 534,844 518,266
Inventories 468,692 526,052
Prepaid expenses 48,438 47,164
Total current assets 1,083,176 1,125,824
Investments 69,248 72,930
Property, plant and equipment – net 1,024,247 1,024,135
Long-term receivables – net 63,482 69,861
Other assets 223,742 194,057
Total assets $2,463,895 $2,486,807
Current liabilities
Notes payable $ 11,290 $ 20,478
Current portion of long-term debt 2,326 1,497
Accounts payable 230,143 185,747
Accrued liabilities 432,680 454,208
Total current liabilities 676,439 661,930
Long-term debt 754,849 903,807
Deferred income taxes and other long-term liabilities 328,293 341,798
Minority interests 37,842 29,712
Commitments and contingencies
Common shareholders’ equity 666,472 549,560
Total liabilities and equity $2,463,895 $2,486,807
See Notes to Consolidated Financial Statements
 DOLE FOOD COMPANY, INC.

29. Consolidated Statements of Cash Flow
(in thousands) 1997 1996 1995
Operating activities
Income from continuing operations $ 160,164 $ 89,031 $ 119,824
Adjustments to continuing operations
Depreciation and amortization 112,081 111,073 113,325
Equity earnings net of distributions 373 (2,875) (6,533)
Net gain on assets sold or held for disposal – – (61,655)
Provision for deferred income taxes 11,575 (1,741) 30,429
Restructuring charge – 50,000 –
Other (23,005) (8,203) 41
Change in operating assets and liabilities, net of effects from acquisitions
Receivables – net (10,438) (89,176) 53,142
Inventories 72,066 27,222 (57,588)
Prepaid expenses and other assets (1,167) (8,846) (18,800)
Accounts payable and accrued liabilities (7,487) (34,270) 30,842
Other (23,126) (37,262) 31,592
Cash flow provided by operating activities of continuing operations 291,036 94,953 234,619
Cash flow used in operating activities of discontinued operations – – (11,467)
Cash flow provided by operating activities 291,036 94,953 223,152
Investing activities
Proceeds from sales of businesses and assets 39,200 58,417 432,746
Capital additions (129,171) (109,686) (90,276)
Purchases of investments and acquisitions, net of cash acquired (40,010) (58,775) (35,251)
Other (500) 438 998
Cash flow provided by (used in) investing activities of
continuing operations (130,481) (109,606) 308,217
Cash flow used in investing activities of discontinued operations – – (15,144)
Cash flow provided by (used in) investing activities (130,481) (109,606) 293,073
Financing activities
Short-term borrowings 28,414 19,694 29,348
Repayments of short-term debt (40,887) (20,449) (62,944)
Long-term borrowings 35,232 168,060 12,384
Repayments of long-term debt (169,110) (163,799) (675,098)
Proceeds from distribution of real estate and resorts business – – 235,186
Cash dividends paid (23,988) (24,020) (23,861)
Issuance of common stock 6,644 11,232 5,101
Repurchase of common stock – (13,874) –
Cash flow used in financing activities of continuing operations (163,695) (23,156) (479,884)
Cash flow used in financing activities of discontinued operations – – (9,352)
Cash flow used in financing activities (163,695) (23,156) (489,236)
Increase (decrease) in cash and short-term investments (3,140) (37,809) 26,989
Cash and short-term investments at beginning of year 34,342 72,151 45,162
Cash and short-term investments at end of year $ 31,202 $ 34,342 $ 72,151
See Notes to Consolidated Financial Statements

DOLE FOOD COMPANY, INC.

30. Notes to Consolidated Financial Statements
are stated at cost and are amortized, principally on a
Note 1 – Nature of Operations
straight-line basis, over the estimated future periods to be
Dole Food Company, Inc. and its consolidated
benefited (not exceeding 40 years). The Company peri-
subsidiaries (“the Company”) are engaged in the world-
odically reviews the recoverability of these assets based on
wide sourcing, processing, distributing and marketing
analyses of undiscounted expected future cash flows.
of high quality, branded food products including fresh
Foreign Exchange – For subsidiaries in which the
fruits and vegetables. Operations are conducted through-
functional currency is the United States dollar, net
out North America, Latin America, Europe (including
foreign exchange transaction gains or losses are included
eastern European countries), and Asia (primarily in
in determining net income. These resulted in net losses
Japan and the Philippines). The Company is also engaged
of $5.0 million, $2.1 million, and $2.4 million for 1997,
in beverage operations in Honduras.
1996 and 1995, respectively. Net foreign exchange gains
The Company’s principal products are produced on
or losses resulting from the translation of assets and
both Company-owned and leased land and are also
liabilities of foreign subsidiaries whose local currency is
acquired through associated producer and independent
the functional currency are accumulated as a separate
grower arrangements. The Company’s products are
component of common shareholders’ equity.
primarily packed and processed by the Company and
Income Taxes – Deferred income taxes are recognized
are sold to retail and institutional customers and other
for the tax consequences of temporary differences by
food product companies.
applying enacted statutory tax rates to the differences
Note 2 – Summary of Accounting Policies between financial statement carrying amounts and the
tax bases of assets and liabilities. The income taxes which
Principles of Consolidation – The consolidated financial
would be due upon the distribution of foreign subsidiary
statements include the accounts of all significant majority-
earnings have not been provided where the undistrib-
owned subsidiaries. All significant intercompany accounts
uted earnings are considered permanently invested.
and transactions have been eliminated in consolidation.
Earnings Per Common Share – In accordance with
Annual Closing Date – The Company’s fiscal year ends
Statement of Financial Accounting Standards No. 128,
on the Saturday closest to December 31. Fiscal year
basic earnings per common share are calculated using
1997 ended January 3, 1998 and included 53 weeks,
the weighted average number of common shares out-
while fiscal years 1996 and 1995 contained 52 weeks.
standing during the period without consideration of
Cash and Short-Term Investments – Cash and short-term
the dilutive effect of stock options. The basic weighted
investments include cash on hand and time deposits
average number of common shares outstanding was
with maturities of three months or less.
60.0 million, 60.0 million and 59.7 million for 1997,
Inventories – Inventories are valued at the lower of cost
1996 and 1995, respectively. Diluted earnings per com-
or market. Cost is determined principally on a first-in,
mon share are calculated using the weighted average
first-out basis. Specific identification and average cost
number of common shares outstanding during the
methods are also used for certain packing materials and
period after consideration of the dilutive effect of stock
operating supplies.
options. The diluted weighted average number of com-
Recurring Agricultural Costs – The costs of growing mon shares and equivalents outstanding was 60.4 mil-
bananas and pineapples are charged to operations as lion, 60.4 million and 59.8 million for 1997, 1996 and
incurred. Growing costs related to other crops are 1995, respectively.
recognized when the crops are harvested and sold.
Fair Value of Financial Instruments – The historical
Investments – Investments in affiliates and joint ven- carrying amount is a reasonable estimate of fair value
tures with ownership of 20% to 50% are generally for short-term financial instruments. Fair values for long-
recorded on the equity method. Other investments are term financial instruments not readily marketable were
generally accounted for using the cost method. estimated based upon discounted future cash flows at
prevailing market interest rates. Based on these assump-
Property, Plant and Equipment – Property, plant and
tions, management believes the fair market values of the
equipment are stated at cost, less accumulated depre-
Company’s financial instruments, other than certain debt
ciation. Depreciation is computed principally by the
instruments (see Note 7), are not materially different
straight-line method over the estimated useful lives
from their recorded amounts as of January 3, 1998.
of the assets.
Stock Based Compensation – Statement of Financial
Goodwill and Other Intangible Assets – Goodwill and
Accounting Standards No. 123 (“SFAS 123”) defines
other intangible assets, generally representing the excess
a fair value method of accounting for employee stock
of the cost over the net asset value of acquired businesses,
 DOLE FOOD COMPANY, INC.