SlideShare une entreprise Scribd logo
1  sur  20
Télécharger pour lire hors ligne
Annual Report 2002
Dole Financial Highlights

                                                                                      2002                     2001                  2000                        1999                1998
(in millions,except per-share data)
Revenues, net                                                                 $      4,392              $     4,315          $      4,400             $         4,449         $     3,877
Income (loss) from continuing operations,
   net of income taxes                                                                  156                        (37)                  36                        17                      1
Income from discontinued operations,
   net of income taxes                                                                      —                     187                    32                        32                    11
Cumulative effect of a change
   in accounting principle                                                            (120)                        —                     —                         —                    —
Net income                                                                    $             36          $         150        $           68           $            49         $          12
Diluted net income (loss) per common share
   Continuing operations                                                      $        2.76             $     (0.66)         $        0.65            $          0.29         $       0.02
   Discontinued operations                                                               —                     3.33                   0.56                       0.56                 0.18
   Cumulative effect of a change
      in accounting principle                                                        (2.12)                        —                     —                         —                    —
   Net income                                                                 $        0.64             $         2.67       $        1.21            $          0.85         $       0.20
Diluted average common shares outstanding                                                57                         56                  56                         57                   60
Total assets                                                                  $      3,037              $     2,768          $      2,801             $         2,994         $     2,864
Capitalization
   Short-term debt                                                            $         242             $          27        $         45             $            38         $        36
   Long-term debt                                                                       882                       816               1,135                       1,285               1,116
   Total shareholders’ equity                                                           745                       736                 555                         532                 622
               Total capitalization                                           $      1,869              $     1,579          $      1,735             $         1,855         $     1,774
Book value per common share                                                   $      13.26              $     13.17          $        9.93            $          9.53         $     10.49
Common stock price:
   End of year                                                                $      32.64              $     26.75          $      16.38             $         16.25         $     30.00
   High                                                                       $      33.85              $     27.30          $      20.50             $         33.81         $     57.13
   Low                                                                        $      24.30              $     14.72          $      11.94             $         13.81         $     28.31
Annual cash dividends per common share                                                0.60                     0.40                  0.40                        0.40                0.40
: Revenues have been restated to reflect the adoption of EITF 01-9 in 2002. The adoption resulted in a reduction of previously reported revenues and selling,marketing and general and
administrative expenses by $134 million,$102 million,$94 million and $61 million in 2001,2000,1999 and 1998,respectively. Loss from continuing operations for 2001 includes pre-
tax charges of $133 million and a pre-tax non-operating gain of $8 million related to the sale of available-for-sale securities.Income from continuing operations for 2000 includes a pre-tax
charge of $46 million,net insurance proceeds of $43 million and a pre-tax gain of $9 million related to asset sales. Income from continuing operations for 1999 includes a pre-tax charge of
$48 million and net insurance proceeds of $20 million. Income from continuing operations for 1998 includes pre-tax charges of $98 million. In 2001,Dole divested its Honduran Beverage
operations. Operating results of this business have been accounted for as a discontinued operation. Income from discontinued operations in 2001 includes a net gain of $169 million on the
disposition of this business.Income from discontinued operations in 1999 and 1998 include net insurance proceeds of $8 million and a pre-tax charge of $22 million,respectively.




            3,877 4,449 4,400 4,315 4,392                                     145     49     121   244 227                                      622       532   555     736   745
              ‘98    ‘99    ‘00    ‘01    ‘02                                  ‘98    ‘99    ‘00    ‘01     ‘02                                 ‘98       ‘99    ‘00    ‘01   ‘02


                                                                 Cash Flow from Operating Activities
                    Revenues, net                                                                                                          Total Shareholders’ Equity
                      (in millions)                                                                                                                        (in millions)
                                                                      of Continuing Operations
                                                                                       ( in millions)
A Message from Mr. David H. Murdock




                                         We are at the beginning of what I believe will be another important

                                         chapter in Dole Food Company’s 152-year history as it commences

                                         operations as a private company. I am pleased and proud to be the

                                         owner of this Company.
David H. Murdock
Chairman and Chief Executive Officer


     When I joined Dole Food Company eighteen years ago, the Company was
primarily a commodity company, under siege by its creditors and struggling to
stay afloat; some thought that it was beyond saving. What I perceived beneath the
burden of debt was a company with a trustworthy brand name and a group of
dedicated and loyal employees. There seemed to be a future full of possibilities.
                                                                                    Dole ® Fruit Bowls ®
With a bit of creative imagination and a lot of effort by a great team, we returned Dole Fruit Bowls’ new 7 oz.single-serve cup
Dole to its rightful and profitable place. While the road was not always easy, we was introduced in mid-year 2002. Each
have since risen to become the world’s largest produce company, broadly diversi- individually packaged,single-serve cup offers
                                                                                    75% more fruit than the original 4 oz.Fruit
fied, with an incredibly strong brand name.
                                                                                                 Bowls and comes with a plastic fork. These
                                                                                                 Fruit Bowls come in four varieties: Sliced
    In the process of rebuilding, we made it our priority to escape the volatility of a
                                                                                                 Peaches, Pineapple Chunks,Tropical Fruit
commodity-driven market. Along the way, we rebuilt our core infrastructure and                   and Mandarin Oranges. These larger serving
acquired and disposed of numerous new and old assets and businesses. We have made                size cups are designed to meet the snack-
mistakes and have experienced our share of natural disasters, including Hurricane                ing needs of the active, on-the-go woman.
                                                                                                 Convenience Store News named the 7 oz.
Mitch, which hit our Central American plantations with a vengeance, while El Niño
                                                                                                 Fruit Bowls its “Best New Product for 2002.”
created havoc with our crops. These challenges,combined with pricing pressures and
European quotas, created a volatile business environment.

     We are proud of our achievements and eager to build upon them and lead the Company toward continued
growth and greater profitability. In this volatile market environment and time of global uncertainty, I believe that a
privatized company will have the agility to better meet unanticipated obstacles and opportunities as well. The public
markets want short-term predictability of earnings, which are difficult to attain in a company such as Dole. I am pre-
pared to invest in this Company for the long haul.

    We will continue to expand, particularly with our lines of highly successful, value-added, packaged foods. In
addition to being profitable, innovative and easy-to-use, products like Fruit Bowls and salad packs make it easier for
consumers to eat more of the healthy fruits and vegetables their diets so desperately need.

           It has long been my belief that Dole can play a crucial role in helping consumers eat healthier and thus lead
        longer, healthier and more vital lives. I feel privileged and inspired to lead a company that not only creates
                                                                 s

            Eat more, weigh less.
               Fruits and vegetables have roughly 75 calories per cup – compared to 250 calories for starches like pasta or rice.

                                                                 -1-
Dole Food Company Board of Directors
(Seated,right to left): David H. Murdock, Lawrence A. Kern, Richard M. Ferry (Standing,right to left): David A. DeLorenzo,
E. Rolland Dickson, M.D., Lawrence M. Johnson, Zoltan Merszei, Mike Curb




prosperity and provides 57,000 jobs in over 90 countries, but that has the opportunity and the capability to provide
healthful products to millions of people around the world. It is my goal for Dole to not only be the leading produce
company in the world, but also to be the leader in nutrition education.

     Looking back on what we have accomplished, and forward to the work and
tremendous opportunities that lie ahead, I am fully aware that it is the team of peo-
ple at Dole who are responsible for the past and future. My sincere appreciation
and gratitude goes to each of our employees for their continued support and dedica-
tion. I know they share my enthusiasm and eagerness to pursue new goals and
accomplishments and to reward our consumers with the best products and nutri-
tion information possible.
                                                                                                               Dole ® Special Blends
Sincerely,
                                                                                                               Dole Salad Blends continue to be the fastest
                                                                                                               growing segment of the salad category,
                                                                                                               boosted by the addition of three new baby
                                                                                                               spinach blends – Baby Spinach,Baby Spinach
                                                                                                               and Red Leaf,and Baby Spinach and Radic-
David H. Murdock, Chairman and Chief Executive Officer
                                                                                                               chio. As Americans are eating more spinach
March 2003                                                                                                     than ever, Dole’s new Baby Spinach Salad
                                                                                                               Blends are perfectly positioned to build on
                                                                                                               that growing trend.



                                                                          s

             Obesity in America.
                Over half of Americans are overweight or obese.Obesity is our nation’s leading health problem and is on the rise,
               up 30% in the last 20 years. The health consequences of obesity cause 300,000 deaths each year.
                                                                         -2-
A Message from Mr. Lawrence A. Kern

                                          During 2002, Dole Food Company, Inc. continued to build upon the solid
                                      foundation we established in 2001. Dole’s management team worked together to
                                      achieve financial results for 2002, which were significantly improved over 2001.
                                      Total earnings before interest expense and taxes (“EBIT”) from continuing opera-
                                      tions was $291 million for 2002 compared to $63 million for 2001, which includes
                                      the $133 million in pre-tax business reconfiguration charges recorded in 2001.
                                          Dole’s Fresh Fruit segment posted improved results for 2002 with strong per-
                                      formances in North America, Europe and Asia. Our volumes of North American
                                      bananas, Dole Premium Select® pineapples, and Chilean and South African decidu-
                                      ous fruit continue to increase. We are particularly pleased about the growth of our
                                      Dole Premium Select pineapple and organic banana programs.
                                          Dole’s Fresh Vegetables segment posted improved results for 2002 with weaker
Lawrence A. Kern
                                      commodity pricing offset by continued growth in our packaged salads business. Dole
President and Chief Operating Officer
                                      increased its packaged salads share leadership by a full share point during 2002,closing
                                      2002 with a 38.2% market share.
      Dole’s Packaged Foods segment also posted improved results for 2002 achieving market share gains in canned
pineapple as well as Fruit Bowls®. Fruit Bowls’ market share continued to grow during 2002, closing the year at
43.9%, which was up 4.2 share points from last year.
      Finally, Dole’s Fresh Flowers segment narrowed its operating loss during 2002 as a result of an improved cost
structure. We are encouraged with our progress in the Fresh Flowers segment and expect that trend to continue.
      During 2002, we completed the previously announced divestiture of non-core assets with the sales of our Pas-
cual Hermanos vegetable business in Spain and our Saman dried fruit and nut business in France.
      We have identified 100% of our total $200 million in annual operating improvements to future operating
results that should be realized on a steady state basis by the end of 2003. To date, Dole has achieved over 95% of our
$200 million steady state goal, which benefited Dole’s earnings in 2001 and 2002. Going forward, Dole will enjoy
a significantly improved cost structure.
      The year 2002 saw a number of management changes. Richard J. Dahl joined the Company asVice President and
Chief Financial Officer. He was previously president and chief operating officer of Pacific Century Financial Corpo-
ration and Bank of Hawaii. John T. Schouten was promoted to the position of President – Dole Fresh Flowers. He
previously served as Senior Vice President and General Manager of all commodity operations for Dole FreshVegeta-
bles. Joseph S.Tesoriero was appointed Vice President –Tax. Prior to joining Dole, he served as Senior Vice Presi-
dent of Tax for Global Crossing, Ltd. Thomas W. Crowell was promoted to Vice President and Chief Information
Officer. He was previouslyVice President and Chief Information Officer of the Company’s FreshVegetables division
and, prior to joining Dole, he had extensive experience in the food industry. Yoon J. Hugh was promoted to Con-
troller and Chief Accounting Officer. She previously served as Assistant Controller of Dole. Sue Hagen was pro-
moted to the position of Vice President – Human Resources. She previously served as Vice President – Human
Resources North America Operations. After 36 years of dedicated service, George Horne,Vice President Adminis-
tration and Support Operations, has decided to retire from Dole Food Company.
      With a strong management team now in place, we look forward to meeting the challenges facing us in 2003 as a
much stronger company.

Sincerely,




Lawrence A. Kern, President and Chief Operating Officer
March 2003
                                                              s

The benefits of lutein.
One serving of Dole baby spinach contains 6 mg of lutein – clinically proven to protect eyesight from the
deterioration caused by aging.
                                                             -3-
A Message from the Dole Nutrition Institute

       The link between food and health promises to be one of the biggest challenges – and opportunities – of the
        century. What we eat should give life, not take it. Yet obesity in America has reached epidemic propor-
         tions. Diets high in sugar, processed carbohydrates and animal fats add up to too many calories, and too
           few essential vitamins and nutrients.The crisis has sparked various reactions – from class action law-
              suits against fast food companies, to invasive medical procedures, to fad diets. Yet nature herself
               offers a simpler, healthier solution.

                Medical opinion is unanimous: increasing consumption of fruits and vegetables is fundamental to
maintaining a healthy weight and meeting basic nutritional needs. Every day new scientific research reveals ways
in which fruits and vegetables prevent and even reverse disease.

    We at Dole Food Company have always believed in providing consumers with the freshest fruits and vegeta-
bles. As chairman of the world’s largest produce supplier, David H. Murdock wanted to take this mission one step
further: to water the seeds of knowledge, and provide the public with the latest, most definitive, and most com-
prehensive information on nutrition and health. Thus the Dole Nutrition Institute was born.

   The Dole Nutrition Institute is a non-profit research, education and advocacy organization aimed at helping
people “eat to live.” In the months ahead, we plan to:

      Subsidize scientific inquiry into the specific health benefits of certain fruits and vegetables at the
              world’s leading universities,and host academic symposia publicizing the results.
                                                        s

       Sponsor 5 A Day and other nutrition-education programs in schools,and campaign to improve
                             the nutritional value of school lunch programs.
                                                        s

                      Develop the “Dole Nutrition System”– a complete program of produce
                     and new products that provides individuals with all their dietary needs.
                                                        s

              Launch an on-line service to provide consumers with useful,personalized information,
                              helping them to meet their health and dietary goals.
                                                        s

             Offer helpful,easy-to-understand materials to let people know what nutrients they need,
                         why they need them,and what foods they should eat to get them.
                                                        s

                  Publish 365 Days of Nutrition – with health facts,meal plans and easy recipes.

    These are just a few of the ways we at the Dole Nutrition Institute – and all of us at Dole Food Company – are
stepping forward to take the lead in expanding the knowledge, growing the foods, developing the products and
providing the tools people need to “eat to live” longer, healthier, more vital lives.

Sincerely,




Jennifer A. Grossman, Vice President
Director, Dole Nutrition Institute
March 2003

                                                       -4-
Dole Worldwide Product List
Dole Fresh Vegetables             Dole Dried Fruit                      Dole Fruit Bowls -                        Dole Plastic Jar - Pineapple Chunks
Dole Artichokes                   Dole Dates Chopped                     Mandarin Oranges                         Dole Plastic Jar -Tropical Fruit
Dole Asparagus                     in Resealable Bags                   Dole Fruit Festival Snack Cup             Dole Plastic Jar - Sliced Peaches
Dole Bell Peppers                 Dole CinnaRaisins®                    Dole Fruit Salad with                     Dole Pouch - PineappleTidbits
Dole Broccoli                      in Resealable Bags                    Extra Cherries Plastic Jar                 in Syrup
Dole Brussels Sprouts             Dole Golden Seedless Raisins          Dole Fruit Salad with Extra               Dole Pouch -Tropical Fruit Salad
Dole Butter Lettuce               Dole Dates Pitted                      Cherries Plastic Cup                     Dole Rambutan in Syrup
Dole Carrots                       in Resealable Bags                   Dole Fruit-N-Gel Bowls™                   Dole Rambutan Snack Cup
Dole Cauliflower                   Dole Pitted Prunes Canister            Pineapple in Lime Gel                    Dole Red Papaya Chunks
Dole Celery                       Dole Pitted Prunes                    Dole Fruit-N-Gel Bowls                      in Light Syrup
Dole Cilantro                      in Resealable Bags                    Mandarins in Orange Gel                  DoleTomato Sauce
Dole Dry Onions                   Dole Seedless Raisins Canister        Dole Fruit-N-Gel Bowls                    DoleTropical Fruit Cocktail
Dole Green Leaf Lettuce           Dole Seedless Raisins                  Peaches in Strawberry Gel                  in Juice and Syrup
Dole Green Onions                  in Resealable Bags                   Dole Reduced Sugar                        DoleTropical Fruit Cocktail
Dole Iceberg Lettuce              Dole Seedless Raisins Mini Snacks      Fruit-N-Gel Pears                          in Syrup with
Dole Idaho Potatoes               Dole Seedless Raisins Six Packs        in Kiwiberry Gel                           Passion Fruit Juice
Dole Radishes                                                           Dole Reduced Sugar                        DoleTropical Fruit Juice Box
Dole Red Leaf Lettuce                                                    Fruit-N-Gel Papaya                       DoleTropical Fruit Salad
                                  Dole Fresh Fruit
Dole Red Potatoes                                                        in Peach Gel                             DoleTropical Fruit Salad Easy Open
                                  Dole Apples
Dole Russet Potatoes                                                    Dole FruiTango™ Mandarin                  DoleTropical - Pineapple Juice Blend
                                  Dole Apricots
Dole Romaine Lettuce                                                    Dole FruiTango Pineapple                  DoleWhite Asparagus
                                  Dole Avocados
Dole Sugar Peas                                                         Dole FruiTango Strawberry                 DoleYellow Papaya Chunks in Syrup
                                  Dole Bananas
DoleWhite Potatoes                                                      Dole FruiTangoTropical                    Seasons™ Pineapple Juice
                                  Dole Banana Puree
DoleYukon Gold Potatoes                                                 Dole Guava Halves                         Seasons Tropical Fruit Mix
                                  Dole Cantaloupes
                                                                        Dole Guava in Syrup
                                  Dole Cherries
                                                                        Dole Longans in Syrup
Dole Fresh-Cut Vegetables         Dole Clementines                                                                Dole Fresh Flowers
                                                                        Dole Longans Snack Cup
Dole All American Salad Kit       Dole Coconuts                                                                   Achillea
                                                                        Dole Lychees in Syrup
Dole American Salad Blend         Dole Cranberries                                                                Alstroemeria
                                                                        Dole Mandarin Orange
Dole Baby Spinach Salad Blend     Dole Fresh-Cut                                                                  Aster Butterfly
                                                                         Fruit Cups
Dole Baby Spinach and              Papaya Halves                                                                  Aster Matsumoto
                                                                        Dole Mandarin Oranges
 Red Leaf Salad Blend             Dole Grapefruit                                                                 Aster Montecasino
                                                                        Dole Mandarin Orange
Dole Baby Spinach and             Dole Grapes                                                                     Bouvardia
                                                                         Segments Easy Open
 Radicchio Salad Blend            Dole Honeydew Melons                                                            Bupleurum
                                                                        Dole Mango Slices in
Dole Butter Lettuce Salad Blend   Dole Kiwis                                                                      Campanulas
                                                                         Blended Juice or Syrup
Dole Chopped Romaine Salad        Dole Mangoes                                                                    Carnations
                                                                        Dole Mushrooms
Dole Classic Cole Slaw            Dole Nectarines                                                                 Chinese Carnations
                                                                        Dole Nata de Coco in Syrup
Dole Classic Greek Salad Kit      Dole Oranges                                                                    Cremons
                                                                        Dole Nata de Coco with
Dole Classic Iceberg Salad        Dole Organic Bananas                                                            Delphinium
                                                                         Jackfruit Snack Cup
Dole Classic Romaine Salad        Dole Papayas                                                                    Farm Bouquets
                                                                        Dole Peach Halves in Syrup
Dole Caesar Salad Kit             Dole Peaches                                                                    Football Mums
                                                                        Dole Pineapple Concentrate
Dole Creamy Garlic Caesar         Dole Pears                                                                      Freesia
                                                                        Dole Pineapple Cubes in Syrup
 Salad Kit                        Dole Pineapple                                                                  Gerbera
                                                                        Dole Pineapple Grapefruit
Dole Light Caesar Salad Kit       Dole Fresh-Cut                                                                  Gerspider
                                                                         Juice Drink
Dole Escarole and Leaf             Pineapple Chunks                                                               Godetias
                                                                        Dole Pineapple Juice
 Salad Blend                      Dole Fresh-Cut                                                                  Gypsophila
                                                                        Dole Pineapple Juice Box
Dole Just Lettuce® Salad           Pineapple Spears                                                               Kangaroo Paws
                                                                        Dole Frozen Pineapple Juice
Dole Romano Salad Kit             Dole Fresh-Cut                                                                  Leatherleaf
                                                                        Dole Pineapple Juice Drink
Dole Sunflower Ranch                Pineapple Cylinders                                                            Limonium
                                                                        Dole Pineapple Lychee
 Salad Kit                        Dole Plantains                                                                  Lisianthus
                                                                         Juice Drink
Dole European Salad Blend         Dole Plums                                                                      Micro Pompons
                                                                        Dole Pineapple Mandarin
Dole Field Greens Salad Blend     Dole Pomegranates                                                               Million Stars Gypsophila
                                                                         Orange Banana Juice
Dole French Salad Blend           Dole Strawberries                                                               Miniature Carnations
                                                                        Dole Pineapple Orange Juice
Dole Greener Selection® Salad     Dole Sweetio® Bananas                                                           Monk’s Hood
                                                                        Dole Pineapple Orange Juice Box
Dole Hearts of Romaine            Dole Sweetio™ Pineapple                                                         Mums
                                                                        Dole Pineapple Orange Juice Drink
 Mix Salad Blend                  DoleTropical Gold™                                                              Pompons
                                                                        Dole Pineapple Orange Banana
Dole Italian Salad Blend           Pineapple                                                                      Roses (Hybrid Tea)
                                                                         Juice Box
Dole Mini-Asparagus                                                                                               Roses (Micro)
                                                                        Dole Pineapple Orange
Dole Organic Baby Lettuces                                                                                        Rover Mums - Fall only
                                  Dole Packaged Foods
                                                                         Raspberry Juice Box
Dole Organic Baby Spinach                                                                                         Snapdragons
                                  Dole AloeVera (Solid)
                                                                        Dole Pineapple Passion
Dole Organic Hearts                                                                                               Solidago
                                  Dole Crushed Pineapple
                                                                         Banana Juice Box
 of Romaine Mix                                                                                                   Solidaster
                                   in Juice or Syrup
                                                                        Dole Pineapple Orange
Dole Organic Spring Mix                                                                                           Spider Mums
                                  Dole Deciduous Fruit
                                                                         Strawberry Juice
 with Herbs                                                                                                       Spray Roses
                                   Cocktail in Juice or Syrup
                                                                        Dole Pineapple Slices In Juice or Syrup
Dole Peeled Mini-Carrots                                                                                          Statice
                                  Dole Fruit Bowls® - Fruit Salad
                                                                        Dole Pineapple Snack Cup
Dole Shredded Carrots                                                                                             Stock
                                   with Extra Cherries
                                                                        Dole Pineapple SnackWedges
Dole Shredded Lettuce                                                                                             Sunflowers
                                  Dole Fruit Bowls - Mango Peach
                                                                         Easy Open
Dole Shredded Red Cabbage                                                                                         Sweetheart Roses
                                  Dole Fruit Bowls - Peaches
                                                                        Dole Pineapple Strawberry Juice Drink
Dole Spring Mix Salad Blend                                                                                       Tree Fern
                                  Dole Fruit Bowls - Pears
                                                                        Dole PineappleTidbits for Pizza
DoleTriple Cheese Salad Kit                                                                                       Yarrow
                                  Dole Fruit Bowls - Mixed Fruit
                                                                        Dole PineappleTidbits in Juice
DoleVeryVeggie® Salad Blend       Dole Fruit Bowls- Pineapple
                                  Dole Fruit Bowls -Tropical Fruit
                                                                      -5-
Dole Worldwide Operations




                                                                     v
                                                                     vv
                                                             v

                                                                 v
                                                                     v
                                                                           v   v
                                                            v
                        v
                                  v
                        x




          Sourcing
      s
          Ripening/Distribution
      v
          Markets
      q
          Corporate
      x




                                                Food Operating Divisions
                                                      Europe and Africa
                                       Belgium • Cameroon • Canary Islands • France •
       Germany • Ghana • Greece • Italy • Ivory Coast • Kenya • Namibia • Netherlands • South Africa • Spain • Tunisia •
                                            Turkey • United Kingdom • Zimbabwe
                                                Latin America and Caribbean
Bermuda • Chile • Colombia • Costa Rica • Ecuador • Guadeloupe • Guatemala • Honduras • Jamaica • Martinique • Mexico • Peru
                                                            Asia
                                    China • Japan • New Zealand • Philippines • Thailand
                                                        North America
                      Canada • United States:Arizona, California, Florida, Hawaii, Ohio,Washington
                                                                     s


                                                   Food Marketing Divisions
                                                        Europe and Middle East
 Albania • Algeria • Austria • Azerbaijan • Bahrain • Belarus • Belgium • Bosnia • Bulgaria • Croatia • Czech Republic • Denmark •
  Estonia • Egypt • Finland • France • Georgia • Germany • Greece • Hungary • Iceland • India • Ireland • Israel • Italy • Jordan •
 Kazakhstan • Kuwait • Latvia • Lebanon • Lithuania • Luxembourg • Malta • Morocco • Netherlands • Norway • Oman • Poland •
   Portugal • Qatar • Romania • Russia • Saudi Arabia • Senegal • Slovakia • Spain • Sweden • Switzerland • Tajikistan • Tunisia •
                            Turkey • Ukraine • United Arab Emirates • United Kingdom • Uzbekistan
                                                     Latin America and Caribbean
       Argentina • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guatemala • Honduras • Mexico •
                                                   Peru • Puerto Rico • Uruguay
                                                                 Asia
                        China • Hong Kong • Japan • New Zealand • Philippines • South Korea • Thailand
                                                            North America
                                                       Canada • United States


                                                                     -6-
Dole Food Company, Inc.

Business Review 2002
Introduction                                                        United States, Canada and other countries in which we
                                                                    conduct business and regard them as important corpo-
     Dole Food Company, Inc. was founded in Hawaii in
                                                                    rate assets with high recognition and acceptance.
1851 and was incorporated under the laws of Hawaii in
1894. Dole reincorporated as a Delaware corporation in
                                                                         We source or sell over 200 products in more than
July 2001. During fiscal year 2002, we had, on average,
                                                                    90 countries. Our fully integrated operations include
approximately 57,000 people in full-time permanent or
                                                                    sourcing, growing, processing, distributing and market-
full-time seasonal or temporary positions worldwide.
                                                                    ing our products. Our products are produced both
Our website address is www.dole.com.We make avail-
                                                                    directly on Dole-owned or leased land and through
able, free of charge through our website, our annual
                                                                    associated producer and independent grower arrange-
report on Form 10-K, quarterly reports on Form 10-Q,
                                                                    ments under which we provide varying degrees of
current reports on Form 8-K, and all amendments to
                                                                    farming, harvesting, packing, storing, shipping, stevedor-
those reports as soon as reasonably practicable after such
                                                                    ing and marketing services.
material is electronically filed with or furnished to the
                                                                        Dole has significant owned and operated food
Securities and Exchange Commission. For detailed finan-
                                                                    sourcing and related operations in Chile, Colombia,
cial information with respect to Dole’s business and its
                                                                    Costa Rica, Ecuador, Guatemala, Honduras, Japan, the
operations, see Dole’s Consolidated Financial Statements
                                                                    Philippines,Thailand and the United States. Dole also
and the related Notes to Consolidated Financial
                                                                    sources food products in Algeria, Argentina, Australia,
Statements, which are included in our Form 10-K.
                                                                    Brazil, Cameroon, China, Greece, Italy, Ivory Coast,
                                                                    Mexico, New Zealand, Peru, South Africa, South Korea,
Overview                                                            Spain,Tunisia and Turkey. Significant volumes of Dole’s
     We are the world’s largest producer and marketer of
                                                                    fresh fruit and packaged products are marketed in
fresh fruit, fresh vegetables and fresh-cut flowers, and we
                                                                    Canada,Western Europe, Japan and the United States,
market a growing line of value-added products.We are
                                                                    with lesser volumes marketed in Australia, China, Hong
one of the world’s largest producers of bananas and
                                                                    Kong, New Zealand, Russia, South Korea and certain
pineapples, a leading marketer of citrus and table grapes
                                                                    other countries in Asia, Eastern Europe, Scandinavia, the
worldwide and an industry leader in packaged fruit prod-
                                                                    Middle East and Central and South America.
ucts, ready-to-eat salads and vegetables. Our most
significant products hold the number one or number two
                                                                    Industry
positions in the respective markets in which we compete.
                                                                        The worldwide fresh produce industry is character-
      We utilize product quality, food safety, brand recog-
                                                                    ized by consistent underlying demand and favorable
nition, competitive pricing, customer service and
                                                                    growth dynamics. In recent years, the market for fresh
consumer marketing programs to enhance our position
                                                                    produce has grown at a rate above population growth,
within the food industry.We provide wholesale, retail
                                                                    supported by ongoing trends including greater con-
and institutional customers around the world with high-
                                                                    sumer demand for healthy, fresh and convenient foods,
quality food products that bear the DOLE® trademarks.
                                                                    increased retailer square footage devoted to produce,
The DOLE brand was introduced in 1933 and we believe
                                                                    and increased emphasis on fresh produce as a differenti-
it is one of the most recognized for fresh and packaged
                                                                    ating factor in attracting customers. According to the
produce in the United States, as evidenced by our 42%
                                                                    Food and Agriculture Organization, worldwide produce
unaided consumer brand awareness, twice that of our
                                                                    production grew 3.6% per annum from 814 million
nearest competitor, according to C.A. Walker and
                                                                    metric tons in 1990 to an estimated 1,244 million in
Associates. Consumer and institutional recognition of
                                                                    2002.Total wholesale fresh produce sales in the United
the DOLE trademarks and related brands and the associa-
                                                                    States surpassed $80 billion in 2001, up from approxi-
tion of these brands with high-quality food products
                                                                    mately $35 billion in 1987, representing a 6.1%
contribute significantly to our leading positions in the
                                                                    compounded annual growth rate. In the US, wholesale
markets that we serve.We own these trademarks in the



                                                              -8-
Established produce companies have sought to
fresh produce sales are split roughly evenly between the
                                                                   strengthen relationships with leading retailers through
retail and foodservice channels.
                                                                   value-added services such as banana ripening and distri-
    Health conscious consumers are driving much of the
                                                                   bution, category management, branding initiatives and
growth in demand for fresh produce. Over the past 20
                                                                   establishment of long term supply agreements.
years, the benefits of natural, preservative-free foods
have become an increasingly prominent element of the
public dialogue on health and nutrition.As a result, con-          Competitive Strengths
sumption of fresh fruit and vegetables has increased                   Our competitive strengths have contributed to our
markedly.According to the United States Department of              strong historical operating performance and should
Agriculture (“USDA”), Americans consumed 54 more                   enable us to capitalize on future growth opportunities:
pounds of fresh fruit and vegetables per capita in 2000
                                                                       • Market   Share Leader. Our most significant prod-
than they did in 1986.Time-starved consumers are also
                                                                   ucts hold the number one or number two positions in the
demonstrating continued demand for convenient, ready-
                                                                   respective markets in which we compete.We maintain
to-eat products. Food manufacturers have responded
                                                                   number one market share positions in global bananas,
with new product introductions and packaging innova-
                                                                   winter fruits exported from Chile, and in North
tions in segments such as bagged baby carrots and
                                                                   American iceberg lettuce, celery, cauliflower, ready-to-
ready-to-eat salads, contributing to industry growth.
                                                                   eat salads and packaged fruit products, including our line
For example, the US market for fresh-cut produce has
                                                                   of fruit cups called FRUIT BOWLS® and FRUIT-N-GEL
increased from an estimated $3 billion in 1994 to an esti-
                                                                   BOWLSTM. In addition, we believe that we are the only
mated $11 billion in 2000.According to the International
                                                                   fully integrated fresh-cut flower and bouquet supplier of
Fresh-cut Produce Association, growth in the fresh-cut
                                                                   our size in North America.
produce market is forecasted to continue at a compound
annual rate of 6.4%, reaching approximately $15 billion                 • Strong Global Brand. Consumer and institutional
by 2005.                                                           recognition of the DOLE trademark and related brands
                                                                   and the association of these brands with high-quality food
     Retail consolidation and the growing importance of
                                                                   products contribute significantly to our leading positions
food to mass merchandisers are major factors affecting
                                                                   in each of the markets that we serve. By implementing a
the food manufacturing and fresh produce industries.As
                                                                   global marketing program, we have made the distinctive
food retailers have grown and expanded, they have
                                                                   red “DOLE” letters and sunburst a familiar symbol of
sought to increase profitability through value-added
                                                                   freshness and quality recognized around the world.We
product offerings and in-store services.As fresh produce
                                                                   believe that opportunities exist to leverage the DOLE
has become a strategic focus, retailers have expanded
                                                                   brand through product extensions and new product
square footage dedicated to produce departments by
                                                                   introductions.
almost 7% per annum between 1994 and 1999. This
development has led to an increase in produce sales as a                • Low-Cost Production Capabilities. We believe we
percentage of total supermarket sales, from 8.8% in                are one of the lowest cost producers of many of our major
1987 to 9.8% in 2001, according to the Food Marketing              product lines, including bananas, North American fresh
Institute.The fresh produce category is also attractive to         vegetables and ready-to-eat salads and packaged fruit
retailers due to its higher margins. According to the              products. Over the last several years, we have undertaken
USDA’s Agriculture Information Bulletin No. 758, gross             various initiatives to achieve this low-cost position.We
margins for the produce department were 33% com-                   plan to maintain these low-cost positions through a con-
pared to a 26% average for the entire store in 1997. Fully         tinued focus on operating efficiency.
integrated produce companies, such as Dole, are well
                                                                        • State-of-the-Art Infrastructure. We have made sig-
positioned to meet the needs of large retailers through
                                                                   nificant investments in our production, processing,
the delivery of consistent, high quality produce, reliable
                                                                   transportation and distribution infrastructure with the
service, competitive pricing and innovative products.
                                                                   goal of efficiently delivering the highest quality and


                                                             -9-
freshest product to our customers. We own or lease                     reportable segments are managed separately due to dif-
                                                                       ferences in their products, production processes,
approximately 120,000 acres of land worldwide, over 50
                                                                       distribution channels and customer bases.
processing, ripening and distribution centers, and the
largest dedicated refrigerated containerized shipping fleet
in the world, comprising 21 ships and approximately
                                                                       Fresh Fruit
10,800 refrigerated containers. In addition, our market-
                                                                           Our fresh fruit business segment has four primary
leading logistics and distribution capabilities allow us to
                                                                       operating divisions: bananas, fresh pineapple, European
act as a preferred fresh and packaged food provider to
                                                                       Ripening & Distribution and Dole Chile.We believe that
leading global supermarkets and mass merchandisers.
                                                                       we are the industry leader in growing, sourcing, shipping
                                                                       and distributing consistently high-quality fresh fruit.
     • Diversity of Sourcing Locations. We currently
source our fresh fruits, vegetables and fresh-cut flowers              Bananas
in 28 countries and distribute products in more than 90                     We are the world’s largest producer of bananas,
countries.We are not dependent on any one country for                  growing and selling more than 120 million boxes of
the sourcing of any of our products.The diversity of our               bananas annually.We primarily sell bananas to customers
production sources reduces our risk from exposure to                   in North America, Europe and Asia.We are the number
natural disasters and political disruptions in any one par-            one brand of bananas in both North America and Japan
ticular country.                                                       and the number two brand in Europe. In Latin America,
                                                                       our bananas are primarily sourced in Honduras, Costa
     • Experienced Management Team. Our management
                                                                       Rica, Ecuador, Colombia and Guatemala. Bananas pro-
team has a demonstrated history of delivering strong
                                                                       duced by us in Latin America are shipped primarily to
operating results through disciplined execution.The cur-
                                                                       North America and Europe on our refrigerated, con-
rent management team has been instrumental in our
                                                                       tainerized shipping fleet. In Asia, we source our bananas
continuing drive to transform Dole from a production
                                                                       primarily in the Philippines.
driven company into a sales and marketing driven one. In
addition, the management team has led our recent                            Consistent with our strategy to focus on value-added
Company-wide restructuring and improvement initia-                     products, we have continued to expand our focus on
tives. Daily operations are led by Lawrence A. Kern,                   higher margin, niche bananas. While the traditional
President and Chief Operating Officer.                                  “green” bananas still comprise the majority of our banana
                                                                       sales, we have successfully introduced niche bananas such
                                                                       as organic, low chemical and sweet bananas. We have
Business Segments
                                                                       found that organic produce is a growing category in
     We have four primary reportable operating seg-
                                                                       North America and Europe and there is a strong demand
ments: fresh fruit, fresh vegetables, packaged foods and
fresh-cut flowers.The fresh fruit segment contains sever-               for low chemical and sweet bananas in Asia.
al operating segments that produce and market fresh fruit
                                                                       Fresh Pineapples
to wholesale, retail and institutional customers world-
                                                                            We are the number two global producer of fresh
wide.The fresh vegetables segment contains operating
                                                                       pineapples, growing and selling more than 17 million
segments that produce and market commodity vegeta-
                                                                       boxes annually. We sell our pineapples globally and
bles and ready-to-eat packaged vegetables to wholesale,
                                                                       source them from Company-operated farms and inde-
retail and institutional customers primarily in North
America, Europe and Asia. Both the fresh fruit and fresh               pendent growers in Latin America, Hawaii, the
vegetable segments sell produce grown by a combination                 Philippines and Thailand.We produce and sell two princi-
of Company-owned and independent farms.The pack-                       pal varieties of pineapples: the Champaka (or green)
aged foods segment contains several operating segments                 pineapple and the sweet yellow pineapple. The
that produce and market packaged foods, including fruit,               Champaka pineapple, traditionally the most widely avail-
juices and snack foods. Dole’s fresh-cut flowers segment                able type of pineapple, is primarily sold to the
sources, imports and markets fresh-cut flowers, grown
                                                                       foodservice sector and is also used in our packaged prod-
mainly in Colombia and Ecuador, primarily to wholesale
                                                                       ucts.The sweet yellow pineapple was introduced in 1999
florists and supermarkets in the United States. These

                                                              - 10 -
under the DOLE PREMIUM SELECT® label.The sweet                          butter lettuce, celery, cauliflower, broccoli, carrots, brus-
yellow pineapple sells for a higher price than the                      sels sprouts, spinach, red and green onions, asparagus,
Champaka, which translates into a higher margin for us                  snow peas and artichokes.We sell our commodity veg-
and our customers. Our sweet yellow pineapple has had                   etable products primarily in North America,Asia and, to a
excellent market acceptance, with our unit volume more                  lesser extent,Western Europe. In North America, we are
than doubling in 2002 as compared with 2001.                            the number one provider of lettuce, celery and cauliflow-
                                                                        er and the number two provider of broccoli.
European Ripening & Distribution
                                                                        Value-Added
     Our European Ripening & Distribution business dis-
tributes DOLE and non-DOLE branded fresh produce in                          Our value-added vegetable products include ready-
Europe.This business operates approximately 50 sales                    to-eat salads, bagged baby carrots, broccoli florets, and
and distribution centers in nine countries, predominant-                cauliflower florets. In 2002, consumers purchased more
ly in Western Europe.This business assists us in firmly                 of our ready-to-eat salads than any other brand.
establishing customer relationships in Europe.We own
60% of Scandinavia’s leading importer and distributor of
                                                                        Packaged Foods
fruit, vegetables and flowers, which imports from more
                                                                             Our packaged food segment produces canned
than 60 countries and which has a Netherlands subsidiary
                                                                        pineapple, canned pineapple juice, fruit juice concen-
that is one of Europe’s largest exotic fruit import and dis-
                                                                        trate, packaged fruit and plastic fruit cups (i.e., FRUIT
tribution companies.
                                                                        BOWLS and FRUIT-N-GEL BOWLS).All of our signifi-
Dole Chile                                                              cant packaged food products hold the number one
     We began our Chilean operations in 1982 and have                   market position in North America.
grown to become the largest exporter of Chilean fruit.
                                                                             Our FRUIT BOWLS products were introduced in
We export grapes, apples, pears, stone fruit (e.g., peach-
                                                                        1998 and continue to exceed our volume and share
es and plums) and kiwifruit.The weather and geographic
                                                                        expectations.The trend towards convenience and healthy
features of Chile are similar to those of the Western
                                                                        snacking has been responsible for the explosive growth in
United States, with opposite seasons.Accordingly, Chile’s
                                                                        the plastic fruit cup category, which is now larger than
harvest is counter-seasonal to that in the Northern
                                                                        the applesauce cup and gelatin cup categories.
Hemisphere, offsetting the seasonality in our other fresh
fruit. We primarily export Chilean fruit to North
America, Latin America and Europe.                                      Fresh-Cut Flowers
                                                                             We entered the fresh-cut flowers business in 1998
                                                                        and are now the largest producer of fresh flowers in Latin
Fresh Vegetables
                                                                        America with over 90% of our Latin American flowers
     Our fresh vegetables business segment operates
                                                                        shipped into North America. Our products include over
under two divisions: commodity and value-added.We
                                                                        800 varieties of fresh-cut flowers such as roses, carna-
source our fresh vegetables from Company-owned and
                                                                        tions and Alstroemeria.
contracted farms.To satisfy the increasing demand for
our products, we have continued to expand production                         We are the only flower importer with guaranteed
and distribution capabilities of our fresh vegetables seg-              daily deliveries by air. Immediately after harvesting, our
ment.We have recently completed expansion projects at                   flowers are flown to our Miami facilities where tempera-
our Springfield, Ohio and Yuma, Arizona ready-to-eat                    tures are maintained at consistent levels in all warehouse
salad and vegetable facilities.                                         and production operations. Maintaining the cold chain
                                                                        enables us to deliver the freshest and healthiest flowers to
CommodityVegetables
                                                                        the market.
    We source, harvest, cool, distribute and market more
than 20 different types of fresh vegetables, including ice-
berg lettuce, red and green leaf lettuce, romaine lettuce,



                                                               - 11 -
Lawrence A. Kern, President and Chief Operating
Research and Development
                                                                      Officer. Mr. Kern joined the Company as President,
     Our research and development programs concen-
                                                                      Dole Fresh Vegetables in 1993. In July 2000, he was pro-
trate on sustaining the productivity of our agricultural
                                                                      moted to the position of President, Worldwide Fresh
lands, food safety, product quality of existing products
                                                                      Vegetables, Packaged Salads and Non-Tropical Fresh
and the development of new value-added products, as
                                                                      Fruit. Mr. Kern was appointed President and Chief
well as agricultural research and packaging design.
                                                                      Operating Officer of the Company in February 2001. He
Agricultural research is directed toward sustaining and
                                                                      holds a B.S. and M.B.A. from Indiana University.
improving product yields and product quality by examin-
ing and improving agricultural practices in all phases of
                                                                           C.Michael Carter,Vice President,General Counsel
production (such as development of specifically adapted
                                                                      and Corporate Secretary. Mr. Carter joined the
plant varieties, land preparation, fertilization, cultural
                                                                      Company in October 2000, after serving as Executive
practices, pest and disease control, post-harvesting, han-
                                                                      Vice President, General Counsel and Corporate Secretary
dling, packing and shipping procedures), and includes
                                                                      of Pinkerton’s Inc. Prior to Pinkerton’s, Inc., Mr. Carter
on-site technical services and the implementation and
                                                                      held positions at Concurrent Computer Corporation,
monitoring of recommended agricultural practices.
                                                                      Nabisco Group Holdings,The Singer Company and the
Research efforts are also directed towards integrated
                                                                      law firm of Winthrop, Stimson, Putnam and Roberts. He
pest management and biological pest control. Specialized
                                                                      holds a B.S. from the University of California at Berkeley
machinery is developed for various phases of agricultural
                                                                      and a J.D. from George Washington University.
production and packaging that reduces labor costs,
                                                                          Richard J. Dahl, Vice President and Chief
improves productivity and efficiency and increases prod-
                                                                      Financial Officer. Mr. Dahl joined Dole Food Company
uct quality. Agricultural research is conducted at field
                                                                      as Vice President and Chief Financial Officer in June
facilities primarily in California, Hawaii, Latin America
                                                                      2002, after serving as President and Chief Operating
and Asia.We also sponsor research related to environ-
                                                                      Officer of Pacific Century Financial Corporation and
mental improvements and the protection of worker and
                                                                      Bank of Hawaii. Prior to Pacific Century, Mr. Dahl held
community health.
                                                                      various positions at Ernst & Young. He holds a B.S. in
                                                                      Accounting from the University of Idaho and is a Certified
Management                                                            Public Accountant.
     Below is a list of the names and brief employment
                                                                          Jonathan Y. Bass, Vice President and General
history of the officers and senior management of Dole as
                                                                      Manager, Chilean Division. Mr. Bass joined the
of March 1, 2003.
                                                                      Company in 1977 as Manager of Financial Analysis in the
     David H. Murdock, Chairman of the Board and                      Costa Rican banana division. He held various financial and
Chief Executive Officer. Mr. Murdock joined the                       operational positions in the Latin American banana orga-
Company as Chairman of the Board and Chief Executive                  nization and was ultimately promoted to Vice President
Officer in July 1985. He has been Chairman of the Board,               for Banana Production. Mr. Bass was appointed Vice
Chief Executive Officer and Director of Castle & Cooke,                President and General Manager of the Chilean Division in
Inc., a Hawaii corporation, since October 1995 (indirect-             1989. He holds a B.S. from the University of North
ly wholly-owned by Mr. Murdock since September                        Carolina and an M.B.A. from the University of Hawaii.
2000). Since June 1982, he has been Chairman of the
                                                                          Michael J. Cavallero, President, North America
Board and Chief Executive Officer of Flexi-Van Leasing,
                                                                      Tropical Fresh Fruit. Mr. Cavallero joined the Company
Inc., a Delaware corporation wholly-owned by Mr.
                                                                      in 1974 as a technical service representative with the
Murdock. Mr. Murdock also is the sole owner and devel-
                                                                      Fresh Marketing organization where he held various posi-
oper of the Sherwood Country Club in Ventura County,
                                                                      tions before transferring to Fresh Vegetables in 1986 as
California, and numerous other real estate developments
                                                                      Vice President, Sales. In 1992, he was promoted to Vice
and is the sole stockholder of numerous corporations
                                                                      President, Sales and Marketing, North America. He was
engaged in a variety of business ventures and in the manu-
                                                                      promoted to President, North America Tropical Fresh
facture of industrial and building products.


                                                             - 12 -
Fruit in March 2001. Mr. Cavallero holds a B.A. from San             Risk Management. He was promoted to his present posi-
Francisco State University.                                          tion in April 2001. Mr. Horne holds a B.S. from the
                                                                     University of Idaho and an M.B.A. from the University of
     Paul Cuyegkeng, President, Dole Asia.
                                                                     Hawaii.
Mr. Cuyegkeng originally joined the Company in 1975 as
a Financial Analyst in the Honduras division. He left the                Yoon J. Hugh, Corporate Controller and Chief
Company in 1979 and returned again in 1988 when he                   Accounting Officer. Ms. Hugh joined the Company in
became Manager of Operations for Asia in the Fresh Fruit             December 2001 as Assistant Corporate Controller and
division stationed in Japan. He held various positions in            was promoted to Corporate Controller and Chief
the Asia region until he was promoted to President of                Accounting Officer in October 2002. Prior to joining
Dole Asia in 1993. Mr. Cuyegkeng holds a B.S. from De                Dole, she was with PricewaterhouseCoopers LLP for
La Salle College in Manila, Philippines, and an M.B.A.               approximately 10 years. She holds a B.A. in Business/
from Stanford University.                                            Economics from the University of California, Los
                                                                     Angeles.
     William F. Feeney, President, Dole Europe.
Mr. Feeney joined the Company in 1981 as Vice President                   Javier H. Idrovo, Vice President, Strategy.
and General Manager of Chile. He became President and                Mr. Idrovo joined the Company in 2001 as Vice President,
Managing Director of Dole Europe in 1990 with the cre-               Strategy. He previously worked as a Manager for Boston
ation of a European headquarters, which has been in Paris            Consulting Group. Mr. Idrovo holds a B.S. and M.S. in
since 1993. Mr. Feeney holds a B.S. from the U.S. Naval              Engineering from Harvey Mudd College, and an M.B.A.
Academy and an M.B.A. from Columbia University.                      from Harvard Business School.
     Sue Hagen,Vice President, Human Resources.                          Peter M. Nolan, President,Worldwide Packaged
Ms. Hagen joined Dole Food Company in 1986 as                        Foods. Mr. Nolan joined the Company as Senior Vice
Personnel Administrator. She subsequently was promot-                President, Sales and Marketing, for North America
ed to be Manager of Human Resources in 1990, Director                before becoming President of Packaged Foods in 1995.
of Human Resources in 1993, Vice President, Human                    He was promoted to President, North America
Resources North America Operations in 2000 and Vice                  Operations in 2000, and was subsequently promoted to
President, Human Resources in 2003. Ms. Hagen holds a                President,Worldwide Packaged Foods. Mr. Nolan previ-
B.A. from the University of Redlands and an M.B.A.                   ously worked for Van De Kamp’s Frozen Foods and Vlasic
from the University of Southern California.                          Foods, as well as Sanwa Food. He holds a B.S. from
                                                                     Boston University.
    Richard A. Harrah, President, Dole Latin
America. Mr. Harrah joined the Company in 2000 as                         Beth Potillo,Treasurer. Ms. Potillo joined Dole
Vice President of Operations for Dole Fresh Flowers,                 in 1986. She was Manager of Financial Planning from
and was recently appointed President of Dole Latin                   January 1995 to July 1995. She held the position of
America. He previously worked for Noboa Corporation                  Manager of Corporate Finance from July 1995 to July
as Chief Financial Officer and as Chief Operating Officer.             1997. She became Assistant Treasurer of Dole in July
Prior to Noboa, Mr. Harrah also held positions with                  1997, and has been Treasurer of Dole since November
Geest and Del Monte Fresh Produce. He holds a B.A.                   1998. Ms. Potillo holds a B.M. from Southern Illinois
from Sonoma State University and is a Certified Public               University and an M.B.A. from the University of
Accountant.                                                          California, Los Angeles.
    George R. Horne,Vice President,Administration                        John T. Schouten, President, Dole Fresh Flowers.
and Support Operations. Mr. Horne joined the                         Mr. Schouten joined the Company in 1985 and held vari-
Company in 1966. His executive positions at Dole have                ous positions in the sales and production organizations of
included Director of Labor Relations, Vice President-                Dole Fresh Vegetables. He was promoted to Senior Vice
Labor Relations,Vice President Human Resources and                   President and General Manager, Commodity Operations




                                                            - 13 -
in 2000, and was recently promoted to President, Dole
Fresh Flowers, in May 2002. Mr. Schouten holds a B.A.
from the University of Oregon.
     Eric M.Schwartz,President,WorldwideVegetables.
Mr. Schwartz joined Dole in 1993 as Plant Manager,
Dole Fresh Vegetables. He left the Company in 1996 and
returned in 1998 as Vice President of Manufacturing,
Dole Fresh Vegetables. He most recently was Senior Vice
President of Operations at Dole Fresh Vegetables, and
was promoted to President, Worldwide Vegetables in
March 2001. Mr. Schwartz holds a B.S. from Pennsylvania
State University.
    Roberta Wieman,Vice President. Ms. Wieman
joined the Company in November 1991 as Executive
Assistant to the Chairman of the Board and Chief
Executive Officer and was promoted to Vice President in
February 1995. She also serves as an officer and/or
director of various companies held by Mr. Murdock.

Disclosure Regarding Forward-Looking
Statements (Cautionary Statements Under the Private
Securities Litigation Reform Act of 1995)
      Some of the information contained in this Annual
Report may contain “forward-looking statements,” with-
in the meaning of the Private Securities Litigation
Reform Act of 1995 that involve a number of risks and
uncertainties. Forward looking statements, which are
based on management’s current expectations, are gener-
ally identifiable by the use of terms such as “may,” “will,”
“expects,” “believes,” “intends” and similar expressions.
The potential risks and uncertainties that could cause
actual results to differ materially from those expressed or
implied herein include weather-related phenomena;
market responses to industry volume pressures; product
and raw materials supplies and pricing; electrical power
supply and pricing; changes in interest and currency
exchange rates; economic crises and security risks in
developing countries; international conflict; and quotas,
tariffs and other governmental actions. Further informa-
tion on the factors that could affect Dole’s financial
results is included in its SEC filings, including its Annual
Report on Form 10-K.




                                                               - 14 -
Dole Food Company Officers and Operating Division Officers




Dole Food Company Officers
(Seated,right to left): Roberta Wieman, David H. Murdock, Lawrence A. Kern (Standing,right to left): Yoon J. Hugh,
George R. Horne, Javier H. Idrovo, C. Michael Carter, Beth Potillo, Richard J. Dahl




Dole Food Company Operating Division Officers
(Seated, right to left): Paul Cuyegkeng, David H. Murdock, Lawrence A. Kern, Peter M. Nolan (Standing, right to left):
William F. Feeney, John T. Schouten, Richard A. Harrah, Michael J. Cavallero, Eric M. Schwartz, JonathanY. Bass




                                                        - 15 -
Dole Food Company Officers and Operating Division Officers


Directors                                    Officers                                   Operating Division Officers

Mike Curb 1, 2, 4                            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                           Lawrence A. Kern
Former Vice Chairman,                        President and Chief Operating Officer
President and Chief Operating Officer                                                   Richard A. Harrah
Dole Food Company,Inc.                                                                 President – Dole Latin America
                                             Richard J. Dahl
                                             Vice President and
                                             Chief Financial Officer
E. Rolland Dickson, M.D. 4                                                             Peter M. Nolan
Director for Development                                                               President – Dole Worldwide
Mayo Foundation                                                                        Packaged Foods
                                             C. Michael Carter
                                             Vice President,General Counsel
                                             and Corporate Secretary
Richard M. Ferry 1, 2, 3                                                               Eric M. Schwartz
Founder Chairman                                                                       President – Dole Worldwide
Korn/Ferry International                                                               FreshVegetables
                                             George R. Horne
(international executive search firm)         Vice President – Administration
                                             and Support Operations                    John T. Schouten
Lawrence M. Johnson 1, 3                                                               President – Dole Fresh Flowers
Chairman and CEO (retired)                   Roberta Wieman
Bank of Hawaii                               Vice President                            Michael J. Cavallero
                                                                                       President – Dole North America
Lawrence A. Kern                                                                       Tropical Fresh Fruit
                                             Sue Hagen
President and Chief Operating Officer         Vice President – Human Resources
Dole Food Company,Inc.
                                                                                       JonathanY. Bass
                                                                                       Vice President and General Manager
                                             Javier H. Idrovo
Zoltan Merszei  3, 4
                                             Vice President – Strategy                 Dole Chile
Former Chief Executive Officer,
President and Chairman
                                                                                       1   Nominating Committee
                                             Beth Potillo
The Dow Chemical Company                                                               2   Executive and Finance Committee
                                             Treasurer                                 3   Audit Committee
                                                                                       4   Corporate Compensation and Benefits Committee
David H. Murdock 2
                                             Yooh J. Hugh
Chairman of the Board and
                                             Controller and Chief Accounting Officer
Chief Executive Officer
Dole Food Company,Inc.




                                                                s

                       The benefits of potassium.
                       Bananas are an excellent source of potassium. Research shows people with the highest intakes of
                       potassium are less likely to have a stroke compared to those with the lowest intakes of potassium.
                                                              - 16 -
Company Information


                                                                                  2002 Dividend Information
                                                                                  A cash dividend of $0.15 per common share was
                                                                                  declared in each quarter of 2002 for a total annual
                                                                                  dividend of $0.60 per share.



                                                                                  Investment Community Inquiries
                                                                                  Members of the investment community should direct
                                                                                  inquiries to:
                                                                                  Office of the Chief Financial Officer
                                                                                  Dole Food Company, Inc.
                                                                                  One Dole Drive
                                                                                  Westlake Village, CA 91362
                                                                                  818-879-6600
Dole’s New San Diego Berth
                                                                                  E-mail address: investor_relations@na.dole.com
In October 2002, Dole Fresh Fruit Company moved its West Coast terminal
and port facility to the Port of San Diego, California. Quality Dole® bananas,
pineapples and other tropical fruits pass through this facility on their way to
Dole customers throughout Western North America.
                                                                                  Other Inquiries
                                                                                  For a copy of the Annual Report on Form 10-K, or for
                                                                                  other information requests, direct the inquiry to:
                                                                                  Office of the Corporate Secretary
                                                                                  Dole Food Company, Inc
The Company                                                                       One Dole Drive
Founded in Hawaii in 1851, Dole Food Company, Inc., is the largest
                                                                                  Westlake Village, CA 91362
producer and marketer of high-quality fresh fruit, fresh vegetables
                                                                                  818-879-6814
and fresh-cut flowers, markets a growing line of packaged foods and
                                                                                  E-mail address: shareholder_relations@na.dole.com
is a produce industry leader in nutrition education and research. The
                                                                                  Dole’s 2002 Annual Report on Form 10-K and other
Company does business in more than 90 countries and employs approx-
                                                                                  filings with the Securities and Exchange Commission are
imately 57,000 people in full-time permanent or full-time seasonal or
                                                                                  available on the internet at http://www.dole.com.
temporary positions.


                                                                                  Internet Addresses
Corporate Headquarters
                                                                                  http://www.dole.com
One Dole Drive
                                                                                  http://www.dole5aday.com
Westlake Village, CA 91362
818-879-6600



Auditors
Deloitte & Touche LLP
350 South Grand Avenue
Los Angeles, CA 90071




                                                                           s

Fighting obesity.
“Increasing the intake of fruits and vegetables is a key component of the solution to the worldwide obesity
epidemic”– Dr.David Heber,Professor of Medicine,UCLA;Chief Scientific Advisor to Dole Food Company
Dole Food Company, Inc.
    www.Dole.com

Contenu connexe

Tendances

Ecolab2005AR
Ecolab2005AREcolab2005AR
Ecolab2005ARfinance37
 
pulte homes 02ar
pulte homes 02arpulte homes 02ar
pulte homes 02arfinance42
 
Dole 1997 annual
Dole 1997 annualDole 1997 annual
Dole 1997 annualfinance32
 
Republic_AnnRpt auto nation
Republic_AnnRpt auto nationRepublic_AnnRpt auto nation
Republic_AnnRpt auto nationfinance14
 
erie insurance group 2003-annual-report
erie insurance group 2003-annual-reporterie insurance group 2003-annual-report
erie insurance group 2003-annual-reportfinance49
 
helath net 98 AR
helath net 98 ARhelath net 98 AR
helath net 98 ARfinance18
 
jacobs2002ar_comp
jacobs2002ar_compjacobs2002ar_comp
jacobs2002ar_compfinance28
 
timken 2001ar
timken 2001artimken 2001ar
timken 2001arfinance39
 
Perini 2007_Annual_Report
Perini 2007_Annual_ReportPerini 2007_Annual_Report
Perini 2007_Annual_Reportfinance50
 
csx 02 annual
csx 02 annualcsx 02 annual
csx 02 annualfinance27
 
4Q07EarningsReleaseTABLESPDF
4Q07EarningsReleaseTABLESPDF4Q07EarningsReleaseTABLESPDF
4Q07EarningsReleaseTABLESPDFfinance22
 
anheuser-busch BUD07_Annual_Report_SuppFinInfo
anheuser-busch BUD07_Annual_Report_SuppFinInfoanheuser-busch BUD07_Annual_Report_SuppFinInfo
anheuser-busch BUD07_Annual_Report_SuppFinInfofinance15
 
HENRY SCHEIN 2002AnnualReport
HENRY SCHEIN 2002AnnualReportHENRY SCHEIN 2002AnnualReport
HENRY SCHEIN 2002AnnualReportfinance35
 
Sonoco 2Q 2012 Results Presentation
Sonoco 2Q 2012 Results PresentationSonoco 2Q 2012 Results Presentation
Sonoco 2Q 2012 Results PresentationSonoco
 

Tendances (15)

Ecolab2005AR
Ecolab2005AREcolab2005AR
Ecolab2005AR
 
pulte homes 02ar
pulte homes 02arpulte homes 02ar
pulte homes 02ar
 
Dole 1997 annual
Dole 1997 annualDole 1997 annual
Dole 1997 annual
 
Republic_AnnRpt auto nation
Republic_AnnRpt auto nationRepublic_AnnRpt auto nation
Republic_AnnRpt auto nation
 
erie insurance group 2003-annual-report
erie insurance group 2003-annual-reporterie insurance group 2003-annual-report
erie insurance group 2003-annual-report
 
helath net 98 AR
helath net 98 ARhelath net 98 AR
helath net 98 AR
 
jacobs2002ar_comp
jacobs2002ar_compjacobs2002ar_comp
jacobs2002ar_comp
 
timken 2001ar
timken 2001artimken 2001ar
timken 2001ar
 
Perini 2007_Annual_Report
Perini 2007_Annual_ReportPerini 2007_Annual_Report
Perini 2007_Annual_Report
 
csx 02 annual
csx 02 annualcsx 02 annual
csx 02 annual
 
4Q07EarningsReleaseTABLESPDF
4Q07EarningsReleaseTABLESPDF4Q07EarningsReleaseTABLESPDF
4Q07EarningsReleaseTABLESPDF
 
anheuser-busch BUD07_Annual_Report_SuppFinInfo
anheuser-busch BUD07_Annual_Report_SuppFinInfoanheuser-busch BUD07_Annual_Report_SuppFinInfo
anheuser-busch BUD07_Annual_Report_SuppFinInfo
 
MGMM_ar02
MGMM_ar02MGMM_ar02
MGMM_ar02
 
HENRY SCHEIN 2002AnnualReport
HENRY SCHEIN 2002AnnualReportHENRY SCHEIN 2002AnnualReport
HENRY SCHEIN 2002AnnualReport
 
Sonoco 2Q 2012 Results Presentation
Sonoco 2Q 2012 Results PresentationSonoco 2Q 2012 Results Presentation
Sonoco 2Q 2012 Results Presentation
 

Similaire à Dole 2002 Annual

Dole 1996 annual
Dole 1996 annualDole 1996 annual
Dole 1996 annualfinance32
 
Dole1995 annual
Dole1995 annualDole1995 annual
Dole1995 annualfinance32
 
United Health Group [PDF Document] UnitedHealth Group Financial Review
United Health Group [PDF Document] UnitedHealth Group Financial ReviewUnited Health Group [PDF Document] UnitedHealth Group Financial Review
United Health Group [PDF Document] UnitedHealth Group Financial Reviewfinance3
 
alltel 4q 06_highlights
alltel  4q 06_highlightsalltel  4q 06_highlights
alltel 4q 06_highlightsfinance27
 
hollycorp.annualreport.2001
hollycorp.annualreport.2001hollycorp.annualreport.2001
hollycorp.annualreport.2001finance49
 
ppg industries 3Q2007EARNINGSTABLES
ppg industries 3Q2007EARNINGSTABLESppg industries 3Q2007EARNINGSTABLES
ppg industries 3Q2007EARNINGSTABLESfinance22
 
hollycorp.annualreport.2002
hollycorp.annualreport.2002hollycorp.annualreport.2002
hollycorp.annualreport.2002finance49
 
fluor annual reports 2001
fluor annual reports 2001fluor annual reports 2001
fluor annual reports 2001finance15
 
Dole 2000 Annual
Dole 2000 AnnualDole 2000 Annual
Dole 2000 Annualfinance32
 
Timken2006AnnualReport
Timken2006AnnualReportTimken2006AnnualReport
Timken2006AnnualReportfinance39
 
williams 2002_AR
williams 2002_ARwilliams 2002_AR
williams 2002_ARfinance21
 
sherwin-williams _2002_AR
sherwin-williams  _2002_ARsherwin-williams  _2002_AR
sherwin-williams _2002_ARfinance29
 
.monsanto Q3 2006Earning Release
.monsanto Q3 2006Earning Release.monsanto Q3 2006Earning Release
.monsanto Q3 2006Earning Releasefinance28
 
monsanto Q32006EarningsRelease
monsanto Q32006EarningsReleasemonsanto Q32006EarningsRelease
monsanto Q32006EarningsReleasefinance28
 
pulte homes 2003 AR
pulte homes 2003 ARpulte homes 2003 AR
pulte homes 2003 ARfinance42
 
sherwin-williams 2004_AR
sherwin-williams  2004_ARsherwin-williams  2004_AR
sherwin-williams 2004_ARfinance29
 
williams 2004_AR
williams 2004_ARwilliams 2004_AR
williams 2004_ARfinance21
 
gannett 2001ar
gannett 2001argannett 2001ar
gannett 2001arfinance30
 
gannett 2001ar
gannett 2001argannett 2001ar
gannett 2001arfinance30
 

Similaire à Dole 2002 Annual (20)

Dole 1996 annual
Dole 1996 annualDole 1996 annual
Dole 1996 annual
 
timken
timkentimken
timken
 
Dole1995 annual
Dole1995 annualDole1995 annual
Dole1995 annual
 
United Health Group [PDF Document] UnitedHealth Group Financial Review
United Health Group [PDF Document] UnitedHealth Group Financial ReviewUnited Health Group [PDF Document] UnitedHealth Group Financial Review
United Health Group [PDF Document] UnitedHealth Group Financial Review
 
alltel 4q 06_highlights
alltel  4q 06_highlightsalltel  4q 06_highlights
alltel 4q 06_highlights
 
hollycorp.annualreport.2001
hollycorp.annualreport.2001hollycorp.annualreport.2001
hollycorp.annualreport.2001
 
ppg industries 3Q2007EARNINGSTABLES
ppg industries 3Q2007EARNINGSTABLESppg industries 3Q2007EARNINGSTABLES
ppg industries 3Q2007EARNINGSTABLES
 
hollycorp.annualreport.2002
hollycorp.annualreport.2002hollycorp.annualreport.2002
hollycorp.annualreport.2002
 
fluor annual reports 2001
fluor annual reports 2001fluor annual reports 2001
fluor annual reports 2001
 
Dole 2000 Annual
Dole 2000 AnnualDole 2000 Annual
Dole 2000 Annual
 
Timken2006AnnualReport
Timken2006AnnualReportTimken2006AnnualReport
Timken2006AnnualReport
 
williams 2002_AR
williams 2002_ARwilliams 2002_AR
williams 2002_AR
 
sherwin-williams _2002_AR
sherwin-williams  _2002_ARsherwin-williams  _2002_AR
sherwin-williams _2002_AR
 
.monsanto Q3 2006Earning Release
.monsanto Q3 2006Earning Release.monsanto Q3 2006Earning Release
.monsanto Q3 2006Earning Release
 
monsanto Q32006EarningsRelease
monsanto Q32006EarningsReleasemonsanto Q32006EarningsRelease
monsanto Q32006EarningsRelease
 
pulte homes 2003 AR
pulte homes 2003 ARpulte homes 2003 AR
pulte homes 2003 AR
 
sherwin-williams 2004_AR
sherwin-williams  2004_ARsherwin-williams  2004_AR
sherwin-williams 2004_AR
 
williams 2004_AR
williams 2004_ARwilliams 2004_AR
williams 2004_AR
 
gannett 2001ar
gannett 2001argannett 2001ar
gannett 2001ar
 
gannett 2001ar
gannett 2001argannett 2001ar
gannett 2001ar
 

Plus de finance32

dole food div95a
dole food div95adole food div95a
dole food div95afinance32
 
dole food div95
dole food div95dole food div95
dole food div95finance32
 
dole food div96
dole food div96dole food div96
dole food div96finance32
 
dole food div97
dole food div97dole food div97
dole food div97finance32
 
dole food div98
dole food div98dole food div98
dole food div98finance32
 
dole food div99
dole food div99dole food div99
dole food div99finance32
 
dole food div2000
dole food div2000dole food div2000
dole food div2000finance32
 
dole food div01
dole food div01dole food div01
dole food div01finance32
 
dole food div02
dole food div02dole food div02
dole food div02finance32
 
dole food div03
dole food div03dole food div03
dole food div03finance32
 
dole food private_tax_info
dole food private_tax_infodole food private_tax_info
dole food private_tax_infofinance32
 
Dole1998 annual
Dole1998 annualDole1998 annual
Dole1998 annualfinance32
 
Dole 99 annrpt
Dole 99 annrptDole 99 annrpt
Dole 99 annrptfinance32
 
Dole 2001 Annual
Dole 2001 AnnualDole 2001 Annual
Dole 2001 Annualfinance32
 
Dole 2003 Annual
Dole 2003 AnnualDole 2003 Annual
Dole 2003 Annualfinance32
 
yahoo 08EarningsPresentationFINAL
yahoo 08EarningsPresentationFINALyahoo 08EarningsPresentationFINAL
yahoo 08EarningsPresentationFINALfinance32
 
yahoo Q1FY08PressReleaseFinal.
yahoo Q1FY08PressReleaseFinal.yahoo Q1FY08PressReleaseFinal.
yahoo Q1FY08PressReleaseFinal.finance32
 
yahoo =2Q08_Earnings_Presentation
yahoo =2Q08_Earnings_Presentationyahoo =2Q08_Earnings_Presentation
yahoo =2Q08_Earnings_Presentationfinance32
 
yahoo Q2_2008_PR
yahoo Q2_2008_PRyahoo Q2_2008_PR
yahoo Q2_2008_PRfinance32
 
yahoo 3Q08EarningsPreso
yahoo 3Q08EarningsPresoyahoo 3Q08EarningsPreso
yahoo 3Q08EarningsPresofinance32
 

Plus de finance32 (20)

dole food div95a
dole food div95adole food div95a
dole food div95a
 
dole food div95
dole food div95dole food div95
dole food div95
 
dole food div96
dole food div96dole food div96
dole food div96
 
dole food div97
dole food div97dole food div97
dole food div97
 
dole food div98
dole food div98dole food div98
dole food div98
 
dole food div99
dole food div99dole food div99
dole food div99
 
dole food div2000
dole food div2000dole food div2000
dole food div2000
 
dole food div01
dole food div01dole food div01
dole food div01
 
dole food div02
dole food div02dole food div02
dole food div02
 
dole food div03
dole food div03dole food div03
dole food div03
 
dole food private_tax_info
dole food private_tax_infodole food private_tax_info
dole food private_tax_info
 
Dole1998 annual
Dole1998 annualDole1998 annual
Dole1998 annual
 
Dole 99 annrpt
Dole 99 annrptDole 99 annrpt
Dole 99 annrpt
 
Dole 2001 Annual
Dole 2001 AnnualDole 2001 Annual
Dole 2001 Annual
 
Dole 2003 Annual
Dole 2003 AnnualDole 2003 Annual
Dole 2003 Annual
 
yahoo 08EarningsPresentationFINAL
yahoo 08EarningsPresentationFINALyahoo 08EarningsPresentationFINAL
yahoo 08EarningsPresentationFINAL
 
yahoo Q1FY08PressReleaseFinal.
yahoo Q1FY08PressReleaseFinal.yahoo Q1FY08PressReleaseFinal.
yahoo Q1FY08PressReleaseFinal.
 
yahoo =2Q08_Earnings_Presentation
yahoo =2Q08_Earnings_Presentationyahoo =2Q08_Earnings_Presentation
yahoo =2Q08_Earnings_Presentation
 
yahoo Q2_2008_PR
yahoo Q2_2008_PRyahoo Q2_2008_PR
yahoo Q2_2008_PR
 
yahoo 3Q08EarningsPreso
yahoo 3Q08EarningsPresoyahoo 3Q08EarningsPreso
yahoo 3Q08EarningsPreso
 

Dernier

Turbhe Fantastic Escorts📞📞9833754194 Kopar Khairane Marathi Call Girls-Kopar ...
Turbhe Fantastic Escorts📞📞9833754194 Kopar Khairane Marathi Call Girls-Kopar ...Turbhe Fantastic Escorts📞📞9833754194 Kopar Khairane Marathi Call Girls-Kopar ...
Turbhe Fantastic Escorts📞📞9833754194 Kopar Khairane Marathi Call Girls-Kopar ...priyasharma62062
 
Thane Call Girls , 07506202331 Kalyan Call Girls
Thane Call Girls , 07506202331 Kalyan Call GirlsThane Call Girls , 07506202331 Kalyan Call Girls
Thane Call Girls , 07506202331 Kalyan Call GirlsPriya Reddy
 
Escorts Indore Call Girls-9155612368-Vijay Nagar Decent Fantastic Call Girls ...
Escorts Indore Call Girls-9155612368-Vijay Nagar Decent Fantastic Call Girls ...Escorts Indore Call Girls-9155612368-Vijay Nagar Decent Fantastic Call Girls ...
Escorts Indore Call Girls-9155612368-Vijay Nagar Decent Fantastic Call Girls ...sanakhan51485
 
Seeman_Fiintouch_LLP_Newsletter_May-2024.pdf
Seeman_Fiintouch_LLP_Newsletter_May-2024.pdfSeeman_Fiintouch_LLP_Newsletter_May-2024.pdf
Seeman_Fiintouch_LLP_Newsletter_May-2024.pdfAshis Kumar Dey
 
Toronto dominion bank investor presentation.pdf
Toronto dominion bank investor presentation.pdfToronto dominion bank investor presentation.pdf
Toronto dominion bank investor presentation.pdfJinJiang6
 
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...rightmanforbloodline
 
logistics industry development power point ppt.pdf
logistics industry development power point ppt.pdflogistics industry development power point ppt.pdf
logistics industry development power point ppt.pdfSalimullah13
 
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai MultipleDubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiplekojalpk89
 
2999,Vashi Fantastic Ellete Call Girls📞📞9833754194 CBD Belapur Genuine Call G...
2999,Vashi Fantastic Ellete Call Girls📞📞9833754194 CBD Belapur Genuine Call G...2999,Vashi Fantastic Ellete Call Girls📞📞9833754194 CBD Belapur Genuine Call G...
2999,Vashi Fantastic Ellete Call Girls📞📞9833754194 CBD Belapur Genuine Call G...priyasharma62062
 
Explore Dual Citizenship in Africa | Citizenship Benefits & Requirements
Explore Dual Citizenship in Africa | Citizenship Benefits & RequirementsExplore Dual Citizenship in Africa | Citizenship Benefits & Requirements
Explore Dual Citizenship in Africa | Citizenship Benefits & Requirementsmarketingkingdomofku
 
Benefits & Risk Of Stock Loans
Benefits & Risk Of Stock LoansBenefits & Risk Of Stock Loans
Benefits & Risk Of Stock LoansMartinRowse
 
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...Henry Tapper
 
Technology industry / Finnish economic outlook
Technology industry / Finnish economic outlookTechnology industry / Finnish economic outlook
Technology industry / Finnish economic outlookTechFinland
 
Significant AI Trends for the Financial Industry in 2024 and How to Utilize Them
Significant AI Trends for the Financial Industry in 2024 and How to Utilize ThemSignificant AI Trends for the Financial Industry in 2024 and How to Utilize Them
Significant AI Trends for the Financial Industry in 2024 and How to Utilize Them360factors
 
Mahendragarh Escorts 🥰 8617370543 Call Girls Offer VIP Hot Girls
Mahendragarh Escorts 🥰 8617370543 Call Girls Offer VIP Hot GirlsMahendragarh Escorts 🥰 8617370543 Call Girls Offer VIP Hot Girls
Mahendragarh Escorts 🥰 8617370543 Call Girls Offer VIP Hot GirlsDeepika Singh
 
Pension dashboards forum 1 May 2024 (1).pdf
Pension dashboards forum 1 May 2024 (1).pdfPension dashboards forum 1 May 2024 (1).pdf
Pension dashboards forum 1 May 2024 (1).pdfHenry Tapper
 
CBD Belapur((Thane)) Charming Call Girls📞❤9833754194 Kamothe Beautiful Call G...
CBD Belapur((Thane)) Charming Call Girls📞❤9833754194 Kamothe Beautiful Call G...CBD Belapur((Thane)) Charming Call Girls📞❤9833754194 Kamothe Beautiful Call G...
CBD Belapur((Thane)) Charming Call Girls📞❤9833754194 Kamothe Beautiful Call G...priyasharma62062
 
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...batoole333
 

Dernier (20)

Turbhe Fantastic Escorts📞📞9833754194 Kopar Khairane Marathi Call Girls-Kopar ...
Turbhe Fantastic Escorts📞📞9833754194 Kopar Khairane Marathi Call Girls-Kopar ...Turbhe Fantastic Escorts📞📞9833754194 Kopar Khairane Marathi Call Girls-Kopar ...
Turbhe Fantastic Escorts📞📞9833754194 Kopar Khairane Marathi Call Girls-Kopar ...
 
Thane Call Girls , 07506202331 Kalyan Call Girls
Thane Call Girls , 07506202331 Kalyan Call GirlsThane Call Girls , 07506202331 Kalyan Call Girls
Thane Call Girls , 07506202331 Kalyan Call Girls
 
Escorts Indore Call Girls-9155612368-Vijay Nagar Decent Fantastic Call Girls ...
Escorts Indore Call Girls-9155612368-Vijay Nagar Decent Fantastic Call Girls ...Escorts Indore Call Girls-9155612368-Vijay Nagar Decent Fantastic Call Girls ...
Escorts Indore Call Girls-9155612368-Vijay Nagar Decent Fantastic Call Girls ...
 
Seeman_Fiintouch_LLP_Newsletter_May-2024.pdf
Seeman_Fiintouch_LLP_Newsletter_May-2024.pdfSeeman_Fiintouch_LLP_Newsletter_May-2024.pdf
Seeman_Fiintouch_LLP_Newsletter_May-2024.pdf
 
Toronto dominion bank investor presentation.pdf
Toronto dominion bank investor presentation.pdfToronto dominion bank investor presentation.pdf
Toronto dominion bank investor presentation.pdf
 
W.D. Gann Theory Complete Information.pdf
W.D. Gann Theory Complete Information.pdfW.D. Gann Theory Complete Information.pdf
W.D. Gann Theory Complete Information.pdf
 
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
Solution Manual For Financial Statement Analysis, 13th Edition By Charles H. ...
 
logistics industry development power point ppt.pdf
logistics industry development power point ppt.pdflogistics industry development power point ppt.pdf
logistics industry development power point ppt.pdf
 
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai MultipleDubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
 
2999,Vashi Fantastic Ellete Call Girls📞📞9833754194 CBD Belapur Genuine Call G...
2999,Vashi Fantastic Ellete Call Girls📞📞9833754194 CBD Belapur Genuine Call G...2999,Vashi Fantastic Ellete Call Girls📞📞9833754194 CBD Belapur Genuine Call G...
2999,Vashi Fantastic Ellete Call Girls📞📞9833754194 CBD Belapur Genuine Call G...
 
Call Girls in Yamuna Vihar (delhi) call me [🔝9953056974🔝] escort service 24X7
Call Girls in  Yamuna Vihar  (delhi) call me [🔝9953056974🔝] escort service 24X7Call Girls in  Yamuna Vihar  (delhi) call me [🔝9953056974🔝] escort service 24X7
Call Girls in Yamuna Vihar (delhi) call me [🔝9953056974🔝] escort service 24X7
 
Explore Dual Citizenship in Africa | Citizenship Benefits & Requirements
Explore Dual Citizenship in Africa | Citizenship Benefits & RequirementsExplore Dual Citizenship in Africa | Citizenship Benefits & Requirements
Explore Dual Citizenship in Africa | Citizenship Benefits & Requirements
 
Benefits & Risk Of Stock Loans
Benefits & Risk Of Stock LoansBenefits & Risk Of Stock Loans
Benefits & Risk Of Stock Loans
 
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
 
Technology industry / Finnish economic outlook
Technology industry / Finnish economic outlookTechnology industry / Finnish economic outlook
Technology industry / Finnish economic outlook
 
Significant AI Trends for the Financial Industry in 2024 and How to Utilize Them
Significant AI Trends for the Financial Industry in 2024 and How to Utilize ThemSignificant AI Trends for the Financial Industry in 2024 and How to Utilize Them
Significant AI Trends for the Financial Industry in 2024 and How to Utilize Them
 
Mahendragarh Escorts 🥰 8617370543 Call Girls Offer VIP Hot Girls
Mahendragarh Escorts 🥰 8617370543 Call Girls Offer VIP Hot GirlsMahendragarh Escorts 🥰 8617370543 Call Girls Offer VIP Hot Girls
Mahendragarh Escorts 🥰 8617370543 Call Girls Offer VIP Hot Girls
 
Pension dashboards forum 1 May 2024 (1).pdf
Pension dashboards forum 1 May 2024 (1).pdfPension dashboards forum 1 May 2024 (1).pdf
Pension dashboards forum 1 May 2024 (1).pdf
 
CBD Belapur((Thane)) Charming Call Girls📞❤9833754194 Kamothe Beautiful Call G...
CBD Belapur((Thane)) Charming Call Girls📞❤9833754194 Kamothe Beautiful Call G...CBD Belapur((Thane)) Charming Call Girls📞❤9833754194 Kamothe Beautiful Call G...
CBD Belapur((Thane)) Charming Call Girls📞❤9833754194 Kamothe Beautiful Call G...
 
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
 

Dole 2002 Annual

  • 2. Dole Financial Highlights 2002 2001 2000 1999 1998 (in millions,except per-share data) Revenues, net $ 4,392 $ 4,315 $ 4,400 $ 4,449 $ 3,877 Income (loss) from continuing operations, net of income taxes 156 (37) 36 17 1 Income from discontinued operations, net of income taxes — 187 32 32 11 Cumulative effect of a change in accounting principle (120) — — — — Net income $ 36 $ 150 $ 68 $ 49 $ 12 Diluted net income (loss) per common share Continuing operations $ 2.76 $ (0.66) $ 0.65 $ 0.29 $ 0.02 Discontinued operations — 3.33 0.56 0.56 0.18 Cumulative effect of a change in accounting principle (2.12) — — — — Net income $ 0.64 $ 2.67 $ 1.21 $ 0.85 $ 0.20 Diluted average common shares outstanding 57 56 56 57 60 Total assets $ 3,037 $ 2,768 $ 2,801 $ 2,994 $ 2,864 Capitalization Short-term debt $ 242 $ 27 $ 45 $ 38 $ 36 Long-term debt 882 816 1,135 1,285 1,116 Total shareholders’ equity 745 736 555 532 622 Total capitalization $ 1,869 $ 1,579 $ 1,735 $ 1,855 $ 1,774 Book value per common share $ 13.26 $ 13.17 $ 9.93 $ 9.53 $ 10.49 Common stock price: End of year $ 32.64 $ 26.75 $ 16.38 $ 16.25 $ 30.00 High $ 33.85 $ 27.30 $ 20.50 $ 33.81 $ 57.13 Low $ 24.30 $ 14.72 $ 11.94 $ 13.81 $ 28.31 Annual cash dividends per common share 0.60 0.40 0.40 0.40 0.40 : Revenues have been restated to reflect the adoption of EITF 01-9 in 2002. The adoption resulted in a reduction of previously reported revenues and selling,marketing and general and administrative expenses by $134 million,$102 million,$94 million and $61 million in 2001,2000,1999 and 1998,respectively. Loss from continuing operations for 2001 includes pre- tax charges of $133 million and a pre-tax non-operating gain of $8 million related to the sale of available-for-sale securities.Income from continuing operations for 2000 includes a pre-tax charge of $46 million,net insurance proceeds of $43 million and a pre-tax gain of $9 million related to asset sales. Income from continuing operations for 1999 includes a pre-tax charge of $48 million and net insurance proceeds of $20 million. Income from continuing operations for 1998 includes pre-tax charges of $98 million. In 2001,Dole divested its Honduran Beverage operations. Operating results of this business have been accounted for as a discontinued operation. Income from discontinued operations in 2001 includes a net gain of $169 million on the disposition of this business.Income from discontinued operations in 1999 and 1998 include net insurance proceeds of $8 million and a pre-tax charge of $22 million,respectively. 3,877 4,449 4,400 4,315 4,392 145 49 121 244 227 622 532 555 736 745 ‘98 ‘99 ‘00 ‘01 ‘02 ‘98 ‘99 ‘00 ‘01 ‘02 ‘98 ‘99 ‘00 ‘01 ‘02 Cash Flow from Operating Activities Revenues, net Total Shareholders’ Equity (in millions) (in millions) of Continuing Operations ( in millions)
  • 3. A Message from Mr. David H. Murdock We are at the beginning of what I believe will be another important chapter in Dole Food Company’s 152-year history as it commences operations as a private company. I am pleased and proud to be the owner of this Company. David H. Murdock Chairman and Chief Executive Officer When I joined Dole Food Company eighteen years ago, the Company was primarily a commodity company, under siege by its creditors and struggling to stay afloat; some thought that it was beyond saving. What I perceived beneath the burden of debt was a company with a trustworthy brand name and a group of dedicated and loyal employees. There seemed to be a future full of possibilities. Dole ® Fruit Bowls ® With a bit of creative imagination and a lot of effort by a great team, we returned Dole Fruit Bowls’ new 7 oz.single-serve cup Dole to its rightful and profitable place. While the road was not always easy, we was introduced in mid-year 2002. Each have since risen to become the world’s largest produce company, broadly diversi- individually packaged,single-serve cup offers 75% more fruit than the original 4 oz.Fruit fied, with an incredibly strong brand name. Bowls and comes with a plastic fork. These Fruit Bowls come in four varieties: Sliced In the process of rebuilding, we made it our priority to escape the volatility of a Peaches, Pineapple Chunks,Tropical Fruit commodity-driven market. Along the way, we rebuilt our core infrastructure and and Mandarin Oranges. These larger serving acquired and disposed of numerous new and old assets and businesses. We have made size cups are designed to meet the snack- mistakes and have experienced our share of natural disasters, including Hurricane ing needs of the active, on-the-go woman. Convenience Store News named the 7 oz. Mitch, which hit our Central American plantations with a vengeance, while El Niño Fruit Bowls its “Best New Product for 2002.” created havoc with our crops. These challenges,combined with pricing pressures and European quotas, created a volatile business environment. We are proud of our achievements and eager to build upon them and lead the Company toward continued growth and greater profitability. In this volatile market environment and time of global uncertainty, I believe that a privatized company will have the agility to better meet unanticipated obstacles and opportunities as well. The public markets want short-term predictability of earnings, which are difficult to attain in a company such as Dole. I am pre- pared to invest in this Company for the long haul. We will continue to expand, particularly with our lines of highly successful, value-added, packaged foods. In addition to being profitable, innovative and easy-to-use, products like Fruit Bowls and salad packs make it easier for consumers to eat more of the healthy fruits and vegetables their diets so desperately need. It has long been my belief that Dole can play a crucial role in helping consumers eat healthier and thus lead longer, healthier and more vital lives. I feel privileged and inspired to lead a company that not only creates s Eat more, weigh less. Fruits and vegetables have roughly 75 calories per cup – compared to 250 calories for starches like pasta or rice. -1-
  • 4. Dole Food Company Board of Directors (Seated,right to left): David H. Murdock, Lawrence A. Kern, Richard M. Ferry (Standing,right to left): David A. DeLorenzo, E. Rolland Dickson, M.D., Lawrence M. Johnson, Zoltan Merszei, Mike Curb prosperity and provides 57,000 jobs in over 90 countries, but that has the opportunity and the capability to provide healthful products to millions of people around the world. It is my goal for Dole to not only be the leading produce company in the world, but also to be the leader in nutrition education. Looking back on what we have accomplished, and forward to the work and tremendous opportunities that lie ahead, I am fully aware that it is the team of peo- ple at Dole who are responsible for the past and future. My sincere appreciation and gratitude goes to each of our employees for their continued support and dedica- tion. I know they share my enthusiasm and eagerness to pursue new goals and accomplishments and to reward our consumers with the best products and nutri- tion information possible. Dole ® Special Blends Sincerely, Dole Salad Blends continue to be the fastest growing segment of the salad category, boosted by the addition of three new baby spinach blends – Baby Spinach,Baby Spinach and Red Leaf,and Baby Spinach and Radic- David H. Murdock, Chairman and Chief Executive Officer chio. As Americans are eating more spinach March 2003 than ever, Dole’s new Baby Spinach Salad Blends are perfectly positioned to build on that growing trend. s Obesity in America. Over half of Americans are overweight or obese.Obesity is our nation’s leading health problem and is on the rise, up 30% in the last 20 years. The health consequences of obesity cause 300,000 deaths each year. -2-
  • 5. A Message from Mr. Lawrence A. Kern During 2002, Dole Food Company, Inc. continued to build upon the solid foundation we established in 2001. Dole’s management team worked together to achieve financial results for 2002, which were significantly improved over 2001. Total earnings before interest expense and taxes (“EBIT”) from continuing opera- tions was $291 million for 2002 compared to $63 million for 2001, which includes the $133 million in pre-tax business reconfiguration charges recorded in 2001. Dole’s Fresh Fruit segment posted improved results for 2002 with strong per- formances in North America, Europe and Asia. Our volumes of North American bananas, Dole Premium Select® pineapples, and Chilean and South African decidu- ous fruit continue to increase. We are particularly pleased about the growth of our Dole Premium Select pineapple and organic banana programs. Dole’s Fresh Vegetables segment posted improved results for 2002 with weaker Lawrence A. Kern commodity pricing offset by continued growth in our packaged salads business. Dole President and Chief Operating Officer increased its packaged salads share leadership by a full share point during 2002,closing 2002 with a 38.2% market share. Dole’s Packaged Foods segment also posted improved results for 2002 achieving market share gains in canned pineapple as well as Fruit Bowls®. Fruit Bowls’ market share continued to grow during 2002, closing the year at 43.9%, which was up 4.2 share points from last year. Finally, Dole’s Fresh Flowers segment narrowed its operating loss during 2002 as a result of an improved cost structure. We are encouraged with our progress in the Fresh Flowers segment and expect that trend to continue. During 2002, we completed the previously announced divestiture of non-core assets with the sales of our Pas- cual Hermanos vegetable business in Spain and our Saman dried fruit and nut business in France. We have identified 100% of our total $200 million in annual operating improvements to future operating results that should be realized on a steady state basis by the end of 2003. To date, Dole has achieved over 95% of our $200 million steady state goal, which benefited Dole’s earnings in 2001 and 2002. Going forward, Dole will enjoy a significantly improved cost structure. The year 2002 saw a number of management changes. Richard J. Dahl joined the Company asVice President and Chief Financial Officer. He was previously president and chief operating officer of Pacific Century Financial Corpo- ration and Bank of Hawaii. John T. Schouten was promoted to the position of President – Dole Fresh Flowers. He previously served as Senior Vice President and General Manager of all commodity operations for Dole FreshVegeta- bles. Joseph S.Tesoriero was appointed Vice President –Tax. Prior to joining Dole, he served as Senior Vice Presi- dent of Tax for Global Crossing, Ltd. Thomas W. Crowell was promoted to Vice President and Chief Information Officer. He was previouslyVice President and Chief Information Officer of the Company’s FreshVegetables division and, prior to joining Dole, he had extensive experience in the food industry. Yoon J. Hugh was promoted to Con- troller and Chief Accounting Officer. She previously served as Assistant Controller of Dole. Sue Hagen was pro- moted to the position of Vice President – Human Resources. She previously served as Vice President – Human Resources North America Operations. After 36 years of dedicated service, George Horne,Vice President Adminis- tration and Support Operations, has decided to retire from Dole Food Company. With a strong management team now in place, we look forward to meeting the challenges facing us in 2003 as a much stronger company. Sincerely, Lawrence A. Kern, President and Chief Operating Officer March 2003 s The benefits of lutein. One serving of Dole baby spinach contains 6 mg of lutein – clinically proven to protect eyesight from the deterioration caused by aging. -3-
  • 6. A Message from the Dole Nutrition Institute The link between food and health promises to be one of the biggest challenges – and opportunities – of the century. What we eat should give life, not take it. Yet obesity in America has reached epidemic propor- tions. Diets high in sugar, processed carbohydrates and animal fats add up to too many calories, and too few essential vitamins and nutrients.The crisis has sparked various reactions – from class action law- suits against fast food companies, to invasive medical procedures, to fad diets. Yet nature herself offers a simpler, healthier solution. Medical opinion is unanimous: increasing consumption of fruits and vegetables is fundamental to maintaining a healthy weight and meeting basic nutritional needs. Every day new scientific research reveals ways in which fruits and vegetables prevent and even reverse disease. We at Dole Food Company have always believed in providing consumers with the freshest fruits and vegeta- bles. As chairman of the world’s largest produce supplier, David H. Murdock wanted to take this mission one step further: to water the seeds of knowledge, and provide the public with the latest, most definitive, and most com- prehensive information on nutrition and health. Thus the Dole Nutrition Institute was born. The Dole Nutrition Institute is a non-profit research, education and advocacy organization aimed at helping people “eat to live.” In the months ahead, we plan to: Subsidize scientific inquiry into the specific health benefits of certain fruits and vegetables at the world’s leading universities,and host academic symposia publicizing the results. s Sponsor 5 A Day and other nutrition-education programs in schools,and campaign to improve the nutritional value of school lunch programs. s Develop the “Dole Nutrition System”– a complete program of produce and new products that provides individuals with all their dietary needs. s Launch an on-line service to provide consumers with useful,personalized information, helping them to meet their health and dietary goals. s Offer helpful,easy-to-understand materials to let people know what nutrients they need, why they need them,and what foods they should eat to get them. s Publish 365 Days of Nutrition – with health facts,meal plans and easy recipes. These are just a few of the ways we at the Dole Nutrition Institute – and all of us at Dole Food Company – are stepping forward to take the lead in expanding the knowledge, growing the foods, developing the products and providing the tools people need to “eat to live” longer, healthier, more vital lives. Sincerely, Jennifer A. Grossman, Vice President Director, Dole Nutrition Institute March 2003 -4-
  • 7. Dole Worldwide Product List Dole Fresh Vegetables Dole Dried Fruit Dole Fruit Bowls - Dole Plastic Jar - Pineapple Chunks Dole Artichokes Dole Dates Chopped Mandarin Oranges Dole Plastic Jar -Tropical Fruit Dole Asparagus in Resealable Bags Dole Fruit Festival Snack Cup Dole Plastic Jar - Sliced Peaches Dole Bell Peppers Dole CinnaRaisins® Dole Fruit Salad with Dole Pouch - PineappleTidbits Dole Broccoli in Resealable Bags Extra Cherries Plastic Jar in Syrup Dole Brussels Sprouts Dole Golden Seedless Raisins Dole Fruit Salad with Extra Dole Pouch -Tropical Fruit Salad Dole Butter Lettuce Dole Dates Pitted Cherries Plastic Cup Dole Rambutan in Syrup Dole Carrots in Resealable Bags Dole Fruit-N-Gel Bowls™ Dole Rambutan Snack Cup Dole Cauliflower Dole Pitted Prunes Canister Pineapple in Lime Gel Dole Red Papaya Chunks Dole Celery Dole Pitted Prunes Dole Fruit-N-Gel Bowls in Light Syrup Dole Cilantro in Resealable Bags Mandarins in Orange Gel DoleTomato Sauce Dole Dry Onions Dole Seedless Raisins Canister Dole Fruit-N-Gel Bowls DoleTropical Fruit Cocktail Dole Green Leaf Lettuce Dole Seedless Raisins Peaches in Strawberry Gel in Juice and Syrup Dole Green Onions in Resealable Bags Dole Reduced Sugar DoleTropical Fruit Cocktail Dole Iceberg Lettuce Dole Seedless Raisins Mini Snacks Fruit-N-Gel Pears in Syrup with Dole Idaho Potatoes Dole Seedless Raisins Six Packs in Kiwiberry Gel Passion Fruit Juice Dole Radishes Dole Reduced Sugar DoleTropical Fruit Juice Box Dole Red Leaf Lettuce Fruit-N-Gel Papaya DoleTropical Fruit Salad Dole Fresh Fruit Dole Red Potatoes in Peach Gel DoleTropical Fruit Salad Easy Open Dole Apples Dole Russet Potatoes Dole FruiTango™ Mandarin DoleTropical - Pineapple Juice Blend Dole Apricots Dole Romaine Lettuce Dole FruiTango Pineapple DoleWhite Asparagus Dole Avocados Dole Sugar Peas Dole FruiTango Strawberry DoleYellow Papaya Chunks in Syrup Dole Bananas DoleWhite Potatoes Dole FruiTangoTropical Seasons™ Pineapple Juice Dole Banana Puree DoleYukon Gold Potatoes Dole Guava Halves Seasons Tropical Fruit Mix Dole Cantaloupes Dole Guava in Syrup Dole Cherries Dole Longans in Syrup Dole Fresh-Cut Vegetables Dole Clementines Dole Fresh Flowers Dole Longans Snack Cup Dole All American Salad Kit Dole Coconuts Achillea Dole Lychees in Syrup Dole American Salad Blend Dole Cranberries Alstroemeria Dole Mandarin Orange Dole Baby Spinach Salad Blend Dole Fresh-Cut Aster Butterfly Fruit Cups Dole Baby Spinach and Papaya Halves Aster Matsumoto Dole Mandarin Oranges Red Leaf Salad Blend Dole Grapefruit Aster Montecasino Dole Mandarin Orange Dole Baby Spinach and Dole Grapes Bouvardia Segments Easy Open Radicchio Salad Blend Dole Honeydew Melons Bupleurum Dole Mango Slices in Dole Butter Lettuce Salad Blend Dole Kiwis Campanulas Blended Juice or Syrup Dole Chopped Romaine Salad Dole Mangoes Carnations Dole Mushrooms Dole Classic Cole Slaw Dole Nectarines Chinese Carnations Dole Nata de Coco in Syrup Dole Classic Greek Salad Kit Dole Oranges Cremons Dole Nata de Coco with Dole Classic Iceberg Salad Dole Organic Bananas Delphinium Jackfruit Snack Cup Dole Classic Romaine Salad Dole Papayas Farm Bouquets Dole Peach Halves in Syrup Dole Caesar Salad Kit Dole Peaches Football Mums Dole Pineapple Concentrate Dole Creamy Garlic Caesar Dole Pears Freesia Dole Pineapple Cubes in Syrup Salad Kit Dole Pineapple Gerbera Dole Pineapple Grapefruit Dole Light Caesar Salad Kit Dole Fresh-Cut Gerspider Juice Drink Dole Escarole and Leaf Pineapple Chunks Godetias Dole Pineapple Juice Salad Blend Dole Fresh-Cut Gypsophila Dole Pineapple Juice Box Dole Just Lettuce® Salad Pineapple Spears Kangaroo Paws Dole Frozen Pineapple Juice Dole Romano Salad Kit Dole Fresh-Cut Leatherleaf Dole Pineapple Juice Drink Dole Sunflower Ranch Pineapple Cylinders Limonium Dole Pineapple Lychee Salad Kit Dole Plantains Lisianthus Juice Drink Dole European Salad Blend Dole Plums Micro Pompons Dole Pineapple Mandarin Dole Field Greens Salad Blend Dole Pomegranates Million Stars Gypsophila Orange Banana Juice Dole French Salad Blend Dole Strawberries Miniature Carnations Dole Pineapple Orange Juice Dole Greener Selection® Salad Dole Sweetio® Bananas Monk’s Hood Dole Pineapple Orange Juice Box Dole Hearts of Romaine Dole Sweetio™ Pineapple Mums Dole Pineapple Orange Juice Drink Mix Salad Blend DoleTropical Gold™ Pompons Dole Pineapple Orange Banana Dole Italian Salad Blend Pineapple Roses (Hybrid Tea) Juice Box Dole Mini-Asparagus Roses (Micro) Dole Pineapple Orange Dole Organic Baby Lettuces Rover Mums - Fall only Dole Packaged Foods Raspberry Juice Box Dole Organic Baby Spinach Snapdragons Dole AloeVera (Solid) Dole Pineapple Passion Dole Organic Hearts Solidago Dole Crushed Pineapple Banana Juice Box of Romaine Mix Solidaster in Juice or Syrup Dole Pineapple Orange Dole Organic Spring Mix Spider Mums Dole Deciduous Fruit Strawberry Juice with Herbs Spray Roses Cocktail in Juice or Syrup Dole Pineapple Slices In Juice or Syrup Dole Peeled Mini-Carrots Statice Dole Fruit Bowls® - Fruit Salad Dole Pineapple Snack Cup Dole Shredded Carrots Stock with Extra Cherries Dole Pineapple SnackWedges Dole Shredded Lettuce Sunflowers Dole Fruit Bowls - Mango Peach Easy Open Dole Shredded Red Cabbage Sweetheart Roses Dole Fruit Bowls - Peaches Dole Pineapple Strawberry Juice Drink Dole Spring Mix Salad Blend Tree Fern Dole Fruit Bowls - Pears Dole PineappleTidbits for Pizza DoleTriple Cheese Salad Kit Yarrow Dole Fruit Bowls - Mixed Fruit Dole PineappleTidbits in Juice DoleVeryVeggie® Salad Blend Dole Fruit Bowls- Pineapple Dole Fruit Bowls -Tropical Fruit -5-
  • 8. Dole Worldwide Operations v vv v v v v v v v v x Sourcing s Ripening/Distribution v Markets q Corporate x Food Operating Divisions Europe and Africa Belgium • Cameroon • Canary Islands • France • Germany • Ghana • Greece • Italy • Ivory Coast • Kenya • Namibia • Netherlands • South Africa • Spain • Tunisia • Turkey • United Kingdom • Zimbabwe Latin America and Caribbean Bermuda • Chile • Colombia • Costa Rica • Ecuador • Guadeloupe • Guatemala • Honduras • Jamaica • Martinique • Mexico • Peru Asia China • Japan • New Zealand • Philippines • Thailand North America Canada • United States:Arizona, California, Florida, Hawaii, Ohio,Washington s Food Marketing Divisions Europe and Middle East Albania • Algeria • Austria • Azerbaijan • Bahrain • Belarus • Belgium • Bosnia • Bulgaria • Croatia • Czech Republic • Denmark • Estonia • Egypt • Finland • France • Georgia • Germany • Greece • Hungary • Iceland • India • Ireland • Israel • Italy • Jordan • Kazakhstan • Kuwait • Latvia • Lebanon • Lithuania • Luxembourg • Malta • Morocco • Netherlands • Norway • Oman • Poland • Portugal • Qatar • Romania • Russia • Saudi Arabia • Senegal • Slovakia • Spain • Sweden • Switzerland • Tajikistan • Tunisia • Turkey • Ukraine • United Arab Emirates • United Kingdom • Uzbekistan Latin America and Caribbean Argentina • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guatemala • Honduras • Mexico • Peru • Puerto Rico • Uruguay Asia China • Hong Kong • Japan • New Zealand • Philippines • South Korea • Thailand North America Canada • United States -6-
  • 9. Dole Food Company, Inc. Business Review 2002
  • 10. Introduction United States, Canada and other countries in which we conduct business and regard them as important corpo- Dole Food Company, Inc. was founded in Hawaii in rate assets with high recognition and acceptance. 1851 and was incorporated under the laws of Hawaii in 1894. Dole reincorporated as a Delaware corporation in We source or sell over 200 products in more than July 2001. During fiscal year 2002, we had, on average, 90 countries. Our fully integrated operations include approximately 57,000 people in full-time permanent or sourcing, growing, processing, distributing and market- full-time seasonal or temporary positions worldwide. ing our products. Our products are produced both Our website address is www.dole.com.We make avail- directly on Dole-owned or leased land and through able, free of charge through our website, our annual associated producer and independent grower arrange- report on Form 10-K, quarterly reports on Form 10-Q, ments under which we provide varying degrees of current reports on Form 8-K, and all amendments to farming, harvesting, packing, storing, shipping, stevedor- those reports as soon as reasonably practicable after such ing and marketing services. material is electronically filed with or furnished to the Dole has significant owned and operated food Securities and Exchange Commission. For detailed finan- sourcing and related operations in Chile, Colombia, cial information with respect to Dole’s business and its Costa Rica, Ecuador, Guatemala, Honduras, Japan, the operations, see Dole’s Consolidated Financial Statements Philippines,Thailand and the United States. Dole also and the related Notes to Consolidated Financial sources food products in Algeria, Argentina, Australia, Statements, which are included in our Form 10-K. Brazil, Cameroon, China, Greece, Italy, Ivory Coast, Mexico, New Zealand, Peru, South Africa, South Korea, Overview Spain,Tunisia and Turkey. Significant volumes of Dole’s We are the world’s largest producer and marketer of fresh fruit and packaged products are marketed in fresh fruit, fresh vegetables and fresh-cut flowers, and we Canada,Western Europe, Japan and the United States, market a growing line of value-added products.We are with lesser volumes marketed in Australia, China, Hong one of the world’s largest producers of bananas and Kong, New Zealand, Russia, South Korea and certain pineapples, a leading marketer of citrus and table grapes other countries in Asia, Eastern Europe, Scandinavia, the worldwide and an industry leader in packaged fruit prod- Middle East and Central and South America. ucts, ready-to-eat salads and vegetables. Our most significant products hold the number one or number two Industry positions in the respective markets in which we compete. The worldwide fresh produce industry is character- We utilize product quality, food safety, brand recog- ized by consistent underlying demand and favorable nition, competitive pricing, customer service and growth dynamics. In recent years, the market for fresh consumer marketing programs to enhance our position produce has grown at a rate above population growth, within the food industry.We provide wholesale, retail supported by ongoing trends including greater con- and institutional customers around the world with high- sumer demand for healthy, fresh and convenient foods, quality food products that bear the DOLE® trademarks. increased retailer square footage devoted to produce, The DOLE brand was introduced in 1933 and we believe and increased emphasis on fresh produce as a differenti- it is one of the most recognized for fresh and packaged ating factor in attracting customers. According to the produce in the United States, as evidenced by our 42% Food and Agriculture Organization, worldwide produce unaided consumer brand awareness, twice that of our production grew 3.6% per annum from 814 million nearest competitor, according to C.A. Walker and metric tons in 1990 to an estimated 1,244 million in Associates. Consumer and institutional recognition of 2002.Total wholesale fresh produce sales in the United the DOLE trademarks and related brands and the associa- States surpassed $80 billion in 2001, up from approxi- tion of these brands with high-quality food products mately $35 billion in 1987, representing a 6.1% contribute significantly to our leading positions in the compounded annual growth rate. In the US, wholesale markets that we serve.We own these trademarks in the -8-
  • 11. Established produce companies have sought to fresh produce sales are split roughly evenly between the strengthen relationships with leading retailers through retail and foodservice channels. value-added services such as banana ripening and distri- Health conscious consumers are driving much of the bution, category management, branding initiatives and growth in demand for fresh produce. Over the past 20 establishment of long term supply agreements. years, the benefits of natural, preservative-free foods have become an increasingly prominent element of the public dialogue on health and nutrition.As a result, con- Competitive Strengths sumption of fresh fruit and vegetables has increased Our competitive strengths have contributed to our markedly.According to the United States Department of strong historical operating performance and should Agriculture (“USDA”), Americans consumed 54 more enable us to capitalize on future growth opportunities: pounds of fresh fruit and vegetables per capita in 2000 • Market Share Leader. Our most significant prod- than they did in 1986.Time-starved consumers are also ucts hold the number one or number two positions in the demonstrating continued demand for convenient, ready- respective markets in which we compete.We maintain to-eat products. Food manufacturers have responded number one market share positions in global bananas, with new product introductions and packaging innova- winter fruits exported from Chile, and in North tions in segments such as bagged baby carrots and American iceberg lettuce, celery, cauliflower, ready-to- ready-to-eat salads, contributing to industry growth. eat salads and packaged fruit products, including our line For example, the US market for fresh-cut produce has of fruit cups called FRUIT BOWLS® and FRUIT-N-GEL increased from an estimated $3 billion in 1994 to an esti- BOWLSTM. In addition, we believe that we are the only mated $11 billion in 2000.According to the International fully integrated fresh-cut flower and bouquet supplier of Fresh-cut Produce Association, growth in the fresh-cut our size in North America. produce market is forecasted to continue at a compound annual rate of 6.4%, reaching approximately $15 billion • Strong Global Brand. Consumer and institutional by 2005. recognition of the DOLE trademark and related brands and the association of these brands with high-quality food Retail consolidation and the growing importance of products contribute significantly to our leading positions food to mass merchandisers are major factors affecting in each of the markets that we serve. By implementing a the food manufacturing and fresh produce industries.As global marketing program, we have made the distinctive food retailers have grown and expanded, they have red “DOLE” letters and sunburst a familiar symbol of sought to increase profitability through value-added freshness and quality recognized around the world.We product offerings and in-store services.As fresh produce believe that opportunities exist to leverage the DOLE has become a strategic focus, retailers have expanded brand through product extensions and new product square footage dedicated to produce departments by introductions. almost 7% per annum between 1994 and 1999. This development has led to an increase in produce sales as a • Low-Cost Production Capabilities. We believe we percentage of total supermarket sales, from 8.8% in are one of the lowest cost producers of many of our major 1987 to 9.8% in 2001, according to the Food Marketing product lines, including bananas, North American fresh Institute.The fresh produce category is also attractive to vegetables and ready-to-eat salads and packaged fruit retailers due to its higher margins. According to the products. Over the last several years, we have undertaken USDA’s Agriculture Information Bulletin No. 758, gross various initiatives to achieve this low-cost position.We margins for the produce department were 33% com- plan to maintain these low-cost positions through a con- pared to a 26% average for the entire store in 1997. Fully tinued focus on operating efficiency. integrated produce companies, such as Dole, are well • State-of-the-Art Infrastructure. We have made sig- positioned to meet the needs of large retailers through nificant investments in our production, processing, the delivery of consistent, high quality produce, reliable transportation and distribution infrastructure with the service, competitive pricing and innovative products. goal of efficiently delivering the highest quality and -9-
  • 12. freshest product to our customers. We own or lease reportable segments are managed separately due to dif- ferences in their products, production processes, approximately 120,000 acres of land worldwide, over 50 distribution channels and customer bases. processing, ripening and distribution centers, and the largest dedicated refrigerated containerized shipping fleet in the world, comprising 21 ships and approximately Fresh Fruit 10,800 refrigerated containers. In addition, our market- Our fresh fruit business segment has four primary leading logistics and distribution capabilities allow us to operating divisions: bananas, fresh pineapple, European act as a preferred fresh and packaged food provider to Ripening & Distribution and Dole Chile.We believe that leading global supermarkets and mass merchandisers. we are the industry leader in growing, sourcing, shipping and distributing consistently high-quality fresh fruit. • Diversity of Sourcing Locations. We currently source our fresh fruits, vegetables and fresh-cut flowers Bananas in 28 countries and distribute products in more than 90 We are the world’s largest producer of bananas, countries.We are not dependent on any one country for growing and selling more than 120 million boxes of the sourcing of any of our products.The diversity of our bananas annually.We primarily sell bananas to customers production sources reduces our risk from exposure to in North America, Europe and Asia.We are the number natural disasters and political disruptions in any one par- one brand of bananas in both North America and Japan ticular country. and the number two brand in Europe. In Latin America, our bananas are primarily sourced in Honduras, Costa • Experienced Management Team. Our management Rica, Ecuador, Colombia and Guatemala. Bananas pro- team has a demonstrated history of delivering strong duced by us in Latin America are shipped primarily to operating results through disciplined execution.The cur- North America and Europe on our refrigerated, con- rent management team has been instrumental in our tainerized shipping fleet. In Asia, we source our bananas continuing drive to transform Dole from a production primarily in the Philippines. driven company into a sales and marketing driven one. In addition, the management team has led our recent Consistent with our strategy to focus on value-added Company-wide restructuring and improvement initia- products, we have continued to expand our focus on tives. Daily operations are led by Lawrence A. Kern, higher margin, niche bananas. While the traditional President and Chief Operating Officer. “green” bananas still comprise the majority of our banana sales, we have successfully introduced niche bananas such as organic, low chemical and sweet bananas. We have Business Segments found that organic produce is a growing category in We have four primary reportable operating seg- North America and Europe and there is a strong demand ments: fresh fruit, fresh vegetables, packaged foods and fresh-cut flowers.The fresh fruit segment contains sever- for low chemical and sweet bananas in Asia. al operating segments that produce and market fresh fruit Fresh Pineapples to wholesale, retail and institutional customers world- We are the number two global producer of fresh wide.The fresh vegetables segment contains operating pineapples, growing and selling more than 17 million segments that produce and market commodity vegeta- boxes annually. We sell our pineapples globally and bles and ready-to-eat packaged vegetables to wholesale, source them from Company-operated farms and inde- retail and institutional customers primarily in North America, Europe and Asia. Both the fresh fruit and fresh pendent growers in Latin America, Hawaii, the vegetable segments sell produce grown by a combination Philippines and Thailand.We produce and sell two princi- of Company-owned and independent farms.The pack- pal varieties of pineapples: the Champaka (or green) aged foods segment contains several operating segments pineapple and the sweet yellow pineapple. The that produce and market packaged foods, including fruit, Champaka pineapple, traditionally the most widely avail- juices and snack foods. Dole’s fresh-cut flowers segment able type of pineapple, is primarily sold to the sources, imports and markets fresh-cut flowers, grown foodservice sector and is also used in our packaged prod- mainly in Colombia and Ecuador, primarily to wholesale ucts.The sweet yellow pineapple was introduced in 1999 florists and supermarkets in the United States. These - 10 -
  • 13. under the DOLE PREMIUM SELECT® label.The sweet butter lettuce, celery, cauliflower, broccoli, carrots, brus- yellow pineapple sells for a higher price than the sels sprouts, spinach, red and green onions, asparagus, Champaka, which translates into a higher margin for us snow peas and artichokes.We sell our commodity veg- and our customers. Our sweet yellow pineapple has had etable products primarily in North America,Asia and, to a excellent market acceptance, with our unit volume more lesser extent,Western Europe. In North America, we are than doubling in 2002 as compared with 2001. the number one provider of lettuce, celery and cauliflow- er and the number two provider of broccoli. European Ripening & Distribution Value-Added Our European Ripening & Distribution business dis- tributes DOLE and non-DOLE branded fresh produce in Our value-added vegetable products include ready- Europe.This business operates approximately 50 sales to-eat salads, bagged baby carrots, broccoli florets, and and distribution centers in nine countries, predominant- cauliflower florets. In 2002, consumers purchased more ly in Western Europe.This business assists us in firmly of our ready-to-eat salads than any other brand. establishing customer relationships in Europe.We own 60% of Scandinavia’s leading importer and distributor of Packaged Foods fruit, vegetables and flowers, which imports from more Our packaged food segment produces canned than 60 countries and which has a Netherlands subsidiary pineapple, canned pineapple juice, fruit juice concen- that is one of Europe’s largest exotic fruit import and dis- trate, packaged fruit and plastic fruit cups (i.e., FRUIT tribution companies. BOWLS and FRUIT-N-GEL BOWLS).All of our signifi- Dole Chile cant packaged food products hold the number one We began our Chilean operations in 1982 and have market position in North America. grown to become the largest exporter of Chilean fruit. Our FRUIT BOWLS products were introduced in We export grapes, apples, pears, stone fruit (e.g., peach- 1998 and continue to exceed our volume and share es and plums) and kiwifruit.The weather and geographic expectations.The trend towards convenience and healthy features of Chile are similar to those of the Western snacking has been responsible for the explosive growth in United States, with opposite seasons.Accordingly, Chile’s the plastic fruit cup category, which is now larger than harvest is counter-seasonal to that in the Northern the applesauce cup and gelatin cup categories. Hemisphere, offsetting the seasonality in our other fresh fruit. We primarily export Chilean fruit to North America, Latin America and Europe. Fresh-Cut Flowers We entered the fresh-cut flowers business in 1998 and are now the largest producer of fresh flowers in Latin Fresh Vegetables America with over 90% of our Latin American flowers Our fresh vegetables business segment operates shipped into North America. Our products include over under two divisions: commodity and value-added.We 800 varieties of fresh-cut flowers such as roses, carna- source our fresh vegetables from Company-owned and tions and Alstroemeria. contracted farms.To satisfy the increasing demand for our products, we have continued to expand production We are the only flower importer with guaranteed and distribution capabilities of our fresh vegetables seg- daily deliveries by air. Immediately after harvesting, our ment.We have recently completed expansion projects at flowers are flown to our Miami facilities where tempera- our Springfield, Ohio and Yuma, Arizona ready-to-eat tures are maintained at consistent levels in all warehouse salad and vegetable facilities. and production operations. Maintaining the cold chain enables us to deliver the freshest and healthiest flowers to CommodityVegetables the market. We source, harvest, cool, distribute and market more than 20 different types of fresh vegetables, including ice- berg lettuce, red and green leaf lettuce, romaine lettuce, - 11 -
  • 14. Lawrence A. Kern, President and Chief Operating Research and Development Officer. Mr. Kern joined the Company as President, Our research and development programs concen- Dole Fresh Vegetables in 1993. In July 2000, he was pro- trate on sustaining the productivity of our agricultural moted to the position of President, Worldwide Fresh lands, food safety, product quality of existing products Vegetables, Packaged Salads and Non-Tropical Fresh and the development of new value-added products, as Fruit. Mr. Kern was appointed President and Chief well as agricultural research and packaging design. Operating Officer of the Company in February 2001. He Agricultural research is directed toward sustaining and holds a B.S. and M.B.A. from Indiana University. improving product yields and product quality by examin- ing and improving agricultural practices in all phases of C.Michael Carter,Vice President,General Counsel production (such as development of specifically adapted and Corporate Secretary. Mr. Carter joined the plant varieties, land preparation, fertilization, cultural Company in October 2000, after serving as Executive practices, pest and disease control, post-harvesting, han- Vice President, General Counsel and Corporate Secretary dling, packing and shipping procedures), and includes of Pinkerton’s Inc. Prior to Pinkerton’s, Inc., Mr. Carter on-site technical services and the implementation and held positions at Concurrent Computer Corporation, monitoring of recommended agricultural practices. Nabisco Group Holdings,The Singer Company and the Research efforts are also directed towards integrated law firm of Winthrop, Stimson, Putnam and Roberts. He pest management and biological pest control. Specialized holds a B.S. from the University of California at Berkeley machinery is developed for various phases of agricultural and a J.D. from George Washington University. production and packaging that reduces labor costs, Richard J. Dahl, Vice President and Chief improves productivity and efficiency and increases prod- Financial Officer. Mr. Dahl joined Dole Food Company uct quality. Agricultural research is conducted at field as Vice President and Chief Financial Officer in June facilities primarily in California, Hawaii, Latin America 2002, after serving as President and Chief Operating and Asia.We also sponsor research related to environ- Officer of Pacific Century Financial Corporation and mental improvements and the protection of worker and Bank of Hawaii. Prior to Pacific Century, Mr. Dahl held community health. various positions at Ernst & Young. He holds a B.S. in Accounting from the University of Idaho and is a Certified Management Public Accountant. Below is a list of the names and brief employment Jonathan Y. Bass, Vice President and General history of the officers and senior management of Dole as Manager, Chilean Division. Mr. Bass joined the of March 1, 2003. Company in 1977 as Manager of Financial Analysis in the David H. Murdock, Chairman of the Board and Costa Rican banana division. He held various financial and Chief Executive Officer. Mr. Murdock joined the operational positions in the Latin American banana orga- Company as Chairman of the Board and Chief Executive nization and was ultimately promoted to Vice President Officer in July 1985. He has been Chairman of the Board, for Banana Production. Mr. Bass was appointed Vice Chief Executive Officer and Director of Castle & Cooke, President and General Manager of the Chilean Division in Inc., a Hawaii corporation, since October 1995 (indirect- 1989. He holds a B.S. from the University of North ly wholly-owned by Mr. Murdock since September Carolina and an M.B.A. from the University of Hawaii. 2000). Since June 1982, he has been Chairman of the Michael J. Cavallero, President, North America Board and Chief Executive Officer of Flexi-Van Leasing, Tropical Fresh Fruit. Mr. Cavallero joined the Company Inc., a Delaware corporation wholly-owned by Mr. in 1974 as a technical service representative with the Murdock. Mr. Murdock also is the sole owner and devel- Fresh Marketing organization where he held various posi- oper of the Sherwood Country Club in Ventura County, tions before transferring to Fresh Vegetables in 1986 as California, and numerous other real estate developments Vice President, Sales. In 1992, he was promoted to Vice and is the sole stockholder of numerous corporations President, Sales and Marketing, North America. He was engaged in a variety of business ventures and in the manu- promoted to President, North America Tropical Fresh facture of industrial and building products. - 12 -
  • 15. Fruit in March 2001. Mr. Cavallero holds a B.A. from San Risk Management. He was promoted to his present posi- Francisco State University. tion in April 2001. Mr. Horne holds a B.S. from the University of Idaho and an M.B.A. from the University of Paul Cuyegkeng, President, Dole Asia. Hawaii. Mr. Cuyegkeng originally joined the Company in 1975 as a Financial Analyst in the Honduras division. He left the Yoon J. Hugh, Corporate Controller and Chief Company in 1979 and returned again in 1988 when he Accounting Officer. Ms. Hugh joined the Company in became Manager of Operations for Asia in the Fresh Fruit December 2001 as Assistant Corporate Controller and division stationed in Japan. He held various positions in was promoted to Corporate Controller and Chief the Asia region until he was promoted to President of Accounting Officer in October 2002. Prior to joining Dole Asia in 1993. Mr. Cuyegkeng holds a B.S. from De Dole, she was with PricewaterhouseCoopers LLP for La Salle College in Manila, Philippines, and an M.B.A. approximately 10 years. She holds a B.A. in Business/ from Stanford University. Economics from the University of California, Los Angeles. William F. Feeney, President, Dole Europe. Mr. Feeney joined the Company in 1981 as Vice President Javier H. Idrovo, Vice President, Strategy. and General Manager of Chile. He became President and Mr. Idrovo joined the Company in 2001 as Vice President, Managing Director of Dole Europe in 1990 with the cre- Strategy. He previously worked as a Manager for Boston ation of a European headquarters, which has been in Paris Consulting Group. Mr. Idrovo holds a B.S. and M.S. in since 1993. Mr. Feeney holds a B.S. from the U.S. Naval Engineering from Harvey Mudd College, and an M.B.A. Academy and an M.B.A. from Columbia University. from Harvard Business School. Sue Hagen,Vice President, Human Resources. Peter M. Nolan, President,Worldwide Packaged Ms. Hagen joined Dole Food Company in 1986 as Foods. Mr. Nolan joined the Company as Senior Vice Personnel Administrator. She subsequently was promot- President, Sales and Marketing, for North America ed to be Manager of Human Resources in 1990, Director before becoming President of Packaged Foods in 1995. of Human Resources in 1993, Vice President, Human He was promoted to President, North America Resources North America Operations in 2000 and Vice Operations in 2000, and was subsequently promoted to President, Human Resources in 2003. Ms. Hagen holds a President,Worldwide Packaged Foods. Mr. Nolan previ- B.A. from the University of Redlands and an M.B.A. ously worked for Van De Kamp’s Frozen Foods and Vlasic from the University of Southern California. Foods, as well as Sanwa Food. He holds a B.S. from Boston University. Richard A. Harrah, President, Dole Latin America. Mr. Harrah joined the Company in 2000 as Beth Potillo,Treasurer. Ms. Potillo joined Dole Vice President of Operations for Dole Fresh Flowers, in 1986. She was Manager of Financial Planning from and was recently appointed President of Dole Latin January 1995 to July 1995. She held the position of America. He previously worked for Noboa Corporation Manager of Corporate Finance from July 1995 to July as Chief Financial Officer and as Chief Operating Officer. 1997. She became Assistant Treasurer of Dole in July Prior to Noboa, Mr. Harrah also held positions with 1997, and has been Treasurer of Dole since November Geest and Del Monte Fresh Produce. He holds a B.A. 1998. Ms. Potillo holds a B.M. from Southern Illinois from Sonoma State University and is a Certified Public University and an M.B.A. from the University of Accountant. California, Los Angeles. George R. Horne,Vice President,Administration John T. Schouten, President, Dole Fresh Flowers. and Support Operations. Mr. Horne joined the Mr. Schouten joined the Company in 1985 and held vari- Company in 1966. His executive positions at Dole have ous positions in the sales and production organizations of included Director of Labor Relations, Vice President- Dole Fresh Vegetables. He was promoted to Senior Vice Labor Relations,Vice President Human Resources and President and General Manager, Commodity Operations - 13 -
  • 16. in 2000, and was recently promoted to President, Dole Fresh Flowers, in May 2002. Mr. Schouten holds a B.A. from the University of Oregon. Eric M.Schwartz,President,WorldwideVegetables. Mr. Schwartz joined Dole in 1993 as Plant Manager, Dole Fresh Vegetables. He left the Company in 1996 and returned in 1998 as Vice President of Manufacturing, Dole Fresh Vegetables. He most recently was Senior Vice President of Operations at Dole Fresh Vegetables, and was promoted to President, Worldwide Vegetables in March 2001. Mr. Schwartz holds a B.S. from Pennsylvania State University. Roberta Wieman,Vice President. Ms. Wieman joined the Company in November 1991 as Executive Assistant to the Chairman of the Board and Chief Executive Officer and was promoted to Vice President in February 1995. She also serves as an officer and/or director of various companies held by Mr. Murdock. Disclosure Regarding Forward-Looking Statements (Cautionary Statements Under the Private Securities Litigation Reform Act of 1995) Some of the information contained in this Annual Report may contain “forward-looking statements,” with- in the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Forward looking statements, which are based on management’s current expectations, are gener- ally identifiable by the use of terms such as “may,” “will,” “expects,” “believes,” “intends” and similar expressions. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and raw materials supplies and pricing; electrical power supply and pricing; changes in interest and currency exchange rates; economic crises and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. Further informa- tion on the factors that could affect Dole’s financial results is included in its SEC filings, including its Annual Report on Form 10-K. - 14 -
  • 17. Dole Food Company Officers and Operating Division Officers Dole Food Company Officers (Seated,right to left): Roberta Wieman, David H. Murdock, Lawrence A. Kern (Standing,right to left): Yoon J. Hugh, George R. Horne, Javier H. Idrovo, C. Michael Carter, Beth Potillo, Richard J. Dahl Dole Food Company Operating Division Officers (Seated, right to left): Paul Cuyegkeng, David H. Murdock, Lawrence A. Kern, Peter M. Nolan (Standing, right to left): William F. Feeney, John T. Schouten, Richard A. Harrah, Michael J. Cavallero, Eric M. Schwartz, JonathanY. Bass - 15 -
  • 18. Dole Food Company Officers and Operating Division Officers Directors Officers Operating Division Officers Mike Curb 1, 2, 4 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 Lawrence A. Kern Former Vice Chairman, President and Chief Operating Officer President and Chief Operating Officer Richard A. Harrah Dole Food Company,Inc. President – Dole Latin America Richard J. Dahl Vice President and Chief Financial Officer E. Rolland Dickson, M.D. 4 Peter M. Nolan Director for Development President – Dole Worldwide Mayo Foundation Packaged Foods C. Michael Carter Vice President,General Counsel and Corporate Secretary Richard M. Ferry 1, 2, 3 Eric M. Schwartz Founder Chairman President – Dole Worldwide Korn/Ferry International FreshVegetables George R. Horne (international executive search firm) Vice President – Administration and Support Operations John T. Schouten Lawrence M. Johnson 1, 3 President – Dole Fresh Flowers Chairman and CEO (retired) Roberta Wieman Bank of Hawaii Vice President Michael J. Cavallero President – Dole North America Lawrence A. Kern Tropical Fresh Fruit Sue Hagen President and Chief Operating Officer Vice President – Human Resources Dole Food Company,Inc. JonathanY. Bass Vice President and General Manager Javier H. Idrovo Zoltan Merszei 3, 4 Vice President – Strategy Dole Chile Former Chief Executive Officer, President and Chairman 1 Nominating Committee Beth Potillo The Dow Chemical Company 2 Executive and Finance Committee Treasurer 3 Audit Committee 4 Corporate Compensation and Benefits Committee David H. Murdock 2 Yooh J. Hugh Chairman of the Board and Controller and Chief Accounting Officer Chief Executive Officer Dole Food Company,Inc. s The benefits of potassium. Bananas are an excellent source of potassium. Research shows people with the highest intakes of potassium are less likely to have a stroke compared to those with the lowest intakes of potassium. - 16 -
  • 19. Company Information 2002 Dividend Information A cash dividend of $0.15 per common share was declared in each quarter of 2002 for a total annual dividend of $0.60 per share. Investment Community Inquiries Members of the investment community should direct inquiries to: Office of the Chief Financial Officer Dole Food Company, Inc. One Dole Drive Westlake Village, CA 91362 818-879-6600 Dole’s New San Diego Berth E-mail address: investor_relations@na.dole.com In October 2002, Dole Fresh Fruit Company moved its West Coast terminal and port facility to the Port of San Diego, California. Quality Dole® bananas, pineapples and other tropical fruits pass through this facility on their way to Dole customers throughout Western North America. Other Inquiries For a copy of the Annual Report on Form 10-K, or for other information requests, direct the inquiry to: Office of the Corporate Secretary Dole Food Company, Inc The Company One Dole Drive Founded in Hawaii in 1851, Dole Food Company, Inc., is the largest Westlake Village, CA 91362 producer and marketer of high-quality fresh fruit, fresh vegetables 818-879-6814 and fresh-cut flowers, markets a growing line of packaged foods and E-mail address: shareholder_relations@na.dole.com is a produce industry leader in nutrition education and research. The Dole’s 2002 Annual Report on Form 10-K and other Company does business in more than 90 countries and employs approx- filings with the Securities and Exchange Commission are imately 57,000 people in full-time permanent or full-time seasonal or available on the internet at http://www.dole.com. temporary positions. Internet Addresses Corporate Headquarters http://www.dole.com One Dole Drive http://www.dole5aday.com Westlake Village, CA 91362 818-879-6600 Auditors Deloitte & Touche LLP 350 South Grand Avenue Los Angeles, CA 90071 s Fighting obesity. “Increasing the intake of fruits and vegetables is a key component of the solution to the worldwide obesity epidemic”– Dr.David Heber,Professor of Medicine,UCLA;Chief Scientific Advisor to Dole Food Company
  • 20. Dole Food Company, Inc. www.Dole.com