This annual report summarizes Dole's financial performance from 1998-2002. It shows that while revenues have remained relatively steady, income from continuing operations increased substantially in 2002 after declining in 2001. Total shareholders' equity also increased steadily over this period. The report discusses Dole's continued focus on expanding its value-added packaged foods business and improving costs. It highlights new product introductions in fruit bowls and salad blends that have contributed to revenue growth. Messages from the Chairman and President emphasize their commitment to improving health and nutrition worldwide through Dole's products and the new Dole Nutrition Institute.
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
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Eat more, weigh less.
Fruits and vegetables have roughly 75 calories per cup – compared to 250 calories for starches like pasta or rice.
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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.
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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.
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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
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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.
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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.
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Sponsor 5 A Day and other nutrition-education programs in schools,and campaign to improve
the nutritional value of school lunch programs.
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Develop the “Dole Nutrition System”– a complete program of produce
and new products that provides individuals with all their dietary needs.
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Launch an on-line service to provide consumers with useful,personalized information,
helping them to meet their health and dietary goals.
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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.
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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
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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
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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
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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