For the full year, Dole reported Adjusted EBITDA of $386 million compared to $364 million in 2010. Dole reported GAAP income from continuing operations for fiscal year 2011 of $42 million or $0.47 per share, compared to a loss of $34 million or ($0.39) per share in 2010. Comparable Income from continuing operations for fiscal year 2011 was $121 million or $1.38 per share, compared to $40 million or $0.46 per share in 2010.
“We are very pleased with Dole’s strong fourth quarter earnings. Adjusted EBITDA of $53 million in the quarter was a 70% improvement over the previous year as a result of solid performances in each of our operating segments,” said David A. DeLorenzo, Dole’s President and CEO. “The cost reduction programs set forth in the past two years have helped improve earnings despite increasing input costs and the strength of foreign currencies. Going forward, we continue to be encouraged by consumer acceptance of our new product introductions as well as the strength of our core products. We are also pleased to report that we have entered into an agreement to sell our distribution company in Germany. This pending sale is in line with our continuing plan to divest non-core assets, and will further our goal to reduce debt and improve operating margins.”
Selected Financial Results from Continuing Operations:
| All figures are in millions ($) | Quarterly ended | Fiscal year | ||
| December 31, 2011 | January 1, 2011 | December 31, 2011 | January 1, 2011 | |
| Revenues, net | 1,536 | 1,557 | 7,224 | 6,893 |
| Operating income (loss) | 18 | (11) | 230 | 194 |
| Adjusted EBITDA | 53 | 31 | 386 | 364 |
| Comparable income (loss) | (2) | (31) | 121 | 40 |
See “Non-GAAP Measurements” below for discussion of EBIT and Adjusted EBITDA.
Revenues
For fiscal 2011, revenues increased 5% to $7.2 billion. Higher sales were reported in all three of Dole’s operating segments. Fresh fruit sales increased 5% primarily as a result of improved local pricing worldwide for bananas and higher volumes of bananas sold in North America and Asia. In addition, favorable foreign currency exchange movements in Europe and Japan benefitted revenues. Packaged foods revenues increased 7% primarily due to higher sales across all major product lines. Fresh vegetables revenues increased 2% as a result of improved pricing for packaged salads, higher sales of berries due to the fourth quarter acquisition of SunnyRidge partially offset by lower sales of fresh-packed vegetables.
Adjusted EBITDA
For fiscal 2011, Adjusted EBITDA was $386 million compared to $364 million 2010. The increase in Adjusted EBITDA was primarily due to higher fresh fruit earnings, which increased as a result of higher banana earnings worldwide as well as higher earnings in the European ripening and distribution and Chilean deciduous fruit businesses. Excluding a $5.3 million legal settlement recorded in the fourth quarter of 2010, fresh vegetables earnings increased by 5% as improved performance in packaged salads were partially offset by weak pricing for iceberg lettuce. Packaged foods earnings were lower as higher product and selling, marketing and general administrative expenses were partially offset by improved pricing worldwide.