Dole Food reports net debt shrank to $1.43 billion at year-end 2010

By Jennifer Lanning Drey

Savannah, Ga., March 14 - Dole Food Co., Inc. ended 2010 with $1.43 billion in net debt, which was down by $55 million from its net debt balance at the end of the prior year, Joseph Tesoriero, Dole's chief financial officer, reported Monday during the company's fourth-quarter and year-end earnings conference call.

Dole had no borrowings outstanding on its ABL revolver and $113 million available at Jan. 1. Cash and cash equivalents were $180 million.

The company sold $46 million of non-core assets in 2010 and is targeting $50 million of non-core asset sales in 2011, Tesoriero said.

Dole reported fourth-quarter adjusted EBITDA of $21 million, compared with adjusted EBITDA of $68 million for the fourth quarter of 2009. Full-year adjusted EBITDA was $320 million, compared with adjusted EBITDA of $417 million in 2009.

Fourth-quarter net revenues were $1.56 billion, compared with net revenues of $1.53 billion in the same period of 2009. Full-year net revenues were $6.90 billion in 2010 versus net revenues of $6.78 billion in 2009.

Dole Food is a Westlake Village, Calif.-based fruit and vegetables company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.