dole 2002 annual
DESCRIPTION
TRANSCRIPT
Dole Food Company, Inc.www.Dole.com
Annual Report 2002
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.
When I joined Dole Food Company eighteen years ago, the Company wasprimarily a commodity company, under siege by its creditors and struggling tostay afloat; some thought that it was beyond saving. What I perceived beneath theburden of debt was a company with a trustworthy brand name and a group ofdedicated and loyal employees. There seemed to be a future full of possibilities.With a bit of creative imagination and a lot of effort by a great team, we returnedDole to its rightful and profitable place. While the road was not always easy, wehave since risen to become the world’s largest produce company, broadly diversi-fied, with an incredibly strong brand name.
In the process of rebuilding, we made it our priority to escape the volatility of acommodity-driven market. Along the way, we rebuilt our core infrastructure andacquired and disposed of numerous new and old assets and businesses. We have mademistakes and have experienced our share of natural disasters, including HurricaneMitch, which hit our Central American plantations with a vengeance, while El Niñocreated havoc with our crops. These challenges,combined with pricing pressures andEuropean quotas,created a volatile business environment.
We are proud of our achievements and eager to build upon them and lead the Company toward continuedgrowth and greater profitability. In this volatile market environment and time of global uncertainty, I believe that aprivatized company will have the agility to better meet unanticipated obstacles and opportunities as well. The publicmarkets 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. Inaddition to being profitable, innovative and easy-to-use, products like Fruit Bowls and salad packs make it easier forconsumers 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 leadlonger, healthier and more vital lives. I feel privileged and inspired to lead a company that not only creates
A Message from Mr. David H. Murdock
David H. MurdockChairman and Chief Executive Officer
Dole Financial Highlights
(in millions,except per-share data) 2002 2001 2000 1999 1998
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 shareContinuing operations $ 2.76 $ (0.66) $ 0.65 $ 0.29 $ 0.02Discontinued operations — 3.33 0.56 0.56 0.18Cumulative effect of a change
in accounting principle (2.12) — — — —
Net income $ 0.64 $ 2.67 $ 1.21 $ 0.85 $ 0.20Diluted average common shares outstanding 57 56 56 57 60
Total assets $ 3,037 $ 2,768 $ 2,801 $ 2,994 $ 2,864
CapitalizationShort-term debt $ 242 $ 27 $ 45 $ 38 $ 36Long-term debt 882 816 1,135 1,285 1,116Total 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 $ 10.49Common stock price:
End of year $ 32.64 $ 26.75 $ 16.38 $ 16.25 $ 30.00High $ 33.85 $ 27.30 $ 20.50 $ 33.81 $ 57.13Low $ 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 andadministrative 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-taxcharge 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 Beverageoperations.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.
Revenues, net(in millions)
145 49 121 244 227‘98 ‘99 ‘00 ‘01 ‘02
Total Shareholders’ Equity(in millions)
622 532 555 736 745‘98 ‘99 ‘00 ‘01 ‘02
Eat more,weigh less.Fruits and vegetables have roughly 75 calories per cup – compared to 250 calories for starches like pasta or rice.
■
3,877 4,449 4,400 4,315 4,392‘98 ‘99 ‘00 ‘01 ‘02
Cash Flow from Operating Activities of Continuing Operations
( in millions)
Dole® Fruit Bowls®
Dole Fruit Bowls’ new 7 oz. single-serve cup
was introduced in mid-year 2002. Each
individually packaged, single-serve cup offers
75% more fruit than the original 4 oz.Fruit
Bowls and comes with a plastic fork. These
Fruit Bowls come in four varieties: Sliced
Peaches, Pineapple Chunks,Tropical Fruit
and Mandarin Oranges. These larger serving
size cups are designed to meet the snack-
ing needs of the active, on-the-go woman.
Convenience Store News named the 7 oz.
Fruit Bowls its “Best New Product for 2002.”
- 1 -
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.
When I joined Dole Food Company eighteen years ago, the Company wasprimarily a commodity company, under siege by its creditors and struggling tostay afloat; some thought that it was beyond saving. What I perceived beneath theburden of debt was a company with a trustworthy brand name and a group ofdedicated and loyal employees. There seemed to be a future full of possibilities.With a bit of creative imagination and a lot of effort by a great team, we returnedDole to its rightful and profitable place. While the road was not always easy, wehave since risen to become the world’s largest produce company, broadly diversi-fied, with an incredibly strong brand name.
In the process of rebuilding, we made it our priority to escape the volatility of acommodity-driven market. Along the way, we rebuilt our core infrastructure andacquired and disposed of numerous new and old assets and businesses. We have mademistakes and have experienced our share of natural disasters, including HurricaneMitch, which hit our Central American plantations with a vengeance, while El Niñocreated havoc with our crops. These challenges,combined with pricing pressures andEuropean quotas,created a volatile business environment.
We are proud of our achievements and eager to build upon them and lead the Company toward continuedgrowth and greater profitability. In this volatile market environment and time of global uncertainty, I believe that aprivatized company will have the agility to better meet unanticipated obstacles and opportunities as well. The publicmarkets 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. Inaddition to being profitable, innovative and easy-to-use, products like Fruit Bowls and salad packs make it easier forconsumers 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 leadlonger, healthier and more vital lives. I feel privileged and inspired to lead a company that not only creates
A Message from Mr. David H. Murdock
David H. MurdockChairman and Chief Executive Officer
Dole Financial Highlights
(in millions,except per-share data) 2002 2001 2000 1999 1998
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 shareContinuing operations $ 2.76 $ (0.66) $ 0.65 $ 0.29 $ 0.02Discontinued operations — 3.33 0.56 0.56 0.18Cumulative effect of a change
in accounting principle (2.12) — — — —
Net income $ 0.64 $ 2.67 $ 1.21 $ 0.85 $ 0.20Diluted average common shares outstanding 57 56 56 57 60
Total assets $ 3,037 $ 2,768 $ 2,801 $ 2,994 $ 2,864
CapitalizationShort-term debt $ 242 $ 27 $ 45 $ 38 $ 36Long-term debt 882 816 1,135 1,285 1,116Total 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 $ 10.49Common stock price:
End of year $ 32.64 $ 26.75 $ 16.38 $ 16.25 $ 30.00High $ 33.85 $ 27.30 $ 20.50 $ 33.81 $ 57.13Low $ 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 andadministrative 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-taxcharge 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 Beverageoperations.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.
Revenues, net(in millions)
145 49 121 244 227‘98 ‘99 ‘00 ‘01 ‘02
Total Shareholders’ Equity(in millions)
622 532 555 736 745‘98 ‘99 ‘00 ‘01 ‘02
Eat more,weigh less.Fruits and vegetables have roughly 75 calories per cup – compared to 250 calories for starches like pasta or rice.
■
3,877 4,449 4,400 4,315 4,392‘98 ‘99 ‘00 ‘01 ‘02
Cash Flow from Operating Activities of Continuing Operations
( in millions)
Dole® Fruit Bowls®
Dole Fruit Bowls’ new 7 oz. single-serve cup
was introduced in mid-year 2002. Each
individually packaged, single-serve cup offers
75% more fruit than the original 4 oz.Fruit
Bowls and comes with a plastic fork. These
Fruit Bowls come in four varieties: Sliced
Peaches, Pineapple Chunks,Tropical Fruit
and Mandarin Oranges. These larger serving
size cups are designed to meet the snack-
ing needs of the active, on-the-go woman.
Convenience Store News named the 7 oz.
Fruit Bowls its “Best New Product for 2002.”
- 1 -
prosperity and provides 57,000 jobs in over 90 countries, but that has the opportunity and the capability to providehealthful products to millions of people around the world. It is my goal for Dole to not only be the leading producecompany in the world, but also to be the leader in nutrition education.
Looking back on what we have accomplished, and forward to the work andtremendous 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 appreciationand 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 andaccomplishments and to reward our consumers with the best products and nutri-tion information possible.
Sincerely,
David H. Murdock, Chairman and Chief Executive OfficerMarch 2003
During 2002, Dole Food Company, Inc. continued to build upon the solidfoundation we established in 2001. Dole’s management team worked together toachieve 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 includesthe $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 Americanbananas, Dole Premium Select® pineapples, and Chilean and South African decidu-ous fruit continue to increase. We are particularly pleased about the growth of ourDole Premium Select pineapple and organic banana programs.
Dole’s Fresh Vegetables segment posted improved results for 2002 with weakercommodity pricing offset by continued growth in our packaged salads business. Doleincreased its packaged salads share leadership by a full share point during 2002,closing2002 with a 38.2% market share.
Dole’s Packaged Foods segment also posted improved results for 2002 achieving market share gains in cannedpineapple as well as Fruit Bowls®. Fruit Bowls’ market share continued to grow during 2002, closing the year at43.9%, 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 coststructure. 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 operatingresults 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 enjoya significantly improved cost structure.
The year 2002 saw a number of management changes.Richard J.Dahl joined the Company as Vice President andChief 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. Hepreviously served as Senior Vice President and General Manager of all commodity operations for Dole Fresh Vegeta-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 InformationOfficer. He was previously Vice President and Chief Information Officer of the Company’s Fresh Vegetables divisionand, 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 – HumanResources 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 amuch stronger company.
Sincerely,
Lawrence A. Kern, President and Chief Operating OfficerMarch 2003
■
A Message from Mr. Lawrence A. Kern
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.
The benefits of lutein.One serving of Dole baby spinach contains 6 mg of lutein – clinically proven to protect eyesight from thedeterioration caused by aging.
Lawrence A. KernPresident and Chief Operating Officer
Dole® Special BlendsDole 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-
chio. As Americans are eating more spinach
than ever, Dole’s new Baby Spinach Salad
Blends are perfectly positioned to build on
that growing trend.
- 3 -- 2 -
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 providehealthful products to millions of people around the world. It is my goal for Dole to not only be the leading producecompany in the world, but also to be the leader in nutrition education.
Looking back on what we have accomplished, and forward to the work andtremendous 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 appreciationand 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 andaccomplishments and to reward our consumers with the best products and nutri-tion information possible.
Sincerely,
David H. Murdock, Chairman and Chief Executive OfficerMarch 2003
During 2002, Dole Food Company, Inc. continued to build upon the solidfoundation we established in 2001. Dole’s management team worked together toachieve 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 includesthe $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 Americanbananas, Dole Premium Select® pineapples, and Chilean and South African decidu-ous fruit continue to increase. We are particularly pleased about the growth of ourDole Premium Select pineapple and organic banana programs.
Dole’s Fresh Vegetables segment posted improved results for 2002 with weakercommodity pricing offset by continued growth in our packaged salads business. Doleincreased its packaged salads share leadership by a full share point during 2002,closing2002 with a 38.2% market share.
Dole’s Packaged Foods segment also posted improved results for 2002 achieving market share gains in cannedpineapple as well as Fruit Bowls®. Fruit Bowls’ market share continued to grow during 2002, closing the year at43.9%, 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 coststructure. 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 operatingresults 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 enjoya significantly improved cost structure.
The year 2002 saw a number of management changes.Richard J.Dahl joined the Company as Vice President andChief 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. Hepreviously served as Senior Vice President and General Manager of all commodity operations for Dole Fresh Vegeta-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 InformationOfficer. He was previously Vice President and Chief Information Officer of the Company’s Fresh Vegetables divisionand, 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 – HumanResources 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 amuch stronger company.
Sincerely,
Lawrence A. Kern, President and Chief Operating OfficerMarch 2003
■
A Message from Mr. Lawrence A. Kern
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.
The benefits of lutein.One serving of Dole baby spinach contains 6 mg of lutein – clinically proven to protect eyesight from thedeterioration caused by aging.
Lawrence A. KernPresident and Chief Operating Officer
Dole® Special BlendsDole 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-
chio. As Americans are eating more spinach
than ever, Dole’s new Baby Spinach Salad
Blends are perfectly positioned to build on
that growing trend.
- 3 -- 2 -
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
■
- 5 -
Dole Fresh VegetablesDole ArtichokesDole AsparagusDole Bell PeppersDole BroccoliDole Brussels SproutsDole Butter LettuceDole CarrotsDole CauliflowerDole CeleryDole CilantroDole Dry OnionsDole Green Leaf LettuceDole Green OnionsDole Iceberg LettuceDole Idaho PotatoesDole RadishesDole Red Leaf LettuceDole Red PotatoesDole Russet PotatoesDole Romaine LettuceDole Sugar PeasDole White PotatoesDoleYukon Gold Potatoes
Dole Fresh-Cut VegetablesDole All American Salad KitDole American Salad BlendDole Baby Spinach Salad BlendDole Baby Spinach and
Red Leaf Salad BlendDole Baby Spinach and
Radicchio Salad BlendDole Butter Lettuce Salad BlendDole Chopped Romaine SaladDole Classic Cole SlawDole Classic Greek Salad KitDole Classic Iceberg SaladDole Classic Romaine SaladDole Caesar Salad KitDole Creamy Garlic Caesar
Salad KitDole Light Caesar Salad KitDole Escarole and Leaf
Salad BlendDole Just Lettuce® SaladDole Romano Salad KitDole Sunflower Ranch
Salad KitDole European Salad BlendDole Field Greens Salad BlendDole French Salad BlendDole Greener Selection® SaladDole Hearts of Romaine
Mix Salad Blend Dole Italian Salad BlendDole Mini-AsparagusDole Organic Baby LettucesDole Organic Baby SpinachDole Organic Hearts
of Romaine MixDole Organic Spring Mix
with HerbsDole Peeled Mini-CarrotsDole Shredded CarrotsDole Shredded LettuceDole Shredded Red CabbageDole Spring Mix Salad BlendDole Triple Cheese Salad KitDole Very Veggie® Salad Blend
Dole Dried FruitDole Dates Chopped
in Resealable BagsDole CinnaRaisins®
in Resealable BagsDole Golden Seedless RaisinsDole Dates Pitted
in Resealable BagsDole Pitted Prunes CanisterDole Pitted Prunes
in Resealable BagsDole Seedless Raisins CanisterDole Seedless Raisins
in Resealable BagsDole Seedless Raisins Mini SnacksDole Seedless Raisins Six Packs
Dole Fresh FruitDole ApplesDole ApricotsDole AvocadosDole BananasDole Banana PureeDole CantaloupesDole CherriesDole ClementinesDole CoconutsDole CranberriesDole Fresh-Cut
Papaya HalvesDole GrapefruitDole GrapesDole Honeydew MelonsDole KiwisDole MangoesDole NectarinesDole Oranges Dole Organic Bananas Dole PapayasDole PeachesDole PearsDole PineappleDole Fresh-Cut
Pineapple ChunksDole Fresh-Cut
Pineapple SpearsDole Fresh-Cut
Pineapple CylindersDole PlantainsDole PlumsDole PomegranatesDole StrawberriesDole Sweetio® BananasDole Sweetio™ PineappleDole Tropical Gold™
Pineapple
Dole Packaged FoodsDole Aloe Vera (Solid)Dole Crushed Pineapple
in Juice or SyrupDole Deciduous Fruit
Cocktail in Juice or SyrupDole Fruit Bowls®- Fruit Salad
with Extra CherriesDole Fruit Bowls - Mango PeachDole Fruit Bowls - PeachesDole Fruit Bowls - PearsDole Fruit Bowls - Mixed FruitDole Fruit Bowls- PineappleDole Fruit Bowls - Tropical Fruit
Dole Fruit Bowls - Mandarin Oranges
Dole Fruit Festival Snack CupDole Fruit Salad with
Extra Cherries Plastic JarDole Fruit Salad with Extra
Cherries Plastic CupDole Fruit-N-Gel Bowls™
Pineapple in Lime Gel Dole Fruit-N-Gel Bowls
Mandarins in Orange GelDole Fruit-N-Gel Bowls
Peaches in Strawberry GelDole Reduced Sugar
Fruit-N-Gel Pears in Kiwiberry Gel
Dole Reduced Sugar Fruit-N-Gel Papaya in Peach Gel
Dole FruiTango™ MandarinDole FruiTango PineappleDole FruiTango StrawberryDole FruiTango TropicalDole Guava Halves Dole Guava in Syrup Dole Longans in SyrupDole Longans Snack CupDole Lychees in SyrupDole Mandarin Orange
Fruit CupsDole Mandarin OrangesDole Mandarin Orange
Segments Easy Open Dole Mango Slices in
Blended Juice or SyrupDole MushroomsDole Nata de Coco in SyrupDole Nata de Coco with
Jackfruit Snack CupDole Peach Halves in SyrupDole Pineapple ConcentrateDole Pineapple Cubes in SyrupDole Pineapple Grapefruit
Juice DrinkDole Pineapple JuiceDole Pineapple Juice BoxDole Frozen Pineapple JuiceDole Pineapple Juice DrinkDole Pineapple Lychee
Juice DrinkDole Pineapple Mandarin
Orange Banana JuiceDole Pineapple Orange JuiceDole Pineapple Orange Juice BoxDole Pineapple Orange Juice DrinkDole Pineapple Orange Banana
Juice BoxDole Pineapple Orange
Raspberry Juice BoxDole Pineapple Passion
Banana Juice BoxDole Pineapple Orange
Strawberry JuiceDole Pineapple Slices In Juice or SyrupDole Pineapple Snack CupDole Pineapple Snack Wedges
Easy OpenDole Pineapple Strawberry Juice DrinkDole Pineapple Tidbits for PizzaDole Pineapple Tidbits in Juice
Dole Plastic Jar - Pineapple ChunksDole Plastic Jar - Tropical FruitDole Plastic Jar - Sliced PeachesDole Pouch - Pineapple Tidbits
in SyrupDole Pouch - Tropical Fruit SaladDole Rambutan in SyrupDole Rambutan Snack CupDole Red Papaya Chunks
in Light SyrupDole Tomato SauceDole Tropical Fruit Cocktail
in Juice and SyrupDole Tropical Fruit Cocktail
in Syrup with Passion Fruit Juice
Dole Tropical Fruit Juice BoxDole Tropical Fruit SaladDole Tropical Fruit Salad Easy OpenDole Tropical - Pineapple Juice BlendDole White AsparagusDole Yellow Papaya Chunks in SyrupSeasons™ Pineapple JuiceSeasonsTropical Fruit Mix
Dole Fresh FlowersAchilleaAlstroemeriaAster ButterflyAster MatsumotoAster MontecasinoBouvardiaBupleurumCampanulasCarnationsChinese CarnationsCremonsDelphiniumFarm BouquetsFootball MumsFreesiaGerberaGerspiderGodetiasGypsophilaKangaroo PawsLeatherleafLimoniumLisianthusMicro PomponsMillion Stars GypsophilaMiniature CarnationsMonk’s HoodMumsPomponsRoses (Hybrid Tea)Roses (Micro)Rover Mums - Fall onlySnapdragonsSolidagoSolidasterSpider MumsSpray RosesStaticeStockSunflowersSweetheart RosesTree FernYarrow
Dole Worldwide Product List
The link between food and health promises to be one of the biggest challenges – and opportunities – of thecentury. 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 toofew 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 herselfoffers a simpler, healthier solution.
Medical opinion is unanimous: increasing consumption of fruits and vegetables is fundamental tomaintaining a healthy weight and meeting basic nutritional needs. Every day new scientific research reveals waysin 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 stepfurther: 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 helpingpeople “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.
Sponsor 5 A Day and other nutrition-education programs in schools,and campaign to improve the nutritional value of school lunch programs.
Develop the “Dole Nutrition System”– a complete program of produce and new products that provides individuals with all their dietary needs.
Launch an on-line service to provide consumers with useful,personalized information,helping them to meet their health and dietary goals.
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.
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 – arestepping forward to take the lead in expanding the knowledge, growing the foods, developing the products andproviding the tools people need to “eat to live” longer, healthier, more vital lives.
Sincerely,
Jennifer A. Grossman, Vice PresidentDirector, Dole Nutrition InstituteMarch 2003
A Message from the Dole Nutrition Institute
■
■
■
■
■
- 4 -
- 5 -
Dole Fresh VegetablesDole ArtichokesDole AsparagusDole Bell PeppersDole BroccoliDole Brussels SproutsDole Butter LettuceDole CarrotsDole CauliflowerDole CeleryDole CilantroDole Dry OnionsDole Green Leaf LettuceDole Green OnionsDole Iceberg LettuceDole Idaho PotatoesDole RadishesDole Red Leaf LettuceDole Red PotatoesDole Russet PotatoesDole Romaine LettuceDole Sugar PeasDole White PotatoesDoleYukon Gold Potatoes
Dole Fresh-Cut VegetablesDole All American Salad KitDole American Salad BlendDole Baby Spinach Salad BlendDole Baby Spinach and
Red Leaf Salad BlendDole Baby Spinach and
Radicchio Salad BlendDole Butter Lettuce Salad BlendDole Chopped Romaine SaladDole Classic Cole SlawDole Classic Greek Salad KitDole Classic Iceberg SaladDole Classic Romaine SaladDole Caesar Salad KitDole Creamy Garlic Caesar
Salad KitDole Light Caesar Salad KitDole Escarole and Leaf
Salad BlendDole Just Lettuce® SaladDole Romano Salad KitDole Sunflower Ranch
Salad KitDole European Salad BlendDole Field Greens Salad BlendDole French Salad BlendDole Greener Selection® SaladDole Hearts of Romaine
Mix Salad Blend Dole Italian Salad BlendDole Mini-AsparagusDole Organic Baby LettucesDole Organic Baby SpinachDole Organic Hearts
of Romaine MixDole Organic Spring Mix
with HerbsDole Peeled Mini-CarrotsDole Shredded CarrotsDole Shredded LettuceDole Shredded Red CabbageDole Spring Mix Salad BlendDole Triple Cheese Salad KitDole Very Veggie® Salad Blend
Dole Dried FruitDole Dates Chopped
in Resealable BagsDole CinnaRaisins®
in Resealable BagsDole Golden Seedless RaisinsDole Dates Pitted
in Resealable BagsDole Pitted Prunes CanisterDole Pitted Prunes
in Resealable BagsDole Seedless Raisins CanisterDole Seedless Raisins
in Resealable BagsDole Seedless Raisins Mini SnacksDole Seedless Raisins Six Packs
Dole Fresh FruitDole ApplesDole ApricotsDole AvocadosDole BananasDole Banana PureeDole CantaloupesDole CherriesDole ClementinesDole CoconutsDole CranberriesDole Fresh-Cut
Papaya HalvesDole GrapefruitDole GrapesDole Honeydew MelonsDole KiwisDole MangoesDole NectarinesDole Oranges Dole Organic Bananas Dole PapayasDole PeachesDole PearsDole PineappleDole Fresh-Cut
Pineapple ChunksDole Fresh-Cut
Pineapple SpearsDole Fresh-Cut
Pineapple CylindersDole PlantainsDole PlumsDole PomegranatesDole StrawberriesDole Sweetio® BananasDole Sweetio™ PineappleDole Tropical Gold™
Pineapple
Dole Packaged FoodsDole Aloe Vera (Solid)Dole Crushed Pineapple
in Juice or SyrupDole Deciduous Fruit
Cocktail in Juice or SyrupDole Fruit Bowls®- Fruit Salad
with Extra CherriesDole Fruit Bowls - Mango PeachDole Fruit Bowls - PeachesDole Fruit Bowls - PearsDole Fruit Bowls - Mixed FruitDole Fruit Bowls- PineappleDole Fruit Bowls - Tropical Fruit
Dole Fruit Bowls - Mandarin Oranges
Dole Fruit Festival Snack CupDole Fruit Salad with
Extra Cherries Plastic JarDole Fruit Salad with Extra
Cherries Plastic CupDole Fruit-N-Gel Bowls™
Pineapple in Lime Gel Dole Fruit-N-Gel Bowls
Mandarins in Orange GelDole Fruit-N-Gel Bowls
Peaches in Strawberry GelDole Reduced Sugar
Fruit-N-Gel Pears in Kiwiberry Gel
Dole Reduced Sugar Fruit-N-Gel Papaya in Peach Gel
Dole FruiTango™ MandarinDole FruiTango PineappleDole FruiTango StrawberryDole FruiTango TropicalDole Guava Halves Dole Guava in Syrup Dole Longans in SyrupDole Longans Snack CupDole Lychees in SyrupDole Mandarin Orange
Fruit CupsDole Mandarin OrangesDole Mandarin Orange
Segments Easy Open Dole Mango Slices in
Blended Juice or SyrupDole MushroomsDole Nata de Coco in SyrupDole Nata de Coco with
Jackfruit Snack CupDole Peach Halves in SyrupDole Pineapple ConcentrateDole Pineapple Cubes in SyrupDole Pineapple Grapefruit
Juice DrinkDole Pineapple JuiceDole Pineapple Juice BoxDole Frozen Pineapple JuiceDole Pineapple Juice DrinkDole Pineapple Lychee
Juice DrinkDole Pineapple Mandarin
Orange Banana JuiceDole Pineapple Orange JuiceDole Pineapple Orange Juice BoxDole Pineapple Orange Juice DrinkDole Pineapple Orange Banana
Juice BoxDole Pineapple Orange
Raspberry Juice BoxDole Pineapple Passion
Banana Juice BoxDole Pineapple Orange
Strawberry JuiceDole Pineapple Slices In Juice or SyrupDole Pineapple Snack CupDole Pineapple Snack Wedges
Easy OpenDole Pineapple Strawberry Juice DrinkDole Pineapple Tidbits for PizzaDole Pineapple Tidbits in Juice
Dole Plastic Jar - Pineapple ChunksDole Plastic Jar - Tropical FruitDole Plastic Jar - Sliced PeachesDole Pouch - Pineapple Tidbits
in SyrupDole Pouch - Tropical Fruit SaladDole Rambutan in SyrupDole Rambutan Snack CupDole Red Papaya Chunks
in Light SyrupDole Tomato SauceDole Tropical Fruit Cocktail
in Juice and SyrupDole Tropical Fruit Cocktail
in Syrup with Passion Fruit Juice
Dole Tropical Fruit Juice BoxDole Tropical Fruit SaladDole Tropical Fruit Salad Easy OpenDole Tropical - Pineapple Juice BlendDole White AsparagusDole Yellow Papaya Chunks in SyrupSeasons™ Pineapple JuiceSeasonsTropical Fruit Mix
Dole Fresh FlowersAchilleaAlstroemeriaAster ButterflyAster MatsumotoAster MontecasinoBouvardiaBupleurumCampanulasCarnationsChinese CarnationsCremonsDelphiniumFarm BouquetsFootball MumsFreesiaGerberaGerspiderGodetiasGypsophilaKangaroo PawsLeatherleafLimoniumLisianthusMicro PomponsMillion Stars GypsophilaMiniature CarnationsMonk’s HoodMumsPomponsRoses (Hybrid Tea)Roses (Micro)Rover Mums - Fall onlySnapdragonsSolidagoSolidasterSpider MumsSpray RosesStaticeStockSunflowersSweetheart RosesTree FernYarrow
Dole Worldwide Product List
The link between food and health promises to be one of the biggest challenges – and opportunities – of thecentury. 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 toofew 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 herselfoffers a simpler, healthier solution.
Medical opinion is unanimous: increasing consumption of fruits and vegetables is fundamental tomaintaining a healthy weight and meeting basic nutritional needs. Every day new scientific research reveals waysin 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 stepfurther: 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 helpingpeople “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.
Sponsor 5 A Day and other nutrition-education programs in schools,and campaign to improve the nutritional value of school lunch programs.
Develop the “Dole Nutrition System”– a complete program of produce and new products that provides individuals with all their dietary needs.
Launch an on-line service to provide consumers with useful,personalized information,helping them to meet their health and dietary goals.
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.
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 – arestepping forward to take the lead in expanding the knowledge, growing the foods, developing the products andproviding the tools people need to “eat to live” longer, healthier, more vital lives.
Sincerely,
Jennifer A. Grossman, Vice PresidentDirector, Dole Nutrition InstituteMarch 2003
A Message from the Dole Nutrition Institute
■
■
■
■
■
- 4 -
Dole Food Company, Inc.
Business Review 2002
Dole Worldwide Operations
- 6 -
SourcingRipening/DistributionMarkets Corporate
■
▲
●
◆
◆▲
▲▲
▲
▲
▲
▲
▲▲
▲
▲
Food Operating Divisions
Europe and AfricaBelgium • Cameroon • Canary Islands • France •
Germany • Ghana • Greece • Italy • Ivory Coast • Kenya • Namibia • Netherlands • South Africa • Spain • Tunisia •
Turkey • United Kingdom • Zimbabwe
Latin America and CaribbeanBermuda • Chile • Colombia • Costa Rica • Ecuador • Guadeloupe • Guatemala • Honduras • Jamaica • Martinique • Mexico • Peru
AsiaChina • Japan • New Zealand • Philippines • Thailand
North AmericaCanada • United States:Arizona, California, Florida, Hawaii, Ohio,Washington
Food Marketing Divisions
Europe and Middle EastAlbania • 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 CaribbeanArgentina • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guatemala • Honduras • Mexico •
Peru • Puerto Rico • Uruguay
AsiaChina • Hong Kong • Japan • New Zealand • Philippines • South Korea • Thailand
North AmericaCanada • United States
■
Dole Food Company, Inc.
Business Review 2002
Dole Worldwide Operations
- 6 -
SourcingRipening/DistributionMarkets Corporate
■
▲
●
◆
◆▲
▲▲
▲
▲
▲
▲
▲▲
▲
▲
Food Operating Divisions
Europe and AfricaBelgium • Cameroon • Canary Islands • France •
Germany • Ghana • Greece • Italy • Ivory Coast • Kenya • Namibia • Netherlands • South Africa • Spain • Tunisia •
Turkey • United Kingdom • Zimbabwe
Latin America and CaribbeanBermuda • Chile • Colombia • Costa Rica • Ecuador • Guadeloupe • Guatemala • Honduras • Jamaica • Martinique • Mexico • Peru
AsiaChina • Japan • New Zealand • Philippines • Thailand
North AmericaCanada • United States:Arizona, California, Florida, Hawaii, Ohio,Washington
Food Marketing Divisions
Europe and Middle EastAlbania • 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 CaribbeanArgentina • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guatemala • Honduras • Mexico •
Peru • Puerto Rico • Uruguay
AsiaChina • Hong Kong • Japan • New Zealand • Philippines • South Korea • Thailand
North AmericaCanada • United States
■
- 9 -
fresh produce sales are split roughly evenly between theretail and foodservice channels.
Health conscious consumers are driving much of thegrowth in demand for fresh produce. Over the past 20years, the benefits of natural, preservative-free foodshave become an increasingly prominent element of thepublic dialogue on health and nutrition.As a result, con-sumption of fresh fruit and vegetables has increasedmarkedly.According to the United States Department ofAgriculture (“USDA”), Americans consumed 54 morepounds of fresh fruit and vegetables per capita in 2000than they did in 1986.Time-starved consumers are alsodemonstrating continued demand for convenient, ready-to-eat products. Food manufacturers have respondedwith new product introductions and packaging innova-tions in segments such as bagged baby carrots andready-to-eat salads, contributing to industry growth.For example, the US market for fresh-cut produce hasincreased from an estimated $3 billion in 1994 to an esti-mated $11 billion in 2000.According to the InternationalFresh-cut Produce Association, growth in the fresh-cutproduce market is forecasted to continue at a compoundannual rate of 6.4%, reaching approximately $15 billionby 2005.
Retail consolidation and the growing importance offood to mass merchandisers are major factors affectingthe food manufacturing and fresh produce industries.Asfood retailers have grown and expanded, they havesought to increase profitability through value-addedproduct offerings and in-store services.As fresh producehas become a strategic focus, retailers have expandedsquare footage dedicated to produce departments byalmost 7% per annum between 1994 and 1999. Thisdevelopment has led to an increase in produce sales as apercentage of total supermarket sales, from 8.8% in1987 to 9.8% in 2001, according to the Food MarketingInstitute.The fresh produce category is also attractive toretailers due to its higher margins. According to theUSDA’s Agriculture Information Bulletin No. 758, grossmargins for the produce department were 33% com-pared to a 26% average for the entire store in 1997. Fullyintegrated produce companies, such as Dole, are wellpositioned to meet the needs of large retailers throughthe delivery of consistent, high quality produce, reliableservice, competitive pricing and innovative products.
Established produce companies have sought to strengthen relationships with leading retailers throughvalue-added services such as banana ripening and distri-bution, category management, branding initiatives andestablishment of long term supply agreements.
Competitive StrengthsOur competitive strengths have contributed to our
strong historical operating performance and shouldenable us to capitalize on future growth opportunities:
• Market Share Leader. Our most significant prod-ucts hold the number one or number two positions in therespective markets in which we compete.We maintainnumber one market share positions in global bananas,winter fruits exported from Chile, and in NorthAmerican iceberg lettuce, celery, cauliflower, ready-to-eat salads and packaged fruit products, including our lineof fruit cups called FRUIT BOWLS® and FRUIT-N-GELBOWLSTM. In addition, we believe that we are the onlyfully integrated fresh-cut flower and bouquet supplier ofour size in North America.
• Strong Global Brand. Consumer and institutionalrecognition of the DOLE trademark and related brandsand the association of these brands with high-quality foodproducts contribute significantly to our leading positionsin each of the markets that we serve. By implementing aglobal marketing program, we have made the distinctivered “DOLE” letters and sunburst a familiar symbol offreshness and quality recognized around the world.Webelieve that opportunities exist to leverage the DOLEbrand through product extensions and new productintroductions.
• Low-Cost Production Capabilities. We believe weare one of the lowest cost producers of many of our majorproduct lines, including bananas, North American freshvegetables and ready-to-eat salads and packaged fruitproducts. Over the last several years, we have undertakenvarious initiatives to achieve this low-cost position.Weplan to maintain these low-cost positions through a con-tinued focus on operating efficiency.
• State-of-the-Art Infrastructure. We have made sig-nificant investments in our production, processing,transportation and distribution infrastructure with thegoal of efficiently delivering the highest quality and
- 8 -
IntroductionDole Food Company, Inc. was founded in Hawaii in
1851 and was incorporated under the laws of Hawaii in1894. Dole reincorporated as a Delaware corporation inJuly 2001. During fiscal year 2002, we had, on average,approximately 57,000 people in full-time permanent orfull-time seasonal or temporary positions worldwide.Our website address is www.dole.com.We make avail-able, free of charge through our website, our annualreport on Form 10-K, quarterly reports on Form 10-Q,current reports on Form 8-K, and all amendments tothose reports as soon as reasonably practicable after suchmaterial is electronically filed with or furnished to theSecurities and Exchange Commission. For detailed finan-cial information with respect to Dole’s business and itsoperations, see Dole’s Consolidated Financial Statementsand the related Notes to Consolidated FinancialStatements, which are included in our Form 10-K.
OverviewWe are the world’s largest producer and marketer of
fresh fruit, fresh vegetables and fresh-cut flowers, and wemarket a growing line of value-added products.We areone of the world’s largest producers of bananas andpineapples, a leading marketer of citrus and table grapesworldwide and an industry leader in packaged fruit prod-ucts, ready-to-eat salads and vegetables. Our mostsignificant products hold the number one or number twopositions in the respective markets in which we compete.
We utilize product quality, food safety, brand recog-nition, competitive pricing, customer service andconsumer marketing programs to enhance our positionwithin the food industry.We provide wholesale, retailand institutional customers around the world with high-quality food products that bear the DOLE® trademarks.The DOLE brand was introduced in 1933 and we believeit is one of the most recognized for fresh and packagedproduce in the United States, as evidenced by our 42%unaided consumer brand awareness, twice that of ournearest competitor, according to C.A. Walker andAssociates. Consumer and institutional recognition ofthe DOLE trademarks and related brands and the associa-tion of these brands with high-quality food productscontribute significantly to our leading positions in themarkets that we serve.We own these trademarks in the
United States, Canada and other countries in which weconduct business and regard them as important corpo-rate assets with high recognition and acceptance.
We source or sell over 200 products in more than 90 countries. Our fully integrated operations includesourcing, growing, processing, distributing and market-ing our products. Our products are produced bothdirectly on Dole-owned or leased land and through associated producer and independent grower arrange-ments under which we provide varying degrees offarming, harvesting, packing, storing, shipping, stevedor-ing and marketing services.
Dole has significant owned and operated foodsourcing and related operations in Chile, Colombia,Costa Rica, Ecuador, Guatemala, Honduras, Japan, thePhilippines,Thailand and the United States. Dole alsosources food products in Algeria,Argentina,Australia,Brazil, Cameroon, China, Greece, Italy, Ivory Coast,Mexico, New Zealand, Peru, South Africa, South Korea,Spain,Tunisia and Turkey. Significant volumes of Dole’sfresh fruit and packaged products are marketed inCanada,Western Europe, Japan and the United States,with lesser volumes marketed in Australia, China, HongKong, New Zealand, Russia, South Korea and certainother countries in Asia, Eastern Europe, Scandinavia, theMiddle East and Central and South America.
IndustryThe worldwide fresh produce industry is character-
ized by consistent underlying demand and favorablegrowth dynamics. In recent years, the market for freshproduce has grown at a rate above population growth,supported by ongoing trends including greater con-sumer demand for healthy, fresh and convenient foods,increased retailer square footage devoted to produce,and increased emphasis on fresh produce as a differenti-ating factor in attracting customers. According to theFood and Agriculture Organization, worldwide produceproduction grew 3.6% per annum from 814 millionmetric tons in 1990 to an estimated 1,244 million in2002.Total wholesale fresh produce sales in the UnitedStates surpassed $80 billion in 2001, up from approxi-mately $35 billion in 1987, representing a 6.1%compounded annual growth rate. In the US, wholesale
- 9 -
fresh produce sales are split roughly evenly between theretail and foodservice channels.
Health conscious consumers are driving much of thegrowth in demand for fresh produce. Over the past 20years, the benefits of natural, preservative-free foodshave become an increasingly prominent element of thepublic dialogue on health and nutrition.As a result, con-sumption of fresh fruit and vegetables has increasedmarkedly.According to the United States Department ofAgriculture (“USDA”), Americans consumed 54 morepounds of fresh fruit and vegetables per capita in 2000than they did in 1986.Time-starved consumers are alsodemonstrating continued demand for convenient, ready-to-eat products. Food manufacturers have respondedwith new product introductions and packaging innova-tions in segments such as bagged baby carrots andready-to-eat salads, contributing to industry growth.For example, the US market for fresh-cut produce hasincreased from an estimated $3 billion in 1994 to an esti-mated $11 billion in 2000.According to the InternationalFresh-cut Produce Association, growth in the fresh-cutproduce market is forecasted to continue at a compoundannual rate of 6.4%, reaching approximately $15 billionby 2005.
Retail consolidation and the growing importance offood to mass merchandisers are major factors affectingthe food manufacturing and fresh produce industries.Asfood retailers have grown and expanded, they havesought to increase profitability through value-addedproduct offerings and in-store services.As fresh producehas become a strategic focus, retailers have expandedsquare footage dedicated to produce departments byalmost 7% per annum between 1994 and 1999. Thisdevelopment has led to an increase in produce sales as apercentage of total supermarket sales, from 8.8% in1987 to 9.8% in 2001, according to the Food MarketingInstitute.The fresh produce category is also attractive toretailers due to its higher margins. According to theUSDA’s Agriculture Information Bulletin No. 758, grossmargins for the produce department were 33% com-pared to a 26% average for the entire store in 1997. Fullyintegrated produce companies, such as Dole, are wellpositioned to meet the needs of large retailers throughthe delivery of consistent, high quality produce, reliableservice, competitive pricing and innovative products.
Established produce companies have sought to strengthen relationships with leading retailers throughvalue-added services such as banana ripening and distri-bution, category management, branding initiatives andestablishment of long term supply agreements.
Competitive StrengthsOur competitive strengths have contributed to our
strong historical operating performance and shouldenable us to capitalize on future growth opportunities:
• Market Share Leader. Our most significant prod-ucts hold the number one or number two positions in therespective markets in which we compete.We maintainnumber one market share positions in global bananas,winter fruits exported from Chile, and in NorthAmerican iceberg lettuce, celery, cauliflower, ready-to-eat salads and packaged fruit products, including our lineof fruit cups called FRUIT BOWLS® and FRUIT-N-GELBOWLSTM. In addition, we believe that we are the onlyfully integrated fresh-cut flower and bouquet supplier ofour size in North America.
• Strong Global Brand. Consumer and institutionalrecognition of the DOLE trademark and related brandsand the association of these brands with high-quality foodproducts contribute significantly to our leading positionsin each of the markets that we serve. By implementing aglobal marketing program, we have made the distinctivered “DOLE” letters and sunburst a familiar symbol offreshness and quality recognized around the world.Webelieve that opportunities exist to leverage the DOLEbrand through product extensions and new productintroductions.
• Low-Cost Production Capabilities. We believe weare one of the lowest cost producers of many of our majorproduct lines, including bananas, North American freshvegetables and ready-to-eat salads and packaged fruitproducts. Over the last several years, we have undertakenvarious initiatives to achieve this low-cost position.Weplan to maintain these low-cost positions through a con-tinued focus on operating efficiency.
• State-of-the-Art Infrastructure. We have made sig-nificant investments in our production, processing,transportation and distribution infrastructure with thegoal of efficiently delivering the highest quality and
- 8 -
IntroductionDole Food Company, Inc. was founded in Hawaii in
1851 and was incorporated under the laws of Hawaii in1894. Dole reincorporated as a Delaware corporation inJuly 2001. During fiscal year 2002, we had, on average,approximately 57,000 people in full-time permanent orfull-time seasonal or temporary positions worldwide.Our website address is www.dole.com.We make avail-able, free of charge through our website, our annualreport on Form 10-K, quarterly reports on Form 10-Q,current reports on Form 8-K, and all amendments tothose reports as soon as reasonably practicable after suchmaterial is electronically filed with or furnished to theSecurities and Exchange Commission. For detailed finan-cial information with respect to Dole’s business and itsoperations, see Dole’s Consolidated Financial Statementsand the related Notes to Consolidated FinancialStatements, which are included in our Form 10-K.
OverviewWe are the world’s largest producer and marketer of
fresh fruit, fresh vegetables and fresh-cut flowers, and wemarket a growing line of value-added products.We areone of the world’s largest producers of bananas andpineapples, a leading marketer of citrus and table grapesworldwide and an industry leader in packaged fruit prod-ucts, ready-to-eat salads and vegetables. Our mostsignificant products hold the number one or number twopositions in the respective markets in which we compete.
We utilize product quality, food safety, brand recog-nition, competitive pricing, customer service andconsumer marketing programs to enhance our positionwithin the food industry.We provide wholesale, retailand institutional customers around the world with high-quality food products that bear the DOLE® trademarks.The DOLE brand was introduced in 1933 and we believeit is one of the most recognized for fresh and packagedproduce in the United States, as evidenced by our 42%unaided consumer brand awareness, twice that of ournearest competitor, according to C.A. Walker andAssociates. Consumer and institutional recognition ofthe DOLE trademarks and related brands and the associa-tion of these brands with high-quality food productscontribute significantly to our leading positions in themarkets that we serve.We own these trademarks in the
United States, Canada and other countries in which weconduct business and regard them as important corpo-rate assets with high recognition and acceptance.
We source or sell over 200 products in more than 90 countries. Our fully integrated operations includesourcing, growing, processing, distributing and market-ing our products. Our products are produced bothdirectly on Dole-owned or leased land and through associated producer and independent grower arrange-ments under which we provide varying degrees offarming, harvesting, packing, storing, shipping, stevedor-ing and marketing services.
Dole has significant owned and operated foodsourcing and related operations in Chile, Colombia,Costa Rica, Ecuador, Guatemala, Honduras, Japan, thePhilippines,Thailand and the United States. Dole alsosources food products in Algeria,Argentina,Australia,Brazil, Cameroon, China, Greece, Italy, Ivory Coast,Mexico, New Zealand, Peru, South Africa, South Korea,Spain,Tunisia and Turkey. Significant volumes of Dole’sfresh fruit and packaged products are marketed inCanada,Western Europe, Japan and the United States,with lesser volumes marketed in Australia, China, HongKong, New Zealand, Russia, South Korea and certainother countries in Asia, Eastern Europe, Scandinavia, theMiddle East and Central and South America.
IndustryThe worldwide fresh produce industry is character-
ized by consistent underlying demand and favorablegrowth dynamics. In recent years, the market for freshproduce has grown at a rate above population growth,supported by ongoing trends including greater con-sumer demand for healthy, fresh and convenient foods,increased retailer square footage devoted to produce,and increased emphasis on fresh produce as a differenti-ating factor in attracting customers. According to theFood and Agriculture Organization, worldwide produceproduction grew 3.6% per annum from 814 millionmetric tons in 1990 to an estimated 1,244 million in2002.Total wholesale fresh produce sales in the UnitedStates surpassed $80 billion in 2001, up from approxi-mately $35 billion in 1987, representing a 6.1%compounded annual growth rate. In the US, wholesale
- 11 -
under the DOLE PREMIUM SELECT® label.The sweetyellow pineapple sells for a higher price than theChampaka, which translates into a higher margin for usand our customers. Our sweet yellow pineapple has hadexcellent market acceptance, with our unit volume morethan doubling in 2002 as compared with 2001.
European Ripening & DistributionOur European Ripening & Distribution business dis-
tributes DOLE and non-DOLE branded fresh produce inEurope.This business operates approximately 50 salesand distribution centers in nine countries, predominant-ly in Western Europe.This business assists us in firmlyestablishing customer relationships in Europe.We own60% of Scandinavia’s leading importer and distributor offruit, vegetables and flowers, which imports from morethan 60 countries and which has a Netherlands subsidiarythat is one of Europe’s largest exotic fruit import and dis-tribution companies.
Dole ChileWe began our Chilean operations in 1982 and have
grown to become the largest exporter of Chilean fruit.We export grapes, apples, pears, stone fruit (e.g., peach-es and plums) and kiwifruit.The weather and geographicfeatures of Chile are similar to those of the WesternUnited States, with opposite seasons.Accordingly, Chile’sharvest is counter-seasonal to that in the NorthernHemisphere, offsetting the seasonality in our other freshfruit. We primarily export Chilean fruit to NorthAmerica, Latin America and Europe.
Fresh VegetablesOur fresh vegetables business segment operates
under two divisions: commodity and value-added.Wesource our fresh vegetables from Company-owned andcontracted farms.To satisfy the increasing demand forour products, we have continued to expand productionand distribution capabilities of our fresh vegetables seg-ment.We have recently completed expansion projects atour Springfield, Ohio and Yuma, Arizona ready-to-eatsalad and vegetable facilities.
Commodity VegetablesWe 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,
butter lettuce, celery, cauliflower, broccoli, carrots, brus-sels sprouts, spinach, red and green onions, asparagus,snow peas and artichokes.We sell our commodity veg-etable products primarily in North America,Asia and, to alesser extent,Western Europe. In North America, we arethe number one provider of lettuce, celery and cauliflow-er and the number two provider of broccoli.
Value-AddedOur value-added vegetable products include ready-
to-eat salads, bagged baby carrots, broccoli florets, andcauliflower florets. In 2002, consumers purchased moreof our ready-to-eat salads than any other brand.
Packaged FoodsOur packaged food segment produces canned
pineapple, canned pineapple juice, fruit juice concen-trate, packaged fruit and plastic fruit cups (i.e., FRUITBOWLS and FRUIT-N-GEL BOWLS).All of our signifi-cant packaged food products hold the number onemarket position in North America.
Our FRUIT BOWLS products were introduced in1998 and continue to exceed our volume and shareexpectations.The trend towards convenience and healthysnacking has been responsible for the explosive growth inthe plastic fruit cup category, which is now larger thanthe applesauce cup and gelatin cup categories.
Fresh-Cut FlowersWe entered the fresh-cut flowers business in 1998
and are now the largest producer of fresh flowers in LatinAmerica with over 90% of our Latin American flowersshipped into North America. Our products include over800 varieties of fresh-cut flowers such as roses, carna-tions and Alstroemeria.
We are the only flower importer with guaranteeddaily deliveries by air. Immediately after harvesting, ourflowers are flown to our Miami facilities where tempera-tures are maintained at consistent levels in all warehouseand production operations. Maintaining the cold chainenables us to deliver the freshest and healthiest flowers tothe market.
- 10 -
freshest product to our customers. We own or leaseapproximately 120,000 acres of land worldwide, over 50processing, ripening and distribution centers, and thelargest dedicated refrigerated containerized shipping fleetin the world, comprising 21 ships and approximately10,800 refrigerated containers. In addition, our market-leading logistics and distribution capabilities allow us toact as a preferred fresh and packaged food provider toleading global supermarkets and mass merchandisers.
• Diversity of Sourcing Locations. We currentlysource our fresh fruits, vegetables and fresh-cut flowersin 28 countries and distribute products in more than 90countries.We are not dependent on any one country for the sourcing of any of our products.The diversity of ourproduction sources reduces our risk from exposure tonatural disasters and political disruptions in any one par-ticular country.
• Experienced Management Team. Our managementteam has a demonstrated history of delivering strongoperating results through disciplined execution.The cur-rent management team has been instrumental in ourcontinuing drive to transform Dole from a productiondriven company into a sales and marketing driven one. Inaddition, the management team has led our recentCompany-wide restructuring and improvement initia-tives. Daily operations are led by Lawrence A. Kern,President and Chief Operating Officer.
Business SegmentsWe have four primary reportable operating seg-
ments: fresh fruit, fresh vegetables, packaged foods andfresh-cut flowers.The fresh fruit segment contains sever-al operating segments that produce and market fresh fruitto wholesale, retail and institutional customers world-wide.The fresh vegetables segment contains operatingsegments that produce and market commodity vegeta-bles and ready-to-eat packaged vegetables to wholesale,retail and institutional customers primarily in NorthAmerica, Europe and Asia. Both the fresh fruit and freshvegetable segments sell produce grown by a combinationof Company-owned and independent farms.The pack-aged foods segment contains several operating segmentsthat produce and market packaged foods, including fruit,juices and snack foods. Dole’s fresh-cut flowers segmentsources, imports and markets fresh-cut flowers, grownmainly in Colombia and Ecuador, primarily to wholesaleflorists and supermarkets in the United States. These
reportable segments are managed separately due to dif-ferences in their products, production processes,distribution channels and customer bases.
Fresh FruitOur fresh fruit business segment has four primary
operating divisions: bananas, fresh pineapple, EuropeanRipening & Distribution and Dole Chile.We believe thatwe are the industry leader in growing, sourcing, shippingand distributing consistently high-quality fresh fruit.
BananasWe are the world’s largest producer of bananas,
growing and selling more than 120 million boxes ofbananas annually.We primarily sell bananas to customersin North America, Europe and Asia.We are the numberone brand of bananas in both North America and Japanand the number two brand in Europe. In Latin America,our bananas are primarily sourced in Honduras, CostaRica, Ecuador, Colombia and Guatemala. Bananas pro-duced by us in Latin America are shipped primarily toNorth America and Europe on our refrigerated, con-tainerized shipping fleet. In Asia, we source our bananasprimarily in the Philippines.
Consistent with our strategy to focus on value-addedproducts, we have continued to expand our focus onhigher margin, niche bananas. While the traditional“green” bananas still comprise the majority of our bananasales, we have successfully introduced niche bananas suchas organic, low chemical and sweet bananas. We havefound that organic produce is a growing category inNorth America and Europe and there is a strong demandfor low chemical and sweet bananas in Asia.
Fresh PineapplesWe are the number two global producer of fresh
pineapples, growing and selling more than 17 millionboxes annually. We sell our pineapples globally andsource them from Company-operated farms and inde-pendent growers in Latin America, Hawaii, thePhilippines and Thailand.We produce and sell two princi-pal varieties of pineapples: the Champaka (or green)pineapple and the sweet yellow pineapple. TheChampaka pineapple, traditionally the most widely avail-able type of pineapple, is primarily sold to thefoodservice sector and is also used in our packaged prod-ucts.The sweet yellow pineapple was introduced in 1999
- 11 -
under the DOLE PREMIUM SELECT® label.The sweetyellow pineapple sells for a higher price than theChampaka, which translates into a higher margin for usand our customers. Our sweet yellow pineapple has hadexcellent market acceptance, with our unit volume morethan doubling in 2002 as compared with 2001.
European Ripening & DistributionOur European Ripening & Distribution business dis-
tributes DOLE and non-DOLE branded fresh produce inEurope.This business operates approximately 50 salesand distribution centers in nine countries, predominant-ly in Western Europe.This business assists us in firmlyestablishing customer relationships in Europe.We own60% of Scandinavia’s leading importer and distributor offruit, vegetables and flowers, which imports from morethan 60 countries and which has a Netherlands subsidiarythat is one of Europe’s largest exotic fruit import and dis-tribution companies.
Dole ChileWe began our Chilean operations in 1982 and have
grown to become the largest exporter of Chilean fruit.We export grapes, apples, pears, stone fruit (e.g., peach-es and plums) and kiwifruit.The weather and geographicfeatures of Chile are similar to those of the WesternUnited States, with opposite seasons.Accordingly, Chile’sharvest is counter-seasonal to that in the NorthernHemisphere, offsetting the seasonality in our other freshfruit. We primarily export Chilean fruit to NorthAmerica, Latin America and Europe.
Fresh VegetablesOur fresh vegetables business segment operates
under two divisions: commodity and value-added.Wesource our fresh vegetables from Company-owned andcontracted farms.To satisfy the increasing demand forour products, we have continued to expand productionand distribution capabilities of our fresh vegetables seg-ment.We have recently completed expansion projects atour Springfield, Ohio and Yuma, Arizona ready-to-eatsalad and vegetable facilities.
Commodity VegetablesWe 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,
butter lettuce, celery, cauliflower, broccoli, carrots, brus-sels sprouts, spinach, red and green onions, asparagus,snow peas and artichokes.We sell our commodity veg-etable products primarily in North America,Asia and, to alesser extent,Western Europe. In North America, we arethe number one provider of lettuce, celery and cauliflow-er and the number two provider of broccoli.
Value-AddedOur value-added vegetable products include ready-
to-eat salads, bagged baby carrots, broccoli florets, andcauliflower florets. In 2002, consumers purchased moreof our ready-to-eat salads than any other brand.
Packaged FoodsOur packaged food segment produces canned
pineapple, canned pineapple juice, fruit juice concen-trate, packaged fruit and plastic fruit cups (i.e., FRUITBOWLS and FRUIT-N-GEL BOWLS).All of our signifi-cant packaged food products hold the number onemarket position in North America.
Our FRUIT BOWLS products were introduced in1998 and continue to exceed our volume and shareexpectations.The trend towards convenience and healthysnacking has been responsible for the explosive growth inthe plastic fruit cup category, which is now larger thanthe applesauce cup and gelatin cup categories.
Fresh-Cut FlowersWe entered the fresh-cut flowers business in 1998
and are now the largest producer of fresh flowers in LatinAmerica with over 90% of our Latin American flowersshipped into North America. Our products include over800 varieties of fresh-cut flowers such as roses, carna-tions and Alstroemeria.
We are the only flower importer with guaranteeddaily deliveries by air. Immediately after harvesting, ourflowers are flown to our Miami facilities where tempera-tures are maintained at consistent levels in all warehouseand production operations. Maintaining the cold chainenables us to deliver the freshest and healthiest flowers tothe market.
- 10 -
freshest product to our customers. We own or leaseapproximately 120,000 acres of land worldwide, over 50processing, ripening and distribution centers, and thelargest dedicated refrigerated containerized shipping fleetin the world, comprising 21 ships and approximately10,800 refrigerated containers. In addition, our market-leading logistics and distribution capabilities allow us toact as a preferred fresh and packaged food provider toleading global supermarkets and mass merchandisers.
• Diversity of Sourcing Locations. We currentlysource our fresh fruits, vegetables and fresh-cut flowersin 28 countries and distribute products in more than 90countries.We are not dependent on any one country for the sourcing of any of our products.The diversity of ourproduction sources reduces our risk from exposure tonatural disasters and political disruptions in any one par-ticular country.
• Experienced Management Team. Our managementteam has a demonstrated history of delivering strongoperating results through disciplined execution.The cur-rent management team has been instrumental in ourcontinuing drive to transform Dole from a productiondriven company into a sales and marketing driven one. Inaddition, the management team has led our recentCompany-wide restructuring and improvement initia-tives. Daily operations are led by Lawrence A. Kern,President and Chief Operating Officer.
Business SegmentsWe have four primary reportable operating seg-
ments: fresh fruit, fresh vegetables, packaged foods andfresh-cut flowers.The fresh fruit segment contains sever-al operating segments that produce and market fresh fruitto wholesale, retail and institutional customers world-wide.The fresh vegetables segment contains operatingsegments that produce and market commodity vegeta-bles and ready-to-eat packaged vegetables to wholesale,retail and institutional customers primarily in NorthAmerica, Europe and Asia. Both the fresh fruit and freshvegetable segments sell produce grown by a combinationof Company-owned and independent farms.The pack-aged foods segment contains several operating segmentsthat produce and market packaged foods, including fruit,juices and snack foods. Dole’s fresh-cut flowers segmentsources, imports and markets fresh-cut flowers, grownmainly in Colombia and Ecuador, primarily to wholesaleflorists and supermarkets in the United States. These
reportable segments are managed separately due to dif-ferences in their products, production processes,distribution channels and customer bases.
Fresh FruitOur fresh fruit business segment has four primary
operating divisions: bananas, fresh pineapple, EuropeanRipening & Distribution and Dole Chile.We believe thatwe are the industry leader in growing, sourcing, shippingand distributing consistently high-quality fresh fruit.
BananasWe are the world’s largest producer of bananas,
growing and selling more than 120 million boxes ofbananas annually.We primarily sell bananas to customersin North America, Europe and Asia.We are the numberone brand of bananas in both North America and Japanand the number two brand in Europe. In Latin America,our bananas are primarily sourced in Honduras, CostaRica, Ecuador, Colombia and Guatemala. Bananas pro-duced by us in Latin America are shipped primarily toNorth America and Europe on our refrigerated, con-tainerized shipping fleet. In Asia, we source our bananasprimarily in the Philippines.
Consistent with our strategy to focus on value-addedproducts, we have continued to expand our focus onhigher margin, niche bananas. While the traditional“green” bananas still comprise the majority of our bananasales, we have successfully introduced niche bananas suchas organic, low chemical and sweet bananas. We havefound that organic produce is a growing category inNorth America and Europe and there is a strong demandfor low chemical and sweet bananas in Asia.
Fresh PineapplesWe are the number two global producer of fresh
pineapples, growing and selling more than 17 millionboxes annually. We sell our pineapples globally andsource them from Company-operated farms and inde-pendent growers in Latin America, Hawaii, thePhilippines and Thailand.We produce and sell two princi-pal varieties of pineapples: the Champaka (or green)pineapple and the sweet yellow pineapple. TheChampaka pineapple, traditionally the most widely avail-able type of pineapple, is primarily sold to thefoodservice sector and is also used in our packaged prod-ucts.The sweet yellow pineapple was introduced in 1999
- 13 -
Fruit in March 2001. Mr. Cavallero holds a B.A. from SanFrancisco State University.
Paul Cuyegkeng, President, Dole Asia.Mr. Cuyegkeng originally joined the Company in 1975 asa Financial Analyst in the Honduras division. He left theCompany in 1979 and returned again in 1988 when hebecame Manager of Operations for Asia in the Fresh Fruitdivision stationed in Japan. He held various positions inthe Asia region until he was promoted to President ofDole Asia in 1993. Mr. Cuyegkeng holds a B.S. from DeLa Salle College in Manila, Philippines, and an M.B.A.from Stanford University.
William F. Feeney, President, Dole Europe.Mr. Feeney joined the Company in 1981 as Vice Presidentand General Manager of Chile. He became President andManaging Director of Dole Europe in 1990 with the cre-ation of a European headquarters, which has been in Parissince 1993. Mr. Feeney holds a B.S. from the U.S. NavalAcademy and an M.B.A. from Columbia University.
Sue Hagen,Vice President, Human Resources.Ms. Hagen joined Dole Food Company in 1986 asPersonnel Administrator. She subsequently was promot-ed to be Manager of Human Resources in 1990, Directorof Human Resources in 1993,Vice President, HumanResources North America Operations in 2000 and VicePresident, Human Resources in 2003. Ms. Hagen holds aB.A. from the University of Redlands and an M.B.A.from the University of Southern California.
Richard A. Harrah, President, Dole LatinAmerica. Mr. Harrah joined the Company in 2000 asVice President of Operations for Dole Fresh Flowers,and was recently appointed President of Dole LatinAmerica. He previously worked for Noboa Corporationas Chief Financial Officer and as Chief Operating Officer.Prior to Noboa, Mr. Harrah also held positions withGeest and Del Monte Fresh Produce. He holds a B.A.from Sonoma State University and is a Certified PublicAccountant.
George R. Horne,Vice President,Administrationand Support Operations. Mr. Horne joined theCompany in 1966. His executive positions at Dole haveincluded Director of Labor Relations,Vice President-Labor Relations,Vice President Human Resources and
Risk Management. He was promoted to his present posi-tion in April 2001. Mr. Horne holds a B.S. from theUniversity of Idaho and an M.B.A. from the University ofHawaii.
Yoon J. Hugh, Corporate Controller and ChiefAccounting Officer. Ms. Hugh joined the Company inDecember 2001 as Assistant Corporate Controller andwas promoted to Corporate Controller and ChiefAccounting Officer in October 2002. Prior to joiningDole, she was with PricewaterhouseCoopers LLP forapproximately 10 years. She holds a B.A. in Business/Economics from the University of California, LosAngeles.
Javier H. Idrovo, Vice President, Strategy.Mr. Idrovo joined the Company in 2001 as Vice President,Strategy. He previously worked as a Manager for BostonConsulting Group. Mr. Idrovo holds a B.S. and M.S. inEngineering from Harvey Mudd College, and an M.B.A.from Harvard Business School.
Peter M. Nolan, President,Worldwide PackagedFoods. Mr. Nolan joined the Company as Senior VicePresident, Sales and Marketing, for North Americabefore becoming President of Packaged Foods in 1995.He was promoted to President, North AmericaOperations in 2000, and was subsequently promoted toPresident,Worldwide Packaged Foods. Mr. Nolan previ-ously worked for Van De Kamp’s Frozen Foods and VlasicFoods, as well as Sanwa Food. He holds a B.S. fromBoston University.
Beth Potillo,Treasurer. Ms. Potillo joined Dole in 1986. She was Manager of Financial Planning fromJanuary 1995 to July 1995. She held the position ofManager of Corporate Finance from July 1995 to July1997. She became Assistant Treasurer of Dole in July1997, and has been Treasurer of Dole since November1998. Ms. Potillo holds a B.M. from Southern IllinoisUniversity and an M.B.A. from the University ofCalifornia, Los Angeles.
John T. Schouten, President, Dole Fresh Flowers.Mr. Schouten joined the Company in 1985 and held vari-ous positions in the sales and production organizations ofDole Fresh Vegetables. He was promoted to Senior VicePresident and General Manager, Commodity Operations
- 12 -
Research and DevelopmentOur research and development programs concen-
trate on sustaining the productivity of our agriculturallands, food safety, product quality of existing productsand the development of new value-added products, aswell as agricultural research and packaging design.Agricultural research is directed toward sustaining andimproving product yields and product quality by examin-ing and improving agricultural practices in all phases ofproduction (such as development of specifically adaptedplant varieties, land preparation, fertilization, culturalpractices, pest and disease control, post-harvesting, han-dling, packing and shipping procedures), and includeson-site technical services and the implementation andmonitoring of recommended agricultural practices.Research efforts are also directed towards integratedpest management and biological pest control. Specializedmachinery is developed for various phases of agriculturalproduction and packaging that reduces labor costs,improves productivity and efficiency and increases prod-uct quality. Agricultural research is conducted at fieldfacilities primarily in California, Hawaii, Latin Americaand Asia.We also sponsor research related to environ-mental improvements and the protection of worker andcommunity health.
Management Below is a list of the names and brief employment
history of the officers and senior management of Dole asof March 1, 2003.
David H. Murdock, Chairman of the Board andChief Executive Officer. Mr. Murdock joined theCompany as Chairman of the Board and Chief ExecutiveOfficer in July 1985. He has been Chairman of the Board,Chief Executive Officer and Director of Castle & Cooke,Inc., a Hawaii corporation, since October 1995 (indirect-ly wholly-owned by Mr. Murdock since September2000). Since June 1982, he has been Chairman of theBoard and Chief Executive Officer of Flexi-Van Leasing,Inc., a Delaware corporation wholly-owned by Mr.Murdock. Mr. Murdock also is the sole owner and devel-oper of the Sherwood Country Club in Ventura County,California, and numerous other real estate developmentsand is the sole stockholder of numerous corporationsengaged in a variety of business ventures and in the manu-facture of industrial and building products.
Lawrence A.Kern,President and Chief OperatingOfficer. Mr. Kern joined the Company as President,Dole Fresh Vegetables in 1993. In July 2000, he was pro-moted to the position of President, Worldwide FreshVegetables, Packaged Salads and Non-Tropical FreshFruit. Mr. Kern was appointed President and ChiefOperating Officer of the Company in February 2001. Heholds a B.S. and M.B.A. from Indiana University.
C.Michael Carter,Vice President,General Counseland Corporate Secretary. Mr. Carter joined theCompany in October 2000, after serving as ExecutiveVice President, General Counsel and Corporate Secretaryof Pinkerton’s Inc. Prior to Pinkerton’s, Inc., Mr. Carterheld positions at Concurrent Computer Corporation,Nabisco Group Holdings,The Singer Company and thelaw firm of Winthrop, Stimson, Putnam and Roberts. Heholds a B.S. from the University of California at Berkeleyand a J.D. from George Washington University.
Richard J. Dahl, Vice President and ChiefFinancial Officer. Mr. Dahl joined Dole Food Companyas Vice President and Chief Financial Officer in June 2002, after serving as President and Chief OperatingOfficer of Pacific Century Financial Corporation andBank of Hawaii. Prior to Pacific Century, Mr. Dahl heldvarious positions at Ernst & Young. He holds a B.S. inAccounting from the University of Idaho and is a CertifiedPublic Accountant.
Jonathan Y. Bass, Vice President and GeneralManager, Chilean Division. Mr. Bass joined theCompany in 1977 as Manager of Financial Analysis in theCosta Rican banana division. He held various financial andoperational positions in the Latin American banana orga-nization and was ultimately promoted to Vice Presidentfor Banana Production. Mr. Bass was appointed VicePresident and General Manager of the Chilean Division in1989. He holds a B.S. from the University of NorthCarolina and an M.B.A. from the University of Hawaii.
Michael J. Cavallero, President, North AmericaTropical Fresh Fruit. Mr. Cavallero joined the Companyin 1974 as a technical service representative with theFresh Marketing organization where he held various posi-tions before transferring to Fresh Vegetables in 1986 asVice President, Sales. In 1992, he was promoted to VicePresident, Sales and Marketing, North America. He was promoted to President, North America Tropical Fresh
- 13 -
Fruit in March 2001. Mr. Cavallero holds a B.A. from SanFrancisco State University.
Paul Cuyegkeng, President, Dole Asia.Mr. Cuyegkeng originally joined the Company in 1975 asa Financial Analyst in the Honduras division. He left theCompany in 1979 and returned again in 1988 when hebecame Manager of Operations for Asia in the Fresh Fruitdivision stationed in Japan. He held various positions inthe Asia region until he was promoted to President ofDole Asia in 1993. Mr. Cuyegkeng holds a B.S. from DeLa Salle College in Manila, Philippines, and an M.B.A.from Stanford University.
William F. Feeney, President, Dole Europe.Mr. Feeney joined the Company in 1981 as Vice Presidentand General Manager of Chile. He became President andManaging Director of Dole Europe in 1990 with the cre-ation of a European headquarters, which has been in Parissince 1993. Mr. Feeney holds a B.S. from the U.S. NavalAcademy and an M.B.A. from Columbia University.
Sue Hagen,Vice President, Human Resources.Ms. Hagen joined Dole Food Company in 1986 asPersonnel Administrator. She subsequently was promot-ed to be Manager of Human Resources in 1990, Directorof Human Resources in 1993,Vice President, HumanResources North America Operations in 2000 and VicePresident, Human Resources in 2003. Ms. Hagen holds aB.A. from the University of Redlands and an M.B.A.from the University of Southern California.
Richard A. Harrah, President, Dole LatinAmerica. Mr. Harrah joined the Company in 2000 asVice President of Operations for Dole Fresh Flowers,and was recently appointed President of Dole LatinAmerica. He previously worked for Noboa Corporationas Chief Financial Officer and as Chief Operating Officer.Prior to Noboa, Mr. Harrah also held positions withGeest and Del Monte Fresh Produce. He holds a B.A.from Sonoma State University and is a Certified PublicAccountant.
George R. Horne,Vice President,Administrationand Support Operations. Mr. Horne joined theCompany in 1966. His executive positions at Dole haveincluded Director of Labor Relations,Vice President-Labor Relations,Vice President Human Resources and
Risk Management. He was promoted to his present posi-tion in April 2001. Mr. Horne holds a B.S. from theUniversity of Idaho and an M.B.A. from the University ofHawaii.
Yoon J. Hugh, Corporate Controller and ChiefAccounting Officer. Ms. Hugh joined the Company inDecember 2001 as Assistant Corporate Controller andwas promoted to Corporate Controller and ChiefAccounting Officer in October 2002. Prior to joiningDole, she was with PricewaterhouseCoopers LLP forapproximately 10 years. She holds a B.A. in Business/Economics from the University of California, LosAngeles.
Javier H. Idrovo, Vice President, Strategy.Mr. Idrovo joined the Company in 2001 as Vice President,Strategy. He previously worked as a Manager for BostonConsulting Group. Mr. Idrovo holds a B.S. and M.S. inEngineering from Harvey Mudd College, and an M.B.A.from Harvard Business School.
Peter M. Nolan, President,Worldwide PackagedFoods. Mr. Nolan joined the Company as Senior VicePresident, Sales and Marketing, for North Americabefore becoming President of Packaged Foods in 1995.He was promoted to President, North AmericaOperations in 2000, and was subsequently promoted toPresident,Worldwide Packaged Foods. Mr. Nolan previ-ously worked for Van De Kamp’s Frozen Foods and VlasicFoods, as well as Sanwa Food. He holds a B.S. fromBoston University.
Beth Potillo,Treasurer. Ms. Potillo joined Dole in 1986. She was Manager of Financial Planning fromJanuary 1995 to July 1995. She held the position ofManager of Corporate Finance from July 1995 to July1997. She became Assistant Treasurer of Dole in July1997, and has been Treasurer of Dole since November1998. Ms. Potillo holds a B.M. from Southern IllinoisUniversity and an M.B.A. from the University ofCalifornia, Los Angeles.
John T. Schouten, President, Dole Fresh Flowers.Mr. Schouten joined the Company in 1985 and held vari-ous positions in the sales and production organizations ofDole Fresh Vegetables. He was promoted to Senior VicePresident and General Manager, Commodity Operations
- 12 -
Research and DevelopmentOur research and development programs concen-
trate on sustaining the productivity of our agriculturallands, food safety, product quality of existing productsand the development of new value-added products, aswell as agricultural research and packaging design.Agricultural research is directed toward sustaining andimproving product yields and product quality by examin-ing and improving agricultural practices in all phases ofproduction (such as development of specifically adaptedplant varieties, land preparation, fertilization, culturalpractices, pest and disease control, post-harvesting, han-dling, packing and shipping procedures), and includeson-site technical services and the implementation andmonitoring of recommended agricultural practices.Research efforts are also directed towards integratedpest management and biological pest control. Specializedmachinery is developed for various phases of agriculturalproduction and packaging that reduces labor costs,improves productivity and efficiency and increases prod-uct quality. Agricultural research is conducted at fieldfacilities primarily in California, Hawaii, Latin Americaand Asia.We also sponsor research related to environ-mental improvements and the protection of worker andcommunity health.
Management Below is a list of the names and brief employment
history of the officers and senior management of Dole asof March 1, 2003.
David H. Murdock, Chairman of the Board andChief Executive Officer. Mr. Murdock joined theCompany as Chairman of the Board and Chief ExecutiveOfficer in July 1985. He has been Chairman of the Board,Chief Executive Officer and Director of Castle & Cooke,Inc., a Hawaii corporation, since October 1995 (indirect-ly wholly-owned by Mr. Murdock since September2000). Since June 1982, he has been Chairman of theBoard and Chief Executive Officer of Flexi-Van Leasing,Inc., a Delaware corporation wholly-owned by Mr.Murdock. Mr. Murdock also is the sole owner and devel-oper of the Sherwood Country Club in Ventura County,California, and numerous other real estate developmentsand is the sole stockholder of numerous corporationsengaged in a variety of business ventures and in the manu-facture of industrial and building products.
Lawrence A.Kern,President and Chief OperatingOfficer. Mr. Kern joined the Company as President,Dole Fresh Vegetables in 1993. In July 2000, he was pro-moted to the position of President, Worldwide FreshVegetables, Packaged Salads and Non-Tropical FreshFruit. Mr. Kern was appointed President and ChiefOperating Officer of the Company in February 2001. Heholds a B.S. and M.B.A. from Indiana University.
C.Michael Carter,Vice President,General Counseland Corporate Secretary. Mr. Carter joined theCompany in October 2000, after serving as ExecutiveVice President, General Counsel and Corporate Secretaryof Pinkerton’s Inc. Prior to Pinkerton’s, Inc., Mr. Carterheld positions at Concurrent Computer Corporation,Nabisco Group Holdings,The Singer Company and thelaw firm of Winthrop, Stimson, Putnam and Roberts. Heholds a B.S. from the University of California at Berkeleyand a J.D. from George Washington University.
Richard J. Dahl, Vice President and ChiefFinancial Officer. Mr. Dahl joined Dole Food Companyas Vice President and Chief Financial Officer in June 2002, after serving as President and Chief OperatingOfficer of Pacific Century Financial Corporation andBank of Hawaii. Prior to Pacific Century, Mr. Dahl heldvarious positions at Ernst & Young. He holds a B.S. inAccounting from the University of Idaho and is a CertifiedPublic Accountant.
Jonathan Y. Bass, Vice President and GeneralManager, Chilean Division. Mr. Bass joined theCompany in 1977 as Manager of Financial Analysis in theCosta Rican banana division. He held various financial andoperational positions in the Latin American banana orga-nization and was ultimately promoted to Vice Presidentfor Banana Production. Mr. Bass was appointed VicePresident and General Manager of the Chilean Division in1989. He holds a B.S. from the University of NorthCarolina and an M.B.A. from the University of Hawaii.
Michael J. Cavallero, President, North AmericaTropical Fresh Fruit. Mr. Cavallero joined the Companyin 1974 as a technical service representative with theFresh Marketing organization where he held various posi-tions before transferring to Fresh Vegetables in 1986 asVice President, Sales. In 1992, he was promoted to VicePresident, Sales and Marketing, North America. He was promoted to President, North America Tropical Fresh
- 15 -
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, Jonathan Y. Bass
Dole Food Company Officers and Operating Division Officers
- 14 -
in 2000, and was recently promoted to President, DoleFresh Flowers, in May 2002. Mr. Schouten holds a B.A.from the University of Oregon.
Eric M.Schwartz,President,Worldwide Vegetables.Mr. Schwartz joined Dole in 1993 as Plant Manager,Dole Fresh Vegetables. He left the Company in 1996 andreturned in 1998 as Vice President of Manufacturing,Dole Fresh Vegetables. He most recently was Senior VicePresident of Operations at Dole Fresh Vegetables, andwas promoted to President, Worldwide Vegetables inMarch 2001. Mr. Schwartz holds a B.S. from PennsylvaniaState University.
Roberta Wieman,Vice President. Ms. Wiemanjoined the Company in November 1991 as ExecutiveAssistant to the Chairman of the Board and ChiefExecutive Officer and was promoted to Vice President inFebruary 1995. She also serves as an officer and/or director of various companies held by Mr. Murdock.
Disclosure Regarding Forward-LookingStatements (Cautionary Statements Under the PrivateSecurities Litigation Reform Act of 1995)
Some of the information contained in this AnnualReport may contain “forward-looking statements,” with-in the meaning of the Private Securities LitigationReform Act of 1995 that involve a number of risks anduncertainties. Forward looking statements, which arebased 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 causeactual results to differ materially from those expressed orimplied herein include weather-related phenomena;market responses to industry volume pressures; productand raw materials supplies and pricing; electrical powersupply and pricing; changes in interest and currencyexchange rates; economic crises and security risks indeveloping countries; international conflict; and quotas,tariffs and other governmental actions. Further informa-tion on the factors that could affect Dole’s financialresults is included in its SEC filings, including its AnnualReport on Form 10-K.
- 15 -
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, Jonathan Y. Bass
Dole Food Company Officers and Operating Division Officers
- 14 -
in 2000, and was recently promoted to President, DoleFresh Flowers, in May 2002. Mr. Schouten holds a B.A.from the University of Oregon.
Eric M.Schwartz,President,Worldwide Vegetables.Mr. Schwartz joined Dole in 1993 as Plant Manager,Dole Fresh Vegetables. He left the Company in 1996 andreturned in 1998 as Vice President of Manufacturing,Dole Fresh Vegetables. He most recently was Senior VicePresident of Operations at Dole Fresh Vegetables, andwas promoted to President, Worldwide Vegetables inMarch 2001. Mr. Schwartz holds a B.S. from PennsylvaniaState University.
Roberta Wieman,Vice President. Ms. Wiemanjoined the Company in November 1991 as ExecutiveAssistant to the Chairman of the Board and ChiefExecutive Officer and was promoted to Vice President inFebruary 1995. She also serves as an officer and/or director of various companies held by Mr. Murdock.
Disclosure Regarding Forward-LookingStatements (Cautionary Statements Under the PrivateSecurities Litigation Reform Act of 1995)
Some of the information contained in this AnnualReport may contain “forward-looking statements,” with-in the meaning of the Private Securities LitigationReform Act of 1995 that involve a number of risks anduncertainties. Forward looking statements, which arebased 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 causeactual results to differ materially from those expressed orimplied herein include weather-related phenomena;market responses to industry volume pressures; productand raw materials supplies and pricing; electrical powersupply and pricing; changes in interest and currencyexchange rates; economic crises and security risks indeveloping countries; international conflict; and quotas,tariffs and other governmental actions. Further informa-tion on the factors that could affect Dole’s financialresults is included in its SEC filings, including its AnnualReport on Form 10-K.
Company Information
Corporate HeadquartersOne Dole DriveWestlake Village, CA 91362818-879-6600
AuditorsDeloitte & Touche LLP350 South Grand AvenueLos Angeles, CA 90071
2002 Dividend InformationA cash dividend of $0.15 per common share wasdeclared in each quarter of 2002 for a total annual dividend of $0.60 per share.
Investment Community InquiriesMembers of the investment community should directinquiries to:
Office of the Chief Financial OfficerDole Food Company, Inc.One Dole DriveWestlake Village, CA 91362818-879-6600E-mail address: [email protected]
Other InquiriesFor a copy of the Annual Report on Form 10-K, or forother information requests, direct the inquiry to:
Office of the Corporate SecretaryDole Food Company, IncOne Dole DriveWestlake Village, CA 91362818-879-6814E-mail address: [email protected]
Dole’s 2002 Annual Report on Form 10-K and other filings with the Securities and Exchange Commission areavailable on the internet at http://www.dole.com.
Internet Addresseshttp://www.dole.comhttp://www.dole5aday.com
■
Fighting obesity.“ Increasing the intake of fruits and vegetables is a key component of the solution to the worldwide obesityepidemic”– Dr.David Heber,Professor of Medicine,UCLA;Chief Scientific Advisor to Dole Food Company
Dole’s New San Diego BerthIn October 2002, Dole Fresh Fruit Company moved its West Coast terminaland port facility to the Port of San Diego, California. Quality Dole® bananas,pineapples and other tropical fruits pass through this facility on their way toDole customers throughout Western North America.
The CompanyFounded in Hawaii in 1851, Dole Food Company, Inc., is the largestproducer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers, markets a growing line of packaged foods and is a produce industry leader in nutrition education and research. The Company does business in more than 90 countries and employs approx-imately 57,000 people in full-time permanent or full-time seasonal ortemporary positions.
Directors
Mike Curb 1, 2, 4
ChairmanCurb Records,Inc.
David A. DeLorenzoFormer Vice Chairman,President and Chief Operating OfficerDole Food Company,Inc.
E. Rolland Dickson, M.D. 4
Director for DevelopmentMayo Foundation
Richard M. Ferry 1, 2, 3
Founder ChairmanKorn/Ferry International(international executive search firm)
Lawrence M. Johnson 1, 3
Chairman and CEO (retired)Bank of Hawaii
Lawrence A. KernPresident and Chief Operating OfficerDole Food Company,Inc.
Zoltan Merszei 3, 4
Former Chief Executive Officer,President and ChairmanThe Dow Chemical Company
David H. Murdock 2Chairman of the Board andChief Executive OfficerDole Food Company,Inc.
Officers
David H. MurdockChairman of the Board andChief Executive Officer
Lawrence A. KernPresident and Chief Operating Officer
Richard J. DahlVice President andChief Financial Officer
C. Michael CarterVice President,General Counsel and Corporate Secretary
George R. HorneVice President – Administrationand Support Operations
Roberta WiemanVice President
Sue HagenVice President – Human Resources
Javier H. IdrovoVice President – Strategy
Beth PotilloTreasurer
Yooh J. HughController and Chief Accounting Officer
Operating Division Officers
Paul CuyegkengPresident – Dole Asia
William F. FeeneyPresident – Dole Europe
Richard A. HarrahPresident – Dole Latin America
Peter M. NolanPresident – Dole Worldwide Packaged Foods
Eric M. SchwartzPresident – Dole Worldwide Fresh Vegetables
John T. SchoutenPresident – Dole Fresh Flowers
Michael J. CavalleroPresident – Dole North America Tropical Fresh Fruit
Jonathan Y. BassVice President and General ManagerDole Chile
1 Nominating Committee2 Executive and Finance Committee3 Audit Committee4 Corporate Compensation and Benefits Committee
Dole Food Company Officers and Operating Division Officers
■
The benefits of potassium.Bananas are an excellent source of potassium. Research shows people with the highest intakes ofpotassium are less likely to have a stroke compared to those with the lowest intakes of potassium.
- 16 -
Company Information
Corporate HeadquartersOne Dole DriveWestlake Village, CA 91362818-879-6600
AuditorsDeloitte & Touche LLP350 South Grand AvenueLos Angeles, CA 90071
2002 Dividend InformationA cash dividend of $0.15 per common share wasdeclared in each quarter of 2002 for a total annual dividend of $0.60 per share.
Investment Community InquiriesMembers of the investment community should directinquiries to:
Office of the Chief Financial OfficerDole Food Company, Inc.One Dole DriveWestlake Village, CA 91362818-879-6600E-mail address: [email protected]
Other InquiriesFor a copy of the Annual Report on Form 10-K, or forother information requests, direct the inquiry to:
Office of the Corporate SecretaryDole Food Company, IncOne Dole DriveWestlake Village, CA 91362818-879-6814E-mail address: [email protected]
Dole’s 2002 Annual Report on Form 10-K and other filings with the Securities and Exchange Commission areavailable on the internet at http://www.dole.com.
Internet Addresseshttp://www.dole.comhttp://www.dole5aday.com
■
Fighting obesity.“ Increasing the intake of fruits and vegetables is a key component of the solution to the worldwide obesityepidemic”– Dr.David Heber,Professor of Medicine,UCLA;Chief Scientific Advisor to Dole Food Company
Dole’s New San Diego BerthIn October 2002, Dole Fresh Fruit Company moved its West Coast terminaland port facility to the Port of San Diego, California. Quality Dole® bananas,pineapples and other tropical fruits pass through this facility on their way toDole customers throughout Western North America.
The CompanyFounded in Hawaii in 1851, Dole Food Company, Inc., is the largestproducer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers, markets a growing line of packaged foods and is a produce industry leader in nutrition education and research. The Company does business in more than 90 countries and employs approx-imately 57,000 people in full-time permanent or full-time seasonal ortemporary positions.
Directors
Mike Curb 1, 2, 4
ChairmanCurb Records,Inc.
David A. DeLorenzoFormer Vice Chairman,President and Chief Operating OfficerDole Food Company,Inc.
E. Rolland Dickson, M.D. 4
Director for DevelopmentMayo Foundation
Richard M. Ferry 1, 2, 3
Founder ChairmanKorn/Ferry International(international executive search firm)
Lawrence M. Johnson 1, 3
Chairman and CEO (retired)Bank of Hawaii
Lawrence A. KernPresident and Chief Operating OfficerDole Food Company,Inc.
Zoltan Merszei 3, 4
Former Chief Executive Officer,President and ChairmanThe Dow Chemical Company
David H. Murdock 2Chairman of the Board andChief Executive OfficerDole Food Company,Inc.
Officers
David H. MurdockChairman of the Board andChief Executive Officer
Lawrence A. KernPresident and Chief Operating Officer
Richard J. DahlVice President andChief Financial Officer
C. Michael CarterVice President,General Counsel and Corporate Secretary
George R. HorneVice President – Administrationand Support Operations
Roberta WiemanVice President
Sue HagenVice President – Human Resources
Javier H. IdrovoVice President – Strategy
Beth PotilloTreasurer
Yooh J. HughController and Chief Accounting Officer
Operating Division Officers
Paul CuyegkengPresident – Dole Asia
William F. FeeneyPresident – Dole Europe
Richard A. HarrahPresident – Dole Latin America
Peter M. NolanPresident – Dole Worldwide Packaged Foods
Eric M. SchwartzPresident – Dole Worldwide Fresh Vegetables
John T. SchoutenPresident – Dole Fresh Flowers
Michael J. CavalleroPresident – Dole North America Tropical Fresh Fruit
Jonathan Y. BassVice President and General ManagerDole Chile
1 Nominating Committee2 Executive and Finance Committee3 Audit Committee4 Corporate Compensation and Benefits Committee
Dole Food Company Officers and Operating Division Officers
■
The benefits of potassium.Bananas are an excellent source of potassium. Research shows people with the highest intakes ofpotassium are less likely to have a stroke compared to those with the lowest intakes of potassium.
- 16 -
Dole Food Company, Inc.www.Dole.com
Annual Report 2002