19 Nov 2018 07:00
Total Produce plc
Stock Exchange Announcement
Dole 2018 Quarter 3 Update
Total Produce, the leading fresh produce company, completed the acquisition of 45% of the issued share capital of Dole Food Company (Dole) on 31 July 2018.
Dole has recently finalised its results for the Q3 period ending 6 October 2018, prepared under US GAAP. The S-1 adjusted EBITDA is US$45.4m compared to US$50.1m for the same period in 2017 reflecting a US$7.4m EBITDA reduction in Fresh Vegetables.
In addition, during the Third quarter of 2018, Dole sold its corporate headquarters for US$50.0m and recognised a net gain of US$7.3m, which is not included in the above adjusted EBITDA.
Dole Fresh Fruit has performed strongly. Dole Fresh Vegetables has been affected by an industry-wide safety notice, not directly linked to Dole, and an oversupply resulting in lower pricing. As previously announced, this also reduced Dole's first-half EBITDA by c.US$30m, prior to the investment by Total Produce.
19th November 2018
For further information, please contact:
Brian Bell or Peter O'Brien, Wilson Hartnell PR
Tel: +353-1-669 0030
Any forward-looking statements made in this IMS have been made in good faith based on the information available as of the date of the press release and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in this press release, and the Company undertakes no obligation to update any such statements whether as a result of new information, future events, or otherwise. Total Produce's Annual Report and the Dole S-1 document contain and identify important factors that could cause these developments or the Company's actual results to differ materially from those expressed or implied in these forward-looking statements.