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Dole Announces Improved Earnings in Fourth Quarter

Dole Food Company reported an improvement in earnings due to cost reduction plans that have been implemented over the past two years. Net income from the Westlake Village company’s continuing operations for the fourth quarter of 2011 was $4 million, or $0.05 per share, compared to a loss of $36 million, or $0.41 per share from a year ago. Fourth quarter revenue dipped less than 2 percent to $1.5 billion from $1.6 billion in the prior year. For the full 2011 fiscal year, Dole reported net income of $42 million or $0.47 per share on revenues of $7.2 billion. For the previous fiscal year, the company reported a loss of $34 million or $0.39 per share on revenues of $6.9 billion. David A. DeLorenzo, Dole’s president and CEO, said the company was pleased with its latest earnings results. “The cost reduction programs set forth in the past two years have helped improve earnings despite increasing input costs and the strength of foreign currencies,” he said in a prepared statement. Angela Melero

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