Reporting its quarterly and full-year figures today, Dole said that without the one-time charge - from restructuring its money-losing dried fruit and nut business - it would have reported a net profit of $13.5 million for the three months ending Dec. 28.
By comparison, Dole had a profit of $11.8 million, or 20 cents a share, in 1995's fourth quarter. However, that number included $6.5 million from the resorts and real estate businesses that were spun off in late December 1995 into what is now Castle & Cooke Inc. Without that income the 1995 quarter would have produced $6.1 million in income from continuing operations.
Looking only at continuing operations, Dole improved its performance in 1996, the figures show. The Westlake Village, Calif.-based company said its operating income in the latest quarter was $28 million before the charge. In 1995's fourth quarter, Dole had a profit of $20.2 million from continuing operations.
Dole has substantially reduced the size of its dried fruit and nut business. David H. Murdock, chairman and chief executive, said the change will relieve future operations of sizable losses and reduce the company's working capital requirements.
"This initiative is in line with our plan to dispose of or liquidate assets which do not meet our minimum return on investment requirements," Murdock said.
The company had revenues of $891.1 million in the latest quarter, a 6.4 percent increase from $837.3 million in the 1995 fourth quarter.
After the charges and adjustments, Dole had a profit for all of 1996 of $89 million, or $1.47 a share, compared with a profit of $23.3 million, or 39 cents a share, in 1995. Revenues in 1996 were $3.84 billion, up more than 1 percent from $3.8 billion in 1995.
Founded in Hawaii's agriculture business in the middle of the last century, Dole is a major producer of Hawaii pineapple and has other agricultural operations in the islands. It has grown to be the world's largest producer and marketer of fresh fruit and vegetables.