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Annual Report 2003
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Dole Financial Highlights
(in millions) 2003 2002 2001 2000 1999
Revenues, net $ 4,773 $ 4,392 $ 4,314 $ 4,400 $ 4,449
Gross Margin 659 695 430 469 452
Cash Flow from Operating Activities
of Continuing Operations 339 227 244 121 49
Total Assets 3,988 3,037 2,768 2,801 2,994
Working Capital 279 715 586 377 393
Capitalization
Short-term debt 47 243 27 45 38
Long-term debt 1,804 882 816 1,135 1,285
Total shareholders’ equity 456 745 736 555 532
Total capitalization $ 2,307 $ 1,870 $ 1,579 $ 1,735 $ 1,855
NOTE: In 2003, Dole completed a going-private transaction. Financial results for 2003 prior to the going-private merger transaction (“Predecessor”
presentation) have been combined with the financial results after the going-private merger transaction (“Successor” presentation) to facilitate an
understanding of Dole results. In 2001, Dole divested its Honduran Beverage operations. Operating results of this business have been accounted for
as a discontinued operation.
Revenues, net(in $ millions)
Total Capitalization(in $ millions)
Cash Flow from Operating Activities
of Continuing Operations( in $ millions)
49 121 244 227 339’99 ’00 ’01 ’02 ’03
1,855 1,735 1,579 1,870 2,307’99 ’00 ’01 ’02 ’03
4,449 4,400 4,314 4,392 4,773’99 ’00 ’01 ’02 ’03
Gross Margin(in $ millions)
452 469 430 695 659’99 ’00 ’01 ’02 ’03
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In just one year as a private company,
Dole is meeting and surpassing expecta-
tions of reaching higher earnings and
growth potential. The Company has
expanded with increased sales of nearly
nine percent, as well as increased earnings
from operations of approximately 18
percent. In 2003, subsequent to the
going-private transaction, the Company
repaid over $200 million in bank debt.
Dole’s management continues to follow very similar procedures
and policies, though with management changes indicative of
Dole’s strong management base. Richard J. Dahl was promoted
to President and Chief Operating Officer. Other recently-
announced promotions from senior and middle management
include the appointment of Joseph S. Tesoriero as Vice President
and Chief Financial Officer; C. Michael Carter to Executive Vice
President, General Counsel and Corporate Secretary; Scott A.
Griswold to Executive Vice President, Corporate Development;
Roberta Wieman to Executive Vice President, Chief of Staff;
Sue Hagen to Senior Vice President, Human Resources, and
Javier H. Idrovo to Senior Vice President, Strategy. Dr. Andrew J.
Conrad, co-founder and chief scientific officer of the National
Genetics Institute, a subsidiary of Laboratory Corporation of
America, joined Dole’s Board of Directors.
The Dole Nutrition Institute’s first year has been full of exciting
new initiatives aimed at educating the public about the health
benefits of fruits and vegetables. Every day, headlines prove
the timeliness of this message. Obesity in America and
around the world continues to reach crisis proportions. Poor
2003 was a banner year. It began with the
completion of the going-private transaction in
March. This transaction marked a turning
point in Dole’s 152-year history, opening up
long-term opportunities while minimizing the
short-term pressures of the public equities market.
Dole’s 16 oz. Pineapple Chunks were intro-
duced in early 2004 as part of a full line of
fresh-cut fruit offerings. Specially cultivated
to produce an extra sweet, juicy flavor,
Tropical Gold® pineapple delivers the taste
consumers prefer from a brand they trust. Fresh-cut fruit is an
emerging category that capitalizes on consumers’ demand for
products offering wholesome nutrition in convenient formats.
DOLE® Fresh-Cut Pineapple Chunks
David H. Murdock
Chairman and Chief
Executive Officer
1
A Message From
Mr. David H. Murdock
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brochures, website, and published articles. The Institute’s
innovative employee wellness program has helped many
employees to lose weight, improve fitness, lower cholesterol
and improve health—while helping Dole to lead by example
as an advocate for better diet and daily exercise.
As part of the wellness program, a “model café” was created
with the total revamping of the menu in Dole’s corporate
employees’ dining facilities, encompassing a near total
elimination of saturated fat, junk foods, sugar sodas, etc. and
including the addition of a fresh juice and smoothie bar, the
expansion of fish and vegetarian selections, and a “Daily
Dole” special, low in calories and fat.
The Company continues its investment in deep plowing as
part of its commitment to sustainable agriculture and better
nutrition. Now in its eleventh year, the practice of deep
plowing rejuvenates the soil, reaching up to three feet deep,
while conventional plowing merely turns the topsoil. By this
process, Dole was able to eliminate most banana pests
(known as nematodes), producing taller, healthier plants
with greater yields.
diet and inactivity is on the verge of surpassing tobacco as the
leading cause of preventable death, according to a watershed
report released by the Centers for Disease Control. Excess
weight and lack of exercise now contributes to 400,000 deaths
a year—representing an increase of 33% over the past decade.
In order to help combat these unhealthy trends, the Dole
Nutrition Institute is bringing the most definitive nutritional
information to thousands of consumers through its newsletter,
2
Launched in early 2004 as part of a new
line of clamshell packaged salad blends,
DOLE 7 oz. Spring Mix Salad Blend offers
a convenient new twist on already popular
salad blends. Packaged in clear, reusable
plastic clamshell containers, this product
combines great taste, versatility and value. Other blends
available in clamshell packaging include Baby Spinach and
Baby Romaine.
DOLE® Spring Mix Salad Blend
Dole Food Company, Inc. Board of Directors(Seated, left to right): David H. Murdock, Richard M. Ferry, Andrew J. Conrad, Ph.D.(Standing, left to right): David A. DeLorenzo, C. Michael Carter, Justin M. Murdock, Scott A. Griswold,Richard J. Dahl, David H. Murdock, Jr., Edward C. Roohan, Roberta Wieman
R4_Dole AR03.080604.final 08/25/04 6:35 PM Page 5
Governor Schwarzenegger said: “This is going to be an
extraordinary center. I’ve seen the plans. It’s absolutely
remarkable...this is going to be one of those places the rest of
the world will know.” The groundbreaking was one of the
most exciting days of my life. I look forward to the completion
of construction of the complex in March 2006.
The achievements of this past year are a reflection of the
incredible dedication, creativity, and teamwork of everyone
at Dole Food Company. I am extremely proud of the men
and women that have made this year of new beginnings
possible. They have my sincerest thanks and my confidence,
as we move forward to cultivating these beginnings and
watch them bear fruit.
Sincerely,
David H. Murdock
Chairman and Chief Executive Officer
The most important ground broken this year was that of the
new Dole Wellness Center, Spa and Hotel. On March 12,
2004, California Governor Arnold Schwarzenegger joined in
a groundbreaking ceremony for an over 700,000 square-foot
complex to comprise medical facilities with physicians
on-site providing state-of-the-art diagnostic services; a
267-room five-star hotel to be operated by a first class hotel
and resort company; a full-service spa and fitness center; a
conference center and an ultra-modern TV production facility
focusing on health and wellbeing programming; and an
interactive wellbeing center to be developed in partnership
with a prominent health plan manager.
This new health and nutrition center, to be built adjacent to
Dole’s World Headquarters in Westlake Village, California,
is a natural extension of Dole’s goal to provide people with
not just the knowledge but the tools and treatments to fight
disease and upgrade their quality of life. Visitors will be
empowered not just to learn but to live fuller, longer, more
vibrant lives.
3
(Left to right): Robert Slavin, Mayor, Westlake Village; Dr. Andrew J. Conrad; David H. Murdock; California Governor Arnold Schwarzenegger; Leonard D.Schaeffer, Chairman and Chief Executive Officer, WellPoint Health Networks, Inc.; Denny Weinberg, Executive Vice President, WellPoint Health Networks, Inc.
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The Dole Wellness Center,Spa and Hotel
This health and beauty destination is the brainchild of
Dole Food Company, Inc. Chairman and CEO, David
H. Murdock. His holistic vision of human potential and
longer life through better nutrition and fitness was the
foundation for establishing the Dole Nutrition Institute,
dedicated to nutrition education and disease prevention.
The new complex will be located 30 miles northwest of
Los Angeles across from the Dole World Headquarters in
Westlake Village. Construction of the complex began in
March 2004 and it is anticipated that construction will be
completed in March 2006. The handsome, six-story, brick
and glass contemporary design was conceived by renowned
architect Arnold Savrann. Ten acres of elegantly landscaped
walking and running paths will wind through ponds, fountains,
waterfalls and theme gardens.
On March 12, 2004, ground was broken for
a premiere wellness center, medical spa and
luxury hotel to be built amid beautifully
landscaped gardens spanning the 20 acres
directly across from Dole Food Company, Inc.
World Headquarters.
4
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Hotel & Conference Center
The luxury hotel will have a grand ballroom capable of
accommodating 350 guests, a conference center and business
center. Dining options will include a sushi restaurant and
spa café.
A unique outdoor function area is planned with nearby luxuri-
ous gardens and waterfalls. There will be walking/jogging paths
on the ten acres of open land surrounding the new complex.
Medi-Spa
The health and beauty spa will feature over two dozen
treatment rooms, each complemented with private outdoor
gardens and spa bath amenities. Hydrotherapy pools, Vichy
showers, steam rooms, watsu pools and dry saunas are among
the amenities that will provide visitors with a relaxing, state-
of-the-art spa experience where they will be attended to by
experienced and skilled aestheticians and therapists.
A full-service beauty salon will be integrated into the spa,
with top stylists offering a modern approach to beauty, hair,
nails and makeup.
Medical Facility
A major component of the new development will be a
medical facility with physicians on staff to provide diagnostic
services. Fully integrated into the wellness complex and spa,
the facility will offer guests an opportunity to learn what
dietary and behavioral changes can help them ward off the
DNA damage that increases the risk of cancer and other
chronic diseases.
Medical staff will include a team of physicians board-certified
in their respective disciplines. This facility will contain a
complete diagnostic and imaging suite including MRI,
• Broccoli was brought to the United States
in the early 1900’s by Italian immigrants
to northern California. Broccoli is high in
vitamins A and C and contains phytochem-
icals that may help prevent cancer.
• The winner of an athletic event in ancient Greece was given
a bunch of celery, much like flowers are given today. Celery is
a great source of potassium and fiber.
Did you know?
5
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The clinic will be supported by a research and scientific
program that includes a proprietary test that can assay the
rate at which DNA damage is occurring within an individual.
This test will then serve as an objective benchmark to determine
the efficacy of antioxidants included in the Dole Scale nutrition
program being advocated at the clinic.
Health & Wellbeing Center
It is envisioned that a unique center will be created within
the overall complex where guests and visitors can access
interactive technology and support services to monitor and
improve their health.
A serene environment will encourage browsing in the well-
being exhibit gallery or in a variety of wellbeing retail stores
or taking a refreshing break at the healthy juice and snack bar.
Personal health coaches will serve as guides to exploring
various self-improvement programs and vacations.
Combined with the medical, diagnostic and personal care
services in other parts of the complex, a proprietary Wellbeing
Index will be used to assess health and wellness through both
The complex will consist of a 267-room five-star
hotel to be operated by a first class hotel and resort
company, a full-service luxury spa and fitness
facility, a comprehensive medical clinic and
diagnostic facility, a wellness center, as well as a
television studio with full production capability.
6
CT scan and other body-scan imaging equipment, X-Ray
and ultrasound capabilities, a full medical laboratory, exam
suites, and an endoscopy suite. In addition, there will be
related health care professionals, such as physical
therapists and dieticians, on staff.
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Television Studio
A state-of-the-art television production studio will develop and
offer programs that emphasize the importance of healthful
eating and the role that good food, nutrition, and exercise play
in living a long, healthy and productive life. Programs designed
to promote health and longevity will be created for guests to
follow during and after their visits to the center.
Conclusion
David H. Murdock, Chairman and CEO of Dole stated:
“It has long been my belief that Dole can play a crucial role
in helping consumers eat healthier and thus lead longer,
healthier and more vital lives. This new complex is an example
of Dole’s commitment to this goal.”
In addition to the wellness center in Westlake Village, it is
anticipated that wellness centers will be developed at the
Manele Bay Hotel and the Lodge at Koele on the Island of
Lana‘i, Hawaii. The Manele Bay Hotel, the Lodge at Koele
and the Wellness Center in Westlake Village are owned by an
affiliate of Dole.
7
• One-quarter of a medium cantaloupe
provides more than 400 percent of your
daily vitamin A and nearly 100 percent of
your daily vitamin C.
• Most of the United States’ domestic
supplies of artichokes are grown in the midcoast region of
California. Artichokes are high in Vitamin C and fiber and
are a good source of folate.
Did you know?
body measures and self-reporting. The resulting Wellbeing Index
score, targeting what the center calls the four pillars of wellbeing,
identifies a baseline measurement for each enrolled guest.
Using this baseline diagnosis, wellbeing center personal
health coaches will suggest a program of life changes to
promote happiness, health and longevity. The areas of focus
include food and nutrition, physical fitness, recreation,
physical and emotional health and the latest in what science,
technology, communications and personal care can offer.
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The Dole Nutrition InstituteHere is a look back at the year’s accomplishments, and a look
forward to future plans:
Dole Nutrition News: Launching an electronic newsletter
featuring the “Dole Diet Center”, “Nutrition News Desk”,
“Director’s Corner”, “Featured Recipe”, and the “Dole Spa”.
“Partners in Health” Pamphlet Series and Healthy Snack
Magnet: Publishing the first five brochures in a series
of seven ultimately to include: #1 Weight Loss, #2 Heart
Health, #3 Diabetes, #4 Kids’ Health, #5 Carb Confusion,
#6 Women’s Health, #7 Dole Spa and others.
Dole Employee Wellness Program: Implementing an
innovative wellness program for Dole headquarters
employees. A 60-member study group was established
to measure the program’s health impact.
Nutrition Sales and Marketing Conference: Teaching Dole
sales representatives how integrating nutrition into marketing
is an effective strategy.
Nutrition Literacy Survey: Polling 6,232 grade school
children to ascertain their level of nutrition know-how,
revealing confusion about obesity and its impact on health.
FDA Health Claim Advertisement: Promoting the Food and
Drug Administration’s newly-approved health claim with half-
page advertisements that ran in major newspapers nationwide.
Research Laboratory: Employing a manager for the Dole
Nutrition Research Laboratory and conducting phytochemical
analyses of produce.
Dole Nutrition Institute Website: Including Food Facts A-Z, 365
Days of Nutrition, Dole Spa, a Nutrition Quiz, and much more.
Looking ahead, the Institute plans on expanding the Dole
Nutrition News, expanding the Dole Nutrition Institute
website, launching a fresh fruit recipe contest and creating a
produce training video for retailers.
Jennifer A. Grossman, Vice President
Director, Dole Nutrition Institute
The Dole Nutrition Institute had a fruitful first
year, bringing to life new projects designed to
educate the public about the role of proper
nutrition in promoting health and preventing
disease. In particular, our efforts have focused
on researching and communicating the unique
potential of a plant-based diet to aid weight
loss, lower cholesterol and reduce the risk of
certain types of cancer, cardiovascular disease
and other chronic diseases.
8
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Dole Fresh VegetablesDole ArtichokesDole AsparagusDole BroccoliDole Brussels SproutsDole Butter LettuceDole CarrotsDole CauliflowerDole CeleryDole CilantroDole Green Leaf LettuceDole Fresh Bulb Onions –
yellow, red and whiteDole Green OnionsDole Sweet OnionsDole Iceberg LettuceDole Idaho PotatoesDole Portobello MushroomsDole RadishesDole Red Leaf LettuceDole Red PotatoesDole Romaine LettuceDole Russet PotatoesDole Shiitake MushroomsDole Sugar PeasDole White MushroomsDole White PotatoesDole Yukon Gold Potatoes
Dole Fresh-Cut VegetablesDole American Salad BlendDole Baby Spinach Salad BlendDole Baby Spinach
and Red Leaf Salad BlendDole Baby Spinach
and Radicchio Salad BlendDole Butter Lettuce Salad BlendDole European Salad BlendDole Field Greens Salad BlendDole French Salad BlendDole Hearts of Romaine Mix
Salad BlendDole Italian Salad BlendDole Mediterranean BlendDole Spring Mix Salad BlendDole Very Veggie® Salad BlendDole Caesar Salad KitDole Creamy Garlic
Caesar Salad KitDole Light Caesar Salad KitDole Romano Salad KitDole Sunflower Ranch Salad KitDole Angel Hair Cole SlawDole Classic Cole SlawDole Chopped Romaine SaladDole Classic Iceberg SaladDole Classic Romaine SaladDole Greener Selection® SaladDole Just Lettuce® SaladDole Organic Baby LettucesDole Organic Baby SpinachDole Organic Romaine Hearts
and RadicchioDole Organic Spring Mix
with HerbsDole Baby RomaineDole Leafy RomaineDole Peeled Mini-CarrotsDole Shredded Carrots
Dole Shredded LettuceDole Shredded Red CabbageDole Spinach
Dole Fresh FruitDole ApplesDole ApricotsDole AvocadosDole Baby BananasDole BananasDole Banana PureeDole CantaloupesDole CherriesDole ChayoteDole ClementinesDole CoconutsDole CranberriesDole GrapefruitDole GrapesDole Honeydew MelonsDole KiwisDole Malange (root)Dole MangoesDole NectarinesDole Oranges Dole Organic BananasDole Organic PineapplesDole PapayasDole PeachesDole PearsDole PineapplesDole PlantainsDole PlumsDole PomegranatesDole Premium Select® PineappleDole Red BananasDole StrawberriesDole Sweetio® BananasDole Sweetio™ PineappleDole Tropical Gold® PineappleDole Yuca
Dole Fresh-Cut Fruit Dole Fresh-Cut CantaloupeDole Fresh-Cut Fruit MixDole Fresh-Cut Honeydew MelonDole Fresh-Cut Melon MixDole Fresh-Cut Papaya HalvesDole Fresh-Cut Pineapple ChunksDole Fresh-Cut Pineapple
Cored & PeeledDole Fresh-Cut Pineapple
Cylinders Dole Fresh-Cut Pineapple RingsDole Fresh-Cut Pineapple SpearsDole Fresh-Cut Tropical Fruit MixDole Fresh-Cut Watermelon
Dole Packaged FoodsDole Aloe Vera (Solid)Dole Crushed Pineapple in Juice
or SyrupDole Deciduous Fruit
Cocktail in Juice or SyrupDole Fruit Bowls® –
Cherry Mixed Fruit Dole Fruit Bowls – Fruit Salad
with Extra CherriesDole Fruit Bowls – Peaches
Dole Fruit Bowls – PearsDole Fruit Bowls – Mixed FruitDole Fruit Bowls – PineappleDole Fruit Bowls – Tropical FruitDole Fruit Bowls – Mandarin
OrangesDole Fruit Bowls – Mixed Fruit
in Black Cherry GelDole Fruit Bowls –
Pineapple in Lime Gel Dole Fruit Bowls –
Mandarins in Orange GelDole Fruit Bowls –
Peaches in Strawberry GelDole Reduced Sugar Fruit Bowls
– Pears in Kiwiberry GelDole Fruit Festival Snack CupDole Fruit Salad with Extra
Cherries, Plastic CupDole 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 OpenDole 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 – MandarinsDole Plastic Jar – Mixed FruitDole Plastic Jar – Pineapple
ChunksDole Plastic Jar – Sliced PeachesDole Plastic Jar – Tropical FruitDole 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 JuiceDole Tropical Fruit Juice BoxDole Tropical Fruit SaladDole Tropical Fruit Salad –
Easy OpenDole Tropical Pineapple Juice
BlendDole White AsparagusDole Yellow Papaya Chunks
in Syrup Seasons™ Pineapple JuiceSeasons Tropical Fruit Mix
Dole Fresh FlowersAlstroemeriaAster ButterflyAster MatsumotoAster MontecasinoBupleurumCampanulasCarnationsChinese CarnationsCremonsDelphiniumFarm BouquetsFootball MumsFreesiaGerberaGerspiderGypsophilaKangaroo PawsLimoniumLisianthusMicro PomponsMillion Stars GypsophilaMiniature CarnationsMonk’s HoodMumsPomponsRoses (Hybrid tea)Rover Mums – Fall onlySnapdragonsSolidagoSpider MumsSpray RosesStaticeStockSunflowersSweetheart Roses
Dole Worldwide Product List
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SourcingRipening/DistributionMarkets Corporate
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Food Operating Divisions
Europe and Africa
Belgium • Cameroon • Canary Islands • France • Germany • Ghana • Greece • Italy • Ivory Coast • Kenya • Morocco
Namibia • Netherlands • South Africa • Spain • Sweden • Turkey • United Kingdom • Zimbabwe
Latin America and Caribbean
Bermuda • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guadeloupe
Guatemala • Honduras • Jamaica • Martinique • Mexico • Peru
AsiaChina • Hong Kong • Japan • New Zealand • Philippines • South Korea • Thailand
North AmericaCanada • United States: Arizona, California, Florida, Hawaii, Ohio, Washington
Food Marketing Divisions
Europe and Middle East
Albania • 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 • Macedonia • Malta • Morocco • Netherlands • Norway
Oman • Poland • Portugal • Qatar • Romania • Russia • Saudi Arabia • Senegal • Slovakia • Slovenia • Spain • Sweden • Switzerland
Tajikistan • Tunisia • Turkey • Ukraine • United Arab Emirates • United Kingdom • Uzbekistan
Latin America and Caribbean
Argentina • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • Guatemala • Honduras
Mexico • Peru • Puerto Rico • Uruguay
Asia China • Hong Kong • Japan • New Zealand • Philippines • Singapore • South Korea • Thailand
North America Canada • United States
Dole Worldwide Operations
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Dole Food Company, Inc.
Business Review 2003
11
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Introduction
Dole Food Company, Inc. was founded in Hawaii in 1851 and
was incorporated under the laws of Hawaii in 1894. Dole
reincorporated as a Delaware corporation in July 2001.
During fiscal year 2003, we had, on average, 36,000 full-time
permanent employees and 23,000 full-time seasonal or
temporary employees worldwide. Dole is the world’s largest
producer and marketer of high-quality fresh fruit, fresh
vegetables and fresh-cut flowers, markets a growing line
of packaged and frozen foods and is a produce industry
leader in nutrition education and research. Dole is a
leading producer and marketer of branded and non-branded
frozen fruit.
Overview
Dole is the world’s largest producer of fresh fruit, fresh
vegetables and fresh-cut flowers, and we market a growing
line of value-added products. We are one of the world’s
largest producers of bananas and pineapples, a leading
marketer of table grapes and citrus worldwide and an industry
leader in packaged and frozen food products, ready-to-eat
salads and vegetables. Our most significant products hold
the number one or number two positions in the respective
markets in which we compete.
We utilize product quality, food safety, brand recognition,
competitive pricing, customer service and consumer marketing
programs to enhance our position within the food industry.
Dole provides wholesale, retail and institutional customers
around the world with high-quality food products that bear
the DOLE® trademarks. The DOLE brand was introduced in
1933, and we believe it is one of the most recognized for fresh
and packaged produce in the United States, as evidenced by
our 42% unaided consumer brand awareness — twice that of
our nearest competitor, according to C.A. Walker and
Associates. Consumer and institutional recognition of the
DOLE trademarks and related brands and the association of
these brands with high-quality food products contribute signif-
icantly to our leading positions in the markets that we serve.
We source or sell over 200 products in more than 90 countries.
Our fully-integrated operations include sourcing, growing,
processing, distributing and marketing our products. Our
products are produced both directly on Dole-owned or leased
land and through associated producer and independent
grower arrangements under which we provide varying
degrees of farming, harvesting, packing, storing, shipping,
stevedoring and marketing services.
Industry
The worldwide fresh produce industry is characterized by
consistent underlying demand and favorable growth dynamics.
In recent years, the market for fresh produce has grown at a
rate above population growth, supported by ongoing trends
including greater consumer demand for healthy, fresh and
convenient foods, increased retailer square footage devoted
to produce, and increased emphasis on fresh produce as a
differentiating factor in attracting customers. According to
the United Nations’ Food and Agriculture Organization,
worldwide produce production grew 3.6% per annum from
814 million metric tons in 1990 to an estimated 1,244 million
in 2002. Total wholesale fresh produce sales in the United
States surpassed $80 billion in 2001, up from approximately
$35 billion in 1987, representing a 6.1% compounded annual
growth rate.
Health conscious consumers are driving much of the growth
in demand for fresh produce. Over the past 20 years, the
benefits of natural, preservative-free foods have become an
increasingly prominent element of the public dialogue on
health and nutrition. As a result, consumption of fresh fruit
and vegetables has increased markedly. According to the
United States Department of Agriculture (“USDA”),
Americans consumed 54 more pounds of fresh fruit and veg-
etables per capita in 2000 than they did in 1986. Time-starved
consumers are also demonstrating continued demand for
convenient, ready-to-eat products. Food manufacturers have
responded with new product introductions and packaging
innovations in segments such as bagged baby carrots and
ready-to-eat salads, contributing to industry growth. For
example, the US market for fresh-cut produce has increased
from an estimated $3 billion in 1994 to an estimated $11
billion in 2000. According to the International Fresh-cut
Produce Association, growth in the fresh-cut produce market
is forecasted to continue at a compound annual rate of 6.4%,
reaching approximately $15 billion by 2005.
12
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Retail consolidation and the growing importance of food to
mass merchandisers are major factors affecting the food
manufacturing and fresh produce industries. As food retailers
have grown and expanded, they have sought to increase
profitability through value-added product offerings and in-
store services. As fresh produce has become a strategic focus,
retailers have expanded square footage dedicated to produce
departments by almost 7% per annum between 1994 and
1999. This development has led to an increase in produce
sales as a percentage of total supermarket sales, from 8.8% in
1987 to 9.8% in 2001, according to the Food Marketing
Institute. The fresh produce category is also attractive to
retailers due to its higher margins. According to the USDA’s
Agriculture Information Bulletin No. 758, gross margins for
the produce department were 33% compared to a 26%
average for the entire store in 1997. Fully-integrated produce
companies, such as Dole, are well positioned to meet the
needs of large retailers through the delivery of consistent,
high-quality produce, reliable service, competitive pricing
and innovative products. Established produce companies
have sought to strengthen relationships with leading retailers
through value-added services such as banana ripening and
distribution, category management, branding initiatives and
establishment of long-term supply agreements.
Competitive Strengths
Our competitive strengths have contributed to our strong
historical operating performance and should enable us to
capitalize on future growth opportunities:
• Market Share Leader. Our most significant products hold
the number one or number two positions in the respective
markets in which we compete. We maintain number one
market share positions in global bananas, winter fruits
exported from Chile, and in North American iceberg lettuce,
celery, cauliflower, ready-to-eat salads and packaged fruit
products, including our line of fruit cups called FRUIT
BOWLS® and FRUIT-N-GEL BOWLS™. In addition, we
believe that we are the only fully-integrated fresh-cut flower
and bouquet supplier of our size in North America.
• Strong Global Brand. Consumer and institutional recognition
of the DOLE trademark and related brands and the association
of these brands with high-quality food products contribute
significantly to our leading positions in each of the markets
that we serve. By implementing a global marketing program,
we have made the distinctive red “DOLE” letters and sun-
burst a familiar symbol of freshness and quality recognized
around the world. We believe that opportunities exist to
leverage the DOLE brand through product extensions and
new product introductions.
• Low-Cost Production Capabilities. We believe we are one of
the lowest-cost producers of many of our major product
lines, including bananas, North American fresh vegetables
and ready-to-eat salads and packaged fruit products. Over
the last several years, we have undertaken various initiatives
to achieve this low-cost position, including closing facilities,
centralizing our raw material purchasing and leveraging our
global logistics infrastructure more efficiently. We plan to
maintain these low-cost positions through a continued focus
on operating efficiency.
• State-of-the-Art Infrastructure. We have made significant
investments in our production, processing, transportation
and distribution infrastructure with the goal of efficiently
delivering the highest quality and freshest product to our
customers. We own or lease approximately 120,000 acres of
land worldwide, over 50 processing, ripening and distribution
centers, and the largest dedicated refrigerated containerized
shipping fleet in the world, comprising 21 ships and
approximately 10,800 refrigerated containers. The investments
in our infrastructure should allow for continued growth
without the need for sizable capital expenditures in the
near term. In addition, our market-leading logistics and
distribution capabilities allow us to act as a preferred fresh
and packaged food provider to leading global supermarkets
and mass merchandisers.
• Diversity of Sourcing Locations. Dole currently sources its
fresh fruits, vegetables and fresh-cut flowers in 28 countries
and distributes products in more than 90 countries. We are
not dependent on any one country for the sourcing of any of
our products. The largest concentration of production is in
Ecuador, where we sourced approximately one-third of our
Latin bananas in 2003. The diversity of our production
sources reduces our risk from exposure to natural disasters
and political disruptions in any one particular country.
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• Experienced Management Team. Our management team has
a demonstrated history of delivering strong operating results
through disciplined execution. The current management team
has been instrumental in our continuing drive to transform Dole
from a production driven company into a marketing driven one.
In addition, the management team led our recent company-wide
restructuring and improvement initiatives.
Business Segments
Dole has four primary business segments: fresh fruit, fresh
vegetables, packaged foods, and fresh-cut flowers. The fresh
fruit segment contains several operating units that
produce and market fresh fruit to wholesale, retail and
institutional customers worldwide. The fresh vegetables
segment contains several operating units that produce and
market commodity vegetables and ready-to-eat packaged
vegetables to wholesale, retail and institutional customers
primarily in North America, Europe and Asia. The packaged
foods segment contains several operating units that
produce and market packaged foods, including fruit, juices,
snack foods and frozen food. Our fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly
in Colombia and Ecuador, primarily to wholesale florists and
retail grocers in the United States.
Fresh Fruit
Our fresh fruit business segment has four primary operating
units: bananas, fresh pineapple, European Ripening &
Distribution and Dole Chile. We believe that we are the
industry leader in growing, sourcing, shipping and distributing
consistently high-quality fresh fruit.
Bananas
Dole is the world’s largest producer of bananas, growing and
selling more than 120 million boxes of bananas annually. We
sell most of our bananas under the DOLE brand. We primarily
sell bananas to customers in North America, Europe and Asia.
We are the number one brand of bananas in both North
America and Japan and the number two brand in Europe. In
Latin America, our bananas are primarily sourced in
Honduras, Costa Rica, Ecuador, Colombia, Guatemala and
Peru. Bananas produced by us in Latin America are shipped
primarily to North America and Europe on our refrigerated,
containerized shipping fleet. In Asia, we source our bananas
primarily in the Philippines.
Consistent with our strategy to focus on value-added
products, we have continued to expand our focus on higher
margin, niche bananas. While the traditional “green” bananas
still comprise the majority of our banana sales, we have
successfully introduced niche bananas such as organic, low
chemical and sweet bananas. We have found that organic
produce is a growing category in North America and Europe
and there is a strong demand for low chemical and sweet
bananas in Asia.
Fresh Pineapples
We are the number two global producer of fresh pineapples,
growing and selling more than 20 million boxes annually. We
sell our pineapples globally and source them from company-
operated farms and independent growers in Latin America,
Hawaii, the Philippines and Thailand. We produce and sell
two principal varieties of pineapples: the Champaka (or
green) pineapple and the sweet yellow pineapple. The
Champaka pineapple, traditionally the most widely available
type of pineapple, is primarily sold to the foodservice sector
and is also used in our packaged products. The sweet yellow
pineapple was introduced in 1999 under the DOLE
PREMIUM SELECT® label; we also market a substantial
portion of the fruit under the DOLE TROPICAL GOLD®
label. The sweet yellow pineapple sells for a higher price than
the Champaka, which translates into a higher margin for us
and our customers.
European Ripening & Distribution
Our European Ripening & Distribution business distributes
DOLE and non-DOLE branded fresh produce in Europe.
This business operates approximately 48 sales and distribution
centers in nine countries, predominantly in Western Europe.
This business assists us in firmly establishing customer
relationships in Europe. We own 60% of Scandinavia’s
leading importer and distributor of fruit, vegetables and
flowers, with imports from more than 60 countries.
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Dole Chile
We 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., peaches and plums)
and kiwifruit. The weather and geographic features of Chile
are similar to those of the Western United States, with
opposite seasons. Accordingly, Chile’s harvest is counter-
seasonal to that in the Northern Hemisphere, offsetting the
seasonality in our other fresh fruit. We primarily export
Chilean fruit to North America, Latin America and Europe.
Fresh Vegetables
Our fresh vegetables business segment operates two units:
commodity and value-added. We source our fresh vegetables
from company-owned and contracted farms. To satisfy the
increasing demand for our products, we have continued to
expand production and distribution capabilities of our fresh
vegetables segment. We have recently completed expansion
projects at our Springfield, Ohio and Yuma, Arizona ready-
to-eat salad and vegetable facilities.
Commodity Vegetables
We source, harvest, cool, distribute and market more than 20
different types of fresh vegetables, including iceberg lettuce,
red and green leaf lettuce, romaine lettuce, butter lettuce,
celery, cauliflower, broccoli, carrots, brussels sprouts, green
onions, asparagus, snow peas and artichokes. We sell our
commodity vegetable products primarily in North America,
Asia and, to a lesser extent, Western Europe. In North
America, we are the number one provider of lettuce, celery
and cauliflower.
Value-Added
Our value-added vegetable products include ready-to-eat
salads, bagged baby carrots, broccoli florets, and cauliflower
florets. In 2003, consumers purchased more of our ready-to-
eat salads than any other brand.
Packaged Foods
Our packaged food segment produces canned pineapple,
canned pineapple juice, fruit juice concentrate and fruit in
plastic cups and pouches. All of our significant packaged
food products hold the number one market position in
North America.
Our FRUIT BOWLS products were introduced in 1998 and
continue to exceed our volume and share expectations. The
trend towards convenience and healthy snacking has been
responsible for the explosive growth in the plastic fruit cup
category, which is now larger than the applesauce cup and
gelatin cup categories.
Dole recently completed the acquisition of J.R. Wood, Inc.,
a leading producer and marketer of branded, foodservice,
industrial and non-branded frozen food products.
Fresh-Cut Flowers
We entered the fresh-cut flowers business in 1998 and are
now the largest producer of fresh flowers in Latin America
with over 90% of our Latin American flowers shipped into
North America. Our products include over 800 varieties of
fresh-cut flowers such as roses, carnations and Alstroemeria.
We are the only flower importer with guaranteed daily
deliveries by air. Immediately after harvesting, our flowers
are flown to our Miami facilities where temperatures are
maintained at consistent levels in all warehouse and production
operations. Maintaining the cold chain enables us to deliver
the freshest and healthiest flowers to the market.
Global Logistics
We have significant owned and operated food sourcing and
related operations in Chile, Colombia, Costa Rica, Ecuador,
Guatemala, Honduras, Japan, the Philippines, Thailand and
the United States. We also source 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’s fresh fruit and packaged products are marketed in
Canada, Western Europe, Japan and the United States, with
lesser volumes marketed in Australia, China, Hong Kong,
New Zealand, South Korea, and certain other countries in
Asia, Eastern Europe, Scandinavia, the Middle East and
Central and South America.
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Research and Development
Our research and development programs concentrate on
sustaining the productivity of our agricultural lands, food
safety, product quality of existing products and the
development of new value-added products, as well as
agricultural research and packaging design. Agricultural
research is directed toward sustaining and improving
product yields and product quality by examining and
improving agricultural practices in all phases of production
(such as development of specifically adapted plant varieties,
land preparation, fertilization, cultural practices, pest and
disease control, post-harvesting, handling, packing and
shipping procedures), and includes on-site technical services
and the implementation and monitoring of recommended
agricultural practices. Research efforts are also directed towards
integrated pest management and biological pest control.
Specialized machinery is developed for various phases of agri-
cultural production and packaging that reduces labor costs,
improves productivity and efficiency and increases product
quality. Agricultural research is conducted at field facilities
primarily in California, Hawaii, Latin America and Asia. We also
sponsor research related to environmental improvements and
the protection of worker and community health.
Management
Below is a list of the names and brief employment history of
the officers and senior management of Dole as of July 29, 2004.
David H. Murdock, Chairman of the Board and Chief
Executive Officer. Mr. Murdock joined the Company as
Chairman of the Board and Chief Executive Officer in July
1985. He was also President from February to July 2004. He
has been Chairman of the Board, Chief Executive Officer and
Director of Castle & Cooke, Inc., a Hawaii corporation, since
October 1995 (indirectly wholly-owned by Mr. Murdock
since September 2000). Since June 1982, he has been
Chairman of the Board 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 developer
of the Sherwood Country Club in Ventura County,
California, and numerous other real estate developments, and
is the sole stockholder of numerous corporations engaged in
a variety of business ventures and in the manufacture of
industrial and building products.
Richard J. Dahl, President and Chief Operating Officer. Mr.
Dahl became Dole’s President and Chief Operating Officer in
July 2004. He was promoted to Senior Vice President and
Chief Financial Officer in July 2003 and became a director of
Dole in April 2003. Mr. Dahl joined Dole as Vice President
and Chief Financial Officer in June 2002, after serving as
President and Chief Operating Officer of Pacific Century
Financial Corporation and Bank of Hawaii. Prior to Pacific
Century, Mr. Dahl held various positions at Ernst & Young.
He holds a B.S. in Accounting from the University of Idaho
and is a Certified Public Accountant.
C. Michael Carter, Executive Vice President, General Counsel
and Corporate Secretary. Mr. Carter became Dole’s Executive
Vice President, General Counsel and Corporate Secretary in
July 2004. He was promoted to Senior Vice President,
General Counsel and Corporate Secretary in July 2003 and
became a director of Dole in April 2003. Mr. Carter joined
the Company in October 2000 as Vice President, General
Counsel and Corporate Secretary. Prior to his employment
by Dole, Mr. Carter had served as Executive Vice President,
General Counsel and Corporate Secretary of Pinkerton’s
Inc. Prior to Pinkerton’s, Inc., Mr. Carter held positions
at Concurrent Computer Corporation, Nabisco Group
Holdings, The Singer Company and the law firm of Winthrop,
Stimson, Putnam and Roberts. He holds a B.S. from the
University of California at Berkeley and a J.D. from George
Washington University.
Scott A. Griswold, Executive Vice President, Corporate
Development. Mr. Griswold was promoted to Executive Vice
President, Corporate Development, in July 2004. He became
Dole’s Vice President, Acquisitions and Investments, in July
2003 and joined Dole’s Board of Directors in April 2003. Mr.
Griswold has been Executive Vice President of Finance of
Castle & Cooke, Inc., which is indirectly wholly-owned by
Mr. Murdock, since 2000. Since 1987, he has served as an
officer and/or director of various companies held by Mr.
Murdock. Mr. Griswold holds a B.A. from Luther College.
Roberta Wieman, Executive Vice President, Chief of Staff.
Ms. Wieman became Dole’s Executive Vice President, Chief
of Staff in July 2004 and joined Dole’s Board of Directors in
April 2003. She joined the Company in November 1991 as
Executive Assistant to the Chairman of the Board and Chief
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Executive Officer and was promoted to Vice President in
February 1995. She has also served as an officer and/or
director of various companies held by Mr. Murdock.
Sue Hagen, Senior Vice President, Human Resources. Ms.
Hagen became Dole’s Senior Vice President, Human
Resources, in July 2004. She was promoted to Vice President,
Human Resources, in April 2003. She was Vice President,
Human Resources, North America Operations, from January
2000 to March 2003. Ms. Hagen joined the Company in June
1986. She holds a B.S. from the University of Redlands and an
M.B.A. from the University of Southern California.
Javier H. Idrovo, Senior Vice President, Strategy. Mr. Idrovo
became Dole’s Senior Vice President, Strategy, in July 2004. He
joined the Company in 2001 as Vice President, Strategy. He
previously worked as a Manager for Boston Consulting Group.
Mr. Idrovo holds a B.S. and M.S. in Engineering from Harvey
Mudd College, and an M.B.A. from Harvard Business School.
Jeffrey B. Conner, Vice President, Associate General Counsel
and Assistant Secretary. Mr. Conner became Dole’s Vice
President, Associate General Counsel and Assistant Secretary
in July 2003. He joined Dole in January 2001 as Associate
General Counsel. Mr. Conner also serves as Division General
Counsel for Dole’s Worldwide Vegetable Division. Prior to
joining Dole, he practiced law at the law firm of Gibson,
Dunn & Crutcher. Mr. Conner holds a B.A. from the
University of California, Los Angeles, a Ph.D. in Economics
from Harvard University and J.D. from Harvard University.
Yoon J. Hugh, Vice President, Corporate Controller and Chief
Accounting Officer. Ms. Hugh joined the Company in
December 2001 as Assistant Corporate Controller and was
promoted to Corporate Controller and Chief Accounting
Officer in October 2002 and to Vice President, Corporate
Controller and Chief Accounting Officer in July 2003. Prior to
joining Dole, she was with PricewaterhouseCoopers LLP for
approximately 10 years. Ms. Hugh holds a B.A. in Business/
Economics from the University of California, Los Angeles.
Beth Potillo, Vice President and Treasurer. Ms. Potillo became
Vice President and Treasurer of Dole in July 2003. She
joined the Company in 1986. She was Manager of Financial
Planning from January 1995 to July 1995. She held the
position of Manager of Corporate Finance from July 1995 to
July 1997. She became Assistant Treasurer of Dole in July
1997, and Treasurer of Dole in November 1998. Ms. Potillo
holds a B.M. from Southern Illinois University and an
M.B.A. from the University of California, Los Angeles.
Joseph S. Tesoriero, Vice President and Chief Financial
Officer. Mr. Tesoriero became Dole’s Vice President and Chief
Financial Officer in July 2004. He joined the Company in
October 2002 as Vice President, Taxes. From July 1998 to
September 2002, Mr. Tesoriero was Senior Vice President of Tax
with Global Crossing Services Company, Inc. Prior to Global
Crossing, he held various tax-related positions with The
Coleman Company, Inc., Revlon, Inc., International Business
Machines and Deloitte Haskins & Sells. Mr. Tesoriero holds a
B.S. in Accounting from Villanova University, a J.D. from New
York Law School and an LL.M. in Tax from Boston University
School of Law.
Jonathan Y. Bass, Vice President and General Manager,
Chilean Division. Mr. Bass joined the Company in 1977 as
Manager of Financial Analysis in the Costa Rican banana
division. He held various financial and operational positions
in the Latin American banana organization and was
ultimately promoted to Vice President for Banana
Production. Mr. Bass was appointed Vice President and
General Manager of the Chilean Division in 1989. He holds
a B.S. from the University of North Carolina and an M.B.A.
from the University of Hawaii.
Michael J. Cavallero, President, North America Tropical
Fresh Fruit. Mr. Cavallero joined the Company in 1974 as a
technical service representative with the Fresh Marketing
organization where he held various positions before transferring
to Fresh Vegetables in 1986 as Vice President, Sales. In 1992,
he was promoted to Vice President, Sales and Marketing,
North America. He was promoted to President, North
America Tropical Fresh Fruit in March 2001. Mr. Cavallero
holds a B.A. from San Francisco State University.
William F. Feeney, President, Dole Europe. Mr. Feeney joined
the Company in 1981 as Vice President and General Manager
of Chile. He became President and Managing Director of
Dole Europe in 1990 with the creation of a European head-
quarters, which has been in Paris since 1993. Mr. Feeney
holds a B.S. from the U.S. Naval Academy and an M.B.A.
from Columbia University.
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Richard A. Harrah, President, Dole Latin America.
Mr. Harrah joined the Company in 2000 as Vice President of
Operations for Dole Fresh Flowers, and was appointed
President of Dole Latin America in July 2001. He previously
worked for Noboa Corporation as Chief Financial Officer
and as Chief Operating Officer. Prior to Noboa, Mr. Harrah
also held positions with Geest and Del Monte Fresh Produce.
Mr. Harrah holds a B.A. from the University of Redlands and
an M.B.A. from the University of Southern California.
Peter M. Nolan, President, Worldwide Packaged Foods.
Mr. Nolan joined the Company in 1992 as Senior Vice
President, Sales and Marketing for North America and
became President of Packaged Foods in 1995. He was
promoted to President, North America Operations in 2000,
and was subsequently promoted to President, Worldwide
Packaged Foods. Mr. Nolan previously worked for Van De
Kamp’s Frozen Foods and Vlasic Foods, as well as Sanwa
Food. He holds a B.S. from Boston University.
James Prideaux, President, Dole Asia. Mr. Prideaux joined the
Company as Chief Financial Officer of Dole Asia in July 2000.
He became acting President in June 2003 and was named
President in February 2004. Prior to joining Dole, Mr. Prideaux
held various financial positions with Atlantic Richfield
Company (ARCO). He holds a B.B.A. from Birmingham
University, England, and is a Chartered Accountant.
John T. Schouten, President, Dole Fresh Flowers.
Mr. Schouten joined the Company in 1985 and held various
positions in the sales and production organizations of Dole
Fresh Vegetables. He was promoted to Senior Vice President
and General Manager, Commodity Operations in 2000, and
was promoted to President, Dole Fresh 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 and returned
in 1998 as Vice President of Manufacturing, Dole Fresh
Vegetables. He most recently was Senior Vice President of
Operations at Dole Fresh Vegetables, and was promoted to
President, Worldwide Vegetables in March 2001. Mr.
Schwartz holds a B.S. from Pennsylvania State University.
Disclosure Regarding Forward-Looking Statements
(Cautionary Statements Under the Private Securities
Litigation Reform Act of 1995)
Some of the information included in this Annual Report and
other materials filed or to be filed by us with the Securities
and Exchange Commission (as well as information included
in oral statements or other written statements made or to be
made by us or our representatives) contains or may contain
forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”).
These statements can be identified by the fact that they do
not relate strictly to historical or current facts and may
include the words “may,” “could,” “should,” “would,”
“believe,”“expect,”“anticipate,”“estimate,”“intend,”“plan” or
other words or expressions of similar meaning. We have
based these forward-looking statements on our current
expectations about future events. The forward-looking
statements include statements that reflect management’s
beliefs, plans, objectives, goals, expectations, anticipations and
intentions with respect to our financial condition, results
of operations, future performance and business, including
statements relating to our business strategy and our current and
future development plans.
Our website address is www.dole.com. For detailed financial
information with respect to Dole’s business and its operations,
see Dole’s Consolidated Financial Statements and the related
Notes to Consolidated Financial Statements, which are
included in Dole’s Form 10-K.
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Dole Food Company, Inc. Operating Division Officers (Seated, right to left): David H. Murdock, Jonathan Y. Bass, Michael J. Cavallero(Standing, right to left): James Prideaux, William F. Feeney, Peter M. Nolan, Richard A. Harrah, Eric M. Schwartz
Dole Food Company, Inc. Officers and Operating Division Officers
Dole Food Company, Inc. Officers(Seated, right to left): David H. Murdock, Sue Hagen, Javier H. Idrovo(Standing, right to left): C. Michael Carter, Beth Potillo, Richard J. Dahl, Roberta Wieman, Scott A. Griswold, Yoon J. Hugh(Not pictured): Jeffrey B. Conner, Joseph S. Tesoriero
19
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Directors
David H. MurdockChairman of the Board and Chief Executive OfficerDole Food Company, Inc.
C. Michael CarterExecutive Vice President, GeneralCounsel and Corporate SecretaryDole Food Company, Inc.
Andrew J. Conrad, Ph.D.Co-founder and Chief Scientific OfficerNational Genetics Institute
Richard J. DahlPresident and Chief Operating OfficerDole Food Company, Inc.
David A. DeLorenzoFormer Vice Chairman,President and Chief Operating OfficerDole Food Company, Inc.
Richard M. FerryFounder ChairmanKorn/Ferry International(international executive search firm)
Scott A. GriswoldExecutive Vice President,Corporate DevelopmentDole Food Company, Inc.Executive Vice President, FinanceCastle & Cooke, Inc.
David H. Murdock, Jr.Chief Executive Officer and PresidentJEDCO (home builder)Vice President of DevelopmentCastle & Cooke, Inc.
Justin M. MurdockVice President of InvestmentsCastle & Cooke, Inc.
Edward C. RoohanPresident and Chief Operating OfficerCastle & Cooke, Inc.
Roberta WiemanExecutive Vice President, Chief of StaffDole Food Company, Inc.Executive Vice President and Corporate Secretary Castle & Cooke, Inc.
Officers
David H. MurdockChairman of the Boardand Chief Executive Officer
Richard J. DahlPresident and Chief Operating Officer
C. Michael CarterExecutive Vice President, GeneralCounsel and Corporate Secretary
Scott A. GriswoldExecutive Vice President,Corporate Development
Roberta WiemanExecutive Vice President, Chief of Staff
Sue HagenSenior Vice President,Human Resources
Javier H. IdrovoSenior Vice President, Strategy
Jeffrey B. ConnerVice President, Associate GeneralCounsel and Assistant CorporateSecretary
Yoon J. HughVice President, Controller andChief Accounting Officer
Beth PotilloVice President and Treasurer
Joseph S. TesorieroVice President and Chief Financial Officer
Operating Division Officers
James PrideauxPresident, Dole Asia
William F. FeeneyPresident, Dole Europe
Richard A. HarrahPresident, Dole Latin America
Peter M. NolanPresident, Dole WorldwidePackaged Foods
Eric M. SchwartzPresident, Dole WorldwideFresh Vegetables
John T. SchoutenPresident, Dole Fresh Flowers
Michael J. CavalleroPresident, Dole North AmericaTropical Fresh Fruit
Jonathan Y. BassVice President and General Manager,Dole Chile
Dole Food Company, Inc. Directors, Officers and Operating Division Officers
20
DOLE Fresh-Cut Fruit Mix is an integral offering in Dole’s
new fresh-cut fruit line. Combining everyday favorites such as
cantaloupe, honeydew and grapes, DOLE Fresh-Cut Fruit
Mix brings consumers the refreshing fruits they love in the
convenient formats their busy lives demand. Available in 12
oz. and 24 oz. fully recyclable, clear plastic containers. Also available are fresh-cut can-
teloupe, watermelon, honeydew, melon mix, pineapple rings, pineapple chunks, and
cored and peeled pineapple.
DOLE® Fresh-Cut Fruit Mix
R4_Dole AR03.080604.final 08/25/04 6:35 PM Page 23
The Company
Founded in Hawaii in 1851, Dole Food Company, Inc. isthe largest producer and marketer of high-quality freshfruit, fresh vegetables and fresh-cut flowers, markets a growing line of packaged and frozen foods, and is a produceindustry leader in nutrition education and research. TheCompany does business in more than 90 countries and employs approximately 59,000 people in full-time permanent or full-time seasonal or temporary positions.
Corporate Headquarters
One Dole DriveWestlake Village, CA 91362818-879-6600
Auditors
Deloitte & Touche LLP350 South Grand AvenueLos Angeles, CA 90071
Investment Community Inquiries
Members 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 Inquiries
For other 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]
Internet Addresses
http://www.dole.com http://www.dole5aday.comhttp://www.dolenutritioninstitute.com
Company Information
David H. Murdock accepts congratulations from CaliforniaGovernor Arnold Schwarzenegger at the groundbreaking ceremonyfor the Dole Wellness Center, Spa and Hotel held March 12, 2004.
• Orange carrots have been grown in the
United States since colonial times. Raw carrots
are an excellent source of beta-carotene,
which is converted into vitamin A, and are a
good source of fiber.
• Grapefruit may have originated in China 4,000 years ago.
Grapefruit is high in vitamin C and contains antioxidants that
may help prevent certain forms of cancer.
Did you know?
Dole Food Company, Inc.www.dole.com www.dole5aday.com www.dolenutritioninstitute.com
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