-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UrV/UCUUJtr622u/RCZ1du86jltFZHQ0SxMqwTcC4q/Kec0ATUEzw7IEsxCtwpIz 2lLx+F0zk77GV/M6uqUeQg== 0000101063-96-000025.txt : 19960501 0000101063-96-000025.hdr.sgml : 19960501 ACCESSION NUMBER: 0000101063-96-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960430 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960430 SROS: BSE SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHIQUITA BRANDS INTERNATIONAL INC CENTRAL INDEX KEY: 0000101063 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] IRS NUMBER: 041923360 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01550 FILM NUMBER: 96553905 BUSINESS ADDRESS: STREET 1: 250 E FIFTH ST CITY: CINCINNATI STATE: OH ZIP: 45202 BUSINESS PHONE: 5137848011 FORMER COMPANY: FORMER CONFORMED NAME: UNITED BRANDS CO DATE OF NAME CHANGE: 19900403 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): April 30, 1996 CHIQUITA BRANDS INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) New Jersey 1-1550 04-1923360 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 250 East Fifth Street, Cincinnati, Ohio 45202 (Address of principal executive offices) Registrant's telephone number, including area code: (513) 784-8000 INFORMATION TO BE INCLUDED IN THE REPORT Items 1, 2, 3, 4, 6 and 8 are not applicable and are omitted from this Report. Item 5. Other Events. The Company is making this filing in order to place the information contained herein on file with the Securities and Exchange Commission under the Securities Exchange Act of 1934. Reference is made to the Company's April 30, 1996 News Release reporting operating results for the quarter ended March 31, 1996, attached as Exhibit 7(c)99.1. Item 7. Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired. Not Applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibits 99.1 News Release of the Company issued April 30, 1996. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 30, 1996 CHIQUITA BRANDS INTERNATIONAL, INC. By /s/ William A. Tsacalis William A. Tsacalis Vice President and Controller EX-99 2 NEWS RELEASE Exhibit 7(c) 99.1 Chiquita Brands International, Inc. - News Release FOR IMMEDIATE RELEASE CHIQUITA ANNOUNCES FIRST QUARTER EARNINGS AND DECLARES QUARTERLY DIVIDENDS CINCINNATI, OHIO, April 30, 1996 -- Chiquita Brands International, Inc. today reported earnings for its first quarter ended March 31, 1996. Chiquita's income from continuing operations before flood related write-downs and costs was $36.2 million, or $.57 per share, compared to $33.6 million, or $.55 per share, in the first quarter of 1995. Industry-wide flooding in Costa Rica caused damage to the Company's banana producing assets and resulted in charges of $12 million, or $.19 per share, in the first quarter of 1996. Net income for the quarter was $24.2 million, or $.38 per share. In the first quarter of 1995, earnings of $.07 per share from Chiquita's discontinued meat business were included in reported net income of $37.6 million, or $.62 per share. Net sales for the 1996 quarter decreased to $625 million from $674 million in the prior year primarily as a result of the sale of the Costa Rican operations of the Company's Numar edible oils group and other non-core operations in 1995. The elimination of earnings from these divested operations was offset by reduced net interest expense resulting from sales of non-core assets as well as the Company's refinancing and deleveraging program. Banana operating results, excluding the flood related write- downs and costs, were comparable to the prior year. The effect of lower prices in the European Union ("EU") and higher costs caused by the banana Framework Agreement, which was not fully implemented until the second quarter of 1995, was offset by benefits from the Company's overall cost reduction program. The lower EU pricing resulted primarily from the carryover into early 1996 of the overissuance of special import licenses to European-based banana companies under the pretext of relief for hurricane damage sustained in the Caribbean in 1995. Separately, the Company declared quarterly cash dividends of $.05 per share on its common stock and $.7188 per share on its Series A Preferred Stock. Each dividend is payable June 7, 1996 to shareholders of record at the close of business on May 21, 1996. Chiquita is a leading international marketer, processor and producer of quality food products. FOR FURTHER INFORMATION, PLEASE CONTACT: Joseph W. Hagin (513) 784-8866
CHIQUITA BRANDS INTERNATIONAL, INC. SUMMARY OF CONSOLIDATED OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1996 AND 1995 (In thousands, except for per share amounts) Quarter Ended March 31, -------------------------- 1996 1995 ------------ ----------- Net sales $ 624,806 $ 674,269 Income from continuing operations ============ =========== before unusual item $ 36,228 $ 33,599 Write-downs and costs associated with Costa Rica flood (12,000) -- ------------ ----------- Income from continuing operations 24,228 33,599 Discontinued operations -- 4,029 ------------ ----------- Net income $ 24,228 $ 37,628 ============ =========== Fully diluted earnings per share: - Before unusual item $ .57 $ .55 - Unusual item (.19) -- - Continuing operations .38 .55 - Discontinued operations -- .07 - Net income .38 .62 Weighted average number of common shares and equivalents 63,829 61,083
Quarterly results are subject to significant seasonal variations and are not necessarily indicative of the results of operations for a full fiscal year. -----END PRIVACY-ENHANCED MESSAGE-----