-----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, Mss/CkPxH2whQ8/8po6H8gxsFIzhJ6Tz3+5v45WbWgwRmNQbduusFD3Wt2bWOGJ/ N8SSkLi80FkWjNEQYrtrcw== 0000101063-98-000025.txt : 19980218 0000101063-98-000025.hdr.sgml : 19980218 ACCESSION NUMBER: 0000101063-98-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980211 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980213 SROS: BSE SROS: NYSE SROS: PCX 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: SEC FILE NUMBER: 001-01550 FILM NUMBER: 98538193 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): February 11, 1998 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, 8 and 9 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 February 11, 1998 News Release reporting 1997 financial results, 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 February 11, 1998. 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: February 12, 1998 CHIQUITA BRANDS INTERNATIONAL, INC. By: /s/William A. Tsacalis ---------------------- William A. Tsacalis Vice President and Controller Exhibit 99.1 FOR IMMEDIATE RELEASE CHIQUITA ANNOUNCES 1997 RESULTS CINCINNATI, OHIO, February 11, 1998 --Chiquita Brands International, Inc. today reported 1997 operating results that were in line with previously announced expectations. Net income for the year ended December 31, 1997 was $.3 million and the per share result for the year was a loss of $.29 after deducting preferred dividends. For 1996, Chiquita reported full year income before unusual items of $43 million ($.55 per share) and a net loss of approximately $50 million ($1.13 per share). The 1996 net loss included an extraordinary charge from debt retirements of $23 million ($.41 per share) and other unusual charges of $70 million ($1.27 per share) primarily from write-offs and additional costs from widespread flooding of banana production areas. Operating results for 1997 were adversely affected by a stronger dollar in relation to major European currencies (mitigated in part by the Company's foreign currency hedging program) and by increased banana production costs resulting primarily from the widespread flooding in 1996. These factors more than offset the benefit of higher local European pricing during the second half of the year. Net sales were $2.4 billion in both years. Net interest expense in 1997 was reduced by $10 million compared to the prior year as a result of the Company's debt reduction and refinancing activities. For its 1997 fourth quarter, Chiquita's net loss was $56 million ($1.01 per share). In 1996, the Company reported a fourth quarter net loss of $87 million ($1.65 per share) which included unusual charges and additional costs primarily from flooding of $58 million ($1.05 per share). Excluding these unusual charges and costs, Chiquita's 1996 fourth quarter loss was $29 million ($.60 per share). Net sales for the 1997 quarter were $600 million compared to $555 million in 1996. Separately, the Company declared quarterly dividends of $.05 per share on its common stock, $.7188 per share on its Series A Preferred Stock and $.9375 per share on its Series B Preferred Stock. Each dividend is payable as of March 7, 1998 to shareholders of record at the close of business on February 21, 1998. Chiquita is a leading international marketer, producer and distributor of bananas and other quality fresh and processed food products. FOR FURTHER INFORMATION, PLEASE CONTACT: Joseph W. Hagin (513) 784-8866 CHIQUITA BRANDS INTERNATIONAL, INC. SUMMARY OF CONSOLIDATED OPERATIONS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 1997 AND 1996 (In thousands, except per share amounts)
Quarter Ended Year Ended December 31, December 31, 1997 1996 1997 1996 ---- ---- ---- ---- Net sales $ 599,822 $ 555,163 $2,433,726 $2,435,248 ========= ========= ========== ========== Income (loss) before unusual items $ (56,019) $ (29,160) $343 $42,572 Unusual items -- (58,300) -- (70,300) --------- --------- ---------- ---------- Income (loss) before extraordinary item (56,019) (87,460) 343 (27,728) Extraordinary loss from debt refinancings -- -- -- (22,838) --------- --------- ---------- ---------- Net income (loss) $ (56,019) $ (87,460) $343 $ (50,566) ========= ========= ========== ========== Less: dividends on preferred stock (4,277) (4,223) (16,949) (11,955) --------- --------- ---------- ---------- Net loss on common shares $ (60,296) $ (91,683) $ (16,606) $ (62,521) ========= ========= ========== ========== Diluted earnings (loss) per share: - Before unusual items $ (1.01) $ (.60) $ (.29) $ .55 - Unusual items -- (1.05) -- (1.27) - Extraordinary loss -- -- -- (.41) - Net loss (1.01) (1.65) (.29) (1.13) Shares used to calculate diluted earnings (loss) per common share 59,741 55,448 57,025 55,195
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-----