Chiquita Brands International, Inc. yesterday reported second quarter 2001 earnings before interest, taxes, depreciation and amortization (EBITDA) of $47 million compared to $69 million for the second quarter of 2000. Second quarter earnings before interest and taxes were $24 million in 2001 and $44 million in 2000. The Company reported an after-tax loss of $9 million ($.16 per share) before $2 million ($.03 per share) of parent company debt restructuring costs in the current quarter. In the second quarter of 2000, earnings were $11 million ($.10 per share) before an extraordinary gain of $2 million ($.03 per share) from debt prepayments.

Fresh Produce earnings in the second quarter of 2001 continued to be negatively affected by weak European currencies in relation to the U.S. dollar. If the Euro remains relatively stable, foreign exchange will have less of an impact in year-on-year comparisons of second half operating results than in the first half of 2001. In addition, Chiquita incurred higher production and related logistics costs caused by weather-related declines in short-term productivity. These effects were partially offset by higher local currency banana pricing and volume in core European markets.

Processed Foods operating results also declined during the second quarter of 2001 primarily due to lower pricing for canned vegetables. The lower pricing was consistent with the objective of reducing inventory levels of canned vegetables.

Net sales for the second quarter of 2001, excluding the effects of prior year divestitures, increased slightly from the 2000 second quarter.

Chiquita is a leading international marketer, producer and distributor of quality fresh fruits and vegetables and processed foods.

This press release contains certain statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of assumptions, risks and uncertainties, including the implementation of the announced U.S. – EU agreement regarding the EU’s banana import regime, the Company’s ability to reach agreement with holders of the parent company’s debt regarding a restructuring of such debt, the terms of any such restructuring, prices at which Chiquita can sell its products, the costs at which it can purchase or grow (and availability of) fresh produce and other raw materials, currency exchange rate fluctuations, natural disasters and unusual weather conditions, operating efficiencies, labor relations, actions of governmental bodies, and other market and competitive conditions, many of which are beyond the control of Chiquita. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the Company undertakes no obligation to update any such statements. 

                      CHIQUITA BRANDS INTERNATIONAL, INC.    PRELIMINARY

                  CONSOLIDATED INCOME STATEMENT INFORMATION

         FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 2001 AND 2000

                   (In millions, except per share amounts)

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Quarter Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000

EBITDA before unusual items $46.8 $68.7 $107.5 $160.8
Depreciation and amortization 22.4 24.6 44.7 48.9
EBIT 24.4 44.1 62.8 111.9

Income (loss) before
unusual items (9.0) 11.0 (3.8) 45.9
Debt restructuring costs (2.0) – (3.1) –
Extraordinary gain – 1.8 – 1.8

Net income (loss) (11.0) 12.8 (6.9) 47.7
Diluted earnings per share
Before unusual items $(0.16) $0.10 $(0.15) $0.56
Debt restructuring costs (0.03) – (0.04) –
Extraordinary gain – 0.03 – 0.02
Net income (loss) (0.19) 0.13 (0.19) 0.58
Shares used to calculate
diluted earnings per share 73.3 66.5 71.1 81.9

Net sales $595.4 $601.5 $1,172.7 $1,259.5
Operating expenses
Cost of sales 488.5 462.3 950.9 960.3
Selling, general
and administrative 61.8 72.1 117.6 141.8
Depreciation 20.8 23.0 41.6 45.6
Total 571.1 557.4 1,110.1 1,147.7

Operating income 24.3 44.1 62.6 111.8

Interest income 2.1 2.8 5.2 5.9
Interest expense (32.0) (32.0) (64.8) (63.9)
Other income (expense), net (1.9) 0.1 (2.9) 0.1

Income (loss) before income
taxes and extraordinary item (7.5) 15.0 0.1 53.9
Income taxes (3.5) (4.0) (7.0) (8.0)

Income (loss) before
extraordinary item (11.0) 11.0 (6.9) 45.9
Extraordinary gain from debt
prepayments – 1.8 – 1.8

Net income (loss) $(11.0) $12.8 $(6.9) $47.7

Quarterly results are subject to significant seasonal variations and are not necessarily indicative of the results of operations for a full fiscal year.






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