Total Produce Plc Dole 2018 Quarter 3 Update (6863H)
November 19 2018 - 2:00AM
UK Regulatory
TIDMTOT
RNS Number : 6863H
Total Produce Plc
19 November 2018
Total Produce plc
Stock Exchange Announcement
Dole 2018 Quarter 3 Update
Total Produce, the leading fresh produce company, completed the
acquisition of 45% of the issued share capital of Dole Food Company
(Dole) on 31 July 2018.
Dole has recently finalised its results for the Q3 period ending
6 October 2018, prepared under US GAAP. The S-1 adjusted EBITDA is
US$45.4m compared to US$50.1m for the same period in 2017
reflecting a US$7.4m EBITDA reduction in Fresh Vegetables.
In addition, during the Third quarter of 2018, Dole sold its
corporate headquarters for US$50.0m and recognised a net gain of
US$7.3m, which is not included in the above adjusted EBITDA.
Dole Fresh Fruit has performed strongly. Dole Fresh Vegetables
has been affected by an industry-wide safety notice, not directly
linked to Dole, and an oversupply resulting in lower pricing. As
previously announced, this also reduced Dole's first-half EBITDA by
c.US$30m, prior to the investment by Total Produce.
19(th) November 2018
For further information, please contact:
Brian Bell or Peter O'Brien, Wilson Hartnell PR
Tel: +353-1-669 0030
Any forward-looking statements made in this IMS have been made
in good faith based on the information available as of the date of
the press release and are not guarantees of future performance.
Actual results or developments may differ materially from the
expectations expressed or implied in this press release, and the
Company undertakes no obligation to update any such statements
whether as a result of new information, future events, or
otherwise. Total Produce's Annual Report and the Dole S-1 document
contain and identify important factors that could cause these
developments or the Company's actual results to differ materially
from those expressed or implied in these forward-looking
statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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