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): October 10, 1994
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) 784-8011
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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.
Reference is made to the Company's News Release issued October
10, 1994, attached as Exhibit 7(c)1., relating to unusual charges
and non-recurring losses expected for the third quarter.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
1. News Release of the Company issued October 10,
1994.
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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: October 11, 1994 CHIQUITA BRANDS INTERNATIONAL, INC.
By /s/ William A. Tsacalis
William A. Tsacalis
Vice President and Controller
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Exhibit 7(c)1.
FOR IMMEDIATE RELEASE
CHIQUITA EXPECTS UNUSUAL CHARGES AND NON-RECURRING
LOSSES FOR THIRD QUARTER
CINCINNATI, OHIO, October 10, 1994 -- Chiquita Brands
International, Inc. announced today that its results for the
quarter ended September 30, 1994 will include unusual charges and
non-recurring losses totaling approximately $50 million ($1.00 per
share). Aside from these items, Chiquita expects to report a loss
for the third quarter during this seasonally low period for
worldwide banana pricing.
The unusual charges and non-recurring losses primarily result
from:
. the shutdown of over 1,200 hectares of low productivity
Honduran banana farms following an unusually severe strike
and, at its remaining Honduran farms, the chopback of
cultivations weakened during the strike. The Company
undertook these extraordinary measures to optimize the future
economic yield and quality of its Honduran banana production.
Chiquita expects to recommence banana exports from its
Honduran farms around year-end.
. the substantial reduction of the Company's Japanese "green"
banana trading operations. Poor local market conditions, and
the desire to eliminate related losses, contributed to the
Company's decision to significantly scale back this portion of
its business.
Chiquita indicated that it will remain active in the Japanese
banana market primarily through its existing banana ripening
operations and value-added distribution network.
Final results for the third quarter are expected to be reported on
or about November 1, 1994.
Chiquita is a leading international marketer, processor and
producer of quality fresh and prepared food products.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Joseph W. Hagin (513) 784-8866
