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 27, 1995
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 April
27, 1995, attached as Exhibit 7(c)99.1, reporting its results for
the quarter ended March 31, 1995. This current report is being
filed for the purpose of incorporating the information contained
herein by reference into the Company's Registration Statement No.
33-58705 filed on behalf of a selling shareholder.
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 27,
1995.
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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: April 27, 1995 CHIQUITA BRANDS INTERNATIONAL,
INC.
By /S/ William A. Tsacalis
Vice President and
Controller
Exhibit
7(c)99.1
CHIQUITA BRANDS INTERNATIONAL
NEWS RELEASE
CHIQUITA ANNOUNCES FIRST QUARTER EARNINGS AND
DECLARES QUARTERLY DIVIDENDS
CINCINNATI, OHIO, April 27, 1995 -- Chiquita Brands
International, Inc. today reported net income of $37.6 million
($.62 per share) for the quarter ended March 31, 1995. For the
1994 first quarter, the Company reported income of $35.5 million
($.62 per share) before an extraordinary loss on prepayment of debt
of $22.8 million ($.40 per share). Net income for the first
quarter of 1994 was $12.7 million ($.22 per share).
Net sales for the 1995 quarter decreased to $1,028 million
from $1,056 million in 1994 as a result of the sale of the
Company's specialty meat operations during the prior year's first
quarter. Operating income for the quarter was $80.4 million in
1995 and $82.0 million in 1994, with lower earnings from the sale
of bananas partially offset by improved earnings from other food
products within Chiquita's core businesses. Although improved,
results for the Company's Meat Division held for sale were not
significant in either the 1995 or 1994 first quarter.
Net income for the 1995 quarter includes a decrease in net
interest expense resulting from debt refinancing and reduction
activities since the beginning of 1994.
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. The Company also declared a quarterly
dividend of $.33 per share on its $1.32 Depositary Shares payable
in the form of .0244 share of Chiquita common stock as permitted by
the terms of the Depositary Shares. Each dividend is payable June
7, 1995 to shareholders of record at the close of business on May
21, 1995.
Chiquita is a leading international marketer, processor and
producer of quality food products.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Joseph W. Hagin (513) 784-8866
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CHIQUITA BRANDS INTERNATIONAL, INC.
SUMMARY OF CONSOLIDATED OPERATIONS
FOR THE QUARTER ENDED MARCH 31, 1995 AND 1994
(In thousands, except for per share amounts)
Quarter Ended
March 31,
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1995 1994
Net sales $1,028,363 $1,056,247
Operating income $ 80,427 $ 81,985
Income before income taxes and
extraordinary item $ 45,928 $ 43,534
Income before extraordinary item $ 37,628 $ 35,534
Extraordinary loss from
prepayment of debt $ -- $
(22,840)
Net income $ 37,628 $ 12,694
Fully diluted earnings (loss)
per share:
- Income before
extraordinary item $ .62 $ .62
- Extraordinary item -- (.40)
- Net income .62 .22
Weighted average number of
common shares and equivalents
outstanding 61,083 57,301
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Quarterly results are subject to significant seasonal variations
and are not necessarily indicative of the results of operations for
a full fiscal year.
