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 30, 1996
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
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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.
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 April 30, 1996 News Release
reporting operating results for the quarter ended March 31,
1996, 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 April 30,
1996.
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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 30, 1996 CHIQUITA BRANDS INTERNATIONAL, INC.
By /s/ William A. Tsacalis
William A. Tsacalis
Vice President and Controller
Exhibit 7(c) 99.1
Chiquita Brands International, Inc. - News Release
FOR IMMEDIATE RELEASE
CHIQUITA ANNOUNCES FIRST QUARTER EARNINGS
AND DECLARES QUARTERLY DIVIDENDS
CINCINNATI, OHIO, April 30, 1996 -- Chiquita Brands
International, Inc. today reported earnings for its first
quarter ended March 31, 1996. Chiquita's income from
continuing operations before flood related write-downs and
costs was $36.2 million, or $.57 per share, compared to $33.6
million, or $.55 per share, in the first quarter of 1995.
Industry-wide flooding in Costa Rica caused damage to the
Company's banana producing assets and resulted in charges of
$12 million, or $.19 per share, in the first quarter of 1996.
Net income for the quarter was $24.2 million, or $.38 per
share.
In the first quarter of 1995, earnings of $.07 per share from
Chiquita's discontinued meat business were included in
reported net income of $37.6 million, or $.62 per share.
Net sales for the 1996 quarter decreased to $625 million from
$674 million in the prior year primarily as a result of the
sale of the Costa Rican operations of the Company's Numar
edible oils group and other non-core operations in 1995. The
elimination of earnings from these divested operations was
offset by reduced net interest expense resulting from sales of
non-core assets as well as the Company's refinancing and
deleveraging program.
Banana operating results, excluding the flood related write-
downs and costs, were comparable to the prior year. The
effect of lower prices in the European Union ("EU") and higher
costs caused by the banana Framework Agreement, which was not
fully implemented until the second quarter of 1995, was offset
by benefits from the Company's overall cost reduction program.
The lower EU pricing resulted primarily from the carryover
into early 1996 of the overissuance of special import licenses
to European-based banana companies under the pretext of relief
for hurricane damage sustained in the Caribbean in 1995.
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. Each dividend is payable June 7,
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1996 to shareholders of record at the close of business on May
21, 1996.
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, 1996 AND 1995
(In thousands, except for per share amounts)
Quarter Ended
March 31,
--------------------------
<S> <C> <C>
1996 1995
------------ -----------
Net sales $ 624,806 $ 674,269
Income from continuing operations ============ ===========
before unusual item $ 36,228 $ 33,599
Write-downs and costs associated
with Costa Rica flood (12,000) --
------------ -----------
Income from continuing operations 24,228 33,599
Discontinued operations -- 4,029
------------ -----------
Net income $ 24,228 $ 37,628
============ ===========
Fully diluted earnings per share:
- Before unusual item $ .57 $ .55
- Unusual item (.19) --
- Continuing operations .38 .55
- Discontinued operations -- .07
- Net income .38 .62
Weighted average number of
common shares and equivalents 63,829 61,083
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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.
