SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest
Event Reported): May 18, 1999
CHIQUITA BRANDS INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in 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
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 May 18, 1999 News Release relating to expectations for second
quarter 1999 financial results, attached as Exhibit 7(c)99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION 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 May 18, 1999.
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: May 18, 1999 CHIQUITA BRANDS INTERNATIONAL, INC.
By: /s/William A. Tsacalis
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William A. Tsacalis
Vice President and Controller
Exhibit 99.1
CHIQUITA
[Logo] BRANDS
INTERNATIONAL
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NEWS RELEASE
FOR IMMEDIATE RELEASE
CHIQUITA ANNOUNCES EXPECTATIONS FOR
SECOND QUARTER RESULTS
CINCINNATI, OHIO, May 18, 1999 Chiquita Brands International, Inc.
today announced that it expects second quarter 1999 results will be
significantly lower than the $53 million ($.66 per share) reported in the
second quarter of 1998.
The Company attributed the expected decrease in earnings primarily to
significantly lower European banana pricing in the second quarter to date
on higher industry volume. In the European Union ( EU ), the volume
increase is due to a disproportionately large second quarter allocation
of the annual supply of banana import licenses as compared to licenses
issued in any prior second quarter since inception of the EU banana quota
regime. To a lesser extent, the Balkan conflict with respect to Kosovo
and the continued depressed Russian market have put additional downward
pressure on pricing in neighboring countries.
Final results for the second quarter are expected to be reported on or
about July 21, 1999.
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 Act
of 1995. These statements are subject to a number of assumptions, risks
and uncertainties, including product pricing, costs to 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, access to capital,
actions of government 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 in the
forward-looking statements.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael B. Sims
Vice President, Investor Relations
(513) 784-6366
