The sale of two subsidiaries and the lower sales in fresh vegetables and packaged foods contributed to an 11 percent drop in revenues for Dole Food Co. Inc. when compared to a year ago.
The Westlake Village-based company reported net revenues of $6.8 billion for the fiscal year ending Jan. 2. For the previous year the company had net revenues of $7.6 billion.
Earnings in the fourth quarter were affected by one less week than during 2008, and from incremental marketing costs for the roll of new packaged salad items.
The company built on a strong performance from 2008 and used cash flow to pay down debt, said President and CEO David A. DeLorenzo.
“During October 2009, we successfully completed an IPO of Dole common stock, raising $330 million of net proceeds to Dole, all of which was used to pay down debt and its related costs,” DeLorenzo said.