Dole Food Co. Inc., Westlake Village, Calif., reported operating income of $108 million and cash flow from operations of $170 million during the second quarter.
Dole, which issued its second-quarter financial report Aug. 4, also reduced its net debt by $145 million and has reduced that debt by $480 million over the last five quarters.
Dole also announced plans to sell properties in Latin America for about $68 million, money that will be used to further pay down debt, according to a news release. Dole said selling those properties, expected to close during the third quarter, would have no effect on ongoing earnings.
âWe are very pleased with the excellent results of our second quarter, especially the strong, $170 million of cash flow we generated from operations, as compared with $60 million in the second quarter of 2008,â David DeLorenzo, president and chief executive officer, said in the release. âWe continue on track to meet or exceed our operational and financial goals for 2009.â
According to Doleâs condensed consolidated statement of operations for the quarter, the company, which had net revenues of $7.6 billion in 2008, had net revenues of $1.7 billion in the second quarter.