Chiquita net income slips in third quarter

Chiquita Brands International Inc sustained a third quarter 2004 net loss of $20 million, including a loss of $22 million from the premium to extinguish the company’s 10.56% senior notes. The company reported net income of $10 million in the same period a year ago, including gains of $12 million from the sale of equity method investments, and charges of $6 million for asset write-downs and severance.

Excluding the bond premium and gains and charges noted above, the company had a profit of $2 million in third-quarter 2004, compared with a profit of $4 million in the third quarter a year ago.

“We achieved good operating performance in a difficult cost environment in the third quarter, which is typically the most challenging for us and the rest of the industry,” said Fernando Aguirre, chairman and chief executive officer.

TAGS: Foodservice
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