##### Table of Contents









SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-Q


|                                                |  |                                                                                             
|----------------------------------------------- |  | --------------------------------------------------------------------------------------------
|(Mark One)                                      |  |                                                                                             
|                                               
|þ                                               |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 
|                                               
|For the quarterly period ended June 18, 2005   
|                                               
|or                                             
|                                               
|o                                               |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
|                                               
|For the transition period
    from           to

Commission File Number 1-4455


Dole Food Company, Inc.


(Exact name of registrant as specified in its charter)


|                                                                                                                |  |                                                        
|--------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------
|Delaware
    (State or other jurisdiction of
    incorporation or organization)                                 |  | 99-0035300
    (I.R.S. Employer
    Identification No.)
|One Dole Drive
    Westlake Village, California 91362
    (Address of principal executive offices and zip code)



þ o


o þ




|                               |  |                                    
|------------------------------ |  | -----------------------------------
|Class                          |  | Shares Outstanding at July 28, 2005
|Common Stock, $0.001 Par Value |  | 1,000                              









---










DOLE FOOD COMPANY, INC.


INDEX


|             |         |                                                                                                                           |                                                                                           |        |    |    | 
|------------ | ------- | ------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ------ | -- | -- | 
|             |         |                                                                                                                           |                                                                                           | Page   |   
|             |         |                                                                                                                           |                                                                                           | Number |   
|             |         |                                                                                                                           |                                                                                           |        |   
|PART I       |         | Financial Information                                                                                                     |                                                                                           |        |    |   
|             | Item 1. |                                                                                                                           | Financial Statements                                                                      |        |    |    | 
|             |         | Condensed Consolidated Statements of
    Operations  Quarters Ended June 18, 2005 and
    June 19, 2004                  |                                                                                           |        | 3  |   
|             |         | Condensed Consolidated Statements of
    Operations  Half Years Ended June 18, 2005 and
    June 19, 2004                |                                                                                           |        | 4  |   
|             |         | Condensed Consolidated Balance
    Sheets  June 18, 2005 and January 1,
    2005                                         |                                                                                           |        | 5  |   
|             |         | Condensed Consolidated Statements of Cash
    Flows  Half Years Ended June 18, 2005 and
    June 19, 2004                |                                                                                           |        | 6  |   
|             |         | Notes to Condensed Consolidated Financial
    Statements                                                                  |                                                                                           |        | 7  |   
|             | Item 2. |                                                                                                                           | Managements Discussion and Analysis
    of Financial Condition and Results of Operations |        |    | 24 | 
|             | Item 3. |                                                                                                                           | Quantitative and Qualitative Disclosures
    About Market Risk                            |        |    | 33 | 
|             | Item 4. |                                                                                                                           | Controls and Procedures                                                                   |        |    | 33 | 
|            
|PART II      |         | Other Information                                                                                                         |                                                                                           |        |    |   
|             | Item 1. |                                                                                                                           | Legal Proceedings                                                                         |        |    | 33 | 
|             | Item 6. |                                                                                                                           | Exhibits and Reports on Form 8-K                                                          |        |    | 35 | 
|             |         | Signatures                                                                                                                |                                                                                           |        | 36 |   
|             |         | Exhibit Index                                                                                                             |                                                                                           |        | 37 |   
|             |         | Certification by the Chairman and Chief
    Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
    Act       |                                                                                           |        |    |   
|             |         | Certification by the Vice President and
    Chief Financial Officer pursuant to Section 302 of the
    Sarbanes-Oxley Act |                                                                                           |        |    |   
|             |         | Certification by the Chairman and Chief
    Executive Office pursuant to Section 906 of the Sarbanes-Oxley
    Act        |                                                                                           |        |    |   
|             |         | Certification by the Vice President and
    Chief Financial Officer pursuant to Section 906 of the
    Sarbanes-Oxley Act |                                                                                           |        |    |   
|EXHIBIT 10.8
|EXHIBIT 31.1
|EXHIBIT 31.2
|EXHIBIT 32.1
|EXHIBIT 32.2



2



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##### Table of Contents






PART I.


FINANCIAL INFORMATION





ITEM 1.     FINANCIAL STATEMENTS





DOLE FOOD COMPANY, INC.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS






|                                                           |                            |               |           |         |          |   |           |         | 
|---------------------------------------------------------- | -------------------------- | ------------- | --------- | ------- | -------- | - | --------- | ------- | 
|                                                           |                            | Quarter Ended |          
|                                                           |                            |               |          
|                                                           |                            | June 18,      |           |         | June 19, |  
|                                                           |                            | 2005          |           |         | 2004     |  
|                                                           |                            |               |           |         |          |  
|Revenues, net                                              |                            | $             | 1,526,351 |         |          | $ | 1,315,959 |        
|Cost of products sold                                      |                            |               | 1,302,841 |         |          |   | 1,098,875 |        
|                                                           |                            |               |           |         |          |  
|                                                           | Gross margin               |               |           | 223,510 |          |   |           | 217,084 | 
|Selling, marketing and general and administrative expenses |                            |               | 107,382   |         |          |   | 99,376    |        
|                                                           |                            |               |           |         |          |  
|                                                           | Operating income           |               |           | 116,128 |          |   |           | 117,708 | 
|Other income (expense), net                                |                            |               | (42,683   | )       |          |   | (1,071    | )      
|Interest income                                            |                            |               | 970       |         |          |   | 874       |        
|Interest expense                                           |                            |               | 32,398    |         |          |   | 34,653    |        
|                                                           |                            |               |           |         |          |  
|                                                           | Income before income taxes |               |           | 42,017  |          |   |           | 82,858  | 
|Income taxes                                               |                            |               | 9,689     |         |          |   | 14,915    |        
|                                                           |                            |               |           |         |          |  
|                                                           | Net income                 |               | $         | 32,328  |          |   | $         | 67,943  | 
|                                                           |                            |               |           |         |          |  

See Accompanying Notes to Condensed Consolidated Financial
Statements


3



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##### Table of Contents






DOLE FOOD COMPANY, INC.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS






|                                                           |                            |                 |           |         |          |   |           |         | 
|---------------------------------------------------------- | -------------------------- | --------------- | --------- | ------- | -------- | - | --------- | ------- | 
|                                                           |                            | Half Year Ended |          
|                                                           |                            |                 |          
|                                                           |                            | June 18,        |           |         | June 19, |  
|                                                           |                            | 2005            |           |         | 2004     |  
|                                                           |                            |                 |           |         |          |  
|Revenues, net                                              |                            | $               | 2,968,484 |         |          | $ | 2,570,543 |        
|Cost of products sold                                      |                            |                 | 2,526,312 |         |          |   | 2,150,553 |        
|                                                           |                            |                 |           |         |          |  
|                                                           | Gross margin               |                 |           | 442,172 |          |   |           | 419,990 | 
|Selling, marketing and general and administrative expenses |                            |                 | 222,200   |         |          |   | 194,794   |        
|                                                           |                            |                 |           |         |          |  
|                                                           | Operating income           |                 |           | 219,972 |          |   |           | 225,196 | 
|Other income (expense), net                                |                            |                 | (40,968   | )       |          |   | (733      | )      
|Interest income                                            |                            |                 | 2,045     |         |          |   | 1,796     |        
|Interest expense                                           |                            |                 | 68,457    |         |          |   | 69,394    |        
|                                                           |                            |                 |           |         |          |  
|                                                           | Income before income taxes |                 |           | 112,592 |          |   |           | 156,865 | 
|Income tax expense                                         |                            |                 | 63,110    |         |          |   | 28,088    |        
|                                                           |                            |                 |           |         |          |  
|                                                           | Net income                 |                 | $         | 49,482  |          |   | $         | 128,777 | 
|                                                           |                            |                 |           |         |          |  

See Accompanying Notes to Condensed Consolidated Financial
Statements


4



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##### Table of Contents






DOLE FOOD COMPANY, INC.


CONDENSED CONSOLIDATED BALANCE SHEETS






|                                                                                            |                                                                                      |                                            |           |         |            |  |           |         |           | 
|------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------ | ------------------------------------------ | --------- | ------- | ---------- |  | --------- | ------- | --------- | 
|                                                                                            |                                                                                      | June 18,                                   |           |         | January 1, | 
|                                                                                            |                                                                                      | 2005                                       |           |         | 2005       | 
|                                                                                            |                                                                                      |                                            |           |         |            | 
|ASSETS                                                                                      |                                                                                      |                                            |           |         |            |  |           |        
|Current Assets:                                                                             |                                                                                      |                                            |           |         |            |  |           |        
|                                                                                            | Cash and cash equivalents                                                            |                                            | $         | 68,576  |            |  | $         | 79,217  |          
|                                                                                            | Receivables, net of allowances of $66,911 and $65,533                                |                                            |           | 743,462 |            |  |           | 617,952 |          
|                                                                                            | Inventories                                                                          |                                            |           | 529,915 |            |  |           | 508,891 |          
|                                                                                            | Prepaid expenses                                                                     |                                            |           | 58,726  |            |  |           | 63,742  |          
|                                                                                            | Deferred income tax assets                                                           |                                            |           | 43,551  |            |  |           | 43,551  |          
|                                                                                            |                                                                                      |                                            |           |         |            | 
|                                                                                            |                                                                                      | Total current assets                       |           |         | 1,444,230  |  |           |         | 1,313,353 | 
|Investments                                                                                 |                                                                                      |                                            | 93,995    |         |            |  | 94,481    |        
|Property, plant and equipment, net of accumulated depreciation
    of $646,383 and $586,800 |                                                                                      |                                            | 1,487,820 |         |            |  | 1,516,355 |        
|Goodwill and intangible assets, net                                                         |                                                                                      |                                            | 1,272,774 |         |            |  | 1,275,356 |        
|Other assets, net                                                                           |                                                                                      |                                            | 131,675   |         |            |  | 132,072   |        
|                                                                                            |                                                                                      |                                            |           |         |            | 
|                                                                                            |                                                                                      | Total assets                               |           | $       | 4,430,494  |  |           | $       | 4,331,617 | 
|                                                                                            |                                                                                      |                                            |           |         |            | 
|                                                                                           
|LIABILITIES AND SHAREHOLDERS EQUITY                                                        |                                                                                      |                                            |           |         |            |  |           |        
|Current Liabilities:                                                                        |                                                                                      |                                            |           |         |            |  |           |        
|                                                                                            | Accounts payable and accrued liabilities                                             |                                            | $         | 866,403 |            |  | $         | 847,982 |          
|                                                                                            | Dividend payable to parent                                                           |                                            |           | 61,700  |            |  |           |        |          
|                                                                                            | Current portion of long-term debt                                                    |                                            |           | 29,151  |            |  |           | 31,278  |          
|                                                                                            | Notes payable                                                                        |                                            |           | 875     |            |  |           | 624     |          
|                                                                                            |                                                                                      |                                            |           |         |            | 
|                                                                                            |                                                                                      | Total current liabilities                  |           |         | 958,129    |  |           |         | 879,884   | 
|Long-term debt                                                                              |                                                                                      |                                            | 1,902,330 |         |            |  | 1,837,020 |        
|Deferred income tax liabilities                                                             |                                                                                      |                                            | 394,828   |         |            |  | 396,622   |        
|Other long-term liabilities                                                                 |                                                                                      |                                            | 519,256   |         |            |  | 519,994   |        
|Minority interests                                                                          |                                                                                      |                                            | 19,818    |         |            |  | 20,224    |        
|Contingencies (Note 9)                                                                      |                                                                                      |                                            |           |         |            |  |           |        
|Shareholders equity:                                                                       |                                                                                      |                                            |           |         |            |  |           |        
|                                                                                            | Common stock  $0.001 par value;
    1,000 shares authorized, issued and outstanding |                                            |           |        |            |  |           |        |          
|                                                                                            | Additional paid-in capital                                                           |                                            |           | 440,032 |            |  |           | 440,032 |          
|                                                                                            | Retained earnings                                                                    |                                            |           | 201,627 |            |  |           | 226,145 |          
|                                                                                            | Accumulated other comprehensive (loss) income                                        |                                            |           | (5,526  | )          |  |           | 11,696  |          
|                                                                                            |                                                                                      |                                            |           |         |            | 
|                                                                                            |                                                                                      | Total shareholders equity                 |           |         | 636,133    |  |           |         | 677,873   | 
|                                                                                            |                                                                                      |                                            |           |         |            | 
|                                                                                            |                                                                                      | Total liabilities and shareholders equity |           | $       | 4,430,494  |  |           | $       | 4,331,617 | 
|                                                                                            |                                                                                      |                                            |           |         |            | 

See Accompanying Notes to Condensed Consolidated Financial
Statements


5



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##### Table of Contents






DOLE FOOD COMPANY, INC.


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS






|                                                                                       |                                                 |                 |            |          |          |   |          |          |  
|-------------------------------------------------------------------------------------- | ----------------------------------------------- | --------------- | ---------- | -------- | -------- | - | -------- | -------- | -
|                                                                                       |                                                 | Half Year Ended |           
|                                                                                       |                                                 |                 |           
|                                                                                       |                                                 | June 18,        |            |          | June 19, |  
|                                                                                       |                                                 | 2005            |            |          | 2004     |  
|                                                                                       |                                                 |                 |            |          |          |  
|Operating activities                                                                   |                                                 |                 |            |          |          |   |          |         
|Net income                                                                             |                                                 | $               | 49,482     |          |          | $ | 128,777  |         
|Adjustments to reconcile net income to cash flow provided by
    operating activities: |                                                 |                 |            |          |          |   |          |         
|                                                                                       | Depreciation and amortization                   |                 |            | 67,779   |          |   |          | 63,674   |  
|                                                                                       | Unrealized foreign currency (gain) loss         |                 |            | (3,648   | )        |   |          | 2,542    |  
|                                                                                       | Asset write-offs and net gain on sale of assets |                 |            | (3,041   | )        |   |          | (2,724   | )
|                                                                                       | Minority interest and equity earnings, net      |                 |            | (2,447   | )        |   |          | (444     | )
|                                                                                       | Provision for deferred income taxes             |                 |            | (750     | )        |   |          | 13,650   |  
|                                                                                       | Premiums paid on early retirement of debt       |                 |            | 33,047   |          |   |          |         |  
|                                                                                       | Write-off of debt issuance costs                |                 |            | 10,722   |          |   |          | 1,482    |  
|                                                                                       | Amortization of debt issuance costs             |                 |            | 3,289    |          |   |          | 4,204    |  
|                                                                                       | Other                                           |                 |            | 2,646    |          |   |          | 1,149    |  
|Changes in operating assets and liabilities:                                           |                                                 |                 |            |          |          |   |          |         
|                                                                                       | Receivables                                     |                 |            | (154,887 | )        |   |          | (110,344 | )
|                                                                                       | Inventories                                     |                 |            | (24,703  | )        |   |          | (4,138   | )
|                                                                                       | Prepaid expenses and other assets               |                 |            | (7,682   | )        |   |          | (7,286   | )
|                                                                                       | Accounts payable and accrued liabilities        |                 |            | 100,716  |          |   |          | 30,357   |  
|                                                                                       | Other long-term liabilities                     |                 |            | 3,163    |          |   |          | 2,981    |  
|                                                                                       |                                                 |                 |            |          |          |  
|Cash flow provided by operating activities                                             |                                                 |                 | 73,686     |          |          |   | 123,880  |         
|                                                                                       |                                                 |                 |            |          |          |  
|Investing activities                                                                   |                                                 |                 |            |          |          |   |          |         
|Proceeds from sales of assets                                                          |                                                 |                 | 7,006      |          |          |   | 3,988    |         
|Investments and acquisitions                                                           |                                                 |                 | (51,010    | )        |          |   | (167,033 | )       
|Capital additions                                                                      |                                                 |                 | (44,478    | )        |          |   | (28,021  | )       
|Repurchase of common stock in the going-private merger
    transaction                 |                                                 |                 | (349       | )        |          |   | (1,300   | )       
|Transaction costs paid in the going-private merger transaction                         |                                                 |                 |           |          |          |   | (325     | )       
|                                                                                       |                                                 |                 |            |          |          |  
|Cash flow used in investing activities                                                 |                                                 |                 | (88,831    | )        |          |   | (192,691 | )       
|                                                                                       |                                                 |                 |            |          |          |  
|Financing activities                                                                   |                                                 |                 |            |          |          |   |          |         
|Short-term debt borrowings                                                             |                                                 |                 | 6,971      |          |          |   | 12,225   |         
|Short-term debt repayments                                                             |                                                 |                 | (21,621    | )        |          |   | (12,400  | )       
|Long-term debt borrowings, net of debt issuance costs                                  |                                                 |                 | 1,190,649  |          |          |   | 489,530  |         
|Long-term debt repayments                                                              |                                                 |                 | (1,155,052 | )        |          |   | (372,777 | )       
|Dividends paid to minority shareholders                                                |                                                 |                 | (2,382     | )        |          |   | (918     | )       
|Dividends paid                                                                         |                                                 |                 | (12,300    | )        |          |   | (10,000  | )       
|                                                                                       |                                                 |                 |            |          |          |  
|Cash flow provided by financing activities                                             |                                                 |                 | 6,265      |          |          |   | 105,660  |         
|                                                                                       |                                                 |                 |            |          |          |  
|Effect of foreign exchange rate changes on cash and cash
    equivalents               |                                                 |                 | (1,761     | )        |          |   | (2,366   | )       
|                                                                                       |                                                 |                 |            |          |          |  
|Increase (decrease) in cash and cash equivalents                                       |                                                 |                 | (10,641    | )        |          |   | 34,483   |         
|Cash and cash equivalents at beginning of period                                       |                                                 |                 | 79,217     |          |          |   | 33,482   |         
|                                                                                       |                                                 |                 |            |          |          |  
|Cash and cash equivalents at end of period                                             |                                                 | $               | 68,576     |          |          | $ | 67,965   |         
|                                                                                       |                                                 |                 |            |          |          |  

See Accompanying Notes to Condensed Consolidated Financial
Statements


6



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##### Table of Contents






DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS






|   |                      
|-- | ---------------------
|1. | BASIS OF PRESENTATION









|   |             
|-- | ------------
|2. | INCOME TAXES









Income Tax Audits:


7



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|   |            
|-- | -----------
|3. | INVENTORIES



|                                   |  |          |         |  |            |   |         | 
|---------------------------------- |  | -------- | ------- |  | ---------- | - | ------- | 
|                                   |  | June 18, |         |  | January 1, |  
|                                   |  | 2005     |         |  | 2005       |  
|                                   |  |          |         |  |            |  
|Finished products                  |  | $        | 260,346 |  |            | $ | 232,193 | 
|Raw materials and work in progress |  |          | 130,002 |  |            |   | 119,645 | 
|Crop-growing costs                 |  |          | 91,296  |  |            |   | 116,295 | 
|Operating supplies and other       |  |          | 48,271  |  |            |   | 40,758  | 
|                                   |  |          |         |  |            |  
|                                   |  | $        | 529,915 |  |            | $ | 508,891 | 
|                                   |  |          |         |  |            |  



|   |                               
|-- | ------------------------------
|4. | GOODWILL AND INTANGIBLE ASSETS



|                              |  |       |         |  |            |   |        |          |  |   |           |  |       |   |       |  |  |   |   |  |  |   |         | 
|----------------------------- |  | ----- | ------- |  | ---------- | - | ------ | -------- |  | - | --------- |  | ----- | - | ----- |  |  | - | - |  |  | - | ------- | 
|                              |  | Fresh |         |  | Fresh      |   |        | Packaged |  |   | Fresh-cut |  |       |   |      
|                              |  | Fruit |         |  | Vegetables |   |        | Foods    |  |   | Flowers   |  | Other |   | Total | 
|                              |  |       |         |  |            |   |        |          |  |   |           |  |       |   |       | 
|Balance as of January 1, 2005 |  | $     | 375,676 |  |            | $ | 97,663 |          |  | $ | 63,526    |  |       | $ |      |  |  | $ |  |  |  | $ | 536,865 | 
|Additions                     |  |       |        |  |            |   |       |          |  |   | 2,527     |  |       |   |      |  |  |   |  |  |  |   | 2,527   | 
|Other                         |  |       | 390     |  |            |   | (54    | )        |  |   |          |  |       |   |      |  |  |   |  |  |  |   | 336     | 
|                              |  |       |         |  |            |   |        |          |  |   |           |  |       |   |       |  |  |  
|Balance as of June 18, 2005   |  | $     | 376,066 |  |            | $ | 97,609 |          |  | $ | 66,053    |  |       | $ |      |  |  | $ |  |  |  | $ | 539,728 | 
|                              |  |       |         |  |            |   |        |          |  |   |           |  |       |   |       |  |  |  



8



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                  |                                                      |          |         |         |            |   |         |         | 
|------------------------------------------------- | ---------------------------------------------------- | -------- | ------- | ------- | ---------- | - | ------- | ------- | 
|                                                  |                                                      | June 18, |         |         | January 1, |  
|                                                  |                                                      | 2005     |         |         | 2005       |  
|                                                  |                                                      |          |         |         |            |  
|Amortized intangible assets:                      |                                                      |          |         |         |            |   |         |        
|                                                  | Customer relationships                               |          | $       | 38,501  |            |   | $       | 38,501  | 
|                                                  | Licenses                                             |          |         | 20,688  |            |   |         | 20,688  | 
|                                                  | Other amortized intangible assets                    |          |         | 8,989   |            |   |         | 9,132   | 
|                                                  |                                                      |          |         |         |            |  
|                                                  |                                                      |          | 68,178  |         |            |   | 68,321  |        
|Accumulated amortization  customer relationships |                                                      |          | (7,239  | )       |            |   | (5,542  | )      
|Accumulated amortization  licenses               |                                                      |          | (16,666 | )       |            |   | (13,218 | )      
|Other accumulated amortization                    |                                                      |          | (5,745  | )       |            |   | (5,588  | )      
|                                                  |                                                      |          |         |         |            |  
|Accumulated amortization  intangible assets      |                                                      |          | (29,650 | )       |            |   | (24,348 | )      
|                                                  |                                                      |          |         |         |            |  
|Intangible assets, net                            |                                                      |          | 38,528  |         |            |   | 43,973  |        
|Unamortized intangible assets:                    |                                                      |          |         |         |            |   |         |        
|                                                  | Trademark, trade names and other related intangibles |          |         | 694,518 |            |   |         | 694,518 | 
|                                                  |                                                      |          |         |         |            |  
|Total intangible assets, net                      |                                                      | $        | 733,046 |         |            | $ | 738,491 |        
|                                                  |                                                      |          |         |         |            |  



|            |  |        |       | 
|----------- |  | ------ | ----- | 
|Fiscal Year |  | Amount |      
|            |  |        |      
|2005        |  | $      | 6,379 | 
|2006        |  | $      | 4,323 | 
|2007        |  | $      | 3,677 | 
|2008        |  | $      | 3,677 | 
|2009        |  | $      | 3,677 | 

Goodwill and
Other Intangible Assets


9



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|   |               
|-- | --------------
|5. | LONG-TERM DEBT



|                          |                                                                                                       |          |           |         |            |   |           |         | 
|------------------------- | ----------------------------------------------------------------------------------------------------- | -------- | --------- | ------- | ---------- | - | --------- | ------- | 
|                          |                                                                                                       | June 18, |           |         | January 1, |  
|                          |                                                                                                       | 2005     |           |         | 2005       |  
|                          |                                                                                                       |          |           |         |            |  
|Unsecured debt:           |                                                                                                       |          |           |         |            |   |           |        
|                          | 8.625% notes due 2009                                                                                 |          | $         | 350,000 |            |   | $         | 400,000 | 
|                          | 7.25% notes due 2010                                                                                  |          |           | 400,000 |            |   |           | 400,000 | 
|                          | 8.875% notes due 2011                                                                                 |          |           | 200,000 |            |   |           | 475,000 | 
|                          | 8.75% debentures due 2013                                                                             |          |           | 155,000 |            |   |           | 155,000 | 
|Secured debt:             |                                                                                                       |          |           |         |            |   |           |        
|                          | Term loan facilities                                                                                  |          |           | 737,657 |            |   |           | 341,619 | 
|                          | Contracts and notes due 2005  2010, at a
    weighted-average interest rate of 6.70% (7.84% in 2004) |          |           | 2,408   |            |   |           | 2,801   | 
|Capital lease obligations |                                                                                                       |          | 87,787    |         |            |   | 95,539    |        
|Unamortized debt discount |                                                                                                       |          | (1,371    | )       |            |   | (1,661    | )      
|                          |                                                                                                       |          |           |         |            |  
|                          |                                                                                                       |          | 1,931,481 |         |            |   | 1,868,298 |        
|Current maturities        |                                                                                                       |          | (29,151   | )       |            |   | (31,278   | )      
|                          |                                                                                                       |          |           |         |            |  
|                          |                                                                                                       | $        | 1,902,330 |         |            | $ | 1,837,020 |        
|                          |                                                                                                       |          |           |         |            |  







10



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)












|   |                     
|-- | --------------------
|6. | SHAREHOLDERS EQUITY

Comprehensive Income




|                                                                                |  |               |         |   |          |   |        |  
|------------------------------------------------------------------------------- |  | ------------- | ------- | - | -------- | - | ------ | -
|                                                                                |  | Quarter Ended |        
|                                                                                |  |               |        
|                                                                                |  | June 18,      |         |   | June 19, |  
|                                                                                |  | 2005          |         |   | 2004     |  
|                                                                                |  |               |         |   |          |  
|Net income                                                                      |  | $             | 32,328  |   |          | $ | 67,943 |  
|Unrealized foreign currency translation                                         |  |               | (11,813 | ) |          |   | (1,334 | )
|Reclassification of realized cash flow hedging
    (gains) losses to net income |  |               | (532    | ) |          |   | 2,821  |  
|Unrealized net gain on cash flow hedging instruments                            |  |               | 3,521   |   |          |   | 4,182  |  
|                                                                                |  |               |         |   |          |  
|Comprehensive income                                                            |  | $             | 23,504  |   |          | $ | 73,612 |  
|                                                                                |  |               |         |   |          |  

|                                                                                |  |                 |         |   |          |   |         |  
|------------------------------------------------------------------------------- |  | --------------- | ------- | - | -------- | - | ------- | -
|                                                                                |  | Half Year Ended |        
|                                                                                |  |                 |        
|                                                                                |  | June 18,        |         |   | June 19, |  
|                                                                                |  | 2005            |         |   | 2004     |  
|                                                                                |  |                 |         |   |          |  
|Net income                                                                      |  | $               | 49,482  |   |          | $ | 128,777 |  
|Unrealized foreign currency translation                                         |  |                 | (19,459 | ) |          |   | (7,844  | )
|Reclassification of realized cash flow hedging
    (gains) losses to net income |  |                 | (638    | ) |          |   | 6,605   |  
|Unrealized net gain on cash flow hedging instruments                            |  |                 | 2,875   |   |          |   | 4,937   |  
|                                                                                |  |                 |         |   |          |  
|Comprehensive income                                                            |  | $               | 32,260  |   |          | $ | 132,475 |  
|                                                                                |  |                 |         |   |          |  

Dividends




11



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|   |                       
|-- | ----------------------
|7. | EMPLOYEE BENEFIT PLANS



|                                        |                                |                                           |       |        |               |   |       |          |    |   |          |     |      |   |       |       |     |  
|--------------------------------------- | ------------------------------ | ----------------------------------------- | ----- | ------ | ------------- | - | ----- | -------- | -- | - | -------- | --- | ---- | - | ----- | ----- | --- | -
|                                        |                                | Pension Plans                             |       |        | OPRB Plans    |  
|                                        |                                |                                           |       |        |               |  
|                                        |                                | Quarter Ended                             |       |        | Quarter Ended |  
|                                        |                                |                                           |       |        |               |  
|                                        |                                | June 18,                                  |       |        | June 19,      |   |       | June 18, |    |   | June 19, |    
|                                        |                                | 2005                                      |       |        | 2004          |   |       | 2005     |    |   | 2004     |    
|                                        |                                |                                           |       |        |               |   |       |          |    |   |          |    
|Components of net periodic benefit cost |                                |                                           |       |        |               |   |       |          |    |   |          |     |      |   |       |      
|                                        | Service cost                   |                                           | $     | 1,172  |               |   | $     | 1,531    |    |   | $        | 32  |      |   | $     | 21    |    
|                                        | Interest cost                  |                                           |       | 5,242  |               |   |       | 4,746    |    |   |          | 758 |      |   |       | 1,096 |    
|                                        | Expected return on plan assets |                                           |       | (4,248 | )             |   |       | (4,032   | )  |   |          |    |      |   |       |      |    
|                                        | Amortization of:               |                                           |       |        |               |   |       |          |    |   |          |     |      |   |       |       |    
|                                        |                                | Unrecognized net loss                     |       |        | 240           |   |       |          | 60 |   |          |     | 5    |   |       |       | 6   |  
|                                        |                                | Unrecognized prior service cost (benefit) |       |        | 15            |   |       |          | 15 |   |          |     | (320 | ) |       |       | (52 | )
|                                        |                                | Unrecognized net transition obligation    |       |        | 11            |   |       |          | 10 |   |          |     |     |   |       |       |    |  
|                                        |                                |                                           |       |        |               |   |       |          |    |   |          |    
|                                        |                                | $                                         | 2,432 |        |               | $ | 2,330 |          |    | $ | 475      |     |      | $ | 1,071 |      
|                                        |                                |                                           |       |        |               |   |       |          |    |   |          |    

|                                        |                                |                                           |       |        |                 |   |       |          |     |   |          |       |      |   |       |       |      |  
|--------------------------------------- | ------------------------------ | ----------------------------------------- | ----- | ------ | --------------- | - | ----- | -------- | --- | - | -------- | ----- | ---- | - | ----- | ----- | ---- | -
|                                        |                                | Pension Plans                             |       |        | OPRB Plans      |  
|                                        |                                |                                           |       |        |                 |  
|                                        |                                | Half Year Ended                           |       |        | Half Year Ended |  
|                                        |                                |                                           |       |        |                 |  
|                                        |                                | June 18,                                  |       |        | June 19,        |   |       | June 18, |     |   | June 19, |      
|                                        |                                | 2005                                      |       |        | 2004            |   |       | 2005     |     |   | 2004     |      
|                                        |                                |                                           |       |        |                 |   |       |          |     |   |          |      
|Components of net periodic benefit cost |                                |                                           |       |        |                 |   |       |          |     |   |          |       |      |   |       |      
|                                        | Service cost                   |                                           | $     | 2,500  |                 |   | $     | 3,148    |     |   | $        | 51    |      |   | $     | 44    |     
|                                        | Interest cost                  |                                           |       | 10,617 |                 |   |       | 10,196   |     |   |          | 1,927 |      |   |       | 2,380 |     
|                                        | Expected return on plan assets |                                           |       | (8,497 | )               |   |       | (8,786   | )   |   |          |      |      |   |       |      |     
|                                        | Amortization of:               |                                           |       |        |                 |   |       |          |     |   |          |       |      |   |       |       |     
|                                        |                                | Unrecognized net loss                     |       |        | 473             |   |       |          | 118 |   |          |       | 10   |   |       |       | 12   |  
|                                        |                                | Unrecognized prior service cost (benefit) |       |        | 31              |   |       |          | 2   |   |          |       | (345 | ) |       |       | (109 | )
|                                        |                                | Unrecognized net transition obligation    |       |        | 23              |   |       |          | 19  |   |          |       |     |   |       |       |     |  
|                                        |                                |                                           |       |        |                 |   |       |          |     |   |          |      
|                                        |                                | $                                         | 5,147 |        |                 | $ | 4,697 |          |     | $ | 1,643    |       |      | $ | 2,327 |      
|                                        |                                |                                           |       |        |                 |   |       |          |     |   |          |      



12



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|   |                    
|-- | -------------------
|8. | SEGMENT INFORMATION







|                                  |                          |               |           |         |          |   |           |         | 
|--------------------------------- | ------------------------ | ------------- | --------- | ------- | -------- | - | --------- | ------- | 
|                                  |                          | Quarter Ended |          
|                                  |                          |               |          
|                                  |                          | June 18,      |           |         | June 19, |  
|                                  |                          | 2005          |           |         | 2004     |  
|                                  |                          |               |           |         |          |  
|Revenues from external customers: |                          |               |           |         |          |   |           |        
|                                  | Fresh fruit              |               | $         | 984,077 |          |   | $         | 910,174 | 
|                                  | Fresh vegetables         |               |           | 290,223 |          |   |           | 212,518 | 
|                                  | Packaged foods           |               |           | 195,363 |          |   |           | 139,221 | 
|                                  | Fresh-cut flowers        |               |           | 44,360  |          |   |           | 45,985  | 
|                                  | Other operating segments |               |           | 12,328  |          |   |           | 8,061   | 
|                                  |                          |               |           |         |          |  
|                                  |                          | $             | 1,526,351 |         |          | $ | 1,315,959 |        
|                                  |                          |               |           |         |          |  

|                           |                          |               |        |         |          |   |        |         |  
|-------------------------- | ------------------------ | ------------- | ------ | ------- | -------- | - | ------ | ------- | -
|                           |                          | Quarter Ended |       
|                           |                          |               |       
|                           |                          | June 18,      |        |         | June 19, |  
|                           |                          | 2005          |        |         | 2004     |  
|                           |                          |               |        |         |          |  
|EBIT:                      |                          |               |        |         |          |   |        |        
|                           | Fresh fruit              |               | $      | 94,957  |          |   | $      | 93,260  |  
|                           | Fresh vegetables         |               |        | 10,670  |          |   |        | 17,837  |  
|                           | Packaged foods           |               |        | 20,792  |          |   |        | 17,268  |  
|                           | Fresh-cut flowers        |               |        | (666    | )        |   |        | 4,590   |  
|                           | Other operating segments |               |        | 438     |          |   |        | 304     |  
|                           |                          |               |        |         |          |  
|                           | Total operating segments |               |        | 126,191 |          |   |        | 133,259 |  
|                           | Corporate and other      |               |        | (51,776 | )        |   |        | (15,748 | )
|Interest expense           |                          |               | 32,398 |         |          |   | 34,653 |        
|                           |                          |               |        |         |          |  
|Income before income taxes |                          | $             | 42,017 |         |          | $ | 82,858 |        
|                           |                          |               |        |         |          |  

13



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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                  |                          |                 |           |           |          |   |           |           | 
|--------------------------------- | ------------------------ | --------------- | --------- | --------- | -------- | - | --------- | --------- | 
|                                  |                          | Half Year Ended |          
|                                  |                          |                 |          
|                                  |                          | June 18,        |           |           | June 19, |  
|                                  |                          | 2005            |           |           | 2004     |  
|                                  |                          |                 |           |           |          |  
|(in thousands)                    |                          |                 |           |           |          |   |           |          
|Revenues from external customers: |                          |                 |           |           |          |   |           |          
|                                  | Fresh fruit              |                 | $         | 1,923,604 |          |   | $         | 1,783,496 | 
|                                  | Fresh vegetables         |                 |           | 543,829   |          |   |           | 412,601   | 
|                                  | Packaged foods           |                 |           | 385,653   |          |   |           | 266,794   | 
|                                  | Fresh-cut flowers        |                 |           | 97,079    |          |   |           | 95,544    | 
|                                  | Other operating segments |                 |           | 18,319    |          |   |           | 12,108    | 
|                                  |                          |                 |           |           |          |  
|                                  |                          | $               | 2,968,484 |           |          | $ | 2,570,543 |          
|                                  |                          |                 |           |           |          |  

|                           |                          |                 |         |         |          |   |         |         |  
|-------------------------- | ------------------------ | --------------- | ------- | ------- | -------- | - | ------- | ------- | -
|                           |                          | Half Year Ended |        
|                           |                          |                 |        
|                           |                          | June 18,        |         |         | June 19, |  
|                           |                          | 2005            |         |         | 2004     |  
|                           |                          |                 |         |         |          |  
|(in thousands)             |                          |                 |         |         |          |   |         |        
|EBIT:                      |                          |                 |         |         |          |   |         |        
|                           | Fresh fruit              |                 | $       | 171,466 |          |   | $       | 174,627 |  
|                           | Fresh vegetables         |                 |         | 29,874  |          |   |         | 40,443  |  
|                           | Packaged foods           |                 |         | 38,719  |          |   |         | 30,312  |  
|                           | Fresh-cut flowers        |                 |         | 3,892   |          |   |         | 9,248   |  
|                           | Other operating segments |                 |         | 513     |          |   |         | 189     |  
|                           |                          |                 |         |         |          |  
|                           | Total operating segments |                 |         | 244,464 |          |   |         | 254,819 |  
|                           | Corporate and other      |                 |         | (63,415 | )        |   |         | (28,560 | )
|Interest expense           |                          |                 | 68,457  |         |          |   | 69,394  |        
|                           |                          |                 |         |         |          |  
|Income before income taxes |                          | $               | 112,592 |         |          | $ | 156,865 |        
|                           |                          |                 |         |         |          |  



|                         |  |          |           |  |            |   |           | 
|------------------------ |  | -------- | --------- |  | ---------- | - | --------- | 
|                         |  | June 18, |           |  | January 1, |  
|                         |  | 2005     |           |  | 2005       |  
|                         |  |          |           |  |            |  
|Fresh fruit              |  | $        | 2,332,796 |  |            | $ | 2,285,924 | 
|Fresh vegetables         |  |          | 445,128   |  |            |   | 428,851   | 
|Packaged foods           |  |          | 596,637   |  |            |   | 563,306   | 
|Fresh-cut flowers        |  |          | 150,261   |  |            |   | 144,137   | 
|Other operating segments |  |          | 15,217    |  |            |   | 11,886    | 
|                         |  |          |           |  |            |  
|Total operating segments |  |          | 3,540,039 |  |            |   | 3,434,104 | 
|Corporate and other      |  |          | 890,455   |  |            |   | 897,513   | 
|                         |  |          |           |  |            |  
|                         |  | $        | 4,430,494 |  |            | $ | 4,331,617 | 
|                         |  |          |           |  |            |  



|   |              
|-- | -------------
|9. | CONTINGENCIES



14



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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


















15



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)
















16



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








European Union Antitrust Inquiry:




|    |                 
|--- | ----------------
|10. | SUBSEQUENT EVENT





|    |                                
|--- | -------------------------------
|11. | GUARANTOR FINANCIAL INFORMATION







17



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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS


For the Quarter Ended June 18, 2005


|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |         | 
|---------------------------------------------------------- | -------------------------- | ------------- | ------- | ------ | ---------- | - | ------- | -------------- |  | - | ------------ | ------- |  | ----- | -------- | -------- | - | - | --------- | ------- | 
|                                                           |                            | Dole Food     |         |        |            |   |         |                |  |   |             
|                                                           |                            | Company, Inc. |         |        | Guarantors |   |         | Non Guarantors |  |   | Eliminations |         |  | Total |         
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|(In thousands)                                             |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |        
|Revenues, net                                              |                            | $             | 125,896 |        |            | $ | 597,623 |                |  | $ | 1,081,659    |         |  | $     | (278,827 | )        |   | $ | 1,526,351 |        
|Cost of products sold                                      |                            |               | 93,115  |        |            |   | 553,633 |                |  |   | 930,609      |         |  |       | (274,516 | )        |   |   | 1,302,841 |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Gross margin               |               |         | 32,781 |            |   |         | 43,990         |  |   |              | 151,050 |  |       |          | (4,311   | ) |   |           | 223,510 | 
|Selling, marketing and general and administrative expenses |                            |               | 28,037  |        |            |   | 31,331  |                |  |   | 52,325       |         |  |       | (4,311   | )        |   |   | 107,382   |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Operating income           |               |         | 4,744  |            |   |         | 12,659         |  |   |              | 98,725  |  |       |          |         |   |   |           | 116,128 | 
|Equity in subsidiary income                                |                            |               | 97,586  |        |            |   | 87,213  |                |  |   |             |         |  |       | (184,799 | )        |   |   |          |        
|Other income (expense), net                                |                            |               | (43,993 | )      |            |   | (117    | )              |  |   | 1,427        |         |  |       |         |          |   |   | (42,683   | )      
|Interest income                                            |                            |               | 119     |        |            |   | 17      |                |  |   | 834          |         |  |       |         |          |   |   | 970       |        
|Interest expense                                           |                            |               | 25,112  |        |            |   | 70      |                |  |   | 7,216        |         |  |       |         |          |   |   | 32,398    |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Income before income taxes |               |         | 33,344 |            |   |         | 99,702         |  |   |              | 93,770  |  |       |          | (184,799 | ) |   |           | 42,017  | 
|Income taxes                                               |                            |               | 1,016   |        |            |   | 2,411   |                |  |   | 6,262        |         |  |       |         |          |   |   | 9,689     |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Net income                 |               | $       | 32,328 |            |   | $       | 97,291         |  |   | $            | 87,508  |  |       | $        | (184,799 | ) |   | $         | 32,328  | 
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         

For the Quarter Ended June 19, 2004


|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |         | 
|---------------------------------------------------------- | -------------------------- | ------------- | ------- | ------ | ---------- | - | ------- | -------------- |  | - | ------------ | ------- |  | ----- | -------- | -------- | - | - | --------- | ------- | 
|                                                           |                            | Dole Food     |         |        |            |   |         |                |  |   |             
|                                                           |                            | Company, Inc. |         |        | Guarantors |   |         | Non Guarantors |  |   | Eliminations |         |  | Total |         
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|(In thousands)                                             |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |        
|Revenues, net                                              |                            | $             | 108,080 |        |            | $ | 471,907 |                |  | $ | 1,008,477    |         |  | $     | (272,505 | )        |   | $ | 1,315,959 |        
|Cost of products sold                                      |                            |               | 80,971  |        |            |   | 417,358 |                |  |   | 873,051      |         |  |       | (272,505 | )        |   |   | 1,098,875 |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Gross margin               |               |         | 27,109 |            |   |         | 54,549         |  |   |              | 135,426 |  |       |          |         |   |   |           | 217,084 | 
|Selling, marketing and general and administrative expenses |                            |               | 26,987  |        |            |   | 23,784  |                |  |   | 48,605       |         |  |       |         |          |   |   | 99,376    |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Operating income           |               |         | 122    |            |   |         | 30,765         |  |   |              | 86,821  |  |       |          |         |   |   |           | 117,708 | 
|Equity in subsidiary income                                |                            |               | 101,238 |        |            |   | 80,811  |                |  |   |             |         |  |       | (182,049 | )        |   |   |          |        
|Other income (expense), net                                |                            |               | (243    | )      |            |   | (163    | )              |  |   | (665         | )       |  |       |         |          |   |   | (1,071    | )      
|Interest income                                            |                            |               | 9       |        |            |   | 56      |                |  |   | 809          |         |  |       |         |          |   |   | 874       |        
|Interest expense                                           |                            |               | 29,998  |        |            |   | 66      |                |  |   | 4,589        |         |  |       |         |          |   |   | 34,653    |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Income before income taxes |               |         | 71,128 |            |   |         | 111,403        |  |   |              | 82,376  |  |       |          | (182,049 | ) |   |           | 82,858  | 
|Income taxes                                               |                            |               | 3,185   |        |            |   | 10,322  |                |  |   | 1,408        |         |  |       |         |          |   |   | 14,915    |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Net income                 |               | $       | 67,943 |            |   | $       | 101,081        |  |   | $            | 80,968  |  |       | $        | (182,049 | ) |   | $         | 67,943  | 
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         

18



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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS


For the Half Year Ended June 18, 2005


|                                                           |                            |               |         |        |            |   |           |                |  |   |              |         |  |       |          |          |   |   |           |         | 
|---------------------------------------------------------- | -------------------------- | ------------- | ------- | ------ | ---------- | - | --------- | -------------- |  | - | ------------ | ------- |  | ----- | -------- | -------- | - | - | --------- | ------- | 
|                                                           |                            | Dole Food     |         |        |            |   |           |                |  |   |             
|                                                           |                            | Company, Inc. |         |        | Guarantors |   |           | Non Guarantors |  |   | Eliminations |         |  | Total |         
|                                                           |                            |               |         |        |            |   |           |                |  |   |              |         |  |       |         
|(In thousands)                                             |                            |               |         |        |            |   |           |                |  |   |              |         |  |       |          |          |   |   |           |        
|Revenues, net                                              |                            | $             | 253,155 |        |            | $ | 1,181,056 |                |  | $ | 2,118,658    |         |  | $     | (584,385 | )        |   | $ | 2,968,484 |        
|Cost of products sold                                      |                            |               | 188,610 |        |            |   | 1,073,270 |                |  |   | 1,842,050    |         |  |       | (577,618 | )        |   |   | 2,526,312 |        
|                                                           |                            |               |         |        |            |   |           |                |  |   |              |         |  |       |         
|                                                           | Gross margin               |               |         | 64,545 |            |   |           | 107,786        |  |   |              | 276,608 |  |       |          | (6,767   | ) |   |           | 442,172 | 
|Selling, marketing and general and administrative expenses |                            |               | 60,324  |        |            |   | 59,255    |                |  |   | 109,388      |         |  |       | (6,767   | )        |   |   | 222,200   |        
|                                                           |                            |               |         |        |            |   |           |                |  |   |              |         |  |       |         
|                                                           | Operating income           |               |         | 4,221  |            |   |           | 48,531         |  |   |              | 167,220 |  |       |          |         |   |   |           | 219,972 | 
|Equity in subsidiary income                                |                            |               | 183,943 |        |            |   | 152,248   |                |  |   |             |         |  |       | (336,191 | )        |   |   |          |        
|Other income (expense), net                                |                            |               | (44,288 | )      |            |   | 85        |                |  |   | 3,235        |         |  |       |         |          |   |   | (40,968   | )      
|Interest income                                            |                            |               | 145     |        |            |   | 75        |                |  |   | 1,825        |         |  |       |         |          |   |   | 2,045     |        
|Interest expense                                           |                            |               | 57,057  |        |            |   | 112       |                |  |   | 11,288       |         |  |       |         |          |   |   | 68,457    |        
|                                                           |                            |               |         |        |            |   |           |                |  |   |              |         |  |       |         
|                                                           | Income before income taxes |               |         | 86,964 |            |   |           | 200,827        |  |   |              | 160,992 |  |       |          | (336,191 | ) |   |           | 112,592 | 
|Income taxes                                               |                            |               | 37,482  |        |            |   | 17,447    |                |  |   | 8,181        |         |  |       |         |          |   |   | 63,110    |        
|                                                           |                            |               |         |        |            |   |           |                |  |   |              |         |  |       |         
|                                                           | Net income                 |               | $       | 49,482 |            |   | $         | 183,380        |  |   | $            | 152,811 |  |       | $        | (336,191 | ) |   | $         | 49,482  | 
|                                                           |                            |               |         |        |            |   |           |                |  |   |              |         |  |       |         

For the Half Year Ended June 19, 2004


|                                                           |                            |               |         |         |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |         | 
|---------------------------------------------------------- | -------------------------- | ------------- | ------- | ------- | ---------- | - | ------- | -------------- |  | - | ------------ | ------- |  | ----- | -------- | -------- | - | - | --------- | ------- | 
|                                                           |                            | Dole Food     |         |         |            |   |         |                |  |   |             
|                                                           |                            | Company, Inc. |         |         | Guarantors |   |         | Non Guarantors |  |   | Eliminations |         |  | Total |         
|                                                           |                            |               |         |         |            |   |         |                |  |   |              |         |  |       |         
|(In thousands)                                             |                            |               |         |         |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |        
|Revenues, net                                              |                            | $             | 215,695 |         |            | $ | 951,615 |                |  | $ | 1,952,383    |         |  | $     | (549,150 | )        |   | $ | 2,570,543 |        
|Cost of products sold                                      |                            |               | 163,417 |         |            |   | 838,072 |                |  |   | 1,698,214    |         |  |       | (549,150 | )        |   |   | 2,150,553 |        
|                                                           |                            |               |         |         |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Gross margin               |               |         | 52,278  |            |   |         | 113,543        |  |   |              | 254,169 |  |       |          |         |   |   |           | 419,990 | 
|Selling, marketing and general and administrative expenses |                            |               | 53,599  |         |            |   | 46,011  |                |  |   | 95,184       |         |  |       |         |          |   |   | 194,794   |        
|                                                           |                            |               |         |         |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Operating income (loss)    |               |         | (1,321  | )          |   |         | 67,532         |  |   |              | 158,985 |  |       |          |         |   |   |           | 225,196 | 
|Equity in subsidiary income                                |                            |               | 190,207 |         |            |   | 145,412 |                |  |   |             |         |  |       | (335,619 | )        |   |   |          |        
|Other income (expense), net                                |                            |               | (486    | )       |            |   | (201    | )              |  |   | (46          | )       |  |       |         |          |   |   | (733      | )      
|Interest income                                            |                            |               | 56      |         |            |   | 129     |                |  |   | 1,611        |         |  |       |         |          |   |   | 1,796     |        
|Interest expense                                           |                            |               | 59,644  |         |            |   | 108     |                |  |   | 9,642        |         |  |       |         |          |   |   | 69,394    |        
|                                                           |                            |               |         |         |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Income before income taxes |               |         | 128,812 |            |   |         | 212,764        |  |   |              | 150,908 |  |       |          | (335,619 | ) |   |           | 156,865 | 
|Income taxes                                               |                            |               | 35      |         |            |   | 23,758  |                |  |   | 4,295        |         |  |       |         |          |   |   | 28,088    |        
|                                                           |                            |               |         |         |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Net income                 |               | $       | 128,777 |            |   | $       | 189,006        |  |   | $            | 146,613 |  |       | $        | (335,619 | ) |   | $         | 128,777 | 
|                                                           |                            |               |         |         |            |   |         |                |  |   |              |         |  |       |         

19



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING BALANCE SHEET


As of June 18, 2005


|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |           |           | 
|------------------------------------ | ---------------------------------------- | ------------------------------------------ | - | --------- | ---------- |  | - | -------------- | --------- |  | ------------ | --------- | --------- | ----- | - | ---------- | ---------- | - | - | --------- | --------- | 
|                                     |                                          | Dole Food                                  |   |           |            |  |   |                |           |  |             
|                                     |                                          | Company, Inc.                              |   |           | Guarantors |  |   | Non Guarantors |           |  | Eliminations |           |           | Total |  
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|(In thousands)                       |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|ASSETS                               |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|Current Assets:                      |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|                                     | Cash and cash equivalents                |                                            | $ | 19,200    |            |  | $ | (5,605         | )         |  | $            | 54,981    |           |       | $ |           |            |   | $ | 68,576    |          
|                                     | Receivables, net of allowances           |                                            |   | 111,060   |            |  |   | 145,621        |           |  |              | 486,781   |           |       |   |           |            |   |   | 743,462   |          
|                                     | Inventories                              |                                            |   | 80,760    |            |  |   | 140,212        |           |  |              | 308,943   |           |       |   |           |            |   |   | 529,915   |          
|                                     | Prepaid expenses                         |                                            |   | 4,281     |            |  |   | 11,324         |           |  |              | 43,121    |           |       |   |           |            |   |   | 58,726    |          
|                                     | Deferred income tax assets               |                                            |   | 23,330    |            |  |   | 14,333         |           |  |              | 5,888     |           |       |   |           |            |   |   | 43,551    |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current assets                       |   |           | 238,631    |  |   |                | 305,885   |  |              |           | 899,714   |       |   |            |           |   |   |           | 1,444,230 | 
|                                     | Investments                              |                                            |   | 2,306,344 |            |  |   | 1,695,454      |           |  |              | 92,291    |           |       |   | (4,000,094 | )          |   |   | 93,995    |          
|                                     | Property, plant and equipment, net       |                                            |   | 300,968   |            |  |   | 361,877        |           |  |              | 824,975   |           |       |   |           |            |   |   | 1,487,820 |          
|                                     | Goodwill and intangible assets, net      |                                            |   | 730,522   |            |  |   | 160,413        |           |  |              | 381,839   |           |       |   |           |            |   |   | 1,272,774 |          
|                                     | Other assets, net                        |                                            |   | 36,683    |            |  |   | 8,721          |           |  |              | 86,271    |           |       |   |           |            |   |   | 131,675   |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     | Total assets                             |                                            | $ | 3,613,148 |            |  | $ | 2,532,350      |           |  | $            | 2,285,090 |           |       | $ | (4,000,094 | )          |   | $ | 4,430,494 |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                    
|LIABILITIES AND SHAREHOLDERS EQUITY |                                          |                                            |   |           |            |  |   |                |           |  |              |          
|Current Liabilities:                 |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|                                     | Accounts payable and accrued liabilities |                                            | $ | 79,919    |            |  | $ | 329,348        |           |  | $            | 457,136   |           |       | $ |           |            |   | $ | 866,403   |          
|                                     | Dividend payable to parent               |                                            |   | 61,700    |            |  |   |               |           |  |              |          |           |       |   |           |            |   |   | 61,700    |          
|                                     | Current portion of long-term debt        |                                            |   | (300      | )          |  |   | 721            |           |  |              | 28,730    |           |       |   |           |            |   |   | 29,151    |          
|                                     | Notes payable                            |                                            |   |          |            |  |   | 875            |           |  |              |          |           |       |   |           |            |   |   | 875       |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current liabilities                  |   |           | 141,319    |  |   |                | 330,944   |  |              |           | 485,866   |       |   |            |           |   |   |           | 958,129   | 
|                                     | Intercompany payables (receivables)      |                                            |   | 1,014,118 |            |  |   | (178,974       | )         |  |              | (835,144  | )         |       |   |           |            |   |   |          |          
|                                     | Long-term debt                           |                                            |   | 1,103,929 |            |  |   | 1,670          |           |  |              | 796,731   |           |       |   |           |            |   |   | 1,902,330 |          
|                                     | Deferred income tax liabilities          |                                            |   | 316,355   |            |  |   | 34,998         |           |  |              | 43,475    |           |       |   |           |            |   |   | 394,828   |          
|                                     | Other long-term liabilities              |                                            |   | 401,294   |            |  |   | 38,714         |           |  |              | 79,248    |           |       |   |           |            |   |   | 519,256   |          
|                                     | Minority interests                       |                                            |   |          |            |  |   | 6,267          |           |  |              | 13,551    |           |       |   |           |            |   |   | 19,818    |          
|                                     | Total shareholders equity               |                                            |   | 636,133   |            |  |   | 2,298,731      |           |  |              | 1,701,363 |           |       |   | (4,000,094 | )          |   |   | 636,133   |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total liabilities and shareholders equity |   | $         | 3,613,148  |  |   | $              | 2,532,350 |  |              | $         | 2,285,090 |       |   | $          | (4,000,094 | ) |   | $         | 4,430,494 | 
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  

20



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING BALANCE SHEET


As of January 1, 2005


|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |           |           | 
|------------------------------------ | ---------------------------------------- | ------------------------------------------ | - | --------- | ---------- |  | - | -------------- | --------- |  | ------------ | --------- | --------- | ----- | - | ---------- | ---------- | - | - | --------- | --------- | 
|                                     |                                          | Dole Food                                  |   |           |            |  |   |                |           |  |             
|                                     |                                          | Company, Inc.                              |   |           | Guarantors |  |   | Non Guarantors |           |  | Eliminations |           |           | Total |  
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|(In thousands)                       |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|ASSETS                               |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|Current Assets:                      |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|                                     | Cash and cash equivalents                |                                            | $ | 9,236     |            |  | $ | 3,279          |           |  | $            | 66,702    |           |       | $ |           |            |   | $ | 79,217    |          
|                                     | Receivables, net of allowances           |                                            |   | 194,538   |            |  |   | 25,750         |           |  |              | 397,664   |           |       |   |           |            |   |   | 617,952   |          
|                                     | Inventories                              |                                            |   | 65,340    |            |  |   | 163,799        |           |  |              | 279,752   |           |       |   |           |            |   |   | 508,891   |          
|                                     | Prepaid expenses                         |                                            |   | 7,239     |            |  |   | 11,861         |           |  |              | 44,642    |           |       |   |           |            |   |   | 63,742    |          
|                                     | Deferred income tax assets               |                                            |   | 24,391    |            |  |   | 13,427         |           |  |              | 5,733     |           |       |   |           |            |   |   | 43,551    |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current assets                       |   |           | 300,744    |  |   |                | 218,116   |  |              |           | 794,493   |       |   |            |           |   |   |           | 1,313,353 | 
|                                     | Investments                              |                                            |   | 2,406,115 |            |  |   | 1,926,079      |           |  |              | 92,928    |           |       |   | (4,330,641 | )          |   |   | 94,481    |          
|                                     | Property, plant and equipment, net       |                                            |   | 303,129   |            |  |   | 366,142        |           |  |              | 847,084   |           |       |   |           |            |   |   | 1,516,355 |          
|                                     | Goodwill and intangible assets, net      |                                            |   | 731,832   |            |  |   | 158,328        |           |  |              | 385,196   |           |       |   |           |            |   |   | 1,275,356 |          
|                                     | Other assets, net                        |                                            |   | 49,705    |            |  |   | 8,836          |           |  |              | 73,531    |           |       |   |           |            |   |   | 132,072   |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     | Total assets                             |                                            | $ | 3,791,525 |            |  | $ | 2,677,501      |           |  | $            | 2,193,232 |           |       | $ | (4,330,641 | )          |   | $ | 4,331,617 |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                    
|LIABILITIES AND SHAREHOLDERS EQUITY |                                          |                                            |   |           |            |  |   |                |           |  |              |          
|Current Liabilities:                 |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|                                     | Accounts payable and accrued liabilities |                                            | $ | 119,405   |            |  | $ | 285,815        |           |  | $            | 442,762   |           |       | $ |           |            |   | $ | 847,982   |          
|                                     | Current portion of long-term debt        |                                            |   | (335      | )          |  |   | 701            |           |  |              | 30,912    |           |       |   |           |            |   |   | 31,278    |          
|                                     | Notes payable                            |                                            |   |          |            |  |   | 624            |           |  |              |          |           |       |   |           |            |   |   | 624       |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current liabilities                  |   |           | 119,070    |  |   |                | 287,140   |  |              |           | 473,674   |       |   |            |           |   |   |           | 879,884   | 
|                                     | Intercompany payables (receivables)      |                                            |   | 682,783   |            |  |   | (92,030        | )         |  |              | (590,753  | )         |       |   |           |            |   |   |          |          
|                                     | Long-term debt                           |                                            |   | 1,598,674 |            |  |   | 1,565          |           |  |              | 236,781   |           |       |   |           |            |   |   | 1,837,020 |          
|                                     | Deferred income tax liabilities          |                                            |   | 314,121   |            |  |   | 35,848         |           |  |              | 46,653    |           |       |   |           |            |   |   | 396,622   |          
|                                     | Other long-term liabilities              |                                            |   | 399,004   |            |  |   | 38,581         |           |  |              | 82,409    |           |       |   |           |            |   |   | 519,994   |          
|                                     | Minority interests                       |                                            |   |          |            |  |   | 7,600          |           |  |              | 12,624    |           |       |   |           |            |   |   | 20,224    |          
|                                     | Total shareholders equity               |                                            |   | 677,873   |            |  |   | 2,398,797      |           |  |              | 1,931,844 |           |       |   | (4,330,641 | )          |   |   | 677,873   |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total liabilities and shareholders equity |   | $         | 3,791,525  |  |   | $              | 2,677,501 |  |              | $         | 2,193,232 |       |   | $          | (4,330,641 | ) |   | $         | 4,331,617 | 
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  

21



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS


For the Half Year Ended June 18, 2005


|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |           |           |            |   |       |            |         |  
|-------------------------------------- | ------------------------------------------------------------------------ | ------------------------------------------ | -------- | -------- | ---------- | - | -------- | -------------- | ------- | - | ------------ | -------- | ------- | ----- | --------- | --------- | ---------- | - | ----- | ---------- | ------- | -
|                                       |                                                                          | Dole Food                                  |          |          |            |   |          |                |         |   |             
|                                       |                                                                          | Company, Inc.                              |          |          | Guarantors |   |          | Non Guarantors |         |   | Eliminations |          |         | Total |          
|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |          
|(In thousands)                         |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |           |           |            |   |       |           
|OPERATING ACTIVITIES                   |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |           |           |            |   |       |           
|                                       |                                                                          | Cash flow provided by operating activities |          | $        | 550,925    |   |          | $              | 587,892 |   |              | $        | 71,582  |       |           | $         | (1,136,713 | ) |       | $          | 73,686  |  
|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |          
|INVESTING ACTIVITIES                   |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |           |           |            |   |       |           
|                                       | Proceeds from sales of assets                                            |                                            |          | 1,651    |            |   |          | 80             |         |   |              | 5,275    |         |       |           |          |            |   |       | 7,006      |        
|                                       | Investments and acquisitions                                             |                                            |          |         |            |   |          |               |         |   |              | (51,010  | )       |       |           |          |            |   |       | (51,010    | )      
|                                       | Capital additions                                                        |                                            |          | (1,916   | )          |   |          | (14,033        | )       |   |              | (28,529  | )       |       |           |          |            |   |       | (44,478    | )      
|                                       | Repurchase of common stock in the going-private merger
    transaction   |                                            |          | (349     | )          |   |          |               |         |   |              |         |         |       |           |          |            |   |       | (349       | )      
|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |          
|                                       |                                                                          | Cash flow used in investing activities     |          |          | (614       | ) |          |                | (13,953 | ) |              |          | (74,264 | )     |           |           |           |   |       |            | (88,831 | )
|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |          
|FINANCING ACTIVITIES                   |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |           |           |            |   |       |           
|                                       | Short-term debt borrowings                                               |                                            |          |         |            |   |          | 663            |         |   |              | 6,308    |         |       |           |          |            |   |       | 6,971      |        
|                                       | Short-term debt repayments                                               |                                            |          |         |            |   |          | (15,313        | )       |   |              | (6,308   | )       |       |           |          |            |   |       | (21,621    | )      
|                                       | Long-term debt borrowings, net of debt issuance costs                    |                                            |          | 287,400  |            |   |          | 434            |         |   |              | 902,815  |         |       |           |          |            |   |       | 1,190,649  |        
|                                       | Long-term debt repayments                                                |                                            |          | (815,447 | )          |   |          | (349           | )       |   |              | (339,256 | )       |       |           |          |            |   |       | (1,155,052 | )      
|                                       | Intercompany dividends                                                   |                                            |          |         |            |   |          | (566,713       | )       |   |              | (570,000 | )       |       |           | 1,136,713 |            |   |       |           |        
|                                       | Dividends paid to minority shareholders                                  |                                            |          |         |            |   |          | (1,545         | )       |   |              | (837     | )       |       |           |          |            |   |       | (2,382     | )      
|                                       | Dividends paid                                                           |                                            |          | (12,300  | )          |   |          |               |         |   |              |         |         |       |           |          |            |   |       | (12,300    | )      
|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |          
|Cash flow used in financing activities |                                                                          |                                            | (540,347 | )        |            |   | (582,823 | )              |         |   | (7,278       | )        |         |       | 1,136,713 |           |            |   | 6,265 |           
|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |          
|                                       | Effect of foreign exchange rate changes on cash and cash
    equivalents |                                            |          |         |            |   |          |               |         |   |              | (1,761   | )       |       |           |          |            |   |       | (1,761     | )      
|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |          
|                                       | Increase (decrease) in cash and cash equivalents                         |                                            |          | 9,964    |            |   |          | (8,884         | )       |   |              | (11,721  | )       |       |           |          |            |   |       | (10,641    | )      
|                                       | Cash and cash equivalents at beginning of period                         |                                            |          | 9,236    |            |   |          | 3,279          |         |   |              | 66,702   |         |       |           |          |            |   |       | 79,217     |        
|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |          
|                                       | Cash and cash equivalents at end of period                               |                                            | $        | 19,200   |            |   | $        | (5,605         | )       |   | $            | 54,981   |         |       | $         |          |            |   | $     | 68,576     |        
|                                       |                                                                          |                                            |          |          |            |   |          |                |         |   |              |          |         |       |          

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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS


For the Half Year Ended June 19, 2004


|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |          |          |  
|-------------------- | ------------------------------------------------------------------------ | ---------------------------------------------------- | - | -------- | ---------- | - | - | -------------- | ------ | - | ------------ | ------- | ------- | - | - | - | - |  | - | -------- | -------- | -
|                     |                                                                          | Dole Food                                            |   |          |            |   |   |                |        |   |             
|                     |                                                                          | Company, Inc.                                        |   |          | Guarantors |   |   | Non Guarantors |        |   | Eliminations |         | Total   |  
|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |  
|(In thousands)       |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |         
|OPERATING ACTIVITIES |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |         
|                     |                                                                          | Cash flow provided by (used in) operating activities |   | $        | (8,598     | ) |   | $              | 14,420 |   |              | $       | 118,058 |   |   | $ |  |  |   | $        | 123,880  |  
|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |  
|INVESTING ACTIVITIES |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |         
|                     | Proceeds from sales of assets                                            |                                                      |   | 913      |            |   |   | 200            |        |   |              | 2,875   |         |   |   |  |   |  |   | 3,988    |         
|                     | Investments and acquisitions                                             |                                                      |   | (164,070 | )          |   |   | (32            | )      |   |              | (2,931  | )       |   |   |  |   |  |   | (167,033 | )       
|                     | Capital additions                                                        |                                                      |   | (3,160   | )          |   |   | (5,157         | )      |   |              | (19,704 | )       |   |   |  |   |  |   | (28,021  | )       
|                     | Repurchase of common stock in the going-private merger
    transaction   |                                                      |   | (1,300   | )          |   |   |               |        |   |              |        |         |   |   |  |   |  |   | (1,300   | )       
|                     | Transaction costs paid in the going-private merger transaction           |                                                      |   | (325     | )          |   |   |               |        |   |              |        |         |   |   |  |   |  |   | (325     | )       
|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |  
|                     |                                                                          | Cash flow used in investing activities               |   |          | (167,942   | ) |   |                | (4,989 | ) |              |         | (19,760 | ) |   |   |  |  |   |          | (192,691 | )
|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |  
|FINANCING ACTIVITIES |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |         
|                     | Short-term debt borrowings                                               |                                                      |   |         |            |   |   | 355            |        |   |              | 11,870  |         |   |   |  |   |  |   | 12,225   |         
|                     | Short-term debt repayments                                               |                                                      |   |         |            |   |   | (610           | )      |   |              | (11,790 | )       |   |   |  |   |  |   | (12,400  | )       
|                     | Long-term debt borrowings, net of debt issuance costs                    |                                                      |   | 469,150  |            |   |   | 274            |        |   |              | 20,106  |         |   |   |  |   |  |   | 489,530  |         
|                     | Long-term debt repayments                                                |                                                      |   | (279,400 | )          |   |   | (338           | )      |   |              | (93,039 | )       |   |   |  |   |  |   | (372,777 | )       
|                     | Dividends paid to minority shareholders                                  |                                                      |   |         |            |   |   | (18            | )      |   |              | (900    | )       |   |   |  |   |  |   | (918     | )       
|                     | Dividends paid                                                           |                                                      |   | (10,000  | )          |   |   |               |        |   |              |        |         |   |   |  |   |  |   | (10,000  | )       
|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |  
|                     |                                                                          | Cash flow provided by (used in) financing activities |   |          | 179,750    |   |   |                | (337   | ) |              |         | (73,753 | ) |   |   |  |  |   |          | 105,660  |  
|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |  
|                     | Effect of foreign exchange rate changes on cash and cash
    equivalents |                                                      |   |         |            |   |   |               |        |   |              | (2,366  | )       |   |   |  |   |  |   | (2,366   | )       
|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |  
|                     | Increase in cash and cash equivalents                                    |                                                      |   | 3,210    |            |   |   | 9,094          |        |   |              | 22,179  |         |   |   |  |   |  |   | 34,483   |         
|                     | Cash and cash equivalents at beginning of period                         |                                                      |   | 7,424    |            |   |   | (20,498        | )      |   |              | 46,556  |         |   |   |  |   |  |   | 33,482   |         
|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |  
|                     | Cash and cash equivalents at end of period                               |                                                      | $ | 10,634   |            |   | $ | (11,404        | )      |   | $            | 68,735  |         |   | $ |  |   |  | $ | 67,965   |         
|                     |                                                                          |                                                      |   |          |            |   |   |                |        |   |              |         |         |   |  

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DOLE FOOD COMPANY, INC.


ITEM 2.     MANAGEMENTS
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION


AND RESULTS OF OPERATIONS


Overview






Results of Operations




|                                                |  |               |           |   |          |   |           |  
|----------------------------------------------- |  | ------------- | --------- | - | -------- | - | --------- | -
|                                                |  | Quarter Ended |          
|                                                |  |               |          
|                                                |  | June 18,      |           |   | June 19, |  
|                                                |  | 2005          |           |   | 2004     |  
|                                                |  |               |           |   |          |  
|Revenues, net                                   |  | $             | 1,526,351 |   |          | $ | 1,315,959 |  
|Operating income                                |  | $             | 116,128   |   |          | $ | 117,708   |  
|Interest income and other income (expense), net |  | $             | (41,713   | ) |          | $ | (197      | )
|Interest expense                                |  | $             | 32,398    |   |          | $ | 34,653    |  
|Income tax expense                              |  | $             | 9,689     |   |          | $ | 14,915    |  
|Net income                                      |  | $             | 32,328    |   |          | $ | 67,943    |  

|                                                |  |                 |           |   |          |   |           | 
|----------------------------------------------- |  | --------------- | --------- | - | -------- | - | --------- | 
|                                                |  | Half Year Ended |          
|                                                |  |                 |          
|                                                |  | June 18,        |           |   | June 19, |  
|                                                |  | 2005            |           |   | 2004     |  
|                                                |  |                 |           |   |          |  
|Revenues, net                                   |  | $               | 2,968,484 |   |          | $ | 2,570,543 | 
|Operating income                                |  | $               | 219,972   |   |          | $ | 225,196   | 
|Interest income and other income (expense), net |  | $               | (38,923   | ) |          | $ | 1,063     | 
|Interest expense                                |  | $               | 68,457    |   |          | $ | 69,394    | 
|Income tax expense                              |  | $               | 63,110    |   |          | $ | 28,088    | 
|Net income                                      |  | $               | 49,482    |   |          | $ | 128,777   | 

Revenues




24



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Operating Income






Interest Income and Other Income (Expense), Net




Interest Expense






Income Tax Expense




25



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Segment Results of Operations






26



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|                                  |                          |               |           |         |          |   |           |         |  
|--------------------------------- | ------------------------ | ------------- | --------- | ------- | -------- | - | --------- | ------- | -
|                                  |                          | Quarter Ended |          
|                                  |                          |               |          
|                                  |                          | June 18,      |           |         | June 19, |  
|                                  |                          | 2005          |           |         | 2004     |  
|                                  |                          |               |           |         |          |  
|Revenues from external customers: |                          |               |           |         |          |   |           |        
|                                  | Fresh fruit              |               | $         | 984,077 |          |   | $         | 910,174 |  
|                                  | Fresh vegetables         |               |           | 290,223 |          |   |           | 212,518 |  
|                                  | Packaged foods           |               |           | 195,363 |          |   |           | 139,221 |  
|                                  | Fresh-cut flowers        |               |           | 44,360  |          |   |           | 45,985  |  
|                                  | Other operating segments |               |           | 12,328  |          |   |           | 8,061   |  
|                                  |                          |               |           |         |          |  
|                                  |                          | $             | 1,526,351 |         |          | $ | 1,315,959 |        
|                                  |                          |               |           |         |          |  
|EBIT:                             |                          |               |           |         |          |   |           |        
|                                  | Fresh fruit              |               | $         | 94,957  |          |   | $         | 93,260  |  
|                                  | Fresh vegetables         |               |           | 10,670  |          |   |           | 17,837  |  
|                                  | Packaged foods           |               |           | 20,792  |          |   |           | 17,268  |  
|                                  | Fresh-cut flowers        |               |           | (666    | )        |   |           | 4,590   |  
|                                  | Other operating segments |               |           | 438     |          |   |           | 304     |  
|                                  |                          |               |           |         |          |  
|                                  | Total operating segments |               |           | 126,191 |          |   |           | 133,259 |  
|                                  | Corporate and other      |               |           | (51,776 | )        |   |           | (15,748 | )
|Interest expense                  |                          |               | 32,398    |         |          |   | 34,653    |        
|                                  |                          |               |           |         |          |  
|Income before income taxes        |                          | $             | 42,017    |         |          | $ | 82,858    |        
|                                  |                          |               |           |         |          |  

|                                  |                          |                 |           |           |          |   |           |           |  
|--------------------------------- | ------------------------ | --------------- | --------- | --------- | -------- | - | --------- | --------- | -
|                                  |                          | Half Year Ended |          
|                                  |                          |                 |          
|                                  |                          | June 18,        |           |           | June 19, |  
|                                  |                          | 2005            |           |           | 2004     |  
|                                  |                          |                 |           |           |          |  
|Revenues from external customers: |                          |                 |           |           |          |   |           |          
|                                  | Fresh fruit              |                 | $         | 1,923,604 |          |   | $         | 1,783,496 |  
|                                  | Fresh vegetables         |                 |           | 543,829   |          |   |           | 412,601   |  
|                                  | Packaged foods           |                 |           | 385,653   |          |   |           | 266,794   |  
|                                  | Fresh-cut flowers        |                 |           | 97,079    |          |   |           | 95,544    |  
|                                  | Other operating segments |                 |           | 18,319    |          |   |           | 12,108    |  
|                                  |                          |                 |           |           |          |  
|                                  |                          | $               | 2,968,484 |           |          | $ | 2,570,543 |          
|                                  |                          |                 |           |           |          |  
|EBIT:                             |                          |                 |           |           |          |   |           |          
|                                  | Fresh fruit              |                 | $         | 171,466   |          |   | $         | 174,627   |  
|                                  | Fresh vegetables         |                 |           | 29,874    |          |   |           | 40,443    |  
|                                  | Packaged foods           |                 |           | 38,719    |          |   |           | 30,312    |  
|                                  | Fresh-cut flowers        |                 |           | 3,892     |          |   |           | 9,248     |  
|                                  | Other operating segments |                 |           | 513       |          |   |           | 189       |  
|                                  |                          |                 |           |           |          |  
|                                  | Total operating segments |                 |           | 244,464   |          |   |           | 254,819   |  
|                                  | Corporate and other      |                 |           | (63,415   | )        |   |           | (28,560   | )
|Interest expense                  |                          |                 | 68,457    |           |          |   | 69,394    |          
|                                  |                          |                 |           |           |          |  
|Income before income taxes        |                          | $               | 112,592   |           |          | $ | 156,865   |          
|                                  |                          |                 |           |           |          |  

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Fresh Fruit






Fresh Vegetables






Packaged Foods




28



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##### Table of Contents





Fresh-Cut Flowers






Corporate and Other




Liquidity and Capital Resources








29



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Other Matters


Financial Instruments: Accounting
for Derivative Instruments and Hedging Activities Accounting for Certain Derivative
Instruments


30



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and Certain Hedging Activities  An Amendment of
FASB Statement No. 133




European Union Quota:




European Union Antitrust Inquiry:


Income Tax Audits:




31



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Supplemental Financial Information




|                                                                |  |          |           |  |            |   |           | 
|--------------------------------------------------------------- |  | -------- | --------- |  | ---------- | - | --------- | 
|                                                                |  | June 18, |           |  | January 1, |  
|                                                                |  | 2005     |           |  | 2005       |  
|                                                                |  |          |           |  |            |  
|Balance Sheet Data:                                             |  |          |           |  |            |   |           | 
|Total working capital (current assets less current liabilities) |  | $        | 486,101   |  |            | $ | 433,469   | 
|Total assets                                                    |  | $        | 4,430,494 |  |            | $ | 4,331,617 | 
|Total debt                                                      |  | $        | 1,932,356 |  |            | $ | 1,868,922 | 
|Total shareholders equity                                      |  | $        | 636,133   |  |            | $ | 677,873   | 

|                              |  |               |         |   |          |   |         |  
|----------------------------- |  | ------------- | ------- | - | -------- | - | ------- | -
|                              |  | Quarter Ended |        
|                              |  |               |        
|                              |  | June 18,      |         |   | June 19, |  
|                              |  | 2005          |         |   | 2004     |  
|                              |  |               |         |   |          |  
|Other Financial Data:         |  |               |         |   |          |   |         |  
|Net income                    |  | $             | 32,328  |   |          | $ | 67,943  |  
|Interest expense              |  |               | 32,398  |   |          |   | 34,653  |  
|Income taxes                  |  |               | 9,689   |   |          |   | 14,915  |  
|Depreciation and amortization |  |               | 34,313  |   |          |   | 31,316  |  
|                              |  |               |         |   |          |  
|EBITDA                        |  | $             | 108,728 |   |          | $ | 148,827 |  
|EBITDA margin                 |  |               | 7.1     | % |          |   | 11.3    | %
|Capital expenditures          |  | $             | 29,120  |   |          | $ | 15,735  |  

|                              |  |                 |         |   |          |   |         |  
|----------------------------- |  | --------------- | ------- | - | -------- | - | ------- | -
|                              |  | Half Year Ended |        
|                              |  |                 |        
|                              |  | June 18,        |         |   | June 19, |  
|                              |  | 2005            |         |   | 2004     |  
|                              |  |                 |         |   |          |  
|Other Financial Data:         |  |                 |         |   |          |   |         |  
|Net income                    |  | $               | 49,482  |   |          | $ | 128,777 |  
|Interest expense              |  |                 | 68,457  |   |          |   | 69,394  |  
|Income taxes                  |  |                 | 63,110  |   |          |   | 28,088  |  
|Depreciation and amortization |  |                 | 67,779  |   |          |   | 63,674  |  
|                              |  |                 |         |   |          |  
|EBITDA                        |  | $               | 248,828 |   |          | $ | 289,933 |  
|EBITDA margin                 |  |                 | 8.4     | % |          |   | 11.3    | %
|Capital expenditures          |  | $               | 44,478  |   |          | $ | 28,021  |  





32



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ITEM 3.     QUANTITATIVE AND
QUALITATIVE


DISCLOSURES ABOUT MARKET RISK







ITEM 4.     CONTROLS AND
PROCEDURES




Changes in Internal Control Over Financial Reporting







PART II.


OTHER INFORMATION


DOLE FOOD COMPANY, INC.







|        |                  
|------- | -----------------
|Item 1. | Legal Proceedings





33



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34



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##### Table of Contents














|        |                                 
|------- | --------------------------------
|Item 6. | Exhibits and Reports on Form 8-K

(a) Exhibits:


|        |       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------- | ----- |  |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       | 
|Number  |       | 
|        |       | 
|        | 10.8* |  |  | First Amendment, dated as of June 29, 2005, to the Credit
    Agreement, dated as of March 28, 2003 and amended and
    restated as of April 18, 2005, among DHM Holding
    Company, Inc., a Delaware corporation, Dole Holding Company,
    LLC, a Delaware limited liability company, Dole Food Company,
    Inc., a Delaware corporation, Solvest, Ltd., a company organized
    under the laws of Bermuda, the Lenders from time to time party
    hereto, Deutsche Bank AG New York Branch, as Administrative
    Agent, Banc Of America Securities LLC and The Bank Of Nova
    Scotia, as Co-Syndication Agents, Fortis Capital Corporation,
    Harris Trust and Savings Bank and Rabobank International, as
    Co-Documentation Agents and Deutsche Bank Securities Inc., Banc
    of America Securities LLC and The Bank Of Nova Scotia, as Joint
    Lead Arrangers and Book Runners.
|        | 31.1* |  |  | Certification by the Chairman and Chief Executive Officer
    pursuant to Section 302 of the Sarbanes-Oxley Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | 31.2* |  |  | Certification by the Vice President and Chief Financial Officer
    pursuant to Section 302 of the Sarbanes-Oxley Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        | 32.1 |  |  | Certification by the Chairman and Chief Executive Officer
    pursuant to Section 906 of the Sarbanes-Oxley Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | 32.2 |  |  | Certification by the Vice President and Chief Financial Officer
    pursuant to Section 906 of the Sarbanes-Oxley Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            






|  |               
|- | --------------
|* | Filed herewith



|  |                   
|- | ------------------
| | Furnished herewith

(b) Reports on Form 8-K:




35



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SIGNATURES






| |                        
| | -----------------------
| | DOLE FOOD COMPANY, INC.
| | REGISTRANT             



| |     |                        
| | --- | -----------------------
| | By: | /s/ Joseph S. Tesoriero

| |                        
| | -----------------------
| |                        
| | Joseph S. Tesoriero    
| | Vice President and     
| | Chief Financial Officer



| |     |                 
| | --- | ----------------
| | By: | /s/ Yoon J. Hugh

| |                               
| | ------------------------------
| |                               
| | Yoon J. Hugh                  
| | Vice President, Controller and
| | Chief Accounting Officer      
| | (Principal Accounting Officer)

36



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EXHIBIT INDEX


|        |       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------- | ----- |  |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |       |  | 
|Number  |       |  | 
|        |       |  | 
|        | 10.8* |  |  | First Amendment, dated as of June 29, 2005, to the Credit
    Agreement, dated as of March 28, 2003 and amended and
    restated as of April 18, 2005, among DHM Holding
    Company, Inc., a Delaware corporation, Dole Holding Company,
    LLC, a Delaware limited liability company, Dole Food Company,
    Inc., a Delaware corporation, Solvest, Ltd., a company organized
    under the laws of Bermuda, the Lenders from time to time party
    hereto, Deutsche Bank AG New York Branch, as Administrative
    Agent, Banc Of America Securities LLC and The Bank Of Nova
    Scotia, as Co-Syndication Agents, Fortis Capital Corporation,
    Harris Trust and Savings Bank and Rabobank International, as
    Co-Documentation Agents and Deutsche Bank Securities Inc., Banc
    of America Securities LLC and The Bank Of Nova Scotia, as Joint
    Lead Arrangers and Book Runners.
|        | 31.1* |  |  | Certification by the Chairman and Chief Executive Officer
    pursuant to Section 302 of the Sarbanes-Oxley Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | 31.2* |  |  | Certification by the Vice President and Chief Financial Officer
    pursuant to Section 302 of the Sarbanes-Oxley Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        | 32.1 |  |  | Certification by the Chairman and Chief Executive Officer
    pursuant to Section 906 of the Sarbanes-Oxley Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | 32.2 |  |  | Certification by the Vice President and Chief Financial Officer
    pursuant to Section 906 of the Sarbanes-Oxley Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            






|  |               
|- | --------------
|* | Filed herewith



|  |                   
|- | ------------------
| | Furnished herewith

37