##### Table of Contents









UNITED STATES


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 March 25, 2006
|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                                                           |  | 99-0035300                               
|(State or other jurisdiction of
    incorporation or organization) |  | (I.R.S. Employer
     Identification No.)

One Dole Drive


Westlake Village, California 91362


(Address of principal executive offices and zip code)




þ o


12b-2


o o þ


12b-2 o þ




|                               |  |                                  
|------------------------------ |  | ---------------------------------
|Class                          |  | Shares Outstanding at May 5, 2006
|Common Stock, $0.001 Par Value |  | 1,000                            









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##### 










DOLE FOOD COMPANY, INC.


INDEX


|             |         |                                                                                                                       |                                                                                           |        |    |    | 
|------------ | ------- | --------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ------ | -- | -- | 
|             |         |                                                                                                                       |                                                                                           | Page   |   
|             |         |                                                                                                                       |                                                                                           | Number |   
|             |         |                                                                                                                       |                                                                                           |        |   
|PART I       |         | Financial Information                                                                                                 |                                                                                           |        |    |   
|             | Item 1. |                                                                                                                       | Financial Statements (unaudited)                                                          |        |    |    | 
|             |         | Condensed Consolidated Statements of
    Operations  Quarters Ended March 25, 2006 and
    March 26, 2005            |                                                                                           |        | 3  |   
|             |         | Condensed Consolidated Balance
    Sheets  March 25, 2006 and December 31,
    2005                                  |                                                                                           |        | 4  |   
|             |         | Condensed Consolidated Statements of Cash
    Flows  Quarters Ended March 25, 2006 and
    March 26, 2005            |                                                                                           |        | 5  |   
|             |         | Notes to Condensed Consolidated Financial
    Statements                                                              |                                                                                           |        | 6  |   
|             | Item 2. |                                                                                                                       | Managements Discussion and Analysis
    of Financial Condition and Results of Operations |        |    | 23 | 
|             | Item 3. |                                                                                                                       | Quantitative and Qualitative Disclosures
    About Market Risk                            |        |    | 30 | 
|             | Item 4. |                                                                                                                       | Controls and Procedures                                                                   |        |    | 30 | 
|            
|PART II      |         | Other Information                                                                                                     |                                                                                           |        |    |   
|             | Item 1. |                                                                                                                       | Legal Proceedings                                                                         |        |    | 31 | 
|             | Item 6. |                                                                                                                       | Exhibits and Reports on Form 8-K                                                          |        |    | 33 | 
|             |         | Signatures                                                                                                            |                                                                                           |        | 34 |   
|             |         | Exhibit Index                                                                                                         |                                                                                           |        | 35 |   
|             |         | 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 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 |          
|                                                                           |                                                                               |               |          
|                                                                           |                                                                               | March 25,     |           |         | March 26, |  
|                                                                           |                                                                               | 2006          |           |         | 2005      |  
|                                                                           |                                                                               |               |           |         |           |  
|Revenues, net                                                              |                                                                               | $             | 1,400,006 |         |           | $ | 1,442,133 |        
|Cost of products sold                                                      |                                                                               |               | 1,269,545 |         |           |   | 1,226,186 |        
|                                                                           |                                                                               |               |           |         |           |  
|                                                                           | Gross margin                                                                  |               |           | 130,461 |           |   |           | 215,947 | 
|Selling, marketing and general and administrative expenses                 |                                                                               |               | 107,466   |         |           |   | 114,818   |        
|                                                                           |                                                                               |               |           |         |           |  
|                                                                           | Operating income                                                              |               |           | 22,995  |           |   |           | 101,129 | 
|Other income (expense), net                                                |                                                                               |               | (1,086    | )       |           |   | 2,950     |        
|Interest income                                                            |                                                                               |               | 1,474     |         |           |   | 1,075     |        
|Interest expense                                                           |                                                                               |               | 34,425    |         |           |   | 36,059    |        
|                                                                           |                                                                               |               |           |         |           |  
|                                                                           | Income (loss) before income taxes, minority interests and equity
    earnings |               |           | (11,042 | )         |   |           | 69,095  | 
|Income taxes                                                               |                                                                               |               | (4,218    | )       |           |   | 53,421    |        
|Minority interests, net of income taxes                                    |                                                                               |               | 617       |         |           |   | 499       |        
|Equity in earnings of unconsolidated subsidiaries, net of income
    taxes |                                                                               |               | (1,522    | )       |           |   | (1,979    | )      
|                                                                           |                                                                               |               |           |         |           |  
|                                                                           | Net income (loss)                                                             |               | $         | (5,919  | )         |   | $         | 17,154  | 
|                                                                           |                                                                               |               |           |         |           |  

See Accompanying Notes to Condensed Consolidated Financial
Statements


3



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##### Table of Contents



DOLE FOOD COMPANY, INC.





CONDENSED CONSOLIDATED BALANCE SHEETS






|                                                                                                          |                                                                                      |                                            |           |         |              |   |           |         |           | 
|--------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------ | ------------------------------------------ | --------- | ------- | ------------ | - | --------- | ------- | --------- | 
|                                                                                                          |                                                                                      | March 25,                                  |           |         | December 31, |  
|                                                                                                          |                                                                                      | 2006                                       |           |         | 2005         |  
|                                                                                                          |                                                                                      |                                            |           |         |              |  
|ASSETS                                                                                                    |                                                                                      |                                            |           |         |              |   |           |        
|Cash and cash equivalents                                                                                 |                                                                                      | $                                          | 53,940    |         |              | $ | 48,812    |        
|Receivables, net of allowances of $56,239 and $58,585,
    respectively                                   |                                                                                      |                                            | 732,066   |         |              |   | 637,636   |        
|Inventories                                                                                               |                                                                                      |                                            | 650,273   |         |              |   | 623,497   |        
|Prepaid expenses                                                                                          |                                                                                      |                                            | 66,877    |         |              |   | 58,864    |        
|Deferred income tax assets                                                                                |                                                                                      |                                            | 37,595    |         |              |   | 34,756    |        
|                                                                                                          |                                                                                      |                                            |           |         |              |  
|                                                                                                          |                                                                                      | Total current assets                       |           |         | 1,540,751    |   |           |         | 1,403,565 | 
|Investments                                                                                               |                                                                                      |                                            | 77,883    |         |              |   | 76,753    |        
|Property, plant and equipment, net of accumulated depreciation
    of $742,509 and $705,115, respectively |                                                                                      |                                            | 1,498,832 |         |              |   | 1,508,597 |        
|Goodwill                                                                                                  |                                                                                      |                                            | 540,280   |         |              |   | 540,280   |        
|Intangible assets, net                                                                                    |                                                                                      |                                            | 725,671   |         |              |   | 726,700   |        
|Other assets, net                                                                                         |                                                                                      |                                            | 153,194   |         |              |   | 153,832   |        
|                                                                                                          |                                                                                      |                                            |           |         |              |  
|                                                                                                          |                                                                                      | Total assets                               |           | $       | 4,536,611    |   |           | $       | 4,409,727 | 
|                                                                                                          |                                                                                      |                                            |           |         |              |  
|                                                                                                         
|LIABILITIES AND SHAREHOLDERS EQUITY                                                                      |                                                                                      |                                            |           |         |              |   |           |        
|Accounts payable and accrued liabilities                                                                  |                                                                                      | $                                          | 832,494   |         |              | $ | 842,488   |        
|Current portion of long-term debt                                                                         |                                                                                      |                                            | 25,001    |         |              |   | 25,020    |        
|Notes payable                                                                                             |                                                                                      |                                            | 51,876    |         |              |   | 1,394     |        
|                                                                                                          |                                                                                      |                                            |           |         |              |  
|                                                                                                          |                                                                                      | Total current liabilities                  |           |         | 909,371      |   |           |         | 868,902   | 
|Long-term debt                                                                                            |                                                                                      |                                            | 2,056,046 |         |              |   | 2,000,843 |        
|Deferred income tax liabilities                                                                           |                                                                                      |                                            | 353,484   |         |              |   | 355,647   |        
|Other long-term liabilities                                                                               |                                                                                      |                                            | 551,267   |         |              |   | 546,305   |        
|Minority interests                                                                                        |                                                                                      |                                            | 21,424    |         |              |   | 21,487    |        
|Contingencies (Note 9)                                                                                    |                                                                                      |                                            |           |         |              |   |           |        
|Shareholders equity                                                                                      |                                                                                      |                                            |           |         |              |   |           |        
|                                                                                                          | Common stock  $0.001 par value;
    1,000 shares authorized, issued and outstanding |                                            |           |        |              |   |           |        |          
|                                                                                                          | Additional paid-in capital                                                           |                                            |           | 468,422 |              |   |           | 440,032 |          
|                                                                                                          | Retained earnings                                                                    |                                            |           | 183,672 |              |   |           | 192,991 |          
|                                                                                                          | Accumulated other comprehensive loss                                                 |                                            |           | (7,075  | )            |   |           | (16,480 | )        
|                                                                                                          |                                                                                      |                                            |           |         |              |  
|                                                                                                          |                                                                                      | Total shareholders equity                 |           |         | 645,019      |   |           |         | 616,543   | 
|                                                                                                          |                                                                                      |                                            |           |         |              |  
|                                                                                                          |                                                                                      | Total liabilities and shareholders equity |           | $       | 4,536,611    |   |           | $       | 4,409,727 | 
|                                                                                                          |                                                                                      |                                            |           |         |              |  

See Accompanying Notes to Condensed Consolidated Financial
Statements


4



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##### Table of Contents



DOLE FOOD COMPANY, INC.





CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS






|                                                                                          |                                                  |               |          |         |           |   |          |          |  
|----------------------------------------------------------------------------------------- | ------------------------------------------------ | ------------- | -------- | ------- | --------- | - | -------- | -------- | -
|                                                                                          |                                                  | Quarter Ended |         
|                                                                                          |                                                  |               |         
|                                                                                          |                                                  | March 25,     |          |         | March 26, |  
|                                                                                          |                                                  | 2006          |          |         | 2005      |  
|                                                                                          |                                                  |               |          |         |           |  
|Operating activities                                                                      |                                                  |               |          |         |           |   |          |         
|Net income (loss)                                                                         |                                                  | $             | (5,919   | )       |           | $ | 17,154   |         
|Adjustments to reconcile net income (loss) to cash flow used in
    operating activities: |                                                  |               |          |         |           |   |          |         
|                                                                                          | Depreciation and amortization                    |               |          | 32,962  |           |   |          | 33,466   |  
|                                                                                          | Unrealized foreign currency exchange loss (gain) |               |          | 1,044   |           |   |          | (493     | )
|                                                                                          | Asset write-offs and gain on sale of assets, net |               |          | 123     |           |   |          | (1,702   | )
|                                                                                          | Minority interests and equity earnings, net      |               |          | (905    | )         |   |          | (1,480   | )
|                                                                                          | Deferred income taxes                            |               |          | (5,127  | )         |   |          | 12,748   |  
|                                                                                          | Pension expense                                  |               |          | 3,374   |           |   |          | 3,883    |  
|                                                                                          | Amortization of debt issuance costs              |               |          | 1,124   |           |   |          | 1,935    |  
|                                                                                          | Other                                            |               |          | 1,314   |           |   |          | 1,554    |  
|Changes in operating assets and liabilities:                                              |                                                  |               |          |         |           |   |          |         
|                                                                                          | Receivables                                      |               |          | (86,568 | )         |   |          | (142,330 | )
|                                                                                          | Inventories                                      |               |          | (24,314 | )         |   |          | (32,008  | )
|                                                                                          | Prepaid expenses and other assets                |               |          | (8,196  | )         |   |          | (5,506   | )
|                                                                                          | Accounts payable and accrued liabilities         |               |          | (21,768 | )         |   |          | 69,434   |  
|                                                                                          | Other long-term liabilities                      |               |          | 3,738   |           |   |          | (1,596   | )
|                                                                                          |                                                  |               |          |         |           |  
|Cash flow used in operating activities                                                    |                                                  |               | (109,118 | )       |           |   | (44,941  | )       
|Investing activities                                                                      |                                                  |               |          |         |           |   |          |         
|Proceeds from sales of assets                                                             |                                                  |               | 1,330    |         |           |   | 3,093    |         
|Acquisitions and investments                                                              |                                                  |               |         |         |           |   | (47,094  | )       
|Capital additions                                                                         |                                                  |               | (24,206  | )       |           |   | (15,358  | )       
|Repurchase of common stock in the going-private merger
    transaction                    |                                                  |               | (100     | )       |           |   | (49      | )       
|                                                                                          |                                                  |               |          |         |           |  
|Cash flow used in investing activities                                                    |                                                  |               | (22,976  | )       |           |   | (59,408  | )       
|Financing activities                                                                      |                                                  |               |          |         |           |   |          |         
|Short-term debt borrowings                                                                |                                                  |               | 58,666   |         |           |   | 322      |         
|Short-term debt repayments                                                                |                                                  |               | (725     | )       |           |   | (10,757  | )       
|Long-term debt borrowings, net of debt issuance costs                                     |                                                  |               | 262,101  |         |           |   | 299,827  |         
|Long-term debt repayments                                                                 |                                                  |               | (208,292 | )       |           |   | (198,023 | )       
|Capital contributions                                                                     |                                                  |               | 28,390   |         |           |   |         |         
|Dividends paid to minority shareholders                                                   |                                                  |               | (684     | )       |           |   | (1,777   | )       
|Dividends paid                                                                            |                                                  |               | (3,400   | )       |           |   |         |         
|                                                                                          |                                                  |               |          |         |           |  
|Cash flow provided by financing activities                                                |                                                  |               | 136,056  |         |           |   | 89,592   |         
|                                                                                          |                                                  |               |          |         |           |  
|Effect of foreign currency exchange rate changes on cash and
    cash equivalents         |                                                  |               | 1,166    |         |           |   | (2,610   | )       
|                                                                                          |                                                  |               |          |         |           |  
|Increase (decrease) in cash and cash equivalents                                          |                                                  |               | 5,128    |         |           |   | (17,367  | )       
|Cash and cash equivalents at beginning of period                                          |                                                  |               | 48,812   |         |           |   | 79,217   |         
|                                                                                          |                                                  |               |          |         |           |  
|Cash and cash equivalents at end of period                                                |                                                  | $             | 53,940   |         |           | $ | 61,850   |         
|                                                                                          |                                                  |               |          |         |           |  

See Accompanying Notes to Condensed Consolidated Financial
Statements


5



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##### Table of Contents



DOLE FOOD COMPANY, INC.





NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS






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

52/53-week 10-K 10-K)








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





Section 965 Repatriation:




Income Tax Audits:


6



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






Honduran Tax Case:




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



|                                   |  |           |         |  |              |   |         | 
|---------------------------------- |  | --------- | ------- |  | ------------ | - | ------- | 
|                                   |  | March 25, |         |  | December 31, |  
|                                   |  | 2006      |         |  | 2005         |  
|                                   |  |           |         |  |              |  
|Finished products                  |  | $         | 319,624 |  |              | $ | 290,593 | 
|Raw materials and work in progress |  |           | 149,224 |  |              |   | 145,146 | 
|Crop-growing costs                 |  |           | 130,465 |  |              |   | 139,271 | 
|Operating supplies and other       |  |           | 50,960  |  |              |   | 48,487  | 
|                                   |  |           |         |  |              |  
|                                   |  | $         | 650,273 |  |              | $ | 623,497 | 
|                                   |  |           |         |  |              |  



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



|                                                   |  |       |         |  |            |   |        |          |  |   |           |  |  |       |   |  |       |   |   |  |  |   |         | 
|-------------------------------------------------- |  | ----- | ------- |  | ---------- | - | ------ | -------- |  | - | --------- |  |  | ----- | - |  | ----- | - | - |  |  | - | ------- | 
|                                                   |  | Fresh |         |  | Fresh      |   |        | Packaged |  |   | Fresh-cut |  |  |       |   | 
|                                                   |  | Fruit |         |  | Vegetables |   |        | Foods    |  |   | Flowers   |  |  | Other |   |  | Total |  
|                                                   |  |       |         |  |            |   |        |          |  |   |           |  |  |       |   |  |       |  
|Balance as of March 25, 2006 and December 31, 2005 |  | $     | 376,355 |  |            | $ | 97,868 |          |  | $ | 66,057    |  |  | $     |  |  |       | $ |  |  |  | $ | 540,280 | 
|                                                   |  |       |         |  |            |   |        |          |  |   |           |  |  |       |   |  |       |  

7



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                  |                                                      |           |         |         |              |   |         |         | 
|------------------------------------------------- | ---------------------------------------------------- | --------- | ------- | ------- | ------------ | - | ------- | ------- | 
|                                                  |                                                      | March 25, |         |         | December 31, |  
|                                                  |                                                      | 2006      |         |         | 2005         |  
|                                                  |                                                      |           |         |         |              |  
|Amortized intangible assets:                      |                                                      |           |         |         |              |   |         |        
|                                                  | Customer relationships                               |           | $       | 38,501  |              |   | $       | 38,501  | 
|                                                  | Other amortized intangible assets                    |           |         | 9,076   |              |   |         | 9,064   | 
|                                                  |                                                      |           |         |         |              |  
|                                                  |                                                      |           | 47,577  |         |              |   | 47,565  |        
|Accumulated amortization  customer relationships |                                                      |           | (10,066 | )       |              |   | (9,219  | )      
|Other accumulated amortization                    |                                                      |           | (6,358  | )       |              |   | (6,164  | )      
|                                                  |                                                      |           |         |         |              |  
|Accumulated amortization  intangible assets      |                                                      |           | (16,424 | )       |              |   | (15,383 | )      
|                                                  |                                                      |           |         |         |              |  
|Intangible assets, net                            |                                                      |           | 31,153  |         |              |   | 32,182  |        
|Unamortized intangible assets:                    |                                                      |           |         |         |              |   |         |        
|                                                  | Trademark, trade names and other related intangibles |           |         | 694,518 |              |   |         | 694,518 | 
|                                                  |                                                      |           |         |         |              |  
|Total intangible assets, net                      |                                                      | $         | 725,671 |         |              | $ | 726,700 |        
|                                                  |                                                      |           |         |         |              |  



|            |  |        |       | 
|----------- |  | ------ | ----- | 
|Fiscal Year |  | Amount |      
|            |  |        |      
|2006        |  | $      | 3,325 | 
|2007        |  | $      | 3,677 | 
|2008        |  | $      | 3,677 | 
|2009        |  | $      | 3,677 | 
|2010        |  | $      | 3,677 | 

8



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|   |                                 
|-- | --------------------------------
|5. | NOTES PAYABLE AND LONG-TERM DEBT



|                                                                                                      |                             |           |           |         |              |   |           |         | 
|----------------------------------------------------------------------------------------------------- | --------------------------- | --------- | --------- | ------- | ------------ | - | --------- | ------- | 
|                                                                                                      |                             | March 25, |           |         | December 31, |  
|                                                                                                      |                             | 2006      |           |         | 2005         |  
|                                                                                                      |                             |           |           |         |              |  
|Unsecured debt:                                                                                       |                             |           |           |         |              |   |           |        
|                                                                                                      | 8.625% notes due 2009       |           | $         | 350,000 |              |   | $         | 350,000 | 
|                                                                                                      | 7.25% notes due 2010        |           |           | 400,000 |              |   |           | 400,000 | 
|                                                                                                      | 8.875% notes due 2011       |           |           | 200,000 |              |   |           | 200,000 | 
|                                                                                                      | 8.75% debentures due 2013   |           |           | 155,000 |              |   |           | 155,000 | 
|Secured debt:                                                                                         |                             |           |           |         |              |   |           |        
|                                                                                                      | Revolving credit facilities |           |           | 192,000 |              |   |           | 137,000 | 
|                                                                                                      | Term loan facilities        |           |           | 698,879 |              |   |           | 698,149 | 
|Contracts and notes due 2006  2010, at a
    weighted-average interest rate of 6.87% (6.86% in 2005) |                             |           | 5,863     |         |              |   | 5,952     |        
|Capital lease obligations                                                                             |                             |           | 80,444    |         |              |   | 80,971    |        
|Unamortized debt discount                                                                             |                             |           | (1,139    | )       |              |   | (1,209    | )      
|Notes payable                                                                                         |                             |           | 51,876    |         |              |   | 1,394     |        
|                                                                                                      |                             |           |           |         |              |  
|                                                                                                      |                             |           | 2,132,923 |         |              |   | 2,027,257 |        
|Current maturities                                                                                    |                             |           | (76,877   | )       |              |   | (26,414   | )      
|                                                                                                      |                             |           |           |         |              |  
|                                                                                                      |                             | $         | 2,056,046 |         |              | $ | 2,000,843 |        
|                                                                                                      |                             |           |           |         |              |  



fixed-rate








9



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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 |       
|                                                                              |  |               |       
|                                                                              |  | March 25,     |        |   | March 26, |  
|                                                                              |  | 2006          |        |   | 2005      |  
|                                                                              |  |               |        |   |           |  
|Net income (loss)                                                             |  | $             | (5,919 | ) |           | $ | 17,154 |  
|Unrealized foreign currency exchange translation gain (loss)                  |  |               | 2,278  |   |           |   | (7,646 | )
|Reclassification of realized cash flow hedging gains to net
    income (loss) |  |               | (1,271 | ) |           |   | (106   | )
|Unrealized net gain (loss) on cash flow hedging instruments                   |  |               | 8,398  |   |           |   | (646   | )
|                                                                              |  |               |        |   |           |  
|Comprehensive income                                                          |  | $             | 3,486  |   |           | $ | 8,756  |  
|                                                                              |  |               |        |   |           |  

Capital Contribution




Dividends








10



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






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



|                                         |                                |                                           |     |        |                       |   |     |               |     |   |           |       |    |           |       |       |           |   |     |     |      |   |       |       |     |  
|---------------------------------------- | ------------------------------ | ----------------------------------------- | --- | ------ | --------------------- | - | --- | ------------- | --- | - | --------- | ----- | -- | --------- | ----- | ----- | --------- | - | --- | --- | ---- | - | ----- | ----- | --- | -
|                                         |                                | U.S. Pension Plans                        |     |        | Foreign Pension Plans |   |     | OPRB Plans    |    
|                                         |                                |                                           |     |        |                       |   |     |               |    
|                                         |                                | Quarter Ended                             |     |        | Quarter Ended         |   |     | Quarter Ended |    
|                                         |                                |                                           |     |        |                       |   |     |               |    
|                                         |                                | March 25,                                 |     |        | March 26,             |   |     | March 25,     |     |   | March 26, |       |    | March 25, |       |       | March 26, |  
|                                         |                                | 2006                                      |     |        | 2005                  |   |     | 2006          |     |   | 2005      |       |    | 2006      |       |       | 2005      |  
|                                         |                                |                                           |     |        |                       |   |     |               |     |   |           |       |    |           |       |       |           |  
|Components of net periodic benefit cost: |                                |                                           |     |        |                       |   |     |               |     |   |           |       |    |           |       |       |           |   |     |     |      |   |       |      
|                                         | Service cost                   |                                           | $   | 408    |                       |   | $   | 438           |     |   | $         | 878   |    |           | $     | 890   |           |   | $   | 65  |      |   | $     | 19    |    
|                                         | Interest cost                  |                                           |     | 3,918  |                       |   |     | 4,063         |     |   |           | 1,461 |    |           |       | 1,312 |           |   |     | 900 |      |   |       | 1,169 |    
|                                         | Expected return on plan assets |                                           |     | (4,159 | )                     |   |     | (4,171        | )   |   |           | (85   | )  |           |       | (78   | )         |   |     |    |      |   |       |      |    
|                                         | Amortization of:               |                                           |     |        |                       |   |     |               |     |   |           |       |    |           |       |       |           |   |     |     |      |   |       |       |    
|                                         |                                | Unrecognized net loss (gain)              |     |        | 145                   |   |     |               | 198 |   |           |       | 53 |           |       |       | 35        |   |     |     | (26  | ) |       |       | 5   |  
|                                         |                                | Unrecognized prior service cost (benefit) |     |        |                      |   |     |               | 1   |   |           |       | 11 |           |       |       | 15        |   |     |     | (211 | ) |       |       | (25 | )
|                                         |                                | Unrecognized net transition obligation    |     |        |                      |   |     |               |    |   |           |       | 16 |           |       |       | 12        |   |     |     |     |   |       |       |    |  
|                                         |                                |                                           |     |        |                       |   |     |               |     |   |           |       |    |           |       |       |           |  
|                                         |                                | $                                         | 312 |        |                       | $ | 529 |               |     | $ | 2,334     |       |    | $         | 2,186 |       |           | $ | 728 |     |      | $ | 1,168 |      
|                                         |                                |                                           |     |        |                       |   |     |               |     |   |           |       |    |           |       |       |           |  





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





11



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                  |                          |               |           |         |           |   |           |         |  
|--------------------------------- | ------------------------ | ------------- | --------- | ------- | --------- | - | --------- | ------- | -
|                                  |                          | Quarter Ended |          
|                                  |                          |               |          
|                                  |                          | March 25,     |           |         | March 26, |  
|                                  |                          | 2006          |           |         | 2005      |  
|                                  |                          |               |           |         |           |  
|Revenues from external customers: |                          |               |           |         |           |   |           |        
|                                  | Fresh fruit              |               | $         | 897,024 |           |   | $         | 939,527 |  
|                                  | Fresh vegetables         |               |           | 243,203 |           |   |           | 253,606 |  
|                                  | Packaged foods           |               |           | 195,947 |           |   |           | 190,290 |  
|                                  | Fresh-cut flowers        |               |           | 58,164  |           |   |           | 52,719  |  
|                                  | Other operating segments |               |           | 5,668   |           |   |           | 5,991   |  
|                                  |                          |               |           |         |           |  
|                                  |                          | $             | 1,400,006 |         |           | $ | 1,442,133 |        
|                                  |                          |               |           |         |           |  
|EBIT:                             |                          |               |           |         |           |   |           |        
|                                  | Fresh fruit              |               | $         | 20,223  |           |   | $         | 76,509  |  
|                                  | Fresh vegetables         |               |           | 4,560   |           |   |           | 19,204  |  
|                                  | Packaged foods           |               |           | 14,881  |           |   |           | 17,927  |  
|                                  | Fresh-cut flowers        |               |           | (395    | )         |   |           | 4,558   |  
|                                  | Other operating segments |               |           | 150     |           |   |           | 75      |  
|                                  |                          |               |           |         |           |  
|                                  | Total operating segments |               |           | 39,419  |           |   |           | 118,273 |  
|                                  | Corporate                |               |           | (15,131 | )         |   |           | (11,639 | )
|Interest expense                  |                          |               | 34,425    |         |           |   | 36,059    |        
|                                  |                          |               |           |         |           |  
|Income (loss) before income taxes |                          | $             | (10,137   | )       |           | $ | 70,575    |        
|                                  |                          |               |           |         |           |  





|                         |  |           |           |  |              |   |           | 
|------------------------ |  | --------- | --------- |  | ------------ | - | --------- | 
|                         |  | March 25, |           |  | December 31, |  
|                         |  | 2006      |           |  | 2005         |  
|                         |  |           |           |  |              |  
|Fresh fruit              |  | $         | 2,379,414 |  |              | $ | 2,301,090 | 
|Fresh vegetables         |  |           | 455,635   |  |              |   | 451,490   | 
|Packaged foods           |  |           | 653,524   |  |              |   | 639,999   | 
|Fresh-cut flowers        |  |           | 157,617   |  |              |   | 153,565   | 
|Other operating segments |  |           | 16,887    |  |              |   | 12,478    | 
|                         |  |           |           |  |              |  
|Total operating segments |  |           | 3,663,077 |  |              |   | 3,558,622 | 
|Corporate                |  |           | 873,534   |  |              |   | 851,105   | 
|                         |  |           |           |  |              |  
|                         |  | $         | 4,536,611 |  |              | $ | 4,409,727 | 
|                         |  |           |           |  |              |  



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



12



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)














(1,2-dibromo




13



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)
















14



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










European Union Antitrust Inquiry and
U.S. Class Action Lawsuits:




Honduran Tax Case:


15



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|    |                            
|--- | ---------------------------
|10. | IMPACT OF HURRICANE KATRINA







|    |                       
|--- | ----------------------
|11. | BUSINESS RESTRUCTURING





|    |                  
|--- | -----------------
|12. | SUBSEQUENT EVENTS

Refinancing and Dividend Transactions:


16



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|    |                                
|--- | -------------------------------
|13. | GUARANTOR FINANCIAL INFORMATION









17



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS


For the Quarter Ended March 25, 2006


|                                                                           |                                                                               |               |         |         |            |   |         |                |  |   |              |        |   |       |          |         |   |   |           |         |  
|-------------------------------------------------------------------------- | ----------------------------------------------------------------------------- | ------------- | ------- | ------- | ---------- | - | ------- | -------------- |  | - | ------------ | ------ | - | ----- | -------- | ------- | - | - | --------- | ------- | -
|                                                                           |                                                                               | Dole Food     |         |         |            |   |         |                |  |   |             
|                                                                           |                                                                               | Company, Inc. |         |         | Guarantors |   |         | Non Guarantors |  |   | Eliminations |        |   | Total |         
|                                                                           |                                                                               |               |         |         |            |   |         |                |  |   |              |        |   |       |         
|(In thousands)                                                             |                                                                               |               |         |         |            |   |         |                |  |   |              |        |   |       |          |         |   |   |           |        
|Revenues, net                                                              |                                                                               | $             | 11,329  |         |            | $ | 702,652 |                |  | $ | 1,000,921    |        |   | $     | (314,896 | )       |   | $ | 1,400,006 |        
|Cost of products sold                                                      |                                                                               |               | 9,696   |         |            |   | 632,178 |                |  |   | 939,428      |        |   |       | (311,757 | )       |   |   | 1,269,545 |        
|                                                                           |                                                                               |               |         |         |            |   |         |                |  |   |              |        |   |       |         
|                                                                           | Gross margin                                                                  |               |         | 1,633   |            |   |         | 70,474         |  |   |              | 61,493 |   |       |          | (3,139  | ) |   |           | 130,461 |  
|Selling, marketing and general and administrative expenses                 |                                                                               |               | 15,498  |         |            |   | 45,063  |                |  |   | 50,044       |        |   |       | (3,139   | )       |   |   | 107,466   |        
|                                                                           |                                                                               |               |         |         |            |   |         |                |  |   |              |        |   |       |         
|                                                                           | Operating income                                                              |               |         | (13,865 | )          |   |         | 25,411         |  |   |              | 11,449 |   |       |          |        |   |   |           | 22,995  |  
|Equity in subsidiary income                                                |                                                                               |               | 17,325  |         |            |   | (4,730  | )              |  |   |             |        |   |       | (12,595  | )       |   |   |          |        
|Other income (expense), net                                                |                                                                               |               | (1      | )       |            |   |        |                |  |   | (1,085       | )      |   |       |         |         |   |   | (1,086    | )      
|Interest income                                                            |                                                                               |               | 186     |         |            |   | 79      |                |  |   | 1,209        |        |   |       |         |         |   |   | 1,474     |        
|Interest expense                                                           |                                                                               |               | 24,118  |         |            |   | 74      |                |  |   | 10,233       |        |   |       |         |         |   |   | 34,425    |        
|                                                                           |                                                                               |               |         |         |            |   |         |                |  |   |              |        |   |       |         
|                                                                           | Income (loss) before income taxes, minority interests and equity
    earnings |               |         | (20,473 | )          |   |         | 20,686         |  |   |              | 1,340  |   |       |          | (12,595 | ) |   |           | (11,042 | )
|Income taxes                                                               |                                                                               |               | (14,590 | )       |            |   | 3,897   |                |  |   | 6,475        |        |   |       |         |         |   |   | (4,218    | )      
|Minority interests, net of income taxes                                    |                                                                               |               | 36      |         |            |   | 254     |                |  |   | 327          |        |   |       |         |         |   |   | 617       |        
|Equity in earnings of unconsolidated subsidiaries, net of income
    taxes |                                                                               |               |        |         |            |   | (450    | )              |  |   | (1,072       | )      |   |       |         |         |   |   | (1,522    | )      
|                                                                           |                                                                               |               |         |         |            |   |         |                |  |   |              |        |   |       |         
|                                                                           | Net income (loss)                                                             |               | $       | (5,919  | )          |   | $       | 16,985         |  |   | $            | (4,390 | ) |       | $        | (12,595 | ) |   | $         | (5,919  | )
|                                                                           |                                                                               |               |         |         |            |   |         |                |  |   |              |        |   |       |         

For the Quarter Ended March 26, 2005


|                                                                           |                                                                        |               |         |        |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |         | 
|-------------------------------------------------------------------------- | ---------------------------------------------------------------------- | ------------- | ------- | ------ | ---------- | - | ------- | -------------- |  | - | ------------ | ------- |  | ----- | -------- | -------- | - | - | --------- | ------- | 
|                                                                           |                                                                        | Dole Food     |         |        |            |   |         |                |  |   |             
|                                                                           |                                                                        | Company, Inc. |         |        | Guarantors |   |         | Non Guarantors |  |   | Eliminations |         |  | Total |         
|                                                                           |                                                                        |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|(In thousands)                                                             |                                                                        |               |         |        |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |        
|Revenues, net                                                              |                                                                        | $             | 127,259 |        |            | $ | 583,433 |                |  | $ | 1,036,999    |         |  | $     | (305,558 | )        |   | $ | 1,442,133 |        
|Cost of products sold                                                      |                                                                        |               | 95,496  |        |            |   | 519,636 |                |  |   | 914,156      |         |  |       | (303,102 | )        |   |   | 1,226,186 |        
|                                                                           |                                                                        |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                                           | Gross margin                                                           |               |         | 31,763 |            |   |         | 63,797         |  |   |              | 122,843 |  |       |          | (2,456   | ) |   |           | 215,947 | 
|Selling, marketing and general and administrative expenses                 |                                                                        |               | 32,287  |        |            |   | 27,924  |                |  |   | 57,063       |         |  |       | (2,456   | )        |   |   | 114,818   |        
|                                                                           |                                                                        |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                                           | Operating income (loss)                                                |               |         | (524   | )          |   |         | 35,873         |  |   |              | 65,780  |  |       |          |         |   |   |           | 101,129 | 
|Equity in subsidiary income                                                |                                                                        |               | 86,357  |        |            |   | 65,570  |                |  |   |             |         |  |       | (151,927 | )        |   |   |          |        
|Other income (expense), net                                                |                                                                        |               |        |        |            |   |        |                |  |   | 2,950        |         |  |       |         |          |   |   | 2,950     |        
|Interest income                                                            |                                                                        |               | 27      |        |            |   | 58      |                |  |   | 990          |         |  |       |         |          |   |   | 1,075     |        
|Interest expense                                                           |                                                                        |               | 31,945  |        |            |   | 41      |                |  |   | 4,073        |         |  |       |         |          |   |   | 36,059    |        
|                                                                           |                                                                        |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                                           | Income before income taxes, minority interests and equity
    earnings |               |         | 53,915 |            |   |         | 101,460        |  |   |              | 65,647  |  |       |          | (151,927 | ) |   |           | 69,095  | 
|Income taxes                                                               |                                                                        |               | 36,467  |        |            |   | 15,036  |                |  |   | 1,918        |         |  |       |         |          |   |   | 53,421    |        
|Minority interests, net of income taxes                                    |                                                                        |               | 294     |        |            |   | 26      |                |  |   | 179          |         |  |       |         |          |   |   | 499       |        
|Equity in earnings of unconsolidated subsidiaries, net of income
    taxes |                                                                        |               |        |        |            |   | (227    | )              |  |   | (1,752       | )       |  |       |         |          |   |   | (1,979    | )      
|                                                                           |                                                                        |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                                           | Net income                                                             |               | $       | 17,154 |            |   | $       | 86,625         |  |   | $            | 65,302  |  |       | $        | (151,927 | ) |   | $         | 17,154  | 
|                                                                           |                                                                        |               |         |        |            |   |         |                |  |   |              |         |  |       |         

18



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING BALANCE SHEET


As of March 25, 2006


|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |           |           | 
|------------------------------------ | ---------------------------------------- | ------------------------------------------ | - | --------- | ---------- |  | - | -------------- | --------- |  | ------------ | --------- | --------- | ----- | - | ---------- | ---------- | - | - | --------- | --------- | 
|                                     |                                          | Dole Food                                  |   |           |            |  |   |                |           |  |             
|                                     |                                          | Company, Inc.                              |   |           | Guarantors |  |   | Non Guarantors |           |  | Eliminations |           |           | Total |  
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|(In thousands)                       |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|ASSETS                              
|                                     | Cash and cash equivalents                |                                            | $ | 27,537    |            |  | $ | (12,381        | )         |  | $            | 38,784    |           |       | $ |           |            |   | $ | 53,940    |          
|                                     | Receivables, net of allowances           |                                            |   | 270,399   |            |  |   | 10,953         |           |  |              | 450,714   |           |       |   |           |            |   |   | 732,066   |          
|                                     | Inventories                              |                                            |   | 6,767     |            |  |   | 271,914        |           |  |              | 371,592   |           |       |   |           |            |   |   | 650,273   |          
|                                     | Prepaid expenses                         |                                            |   | 4,355     |            |  |   | 12,124         |           |  |              | 50,398    |           |       |   |           |            |   |   | 66,877    |          
|                                     | Deferred income tax assets               |                                            |   | 9,185     |            |  |   | 24,778         |           |  |              | 3,632     |           |       |   |           |            |   |   | 37,595    |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current assets                       |   |           | 318,243    |  |   |                | 307,388   |  |              |           | 915,120   |       |   |            |           |   |   |           | 1,540,751 | 
|                                     | Investments                              |                                            |   | 2,438,826 |            |  |   | 1,720,229      |           |  |              | 75,881    |           |       |   | (4,157,053 | )          |   |   | 77,883    |          
|                                     | Property, plant and equipment, net       |                                            |   | 297,847   |            |  |   | 368,506        |           |  |              | 832,479   |           |       |   |           |            |   |   | 1,498,832 |          
|                                     | Goodwill                                 |                                            |   | 18,224    |            |  |   | 145,702        |           |  |              | 376,354   |           |       |   |           |            |   |   | 540,280   |          
|                                     | Intangible assets, net                   |                                            |   | 690,242   |            |  |   | 33,338         |           |  |              | 2,091     |           |       |   |           |            |   |   | 725,671   |          
|                                     | Other assets, net                        |                                            |   | 30,687    |            |  |   | 9,576          |           |  |              | 112,931   |           |       |   |           |            |   |   | 153,194   |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total assets                               |   | $         | 3,794,069  |  |   | $              | 2,584,739 |  |              | $         | 2,314,856 |       |   | $          | (4,157,053 | ) |   | $         | 4,536,611 | 
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                    
|LIABILITIES AND SHAREHOLDERS EQUITY
|                                     | Accounts payable and accrued liabilities |                                            | $ | 77,185    |            |  | $ | 310,261        |           |  | $            | 445,048   |           |       | $ |           |            |   | $ | 832,494   |          
|                                     | Current portion of long-term debt        |                                            |   | (300      | )          |  |   | 898            |           |  |              | 24,403    |           |       |   |           |            |   |   | 25,001    |          
|                                     | Notes payable                            |                                            |   |          |            |  |   | 1,137          |           |  |              | 50,739    |           |       |   |           |            |   |   | 51,876    |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current liabilities                  |   |           | 76,885     |  |   |                | 312,296   |  |              |           | 520,190   |       |   |            |           |   |   |           | 909,371   | 
|                                     | Intercompany payables (receivables)      |                                            |   | 1,124,318 |            |  |   | (247,707       | )         |  |              | (876,611  | )         |       |   |           |            |   |   |          |          
|                                     | Long-term debt                           |                                            |   | 1,244,160 |            |  |   | 2,264          |           |  |              | 809,622   |           |       |   |           |            |   |   | 2,056,046 |          
|                                     | Deferred income tax liabilities          |                                            |   | 284,587   |            |  |   | 40,283         |           |  |              | 28,614    |           |       |   |           |            |   |   | 353,484   |          
|                                     | Other long-term liabilities              |                                            |   | 419,100   |            |  |   | 40,190         |           |  |              | 91,977    |           |       |   |           |            |   |   | 551,267   |          
|                                     | Minority interests                       |                                            |   |          |            |  |   | 5,842          |           |  |              | 15,582    |           |       |   |           |            |   |   | 21,424    |          
|                                     | Total shareholders equity               |                                            |   | 645,019   |            |  |   | 2,431,571      |           |  |              | 1,725,482 |           |       |   | (4,157,053 | )          |   |   | 645,019   |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total liabilities and shareholders equity |   | $         | 3,794,069  |  |   | $              | 2,584,739 |  |              | $         | 2,314,856 |       |   | $          | (4,157,053 | ) |   | $         | 4,536,611 | 
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  

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 December 31, 2005


|                                     |                                          |                                            |   |           |            |   |   |                |           |  |              |           |           |       |   |            |            |   |   |           |           | 
|------------------------------------ | ---------------------------------------- | ------------------------------------------ | - | --------- | ---------- | - | - | -------------- | --------- |  | ------------ | --------- | --------- | ----- | - | ---------- | ---------- | - | - | --------- | --------- | 
|                                     |                                          | Dole Food                                  |   |           |            |   |   |                |           |  |             
|                                     |                                          | Company, Inc.                              |   |           | Guarantors |   |   | Non Guarantors |           |  | Eliminations |           |           | Total |  
|                                     |                                          |                                            |   |           |            |   |   |                |           |  |              |           |           |       |  
|(In thousands)                       |                                          |                                            |   |           |            |   |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|ASSETS                              
|                                     | Cash and cash equivalents                |                                            | $ | 12,698    |            |   | $ | (5,453         | )         |  | $            | 41,567    |           |       | $ |           |            |   | $ | 48,812    |          
|                                     | Receivables, net of allowances           |                                            |   | 121,316   |            |   |   | 116,226        |           |  |              | 400,094   |           |       |   |           |            |   |   | 637,636   |          
|                                     | Inventories                              |                                            |   | 101,935   |            |   |   | 171,601        |           |  |              | 349,961   |           |       |   |           |            |   |   | 623,497   |          
|                                     | Prepaid expenses                         |                                            |   | 5,663     |            |   |   | 10,071         |           |  |              | 43,130    |           |       |   |           |            |   |   | 58,864    |          
|                                     | Deferred income tax assets               |                                            |   | 15,946    |            |   |   | 15,282         |           |  |              | 3,528     |           |       |   |           |            |   |   | 34,756    |          
|                                     |                                          |                                            |   |           |            |   |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current assets                       |   |           | 257,558    |   |   |                | 307,727   |  |              |           | 838,280   |       |   |            |           |   |   |           | 1,403,565 | 
|                                     | Investments                              |                                            |   | 2,271,031 |            |   |   | 1,708,078      |           |  |              | 75,200    |           |       |   | (3,977,556 | )          |   |   | 76,753    |          
|                                     | Property, plant and equipment, net       |                                            |   | 299,100   |            |   |   | 360,886        |           |  |              | 848,611   |           |       |   |           |            |   |   | 1,508,597 |          
|                                     | Goodwill                                 |                                            |   | 18,224    |            |   |   | 145,702        |           |  |              | 376,354   |           |       |   |           |            |   |   | 540,280   |          
|                                     | Intangible assets, net                   |                                            |   | 710,743   |            |   |   | 13,687         |           |  |              | 2,270     |           |       |   |           |            |   |   | 726,700   |          
|                                     | Other assets, net                        |                                            |   | 34,679    |            |   |   | 9,643          |           |  |              | 109,510   |           |       |   |           |            |   |   | 153,832   |          
|                                     |                                          |                                            |   |           |            |   |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total assets                               |   | $         | 3,591,335  |   |   | $              | 2,545,723 |  |              | $         | 2,250,225 |       |   | $          | (3,977,556 | ) |   | $         | 4,409,727 | 
|                                     |                                          |                                            |   |           |            |   |   |                |           |  |              |           |           |       |  
|                                    
|LIABILITIES AND SHAREHOLDERS EQUITY
|                                     | Accounts payable and accrued liabilities |                                            | $ | (24,493   | )          |   | $ | 428,142        |           |  | $            | 438,839   |           |       | $ |           |            |   | $ | 842,488   |          
|                                     | Current portion of long-term debt        |                                            |   | (300      | )          |   |   | 885            |           |  |              | 24,435    |           |       |   |           |            |   |   | 25,020    |          
|                                     | Notes payable                            |                                            |   |          |            |   |   | 1,119          |           |  |              | 275       |           |       |   |           |            |   |   | 1,394     |          
|                                     |                                          |                                            |   |           |            |   |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current liabilities                  |   |           | (24,793    | ) |   |                | 430,146   |  |              |           | 463,549   |       |   |            |           |   |   |           | 868,902   | 
|                                     | Intercompany payables (receivables)      |                                            |   | 1,072,418 |            |   |   | (229,126       | )         |  |              | (843,292  | )         |       |   |           |            |   |   |          |          
|                                     | Long-term debt                           |                                            |   | 1,216,090 |            |   |   | 2,451          |           |  |              | 782,302   |           |       |   |           |            |   |   | 2,000,843 |          
|                                     | Deferred income tax liabilities          |                                            |   | 294,420   |            |   |   | 32,128         |           |  |              | 29,099    |           |       |   |           |            |   |   | 355,647   |          
|                                     | Other long-term liabilities              |                                            |   | 416,657   |            |   |   | 39,684         |           |  |              | 89,964    |           |       |   |           |            |   |   | 546,305   |          
|                                     | Minority interests                       |                                            |   |          |            |   |   | 6,325          |           |  |              | 15,162    |           |       |   |           |            |   |   | 21,487    |          
|                                     | Total shareholders equity               |                                            |   | 616,543   |            |   |   | 2,264,115      |           |  |              | 1,713,441 |           |       |   | (3,977,556 | )          |   |   | 616,543   |          
|                                     |                                          |                                            |   |           |            |   |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total liabilities and shareholders equity |   | $         | 3,591,335  |   |   | $              | 2,545,723 |  |              | $         | 2,250,225 |       |   | $          | (3,977,556 | ) |   | $         | 4,409,727 | 
|                                     |                                          |                                            |   |           |            |   |   |                |           |  |              |           |           |       |  

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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS


For the Quarter Ended March 25, 2006


|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|------------------------------------------------------------------------ |  | ------------- | -------- | - | ---------- | - | ------- | -------------- |  | - | ------------ | - |  | ----- | - |  |  | - | -------- | -
|                                                                         |  | Dole Food     |          |   |            |   |         |                |  |   |             
|                                                                         |  | Company, Inc. |          |   | Guarantors |   |         | Non Guarantors |  |   | Eliminations |   |  | Total |  
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|(In thousands)                                                           |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|Operating activities                                                     |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|Cash flow provided by (used in) operating activities                     |  | $             | (37,505  | ) |            | $ | (345    | )              |  | $ | (71,268      | ) |  | $     |  |  |  | $ | (109,118 | )
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Investing activities                                                     |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|Proceeds from sales of assets                                            |  |               | 1        |   |            |   | 10      |                |  |   | 1,319        |   |  |       |  |  |  |   | 1,330    |  
|Capital additions                                                        |  |               | (547     | ) |            |   | (13,472 | )              |  |   | (10,187      | ) |  |       |  |  |  |   | (24,206  | )
|Repurchase of common stock in the going-private merger
    transaction   |  |               | (100     | ) |            |   |        |                |  |   |             |   |  |       |  |  |  |   | (100     | )
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Cash flow used in investing activities                                   |  |               | (646     | ) |            |   | (13,462 | )              |  |   | (8,868       | ) |  |       |  |  |  |   | (22,976  | )
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Financing activities                                                     |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|Short-term debt borrowings                                               |  |               |         |   |            |   | 7,614   |                |  |   | 51,052       |   |  |       |  |  |  |   | 58,666   |  
|Short-term debt repayments                                               |  |               |         |   |            |   | (127    | )              |  |   | (598         | ) |  |       |  |  |  |   | (725     | )
|Long-term debt borrowings                                                |  |               | 132,700  |   |            |   |        |                |  |   | 129,401      |   |  |       |  |  |  |   | 262,101  |  
|Long-term debt repayments                                                |  |               | (104,700 | ) |            |   | (172    | )              |  |   | (103,420     | ) |  |       |  |  |  |   | (208,292 | )
|Capital contributions                                                    |  |               | 28,390   |   |            |   |        |                |  |   |             |   |  |       |  |  |  |   | 28,390   |  
|Dividends paid to minority shareholders                                  |  |               |         |   |            |   | (436    | )              |  |   | (248         | ) |  |       |  |  |  |   | (684     | )
|Dividends paid                                                           |  |               | (3,400   | ) |            |   |        |                |  |   |             |   |  |       |  |  |  |   | (3,400   | )
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Cash flow provided by (used in) financing activities                     |  |               | 52,990   |   |            |   | 6,879   |                |  |   | 76,187       |   |  |       |  |  |  |   | 136,056  |  
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Effect of foreign exchange rate changes on cash and cash
    equivalents |  |               |         |   |            |   |        |                |  |   | 1,166        |   |  |       |  |  |  |   | 1,166    |  
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Increase (decrease) in cash and cash equivalents                         |  |               | 14,839   |   |            |   | (6,928  | )              |  |   | (2,783       | ) |  |       |  |  |  |   | 5,128    |  
|Cash and cash equivalents at beginning of period                         |  |               | 12,698   |   |            |   | (5,453  | )              |  |   | 41,567       |   |  |       |  |  |  |   | 48,812   |  
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Cash and cash equivalents at end of period                               |  | $             | 27,537   |   |            | $ | (12,381 | )              |  | $ | 38,784       |   |  | $     |  |  |  | $ | 53,940   |  
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  

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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS


For the Quarter Ended March 26, 2005


|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|------------------------------------------------------------------------ |  | ------------- | -------- | - | ---------- | - | ------- | -------------- |  | - | ------------ | - |  | ----- | - |  |  | - | -------- | -
|                                                                         |  | Dole Food     |          |   |            |   |         |                |  |   |             
|                                                                         |  | Company, Inc. |          |   | Guarantors |   |         | Non Guarantors |  |   | Eliminations |   |  | Total |  
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|(In thousands)                                                           |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|Operating activities                                                     |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|Cash flow provided by (used in) operating activities                     |  | $             | (71,044  | ) |            | $ | 7,196   |                |  | $ | 18,907       |   |  | $     |  |  |  | $ | (44,941  | )
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Investing activities                                                     |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|Proceeds from sales of assets                                            |  |               | 38       |   |            |   | 17      |                |  |   | 3,038        |   |  |       |  |  |  |   | 3,093    |  
|Investments and acquisitions                                             |  |               |         |   |            |   |        |                |  |   | (47,094      | ) |  |       |  |  |  |   | (47,094  | )
|Capital additions                                                        |  |               | (805     | ) |            |   | (4,348  | )              |  |   | (10,205      | ) |  |       |  |  |  |   | (15,358  | )
|Repurchase of common stock in the going-private merger
    transaction   |  |               | (49      | ) |            |   |        |                |  |   |             |   |  |       |  |  |  |   | (49      | )
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Cash flow used in investing activities                                   |  |               | (816     | ) |            |   | (4,331  | )              |  |   | (54,261      | ) |  |       |  |  |  |   | (59,408  | )
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Financing activities                                                     |  |               |          |   |            |   |         |                |  |   |              |   |  |       |   |  |  |   |          |  
|Short-term debt borrowings                                               |  |               |         |   |            |   | 322     |                |  |   |             |   |  |       |  |  |  |   | 322      |  
|Short-term debt repayments                                               |  |               |         |   |            |   | (10,757 | )              |  |   |             |   |  |       |  |  |  |   | (10,757  | )
|Long-term debt borrowings                                                |  |               | 223,900  |   |            |   | 127     |                |  |   | 75,800       |   |  |       |  |  |  |   | 299,827  |  
|Long-term debt repayments                                                |  |               | (143,900 | ) |            |   | (121    | )              |  |   | (54,002      | ) |  |       |  |  |  |   | (198,023 | )
|Dividends paid to minority shareholders                                  |  |               |         |   |            |   | (1,546  | )              |  |   | (231         | ) |  |       |  |  |  |   | (1,777   | )
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Cash flow provided by (used in) financing activities                     |  |               | 80,000   |   |            |   | (11,975 | )              |  |   | 21,567       |   |  |       |  |  |  |   | 89,592   |  
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Effect of foreign exchange rate changes on cash and cash
    equivalents |  |               |         |   |            |   |        |                |  |   | (2,610       | ) |  |       |  |  |  |   | (2,610   | )
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Increase (decrease) in cash and cash equivalents                         |  |               | 8,140    |   |            |   | (9,110  | )              |  |   | (16,397      | ) |  |       |  |  |  |   | (17,367  | )
|Cash and cash equivalents at beginning of period                         |  |               | 9,236    |   |            |   | 3,279   |                |  |   | 66,702       |   |  |       |  |  |  |   | 79,217   |  
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  
|Cash and cash equivalents at end of period                               |  | $             | 17,376   |   |            | $ | (5,831  | )              |  | $ | 50,305       |   |  | $     |  |  |  | $ | 61,850   |  
|                                                                         |  |               |          |   |            |   |         |                |  |   |              |   |  |       |  

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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 |          
|                                                                                                  |  |               |          
|                                                                                                  |  | March 25,     |           |   | March 26, |  
|                                                                                                  |  | 2006          |           |   | 2005      |  
|                                                                                                  |  |               |           |   |           |  
|Revenues, net                                                                                     |  | $             | 1,400,006 |   |           | $ | 1,442,133 |  
|Operating income                                                                                  |  | $             | 22,995    |   |           | $ | 101,129   |  
|Interest income and other income (expense), net                                                   |  | $             | 388       |   |           | $ | 4,025     |  
|Interest expense                                                                                  |  | $             | 34,425    |   |           | $ | 36,059    |  
|Minority interests and equity in earnings of unconsolidated
    subsidiaries, net of income taxes |  | $             | (905      | ) |           | $ | (1,480    | )
|Income taxes                                                                                      |  | $             | (4,218    | ) |           | $ | 53,421    |  
|Net income (loss)                                                                                 |  | $             | (5,919    | ) |           | $ | 17,154    |  

Revenues




Operating Income




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Interest Income and Other Income (Expense), Net




Interest Expense




Income Tax Expense






Segment Results of Operations






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|                                  |                          |               |           |         |           |   |           |         | 
|--------------------------------- | ------------------------ | ------------- | --------- | ------- | --------- | - | --------- | ------- | 
|                                  |                          | Quarter Ended |          
|                                  |                          |               |          
|                                  |                          | March 25,     |           |         | March 26, |  
|                                  |                          | 2006          |           |         | 2005      |  
|                                  |                          |               |           |         |           |  
|(In thousands)                    |                          |               |           |         |           |   |           |        
|Revenues from external customers: |                          |               |           |         |           |   |           |        
|                                  | Fresh fruit              |               | $         | 897,024 |           |   | $         | 939,527 | 
|                                  | Fresh vegetables         |               |           | 243,203 |           |   |           | 253,606 | 
|                                  | Packaged foods           |               |           | 195,947 |           |   |           | 190,290 | 
|                                  | Fresh-cut flowers        |               |           | 58,164  |           |   |           | 52,719  | 
|                                  | Other operating segments |               |           | 5,668   |           |   |           | 5,991   | 
|                                  |                          |               |           |         |           |  
|                                  |                          | $             | 1,400,006 |         |           | $ | 1,442,133 |        
|                                  |                          |               |           |         |           |  

|                                  |                          |               |         |         |           |   |        |         |  
|--------------------------------- | ------------------------ | ------------- | ------- | ------- | --------- | - | ------ | ------- | -
|                                  |                          | Quarter Ended |        
|                                  |                          |               |        
|                                  |                          | March 25,     |         |         | March 26, |  
|                                  |                          | 2006          |         |         | 2005      |  
|                                  |                          |               |         |         |           |  
|(In thousands)                    |                          |               |         |         |           |   |        |        
|EBIT:                             |                          |               |         |         |           |   |        |        
|                                  | Fresh fruit              |               | $       | 20,223  |           |   | $      | 76,509  |  
|                                  | Fresh vegetables         |               |         | 4,560   |           |   |        | 19,204  |  
|                                  | Packaged foods           |               |         | 14,881  |           |   |        | 17,927  |  
|                                  | Fresh-cut flowers        |               |         | (395    | )         |   |        | 4,558   |  
|                                  | Other operating segments |               |         | 150     |           |   |        | 75      |  
|                                  |                          |               |         |         |           |  
|                                  | Total operating segments |               |         | 39,419  |           |   |        | 118,273 |  
|                                  | Corporate                |               |         | (15,131 | )         |   |        | (11,639 | )
|Interest expense                  |                          |               | 34,425  |         |           |   | 36,059 |        
|                                  |                          |               |         |         |           |  
|Income (loss) before income taxes |                          | $             | (10,137 | )       |           | $ | 70,575 |        
|                                  |                          |               |         |         |           |  

Fresh Fruit






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Fresh Vegetables






Packaged Foods






Fresh-Cut Flowers






Corporate




Liquidity and Capital Resources




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10-K


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Other Matters


European Union Banana Import Regime:






Income Tax Audits:


Honduran Tax Case:


Hurricane Katrina:


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Business Restructuring:


Supplemental Financial Information




|                                                                |  |           |           |  |              |   |           | 
|--------------------------------------------------------------- |  | --------- | --------- |  | ------------ | - | --------- | 
|                                                                |  | March 25, |           |  | December 31, |  
|                                                                |  | 2006      |           |  | 2005         |  
|                                                                |  |           |           |  |              |  
|Balance Sheet Data:                                             |  |           |           |  |              |   |           | 
|Total working capital (current assets less current liabilities) |  | $         | 631,380   |  |              | $ | 534,663   | 
|Total assets                                                    |  | $         | 4,536,611 |  |              | $ | 4,409,727 | 
|Total debt                                                      |  | $         | 2,132,923 |  |              | $ | 2,027,257 | 
|Total shareholders equity                                      |  | $         | 645,019   |  |              | $ | 616,543   | 

|                              |  |               |        |   |           |   |         |  
|----------------------------- |  | ------------- | ------ | - | --------- | - | ------- | -
|                              |  | Quarter Ended |       
|                              |  |               |       
|                              |  | March 25,     |        |   | March 26, |  
|                              |  | 2006          |        |   | 2005      |  
|                              |  |               |        |   |           |  
|Other Financial Data:         |  |               |        |   |           |   |         |  
|Net income (loss)             |  | $             | (5,919 | ) |           | $ | 17,154  |  
|Interest expense              |  |               | 34,425 |   |           |   | 36,059  |  
|Income taxes                  |  |               | (4,218 | ) |           |   | 53,421  |  
|Depreciation and amortization |  |               | 32,962 |   |           |   | 33,466  |  
|                              |  |               |        |   |           |  
|EBITDA                        |  | $             | 57,250 |   |           | $ | 140,100 |  
|EBITDA margin                 |  |               | 4.1    | % |           |   | 9.7     | %
|Capital expenditures          |  | $             | 22,352 |   |           | $ | 15,358  |  



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10-K





ITEM 3.  QUANTITATIVE AND QUALITATIVE


DISCLOSURES ABOUT MARKET RISK


Accounting for
Derivative Instruments and Hedging Activities 10-K





10-K





ITEM 4.  CONTROLS AND PROCEDURES


15d-15(e)


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Changes in Internal Control Over Financial Reporting







PART II.


OTHER INFORMATION


DOLE FOOD COMPANY, INC.







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



(1,2-dibromo






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##### Table of Contents















32



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##### Table of Contents





European Union Antitrust Inquiry and
U.S. Class Action Lawsuits:




Honduran Tax Case:







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



|    |          
|--- | ---------
|(a) | Exhibits:

|        |       |  |  |                                                                                                                       
|------- | ----- |  |  | ----------------------------------------------------------------------------------------------------------------------
|Exhibit |       | 
|Number  |       | 
|        |       | 
|        | 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:

8-K


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##### Table of Contents






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)

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##### Table of Contents






EXHIBIT INDEX


|        |       |  |  |                                                                                                                       
|------- | ----- |  |  | ----------------------------------------------------------------------------------------------------------------------
|Exhibit |       | 
|Number  |       | 
|        |       | 
|        | 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

35