##### Table of Contents









SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-Q


|                                                |  |                                                                                             
|----------------------------------------------- |  | --------------------------------------------------------------------------------------------
|(Mark One)                                      |  |                                                                                             
|                                               
|þ                                               |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
    THE SECURITIES EXCHANGE ACT OF 1934 
|                                               
|For the quarterly period ended March 26, 2005  
|                                               
|or                                             
|                                               
|o                                               |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
|                                               
|For the transition period
    from           to

Commission File Number 1-4455


Dole Food Company, Inc.


(Exact name of registrant as specified in its charter)


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



þ o


o þ




|                               |  |                                  
|------------------------------ |  | ---------------------------------
|Class                          |  | Shares Outstanding at May 9, 2005
|Common Stock, $0.001 Par Value |  | 1,000                            









---










DOLE FOOD COMPANY, INC.


INDEX


|             |         |                                                                                                                            |                                                                                           |        |    |    | 
|------------ | ------- | -------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ------ | -- | -- | 
|             |         |                                                                                                                            |                                                                                           | Page   |   
|             |         |                                                                                                                            |                                                                                           | Number |   
|             |         |                                                                                                                            |                                                                                           |        |   
|PART I       |         | Financial Information                                                                                                      |                                                                                           |        |    |   
|             | Item 1. |                                                                                                                            | Financial Statements                                                                      |        |    |    | 
|             |         | Condensed Consolidated Statements of
    Operations  Quarters Ended March 26, 2005
    and  March 27, 2004                |                                                                                           |        | 3  |   
|             |         | Condensed Consolidated Balance
    Sheets  March 26, 2005 and January 1,
    2005                                         |                                                                                           |        | 4  |   
|             |         | Condensed Consolidated Statements of Cash
    Flows  Quarters Ended March 26, 2005
    and  March 27, 2004                |                                                                                           |        | 5  |   
|             |         | Notes to Condensed Consolidated Financial
    Statements                                                                   |                                                                                           |        | 6  |   
|             | Item 2. |                                                                                                                            | Managements Discussion and Analysis
    of Financial Condition and Results of Operations |        |    | 19 | 
|             | Item 3. |                                                                                                                            | Quantitative and Qualitative Disclosures
    About Market Risk                            |        |    | 25 | 
|             | Item 4. |                                                                                                                            | Controls and Procedures                                                                   |        |    | 25 | 
|            
|PART II      |         | Other Information                                                                                                          |                                                                                           |        |    |   
|             | Item 1. |                                                                                                                            | Legal Proceedings                                                                         |        |    | 25 | 
|             | Item 6. |                                                                                                                            | Exhibits and Reports on Form 8-K                                                          |        |    | 27 | 
|             |         | Signatures                                                                                                                 |                                                                                           |        | 28 |   
|             |         | Exhibit Index                                                                                                              |                                                                                           |        | 29 |   
|             |         | 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 Officer 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 26,     |           |         | March 27, |  
|                                                           |                            | 2005          |           |         | 2004      |  
|                                                           |                            |               |           |         |           |  
|Revenues, net                                              |                            | $             | 1,442,133 |         |           | $ | 1,254,584 |        
|Cost of products sold                                      |                            |               | 1,223,471 |         |           |   | 1,051,678 |        
|                                                           |                            |               |           |         |           |  
|                                                           | Gross margin               |               |           | 218,662 |           |   |           | 202,906 | 
|Selling, marketing and general and administrative expenses |                            |               | 114,818   |         |           |   | 95,418    |        
|                                                           |                            |               |           |         |           |  
|                                                           | Operating income           |               |           | 103,844 |           |   |           | 107,488 | 
|Other income (expense), net                                |                            |               | 1,715     |         |           |   | 338       |        
|Interest income                                            |                            |               | 1,075     |         |           |   | 922       |        
|Interest expense                                           |                            |               | 36,059    |         |           |   | 34,741    |        
|                                                           |                            |               |           |         |           |  
|                                                           | Income before income taxes |               |           | 70,575  |           |   |           | 74,007  | 
|Income tax expense                                         |                            |               | 53,421    |         |           |   | 13,173    |        
|                                                           |                            |               |           |         |           |  
|                                                           | Net income                 |               | $         | 17,154  |           |   | $         | 60,834  | 
|                                                           |                            |               |           |         |           |  

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 26,                                  |           |         | January 1, | 
|                                                                                                          |                                                                                      | 2005                                       |           |         | 2005       | 
|                                                                                                          |                                                                                      |                                            |           |         |            | 
|ASSETS                                                                                                   
|Current Assets:                                                                                           |                                                                                      |                                            |           |         |            |  |           |        
|                                                                                                          | Cash and cash equivalents                                                            |                                            | $         | 61,850  |            |  | $         | 79,217  |          
|                                                                                                          | Receivables, net of allowances of $69,522 and $65,533,
    respectively              |                                            |           | 753,343 |            |  |           | 617,952 |          
|                                                                                                          | Inventories                                                                          |                                            |           | 539,669 |            |  |           | 508,891 |          
|                                                                                                          | Prepaid expenses                                                                     |                                            |           | 63,734  |            |  |           | 63,742  |          
|                                                                                                          | Deferred income tax assets                                                           |                                            |           | 42,960  |            |  |           | 43,551  |          
|                                                                                                          |                                                                                      |                                            |           |         |            | 
|                                                                                                          |                                                                                      | Total current assets                       |           |         | 1,461,556  |  |           |         | 1,313,353 | 
|Investments                                                                                               |                                                                                      |                                            | 92,489    |         |            |  | 94,481    |        
|Property, plant and equipment, net of accumulated depreciation
    of $619,588 and $586,800, respectively |                                                                                      |                                            | 1,496,044 |         |            |  | 1,516,355 |        
|Goodwill and intangible assets, net                                                                       |                                                                                      |                                            | 1,278,950 |         |            |  | 1,275,356 |        
|Other assets, net                                                                                         |                                                                                      |                                            | 135,912   |         |            |  | 132,072   |        
|                                                                                                          |                                                                                      |                                            |           |         |            | 
|                                                                                                          |                                                                                      | Total assets                               |           | $       | 4,464,951  |  |           | $       | 4,331,617 | 
|                                                                                                          |                                                                                      |                                            |           |         |            | 
|                                                                                                         
|LIABILITIES AND SHAREHOLDERS EQUITY                                                                     
|Current Liabilities:                                                                                      |                                                                                      |                                            |           |         |            |  |           |        
|                                                                                                          | Accounts payable and accrued liabilities                                             |                                            | $         | 862,709 |            |  | $         | 847,982 |          
|                                                                                                          | Current portion of long-term debt                                                    |                                            |           | 30,958  |            |  |           | 31,278  |          
|                                                                                                          | Notes payable                                                                        |                                            |           | 630     |            |  |           | 624     |          
|                                                                                                          |                                                                                      |                                            |           |         |            | 
|                                                                                                          |                                                                                      | Total current liabilities                  |           |         | 894,297    |  |           |         | 879,884   | 
|Long-term debt                                                                                            |                                                                                      |                                            | 1,936,387 |         |            |  | 1,837,020 |        
|Deferred income tax liabilities                                                                           |                                                                                      |                                            | 408,311   |         |            |  | 396,622   |        
|Other long-term liabilities                                                                               |                                                                                      |                                            | 520,394   |         |            |  | 519,994   |        
|Minority interests                                                                                        |                                                                                      |                                            | 18,933    |         |            |  | 20,224    |        
|Contingencies (Note 9)                                                                                    |                                                                                      |                                            |           |         |            |  |           |        
|Shareholders equity:                                                                                     |                                                                                      |                                            |           |         |            |  |           |        
|                                                                                                          | Common stock  $0.001 par value;
    1,000 shares authorized, issued and outstanding |                                            |           |        |            |  |           |        |          
|                                                                                                          | Additional paid-in capital                                                           |                                            |           | 440,032 |            |  |           | 440,032 |          
|                                                                                                          | Retained earnings                                                                    |                                            |           | 243,299 |            |  |           | 226,145 |          
|                                                                                                          | Accumulated other comprehensive income                                               |                                            |           | 3,298   |            |  |           | 11,696  |          
|                                                                                                          |                                                                                      |                                            |           |         |            | 
|                                                                                                          |                                                                                      | Total shareholders equity                 |           |         | 686,629    |  |           |         | 677,873   | 
|                                                                                                          |                                                                                      |                                            |           |         |            | 
|                                                                                                          |                                                                                      | Total liabilities and shareholders equity |           | $       | 4,464,951  |  |           | $       | 4,331,617 | 
|                                                                                                          |                                                                                      |                                            |           |         |            | 

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   |          |          | Quarter   |  
|                                                                                            |                                                 | Ended     |          |          | Ended     |  
|                                                                                            |                                                 | March 26, |          |          | March 27, |  
|                                                                                            |                                                 | 2005      |          |          | 2004      |  
|                                                                                            |                                                 |           |          |          |           |  
|Operating activities                                                                        |                                                 |           |          |          |           |   |          |         
|Net income                                                                                  |                                                 | $         | 17,154   |          |           | $ | 60,834   |         
|Adjustments to reconcile net income to cash flow used in
    operating activities:          |                                                 |           |          |          |           |   |          |         
|                                                                                            | Depreciation and amortization                   |           |          | 33,466   |           |   |          | 32,358   |  
|                                                                                            | Unrealized foreign currency (gain) loss         |           |          | (493     | )         |   |          | 1,107    |  
|                                                                                            | Asset write-offs and net gain on sale of assets |           |          | (1,702   | )         |   |          | (1,883   | )
|                                                                                            | Minority interest and equity earnings, net      |           |          | (1,480   | )         |   |          | (110     | )
|                                                                                            | Provision for deferred income taxes             |           |          | 12,748   |           |   |          | 7,094    |  
|                                                                                            | Amortization of debt issuance costs             |           |          | 1,935    |           |   |          | 2,091    |  
|                                                                                            | Other                                           |           |          | 1,554    |           |   |          | 572      |  
|Changes in operating assets and liabilities, net of effects from
    non-cash transactions: |                                                 |           |          |          |           |   |          |         
|                                                                                            | Receivables                                     |           |          | (142,330 | )         |   |          | (105,947 | )
|                                                                                            | Inventories                                     |           |          | (32,008  | )         |   |          | (6,781   | )
|                                                                                            | Prepaid expenses and other assets               |           |          | (5,506   | )         |   |          | (649     | )
|                                                                                            | Accounts payable and accrued liabilities        |           |          | 69,434   |           |   |          | (24,857  | )
|                                                                                            | Other long-term liabilities                     |           |          | 2,287    |           |   |          | 3,984    |  
|                                                                                            |                                                 |           |          |          |           |  
|Cash flow used in operating activities                                                      |                                                 |           | (44,941  | )        |           |   | (32,187  | )       
|                                                                                            |                                                 |           |          |          |           |  
|Investing activities                                                                        |                                                 |           |          |          |           |   |          |         
|Proceeds from sales of assets                                                               |                                                 |           | 3,093    |          |           |   | 2,795    |         
|Investments and acquisitions                                                                |                                                 |           | (47,094  | )        |           |   | (2,931   | )       
|Capital additions                                                                           |                                                 |           | (15,358  | )        |           |   | (12,286  | )       
|Repurchase of common stock in the going-private merger
    transaction                      |                                                 |           | (49      | )        |           |   | (1,300   | )       
|Transaction costs paid in the going-private merger transaction                              |                                                 |           |         |          |           |   | (226     | )       
|                                                                                            |                                                 |           |          |          |           |  
|Cash flow used in investing activities                                                      |                                                 |           | (59,408  | )        |           |   | (13,948  | )       
|                                                                                            |                                                 |           |          |          |           |  
|Financing activities                                                                        |                                                 |           |          |          |           |   |          |         
|Short-term debt borrowings                                                                  |                                                 |           | 322      |          |           |   | 2,375    |         
|Short-term debt repayments                                                                  |                                                 |           | (10,757  | )        |           |   | (1,781   | )       
|Long-term debt borrowings                                                                   |                                                 |           | 299,827  |          |           |   | 166,360  |         
|Long-term debt repayments                                                                   |                                                 |           | (198,023 | )        |           |   | (103,925 | )       
|Dividends paid to minority shareholders                                                     |                                                 |           | (1,777   | )        |           |   | (352     | )       
|Dividends paid                                                                              |                                                 |           |         |          |           |   | (10,000  | )       
|                                                                                            |                                                 |           |          |          |           |  
|Cash flow provided by financing activities                                                  |                                                 |           | 89,592   |          |           |   | 52,677   |         
|                                                                                            |                                                 |           |          |          |           |  
|Effect of foreign exchange rate changes on cash and cash
    equivalents                    |                                                 |           | (2,610   | )        |           |   | (1,953   | )       
|                                                                                            |                                                 |           |          |          |           |  
|(Decrease) increase in cash and cash equivalents                                            |                                                 |           | (17,367  | )        |           |   | 4,589    |         
|Cash and cash equivalents at beginning of period                                            |                                                 |           | 79,217   |          |           |   | 33,482   |         
|                                                                                            |                                                 |           |          |          |           |  
|Cash and cash equivalents at end of period                                                  |                                                 | $         | 61,850   |          |           | $ | 38,071   |         
|                                                                                            |                                                 |           |          |          |           |  

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









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



Accounting and Disclosure Guidance for the Foreign Earnings
Repatriation Provision within the American Jobs Creation Act of
2004.






6



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






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



|                                   |  |           |         |  |            |   |         | 
|---------------------------------- |  | --------- | ------- |  | ---------- | - | ------- | 
|                                   |  | March 26, |         |  | January 1, |  
|                                   |  | 2005      |         |  | 2005       |  
|                                   |  |           |         |  |            |  
|Finished products                  |  | $         | 259,588 |  |            | $ | 232,193 | 
|Raw materials and work in progress |  |           | 120,465 |  |            |   | 119,645 | 
|Crop-growing costs                 |  |           | 116,235 |  |            |   | 116,295 | 
|Operating supplies and other       |  |           | 43,381  |  |            |   | 40,758  | 
|                                   |  |           |         |  |            |  
|                                   |  | $         | 539,669 |  |            | $ | 508,891 | 
|                                   |  |           |         |  |            |  



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



|                              |  |       |         |  |            |   |        |          |  |   |           |  |       |   |       |  |  |   |   |  |  |   |         |  
|----------------------------- |  | ----- | ------- |  | ---------- | - | ------ | -------- |  | - | --------- |  | ----- | - | ----- |  |  | - | - |  |  | - | ------- | -
|                              |  | Fresh |         |  | Fresh      |   |        | Packaged |  |   | Fresh-cut |  |       |   |      
|                              |  | Fruit |         |  | Vegetables |   |        | Foods    |  |   | Flowers   |  | Other |   | Total | 
|                              |  |       |         |  |            |   |        |          |  |   |           |  |       |   |       | 
|Balance as of January 1, 2005 |  | $     | 375,676 |  |            | $ | 97,663 |          |  | $ | 63,526    |  |       | $ |      |  |  | $ |  |  |  | $ | 536,865 |  
|Additions                     |  |       |        |  |            |   |       |          |  |   | 6,340     |  |       |   |      |  |  |   |  |  |  |   | 6,340   |  
|Other                         |  |       |        |  |            |   | (34    | )        |  |   |          |  |       |   |      |  |  |   |  |  |  |   | (34     | )
|                              |  |       |         |  |            |   |        |          |  |   |           |  |       |   |       |  |  |  
|Balance as of March 26, 2005  |  | $     | 375,676 |  |            | $ | 97,629 |          |  | $ | 69,866    |  |       | $ |      |  |  | $ |  |  |  | $ | 543,171 |  
|                              |  |       |         |  |            |   |        |          |  |   |           |  |       |   |       |  |  |  





|                                                  |                                                      |           |         |         |            |   |         |         | 
|------------------------------------------------- | ---------------------------------------------------- | --------- | ------- | ------- | ---------- | - | ------- | ------- | 
|                                                  |                                                      | March 26, |         |         | January 1, |  
|                                                  |                                                      | 2005      |         |         | 2005       |  
|                                                  |                                                      |           |         |         |            |  
|Amortized intangible assets:                      |                                                      |           |         |         |            |   |         |        
|                                                  | Customer relationships                               |           | $       | 38,501  |            |   | $       | 38,501  | 
|                                                  | Licenses                                             |           |         | 20,688  |            |   |         | 20,688  | 
|                                                  | Other amortized intangible assets                    |           |         | 9,067   |            |   |         | 9,132   | 
|                                                  |                                                      |           |         |         |            |  
|                                                  |                                                      |           | 68,256  |         |            |   | 68,321  |        
|Accumulated amortization  customer relationships |                                                      |           | (6,390  | )       |            |   | (5,542  | )      
|Accumulated amortization  licenses               |                                                      |           | (14,942 | )       |            |   | (13,218 | )      
|Other accumulated amortization                    |                                                      |           | (5,663  | )       |            |   | (5,588  | )      
|                                                  |                                                      |           |         |         |            |  
|Accumulated amortization  intangible assets      |                                                      |           | (26,995 | )       |            |   | (24,348 | )      
|                                                  |                                                      |           |         |         |            |  
|Intangible assets, net                            |                                                      |           | 41,261  |         |            |   | 43,973  |        
|Unamortized intangible assets:                    |                                                      |           |         |         |            |   |         |        
|                                                  | Trademark, trade names and other related intangibles |           |         | 694,518 |            |   |         | 694,518 | 
|                                                  |                                                      |           |         |         |            |  
|Total intangible assets, net                      |                                                      | $         | 735,779 |         |            | $ | 738,491 |        
|                                                  |                                                      |           |         |         |            |  

7



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|            |  |        |       | 
|----------- |  | ------ | ----- | 
|Fiscal Year |  | Amount |      
|            |  |        |      
|2005        |  | $      | 9,114 | 
|2006        |  | $      | 4,323 | 
|2007        |  | $      | 3,677 | 
|2008        |  | $      | 3,677 | 
|2009        |  | $      | 3,677 | 



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



|                          |                                                                                                       |           |           |         |            |   |           |         | 
|------------------------- | ----------------------------------------------------------------------------------------------------- | --------- | --------- | ------- | ---------- | - | --------- | ------- | 
|                          |                                                                                                       | March 26, |           |         | January 1, |  
|                          |                                                                                                       | 2005      |           |         | 2005       |  
|                          |                                                                                                       |           |           |         |            |  
|Unsecured debt:           |                                                                                                       |           |           |         |            |   |           |        
|                          | 8.625% notes due 2009                                                                                 |           | $         | 400,000 |            |   | $         | 400,000 | 
|                          | 7.25% notes due 2010                                                                                  |           |           | 400,000 |            |   |           | 400,000 | 
|                          | 8.875% notes due 2011                                                                                 |           |           | 475,000 |            |   |           | 475,000 | 
|                          | 8.75% debentures due 2013                                                                             |           |           | 155,000 |            |   |           | 155,000 | 
|Secured debt:             |                                                                                                       |           |           |         |            |   |           |        
|                          | Revolving credit facility                                                                             |           |           | 110,000 |            |   |           |        | 
|                          | Term loan facility                                                                                    |           |           | 335,158 |            |   |           | 341,619 | 
|                          | Contracts and notes due 2005  2010, at a
    weighted-average interest rate of 6.67% (7.84% in 2004) |           |           | 2,315   |            |   |           | 2,801   | 
|Capital lease obligations |                                                                                                       |           | 91,457    |         |            |   | 95,539    |        
|Unamortized debt discount |                                                                                                       |           | (1,585    | )       |            |   | (1,661    | )      
|                          |                                                                                                       |           |           |         |            |  
|                          |                                                                                                       |           | 1,967,345 |         |            |   | 1,868,298 |        
|Current maturities        |                                                                                                       |           | (30,958   | )       |            |   | (31,278   | )      
|                          |                                                                                                       |           |           |         |            |  
|                          |                                                                                                       | $         | 1,936,387 |         |            | $ | 1,837,020 |        
|                          |                                                                                                       |           |           |         |            |  





8



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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 26,     |        |   | March 27, |  
|                                                                                |  | 2005          |        |   | 2004      |  
|                                                                                |  |               |        |   |           |  
|Net income                                                                      |  | $             | 17,154 |   |           | $ | 60,834 |  
|Unrealized foreign currency translation loss, net                               |  |               | (7,646 | ) |           |   | (6,510 | )
|Reclassification of realized cash flow hedging
    (gains) losses to net income |  |               | (106   | ) |           |   | 3,784  |  
|Unrealized net gain (loss) on cash flow hedging instruments                     |  |               | (646   | ) |           |   | 755    |  
|                                                                                |  |               |        |   |           |  
|Comprehensive income                                                            |  | $             | 8,756  |   |           | $ | 58,863 |  
|                                                                                |  |               |        |   |           |  

Dividends






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



|                                        |                                |                                           |       |        |               |   |       |           |     |   |           |       |     |   |       |       |     |  
|--------------------------------------- | ------------------------------ | ----------------------------------------- | ----- | ------ | ------------- | - | ----- | --------- | --- | - | --------- | ----- | --- | - | ----- | ----- | --- | -
|                                        |                                | Pension Plans                             |       |        | OPRB Plans    |  
|                                        |                                |                                           |       |        |               |  
|                                        |                                | Quarter Ended                             |       |        | Quarter Ended |  
|                                        |                                |                                           |       |        |               |  
|                                        |                                | March 26,                                 |       |        | March 27,     |   |       | March 26, |     |   | March 27, |      
|                                        |                                | 2005                                      |       |        | 2004          |   |       | 2005      |     |   | 2004      |      
|                                        |                                |                                           |       |        |               |   |       |           |     |   |           |      
|Components of net periodic benefit cost |                                |                                           |       |        |               |   |       |           |     |   |           |       |     |   |       |      
|                                        | Service cost                   |                                           | $     | 1,328  |               |   | $     | 1,617     |     |   | $         | 19    |     |   | $     | 23    |    
|                                        | Interest cost                  |                                           |       | 5,375  |               |   |       | 5,450     |     |   |           | 1,169 |     |   |       | 1,284 |    
|                                        | Expected return on plan assets |                                           |       | (4,249 | )             |   |       | (4,754    | )   |   |           |      |     |   |       |      |    
|                                        | Amortization of:               |                                           |       |        |               |   |       |           |     |   |           |       |     |   |       |       |    
|                                        |                                | Unrecognized net loss                     |       |        | 233           |   |       |           | 58  |   |           |       | 5   |   |       |       | 6   |  
|                                        |                                | Unrecognized prior service cost (benefit) |       |        | 16            |   |       |           | (13 | ) |           |       | (25 | ) |       |       | (57 | )
|                                        |                                | Unrecognized net transition obligation    |       |        | 12            |   |       |           | 9   |   |           |       |    |   |       |       |    |  
|                                        |                                |                                           |       |        |               |   |       |           |     |   |           |      
|                                        |                                | $                                         | 2,715 |        |               | $ | 2,367 |           |     | $ | 1,168     |       |     | $ | 1,256 |      
|                                        |                                |                                           |       |        |               |   |       |           |     |   |           |      





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



9



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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|                                  |                          |               |           |         |           |   |           |         |  
|--------------------------------- | ------------------------ | ------------- | --------- | ------- | --------- | - | --------- | ------- | -
|                                  |                          | Quarter Ended |          
|                                  |                          |               |          
|                                  |                          | March 26,     |           |         | March 27, |  
|                                  |                          | 2005          |           |         | 2004      |  
|                                  |                          |               |           |         |           |  
|Revenues from external customers: |                          |               |           |         |           |   |           |        
|                                  | Fresh fruit              |               | $         | 939,527 |           |   | $         | 873,322 |  
|                                  | Fresh vegetables         |               |           | 253,606 |           |   |           | 200,083 |  
|                                  | Packaged foods           |               |           | 190,290 |           |   |           | 127,573 |  
|                                  | Fresh-cut flowers        |               |           | 52,719  |           |   |           | 49,559  |  
|                                  | Other operating segments |               |           | 5,991   |           |   |           | 4,047   |  
|                                  |                          |               |           |         |           |  
|                                  |                          | $             | 1,442,133 |         |           | $ | 1,254,584 |        
|                                  |                          |               |           |         |           |  
|EBIT:                             |                          |               |           |         |           |   |           |        
|                                  | Fresh fruit              |               | $         | 76,509  |           |   | $         | 81,367  |  
|                                  | Fresh vegetables         |               |           | 19,204  |           |   |           | 22,606  |  
|                                  | Packaged foods           |               |           | 17,927  |           |   |           | 13,044  |  
|                                  | Fresh-cut flowers        |               |           | 4,558   |           |   |           | 4,658   |  
|                                  | Other operating segments |               |           | 75      |           |   |           | (115    | )
|                                  |                          |               |           |         |           |  
|                                  | Total operating segments |               |           | 118,273 |           |   |           | 121,560 |  
|                                  | Corporate and other      |               |           | (11,639 | )         |   |           | (12,812 | )
|Interest expense                  |                          |               | 36,059    |         |           |   | 34,741    |        
|                                  |                          |               |           |         |           |  
|Income before income taxes        |                          | $             | 70,575    |         |           | $ | 74,007    |        
|                                  |                          |               |           |         |           |  



|                         |  |           |           |  |            |   |           | 
|------------------------ |  | --------- | --------- |  | ---------- | - | --------- | 
|                         |  | March 26, |           |  | January 1, |  
|                         |  | 2005      |           |  | 2005       |  
|                         |  |           |           |  |            |  
|Fresh fruit              |  | $         | 2,351,570 |  |            | $ | 2,285,924 | 
|Fresh vegetables         |  |           | 469,966   |  |            |   | 428,851   | 
|Packaged foods           |  |           | 586,460   |  |            |   | 563,306   | 
|Fresh-cut flowers        |  |           | 152,630   |  |            |   | 144,137   | 
|Other operating segments |  |           | 11,547    |  |            |   | 11,886    | 
|                         |  |           |           |  |            |  
|Total operating segments |  |           | 3,572,173 |  |            |   | 3,434,104 | 
|Corporate and other      |  |           | 892,778   |  |            |   | 897,513   | 
|                         |  |           |           |  |            |  
|                         |  | $         | 4,464,951 |  |            | $ | 4,331,617 | 
|                         |  |           |           |  |            |  

10



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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






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















11



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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


















12



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|    |                  
|--- | -----------------
|10. | SUBSEQUENT EVENTS











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







13



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DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS


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 |                |  |   | 911,441      |         |  |       | (303,102 | )        |   |   | 1,223,471 |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Gross margin               |               |         | 31,763 |            |   |         | 63,797         |  |   |              | 125,558 |  |       |          | (2,456   | ) |   |           | 218,662 | 
|Selling, marketing and general and administrative expenses |                            |               | 32,287  |        |            |   | 27,924  |                |  |   | 57,063       |         |  |       | (2,456   | )        |   |   | 114,818   |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Operating income (loss)    |               |         | (524   | )          |   |         | 35,873         |  |   |              | 68,495  |  |       |          |         |   |   |           | 103,844 | 
|Equity in subsidiary income                                |                            |               | 86,357  |        |            |   | 65,570  |                |  |   |             |         |  |       | (151,927 | )        |   |   |          |        
|Other income (expense), net                                |                            |               | (294    | )      |            |   | 201     |                |  |   | 1,808        |         |  |       |         |          |   |   | 1,715     |        
|Interest income                                            |                            |               | 27      |        |            |   | 58      |                |  |   | 990          |         |  |       |         |          |   |   | 1,075     |        
|Interest expense                                           |                            |               | 31,945  |        |            |   | 41      |                |  |   | 4,073        |         |  |       |         |          |   |   | 36,059    |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Income before income taxes |               |         | 53,621 |            |   |         | 101,661        |  |   |              | 67,220  |  |       |          | (151,927 | ) |   |           | 70,575  | 
|Income tax expense                                         |                            |               | 36,467  |        |            |   | 15,036  |                |  |   | 1,918        |         |  |       |         |          |   |   | 53,421    |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Net income                 |               | $       | 17,154 |            |   | $       | 86,625         |  |   | $            | 65,302  |  |       | $        | (151,927 | ) |   | $         | 17,154  | 
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         

For the Quarter Ended March 27, 2004


|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |         | 
|---------------------------------------------------------- | -------------------------- | ------------- | ------- | ------ | ---------- | - | ------- | -------------- |  | - | ------------ | ------- |  | ----- | -------- | -------- | - | - | --------- | ------- | 
|                                                           |                            | Dole Food     |         |        |            |   |         |                |  |   |             
|                                                           |                            | Company, Inc. |         |        | Guarantors |   |         | Non Guarantors |  |   | Eliminations |         |  | Total |         
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|(In thousands)                                             |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |          |          |   |   |           |        
|Revenues, net                                              |                            | $             | 107,615 |        |            | $ | 479,707 |                |  | $ | 943,908      |         |  | $     | (276,646 | )        |   | $ | 1,254,584 |        
|Cost of products sold                                      |                            |               | 82,447  |        |            |   | 420,714 |                |  |   | 825,163      |         |  |       | (276,646 | )        |   |   | 1,051,678 |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Gross margin               |               |         | 25,168 |            |   |         | 58,993         |  |   |              | 118,745 |  |       |          |         |   |   |           | 202,906 | 
|Selling, marketing and general and administrative expenses |                            |               | 26,612  |        |            |   | 22,228  |                |  |   | 46,578       |         |  |       |         |          |   |   | 95,418    |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Operating income (loss)    |               |         | (1,444 | )          |   |         | 36,765         |  |   |              | 72,167  |  |       |          |         |   |   |           | 107,488 | 
|Equity in subsidiary income                                |                            |               | 88,968  |        |            |   | 64,603  |                |  |   |             |         |  |       | (153,571 | )        |   |   |          |        
|Other income (expense), net                                |                            |               | (243    | )      |            |   | (38     | )              |  |   | 619          |         |  |       |         |          |   |   | 338       |        
|Interest income                                            |                            |               | 47      |        |            |   | 73      |                |  |   | 802          |         |  |       |         |          |   |   | 922       |        
|Interest expense                                           |                            |               | 29,645  |        |            |   | 43      |                |  |   | 5,053        |         |  |       |         |          |   |   | 34,741    |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Income before income taxes |               |         | 57,683 |            |   |         | 101,360        |  |   |              | 68,535  |  |       |          | (153,571 | ) |   |           | 74,007  | 
|Income tax expense                                         |                            |               | (3,151  | )      |            |   | 13,436  |                |  |   | 2,888        |         |  |       |         |          |   |   | 13,173    |        
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         
|                                                           | Net income                 |               | $       | 60,834 |            |   | $       | 87,924         |  |   | $            | 65,647  |  |       | $        | (153,571 | ) |   | $         | 60,834  | 
|                                                           |                            |               |         |        |            |   |         |                |  |   |              |         |  |       |         

14



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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 26, 2005


|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |           |           | 
|------------------------------------ | ---------------------------------------- | ------------------------------------------ | - | --------- | ---------- |  | - | -------------- | --------- |  | ------------ | --------- | --------- | ----- | - | ---------- | ---------- | - | - | --------- | --------- | 
|                                     |                                          | Dole Food                                  |   |           |            |  |   |                |           |  |             
|                                     |                                          | Company, Inc.                              |   |           | Guarantors |  |   | Non Guarantors |           |  | Eliminations |           |           | Total |  
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|(In thousands)                       |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|ASSETS                               |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|Current Assets                       |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|                                     | Cash and cash equivalents                |                                            | $ | 17,376    |            |  | $ | (5,831         | )         |  | $            | 50,305    |           |       | $ |           |            |   | $ | 61,850    |          
|                                     | Receivables, net of allowances           |                                            |   | 140,988   |            |  |   | 141,984        |           |  |              | 470,371   |           |       |   |           |            |   |   | 753,343   |          
|                                     | Inventories                              |                                            |   | 72,597    |            |  |   | 163,331        |           |  |              | 303,741   |           |       |   |           |            |   |   | 539,669   |          
|                                     | Prepaid expenses                         |                                            |   | 8,008     |            |  |   | 12,756         |           |  |              | 42,970    |           |       |   |           |            |   |   | 63,734    |          
|                                     | Deferred income tax assets               |                                            |   | 23,330    |            |  |   | 14,333         |           |  |              | 5,297     |           |       |   |           |            |   |   | 42,960    |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current assets                       |   |           | 262,299    |  |   |                | 326,573   |  |              |           | 872,684   |       |   |            |           |   |   |           | 1,461,556 | 
|                                     | Investments                              |                                            |   | 2,783,075 |            |  |   | 2,187,455      |           |  |              | 90,707    |           |       |   | (4,968,748 | )          |   |   | 92,489    |          
|                                     | Property, plant and equipment, net       |                                            |   | 303,174   |            |  |   | 363,008        |           |  |              | 829,862   |           |       |   |           |            |   |   | 1,496,044 |          
|                                     | Goodwill and intangible assets, net      |                                            |   | 731,176   |            |  |   | 164,440        |           |  |              | 383,334   |           |       |   |           |            |   |   | 1,278,950 |          
|                                     | Other assets, net                        |                                            |   | 48,588    |            |  |   | 8,880          |           |  |              | 78,444    |           |       |   |           |            |   |   | 135,912   |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     | Total assets                             |                                            | $ | 4,128,312 |            |  | $ | 3,050,356      |           |  | $            | 2,255,031 |           |       | $ | (4,968,748 | )          |   | $ | 4,464,951 |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                    
|LIABILITIES AND SHAREHOLDERS EQUITY |                                          |                                            |   |           |            |  |   |                |           |  |              |          
|Current Liabilities                  |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |   |            |            |   |   |          
|                                     | Accounts payable and accrued liabilities |                                            | $ | 89,220    |            |  | $ | 318,867        |           |  | $            | 454,622   |           |       | $ |           |            |   | $ | 862,709   |          
|                                     | Current portion of long-term debt        |                                            |   | (335      | )          |  |   | 729            |           |  |              | 30,564    |           |       |   |           |            |   |   | 30,958    |          
|                                     | Notes payable                            |                                            |   |          |            |  |   | 630            |           |  |              |          |           |       |   |           |            |   |   | 630       |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total current liabilities                  |   |           | 88,885     |  |   |                | 320,226   |  |              |           | 485,186   |       |   |            |           |   |   |           | 894,297   | 
|                                     | Intercompany payables (receivables)      |                                            |   | 945,127   |            |  |   | (127,242       | )         |  |              | (817,885  | )         |       |   |           |            |   |   |          |          
|                                     | Long-term debt                           |                                            |   | 1,678,751 |            |  |   | 1,558          |           |  |              | 256,078   |           |       |   |           |            |   |   | 1,936,387 |          
|                                     | Deferred income tax liabilities          |                                            |   | 328,906   |            |  |   | 35,131         |           |  |              | 44,274    |           |       |   |           |            |   |   | 408,311   |          
|                                     | Other long-term liabilities              |                                            |   | 400,014   |            |  |   | 38,578         |           |  |              | 81,802    |           |       |   |           |            |   |   | 520,394   |          
|                                     | Minority interests                       |                                            |   |          |            |  |   | 6,080          |           |  |              | 12,853    |           |       |   |           |            |   |   | 18,933    |          
|                                     | Total shareholders equity               |                                            |   | 686,629   |            |  |   | 2,776,025      |           |  |              | 2,192,723 |           |       |   | (4,968,748 | )          |   |   | 686,629   |          
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  
|                                     |                                          | Total liabilities and shareholders equity |   | $         | 4,128,312  |  |   | $              | 3,050,356 |  |              | $         | 2,255,031 |       |   | $          | (4,968,748 | ) |   | $         | 4,464,951 | 
|                                     |                                          |                                            |   |           |            |  |   |                |           |  |              |           |           |       |  

15



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##### Table of Contents



DOLE FOOD COMPANY, INC.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING BALANCE SHEET


As of January 1, 2005


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

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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.


NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS


For the Quarter Ended March 27, 2004


|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |          |         |  
|-------------------- | ------------------------------------------------------------------------ | ---------------------------------------------------- | - | ------- | ---------- | - | - | -------------- | ------ | - | ------------ | ------- | ------- | - | - | - | - |  | - | -------- | ------- | -
|                     |                                                                          | Dole Food                                            |   |         |            |   |   |                |        |   |             
|                     |                                                                          | Company, Inc.                                        |   |         | Guarantors |   |   | Non Guarantors |        |   | Eliminations |         | Total   |  
|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |  
|(In thousands)       |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |         
|OPERATING ACTIVITIES |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |         
|                     |                                                                          | Cash flow provided by (used in) operating activities |   | $       | (63,586    | ) |   | $              | 9,160  |   |              | $       | 22,239  |   |   | $ |  |  |   | $        | (32,187 | )
|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |  
|INVESTING ACTIVITIES |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |         
|                     | Proceeds from sales of assets                                            |                                                      |   | 907     |            |   |   | 97             |        |   |              | 1,791   |         |   |   |  |   |  |   | 2,795    |        
|                     | Investments and acquisitions                                             |                                                      |   |        |            |   |   |               |        |   |              | (2,931  | )       |   |   |  |   |  |   | (2,931   | )      
|                     | Capital additions                                                        |                                                      |   | (1,557  | )          |   |   | (2,242         | )      |   |              | (8,487  | )       |   |   |  |   |  |   | (12,286  | )      
|                     | Repurchase of common stock in the going-private merger
    transaction   |                                                      |   | (1,300  | )          |   |   |               |        |   |              |        |         |   |   |  |   |  |   | (1,300   | )      
|                     | Transaction costs paid in the going-private merger transaction           |                                                      |   | (226    | )          |   |   |               |        |   |              |        |         |   |   |  |   |  |   | (226     | )      
|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |  
|                     |                                                                          | Cash flow used in investing activities               |   |         | (2,176     | ) |   |                | (2,145 | ) |              |         | (9,627  | ) |   |   |  |  |   |          | (13,948 | )
|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |  
|FINANCING ACTIVITIES |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |   |   |   |  |   |         
|                     | Short-term debt borrowings                                               |                                                      |   |        |            |   |   | 218            |        |   |              | 2,157   |         |   |   |  |   |  |   | 2,375    |        
|                     | Short-term debt repayments                                               |                                                      |   |        |            |   |   | (342           | )      |   |              | (1,439  | )       |   |   |  |   |  |   | (1,781   | )      
|                     | Long-term debt borrowings                                                |                                                      |   | 166,100 |            |   |   | 219            |        |   |              | 41      |         |   |   |  |   |  |   | 166,360  |        
|                     | Long-term debt repayments                                                |                                                      |   | (92,300 | )          |   |   | (151           | )      |   |              | (11,474 | )       |   |   |  |   |  |   | (103,925 | )      
|                     | Dividends paid to minority shareholders                                  |                                                      |   |        |            |   |   |               |        |   |              | (352    | )       |   |   |  |   |  |   | (352     | )      
|                     | Dividends paid                                                           |                                                      |   | (10,000 | )          |   |   |               |        |   |              |        |         |   |   |  |   |  |   | (10,000  | )      
|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |  
|                     |                                                                          | Cash flow provided by (used in) financing activities |   |         | 63,800     |   |   |                | (56    | ) |              |         | (11,067 | ) |   |   |  |  |   |          | 52,677  |  
|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |  
|                     | Effect of foreign exchange rate changes on cash and cash
    equivalents |                                                      |   |        |            |   |   |               |        |   |              | (1,953  | )       |   |   |  |   |  |   | (1,953   | )      
|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |  
|                     | Increase (decrease) in cash and cash equivalents                         |                                                      |   | (1,962  | )          |   |   | 6,959          |        |   |              | (408    | )       |   |   |  |   |  |   | 4,589    |        
|                     | Cash and cash equivalents at beginning of period                         |                                                      |   | 7,424   |            |   |   | (20,498        | )      |   |              | 46,556  |         |   |   |  |   |  |   | 33,482   |        
|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |  
|                     | Cash and cash equivalents at end of period                               |                                                      | $ | 5,462   |            |   | $ | (13,539        | )      |   | $            | 46,148  |         |   | $ |  |   |  | $ | 38,071   |        
|                     |                                                                          |                                                      |   |         |            |   |   |                |        |   |              |         |         |   |  

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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 26,     |           |  | March 27, |  
|                                                |  | 2005          |           |  | 2004      |  
|                                                |  |               |           |  |           |  
|Revenues, net                                   |  | $             | 1,442,133 |  |           | $ | 1,254,584 | 
|Operating income                                |  | $             | 103,844   |  |           | $ | 107,488   | 
|Interest income and other income (expense), net |  | $             | 2,790     |  |           | $ | 1,260     | 
|Interest expense                                |  | $             | 36,059    |  |           | $ | 34,741    | 
|Income tax expense                              |  | $             | 53,421    |  |           | $ | 13,173    | 
|Net income                                      |  | $             | 17,154    |  |           | $ | 60,834    | 

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 26,     |           |         | March 27, |  
|                                  |                          | 2005          |           |         | 2004      |  
|                                  |                          |               |           |         |           |  
|Revenues from external customers: |                          |               |           |         |           |   |           |        
|                                  | Fresh fruit              |               | $         | 939,527 |           |   | $         | 873,322 |  
|                                  | Fresh vegetables         |               |           | 253,606 |           |   |           | 200,083 |  
|                                  | Packaged foods           |               |           | 190,290 |           |   |           | 127,573 |  
|                                  | Fresh-cut flowers        |               |           | 52,719  |           |   |           | 49,559  |  
|                                  | Other operating segments |               |           | 5,991   |           |   |           | 4,047   |  
|                                  |                          |               |           |         |           |  
|                                  |                          | $             | 1,442,133 |         |           | $ | 1,254,584 |        
|                                  |                          |               |           |         |           |  
|EBIT:                             |                          |               |           |         |           |   |           |        
|                                  | Fresh fruit              |               | $         | 76,509  |           |   | $         | 81,367  |  
|                                  | Fresh vegetables         |               |           | 19,204  |           |   |           | 22,606  |  
|                                  | Packaged foods           |               |           | 17,927  |           |   |           | 13,044  |  
|                                  | Fresh-cut flowers        |               |           | 4,558   |           |   |           | 4,658   |  
|                                  | Other operating segments |               |           | 75      |           |   |           | (115    | )
|                                  |                          |               |           |         |           |  
|                                  | Total operating segments |               |           | 118,273 |           |   |           | 121,560 |  
|                                  | Corporate and other      |               |           | (11,639 | )         |   |           | (12,812 | )
|Interest expense                  |                          |               | 36,059    |         |           |   | 34,741    |        
|                                  |                          |               |           |         |           |  
|Income before income taxes        |                          | $             | 70,575    |         |           | $ | 74,007    |        
|                                  |                          |               |           |         |           |  

Fresh Fruit






Fresh Vegetables






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Packaged Foods






Fresh-Cut Flowers






Corporate and Other




Liquidity and Capital Resources










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Other Matters


Financial Instruments: Accounting
for Derivative Instruments and Hedging Activities Accounting for Certain Derivative Instruments
and Certain Hedging Activities  An Amendment of FASB
Statement No. 133.


European Union Quota:


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| |                  
| | -----------------
| | Subsequent Events

Senior Secured Credit Facilities:


Dividend declaration:


Supplemental Financial Information




|                                                                |  |           |           |  |            |   |           | 
|--------------------------------------------------------------- |  | --------- | --------- |  | ---------- | - | --------- | 
|                                                                |  | March 26, |           |  | January 1, |  
|                                                                |  | 2005      |           |  | 2005       |  
|                                                                |  |           |           |  |            |  
|Balance Sheet Data:                                             |  |           |           |  |            |   |           | 
|Total working capital (current assets less current liabilities) |  | $         | 567,259   |  |            | $ | 433,469   | 
|Total assets                                                    |  | $         | 4,464,951 |  |            | $ | 4,331,617 | 
|Total debt                                                      |  | $         | 1,967,975 |  |            | $ | 1,868,922 | 
|Total shareholders equity                                      |  | $         | 686,629   |  |            | $ | 677,873   | 

|                              |  |               |         |   |           |   |         |  
|----------------------------- |  | ------------- | ------- | - | --------- | - | ------- | -
|                              |  | Quarter Ended |        
|                              |  |               |        
|                              |  | March 26,     |         |   | March 27, |  
|                              |  | 2005          |         |   | 2004      |  
|                              |  |               |         |   |           |  
|Other Financial Data:         |  |               |         |   |           |   |         |  
|Net income                    |  | $             | 17,154  |   |           | $ | 60,834  |  
|Interest expense              |  |               | 36,059  |   |           |   | 34,741  |  
|Income taxes                  |  |               | 53,421  |   |           |   | 13,173  |  
|Depreciation and amortization |  |               | 33,466  |   |           |   | 32,358  |  
|                              |  |               |         |   |           |  
|EBITDA                        |  | $             | 140,100 |   |           | $ | 141,106 |  
|EBITDA margin                 |  |               | 9.7     | % |           |   | 11.2    | %
|Capital expenditures          |  | $             | 15,358  |   |           | $ | 12,286  |  





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ITEM 3.     QUANTITATIVE AND
QUALITATIVE


DISCLOSURES ABOUT MARKET RISK







ITEM 4.     CONTROLS AND
PROCEDURES




Changes in Internal Control Over Financial Reporting







PART II.


OTHER INFORMATION


DOLE FOOD COMPANY, INC.







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





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|        |                                 
|------- | --------------------------------
|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:






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SIGNATURES






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



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

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



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

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

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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

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