Chiquita Brands International, Inc : Chiquita Reports Fourth Quarter and Full-Year 2011 Results
(Thomson Reuters ONE) -
CHIQUITA REPORTS FOURTH QUARTER AND FULL-YEAR 2011 RESULTS
Achieves full-year 2011 comparable diluted EPS of $0.83; GAAP diluted EPS of
$1.23
Reports fourth quarter comparable loss of ($0.12) per diluted share; GAAP
diluted EPS of ($0.36)
Expects full-year 2012 operating improvement versus 2011
CINCINNATI - Feb. 21, 2012 - Chiquita Brands (NYSE: CQB) today released
financial and operating results for 2011, reporting full-year comparable
income[1] of $38 million, and GAAP income of $57 million on net sales of $3.1
billion. Fourth quarter results improved versus 2010, resulting in a comparable
loss[1] of $6 million, versus a comparable loss of $18 million in the year-ago
period. The fourth quarter GAAP loss was $16 million, including $8 million of
charges related to the company's headquarters relocation and shipping
reconfigurations in Europe.
"We delivered a fourth consecutive year of comparable profitability, improving
our results over last year, particularly in the fourth quarter, which benefitted
from our efforts to drive down costs as well as from the refinancing activities
we completed earlier in the year," said Fernando Aguirre, chairman and chief
executive officer. "We had a much better year in bananas driven by higher
pricing and volume in North America, and initial recovery in Europe. Our salads
business did not perform as well as expected and we've taken a number of
corrective actions and adapted our structure and strategy to be more successful
and profitable."
Aguirre added, "Going forward we are focused on growing revenues and
profitability in core banana and salads products, using our existing capacity
and capabilities to enter new markets and providing a more comprehensive product
offering. We will continue enhancing the efficiency and flexibility of our
supply chain and removing costs from our business. We have made solid progress
in realigning our salad business structure, reconfiguring banana shipping,
reducing debt and consolidating our corporate structure through our move to
Charlotte. We are looking forward to another year of progress in improving the
foundations of our business and its long-term profitability."
[1]Comparable basis amounts exclude certain items described below under "Non-
GAAP Measurements and items affecting comparability." All figures in this press
release are for continuing operations, unless otherwise indicated.
2011 FULL-YEAR SUMMARY
The following table shows adjustments made to "Income (loss) from continuing
operations" and EPS from continuing operations between comparable and GAAP
results. See "Non-GAAP Measurements and items affecting comparability" below for
descriptions of items excluded on a comparable basis, including descriptions of
how these items affect the results of reportable segments.
Income (loss)
per diluted
share[1]
Income (loss)
(in millions, except per
share amounts) 2011 2010 2011 2010
------- ------- -------- -------
Comparable results (Non-GAAP)
$38 $36 $0.83 $0.79
Income tax valuation allowance
release 87 - 1.89 -
Reserve for grower advances (32) - (0.69) -
Deconsolidation of European
Smoothie business - 32 - 0.71
Exit activities, net of tax (10) - (0.22) -
Refinancing costs (12) 0 (0.25) (0.01)
Italian tax settlement (6) - (0.14) -
Non-cash interest
expense on Convertible Notes (9) (8) (0.19) (0.17)
------- ------- -------- -------
Reported results (GAAP) $57 $61 $1.23 $1.32
------- ------- -------- -------
Columns may not total due to rounding.
[1]Shares used for diluted EPS calculation are on an as-reported basis.
Net Sales and Results: Annual sales decreased 3 percent year-on-year to $3.1
billion on lower sales in Salads & Healthy Snacks and Other Produce, partially
offset by higher Banana sales. Comparable results for the full year increased
due to improvements in banana performance and reduced costs for interest,
partially offset by reductions in salads profitability.
Cash, Debt and Liquidity: Cash flow from operations was $39 million for the
full-year 2011 compared to $98 million for 2010. At December 31, 2011, cash and
equivalents were $45 million. The company continues to have significant
financial flexibility, having reduced debt principal by $70 million during the
year and extended the maturity of its secured credit facility, including $150
million of revolving credit.
Bananas: Net sales increased 4 percent to $2 billion from higher dollar-
equivalent pricing in North America and Europe. Comparable operating income was
$132 million for the full year of 2011, compared to $81 million in 2010, as the
benefit of higher net sales more than offset increases in industry costs.
Salads and Healthy Snacks: Net sales decreased 7 percent to $953 million on a
decline in retail value-added salad volume primarily due to customer conversions
to private label in 2010, partially offset by growth in foodservice and healthy
snacks. Comparable operating income declined to $8 million for the full year of
2011, versus $63 million in 2010 as the adverse effect of lower salad sales
volume, industry input cost inflation, incremental costs for Fresh Rinse
technology customization, and sourcing and manufacturing disruptions exceeded
benefits from overhead realignment and improved healthy snacking and beverage
performance.
2011 FOURTH QUARTER SUMMARY
The following table shows adjustments made to "Income (loss) from continuing
operations" and EPS from continuing operations between comparable and GAAP
results. See "Non-GAAP Measurements and items affecting comparability" below for
descriptions of items excluded on a comparable basis, including descriptions of
how these items affect the results of reportable segments.
Income (loss)
per diluted
share[1]
Income (loss)
(in millions, except per
share amounts) 2011 2010 2011 2010
------- ------- --------- --------
Comparable results (Non-GAAP)
$(6) $(18) $(0.12) $(0.39)
Exit activities, net of tax (8) - (0.17) -
Refinancing costs (1) - (0.02) -
Reserve for grower advances 0 - 0.01 -
Non-cash interest
expense on Convertible Notes (2) (2) (0.05) (0.04)
------- ------- --------- --------
Reported results (GAAP) $(16) $(20) $(0.36) $(0.43)
------- ------- --------- --------
Columns may not total due to rounding.
[1]Shares used for diluted EPS calculation are on an as-reported basis.
Net Sales and Results: Quarterly sales decreased 7 percent year-on-year to $722
million primarily due to the exit from low margin other produce products, as
well as slight declines in banana and salad sales. Comparable results for the
quarter improved by $12 million due to better Salads & Healthy Snacks
performance, lower corporate overhead and reduced interest expenses.
Bananas: Net sales decreased 2 percent to $475 million, as overall unit volumes
were flat, and pricing was higher in North America but lower in Europe.
Comparable operating income was $9 million for the fourth quarter of 2011,
versus $10 million in the same period in 2010, as the impact of lower revenues
was partially offset by a significant reduction in logistics costs.
Salads and Healthy Snacks: Net sales decreased 3 percent to $223 million
primarily due to lower volume of retail value-added salads. Comparable operating
income was breakeven for the fourth quarter of 2011, versus a loss of $4 million
in the same period last year, primarily as the benefit of overhead expense
reduction and better performance from healthy snacking and beverage products
more than offset the impact of salad sales declines and higher manufacturing
costs.
EXIT ACTIVITIES
Headquarters relocation: In November 2011, Chiquita announced its plan to
relocate the Company's corporate headquarters from Cincinnati, Ohio to
Charlotte, North Carolina. The relocation will occur during 2012, and as a
result of this relocation the Company is expected to incur one-time costs of
approximately $30 million, of which $24 million is expected to be recaptured
over 12 years through a combination of state, local and other incentives. In
addition, the relocation is expected to generate ongoing operating cost savings
of more than $4 million annually from the consolidation of locations, more
efficient staffing, lower rent and reduced travel costs. During the fourth
quarter of 2011, the company recognized $4 million of costs primarily related to
severance, and expects an additional $5 million of other relocation costs to be
recognized during the first quarter of 2012.
Shipping reconfiguration: During the third quarter of 2011, the company
initiated a reconfiguration of its European shipping system which is expected to
provide more than $12 million of annualized cost savings, net of transition
costs that include expected losses on subleased vessels being removed from
service in 2012. During the fourth quarter the company recorded an allowance of
$4 million for losses expected on certain sublease contracts completed in 2011,
and expects to recognize an additional $8 million during the first quarter of
2012. These sublease losses will not recur in 2013 since the primary losses on
the leases for vessels expiring in 2012 will not be renewed.
2012 OUTLOOK
Although the Company expects to experience obstacles from ongoing industry cost
inflation and weaker European currencies during 2012, it is seeking to grow
sales and profitability for the full year through:
* increasing sales volume in its core banana and salads businesses through
geographic diversification and expansion of its core product portfolios;
* enhancing banana supply chain efficiency, including better product sourcing
and reconfiguration of its global shipping system;
* avoidance of excess salads sourcing and manufacturing costs incurred in
2011, and implementation of additional structural improvements in the salad
and snacking product supply network during 2012:
* reducing corporate expenses and realizing benefits from the previously
announced realignment of its salad business and global innovation
organizations; and
* lowering interest payments from refinancing and prepayment of debt during
2011.
These expectations do not include any unforeseen weather, event risks or major
currency fluctuations. Management's estimates of certain financial items are as
follows:
+---------------------------------+---------+-----+----------+
| (in $ millions) | FY 2011 | | FY 2012 |
| | Actual | | Estimate |
+---------------------------------+---------+-----+----------+
| Capital Expenditures | 76 | | 65-75 |
+---------------------------------+---------+-----+----------+
| Depreciation & Amortization | 61 | | 60-65 |
+---------------------------------+---------+-----+----------+
| Gross Interest Expense[1] | 52 | | 40-45 |
+---------------------------------+---------+-----+----------+
| Net Interest Expense [1] | 47 | | 35-40 |
+---------------------------------+---------+-----+----------+
[1] Interest expense includes the impact of accounting standards that add non-
cash interest expense of $9 million in 2011 and $10 million in 2012 for the
company's Convertible Notes.
CONFERENCE CALL
Chiquita will hold a conference call for investors to discuss its results at
4:30 p.m. EST today. Access to a live audio webcast is available
athttp://investors.chiquita.com. Toll-free telephone access will be available
by dialing 1-877-548-7901 in the United States and +719-325-4758 from
international locations and providing the conference code 5421082. To access
the telephone replay, dial 1-888-203-1112 from the United States and
+719-457-0820 from international locations and enter the confirmation
code 5421082.
NON-GAAP MEASUREMENTS AND ITEMS AFFECTING COMPARABILITY
The company reports its financial results in accordance with generally accepted
accounting principles in the United States of America (U.S. GAAP). To provide
investors with additional information regarding the company's results, more
meaningful year-on-year comparisons of the company's financial performance, and
measures that management uses to evaluate the company's performance against
internal budgets and targets, the company reports certain non-GAAP measures as
defined by the Securities and Exchange Commission. Non-GAAP financial measures
should be considered in addition to, and not instead of, U.S. GAAP financial
measures, and may differ from non-GAAP measures that other companies use. The
differences between the U.S. GAAP and non-GAAP financial measures are as follow:
* Valuation Allowance Release: During the second quarter 2011, the company
determined it is more likely than not that it will realize its deferred tax
assets, and accordingly it recognized an income tax benefit representing the
reversal of $87 million of valuation allowances against 100 percent of the
U.S. federal deferred tax assets and a portion of the state deferred tax
assets, primarily net operating loss carry forwards. This gain, recognized
under GAAP, is excluded from comparable income. Income taxes are not
included in the results of reportable segments.
* Reserve for Grower Advances: The second quarter of 2011 includes a $32
million reserve for the expected remaining carrying value of advances made
to a Chilean grower. The reserve, recognized under GAAP, is excluded from
comparable income of the Other Produce segment.
* Gain on deconsolidation of European Smoothie business: The Company entered
into a joint venture with Danone S.A. in May 2010 to market fruit beverages
based on Chiquita's Just Fruit in a Bottle® platform in Europe. Upon
closing, the company sold 51 percent of its smoothie business to Danone for
?15 million ($18 million) and deconsolidated it, accounting for its
remaining 49 percent investment using the equity method. The gain on the
sale and deconsolidation was $32 million, which included a $15 million gain
related to fair value of the retained 49 percent investment on the closing
date. This gain, recognized under GAAP, is excluded from comparable income
of the Salads and Healthy Snacks segment.
* Exit Activities:
* Relocation: The Company committed to the relocation of its headquarters
in November 2011 to Charlotte, North Carolina, as described above. The
relocation is expected to result in one-time costs of approximately $30
million through 2013. During the fourth quarter of 2011, the company
recognized $6 million ($4 million net of tax) of headquarters related
relocation costs, primarily severance. Relocation costs are excluded
from comparable income of the reportable segments.
* Salads realignment: During the second quarter of 2011, the company
realigned its salad overhead costs and embedded its global innovation
and marketing functions into its business units. This realignment
resulted in costs of $2 million in the second quarter of 2011 primarily
relating to severance. Realignment-related expense, recognized under
GAAP, was allocated to the reportable segments, but excluded from
comparable income.
* Shipping reconfiguration: During the fourth quarter the company recorded
an allowance of $4 million for losses expected on sublease contracts of
subleasing costs, and expects to recognize an additional $8 million
during the first quarter of 2012. These costs, recognized under GAAP,
are excluded from comparable income of the Banana segment.
* Refinancing: During the third quarter of 2011, the company recognized $11
million of refinancing costs to enter into an amended and restated senior
secured credit facility, consisting of a $150 million revolving credit
facility and a $330 million term loan that reduced its interest payments and
added further operating flexibility. During the fourth quarter of 2011, the
company recognized $1 million of costs associated with early redemption of
$50 million of senior notes.
* Italian Tax Settlement: In the second quarter 2011, the company settled
several years of Italian income tax claims at an incremental cost of
approximately $6 million, which is significantly below the amounts
originally claimed by the tax authorities. This expense, recognized under
GAAP, is excluded from comparable income. Income taxes are not included in
the results of reportable segments.
* Incremental non-cash interest expense on Convertible Notes: Accounting
standards related to convertible debt instruments increased the amount of
reported GAAP interest expense on the company's $200 million of 4.25%
Convertible Senior Notes. In determining earnings on a comparable basis,
the company excludes this additional non-cash interest expense, which was $2
million for each of the quarters ended December 31, 2011 and 2010; and $9
million and $8 million for the years ended December 31, 2011 and 2010,
respectively.
ABOUT CHIQUITA BRANDS INTERNATIONAL, INC.
Chiquita Brands International, Inc. (NYSE: CQB) is committed to Improving World
Nutrition, as a leading international marketer and distributor of nutritious,
high-quality fresh and value-added food products - from energy-rich bananas,
blends of convenient green salads, other fruits to healthy snacking products.
The company markets its healthy, fresh products under the Chiquita® and Fresh
Express® premium brands and other related trademarks. With annual revenues of
more than $3 billion, Chiquita employs more than 21,000 people and has
operations in nearly 70 countries worldwide. For more information, please visit
our corporate web site atwww.chiquita.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements, including in the "2011 Outlook"
section, that are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond the
control of Chiquita, including: the customary risks experienced by global food
companies, such as prices for fuel and other commodity inputs, currency
exchange rate fluctuations, industry and competitive conditions (all of which
may be more unpredictable in light of continuing uncertainty in the global
economic environment), government regulations, food safety issues and product
recalls affecting the company or the industry, labor relations, taxes, political
instability and terrorism; challenges in implementing the relocation of the
Company's corporate headquarters, and other North American corporate functions,
to Charlotte, North Carolina; unusual weather events, conditions or crop risks;
access to and cost of financing; and the outcome of pending litigation and
governmental investigations involving the company, as well as the legal fees and
other costs incurred in connection with these items.
Any forward-looking statements made in this press release speak as of the date
made and are not guarantees of future performance. Actual results or
developments may differ materially from the expectations expressed or implied in
the forward-looking statements, and the company undertakes no obligation to
update any such statements. Additional information on factors that could
influence Chiquita's financial results is included in its SEC filings, including
its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
CONTACT: Ed Loyd, 513-784-8935, eloyd(at)chiquita.com
# # #
Exhibit A:
CHIQUITA BRANDS INTERNATIONAL, INC.
CONSOLIDATED INCOME STATEMENT
(Unaudited - in millions, except per share amounts)
Quarter Ended Year
December 31, Ended
December
31,
--------------------------------------------------------
2011 2010 2011 2010
-------------------------- -------------------------
Net sales $ 722 $ 773 $ 3,139 $ 3,227
-------------------------- -------------------------
Operating expenses:
Cost of sales 648 690 2,692 2,765
Selling, general 63 77 308 321
and administrative
Depreciation 14 14 52 51
Amortization 2 2 9 10
Equity in loss of 1 3 6 3
investees
Reserve for grower 0 0 33 2
advances
Relocation costs 6 - 6 -
Deconsolidation of
European - - - (32)
smoothie business
-------------------------- -------------------------
Operating income (loss) (12) (13) 34 108
Interest income 1 1 4 6
Interest expense (11) (14) (52) (57)
Other (1) 3 (12) 3
-------------------------- -------------------------
Income (loss) from
continuing
operations before taxes (23) (24) (25) 59
Income tax benefits 6 4 82 2
-------------------------- -------------------------
Income (loss) from
continuing (16) (20) 57 61
operations
Loss from discontinued
operations[1] - - - (3)
-------------------------- -------------------------
Net income (loss) $ (16) $ (20) $ 57 $ 57
-------------------------- -------------------------
Basic earnings per
share:
Continuing operations $ (0.36) $ (0.43) $ 1.25 $ 1.34
Discontinued - - - (0.07)
operations
-------------------------- -------------------------
$ (0.36) $ (0.43) $ 1.25 $ 1.27
-------------------------- -------------------------
Diluted earnings per
share:
Continuing operations $ (0.36) $ (0.43) $ 1.23 $ 1.32
Discontinued - - - (0.07)
operations
-------------------------- -------------------------
$ (0.36) $ (0.43) $ 1.23 $ 1.25
-------------------------- -------------------------
Shares used to calculate
basic
earnings per share 45.8 45.2 45.5 45.0
Shares used to calculate
diluted
earnings per share 45.8 45.2 46.3 45.9
Columns may not total due to rounding.
[1] Loss from discontinued operations relates to indemnification obligations
for tax liabilities of Atlanta AG.
Exhibit B:
CHIQUITA BRANDS INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets
(in millions, except per share amounts)
December 31, December 31,
2011 2010
--------------------------------
ASSETS
Cash and cash equivalents $ 45 $ 156
Trade accounts receivables, net 267 265
Other receivables, net 67 117
Inventories 238 212
Prepaid expenses 43 38
Other current assets 45 20
--------------------------------
Total current assets 705 809
Property, plant and equipment, net 370 350
Investments and other assets, net 132 168
Trademarks 449 449
Goodwill 177 177
Other intangible assets, net 106 115
--------------------------------
Total assets $1,938 $2,067
--------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt $ 17 $ 20
Accounts payable 252 264
Accrued liabilities 115 127
--------------------------------
Total current liabilities 383 412
Long-term debt, net of current portion 556 614
Accrued pension and other employee benefits 77 74
Deferred gain - sale of shipping fleet 35 49
Deferred tax liabilities 43 116
Other liabilities 44 63
--------------------------------
Total liabilities 1,138 1,327
--------------------------------
Shareholders' equity:
Common stock, $.01 par value (45,777,760
and 45,298,038 shares outstanding, respectively) $ 0 $ 0
Capital surplus 827 815
Accumulated deficit (19) (76)
Accumulated other comprehensive income (loss)
(8) 0
--------------------------------
Total shareholders' equity 800 740
--------------------------------
Total liabilities and shareholders' equity $1,938 $2,067
--------------------------------
Columns may not total due to rounding.
Exhibit C:
CHIQUITA BRANDS INTERNATIONAL, INC.
OPERATING STATISTICS
(Unaudited - in millions, except for
percentages and exchange rates)
Percent Percent
Change Change
Quarter ended Increase Year ended Increase
December 31, (Decrease) December 31, (Decrease)
2011 2010 vs. 2010 2011 2010 vs. 2010
-------------------------------- ----------------------------
Net sales by segment
Bananas $475 $483 (1.7)% $2,023 $1,938 4.4%
Salads and Healthy Snacks[1] 223 230 (3.4)% 953 1,028 (7.3)%
Other Produce 24 59 (59.8)% 163 261 (37.7)%
-------------------------------- ----------------------------
$722 $773 (6.6)% $3,139 $3,227 (2.7)%
Comparable operating income (loss) by
segment [2]
Bananas $9 $10 (6.2)% $132 $81 64.1%
Salads and Healthy Snacks[1] 0 (4) NM 8 63 (87.5)%
Other Produce 1 1 (40.7)% (5) 5 NM
Corporate (13) (18) 28.0% (57) (71) 19.4%
-------------------------------- ----------------------------
$(2) $(10) (79.8)% $78 $78 (0.2)%
Comparable operating margin by segment
Bananas 1.9% 2.0% (0.1) pts 6.5% 4.2% 2.4 pts
Salads and Healthy Snacks 0.2% (1.8)% 2.0 pts 0.8% 6.2% (5.3)
pts
Other Produce 3.6% 2.4% 1.2 pts (3.0)% 2.1% (5.0)
pts
(0.1)
SG&A as a percent of sales 8.8% 9.9% (1.1) pts 9.8% 9.9% pts
Company banana sales volume
(40 lb. boxes)
North America 15.5 16.4 (5.5)% 64.3 62.9 2.2%
Core European markets[3] 9.9 9.9 0.0% 40.3 40.4 (0.2)%
Mediterranean & Middle East 5.6 4.5 24.4% 15.9 18.6 (14.5)%
Banana Pricing
North America 1.6% 6.1%
Core European markets[3]
U.S. Dollar (6.6)% 4.4%
Local (6.3)% (0.5)%
Mediterranean & Middle East (12.0)% 1.1%
Retail value-added salads
Volume (12-count cases) 11.4 12.1 (5.8)% 49.2 54.5 (9.7)%
Pricing 1.2% (0.9)%
Euro average exchange rate, spot $1.36 $1.36 0.0% $1.39 $1.32 5.3%
(dollars per euro)
Euro average exchange rate, hedged $1.39 $1.33 4.5% $1.39 $1.33 4.5%
(dollars per euro)
Columns may not total due to rounding.
[1] European fruit smoothie sales before entering into the Danone joint venture
were $13 million in the first half of 2010. Operating losses were $1 million and
$3 million in the fourth quarters of 2011 and 2010, respectively and $6 million
and $8 million for the full year 2011 and 2010, respectively.
[2] See description of reconciling items between GAAP and comparable basis
figures in this press release under "Non-GAAP measurements and items affecting
comparability."
[3] The company's core European markets include the 27 member states of the
European Union, Switzerland, Norway and Iceland.
Exhibit D:
EUROPEAN CURRENCY
YEAR-ON-YEAR CHANGE - FAVORABLE (UNFAVORABLE)
2011 vs. 2010
(Unaudited - in millions)
Currency Impact (Euro/Dollar) Q4 YTD
Revenue $ (1) $ 40
Local costs - (16)
Hedging[1] 8 (1)
Balance sheet translation[2] (5) (5)
------------- ------------
Net European currency impact $ 2 $ 18
------------- ------------
Columns may not total due to rounding.
[1] Fourth quarter hedging benefits were $4 million in 2011 versus costs of $4
million in 2010. YTD hedging benefits were $1 million for 2011 and $2 million in
2010.
[2] Fourth quarter balance sheet translation was a loss of $6 million in 2011
and $1 million in 2010. YTD balance sheet translation was a loss of $8 million
in 2011 and $3 million in 2010.
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Chiquita Brands International, Inc via Thomson Reuters ONE
[HUG#1587723]
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Datum: 21.02.2012 - 22:03 Uhr
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