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|Chiquita Clarifies 2008 Outlook and Announces Equity Conference Presentation|
Full Year 2008 Expected to be Strong Improvement Versus Year Ago
CINCINNATI, June 17 /PRNewswire-FirstCall/ -- Chiquita Brands International, Inc. (NYSE: CQB) today clarified certain comments made in its mid-quarter price and volume release issued yesterday. The company expects to deliver strong year-on-year improvement in operating performance for the second quarter and full year 2008. The company noted that the third quarter is traditionally a weak quarter for the company and the banana industry. Chairman and CEO Fernando Aguirre said, "We would like to clarify that, assuming continued pricing and foreign exchange trends as well as current cost expectations, the 'significant loss' anticipated in the third quarter of 2008 is expected to be roughly in line with the loss incurred during the third quarter of 2007. Consistent with our earlier disclosures, we continue to expect to deliver much better performance for 2008 versus year ago."
The company also announced that Fernando Aguirre, Chairman and CEO, will present at the 18th Annual Wachovia Nantucket Equity Conference. The presentation is scheduled to begin at 2 p.m. EDT on Tuesday, June 24, 2008 at the White Elephant Hotel, Nantucket, MA. The presentation will be available as a live webcast on the company's website at www.chiquita.com or at www.wsw.com/webcast/wa50/cqb (due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field). A replay of this presentation will be available on these websites for 90 days.
About Chiquita Brands International, Inc.
With annual revenues of approximately $4.7 billion, Chiquita Brands International, Inc. (NYSE: CQB) is a leading international marketer and distributor of high-quality fresh and value-added food products - from energy- rich bananas and other fruits to nutritious blends of convenient green salads. The company's products and services are designed to win the hearts and smiles of the world's consumers by helping them enjoy healthy fresh foods. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 24,000 people operating in more than 70 countries worldwide. For more information, please visit our web site at www.chiquita.com.
This press release contains certain statements 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: cost increases and the company's ability to pass them through to its customers; changes in the competitive environment following the 2006 conversion to a tariff-only banana import regime in the European Union; unusual weather conditions; industry and competitive conditions; financing; the company's ability to achieve the cost savings and other benefits anticipated from the restructuring announced in October 2007; product recalls and other events affecting the industry and consumer confidence in company products; the customary risks experienced by global food companies, such as the impact of product and commodity prices, food safety, currency exchange rate fluctuations, government regulations, labor relations, taxes, crop risks, political instability and terrorism; the company's ability to consummate the pending sale of Atlanta AG to UNIVEG; and the outcome of pending claims and governmental investigations involving the company, the legal fees and other costs incurred in connection with them.
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.
SOURCE Chiquita Brands International, Inc.
Web site: http://www.chiquita.com