Chiquita Reports $30 Million Q2 Net

NEW YORK - Aug 6/04 - SNS -- Chiquita Brands International, Inc. reported second quarter 2004 net income of $30 million, or $0.73 per diluted share, including an after-tax loss of $4 million on the sale of its Colombian banana production division.

The company reported net income of $57 million, or $1.41 per diluted share, in the same period a year ago, including a $21 million gain on the sale of the Armuelles, Panama, division and $8 million from discontinued operations, primarily representing a gain on the sale of the company’s vegetable canning operations.

Net sales were $848 million, up from $829 million in the second quarter 2003. The increase resulted from favorable European currency exchange rates and higher other fresh produce sales, partially offset by lower local banana pricing and volume.

The 2004 quarter included $2 million of restructuring charges at Atlanta AG and severance, and a $9 million before-tax loss from the sale of the Colombian banana division. The after-tax loss from the Colombia sale was $4 million.

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