Chiquita Reports $86.5M Q1 Net

NEW YORK - May 10/05 - SNS -- Chiquita Brands International, Inc. reported net income of U.S. $86.5 million on sales of $931.8 million during the first quarter ending March 31, compared to a net of $19.9 million on sales of $793.2 million during the same quarter of the previous fiscal year.

The company said the 17% increase in sales resulted from higher banana pricing and volume in both North America and Europe, favorable European exchange rates and increased sales of other fresh produce.

Net sales in the company's banana segment rose 24% to $520 million, and operating income more than tripled from $28 million last year to $87 million.

In the company's other fresh produce segment, which includes the marketing and distribution of fresh fruits and vegetables other than bananas and Chiquita's fresh-cut fruit business, net sales were $399 million, up 11% versus the first quarter 2004. Operating income was $7 million, compared to $3 million in the 2004 first quarter. The change resulted primarily from continued improvement at Atlanta AG, the company's German fresh produce distributor, and a restructured melon program in North America.

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