Posted at 1:19 p.m., Tuesday, November 6, 2001

Restructuring costs hurt Dole

Advertiser Wire Services

Dole Food Co., the largest fruit and vegetable producer, said its third-quarter loss widened as restructuring costs increased.

The loss widened to $94.8 million, or $1.68 a share, from $7.4 million, or 13 cents, in the year-earlier period. Sales fell 0.5 percent to $1.33 billion from $1.34 billion, Dole said in a statement.

The company said it couldn't improve its fresh-cut flower business after sales fell in recent quarters. Dole also had costs of $103.1 million, or $1.83 a share, for divesting its Pascual Hermanos vegetable business in Spain, the planned sale of other businesses in Europe and reducing banana and flower production in Latin America, Chief Financial Officer Ken Kay said.

Shares of Westlake Village, Calif.-based Dole fell 3 cents to $20.90 in early trading. They had risen 69 percent in the past year.