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Executives

Beth Potillo - Senior Vice President and Treasurer

C. Michael Carter - President, Chief Operating Officer, Director and Member of Executive Committee

Keith C. Mitchell - Chief Financial Officer and Vice President

Analysts

Brett M. Hundley - BB&T Capital Markets, Research Division

Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division

Dole Food Company, Inc. (DOLE) Q2 2013 Earnings Call July 25, 2013 4:45 PM ET

Operator

Good day, ladies and gentlemen, and welcome to the Second Quarter 2013 Dole Food Company Inc. Earnings Conference Call. My name is Jackie, and I will be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the presentation over to Ms. Beth Potillo, Senior Vice President and Treasurer. Please proceed.

Beth Potillo

Thank you, Jackie. Good afternoon, everyone, and welcome to Dole's second quarter earnings conference call. Joining me on the call today are Michael Carter, Keith Mitchell and Yoon Hugh.

Earlier today, we filed our second quarter 2013 Form 10-Q and issued our earnings release. The release, along with slides, which includes segment results and reconciliations to GAAP measurements are available at investors.dole.com.

Some of the information we will discuss today contains forward-looking statements about the company's performance based upon management's current expectations. Given the risk and uncertainties inherent in our business, actual results may ultimately differ materially from these expectations. Further information on the factors that could affect Dole's financial results is included in our SEC filings, including Form 10-K and the forward-looking statements at the beginning of our slide presentation.

Management evaluates and monitors the overall company and segment performance, primarily through a number of non-GAAP measures, including EBIT, adjusted EBITDA from continuing operations and comparable income or loss, total and per share, from continuing operations.

Some of today's prepared remarks will include these measures. Information on how we calculate these measures and reconciliations to GAAP financial measures can be found in today's earnings release, as well as in the slides.

I would now like to return the call over to Michael, who will discuss the performance of our continuing operations. Keith will follow up with a discussion of our financial results. After our prepared remarks, we will take questions as time allows.

C. Michael Carter

Thank you, Beth. Good afternoon, and thank you for your interest in Dole. I would like to begin by noting several events. During the second quarter, on April 1, we completed the sale of Dole's former Worldwide Packaged Foods and Asia Fresh businesses to ITOCHU Corporation for $1.685 billion in cash.

On May 10 and 13, we repurchased 240,000 shares of common stock at an average price of $11.26, approximately $2.7 million under the previously announced and now suspended share repurchase program.

On June 10, Dole received an unsolicited proposal from David Murdock to acquire all of the outstanding shares of common stock of Dole that he does not already own for $12 per share in cash. And in response, the company designated a special committee composed of the board's 4 independent directors.

In addition, on June 21, 2013, Dole paid approximately $64.7 million in full payment of the judgment by the European General Court, which we had appealed to the European Court of Justice on May 6.

Finally, on July 9, we executed shipbuilding contracts totaling approximately $165 million with Hyundai Mipo Dockyard Company to construct 3 new specialty built refrigerated container ships to replace our existing aging West Coast vessels, which is very important strategically to the company's competitive differentiation and future growth prospects.

These new ships will be more efficient and will be built to Dole's exacting specifications and design, with a higher capacity up to 788 containers compared to the current ships with 491 containers, and will be equipped with gantry cranes for greater flexibility and efficiency.

We were able to take advantage of an opportune window in the shipping industry, enabling us to have these specialty built ships at very competitive cost. In fact, these new ships will have capacity even higher than the previously announced 770 containers now up to 788 containers, while maintaining the original cost per ship.

Now for Dole's second quarter results. Today, we reported second quarter adjusted EBITDA from continuing operations of $56 million, a decline of $25 million from $81 million in the second quarter 2012, as earnings declined in both our fresh vegetables and remaining fresh fruit lines of business.

For fresh fruit, earnings decreased primarily due to higher fruit costs and lower banana prices in North America. Prices in Europe were higher than last year as the market there seems to be stabilizing.

Earnings in the pineapple business were comparable to last year. Year-to-date, the pineapple business has performed well with higher pricing, partially offset by higher costs.

Fresh vegetables adjusted EBITDA decreased $14 million to $2.5 million. This decline was entirely due to losses in the berry business, which experienced a $17 million negative swing as a result of continued weather and quality issues in strawberries throughout the second quarter.

The combined fresh-packed and fresh salads businesses increased versus last year, with higher volumes of packaged salads and higher prices of fresh-packed vegetables. The higher prices of fresh-packed vegetables resulted in higher vegetable and production costs in our packaged salads business.

In May, we gave adjusted EBITDA guidance of approximately $34 million for the second quarter. The difference between the second quarter performance and this guidance is mainly due to lower-than-expected cost of fruit and corporate expense; higher-than-expected earnings in our Chilean business due to timing of operating expenses; and higher pineapple earnings reduced by even lower-than-expected earnings from our fresh vegetables lines of business due to greater losses in berries.

The quarter's results reflect the volatility and unpredictability more inherent from Dole's smaller footprint as an international commodity produce company. Assuming no major market changes, we still expect full year adjusted EBITDA to be at the low end of the $150 million to $170 million range. This is due to the continued declining trend in fresh fruit performance, particularly due to banana market conditions and the full year losses on our strawberry business. While the recent outlook for banana cost of fruit has improved, this reduces the pressure at the low end of the guidance, which we discussed in our first quarter release, and reflects regular incentive accruals, which may vary based on Dole's 2013 performance.

And now I'd like to turn the call over to Keith to go over financial results in more detail.

Keith C. Mitchell

Thank you, Michael, and good afternoon, all. I will now discuss our performance for the second quarter of 2013.

If you're following along on the slides, please refer to Slides 4 through 7 for my remarks.

To begin with, I would like to point out that the fresh produce businesses that remain, following the April 1 sale of Worldwide Packaged Foods and Asia Fresh, are classified as continuing operations. Results for Packaged Foods and Asia Fresh are classified as discontinued operations.

In addition, U.S. GAAP results include unrealized gains and losses from currency movements, charges for restructuring, share-based compensation, charges for refinancing, ITOCHU transaction-related costs, gains from asset sales, as well as shareholder proposal costs and share repurchase program costs. These items are detailed in the reconciliation of net income to adjusted EBITDA in our earnings release. My comments will focus on continuing operations.

Second quarter 2013 revenues increased 10% to $1.2 billion. Sales were higher in both our fresh fruit and fresh vegetables reporting segments. Favorable foreign currency movements in Europe increased revenues by approximately $8 million.

First half revenues increased 4% to $2.24 billion. Excluding sales of $115 million from our former German ripening and distribution subsidiary, sales increased 9% or $191 million. Favorable foreign currency movements in Europe increased revenues by approximately $16 million.

Second quarter 2013 adjusted EBITDA decreased $25 million, or 31%, to $56 million. For the first half of 2013, adjusted EBITDA from continuing operations included a $33.7 million provision in the fresh fruit segment, associated with the EU antitrust matter.

Excluding this legal provision, first half adjusted EBITDA decreased $1.3 million to $124 million.

Gross profit margin, excluding adjustments for unrealized gains and losses on foreign currency and fuel hedges, for the second quarter, decreased to 8.4% from 11.7%, and for the first half of 2013, decreased to 9.4% from 10%, or 10.4% excluding the German divestiture.

For the second quarter 2013, total selling, marketing and general and administrative expenses decreased to $65 million or 5.5% of revenue, as compared with the second quarter 2012 expense of $68 million or 6.3% of revenue.

For the first half of 2013, total selling, marketing and general and administrative expenses increased to $135 million or 6% of revenue, as compared with the first half of 2012 expense of $133 million or 6.1% of revenue.

Excluding the German divestiture, first half of 2012 SMG&A was 6.4% of revenue.

Interest expense from continuing operations is much lower than we have reported in the past, as interest expense associated with Dole's notes and debentures, term loans and revolving credit facilities have been reclassified as discontinued operations.

For the second quarter 2013, interest expense was $7.5 million. For the first half of 2013, interest expense was $17.7 million, which included a $9.3 million associated with the EU antitrust matter.

Annual interest expense on the term loan will approximate $25 million.

Income tax expense of $1.3 million was recorded for the second quarter of 2013 compared to a $600,000 income tax expense in the prior year. An income tax benefit of $2.6 million was recorded for the first half of 2013 compared to a $5.8 million income tax expense in the prior year.

Net cash tax payments for the second quarter of 2013 were $3 million. Net cash tax payments for the first half of 2013 were $5 million. Net cash tax payments for the full year of 2013 are estimated to be $9 million. These amounts do not include approximately $43 million in cash tax payments for the Dole Asia discontinued operations or possible resolution of the previously disclosed Honduran tax case.

U.S. GAAP earnings per share from continuing operations were income of $0.01 for the second quarter compared to income of $0.63 in the prior year.

Comparable income from continuing operations, as summarized in Exhibit 3 of today's earnings release, was income of $0.28 per share for the second quarter, compared with income of $0.69 per share in the prior year.

U.S. GAAP earnings per share from continuing operations were income of $0.05 for the first half of 2013 compared to income of $0.91 in the prior year.

Comparable income from continuing operations was income of $0.40 per share for the first half of 2013 compared with income of $0.93 per share in the prior year.

Excluding the EPS impact of the EU antitrust matter of $0.38 per share, comparable income was $0.78 per share.

Now I'd like to discuss our financial results by segment. In our fresh fruit segment, second quarter 2013 revenues increased to $879 million from $783 million in the prior year. The increase is primarily attributable to higher volumes of diversified fruit in Europe and higher volumes of deciduous fruit sourced from Chile.

Revenues also increased due to higher banana volumes in North America. Net favorable foreign currency exchange movements in our foreign selling locations increased fresh fruit revenues in the second quarter by approximately $8 million.

For the first half of 2013, fresh fruit revenues increased to $1.64 billion from $1.63 billion in the prior year. Excluding the first quarter 2012 sales from our divested German subsidiary, fresh fruit revenues increased $127 million, or 8%, from $1.5 billion. Sales increased mainly due to higher volumes of bananas in Europe, as well as improved volumes of deciduous fruit sourced from Chile.

Net favorable foreign currency exchange movements in our foreign selling locations increased fresh fruit revenues in the first half of 2013 by approximately $16 million.

Fresh fruit adjusted EBITDA for the second quarter 2013 was $61 million as compared to $75 million in 2012. The decrease is primarily due to higher fruit costs from Latin sourced bananas and lower banana pricing in North America. This decrease was partially offset by higher pricing of bananas in Europe.

As previously mentioned, first half of 2013 adjusted fresh fruit EBITDA included a $33.7 million provision associated with the EU antitrust matter. Excluding this provision, first half of 2013 adjusted EBITDA was $113 million as compared to $117 million in 2012. The decrease is primarily due to higher fruit costs from Latin sourced bananas, lower banana pricing in North America and higher distribution and general administrative costs in Europe. This decrease was partially offset by higher pricing in Europe for bananas and pineapples.

Turning to our vegetable segment, second quarter revenues increased 4% to $309 million from $297 million in 2012. The increase is primarily due to higher volumes of packaged salads and overall higher pricing of fresh-packed vegetables, particularly in celery. These improvements were partially offset by lower pricing for strawberries and blueberries.

For the first half of 2013, fresh vegetables revenues increased 12% to $598 million from $535 million. Revenues increased primarily due to overall higher pricing in fresh-packed vegetables, particularly in celery and iceberg lettuce, as well as higher volumes of packaged salads and fresh berries. These benefits were offset by lower pricing of strawberries.

Fresh vegetables adjusted EBITDA for the second quarter 2013 decreased $14.1 million to $2.5 million. Earnings decreased mainly due to lower pricing and higher growing and harvesting costs in strawberries as a result of poor product quality related to weather issues. Higher product and production costs in packaged salads also contributed to lower earnings. The decrease was partially offset by overall higher pricing of fresh-packed vegetables.

For the first half of 2013, fresh vegetables adjusted EBITDA decreased $4 million to $26 million. The first half results were impacted by the same factors that impacted the second quarter.

Relating to corporate overhead, second quarter 2013 expenses amounted to $7 million compared to $11 million in 2012. For the first half of 2013, corporate overhead was $16 million compared with $22 million in the prior year.

I will now discuss some key balance sheet and cash metrics. Total net debt at the end of the second quarter of 2013 was approximately $258 million. Cash and cash equivalents totaled $425 million at the end of the quarter, and we had revolver availability of $162 million.

Subsequent to the end of the quarter, we paid the remaining balance plus interest of the EU antitrust fine, totaling approximately $64.7 million, as well as the first payment of approximately $33 million toward the construction of our new West Coast vessels.

Cash flows used by operating activities for the consolidated company in the first half of 2013 was $95.9 million compared to a source of working capital of $57.7 million in the first half of 2012. This change was primarily due to a higher level of receivables due to timing of collections. Lower payable levels in 2013 due to timing of payments also contributed to the use of cash.

Capital expenditures for the first half of 2013 were $37 million compared to $16 million in the prior year.

We have revised our spending plan for the year, which now includes total capital expenditures of approximately $147 million, of which approximately $79 million is normal course and $68 million, which includes the recent ship payment, is considered strategic.

We continue our hedging programs for currency and bunker fuel. For 2013, we have hedged approximately 50% of our net euro cash flow at an average rate of $1.27 per EUR 1 using participating forwards. We have also hedged 50% of our Chilean peso exposure at an average forward rate of 497, and 50% of our Costa Rica colón exposure for the back half of 2013 at 505.

For the second quarter of 2013, our fuel hedges benefited adjusted EBITDA by $91,000 and by $268,000 for the first half of 2013.

For the remainder of 2013, about 30% of our European requirements are hedged at an average swap rate of $565 per metric ton as compared with a current spot rate of $605 per metric ton.

That concludes our prepared remarks. I will now return the call to Michael.

C. Michael Carter

Thanks, Keith. Beth, let's now open the call to questions, please.

Beth Potillo

Jackie?

Operator

And your first question comes from the line of Brett Hundley with BB&T Capital Markets.

Brett M. Hundley - BB&T Capital Markets, Research Division

I wanted to start with bananas. Your pricing in North America, is there any reason at all that it would be different than what your peers are seeing? Do you think that you're in line with the price declines that you're seeing in the marketplace for North America?

Keith C. Mitchell

This is Keith. Thank you for the question. Yes, while we believe there's -- we've seen an overall industry decline in the prices, we believe that we are -- we know we are a premium-priced product, and we believe our prices are at the top of the market. But the decline we have been seeing is certainly an industry issue in North America.

Brett M. Hundley - BB&T Capital Markets, Research Division

Okay. And can you give us your exposure to the charter market right now? I know you guys own/lease in charter. And I was just wondering if you could give a percentage exposure to the charter market.

Beth Potillo

It's minimal. We have a longer-term container carrier contract to the European market, and in the U.S., we have one short-term charter.

Brett M. Hundley - BB&T Capital Markets, Research Division

Okay. And so I guess, what I'm trying to figure out here is your fresh fruit results, they were better than we expected. They're probably more in line with our initial expectations, but we had lowered them just given some of the talking points that you guys had come out with regarding your own business. And here, you've come out and vested your own number and vested consensus by $20 million plus, but have kept guidance in play. And you've talked to the banana industry market conditions further. We've seen Europe get much better recently. And so this, indeed, has to be a North American issue for you guys that's continuing to affect profitability in your fresh fruit segment going forward. And so if your pricing is in line, I'm just wondering if -- do you view the company as having a sourcing issue into that market? If you could just address overall profitability, that would be really helpful.

C. Michael Carter

Well let me take a shot at this, maybe, Fred [ph], with a different perspective in line. It is true, while we've seen our fresh fruit business perform better than expected in this first half, that is due principally to lower-than-expected costs. We're now expecting our strawberry business to be approximately $24 million below planned for the full year. And we've been leading you with our comments in the past regarding that. As we see it now, assuming no major market changes, we are expecting the banana prices to be lower and costs to be higher as we proceed in this year. And that's consistent with kind of the trends we've seen. This higher-than-expected fresh fruit earnings in the second quarter, mostly from bananas, have reduced the EBITDA impact from the losses, as I've said in our berries product line. Nevertheless, we've seen a trend of fresh fruit performance declining, certainly since around 2008, principally due to banana market conditions. And so overall, we've kept our guidance in the $150 million to $170 million. We've moved off of the tension that we saw when we announced last time, especially in light of the second quarter unexpected performance that we've now seen. But nevertheless, the trends are still there. But we're holding to our $150 million to $170 million low end we'll keep, again, assuming no major market changes.

Brett M. Hundley - BB&T Capital Markets, Research Division

Okay. So the industry is seeing tighter-than-expected supplies across Latin America. And I well know that, that can change on a dime. But now some of that tight supply is arguably structural. And I was wondering if you have an improved view heading into North American contracting season for 2014 based upon that supply backdrop.

Keith C. Mitchell

This is Keith again. Well, I think in the first half of the year, while there has been ample supply of bananas in the various markets, there's been an overall good balance of supply and demand. But as we move forward to the second half of the year, we believe that there will be excess supply, and that excess supply will put pressure on our cost for the second half of the year.

Brett M. Hundley - BB&T Capital Markets, Research Division

So it's your view that there will be an excess supply of bananas in the market during Q3 and into Q4?

Keith C. Mitchell

Well, there will certainly be ample supply, and we believe there will be a little bit more supply than demand as demand is certainly falling off a bit in the markets in the third quarter.

Brett M. Hundley - BB&T Capital Markets, Research Division

Can you share where specifically you're seeing excess supplies out of the region?

Keith C. Mitchell

Well overall, in Latin America, there's an excess supply. Ecuador is a little bit short. Their volumes are decreasing overall, but they're compensated or in some cases, more than compensated by increased volumes in Central America, primarily Guatemala.

Brett M. Hundley - BB&T Capital Markets, Research Division

Okay. And then concurrent with your divestiture, the company had announced the potential for related cost savings. And at the time, I think the number was around $50 million in potential cost savings. And as that divestiture went along, I think you guys came out and said, "Well maybe half of that could be realized." And I think we're seeing that this year given lower corporate and things like that. But then the other half of that or even up to $30 million could be longer to realize. And I was wondering if you could give an update on related cost savings, cost savings programs and kind of how you see that's filling out going forward.

C. Michael Carter

Let me take a shot at this because this came up at our last call as well. You recall that probably in the September time frame, in the context of ITOCHU transaction, we announced around a $50 million targeted cost savings goal. That goal was announced prior to the normal business planning budgeting process for the next year, meaning 2013. What we did do then is we took the target in the consideration at the time when we were developing our plans for the new year. Recall now, September is prior to our normal process, which takes place in the October, November, and then we go to a board approval in the December time frame for the new budget. So the target was something that we had in mind in our business planning process. And when we came through the business planning process, we ended up with the plans that we are pursuing this year, which plans also included some additional savings that we talked about. But the $50 million we talked about back in September basically rolled through the planning process. And so when we completed the ITOCHU transaction, you heard me at the time talk about rightsizing corporate, and this was in the context of also what was considered the $50 million rightsizing corporate, and normal corporate was running around $60 million. We had reprogrammed corporate from $60 million down to $50 million, and we layered in another $10 million within our operation. So in our last earnings call, you heard me talk about $20 million. What I didn't do is talk about the evolution from the $50 million through our business planning process. You also heard me say that later in this year, we'll be taking a look at how we can further streamline and rightsize and -- our operations from a -- considering things like back-office consolidations. One of the things, as we've been proceeding here, is we've learned how systems dependent that kind of consolidation is. So we're being a bit careful as we go about further cost-savings initiative. So at this point, there's nothing further to say regarding cost savings other than what we are already doing.

Brett M. Hundley - BB&T Capital Markets, Research Division

Okay. And then just lastly, have any other entities approached you with interest since Mr. Murdock gave his unsolicited bid?

C. Michael Carter

Well, as you know, we -- soon after receiving the unsolicited proposal from Mr. Murdock, the company announced that it would be forming a special committee, which, of course, has been done. That special committee has its own process. And frankly, I would prefer any questions regarding Mr. Murdock's proposal or the special committee to be addressed to the advisors of each.

Operator

And the next question comes from Jonathan Feeney with Janney.

Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division

Michael, you made a comment about the deterioration in the fresh fruit business since 2008. I guess, I wanted to -- I mean, as I look at it and I'm looking at your fresh fruit segment profit going all the way back, as good a data as I have, about 11 years. I mean, we've seen these levels of profitability before, and that was including the Asian business, the Asian fresh fruit business. And before 2008 and 2009, we saw trough levels like this, '06, '07. And I guess, I'm wondering what structurally might have -- do you believe that structurally, the fresh fruit business has just gotten less profitable over that time? Or is this more just like the regular cyclical ups and downs?

C. Michael Carter

Well, Jon, you're right. There are swings in this business. And as -- and frankly, as North America goes, so does Dole largely because of its impact on the company. So if you pick up from IPO and maybe go 2008 time frame, where the EBITDA levels were higher, in those environments, we were dealing with force majeure and much higher fuel surcharges, given the energy prices that exist. We've seen a steady decline, which is what we've been talking about in the fresh fruit business, generally, bananas in particular. Now, structurally, what has happened? And you know probably this as well as I. We've had a supply chain that has been made available to bigger growers in Latin America through available shipping. So therefore, they can come to market direct. Our big retailers can go to sourcing countries direct, and we also have national governments increasing the cost of fruit per box. And these are mandated costs and Dole complies with laws, so Dole pays it. So structurally, what has been happening is there's been a natural squeeze occurring between the retailers on the one hand reluctant to increased price, which we've been trying to encouraging them -- encourage them to do on the one hand, and our sourcing countries, where there are these minimum pricing occurring, which is why you've heard Dole talk about expanding itself more into Dole-owned farms so that we can capture more of the grower margin because we're seeing the structural phenomenon. Now the industry availability of shipping is a function of what's happening in the world economy. And so far, these have been available for the bigger growers to come direct. So we wind up, frankly, competing with some of our own suppliers. And it's an awkward situation that we find ourselves in. So I think strategically, the industry is -- at least, certainly, the big players need to find a way to try to deal with that. Dole -- part of the way Dole is dealing with that is, at a minimum, preserving the competitive advantage that we have in our own shipping on the West Coast, and these new ships bring greater efficiency and capacity. So we think that gives us a bit of an advantage, although it's in the out-years now. So Jon, just look at the trends. It is a volatile business. We've had it -- in Dole's case, we've had a cushion to deal with that volatility with our Packaged Foods business. That's gone. Therefore, the volatility with Dole will be a little greater. That's not to say it's much different from some of the competitors, but certainly for Dole, that volatility is going to be a little more inherent.

Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division

I see. And I'm implying just from your -- the disclosure you've given us revenues and saying it's mostly volume that you're gaining share in North America. And yet, you say you're at the top of the market in terms of pricing. So what -- I guess, I'm trying to understand what's allowing you to gain volume share if your pricing's towards the top of the market?

Keith C. Mitchell

Okay. Well with the pricing, I mean, we consider ourselves a premium product company. And we believe our -- we know that our customers think the same. Now while our volumes did improve from last year, other volume -- the industry volume has increased as well. So our market share is pretty consistent.

Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division

Okay, that's very helpful. And then just finally, can you give us any update on -- has this -- let me put it this way. Has the proposal from Mr. Murdock affected your marketing or your thought about any of your nonoperating assets? Has the process sort of frozen because of that big potential material event out there? Is there any update to give and if not, is there any update there to give us on progress?

C. Michael Carter

Well, Jon, if you are implying -- if you're asking whether business as usual has been somehow or another adversely affected by the proposal, the answer is no.

Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division

But I mean, specifically, with respect to the asset sales.

C. Michael Carter

Oh, well, we have consistently...

Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division

The business clearly has been helped, if anything.

C. Michael Carter

Well, I'm not sure how the business has been helped regarding the proposal. It might have affected the stock price. But in terms of our asset sales, a couple of observations. We have consistently targeted around $50 million. Right now, our visibility for the year is less than that as it stands more in the $30-or-so million range. For this year, that might improve. You also know that we're actively marketing Hawaii land in the $175 million, $200 million range. This is the land that we don't currently farm or within the perimeter of our farming. Every once in a while, we get an opportunity to sell some of that land on a -- around the periphery without compromising the bulk sale, but that's part of the $30-or-so million that I mentioned, and it would be a part of the normal targeted asset sales annually.

Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division

Okay. So no, I mean I was hoping if -- what appears to be and at least have somewhat improving real estate market, no real change to that.

C. Michael Carter

No.

Operator

With no further questions, I would like to turn the call over to Mr. Michael Carter. You may proceed.

C. Michael Carter

Well thank you, all, very much for your interest in Dole, and I look forward to the next call.

Operator

Ladies and gentlemen, that concludes your presentation today. You may now disconnect. Have a good day.

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