CHIQUITA BRANDS INTERNATIONAL, INC.

             SUMMARIZED CONSOLIDATED INCOME STATEMENT INFORMATION

                   (in millions, except per share amounts)

                                 (Unaudited)

 

 

                           Reorganized   Company       Predecessor Company    

                             Quarter     Quarter     Quarter      Six Months 

                              Ended       Ended       Ended         Ended

                             June 30,    June 30,    March 31,     June 30, 

                               2002        2001        2002          2001  

    Net sales                 $631.9      $595.4       $629.5     $1,172.7

    Operating expenses

      Cost of sales            494.9       488.4        510.4        950.7

      Selling, general 

        and administrative      66.6        61.8         55.3        117.6

      Depreciation               9.9        20.8         21.4         41.6

                               571.4       571.0        587.1      1,109.9

    Operating income            60.5        24.4         42.4         62.8

    Interest income              1.0         2.1          0.6          5.2

    Interest expense           (12.3)      (32.0)        (9.5)       (64.8)

    Financial restructuring 

      items                       --        (2.0)      (285.8)        (3.1)

    Income (loss) before 

      income taxes and 

      cumulative effect of 

      a change in method of 

      accounting                49.2        (7.5)      (252.3)         0.1

    Income taxes                (1.5)       (3.5)        (1.0)        (7.0)

    Income (loss) before 

      cumulative effect 

      of a change in 

      method of accounting      47.7       (11.0)      (253.3)        (6.9)    

    Cumulative effect of a 

      change in method 

      of accounting               --          --       (144.5)          --

Net income (loss) $47.7 $(11.0) $(397.8) $(6.9)

    Diluted earnings per share*:

      Before cumulative 

        effect of a change 

        in method of 

        accounting             $1.19      $(0.19)      $(3.23)      $(0.19)

      Cumulative effect of 

        a change in method 

        of accounting             --          --        (1.85)          --

Net income (loss) $1.19 $(0.19) $(5.08) $(0.19)

    Shares used to calculate 

      diluted earnings 

      per share*                40.0        73.3         78.3         71.1

    * Earnings per share calculations for 2001 and for the quarter ended 

      March 31, 2002 are based on shares of old common stock outstanding prior

      to the company's emergence from Chapter 11 proceedings on 

      March 19, 2002. Upon emergence, these shares were canceled, and the

      company issued 40.0 million new common shares.  

    Quarterly results are subject to significant seasonal variations and are

    not necessarily indicative of the results of operations for a full fiscal

    year.

 

                     CHIQUITA BRANDS INTERNATIONAL, INC.

                 ADDITIONAL SUMMARIZED FINANCIAL INFORMATION

                                (in millions)

                                 (Unaudited)

 

                           Reorganised

                             Company          Predecessor Company    

                             Quarter     Quarter     Quarter      Six Months 

                              Ended       Ended       Ended         Ended

                             June 30,    June 30,    March 31,     June 30, 

                               2002        2001        2002          2001  

    EBITDA before one-time 

      items*                   $70.4       $46.8       $63.8        $107.5

    Depreciation and 

      amortization               9.9        22.4        21.4          44.7

    EBIT before one-time 

      items                    $60.5       $24.4       $42.4         $62.8

Free Cash Flow

    EBITDA before one-time 

      items*                   $70.4       $46.8       $63.8        $107.5

    Interest income              1.0         2.1         0.6           5.2

    Interest expense           (12.3)      (32.0)**     (9.5)        (64.8)**

    Income taxes                (1.5)       (3.5)       (1.0)         (7.0)

    Capital expenditures       (10.5)       (9.8)       (4.8)        (15.5)

      Free Cash Flow           $47.1        $3.6       $49.1         $25.4

    * One-time items represent charges of $286 million related to the

      company's financial restructuring in March 2002 and $145 million for the

      cumulative effect of a change in method of accounting to adopt the new

      accounting standard for goodwill, both of which were recorded in the

      first quarter of 2002.

    ** Interest expense for the respective quarter and six-month periods ended

       June 30, 2001 includes $20 million and $41 million of accrued interest

       that was exchanged, in lieu of payment, for new common stock and senior

       notes upon completion of the company's financial restructuring in 

       March 2002.

 

                     CHIQUITA BRANDS INTERNATIONAL, INC.

                             OPERATING STATISTICS

                   (in millions, except for exchange rates)

                                 (Unaudited)

 

                                             Quarter Ended     Percent Change

                                                June 30,          Favourable

                                             2002      2001     (Unfavourable)    

    Revenue by segment                    

      Fresh Produce                         $535.5    $493.8        8.4%

      Processed Foods                        $96.4    $101.6       (5.1%)

    Operating income by segment

      Fresh Produce                          $60.6     $24.9      143.4%

      Processed Foods                        $(0.1)    $(0.5)      80.0%

    Banana sales volume (40-pound boxes):

      European Core Markets                   12.0      11.9        0.8%

      Central and Eastern Europe               4.6       2.3      100.0%

      North America                           14.0      14.0        0.0%

      Asia Pacific (joint venture)             3.6       3.2       12.5%

    Euro exchange rate (dollars per euro)     0.92      0.87        5.7%

    Yen exchange rate (yen per dollar)         127       123       (3.3%)

Canned vegetable cases sold 11.0 12.2 (9.8%)

 

                                            Six Months Ended   Percent Change

                                                June 30,          Favorable

                                             2002      2001     (Unfavorable)    

    Revenue by segment

      Fresh Produce                       $1,056.1    $962.8        9.7%

      Processed Foods                       $205.3    $209.9       (2.2%)

    Banana sales volume (40-pound boxes):

      European Core Markets                   24.2      23.0        5.2%

      Central and Eastern Europe               8.4       4.1      104.9%

      North America                           27.9      27.2        2.6%

      Asia Pacific (joint venture)             6.1       5.8        5.2%

    Euro exchange rate (dollars per euro)     0.90      0.90        0.0%

    Yen exchange rate (yen per dollar)         130       120       (8.3%)

Canned vegetable cases sold 23.9 25.6 (6.6%)