CHIQUITA BRANDS INTERNATIONAL, INC. CONSOLIDATED INCOME STATEMENT - FIRST QUARTER (Unaudited - in millions, except per share amounts) Quarter Ended Quarter Ended March 31, 2004 March 31, 2003 Net sales $793.2 $471.3 Operating expenses Cost of sales 677.8 381.5 Selling, general and administrative 72.8 45.0 Depreciation 10.8 7.1 761.4 433.6 Operating income* 31.8 37.7 Interest income 0.8 0.4 Interest expense (10.2) (9.6) Income from continuing operations before income taxes 22.4 28.5 Income taxes (2.5) (2.0) Income from continuing operations 19.9 26.5 Discontinued operations* Loss from operations -- (3.5) Gain on disposal -- 1.9 Net income $19.9 $24.9 Basic earnings per share Continuing operations $0.49 $0.66 Discontinued operations -- (0.04) Net income $0.49 $0.62 Diluted earnings per share Continuing operations $0.46 $0.66 Discontinued operations -- (0.04) Net income $0.46 $0.62 Shares used to calculate basic earnings per share 40.5 40.0 Shares used to calculate diluted earnings per share** 43.5 40.0 * Operating income for 2003 excludes earnings of the following companies that have been sold: Progressive Produce Corp., a California packing and distribution company sold in January 2003; Chiquita Processed Foods, a vegetable canning business sold in May 2003; and several Atlanta subsidiaries sold throughout 2003 and early 2004. Operating results of these companies, including gains or losses on disposition, are included in discontinued operations in the financial statements. Quarterly results are subject to significant seasonal variations and are not necessarily indicative of the results of operations for a full fiscal year. The company's results during the third and fourth quarters are generally weaker than in the first half of the year, due to availability of competing fruits and resulting lower prices. ** Includes the dilutive effect of outstanding warrants and stock options based on the treasury stock method. SUPPLEMENTAL DATA Exhibit A: CHIQUITA BRANDS INTERNATIONAL, INC. OPERATING STATISTICS - FIRST QUARTER (Unaudited - in millions, except for percentages and exchange rates) Quarter Quarter Percent Chang Ended Ended Favorable March 31, March 31, (Unfavorable) 2004 2003 vs 2003 Net sales by segment Bananas $419.3 $378.4 10.8% Other Fresh Produce 360.4 81.5 342.2% Other 13.5 11.4 18.4% Total net sales 793.2 471.3 68.3% Segment operating income Bananas* $27.7 $35.2 (21.3%) Other Fresh Produce** 3.4 1.7 100.0% Other 0.7 0.8 (12.5%) Total operating income 31.8 37.7 (15.6%) Operating margins by segment Bananas 6.6% 9.3% (2.7) pts Other Fresh Produce 0.9% 2.1% (1.2) pts SG&A as a percent of sales 9.2% 9.5% 0.3 pts Company banana sales volume (40-pound boxes) European Core Markets 12.2 12.4 (1.6%) Central and Eastern Europe and Mediterranean countries 3.3 3.2 3.1% North America 13.6 13.2 3.0% Asia Pacific (joint venture) 3.8 2.9 31.0% Total 32.9 31.7 3.8% Euro average exchange rate, spot (dollars per euro) $1.25 $1.07 16.8% Euro average exchange rate, hedged (dollars per euro) 1.17 1.01 15.8% * Banana operating income included: in the first quarter of 2004, $4 million of expenses associated with higher professional and legal fees and investment spending, and a $4 million charge related to stock options and restricted stock previously granted to the company's chairman and former CEO that will vest immediately upon his retirement in May 2004; and, in the first quarter of 2003, $3 million of charges related to restructuring at Atlanta and severance. ** Other Fresh Produce operating income included: $3 million of losses associated with the start-up of the company's fresh cut fruit business in the first quarter of 2004 and $3 million of charges at Atlanta, primarily related to severance and asset write-downs, in the first quarter of 2003. Exhibit B: CHIQUITA AVERAGE BANANA PRICES AND VOLUME YEAR-OVER-YEAR PERCENT CHANGE Q1 2004 vs. Q1 2003 (Unaudited) Region Pricing Volume North America -6% 3% European Core Markets U.S. Dollar basis** 7% Local Currency -8% -2% Central & Eastern Europe/Mediterranean U.S. Dollar basis** 5% Local Currency -11% 3% Asia U.S. Dollar basis** 8% Local Currency 3% 31% * EU-15 member states, plus Norway and Switzerland. ** Prices on a U.S. dollar basis do not include the impact of hedging. NET EUROPEAN CURRENCY AND BANANA PRICING YEAR-OVER-YEAR CHANGE - BETTER (WORSE) Q1 2004 vs. Q1 2003 (Unaudited - in millions) Currency Impact (Euro/Dollar) Revenue $33 Local costs (4) Hedging (1) Balance sheet translation* (5) Net currency benefit 23 Pricing Core, Central & Eastern European Banana Prices (18) Net benefit from European currency and pricing $5 * Balance sheet translation in the first quarter of 2004 was a loss of $3 million. Balance sheet translation in the first quarter of 2003 was a gain of $2 million. Exhibit C: CHIQUITA BRANDS INTERNATIONAL, INC. DEBT SCHEDULE - FIRST QUARTER (Unaudited - in millions) Payments, Dec. 31, Other March 31, FIRST QUARTER 2003 Additions Reductions 2004 Parent Company 10.56% Senior Notes $ 250.0 $ - $ - $ 250.0 Subsidiaries Chiquita Brands L.L.C. facility Revolver - - - - Term loan - - - - Term loan for Atlanta AG 9.8 - (9.8) - Shipping 108.4 - (7.2) 101.2 Chiquita Chile 16.1 0.8 (1.7) 15.2 Other 10.3 3.8 - 14.1 Total debt $ 394.6 $ 4.6 $ (18.7) $ 380.5