Dole Food Reports Loss of $22.9 Million in Quarter

Dole Food Co., as expected, posted a $22.9-million loss for the fourth quarter of 1992, compared with a year-earlier profit of $29.1 million.

The Westlake Village-based fruit, vegetable and real estate concern had said in December that it would report the loss because of plunging banana prices and special charges related to an accounting change and its own restructuring efforts aimed at cutting its operating costs.

The latest loss came despite a 9% increase in Dole’s revenue, to $763.6 million in the quarter ended Dec. 31 from $699.8 million a year earlier.

For all of 1992, Dole’s net income dropped 88%, to $15.7 million from $133.7 million the prior year. Excluding the accounting charge, Dole’s operating income for the year fell 38%, to $139.1 million from $223.8 million, and its annual revenue rose 5%, to $3.38 billion from $3.22 billion.