Fresh Del Monte enjoys fruitful 2002

Fresh Del Monte Produce Inc reported strong financial results for the fourth quarter and full year ended Dec 27, 2002. For the quarter, the company reported net income of $35.2 million, compared with $5.3 million in the fourth quarter of 2001.

Net sales for the fourth quarter of 2002 were $487.4 million, compared with $422.0 million for the same period in 2001. The 15% increase in net sales was a result of the company's growth across all product lines.

The company's net income on a full-year basis was $195.2 million, compared with $96.2 million in the prior year. Net sales for the year rose to $2.1 billion from $1.9 billion in 2001.

Gross profit for the fourth quarter of 2002 climbed to $65.2 million, versus gross profit of $51.6 million in fourth-quarter 2001. Gross profit for the year was $336.7 million, compared with gross profit of $282.9 million in the same period in 2001.