Chiquita sustains net loss in fourth quarter

Chiquita Brands International Inc reported a fourth-quarter 2002 net loss of $26 million, compared with a net loss of $74 million in fourth-quarter 2001. Before unusual items and discontinued operations, the fourth-quarter 2002 loss was $15 million versus a loss of $27 million in fourth-quarter 2001.

Fourth-quarter 2002 earnings from continuing operations before interest, taxes, depreciation, and amortization (EBITDA) and before unusual items were $5 million compared with $18 million in the fourth quarter of 2001.

Net sales for the fourth quarter rose 6% to $484 million versus $456 million in the prior year quarter, primarily due to favorable exchange rates and increased banana volume in Europe, partially offset by lower local banana pricing. For the year ended Dec 31, 2002, net sales climbed 6% to $2.0 billion versus $1.9 billion in 2001.