Dole Food Reports Drop in 6-Month Earnings

Dole Food Co., the Westlake Village fruit and vegetable concern, reported lower earnings in its second quarter and first half that ended June 15.

Dole earned $63.6 million in the second quarter, down 19% from a $78.7-million profit a year earlier. Its quarterly revenue slipped 3%, to $1.04 billion from $1.07 billion.

The company’s six-month net income was $93.6 million, an 8% decline from a $102.3-million profit a year before. Its first-half revenue totaled $1.86 billion, a 3% drop from $1.92 billion in the comparable period in 1995.

The 1995 results included a one-time gain from the sale of its beverage business.

Separately, Dole said it has filed a registration statement with the Securities and Exchange Commission for the sale of up to 3.6 million shares by its chairman and chief executive, David H. Murdock.

After the sale, Murdock will own about 9.9 million shares, or 16.5% of Dole’s outstanding common stock. He plans to use the proceeds “to afford him more liquidity in his investment portfolio and to pay down certain debt,” the company said.