CHARLOTTE, N.C. - Chiquita Brands (CQB) released its financial and operating results Wednesday for the third quarter of 2012 which included a net loss and charges for moving its headquarters away from Cincinnati.
Chiquita reported a net loss of $67 million on net sales of $714 million, and a comparable net loss of $22 million.
For the same period in 2011, the company reported a net loss of $29 million on net sales of $723 million, and a comparable net loss of $16 million.
The 2012 third quarter net loss includes, among other items, $16 million in charges related to previously announced restructuring activities; $28 million in impairment and related charges for the company's investment in the Danone brand unit; and $6 million in charges due to the company's headquarters relocation from Cincinnati to Charlotte, N.C.
"Chiquita's third quarter results exceeded our internal expectations," said Edward Lonergan, Chiquita's newly appointed president and chief executive officer, in a prepared statement.
"While it was a challenging quarter, we made progress in positioning the company for future growth by becoming more competitive in our core banana and salads businesses," Lonergan said.
"Chiquita made some difficult but necessary decisions this year prior to my arrival," Lonergan added. "Focusing on the core businesses of bananas and salads is the correct strategy for the company at this time. I am committed to the strategy and believe these decisions will benefit stakeholders in the long-run."
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