CORAL GABLES, Fla.--(BUSINESS WIRE)--Aug. 1, 2006--Fresh Del Monte Produce Inc. (NYSE:FDP), a leading global producer, marketer and distributor of fresh and fresh-cut fruit and vegetables, and a top producer, marketer and distributor of prepared fruit, vegetables and other products in Europe, Africa and the Middle East today reported financial results for the second quarter and six months ended June 30, 2006.

Net sales in the second quarter 2006 were $907.1 million, compared with $922.8 million in the second quarter of 2005. The decrease in net sales was mainly attributable to lower sales in the Company's other fresh produce business segment. For the first six months of 2006, net sales were $1.75 billion, compared with net sales of $1.76 billion for the same period in 2005.

Gross profit for the second quarter of 2006 was $71.3 million, down 31 percent from the same period in 2005. Gross profit for the first six months was $139.0 million, compared with $220.5 million for the same period in 2005. The decrease in gross profit for both periods was the result of continued higher costs related to fuel, raw materials, packaging, labor and transportation as well as the impact of lower sales in the Company's other fresh produce and prepared food business segments.

For the second quarter of 2006, the Company had a net loss of $17.8 million, or $0.31 per diluted share, compared with net income of $46.5 million, or $0.80 per diluted share in the year-ago period. Net income for the first six months of 2006 was a net loss of $1.6 million, due to increased production and transportation costs, along with asset impairment and other charges. The second quarter results include charges totaling $33.2 million, or $0.58 per diluted share for asset impairment and other charges. Excluding these charges, adjusted earnings for the second quarter of 2006 would have been $0.27 per diluted share. Excluding these charges, adjusted earnings for the first six months of 2006 would have been $0.55 per diluted shared, compared with adjusted earnings per diluted share of $1.84, excluding an asset impairment charge of $0.04 per diluted share for the same period last year.

"Our earnings in the second quarter indicate that we are operating in what is the most difficult environment of the last ten years," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "However, we believe the steps taken over the past six months are preparing us for these changing times. Our ability to increase North America banana contract pricing, our aggressive implementation of cost-cutting programs, and our increased strategic investments in our business collectively assisted us in partially offsetting the impact of higher operating costs during the quarter. This demonstrates that our strategy to transform our organization into a leaner, more efficient, more profitable and more focused enterprise is working." He added, "There are a number of difficulties we believe will continue to affect our industry during the remainder of 2006, including fuel, transportation, and raw material costs. Even so, we have managed effectively through changing environments before, and we continue to be confident as we make advancements toward our long-term vision of becoming the world's leading supplier of healthful fresh and prepared food and beverages to consumers of all ages."

Fresh Del Monte will host a conference call and simultaneous webcast at 11:00 A.M. (EDT) today to discuss the second quarter 2006 results and to discuss the Company's progress and outlook. The webcast can be accessed on the Company's Investor Relations' home page at http://www.freshdelmonte.com. The call will be available for re-broadcast on the Company's website.

Fresh Del Monte Produce Inc. is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages, snacks and desserts in Europe, Africa and the Middle East. Fresh Del Monte markets its products worldwide under the Del Monte(R) brand, a symbol of product innovation, quality, freshness and reliability.

This press release contains certain forward-looking statements regarding the intents, beliefs or current expectations of the Company or its officers with respect to various matters. These forward-looking statements are based on information currently available to the Company and the Company assumes no obligation to update these statements. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company's actual results may differ materially from those in the forward-looking statements as a result of various important factors, including those described under the caption "Key Information - Risk Factors" in Fresh Del Monte Produce Inc.'s Form 20-F for the year ended December 30, 2005.

Note to the Editor: This release and other press releases are available on the Company's web site, http://www.freshdelmonte.com.

            Fresh Del Monte Produce Inc. and Subsidiaries
                  Condensed Statements of Operations
(U.S. dollars in millions, except share and per share data)(Unaudited)

                      Quarter ended           Six months ended
                ------------------------- -------------------------
                 June 30,       July 1,    June 30,       July 1,
                   2006          2005        2006          2005
                -----------   ----------- -----------   -----------
Net sales        $   907.1     $   922.8   $ 1,747.1     $ 1,761.3
Cost of products
 sold                835.8         819.3     1,608.1       1,540.8
                -----------   ----------- -----------   -----------
   Gross profit       71.3         103.5       139.0         220.5

Selling, general
 and
 administrative
 expenses             51.3          52.4        95.9          97.2
Asset impairment
 and other
 charges              33.2             -        33.2           2.1
                -----------   ----------- -----------   -----------
   Operating
    income
    (loss)           (13.2)         51.1         9.9         121.2

Interest
 expense, net          6.2           4.4        11.6           8.6
Other income
 (expense), net        4.3           2.1         4.1          (2.4)
                -----------   ----------- -----------   -----------

   Income (loss)
    before
    provision
    for income
    taxes            (15.1)         48.8         2.4         110.2

Provision for
 income taxes          2.7           2.3         4.0           5.8
                -----------   ----------- -----------   -----------
   Net income
    (loss)       $   (17.8)    $    46.5   $    (1.6)    $   104.4
                ===========   =========== ===========   ===========

Net income
 (loss) per
 ordinary share
 - Basic         $   (0.31)    $    0.80   $   (0.03)    $    1.80
                ===========   =========== ===========   ===========

Net income
 (loss) per
 ordinary share
 - Diluted       $   (0.31)    $    0.80   $   (0.03)    $    1.80
                ===========   =========== ===========   ===========

Dividends
 declared per
 ordinary share  $    0.20     $    0.20   $    0.40     $    0.40
                ===========   =========== ===========   ===========

Weighted average
 number of
 ordinary shares:
   Basic (1)    57,862,389    57,940,337  57,940,999    57,846,026
   Diluted (1)  57,862,389    58,090,765  57,940,999    58,051,702
                ===========   =========== ===========   ===========

                      Quarter ended           Six months ended
                ------------------------- -------------------------
                 June 30,       July 1,    June 30,       July 1,
                   2006          2005        2006          2005
                -----------   ----------- -----------   -----------
Selected Income
 Statement Data:
   Depreciation
    and
    amortization $    22.1     $    22.0   $    43.3     $    44.5
                ===========   =========== ===========   ===========

Net Income per
 Share
 Adjustments:
   Reported net
    income
    (loss) per
    share -
    diluted      $   (0.31)    $    0.80   $   (0.03)    $    1.80
   Asset
    impairment
    and other
    charges           0.58 (2)         -        0.58 (2)      0.04 (3)
                -----------   ----------- -----------   -----------
   Adjusted net
    income per
    share -
    diluted      $    0.27     $    0.80   $    0.55     $    1.84
                ===========   =========== ===========   ===========

                           At
                -------------------------
                    June        December
                     30,           30,
                    2006          2005
                -----------   -----------
Selected Balance
 Sheet Data:
   Cash          $    33.8     $    24.5
   Working
    capital          403.0         416.2
   Total assets    2,139.0       2,124.8
   Total debt        381.5         360.8
   Shareholders'
    equity         1,110.0       1,152.9

(1) The calculation of diluted earnings per share is anti-dilutive for
 the second quarter and first six months of 2006 so the effect of
 dilutive securities is zero in each period. Therefore, basic and
 diluted weighted average number of ordinary shares are equal.

(2) Asset impairment and other charges for 2006 includes asset
 impairment charges primarily related to underutilized facilities and
 equipment in Europe and North America and other charges related to
 facility and operations shutdowns in the United Kingdom, North
 America and Hawaii.

(3) Asset impairment charges for 2005 includes facility and
 operations shutdown charges in North America.

CONTACT: Fresh Del Monte Produce Inc., Coral Gables
Christine Cannella, 305-520-8433

SOURCE: Fresh Del Monte Produce Inc.