April 11, 2002

Toronto, Ontario

DOMINION CITRUS LIMITED ANNOUNCES
RECORD FISCAL 2001 AUDITED FINANCIAL
RESULTS

FOR IMMEDIATE RELEASE                                             
st1:date Month="4" Day="11" Year="2002"> April 11, 2002

For more information:

DOMINION CITRUS LIMITED ANNOUNCES RECORD FISCAL 2001 AUDITED FINANCIAL RESULTS.

Fiscal 2001 Highlights

• Earnings Before Taxes of $3.1 million increased 38% versus Fiscal 2000 results.
• Net Earnings Per Share (EPS) of $0.12 compares favourably to the $0.09 reported last year.
• The company generated $4.3 million in Cash from Operations during the year, a four fold improvement to the $1.1 million generated in 2000.
• Gross Margin performance accelerated, with a 16.5% rate, up 40 basis points from last year's 16.1% rate.
• Subsequent to year end, the company raised $5 million in long term financing through a private placement debenture issue.

 TORONTO, April 11, 2002: Dominion Citrus Limited (TSE:DMN) announces record revenue; earnings and operating cash flow performance for the year ended December 31, 2001. 

The company reports revenue of $106.6 million for fiscal 2001, compared to $102.1 million last year, a 4.5% improvement. Earnings before taxes improved 38% to $3.1 million versus $2.3 million in fiscal 2000.  On an after tax basis, the company's Net Earnings of $1.9 million or $0.12 EPS, is a 33% improvement to the $0.09 EPS reported in 2000. Additionally, the company's operating cash flow improved almost four fold to $4.3 million, compared to $1.1 million last year.

"I am pleased with the solid 2001 financial results generated by the Dominion Citrus team", said Michael Blair, Dominion Citrus Limited's Chairman & CEO. "Fiscal 2001 was a year of considerable change within the company. Management migrated the company from a wholly owned subsidiary to a stand alone public entity, embarked on the implementation of a new information system across the company, bolstered the management structure with several new hires and continued to deliver solid financial results."

"Additionally, these fiscal 2001 financial results were achieved throughout a period of economic slowdown. Foodservice providers sales volumes were adversely affected through reduced travel, hotel and restaurant activity, particularly in the last four months of the year, which directly affected most of our operations."

"We have ended fiscal 2001 in a solid financial position, and the recent announcement of our $5 million financing puts the company in a good position to capitalize on new investment opportunities in 2002", added Blair.  "We will continue to keep a sharp focus on our existing businesses that form the foundation for our growth plans; however, management will begin to focus its attention on the acquisition of companies in complementary areas of food, juice and beverage processing. We believe that Dominion Citrus' long-range growth strategy combined with prudent financial management will add value for Dominion Citrus Limited shareholders. "

Dominion Citrus Limited Year End Results
(Audited)
12 months ended December 31 

Gary M. Dephoure
V.P. Finance & CFO
Corporate Secretary
Dominion Citrus Limited
416 259-6328 ext. 249