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Press Releases 2003

October 30, 2003

Toronto, Ontario

Third Quarter 2003 Report to Shareholders

Three and nine months ended September 26, 2003

DOMINION CITRUS LIMITED REPORTS A 57% IMPROVEMENT IN 3RD QUARTER OPERATING INCOME

Third Quarter Highlights

Revenue of $29.660 million up $3.584 million over last year due mainly to acquisitions.
Operating income of $1.059 million up $.383 million (57%) over last year.
3rd quarter net earnings of $0.611 million versus $0.500 million last year, up 22%.
3rd quarter EPS of $0.033 per share versus EPS of $0.031 last year, up 6.5% despite 15% increase in average outstanding common shares.
Nine months net earnings of $2.028 million is up 30% year over year.
The Company reached a labour settlement with Teamsters Local Union No. 419, representing the Ontario Food Terminal facility, for a five year pact maturing June 30, 2008.
The Company declared a dividend of $0.07875 per Series A preference share, payable January 20, 2004 to shareholders of record December 31, 2003.

TORONTO, October 30, 2003: Dominion Citrus Limited (TSE:DMN; DMN.PR.A) announces a continuation of strong operating results for the third quarter and first nine months of fiscal 2003. Net earnings for the third quarter of $611,000 are up 22.2% over last year and the net earnings for the nine months are up 30.3% over the comparable period last year. Fully diluted earnings per share for the third quarter of $0.030 are up 7.1% compared to the same period last year and up 21.2% to $0.103 for the nine months versus last year. Third quarter revenue of $29,660,000 increased by $3,584,000 or 13.7% over last year.

“The continuing strong performance of the Company in the third quarter of 2003 reflects solid year over year operating performance in the produce business as selling prices have generally outpaced commodity cost increases and management continues to take advantage of special situations” said Jacques Lavergne, Dominion Citrus Limited President and CEO. “The integration of our recent acquisitions is proceeding as planned. Operating income from the recent acquisitions is expected to improve in the fourth quarter as we leverage sales growth from new contracts.”

“The outlook for the remainder of fiscal 2003 remains positive, and we expect that revenue and earnings will increase over last year”.

Dominion Citrus Limited 3rd Quarter Results
3 months ended September 26, 2003 & September 30, 2002
	2003	2002
Revenue	$29,660,000	$26,076,000
Operating Income	$ 1,059,000	$ 676,000
Net Income	$ 611,000	$ 500,000
EPS (fully diluted)	$ 0.030	$ 0.028
9 months ended September 26, 2003 & September 30, 2002
	2003	2002
Revenue	$89,672,000	$76,890,000
Operating Income	$ 3,274,000	$ 2,593,000
Net Income	$ 2,028,000	$ 1,556,000
EPS (fully diluted)	$ 0.103	$ 0.085

Forward Looking Statements

The Company and its representatives periodically make written and oral statements, including those contained in the Annual Report, which may pertain to the Company or the environment in which Dominion Citrus operates. By their nature, forward-looking statements are subject to risks and uncertainties, which could result in actual performance or conditions being materially different from anticipated results.

Readers should not place undue reliance on these forward looking statements when making decisions, and should consider the date to which the statements were made. Except as required by applicable security law, management disclaims any intention or obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

About Dominion Citrus Limited

Dominion Citrus Limited is a diversified food company supplying fresh produce, premium juices, maple syrup and Mediterranean food products to a wide variety of customers in retail, foodservice and food distribution businesses. The Company provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to over 400 customers, with its major domestic markets being Ontario and Quebec. The Company also supplies products to customers in the United States and Europe. The website can be accessed at www.dominioncitrus.com.

Investors:
E.A. Atkinson
V.P. Finance, CFO &
Corporate Secretary
416-521-6288
email: t.atkinson@dominioncitrus.com

Media:
J.L. Lavergne
President & CEO
416-521-6289
email: j.lavergne@dominioncitrus.com