May 5, 2004

Toronto, Ontario

Dominion Citrus Announces Record First Quarter Net Earnings: Up 22.3%

Download First Quarter 2004, Report to Shareholders

First Quarter 2004 Report to Shareholders

Three months ended March 26, 2004

DOMINION CITRUS LIMITED ANNOUNCES RECORD FIRST QUARTER NET EARNINGS: UP 22.3%

First Quarter Highlights

• Revenue of $30,037,000 was up $1,806,000, 6.4%, over last year.
  
• Operating income was 48.1% above last year.
  
• Net earnings of $827,000 were 22.3% higher than last year.
  
• Fully diluted earnings per share of $0.038 were 2.7% higher than last
  year, despite the impact of average shares outstanding being 15.9%
  above last year.
  
• On February 24, 2004, the Company acquired a 100% interest in the
  business of Distribution Bo-Fruits Inc., a Quebec City based distributor
  of fresh produce.
  
• The Company paid a semi-annual dividend of $0.025 per common share.

TORONTO, May 5, 2004: Dominion Citrus Limited (TSE:DMN) announced record first quarter earnings of $827,000, up 22.3% from the same period last year. Fully diluted earnings of $0.038 per share were up 2.7% from the $0.037 recorded in the first quarter last year, despite the impact of average shares outstanding being 15.9% above last year. These results were achieved in an increasingly competitive market.

“The first quarter results provide an excellent start to the year,” said Jacques Lavergne, President and CEO.

“The acquisition of Bo-Fruits advances Dominion Citrus’s strategy of growing its business and provides geographic and customer base diversification in the very large Quebec marketplace.”

“Our outlook for the balance of 2004 is positive and we expect to increase revenue and earnings over the record year achieved in 2003.”

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, forwardlooking 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 onto 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.

Fiscal 2004 Outlook

Management is focused on managing its core business while implementing its growth strategy as it seeks accretive opportunities such as Bo-Fruits. The produce wholesaling and processing segment continues to be extremely competitive and as such revenue growth in 2004 is expected to be generated by the annualized impact of the Catanti, Delta and Bo-Fruits acquisitions. Competitive pressures are continuing as a result of the ongoing consolidation in the retail grocery and foodservice sectors. The Company continues its search for consolidation and growth opportunities by pursuing accretive acquisitions in both the produce and other food segments of its business.

About Dominion

Dominion 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