Third Quarter 2004 Report to Shareholders

Nine months ended September 25, 2004 and September 26, 2003

DOMINION CITRUS LIMITED ANNOUNCES THIRD QUARTER RESULTS

Third Quarter Highlights

• Revenue of $32,537,000 up $2,603,000, or 8.7% over last year.
  
• Net earnings of $676,000 up 10.6% over the $611,000 reported last year.
  
• Fully diluted earnings per share of $0.032 up 6.7% from $0.030 last year.
  
• Declared a semi-annual dividend of $0.025 per common share, which was paid
  September 27, 2004.
  
• Generated operating cash flow before changes in working capital of $982,000.
  
• Cash utilized for operating activities improved by $2,445,000.
  
• Announced the construction of a 58,000 sq. ft. state-of-the-art processing and
  refrigerated warehousing facility in Toronto.

Highlights for Nine Months

• Revenue of $96,988,000 up $6,156,000, or 6.8% over last year.
  
• Gross margins of 17.8%, up from 17.7% last year.
  
• Operating income of $3,385,000, up 3.4% from last year.
  
• Net earnings of $2,108,000 up 3.9% over last year.
  
• Fully diluted earnings per share of $0.096, down $0.007 per share from last year, or 6.8%,
  reflecting the impact of weighted average fully diluted shares outstanding being 11.4% higher than last year.
  
• Cash provided by operations of $836,000; an improvement of $5,115,000 over last year.

TORONTO, November 4, 2004: Dominion Citrus Limited (TSE:DMN) announced
third quarter revenues of $32,537,000, an increase of 8.7% over the same period last year
and net earnings of $676,000 for the quarter, up 10.6% over last year. Fully diluted
earnings per share of $0.032 increased 6.7% over the $0.030 reported last year and
include the impact of weighted average fully diluted shares outstanding being 3.2% above
last year.

Revenues for the nine months ended September 25, 2004 were $96,988,000, up 6.8%
over last year while net earnings of $2,108,000 ($0.096 per share fully diluted) increased
3.9% from net earnings of $2,028,000 ($0.103 per share fully diluted).

“We are pleased with our revenue and earnings per share growth during the quarter in the
face of continuing intense price competition in the Ontario retail grocery market and lower
commodity pricing,” said Jacques Lavergne, President and CEO.

He further commented “These results reflect the positive impact of previous acquisitions
despite the challenges of the current market environment. We continue to refine and
improve existing operations while maintaining a disciplined approach to pursuing our
expansion strategy”.

At today’s Board meeting, the Directors declared a preference share dividend of $0.064688
per Series A preference share, payable January 20, 2005, to shareholders of record at the
close of business on December 31, 2004.

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

Managing the core businesses and integrating the Bo-Fruits acquisition to maximize its potential continue to be a key focus of management while it continues to seek accretive acquisition opportunities. In the produce wholesaling and processing segment ongoing challenges in the form of commodity price deflation and some supply shortages have reduced revenues in 2004, however the Delta and Bo-Fruits acquisitions are supporting the Company’s revenue growth. The ongoing
consolidation in the retail grocery sector, intensified by price wars at retail, continues to keep the market place extremely competitive. The Company remains disciplined in 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