SEC Info  
   Home     Search     My Interests     Help     Sign In     Please Sign In  

Hershey Co · 8-K · For 3/4/97 · EX-99

Filed On 3/4/97   ·   Accession Number 47111-97-6   ·   SEC File 1-00183

  in   Show  and 
Help... Wildcards:  ? (any letter),  * (many).  Logic:  for Docs:  & (and),  | (or);  for Text:  | (anywhere),  "(&)" (near).
 
  As Of                Filer                Filing    For/On/As Docs:Size

 3/04/97  Hershey Co                        8-K:5       3/04/97    2:10K

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         March 4, 1997 Form 8-K                                 3      9K 
 2: EX-99       1/28/97 Press Release                                  4     19K 


EX-99   —   1/28/97 Press Release

EX-991st Page of 4TOCTopPreviousNextBottomJust 1st
 

EXHIBIT 99 Hershey Foods NEWS Corporate Communications Hershey Foods Corporation 100 Crystal A Drive Hershey, PA 17033 FOR IMMEDIATE RELEASE CONTACT: January 28, 1997 Natalie D. Bailey 717-534-7631 E-Mail: pr@hersheys.com FINANCIAL CONTACT: James A. Edris 717-534-7556 HERSHEY FOODS ANNOUNCES FOURTH QUARTER RESULTS RECORD SALES AND EARNINGS FROM OPERATIONS HERSHEY, PA --- Hershey Foods Corporation today announced record consolidated net sales and earnings from operations for the fourth quarter ended December 31, 1996. Record net sales were $1,189,115,000 compared with $1,119,851,000 for the fourth quarter of 1995. Net income was $78,654,000, or $.51 per share on a post-split basis, including a before- and after-tax loss on disposal of certain European businesses of $35,352,000, or $.23 per share. Excluding the loss on disposal, net income for the quarter was $114,006,000, or $.74 per share, compared to $105,836,000, or $.68 per share, in 1995. Weighted average shares outstanding on a post-split basis for the fourth quarter of 1996 were 153,368,000 compared with 154,669,000 for the fourth quarter of 1995. Record net sales for the year were $3,989,308,000 compared with $3,690,667,000 in 1995. Net income for the year including the loss on disposal was $273,186,000, or $1.77 per share.
EX-992nd Page of 4TOC1stPreviousNextBottomJust 2nd
- 2 - Excluding the impact of the loss on disposal, net income was $308,538,000, or $2.00 per share, compared with $281,919,000, or $1.70 per share, in 1995. Weighted average shares outstanding on a post-split basis for the full year 1996 were 153,995,000 compared with 165,687,000 for the full year 1995. "We had a good finish to 1996," said Kenneth L. Wolfe, Chairman and Chief Executive Officer. "In the fourth quarter, Hershey Chocolate North America achieved solid volume growth on the strength of our successful new product introductions and fine seasonal performance. Hershey Chocolate North America was the principal contributor to growth in earnings from operations in the quarter, although Hershey Pasta and Hershey International also recorded excellent earnings increases versus last year. Lower net interest expense and fewer average shares outstanding also contributed to per share net income growth in the quarter. "Sales growth for the year was attributable primarily to volume growth related to new products such as Hershey's Sweet Escapes reduced fat and calorie chocolate bar, Hershey's TasteTations hard candies, Hershey's Pot of Gold boxed chocolates and Hershey's Cookies 'n Creme candy bars, as well as excellent seasonal business, the price increase, and the acquisition of the Henry Heide Inc. In addition, Hershey Grocery and Hershey International posted solid sales gains for the year. These gains were offset somewhat by the disposal of businesses in Canada and Europe, and lower sales for Hershey Pasta Group. "Hershey Chocolate North America was the principal contributor to income growth for the year with important contributions also made by Hershey Grocery and Hershey International. Net interest expense increased for the year as a result of the increased level of borrowings. The lower number of average shares outstanding for the year contributed to net earnings per share growth.
EX-993rd Page of 4TOC1stPreviousNextBottomJust 3rd
- 3 - "We had an excellent year in 1996, and our business enters 1997 on solid footing. Newly acquired Leaf North America will require considerable time and effort to integrate with our North American confectionery business. While we initially will have modest earnings dilution, we are confident we can significantly improve the operating performance of this business. Meanwhile, we will continue to introduce exciting new products while continuing to invest in our core businesses. There is a lot to be accomplished in 1997, but we are confident that Hershey's team is up to the task," Wolfe concluded. # # #
EX-99Last Page of 4TOC1stPreviousNextBottomJust 4th
[Enlarge/Download Table] - 4 - Hershey Foods Corporation Summary of Consolidated Statements of Income for the periods ended December 31, 1996 and December 31, 1995 (in thousands of dollars except per share amounts) Fourth Quarter Twelve Months -------------- ------------- 1996 1995 1996 1995 ---- ---- ---- ---- Net Sales $1,189,115 $1,119,851 $3,989,308 $3,690,667 ---------- ---------- ---------- ---------- Costs and Expenses: Cost of Sales 668,569 626,707 2,302,089 2,126,274 Selling, Marketing and Administrative 318,814 305,909 1,124,087 1,053,758 ----------- ----------- ---------- ---------- Total Costs and Expenses 987,383 932,616 3,426,176 3,180,032 ----------- ----------- ---------- ---------- Loss on the Disposal of Businesses 35,352 -- 35,352 -- Restructuring Credit -- (3,277) -- (151) ----------- ---------- ---------- --------- Income Before Interest and Income Taxes 166,380 190,512 527,780 510,786 Interest Expense, net 11,404 14,416 48,043 44,833 ------------ ----------- ----------- ---------- Income Before Income Taxes 154,976 176,096 479,737 465,953 Provision for Income Taxes 76,322 70,260 206,551 184,034 ------------ ----------- ----------- ---------- Net Income $ 78,654 $ 105,836 $ 273,186 $ 281,919 --------- ---------- ---------- ---------- Net Income Per Share $ .51 $ .68 $ 1.77 $ 1.70 ========== ========== ========== ========== NOTE: Income Per Share has been computed based on the weighted average number of shares of Common Stock and Class B Common Stock outstanding during the period. Average shares outstanding for the fourth quarter and twelve months of 1996 were 153,368,000 and 153,995,000, respectively, and 154,669,000 and 165,687,000, respectively, for the comparable periods in 1995. All share and per share amounts have been restated for the Corporation's two-for-one stock split effective September 13, 1996. [Enlarge/Download Table] Consolidated Balance Sheets as of December 31, 1996 and December 31, 1995 (in thousands of dollars) Liabilities and Assets 1996 1995 Stockholders' Equity 1996 1995 ------ ---- ---- -------------------- ---- ---- Current Assets $ 986,229 $ 922,323 Current Liabilities $ 817,274 $ 864,355 Property and Equipment, Net 1,601,895 1,436,009 Long-Term Debt 655,289 357,034 Intangibles Resulting from Other Long-Term Business Acquisitions 565,962 428,714 Liabilities 327,209 333,814 Other Assets 30,710 43,577 Deferred Income Taxes 224,003 192,461 Stockholders' Equity 1,161,021 1,082,959 ---------- ---------- -------- -------- $3,184,796 $2,830,623 $3,184,796 $2,830,623 ========== ========== ========== ==========

Dates Referenced Herein   and   Documents Incorporated By Reference

Referenced-On Page
This 8-K Filing   Date First   Last      Other Filings
12/31/95410-K
9/13/964
12/31/961410-K
1/28/971
Filed On / Filed As Of / For The Period Ended3/4/97
 
TopList All Filings


Filing Submission 0000047111-97-000006   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Copyright © 2014 Fran Finnegan & Company.  All Rights Reserved.
AboutPrivacyRedactionsHelp — Sat, 1 Nov 08:14:53.0 GMT