USA: Hershey Foods announces first quarter results
"We've gotten off to a good start in 2001," said Richard H. Lenny, President and Chief Executive Officer. "Our sales at retail continue to outpace the category as a result of our successful seasonal programs, in-store merchandising, and improved customer service.
"The integration of the newly acquired intense mints and gum businesses has gone smoothly. In addition to the incremental earnings from these businesses, we benefited from improved logistics and commodities costs, as well as other operating efficiencies, offset somewhat by higher marketing expense.
"As we go through the year, we plan to maintain momentum in our core business, while introducing value-added new products and continuing to improve our margins. We expect 2001 to be a record year for Hershey Foods, and we are working diligently to make that happen," Lenny concluded.
SAFE HARBOR STATEMENT
This release contains statements which are forward-looking. These statements are made based upon current expectations which are subject to risk and uncertainty. Actual results may differ materially from those contained in the forward-looking statements. Factors which could cause results to differ materially include, but are not limited to: changes in the confectionery and grocery business environment, including actions of competitors and changes in consumer preferences; changes in governmental laws and regulations, including taxes; market demand for new and existing products; the Corporation's ability to implement improvements to and reduce costs associated with the Corporation's distribution operations; and changes in raw material costs, as discussed in the Corporation's Annual Report on Form 10-K for 2000.
Hershey Foods Corporation Summary of Consolidated Statements of Income for the period ended April 1, 2001 and April 2, 2000 (in thousands of dollars except per share amounts) First Quarter 2001 2000 Net Sales $1,080,281 $993,115 Costs and Expenses: Cost of Sales 637,506 605,097 Selling, Marketing and Administrative 298,619 253,800 Total Costs and Expenses 936,125 858,897 Income Before Interest and Income Taxes 144,156 134,218 Interest Expense, Net 17,297 17,530 Income Before Income Taxes 126,859 116,688 Provision for Income Taxes 47,953 45,508 Net Income $78,906 $71,180 Net Income Per Share - Basic $.58 $.51 - Diluted $.57 $.51 NOTE: Net Income Per Share - Basic and Diluted have been computed based on the provisions of Statement of Financial Accounting Standards No. 128 Earnings per Share. Basic shares outstanding for the first quarter of 2001 were 136,750,000 compared with 138,455,000 for the first quarter of 2000. Diluted shares outstanding for the first quarter of 2001 were 138,227,000 compared with 139,216,000 for the first quarter of 2000. Hershey Foods Corporation Consolidated Balance Sheets as of April 1, 2001 and December 31, 2000 (in thousands of dollars) Assets 2001 2000 Cash and Cash Equivalents $26,254 $31,969 Accounts Receivable - Trade (Net) 308,519 379,680 Deferred Income Taxes 76,463 76,136 Inventories 624,805 605,173 Prepaid Expenses and Other 84,261 202,390 Total Current Assets 1,120,302 1,295,348 Net Plant and Property 1,574,013 1,585,388 Intangibles Resulting from Business Acquisitions 466,758 474,448 Other Assets 140,330 92,580 Total Assets $3,301,403 $3,447,764 Liabilities and Stockholders' Equity Loans Payable $50,233 $258,123 Accounts Payable 147,936 149,232 Accrued Liabilities 330,487 358,067 Taxes Payable 44,620 1,479 Total Current Liabilities 573,276 766,901 Long-Term Debt 877,510 877,654 Other Long-Term Liabilities 322,570 327,674 Deferred Income Taxes 297,224 300,499 Total Liabilities 2,070,580 2,272,728 Total Stockholders' Equity 1,230,823 1,175,036 Total Liabilities and Stockholders' Equity $3,301,403 $3,447,764
Iconic US chocolate maker Hershey Foods is in the midst of a transformation process. Its aim? To diversify into the snack food market in order to expand beyond its core chocolate business. With new pr...
It's easier talking to your customers if you speak their language. With millions of speakers of minority languages around the world, food processors and retailers need to be able to communicate with t...
McDonald's has announced the election of Richard Lenny, chairman, president and chief executive officer of US confectionery firm The Hershey Company, to the US fastfood giant's board of directors....
US confectionery and snack food company Hershey has announced that its newly formed, wholly owned subsidiary, Artisan Confections Company, has acquired the assets of Joseph Schmidt Confections, a prem...
US packaged food company ConAgra Foods has said it has received notice of an unsolicited "mini-tender" offer, made by TRC Capital Corporation of Ontario, Canada, to purchase up to 3.5 million of ConAg...
Hershey is to acquire the luxury chocolatier Scharffen Berger. In line with the quality-seeking trend in the consumer space, it is increasingly important that manufacturers target the premium market. ...
Snack company Hershey has agreed to acquire Scharffen Berger Chocolate Maker, Inc, one of the fastest-growing premium dark chocolate companies in the United States....
Chocolate maker The Hershey Company has reported a rises in sales for the second quarter ended 3 July 2005, although earnings were down for the quarter because of a tax benefit recorded in the same pe...
- Analysis: Post discusses rationale for Weetabix
- Interview: Sir Kensington's on sale to Unilever
- US food next wave on display at Winter Fancy Food
- Who will buy Danone's Stonyfield business?
- Column: Why snacking is the new meal
- Unilever buys US condiments maker Sir Kensington's
- Ice cream helps Unilever sales, food flat
- Post: Weetabix "opens up M&A opportunities"
- Suntory to offload Australia, New Zealand foods
- Nestle organic growth slows but beats expectations