SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 13, 1999
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HERSHEY FOODS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-183 23-0691590
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
100 Crystal A Drive, Hershey, Pennsylvania 17033
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (717) 534-6799
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Exhibit Index - Page 3
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INFORMATION TO BE INCLUDED IN REPORT
Item 5. Other Events
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On September 13, 1999, Hershey Foods Corporation (the "Corporation")
announced that its earnings per share for the third quarter ending October 3,
1999, and for the fiscal year ending December 31, 1999, would likely be below
market expectations. Earnings per share for the year are expected to be eight to
ten percent below previous expectations of $2.40 per share. A copy of the press
release dated September 13, 1999, announcing the Corporation's expectations
regarding third quarter and fiscal year earnings, is incorporated herein by
reference, and a copy is filed herewith as Exhibit 99.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: September 13, 1999
HERSHEY FOODS CORPORATION
By /s/ William F. Christ
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William F. Christ
Senior Vice President, Chief Financial Officer
and Treasurer
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Exhibit Index - Page 3
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Exhibit Index
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Exhibit No. Description
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99 Press Release dated September 13, 1999
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Exhibit Index - Page 3
EXHIBIT 99
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[LOGO OF HERSHEY FOODS APPEARS HERE] HERSHEY FOODS NEWS
Corporate Communications Hershey Foods Corporation
100 Crystal A Drive -
Hershey, PA 17033
E-mail: [email protected]
http://www.hersheys.com
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FOR IMMEDIATE RELEASE CONTACT:
September 13, 1999 John C. Long
717-534-7631
FINANCIAL CONTACT:
James A. Edris
717-534-7556
HERSHEY FOODS RESULTS EXPECTED TO MISS EXPECTATIONS
HERSHEY, PA.--Hershey Foods Corporation announced today that it expects to miss
earnings per share expectations for the third quarter and fiscal year 1999,
primarily as a result of problems encountered in the July startup of new
business systems, in the areas of customer service, warehousing and order
fulfillment. Earnings per share for the year could fall 8% to 10% below our
previous expectations of $2.40 per share, with the bulk of the shortfall
occurring in the third quarter.
Kenneth L. Wolfe, Chairman and Chief Executive Officer said, "We are going
through a very challenging period in providing the order fulfillment and
customer service levels which customers have come to expect from Hershey. While
order patterns have remained strong, we have been unable to fill them
completely, in a timely fashion. We have put in place an action plan to resolve
our order backlog and get us back on schedule. With the present demand for
Back-To-School/Halloween and the upcoming Christmas season, however, we believe
it will be mid-to late October before we are fully back on schedule. Our
customers are being notified of this plan and, we believe with their
cooperation, we can meet this challenge."
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