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): April 15, 1999
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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Page 1 of 3 Pages
Exhibit Index - Page 3
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INFORMATION TO BE INCLUDED IN REPORT
Item 5. Other Events
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On April 15, 1999, the Corporation announced that its earnings for the first
quarter ending April 4, 1999 may be below market expectations by $.03 per share.
A copy of the press release dated April 15, 1999 announcing the Corporation's
expectations regarding first quarter 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: April 23, 1999
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HERSHEY FOODS CORPORATION
By /s/ William F. Christ
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William F. Christ
Senior Vice President, Treasurer and
Chief Financial Officer
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Exhibit Index - Page 3
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Exhibit Index
Exhibit No. Description
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99 Press Release dated April 15, 1999
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Exhibit Index - Page 3
Exhibit 99
[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:
April 15, 1999 John C. Long/Natalie D. Bailey
717-534-7631
FINANCIAL CONTACT:
James A. Edris
717-534-7556
Hershey Foods First Quarter Pre-Announcement
Hershey, Pa. - Hershey Foods Corporation announced today that its earnings for
the first quarter ending April 4, 1999, excluding the gain on the sale of its
pasta business, may be below market expectations by approximately $.03 per
share. The corporation cited softness in its domestic confectionery sales as the
primary reason for the shortfall.
"While we expected lower sales and earnings as a result of the divestiture of
our pasta business, as well as difficult sales volume comparisons for our
domestic confectionery business compared to a very strong first quarter in 1998,
the earlier Easter and lower sales of our high profit standard bars compounded
the situation," said Kenneth L. Wolfe, Chairman and Chief Executive Officer.
"Hershey's retail sales growth continued to outpace the category during the
first quarter, but our factory shipments during the period did not keep pace
because of timing of product shipments to retailers. The lower sales impact in
the first quarter of 1999 was offset somewhat by cost reductions, including
further changes in our retiree medical programs. During the remainder of the
year, we expect confectionery sales increases more in line with our retail
movement and continued cost improvements to result in another record year for
Hershey Foods."
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