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The Hershey Management Discusses Q2 2012 Results - Earnings Call Transcript

Let me remind everyone listening that today's conference call may contain statements which are forward-looking. These statements are based on current expectations, which are subject to risk and uncertainty. Actual results may vary materially from those contained in the forward-looking statements because of factors such as those listed in this morning's press release and in our 10-K for 2011 filed with the SEC. If you have not seen the press release, a copy is posted on our corporate website in the Investor Relations section. Included in the press release is a consolidated balance sheet and summary of consolidated statements of income prepared in accordance with GAAP.

Within the Notes section of the press release, we have provided adjusted pro forma reconciliations of select income statement line items quantitatively reconciled to GAAP. As we've said within the note, the company uses these non-GAAP measures as key metrics for evaluating performance internally. These non-GAAP measures are not intended to replace the presentation and the financial results in accordance with GAAP; [ph] rather, the company believes the presentation of earnings, excluding certain items, provides additional information to investors to facilitate the comparison of past and present operations.

We will discuss 2012 second quarter results excluding net pre-tax charges of $24.9 million, or $0.07 per share-diluted, which are primarily related to the Project Next Century program. Our discussion of any future projections will also exclude the impact of these net charges, non-service-related pension expense, and acquisition and integration costs related to Brookside Foods.

With that out of the way, let me now turn the call over to J.P. Bilbrey.

John P. Bilbrey

Thanks, Mark. I want to thank all of you on the phone and the webcast for joining us today. Today, I'm pleased to report that The Hershey Company had another strong quarter with strong marketplace performance. We achieved market share gains in virtually all classes of trade.

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