Hershey Announces Fourth Quarter And Full-Year 2012 Results; Updates Outlook For 2013

Live Web Cast

As previously announced, the Company will hold a conference call with analysts today at 8:30 a.m. Eastern Time. The conference call will be web cast live via Hershey’s corporate website www.thehersheycompany.com. Please go to the Investor Relations section of the website for further details.

The Hershey Company
Summary of Consolidated Statements of Income
for the periods ended December 31, 2012 and December 31, 2011
(in thousands except per share amounts)
					Fourth Quarter								Twelve Months
					2012				2011				2012				2011
Net Sales					$	1,751,035			$	1,567,145			$	6,644,252			$	6,080,788
Costs and Expenses:
Cost of Sales						995,827				935,939				3,784,370				3,548,896
Selling, Marketing and Administrative						485,857				397,156				1,703,796				1,477,750
Business Realignment and Impairment Charges/(Credits), net						16,734				5,041				44,938				(886	)
Total Costs and Expenses						1,498,418				1,338,136				5,533,104				5,025,760
Income Before Interest and Income Taxes (EBIT)						252,617				229,009				1,111,148				1,055,028
Interest Expense, net						22,666				21,314				95,569				92,183
Income Before Income Taxes						229,951				207,695				1,015,579				962,845
Provision for Income Taxes						80,072				65,562				354,648				333,883
Net Income					$	149,879			$	142,133			$	660,931			$	628,962
Net Income Per Share	- Basic		- Common		$	0.69			$	0.65			$	3.01			$	2.85
	- Basic		- Class B		$	0.62			$	0.59			$	2.73			$	2.58
	- Diluted		- Common		$	0.66			$	0.62			$	2.89			$	2.74
Shares Outstanding	- Basic		- Common			163,349				165,023				164,406				165,929
	- Basic		- Class B			60,630				60,632				60,630				60,645
	- Diluted		- Common			227,264				229,117				228,337				229,919
Key Margins:
Gross Margin					43.1		%		40.3		%			43.0	%			41.6	%
EBIT Margin					14.4		%		14.6		%			16.7	%			17.4	%
Net Margin					8.6		%		9.1		%			9.9	%			10.3	%

The Hershey Company
Consolidated Balance Sheets
as of December 31, 2012 and December 31, 2011
(in thousands of dollars)
Assets		2012				2011
Cash and Cash Equivalents		$	728,272			$	693,686
Accounts Receivable - Trade (Net)		461,383				399,499
Deferred Income Taxes		122,224				136,861
Inventories		633,262				648,953
Prepaid Expenses and Other			168,344				167,559
Total Current Assets		2,113,485				2,046,558
Net Plant and Property		1,674,071				1,559,717
Goodwill		588,003				516,745
Other Intangibles		214,713				111,913
Deferred Income Taxes		12,448				33,439
Other Assets			152,119				138,722
Total Assets		$	4,754,839			$	4,407,094
Liabilities and Stockholders' Equity
Loans Payable		$	375,898			$	139,673
Accounts Payable		441,977				420,017
Accrued Liabilities		650,906				612,186
Taxes Payable			2,329				1,899
Total Current Liabilities		1,471,110				1,173,775
Long-Term Debt		1,530,967				1,748,500
Other Long-Term Liabilities		668,732				603,876
Deferred Income Taxes			35,657				—
Total Liabilities		3,706,466				3,526,151
Total Stockholders' Equity			1,048,373				880,943
Total Liabilities and Stockholders' Equity		$	4,754,839			$	4,407,094

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