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TheStreet Open House

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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