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Hershey Announces Second Quarter Results; Updates Outlook For 2013

Below is a reconciliation of earnings per share-diluted in accordance with GAAP to non-GAAP adjusted earnings per share-diluted and projected adjusted earnings per share-diluted for 2013:

   
2013
2012 (Projected)
Reported EPS-Diluted $2.89 $3.60 - $3.65
Acquisition closing & integration charges 0.04
Total Business Realignment and Impairment Charges 0.25 0.03 - 0.05
NSRPE 0.06 0.03
Adjusted EPS-Diluted $3.24 $3.68 - $3.71
 
 
           

Appendix I

The Hershey Company
Project Next Century
Expected Timing of Costs and Savings ($m)
   
2013 2014
Realignment Charges:  
Cash $10 to $15

 

~

$5
Non-Cash
 
Project Management and Start-up Costs            
 

Total Project Next Century Realignment Charges & Costs

$10 to $15

 

~

$5
 
Project Next Century Cap-Ex $15 to $20
 
Project Next Century projected savings:
Annual $25 to $30 $5 to $10
Cumulative $60 to $70 $65 to $80
 

Safe Harbor Statement

This release contains statements that are forward-looking. These statements are made based upon current expectations that are subject to risk and uncertainty. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the Company's securities. Factors that could cause results to differ materially include, but are not limited to: issues or concerns related to the quality and safety of our products, ingredients or packaging; changes in raw material and other costs; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; disruption to our supply chain; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws and regulations, including taxes; political, economic, and/or financial market conditions; risks and uncertainties related to our international operations; disruptions, failures or security breaches of our information technology infrastructure; the impact of future developments related to the investigation by government regulators of alleged pricing practices by members of the confectionery industry and civil antitrust lawsuits in the United States; pension costs or funding requirements that could increase at a higher than anticipated rate; and such other matters as discussed in our Annual Report on Form 10-K for 2012.

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