Acquisition and integration costs, primarily related to Shanghai Golden Monkey in 2013 and Brookside in 2012, were $4.1 million and $13.4 million, or $0.03 and $0.04 per share-diluted. Additionally, 2012 results were impacted by the aforementioned non-cash goodwill impairment charge of $7.5 million, or $0.03 per share-diluted. As described in the Note, adjusted net income for each year, which excludes these net charges, was $844,320,000, or $3.72 per share-diluted in 2013, compared with $740,040,000, or $3.24 per share-diluted in 2012, an increase of 14.8 percent in adjusted earnings per share-diluted.In 2014, the Company expects reported earnings per share-diluted of $4.02 to $4.11, including net GAAP charges of about $7 million to $9 million, or $0.02 to $0.03 per share-diluted. This projection, prepared in accordance with GAAP, assumes net business realignment charges related to Project Next Century of $0.01 to $0.02 per share-diluted, non-service-related pension income (NSRPI) of $0.01 to $0.02 per share-diluted as well as acquisition and transaction costs associated with Shanghai Golden Monkey of $0.02 to $0.03 per share-diluted. Despite the impact of these charges, in 2014, reported gross margin is expected to increase around 50 basis points.
Hershey Announces Fourth Quarter And Full-Year 2013 Results; Reaffirms Outlook For 2014
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