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HERSHEY FOODS ANNOUNCES RECORD THIRD QUARTER SALES AND EARNINGS FROM OPERATIONS

 HERSHEY FOODS ANNOUNCES RECORD THIRD QUARTER SALES
 AND EARNINGS FROM OPERATIONS
 HERSHEY, Pa., Oct. 21 /PRNewswire/ -- Hershey Foods Corporation (NYSE: HSY) record consolidated net sales and earnings from operations for the third quarter of 1992, ended September 27, 1992.
 Net sales were $827,475,000 compared with $765,502,000 for the third quarter of 1991. Net income was $66,880,000, or $.74 per share, compared with $64,085,000, or $.71 per share for the same quarter last year.
 Net sales for the first nine months of 1992 were $2,250,282,000 compared with $2,035,233,000 for the first nine months of 1991. Net income for the first nine months of 1992 was $160,279,000 or $1.78 per share, compared with $144,624,000 or $1.60 per share, for the same period in 1991. Weighted average shares outstanding were 90,186,336 for all periods.
 "Results for the third quarter were in line with our expectations," said Richard A. Zimmerman, Chairman and Chief Executive Officer. "Consolidated net sales rose as a result of increases for all of our divisions. The largest portion of the increase was due to good volume growth for Hershey Chocolate U.S.A. and the consolidation of Hershey Mexico, the remaining shares of which were acquired in late 1991. Earnings grew at a rate somewhat below the percentage increase in net sales as a result of continuing higher levels of marketing spending, especially in our domestic confectionery business.
 "While the competitive battle continues to be intense, we are encouraged by market share gains in our major businesses, as well as our ability to sustain earnings growth. We fully expect 1992 to be another record year for Hershey Foods Corporation, despite the continuing higher level of marketing expenses," Zimmerman commented.
 In other matters, Hershey Foods said it had not yet decided whether or not to tender its 18.6 percent stake in Freia Marabou a.s to a subsidiary of Philip Morris Companies Inc. "We are continuing to explore all available options in this situation," Zimmerman said.
 HERSHEY FOODS CORPORATION
 Summary of Consolidated Statements of Income
 for the periods ended September 27, 1992 and September 29, 1991
 (in thousands of dollars except per share amounts)
 Third Quarter Nine Months
 1992 1991 1992 1991
 Net Sales $827,475 $765,502 $2,250,282 $2,035,233
 Costs and Expenses:
 Cost of sales 474,683 445,748 1,293,170 1,197,043
 Selling, marketing
 and administrative 232,228 202,942 675,622 577,757
 Total costs and
 Expenses 706,911 648,690 1,968,792 1,774,800
 Income before Interest
 and Income Taxes 120,564 116,812 281,490 260,433
 Interest Expense, net 7,971 8,625 18,923 20,989
 Income before Income
 Taxes 112,593 108,187 262,567 239,444
 Provision for Income
 Taxes 45,713 44,102 102,288 94,820
 Net Income $ 66,880 $ 64,085 $ 160,279 $ 144,624
 Net Income per Share $ .74 $ .71 $ 1.78 $ 1.60
 Note: Net Income per Share has been computed based on the weighted average number of shares of Common Stock and Class B Common Stock outstanding during the period. Average shares outstanding were 90,186,336 for all periods. Provision for Income Taxes for the nine months of 1992 was favorably impacted by the sale of the Corporation's equity interest in its Brazilian joint venture, Petybon S.A., during the second quarter of 1992.
 /delval/
 -0- 10/21/92
 /CONTACT: Natalie Bailey, 717-534-7631, or James A. Edris (financial), 717-534-7552, both of Hershey Foods/
 (HSY) CO: Hershey Foods Corporation ST: Pennsylvania IN: FOD SU: ERN


JS -- PH026 -- 2871 10/21/92 12:05 EDT
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Date:Oct 21, 1992
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