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HERSHEY FOODS SECOND QUARTER AND FIRST HALF FINANCIAL RESULTS

 HERSHEY, Pa., Jan. 26 /PRNewswire/ -- Hershey Foods Corporation (NYSE: HSY) today announced its financial results for the second quarter ended July 4, 1993.
 Net sales were $618,430,000 compared with $621,840,000 for the second quarter of 1992. Net income for the second quarter of 1993 was $26,025,000, or $.29 per share, compared with $34,475,000, or $.39 per share, for the same quarter of 1992. Last year's second quarter earnings were aided by a $.05 per share gain primarily attributable to the tax consequences associated with the sale of a business in Brazil.
 Record net sales for the first six months of 1993 were $1,516,218,000 compared with $1,422,807,000 for the first half of 1992. Income for the first six months of 1993, excluding first quarter accounting changes for post-retirement benefits and income taxes (FAS 106 and 109) and the gain on the sale of the Corporation's interest in Freia Marabou a.s, was $90,496,000, or $1 per share, compared with $93,399,000, or $1.04 per share in the first half of 1992. Net income for the first half of 1993, after accounting changes and the Freia Marabou gain, was $27,172,000 or $.30 per share. Weighted average shares outstanding were 90,186,336 for all periods.
 "Our second quarter sales and earnings results were disappointing but in line with our previously announced expectations," said Richard A. Zimmerman, chairman and chief executive officer. "Sales generally were sluggish in the second quarter, and additionally the Corporation faced difficult operating conditions in its international markets.
 "For the six months, our sales results were good, with Hershey Chocolate U.S.A. and Hershey Pasta Group showing solid volume gains resulting in increased market share in these businesses. Excluding the effects of the accounting changes, the Freia Marabou gain and a first quarter charge associated with early retirement of long-term debt, the increase in earnings from operations for the first half of 1993 met our expectations.
 "The business outlook remains positive for the balance of the year, and we are anticipating 1993 will be another record year for the Corporation.
 "As announced on June 25, 1993, a share repurchase program to acquire from time to time in the open market or through privately negotiated transactions up to $200 million worth of our Common Stock will commence shortly," Zimmerman concluded.
 /delval/
 -0- 7/21/93
 /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

LJ-CC -- PH019 -- 3917 07/21/93 11:54 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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