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Exhibit 99
HERSHEY FOODS NEWS
Public Relations Department - Hershey Foods Corporation
100 Crystal A Drive - Hershey PA 17033-0810
CONTACT:
Natalie D. Bailey
717-534-7631
FINANCIAL CONTACT:
James A. Edris
717-534-7552
March 25, 1994
Hershey, Pa. - Hershey Foods Corporation announced today that it expects
earnings for the first quarter ending April 3, 1994, to be below the record
$.71 per share earned before accounting changes and the one-time gain from the
sale of the Corporation's Freia Marabou investment in the first quarter of
1993. When viewed in the context of the last six months, however, the
Corporation's earnings are expected to be similar to the corresponding
six-month period a year earlier.
"Last year's first quarter produced strong volume gains especially for our
largest division, Hershey Chocolate U.S.A., making this year's comparison more
difficult," said Kenneth L. Wolfe, Chairman and Chief Executive Officer.
"In 1994 an earlier Easter and the timing of certain year-end promotions
shifted some sales into the fourth quarter of 1993. In addition, our
operations in the first quarter were hampered by adverse weather conditions.
"While there has been sluggishness in the U.S. confectionery market throughout
much of 1993, there are some recent signs that growth is resuming for the
category, and the most recent data available indicate that we continue to gain
share in the U.S. confectionery market.
"From time to time the seasonality of our business causes earnings to shift on
a quarterly basis, but we expect 1994 to be another good year for the
Corporation," Wolfe concluded.