SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 11, 2003
-------------------------------
HERSHEY FOODS CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-183 23-0691590
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
100 Crystal A Drive, Hershey, Pennsylvania 17033
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (717) 534-6799
---------------------------
Page 1 of 3 Pages
Exhibit Index - Page 3
INFORMATION TO BE INCLUDED IN REPORT
Item 9. Regulation FD Disclosure
On February 11, 2003, Hershey Foods Corporation (the "Corporation")
announced updated information regarding projected non-cash pension expense for
2003. A copy of the Corporation's press release is furnished herewith as Exhibit
99.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: February 11, 2003
HERSHEY FOODS CORPORATION
By /s/ Frank Cerminara
-------------------
Frank Cerminara
Senior Vice President,
Chief Financial Officer
Page 2 of 3 Pages
Exhibit Index - Page 3
EXHIBIT INDEX
Exhibit
Number Description
------ -----------
99 Hershey Foods Corporation press release dated February 11, 2003.
Page 3 of 3 Pages
Exhibit Index - Page 3
Exhibit 99
HERSHEY FOODS CLARIFIES 2003 PENSION EXPENSE
HERSHEY, Pa., February 11, 2003--Hershey Foods Corporation today announced that
it expects 2003 pension expense to be approximately $12 million higher than
2002. In response to a question during a web-cast conference call on January 29,
2003, the Company indicated 2003 pension expense would be similar to or slightly
below 2002 pension expense. The increased 2003 pension expense now being
projected became evident as actuarial results were updated, and is related
primarily to market performance during 2002.
"The higher non-cash pension expense projected for 2003 does not alter the full
year earnings guidance we gave during the January 29, 2003, conference call,"
said Frank
-more-
Cerminara, Senior Vice President and Chief Financial Officer. "Given this change
in pension expense, however, we believe it is important to communicate the
information to the investment community."
During 2002, the Company contributed $280 million to its domestic pension plans,
primarily to offset the impact of 2002 market performance. The Company's pension
plans are well funded.
SAFE HARBOR STATEMENT
- ---------------------
This release contains statements which are forward looking. These statements are
made based upon current expectations which are subject to risk and uncertainty.
Actual results may differ materially from those contained in the forward-looking
statements. Factors which could cause results to differ materially include, but
are not limited to: pension cost factors, such as actuarial assumptions and
employee retirement decisions; changes in the confectionery and grocery business
environment, including actions of competitors and changes in consumer
preferences; changes in governmental laws and regulations, including taxes;
market demand for new and existing products; and changes in raw material and
other costs, as discussed in the Company's annual report on Form 10-K for 2001.
# # #
Media Contact: Christine M. Dugan (717) 508-3238
Financial Contact: James A. Edris (717) 534-7556