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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): JULY 8, 1998
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HERSHEY FOODS CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 1-183 23-0691590
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
100 CRYSTAL A DRIVE, HERSHEY, PENNSYLVANIA 17033
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (717) 534-6799
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Page 1 of 3 Pages
Exhibit Index - Page 3
INFORMATION TO BE INCLUDED IN REPORT
Item 5. OTHER EVENTS
On July 8, 1998 the Corporation announced that its earnings for the second
quarter ending July 5, 1998 may be below market expectations by $.05 to $.07 per
share. A copy of the press release dated July 8, 1998 announcing the
Corporation's expectations regarding second quarter earnings is incorporated
herein by reference and a copy is filed 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.
Dated: July 10, 1998
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HERSHEY FOODS CORPORATION
By /S/ WILLIAM F. CHRIST
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William F. Christ
Senior Vice President, Treasurer and
Chief Financial Officer
Page 2 of 3 Pages
Exhibit Index - Page 3
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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99 Press Release dated July 8, 1998
Page 3 of 3 Pages
Exhibit Index - Page 3
EXHIBIT 99
HERSHEY FOODS CORPORATION
Corporate Communications
Hershey Foods Corporation
100 Crystal A Drive
Hershey, PA 17033
E-Mail: pr@hersheys.com
http://www.hersheys.com
FOR IMMEDIATE RELEASE CONTACT:
July 8, 1998 John C. Long
717-534-7631
FINANCIAL CONTACT:
James A. Edris
717-534-7556
HERSHEY FOODS SECOND QUARTER
RESULTS MAY NOT MEET EXPECTATIONS
HERSHEY, PA. --- Hershey Foods Corporation announced today that its earnings for
the second quarter ending July 5, 1998, may be below market expectations by $.05
to $.07 per share. The corporation cited continued softness in its Asian and
Russian markets, coupled with expenses related to a realignment of its
international operations. Additionally, sales for its GODZILLA promotion were
lower than last year's highly successful LOST WORLD effort.
"While we are a bit disappointed with the development of our second quarter
business, we need to remember that it is our smallest quarter of the year and we
are going against a very strong comparison, up 27% for 1997 versus 1996," said
Kenneth L. Wolfe, Chairman and Chief Executive Officer. "Although the effects of
GODZILLA and the international realignment are behind us, it is difficult to
predict the rate of recovery in the Asian market. Retail takeaway in the U.S.
confectionery market continues to grow at a good rate. We expect that the second
half of the year will develop at a reasonable pace with continuing strong cash
flows and that 1998 will be another record year for Hershey Foods."