HERSHEY, Pa., Aug. 5 /PRNewswire-FirstCall/ -- The Board of Directors of
Hershey Foods Corporation (NYSE: HSY) today declared a quarterly dividend of
$.395 on the Common Stock, an increase of 20.6 percent, or $.0675 per share.
In addition, the Board declared a dividend of $.3575 on the Class B Common
Stock, an increase of 21.2 percent, or $.0625 per share. The dividends are
payable September 15, 2003, to stockholders of record August 25, 2003.
"Given the Company's strong free cash flow, excellent balance sheet, and
the recent changes in federal tax laws, we've elected to increase our dividend
payout ratio," said Richard H. Lenny, Chairman, President, and Chief Executive
Officer. "This increase reflects our confidence in Hershey's continued
profitable growth, as well as the desire to enhance total returns for our
stockholders."
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: changes in the confectionery and
grocery business environment, including actions of competitors and changes in
confectionery preferences; customer and consumer response to selling price
increases; changes in governmental laws and regulations, including taxes;
market demand for new and existing products; changes in raw material and other
costs; pension cost factors such as actuarial assumptions and market
performance; adequacy of the Company's bad debt reserve; the Company's ability
to implement improvements to reduce costs associated with its supply chain;
and the Company's ability to successfully implement its 2003 rationalization
and realignment initiatives, as discussed in this press release and in the
Company's Annual Report on Form 10-K for 2002.
SOURCE Hershey Foods Corporation
CONTACT: Media Relations: Christine M. Dugan, +1-717-534-7631, or
Financial: James A. Edris, +1-717-534-7556, both of Hershey Foods/
Web site: http://www.hersheys.com |
