ExamII_F2002_Financials

ExamII_F2002_Financials - ACCOUNTING 101 EXAM II FINANCIAL...

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1 ACCOUNTING 101 EXAM II FINANCIAL INFORMATION HERSHEY’S 2001 FISCAL YEAR
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2 Item 1. BUSINESS Hershey Foods Corporation and its subsidiaries (the “Corporation”) are engaged in the manufacture, distribution and sale of consumer food products. The Corporation produces and distributes a broad line of chocolate and non- chocolate confectionery and grocery products. The Corporation was organized under the laws of the State of Delaware on October 24, 1927, as a successor to a business founded in 1894 by Milton S. Hershey. HERSHEY FOODS CORPORATION Consolidated Statement of Income for the Year ended December 31, 2001 2000 1999 In thousands of dollars except per share amounts Net Sales $4,557,241 $4,220,976 $3,970,924 Costs and Expenses: Cost of sales 2,665,566 2,471,151 2,354,724 Selling, marketing and administrative 1,269,964 1,127,175 1,057,840 Business realignment and asset impairments 228,314 Gain on sale of business (19,237) (243,785) Total costs and expenses 4,144,607 3,598,326 3,168,779 Income before Interest and Income Taxes 412,634 622,650 802,145 Interest expense, net 69,093 76,011 74,271 Income before Income Taxes 343,541 546,639 727,874 Provision for income taxes 136,385 212,096 267,564 Net Income $207,156 $334,543 $460,310 Net Income Per Share-Basic $1.52 $2.44 $3.29 Net Income Per Share-Diluted $1.50 $2.42 $3.26 Cash Dividends Paid Per Share: Common Stock $1.165 $1.080 $1.000 Class B Common Stock 1.050 .975 .905
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3 HERSHEY FOODS CORPORATION Consolidated Balance Sheets December 31, 2001 2000 In thousands of dollars ASSETS Current Assets: Cash and cash equivalents $134,147 $31,969 Accounts receivable-trade 361,726 379,680 Inventories 512,134 605,173 Deferred income taxes 96,939 76,136 Prepaid expenses and other 62,595 202,390 Total current assets 1,167,541 1,295,348 Property, Plant and Equipment, Net 1,534,901 1,585,388 Intangibles Resulting from Business Acquisitions, Net 429,128 474,448 Other Assets 115,860 92,580 Total assets $3,247,430 $3,447,764 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $133,049 $149,232 Accrued liabilities 462,901 358,067 Accrued income taxes 2,568 1,479 Short-term debt 7,005 257,594 Current portion of long-term debt 921 529 Total current liabilities 606,444 766,901 Long-term Debt 876,972 877,654 Other Long-term Liabilities 361,041 327,674 Deferred Income Taxes 255,769 300,499 Total liabilities 2,100,226 2,272,728 Stockholders' Equity: Preferred Stock, shares issued: none in 2001 and 2000 Common Stock, shares issued: 149,517,064 in 2001 and 149,509,014 in 2000
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ExamII_F2002_Financials - ACCOUNTING 101 EXAM II FINANCIAL...

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