December 29, 1999 |
Hershey Foods Corp. has a huge computer problem--and it has nothing to do with Y2K. The biggest U.S. candy company warned Tuesday that earnings for this year will miss forecasts as continuing problems stemming from a new computer system prompt more retailers to switch to competitors for candy products. Profit from continuing operations for the year will be about 10 cents a share below Hershey's October forecast of $2.16 to $2.20, the company said.
August 9, 1988 |
Hershey Foods Corp. said Monday that it would sell its restaurant chain, Friendly Ice Cream Co., to Tennessee Restaurant Co. for about $375 million, underscoring the candy maker's resolve to concentrate on its basic business of snack treats. Analysts said that shedding Friendly would probably help Hershey's future earnings. "Most people thought Friendly depressed growth a bit," said Ronald Morrow with Smith Barney, Harris Upham & Co. The Wilbraham, Mass.
September 20, 1988 |
After shedding Friendly Ice Cream Corp. this summer, Hershey Foods Corp. is looking for new ventures, particularly in Europe, Chief Executive Officer Richard Zimmerman said. "The sale of Friendly gives us a new piece of work to do. I'd like to think there'd be opportunity for new ventures and work with people in international markets, especially Europe," Zimmerman said in an interview. He said the company will look for overseas ventures in consumer food products and in the confectionery market.
January 31, 2001 |
Other earnings, excluding one-time gains or charges unless noted, include: * Avis Group Holdings Inc., which is being acquired by Cendant Corp., said fourth-quarter earnings rose 42% to $15.3 million, or 32 cents a share, a penny better than expectations, as sales edged down less than 1% to $1 billion. * Cardinal Health Inc., the second-biggest U.S. drug wholesaler, said fiscal second-quarter profit rose 21% to $214.6 million, or 75 cents a share, from $176.
CALIFORNIA | LOCAL
May 31, 2007 |
On a warm May weekend in this Central Valley town, the irony was as thick as melting fudge. As usual, the annual Chocolate Festival was drawing hordes of fun-seekers. However, they were streaming in by the thousands just two weeks after Hershey Co. -- Oakdale's biggest employer and the nation's biggest candy company -- announced its plan to close its sprawling plant, eliminate all 575 jobs and open a new factory in Monterrey, Mexico.
October 25, 2000 |
Pfizer Inc. and Schering-Plough Corp. on Tuesday posted double-digit profit gains in their third quarter on strong sales of blockbuster medicines, but Pfizer shares fell on what some analysts said was disappointing growth of its cholesterol fighter Lipitor. Pfizer, the world's largest drug maker, said earnings from operating rose 30% to $1.71 billion, or 27 cents a share, beating the consensus Wall Street estimate of 25 cents.
August 19, 2002 |
Potential bidders for Hershey Foods Co., the confectionary giant put up for sale last month, are losing interest after discovering that 14,000 employees qualify for severance benefits that could add some $400 million to the cost of buying the business, the Times of London reported on its online edition Sunday. The benefits are thought to give a wide range of employees up to three times base salary and last for two years after a change of ownership, the newspaper reported.
July 20, 2007 |
Starbucks Corp., which has a bittersweet history mixing its coffee with chocolate, is trying again, this time with Hershey Co. The world's largest specialty coffee retailer said Thursday that it would begin offering Starbucks-branded, coffee-flavored chocolate products in the fall under a deal with Hershey, which has been struggling to perk up flat sales. Executives with both companies said they were eager to respond to customers' growing demand for premium chocolate.
July 27, 1999 |
EBay Inc. reported a better-than-expected profit for the second quarter as revenue more than doubled, despite repeated troubles with the online auctioneer's computer server that stymied would-be bidders. EBay said its profit before merger- and compensation-related expenses was $5.1 million, or 4 cents a share, down slightly from $5.2 million, or 5 cents, a year earlier. Revenue soared to $49.5 million from $19.5 million.
December 20, 2005 |
The distinctive chocolate bar on the dust jacket of a new book about the founder of the Hershey Co. violates the company's trademark, the candymaker said in a federal lawsuit. The company wants an injunction to prevent publisher Simon & Schuster Inc. from using Hershey-owned images to market "Hershey: Milton S. Hershey's Extraordinary Life of Wealth, Empire and Utopian Dreams," which is coming out next month.