Dunkin' Donuts and the Hershey Company Introduce New REESE'S Peanut Butter Squares and Pumpkin Cheesecake Squares
Aug 27 15
Dunkin' Donuts announced addition of two new donuts to its fall lineup. For the first time, Dunkin' Donuts has partnered with The Hershey Company to put the tastes of creamy chocolate and REESE'S Peanut Butter together in one tasty treat with the new REESE'S Peanut Butter Square. For pumpkin fans looking to celebrate a favorite flavor of fall in a fun new way, Dunkin' Donuts has also expanded its famous pumpkin menu with the introduction of the Pumpkin Cheesecake Square. Both items will be available for a limited time at participating Dunkin' Donuts restaurants beginning August 31. A creative twist on the classic candy, Dunkin' Donuts' new REESE'S Peanut Butter Square is filled with rich and creamy REESE'S peanut butter buttercreme, topped with chocolate icing and finished with an orange icing drizzle to match the colors of the traditional REESE'S Peanut Butter Cups. The Pumpkin Cheesecake Square is filled with smooth and creamy pumpkin cheesecake filling and topped with orange icing, crumbled graham cracker topping and finished with a white icing drizzle. Dunkin' Donuts is featuring a full lineup of fall-flavored treats this season. Back by popular demand at Dunkin' Donuts restaurants nationwide by August 31, the pumpkin menu includes Dunkin' Donuts' famous hot or iced pumpkin coffee and lattes, Pumpkin Donut and MUNCHKINS® Donut Hole Treats, Pumpkin Muffin, and Pumpkin K-Cup® pods and Packaged Coffee. Along with enjoying the brand's autumn lineup of food and beverages, Dunkin' Donuts fans can put their passion for pumpkin on display via the brand's special Snapchat filters. A fun way for people to show their spirit for fall with friends and followers, Dunkin' Donuts' first geo-filters will be available beginning August 27, 2015 for fans in or around a Dunkin' Donuts restaurant, with new ones introduced later in September. Additionally, fans can follow Dunkin' Donuts' official Facebook, Twitter and Instagram feeds throughout the coming months for pumpkin and fall-related content from both the brand and special guests.
The Hershey Company Announces Early Results of its Cash Tender Offers for Up to $100 Million
Aug 25 15
On August 25, 2015, The Hershey Company announced the early results of its cash tender offers for up to $100 million aggregate purchase price of its $100 million outstanding 8.80% Debentures due 2021 (the 2021 debentures) and its $250 million outstanding 7.20% Debentures due 2027 (the 2027 Debentures and, together with the 2021 debentures, the debentures).
The Hershey Company Announces Management Changes
Aug 12 15
Effective August 10, 2015, Richard M. McConville, Vice President, Chief Accounting Officer of The Hershey Company, has taken a new position assisting with the Company's ongoing work in the China region. In this position, he will no longer serve as the Company's Chief Accounting Officer. Also effective August 10, 2015, Javier H. Idrovo was named Vice President, Chief Accounting Officer of the Company. In this role, Mr. Idrovo, age 47, will oversee all accounting, tax and treasury operations at the Company. Mr. Idrovo had previously served as the Company's Senior Vice President, Finance and Planning since September 2011. Prior to that time, he served as Senior Vice President, Strategy and Business Development. Mr. Idrovo joined the Company in November 2008.
The Hershey Company Commences Cash Tender Offers for Up to $100 Million
Aug 11 15
The Hershey Company announced that it has commenced cash tender offers for up to $100 million (the Tender Cap") aggregate purchase price of its $100 million outstanding 8.80% Debentures due 2021 and its $250 million outstanding 7.20% Debentures due 2027. The Tender Offers are being made pursuant to an offer to purchase dated August 11, 2015 and the related letter of transmittal dated August 11, 2015. Hypothetical Total Consideration is based on the applicable yield as calculated by the dealer managers based on the bid-side price of the applicable Reference Security (Reference Yield") as of 2:00 p.m., New York City time, on August 10, 2015, and an early settlement date of August 26, 2015, which is expected to be the Early Settlement Date. The actual Reference Yields of the Reference Securities will be determined by the dealer managers based on certain quotes available at 2:00 p.m., New York City time, on the price determination date, which is expected to be August 25, 2015.
The Hershey Company Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended July 5, 2015; Provides Earnings Guidance for the Full Year of 2015; Records Impairment Charges for the Second Quarter of 2015
Aug 7 15
The Hershey Company announced unaudited consolidated earnings results for the second quarter and six months ended July 5, 2015. For the quarter, the company reported net sales of $1,578,825,000 compared with $1,578,350,000 for the same period a year ago. Operating profit was $7,500,000 compared with $277,283,000 for the same period a year ago. Loss before income taxes was $16,136,000 compared with income before income taxes of $256,730,000 for the same period a year ago. Net loss was $99,941,000 or $0.47 per diluted common share and $0.42 per basic Class B share compared with net income of $168,168,000 or $0.75 per diluted common share and $0.70 per basic Class B share for the same period a year ago. On non-GAAP basis, the company reported operating profit of $289,388,000 compared with $280,089,000 for the same period a year ago. Net income was $171,944,000 or $0.78 per diluted share compared with $169,978,000 or $0.76 per diluted share for the same period a year ago.
For the six months, the company reported net sales of $3,516,625,000 compared with $3,450,163,000 for the same period a year ago. Operating profit was $391,666,000 compared with $690,046,000 for the same period a year ago. Income before income taxes was $358,668,000 compared with $639,051,000 for the same period a year ago. Net income was $144,796,000 or $0.65 per diluted common share and $0.62 per basic Class B share compared with $420,663,000 or $1.86 per diluted common share and $1.74 per basic Class B share for the same period a year ago. On non-GAAP basis, the company reported operating profit of $683,263,000 compared with $697,231,000 for the same period a year ago. Net income was $415,410,000 or $1.87 per diluted share compared with $429,953,000 or $1.90 per diluted share for the same period a year ago.
The company estimates full-year 2015 net sales will increase around 1.5% to 2.5%, including a net benefit from acquisitions and divestitures of about 1 percentage point and unfavorable foreign currency exchange of approximately 1.5 percentage points. Excluding unfavorable foreign currency exchange rates, full-year net sales are expected to increase about 3.0% to 4.0%. For the full year, the company expects gross margin expansion of 135 to 145 basis points as solid North America gains, driven by price realization, are partially offset by international softness related to the aforementioned higher direct trade rate and obsolescence in China. Additionally, as stated in June, the company expects to achieve approximately $10 million to $15 million in savings related to its business productivity initiative. The company expects adjusted earnings per share-diluted to be in the $4.10 to $4.18 range, an increase of 3% to 5% on a percentage basis versus 2014, including dilution from acquisitions and divestitures of around $0.20 per share.
For the second quarter of 2015, the company recorded an goodwill impairment charge of $249,811,000 compared to nil a year ago.