Hershey Changes Executive Team

NEW YORK - Oct 21/04 - SNS -- Hershey Foods Corporation reported third quarter net income of U.S. $166,229,000, or $.66 per share-diluted on sales of $1,254,508,000, compared to $143,604,000, or $.55 per share-diluted on sales of $1,191,019,000 las year.

In reporting the numbers for the period ending October 3, 2004, Hershey said consolidated net sales for the first nine months of 2004 total $3,161,285,000 compared with $2,993,296,000 for the first nine months of 2003.

GAAP net income for the first nine months of 2004 was $420,593,000, or $1.62 per share-diluted, compared with $312,646,000, or $1.18 per share-diluted, for the first nine months of 2003. Earnings per share for 2003 have been adjusted to reflect the two-for-one stock split effective June 15, 2004.

Net income for the first nine months of 2004 includes the benefit of a $61.1 million, or $.23 per share-diluted, non-cash reduction of income tax expense resulting from second quarter adjustments to tax reserves following the completion of prior years' tax audits.

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