Hersheyâ€™s is a familiar name in snacks. Thereâ€™s a good chance you have recently enjoyed one of its products. The company manufactures confectionery products in a variety of packaged forms and markets them under more than 50 brands. Among the principal confectionery products in the United States are: Hersheyâ€™s chocolates, Hersheyâ€™s Kisses chocolates, Kit Kat, Mr. Goodbar chocolate bars, Reeseâ€™s peanut butter cups, Almond Joy candy bars, Good & Plenty candy, Mounds candy bars, Payday candy bars, and 5 th Avenue candy bars.THE HERSHEY COMPANYConsolidated Statements of Income(in thousands of dollars except per share amounts)For the Years Ended December 31,200820072006Net Sales$5,132,768$4,946,716$4,944,230Costs and Expenses: Cost of sales3,375,0503,315,1473,076,718 Selling, marketing, and administrative1,073,019895,874860,378 Business realignment and impairment charges, net94,801276,86814,576 Total costs and expenses4,542,8704,487,8893,951,672 Income before Interest and Income Taxes589,898458,827992,558 Interest expense, net97,876118,585116,056 Income before Income Taxes492,022340,242876,502 Provision for income taxes180,617126,088317,441 Net Income$311,405$214,154$559,061 Net Income Per Shareâ€”Basicâ€”Class B CommonStock$1.27$.87$2.19 Net Income Per Share-Dilutedâ€”Class B Common Stock$1.27$.87$2.17 Net Income Per Share-Basicâ€”Common Stock$1.41$.96$2.44 Net Income Per Share-Dilutedâ€”Common Stock$1.36$.93$2.34 Cash Dividends Paid per Share: Common Stock$1.1900$1.1350$1.030 Class B Common Stock1.07121.0206.925THE HERSHEY COMPANYConsolidated Balance Sheets(in thousands of dollars)December 31,20082007ASSETSCurrent Assets: Cash and cash equivalents$37,103$129,198 Accounts receivableâ€”trade455,153487,285 Inventories592,530600,185 Deferred income taxes70,90383,668 Prepaid expenses and other189,256126,238 Total current assets1,344,9451,426,574Property, Plant, and Equipment, Net1,458,9491,539,715Goodwill554,677584,713Other Intangibles110,772155,862Deferred Income Taxes13,815-Other Assets151,561540,249 Total assets$3,634,719$4,247,113 LIABILITIES, MINORITY INTEREST, AND STOCKHOLDERSâ€™ EQUITYCurrent Liabilities: Accounts payable$249,454$223,019 Accrued liabilities504,065538,986 Accrued income taxes15,189373 Short-term debt483,120850,288 Current portion of long-term debt18,3846,104 Total current liabilities1,270,2121,618,770Long-Term Debt1,505,9541,279,965Other Long-Term Liabilities504,963544,016Deferred Income Taxes3,646180,842 Total liabilities3,284,7753,623,593 Commitments and Contingencies–Minority Interest31,74530,598 Stockholdersâ€™ Equity: Preferred Stock, shares issued: none in 2008 and 2007– Common Stock, shares issued: 299,190,836 in 2008 and 299,095,417 in 2007299,190299,095 Class B Common Stock, shares issued: 60,710,908 in 2008 and 60,806,327 in 200760,71160,806 Additional paid-in capital352,375335,256 Retained earnings3,975,7623,927,306 Treasuryâ€”Common Stock shares, at cost: 132,866,673 in 2008 and 132,851,893 in 2007(4,009,931)(4,001,562) Accumulated other comprehensive loss(359,908)(27,979) Total stockholdersâ€™ equity318,199592,922 Total liabilities, minority interest, and stockholdersâ€™ equity$3,634,719$4,247,113 The above information was reported in a recent annual statement. For the year 2008, compute the following ratios. Assume an income tax rate of 34%. (Round your answers to 2 decimal places. Omit the “%” sign in your response.) Return on equity% Return on assets% Financial leverage percentage% Profit margin% Fixed asset turnover Cash ratio Current ratio Quick ratio Receivable turnover Inventory turnover Times interest earned Debt/Equity
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