> --> Snipped From
> Hershey Foods issues earnings warning
> 1999 earnings per share to be below its estimate
> HERSHEY, Pa. (CBS.MW) -- Hershey Foods Corp. said it may report 1999 earnings
> per share below its previous estimate as earlier customer service and order
> fulfillment issues resulted in disappointing December sales.
> Shares of Hershey (HSY: news, msgs) slipped 2 5/16, or 4.6 percent, to 47 13/16
> on volume of 1.13 million shares.
> On Tuesday, the candy maker said that the strong customer order demand it was
> experiencing at the time it announced third-quarter results didn't hold during
> the whole of the fourth quarter. See press release.
> As a result, Hershey said its 1999 earnings from continuing operations could be
> up to 10 cents per share below the $2.16 to $2.20 estimate announced on Oct.
> The company said it's sales performance was in line with the the company's
> expectations for the fourth quarter until December, when increased costs
> associated with customer service issues began to affect sales. Sales in
> December will be lower-than-expected, Hershey said.
> In an Oct. 25 press release, Hershey's announced third-quarter earnings of
> $87.6 million, or 62 cents a share, compared to $107.5 million, or 74 cents a
> share, in the year-ago period. Wall Street analysts expected a profit of 60
> cents a share.
> The company had said the 18 percent drop in profits was due to glitches in
> customer service, warehousing and order fulfillment since the July start-up of
> new business processes in the areas of customer service.
> Representatives at the company refused to comment...
describe their screwups?
Amazing! Now it's customer service screwups, not systems screwups. Of
course! This is what the media is all about - twisting each and every
story to suit it's preconceived, predetermined notions of what they'd
like to see happen with systems (nothing).
I used to respect the media (out of stupidity). No more.