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These excerpts taken from the HSY 10-K filed Feb 20, 2009. Operating Return on Average Stockholders’ Equity Operating return on average stockholders’ equity is calculated by dividing net income by the average of beginning and ending stockholders’ equity. To calculate Non-GAAP operating return on average stockholders’ equity, we define Non-GAAP Income as net income adjusted to exclude certain items. These items include the following:
Our operating return on average stockholders’ equity, GAAP basis, was 68.4% in 2008. Our Non-GAAP operating return on average stockholders’ equity was 94.5% in 2008. The increase in operating return on average stockholders’ equity in 2008 compared with 2007 was principally due to a reduction in equity related to reduced pension plan assets and the impact of cumulative translation adjustments. Over the last six years, our Non-GAAP operating return on stockholders’ equity has ranged from 33.2% in 2003 to 94.5% in 2008. Operating Return on Average Stockholders’ Equity equity. To calculate Non-GAAP operating return on average stockholders’ equity, we define Non-GAAP Income as net income adjusted to exclude certain items. These items include the following:
These excerpts taken from the HSY 10-K filed Feb 19, 2008. Operating Return on Average Stockholders’ Equity Operating return on average stockholders’ equity is calculated by dividing net income by the average of beginning and ending stockholders’ equity. To calculate Non-GAAP operating return on average stockholders’ equity, we define Non-GAAP Income as net income adjusted to exclude certain items. These items include the following:
Our operating return on average stockholders’ equity, GAAP basis, was 33.6% in 2007. Our Non-GAAP operating return on average stockholders’ equity was 75.5% in 2007. The decrease in operating return on average stockholders’ equity in 2007 was principally due to lower income. Over the last six years, our Non-GAAP operating return on stockholders’ equity has ranged from 32.8% in 2002 to 75.5% in 2007. Operating Return on Average Stockholders’ Equity
equity was 75.5% in 2007. The decrease in operating return on average stockholders’ equity in 2007 was principally due to lower income. Over the last six years, our Non-GAAP operating return on stockholders’ equity has ranged from 32.8% in 2002 to 75.5% in 2007. This excerpt taken from the HSY 10-K filed Feb 23, 2007. Operating Return on Average Stockholders’ Equity Operating return on average stockholders’ equity is calculated by dividing net income by the average of beginning and ending stockholders’ equity. To calculate Non-GAAP operating return on average stockholders’ equity, we define Non-GAAP Income as net income adjusted to exclude certain items. These items include the following:
Our operating return on average stockholders’ equity, GAAP basis, was 65.8% in 2006. Our Non-GAAP operating return on average stockholders’ equity was 66.7% in 2006. The increase in operating return on average stockholders’ equity in 2006 was principally due to a reduction in equity resulting from share repurchases and the adoption of SFAS No. 158. Over the last six years, our Non-GAAP operating return on stockholders’ equity has ranged from 32.1% in 2001 to 66.7% in 2006. This excerpt taken from the HSY 10-K filed Mar 7, 2005. Operating Return on Average Stockholders’ Equity The Company’s operating return on average stockholders’ equity, on a GAAP basis, was 49.9% in 2004. The Company’s adjusted operating return on average stockholders’ equity was 44.7% in 2004. For the purpose of calculating the adjusted operating return on average stockholders’ equity, earnings is defined as net income adjusted to reflect the impact of the elimination of the amortization of 32
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