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Hoover's Online Report Builder The J. M. Smucker Company (NYSE: SJM) Copyright 2004, Hoover's, Inc.

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Hoover's Online Report BuilderThe J. M. Smucker Company (NYSE: SJM)

Copyright 2004, Hoover's, Inc.

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Table of ContentsThe Basics...............................................................................................................................................................................1

Key Numbers.............................................................................................................................................................1Financial Overview....................................................................................................................................................1Officers & Employees................................................................................................................................................1Board Members..........................................................................................................................................................2Industry Information..................................................................................................................................................3SIC Codes...................................................................................................................................................................3NAICS Codes.............................................................................................................................................................3Top Competitors.........................................................................................................................................................4All Competitors..........................................................................................................................................................4Rankings.....................................................................................................................................................................4

Biographies............................................................................................................................................................................5 Timothy P. Smucker, Age 59....................................................................................................................................5 Richard K. Smucker, Age 55....................................................................................................................................5 Barry C. Dunaway, Age 40.......................................................................................................................................6 Richard F. Troyak, Age 55........................................................................................................................................6 Donald D. Hurrle Sr., Age 54...................................................................................................................................6 Fred A. Duncan, Age 57...........................................................................................................................................6 Vincent C. Byrd, Age 48...........................................................................................................................................7 Steven T. Oakland, Age 41.......................................................................................................................................7 Paul S. Wagstaff, Age 33..........................................................................................................................................7 Mark T. Smucker, Age 33.........................................................................................................................................8 Mark R. Belgya, Age 42...........................................................................................................................................8 M. Ann Harlan, Age 43.............................................................................................................................................8 R. Douglas Cowan, Age 62.......................................................................................................................................9 Kathryn W. Dindo, Age 54.......................................................................................................................................9 Elizabeth Valk (Lisa) Long, Age 53.........................................................................................................................9 Charles S. Mechem Jr., Age 72...............................................................................................................................10 Gary A. Oatey, Age 55............................................................................................................................................10 William H. Steinbrink, Age 60...............................................................................................................................10

Overview..............................................................................................................................................................................12

History..................................................................................................................................................................................13

Products/Operations...........................................................................................................................................................14

Other Resources Available On Hoover's Online..............................................................................................................16Other Resources.......................................................................................................................................................16Related Products From Our Trusted Partners..........................................................................................................16

Annual Financials................................................................................................................................................................17

Quarterly Financials...........................................................................................................................................................19

Historical Financials & Employees....................................................................................................................................22

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Table of ContentsMarket Data.........................................................................................................................................................................24

Comparison Data.................................................................................................................................................................25

Competitive Landscape.......................................................................................................................................................27

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The Basics

1 Strawberry Ln.Orrville, OH 44667−0280 (Map)http://www.smucker.com

Phone: 330−682−3000Fax: 330−684−3370Toll Free: 888−550−9555

The J. M. Smucker Company is known for the sticky stuff, but hopes shortening and biscuits will fatten its bottom line.The #1 US producer of jams, jellies, and preserves also makes dessert toppings, juices, and specialty fruit spreads undernames such as Laura Scudder's and Dickinson's. Smucker's industrial fruit fillings sweeten Pop−Tarts and Dannon yogurt.To diversify, Smucker added market leaders Jif peanut butter and Crisco oils and shortening. Smucker seeks other brandsas well. It plans to buy International Multifoods, which would add baking goods brands Hungry Jack, Martha White, andPillsbury, along with Pet evaporated milk. The founder's family currently owns about 13% of the stock.

Key Numbers

Company Type Public (NYSE: SJM)

Fiscal Year−End April

2003 Sales (mil.) $1,311.7

1−Year Sales Growth 90.9%

2003 Net Income (mil.) $96.3

1−Year Net Income Growth 211.7%

2003 Employees 2,775

1−Year Employee Growth 20.7%

Auditor Ernst & Young LLP

Financial Overview

Last Close 10−Mar−2004 $50.62

52−Week High $52.12

52−Week Low $33.23

Basic EPS $2.23

Price/Earnings Ratio 22.70

Current Ratio 2.60

R&D Expenditures (mil.) −−

Ad Expenditures (mil.) 45.78

% Owned by Institutions 47.60%

Officers & Employees

Title Name Age Salary Bonus

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Chairman and Co−CEO Timothy P. Smucker 59 $597,254 $788,100

President, Co−CEO, CFO, andDirector

Richard K. Smucker 55 $557,886 $788,100

VP, Corporate Development Barry C. Dunaway 40

VP, Human Resources Robert E. Ellis 56

VP, Information Services andCorporate Controller

Richard G. Jirsa 57 $222,745 $180,400

VP, Information Services andCIO

Andrew G. Platt

VP, Logistics and WesternOperations

John D. Milliken 58

VP, Operations Richard F. Troyak 55

VP, Sales, Grocery Market Donald D. Hurrle Sr. 54

VP, Special Markets andDirector

Fred A. Duncan 57 $260,684 $225,400

VP and General Manager,Consumer Market and Director

Vincent C. Byrd 48 $259,486 $234,600

VP and General Manager,Consumer Oils

Steven T. Oakland 41

VP and General Manager,Foodservice Market

Paul S. Wagstaff 33

VP and General Manager,International Market

Mark T. Smucker 33

VP, Treasurer Mark R. Belgya 42

General Manager, BeverageMarket

Julia L. Sabin

General Manager, IndustrialMarket

Gary A. Jeffcott

VP. General Counsel andSecretary

M. Ann Harlan 43

Assistant Corporate Controller John W. Denman

Assistant Treasurer Debra A. Marthey

Assistant Secretary Adam M. Ekonomon

Director, CorporateCommunications

Brenda Dempsey

Board Members

Title Name Age

Chairman and Co−CEO Timothy P. Smucker 59

President, Co−CEO, CFO, and Richard K. Smucker 55

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Director

VP and General Manager,Consumer Market and Director

Vincent C. Byrd 48

VP, Special Markets andDirector

Fred A. Duncan 57

Director R. Douglas Cowan 62

Director Kathryn W. Dindo 54

Director Elizabeth Valk (Lisa) Long 53

Director Charles S. Mechem Jr. 72

Director Gary A. Oatey 55

Director William H. Steinbrink 60

Industry Information

FoodSauces & Condiments (primary)♦ Canned & Frozen Foods♦ Edible Oils♦ Flavorings, Spices & Other Ingredients♦ Snack Foods♦

BeveragesNonalcoholic Beverages

Juice◊ ♦

SIC Codes

2033 Canned fruits and vegetables

2035 Pickles, sauces, and salad dressings

2038 Frozen specialties, nec

2079 Edible fats and oils, nec

2086 Bottled and canned soft drinks

2087 Flavoring extracts and syrups, nec

NAICS Codes

311225 Fats and Oils Refining and Blending

31142 Fruit and Vegetable Canning, Pickling, and Drying

311421 Fruit and Vegetable Canning

311422 Specialty Canning

31191 Snack Food Manufacturing

311911 Roasted Nuts and Peanut Butter Manufacturing

311930 Flavoring Syrup and Concentrate Manufacturing

31194 Seasoning and Dressing Manufacturing

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312111 Soft Drink Manufacturing

Top Competitors

ConAgra• Ralcorp• Unilever•

All Competitors

B&G Foods• Chiquita Brands• Coca−Cola North America• ConAgra• E.D. Smith• Gatorade/Tropicana• Hansen Natural• Hershey• National Grape Cooperative• Northland Cranberries• Ocean Spray• Ralcorp• Spectrum Organic Products• Unilever•

Rankings

S&P 400•

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Biographies

Timothy P. Smucker, Age 59

Chairman and Co−CEO, $597,254 salary, $788,100 bonus

Other Company Affiliations

Company Title Salary Bonus

Dreyer's Grand Ice Cream Holdings, Inc. DirectorRecent Work Highlights

The J. M. Smucker Company2002: Chairman and Co−CEO, $475,617 salary, $434,160 bonus♦

Biography

Mr. Smucker has been a director since 1973. He has been the chairman since 1987 and co−chief executive officer sinceFebruary 2001 of Smucker. Mr. Smucker also is a director of Huntington BancShares Incorporated, a bank holdingcompany, and Dreyer's Grand Ice Cream Inc., a manufacturer and distributor of premium ice cream products. Mr.Smucker is the brother of Richard Smucker, the father of Mark Smucker, and the uncle of Paul Smucker Wagstaff, thelatter two being vice presidents of Smucker.

Source: Proxy, July 8, 2003

Richard K. Smucker, Age 55

President, Co−CEO, CFO, and Director, $557,886 salary, $788,100 bonus

Other Company Affiliations

Company Title Salary Bonus

The Sherwin−Williams Company Director

Wm. Wrigley Jr. Company DirectorRecent Work Highlights

The J. M. Smucker Company2003 − 2003, President, Co−CEO, and Director♦ 2002: President, Co−CEO, and Director, $458,000 salary, $434,160 bonus♦

Biography

Mr. Smucker has been a director since 1975. He has been the president since 1987 and co−chief executive officer sinceFebruary 2001 of Smucker. Mr. Smucker also is a director of Wm. Wrigley Jr. Company, a manufacturer ofconfectionery, primarily chewing gum, products, and The Sherwin−Williams Company, a manufacturer of coatings andrelated products. Mr. Smucker is the brother of Tim Smucker and the uncle of both Mark Smucker and Paul Smucker

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Wagstaff, the latter two being vice presidents of Smucker.

Source: Proxy, July 8, 2003

Barry C. Dunaway, Age 40

VP, Corporate Development

Biography

Mr. Dunaway was elected to his present position in November 2001, having served as Director, Corporate Developmentand Strategic Planning since February 2000. Prior to that time, he served as Director, Business Development − Europe andMiddle East since August 1996.

Source: 10K, 2003

Richard F. Troyak, Age 55

VP, Operations

Biography

Mr. Troyak was elected to his present position in September 1998, having served as Director, East Coast Operations sinceOctober 1997.

Source: 10K, 2003

Donald D. Hurrle Sr., Age 54

VP, Sales, Grocery Market

Biography

Mr. Hurrle was elected to his present position in April 2001, having served as National Sales Manager − Grocery sinceNovember 1990.

Source: 10K, 2003

Fred A. Duncan, Age 57

VP, Special Markets and Director, $260,684 salary, $225,400 bonus

Recent Work Highlights

The J. M. Smucker Company2002: VP, Special Markets and Director, $203,393 salary, $113,860 bonus♦

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Biography

Mr. Duncan has been a director since April 1999. He has been vice president, special markets since November 2001. Priorto that time he was vice president and general manager, industrial market, of Smucker since February 1995. Mr. Duncanalso is a director of Bush Brothers and Company, a food processing and manufacturing company.

Source: Proxy, July 8, 2003

Vincent C. Byrd, Age 48

VP and General Manager, Consumer Market and Director, $259,486 salary, $234,600 bonus

Recent Work Highlights

The J. M. Smucker Company2002: VP and General Manager, Consumer Market and Director, $213,020 salary, $124,180 bonus♦

Biography

Mr. Byrd has been a director since April 1999. He has been vice president and general manager, consumer market, ofSmucker since January 1995. Mr. Byrd also is a director of Spangler Candy Company, a manufacturer of confectioneryproducts.

Source: Proxy, July 8, 2003

Steven T. Oakland, Age 41

VP and General Manager, Consumer Oils

Biography

Mr. Oakland was elected to his present position in November 2001, having served as Vice President and General Manager− Foodservice Market since February 1999. Prior to that time, he served as General Manager, JM Smucker (Canada) Inc.since July 1995.

Source: 10K, July 24, 2003

Paul S. Wagstaff, Age 33

VP and General Manager, Foodservice Market

Biography

Mr. Wagstaff was elected to his present position in November 2001, having served as General Manager, UncrustablesMarket since May 2000. Prior to that time, he served as Product Manager, Toppings, Peanut Butter, and Specialties sinceJanuary 1997.

Source: 10K, 2003

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Mark T. Smucker, Age 33

VP and General Manager, International Market

Biography

Mr. Mark Smucker was elected to his present position in November 2001, having served as General Manager andManaging Director, Smucker do Brasil since January 2000. Prior to that time, he served as Director, BusinessDevelopment − South America since May 1998, and Manager, Business Development, South America since September1997.

Source: 10K, 2003

Mark R. Belgya, Age 42

VP, Treasurer

Recent Work Highlights

The J. M. Smucker CompanyTitle held until 2004: Treasurer♦

Biography

Mr. Belgya was elected to his present position in June 2001, having served from August 1997 to May 2001, as CorporateController.

Source: 10K, 2003

M. Ann Harlan, Age 43

VP. General Counsel and Secretary

Recent Work Highlights

The J. M. Smucker CompanyTitle held until 2004: General Counsel and Secretary♦

Biography

Ms. Harlan was elected Secretary in June 2003, having served as Assistant Secretary since August 2000. She was electedGeneral Counsel in April 2002, having served as Assistant General Counsel since January 1999. Before joining theCompany, Ms. Harlan was a partner at the law firm of Calfee, Halter & Griswold LLP.

Source: 10K, 2003

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R. Douglas Cowan, Age 62

Director

Other Company Affiliations

Company Title Salary Bonus

The Davey Tree Expert Company Chairman and CEO $345,385 $80,000Recent Work Highlights

The Davey Tree Expert Company2001: Chairman and CEO, $321,540 salary, $190,450 bonus♦ 2000: Chairman and CEO, $310,000 salary♦

Biography

Mr. Cowan has been a director since January 2003. He has been the chairman and chief executive officer of The DaveyTree Expert Company, an employee−owned company providing horticultural services throughout the United States andCanada, since May 1997. Mr. Cowan is a member of the audit committee.

Source: Proxy, July 8, 2003

Kathryn W. Dindo, Age 54

Director

Other Company Affiliations

Company Title Salary Bonus

FirstEnergy Corp. VP and Chief Risk Officer, FirstEnergy ServiceBiography

Ms. Dindo has been a director since February 1996. She has been vice president since 1998 and chief risk officer sinceNovember 2001 of FirstEnergy Corp., a utility holding company. Prior to that time, she was vice president and controllerof Caliber System, Inc., a subsidiary of FDX Corporation, a transportation services company, since January 1996. Ms.Dindo is chair of the audit committee and a member of the executive compensation committee.

Source: Proxy, July 8, 2003

Elizabeth Valk (Lisa) Long, Age 53

Director

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Other Company Affiliations

Company Title Salary Bonus

Jefferson−Pilot Corporation Director

Steelcase Inc. DirectorBiography

Ms. Long has been a director since May 1997. She is the former executive vice president of Time Inc., a subsidiary ofAOL Time Warner, a media and entertainment company, a position she held between May 1995 and August 2001. She isalso a director of Jefferson−Pilot Corporation, an insurance, financial services, and communications company, andSteelcase Corporation, a furniture and office systems manufacturer. Ms. Long is a member of the audit and executivecompensation committees.

Source: Proxy, July 8, 2003

Charles S. Mechem Jr., Age 72

Director

Biography

Mr. Mechem has been a director since 1982. He retired as chairman of Convergys Corporation, a provider of customermanagement products and services, in 2000, a post he was elected to in 1999. He has been commissioner emeritus of theLadies Professional Golf Association, since 1995. He also is a director of the Ladies Professional Golf Association, RoyalAssociates, Inc., a manufacturer of steel golf shafts, Myers Y. Cooper, a commercial real estate broker, and MesserConstruction, a regional general contractor and construction manager. Mr. Mechem is chair of the nominating andcorporate governance committee and a member of the executive compensation committee.

Source: Proxy, July 8, 2003

Gary A. Oatey, Age 55

Director

Biography

Mr. Oatey is chairman and CEO of Oatey Co., a privately owned manufacturer of plumbing products sold throughout theworld, with plants located in Ohio, Texas, Minnesota, California, Colorado, and Mexico. Mr. Oatey also serves as adirector of several other privately held companies and is active in numerous civic and community activities in theCleveland area. He is currently the chairman of the Board of Trustees of the Great Lakes Science Center in Cleveland,Ohio.

Source: Company Press Release, January 31, 2003

William H. Steinbrink, Age 60

Director

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Biography

Mr. Steinbrink has been a director since 1994. He has been a partner at the law firm of Jones Day since September 2001.He is the former president and chief executive officer of CSM Industries, Inc., a manufacturer of specialty metals, aposition he held between November 1996 and November 2000. Mr. Steinbrink is a member of the nominating andcorporate governance committee.

Source: Proxy, July 8, 2003

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Overview

The J. M. Smucker Company is known for the sticky stuff, but hopes shortening and biscuits will fatten its bottom line.The #1 US producer of jams, jellies, and preserves also makes dessert toppings, juices, and specialty fruit spreads undernames such as Laura Scudder's and Dickinson's. Smucker's industrial fruit fillings sweeten Pop−Tarts and Dannon yogurt.To diversify, Smucker added market leaders Jif peanut butter and Crisco oils and shortening. Smucker seeks other brandsas well. It plans to buy International Multifoods, which would add baking goods brands Hungry Jack, Martha White, andPillsbury, along with Pet evaporated milk. The founder's family currently owns about 13% of the stock.

To quench any thirst with that pb&j, Smucker Quality Beverages stocks natural juices under the After the Fall, Santa CruzOrganic, and R.W. Knudsen brands.

As sales of jam and jelly slowed, Smucker started selling the stuff to other food companies to put in processed foods. Thecompany's own new product introductions include a crust−less frozen peanut butter and jelly sandwich, which is sellingbriskly to schools and other food service programs. However, it was Smucker's acquisition of the Jif and Crisco brandsthat nearly doubled the company's sales. Seen as a skilled manager of mature brands, the company plans to fund itspurchase of International Multifoods through an $840 million dollar cash and stock deal.

The company is preparing to trim its production and distribution through plant closures and eliminating some of its leastprofitable products.

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History

Jerome Smucker began operating a steam−powered cider mill in 1897 for farmers in Orrville, Ohio, but he found that hisbiggest business was selling apple butter from a secret Smucker family recipe. By the 1920s The J. M. Smucker Companyhad begun producing a full line of preserves and jellies, and in 1935 it acquired its first fruit processing operations.

Under Jerome's grandson, Paul Smucker, the company gained widespread national distribution by the mid−1960s. TimSmucker succeeded his father, Paul, as president in 1981, then as chairman in 1987, when his brother Richard becamepresident.

The company's recent growth has come from the development of its industrial fruit fillings business and acquisitions ofdomestic natural juice and peanut butter companies, including Knudsen & Sons (1984), After the Fall (1994), and LauraScudder's (from National Grape Co−op, 1994). It has gradually expanded internationally through acquisitions. In 1993 itacquired the jam, preserves, and pie filling unit of Canada's Culinar. In a 1998 deal Smucker purchased Australia'sAllowrie jam and Lackersteens marmalade lines.

Smucker sold its flagging Mrs. Smith's frozen pie business to Flowers in 1997, less than two years after buying the unitfrom Kellogg. It bought Kraft's domestic fruit spread unit in 1997 and in early 1999 purchased the northwestern Adamspeanut butter business from Pro−Fac Cooperative. Smucker kept the Adams name but shifted packaging to itsPennsylvania peanut butter plant.

Spreading into retail, the company opened its first store in 1999 in hometown Orrville and then launched online andcatalog sales. Also that year Smucker bought a fruit filling plant in Brazil from Groupe Danone, a major customer. During2000 the company's Henry Jones Foods subsidiary (Australia) purchased Taylor Foods (sauces, marinades).

Smucker acquired International Flavors &Fragrances' formulated fruit and vegetable preparation businesses in late 2001.Moving beyond its stronghold on natural peanut butter brands, Smucker purchased the Jif peanut butter and Criscocooking oil and shortening brands from Procter & Gamble in 2002. The $670 million purchase price for Jif and Criscoincluded shifting 53% of Smucker stock into the hands of P&G shareholders.

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Products/Operations

The J. M. Smucker Company operates production facilities in Australia, Brazil, Canada, the UK, and the US.

2003 Sales

$ mil. % of total

US 1,190.291

Other countries 121.5 9

Total 1,311.7100

2003 Sales

% of total

Peanut butter 26

Shortening and oils 22

Fruit spreads 20

Industrial ingredients 8

Portion control 6

Juices and beverages5

Toppings and syrups 5

Other 8

Total 100

Selected Products

Condiments• Dessert toppings• Fruit and vegetable juices• Fruit spreads• Gift packages• Industrial fruit products (bakery and yogurt fillings)• Jams• Jellies• Juice beverages• Oils• Peanut butter• Preserves• Shortening• Syrups•

Selected Brands

Adams (peanut butter)• After The Fall (juice beverages)• Allowrie (fruit spreads, Australia)• Crisco (cooking oils, shortening)• Dickinson's (fruit spreads)• Double Fruit (Canada)•

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Glen Ewin (Australia)• Goober (peanut butter and jelly combination)• Good Morning (Canada)• IXL (fruit spreads, Australia)• Jif (peanut butter)• Laura Scudder's (peanut butter)• Lost Acres (fruit spreads)• Magic Shell (dessert topping)• Rocket Juice (juice beverages)• R.W. Knudsen (juice beverages)• Santa Cruz Natural (juice beverages)• Shirriff (fruit spreads, Canada)• Simply Fruit (fruit spreads)• Smucker's (dessert topping, jam, jelly, preserves, peanut butter)• Smucker's Snackers (peanut butter, jelly, and cracker snacks)• Smucker's Uncrustables (frozen peanut butter and jelly sandwiches)• Taylor's (Australia)•

Archived Charts

2001 Sales $ mil. % of totalUS 558 86Other countries 93 14

Total 651 100

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Other Resources Available On Hoover's Online

News for Smucker (last 90 days)

Company Press Release Archive

Other Resources

Headquarters Map• SEC Filings

10−K Filings♦ •

Stock Quote• Stock Chart• Earnings Estimates• ValuEngine Analysis• Annual Report • Investor Relations • Financial Data Definitions• Market Data Definitions• Comparison Data Definitions• Historical Financials & Employees Definitions•

Related Products From Our Trusted Partners

Buy Reports and Books

D&B Business/Credit Reports: The J. M. Smucker Company(D&B, Feb 1, 2004, Business Reports)

The J. M. Smucker Company: Company Profile(Datamonitor, Feb 1, 2004, Business Reports)

Quantitative Report for SJM(ValuEngine, Inc., Jan 1, 2004, Business Reports)

Dried, Canned & Frozen Foods Mfg Deluxe Set(Harris Industry Reports, Aug 12, 2003, Business Reports)

Canned & Frozen Foods: Financial Analysis Profiles(BizMiner, Dec 23, 2003, Business Reports)

Flavoring Syrup and Concentrate Manufacturing in the US(IBISWorld, Sep 24, 2003, Business Reports)

Future Innovations In Snacking: Convergence and Competition(Reuters Business Insight, Dec 1, 2001, Business Reports)

Plunkett's Food Industry Almanac(Plunkett Research, Ltd., May 6, 2003, Books)

Additional 3rd Party Libraries

Additional Research On Smucker

Manufacturing Branches • Corporate Hierarchy •

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Annual Financials

All amounts in millions of US Dollars

Income Statement Apr 03 Apr 02 Apr 01

Revenue 1,311.7 687.1 651.2

Cost of Goods Sold 817.9 433.6 411.6

Gross Profit 493.8 253.5 239.6

Gross Profit Margin 37.6% 36.9% 36.8%

SG&A Expense 279.8 165.2 156.0

Depreciation & Amortization 37.8 28.6 26.9

Operating Income 176.2 59.7 56.7

Operating Margin 13.4% 8.7% 8.7%

Nonoperating Income (0.4) 4.6 3.1

Nonoperating Expenses 8.8 9.2 7.8

Income Before Taxes 155.2 50.1 49.8

Income Taxes 59.0 19.3 18.3

Net Income After Taxes 96.2 30.8 31.5

Continuing Operations 96.3 30.9 31.7

Discontinued Operations 0.0 0.0 0.0

Total Operations 96.3 30.9 31.7

Total Net Income 96.3 30.9 30.7

Net Profit Margin 7.3% 4.5% 4.7%

Diluted EPS from Continuing Operations ($) 2.02 1.24 1.23

Diluted EPS from Discontinued Operations ($) 0.00 0.00 0.00

Diluted EPS from Total Operations ($) 2.02 1.24 1.23

Diluted EPS from Total Net Income ($)

Dividends per Share 0.76 0.64 0.64

Balance Sheet Apr 03 Apr 02 Apr 01

Assets

Current Assets

Cash 181.2 91.9 51.1

Net Receivables 101.4 57.4 56.0

Inventories 169.1 116.5 108.0

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Other Current Assets 14.9 14.0 14.0

Total Current Assets 466.7 279.8 229.1

Net Fixed Assets 275.0 162.8 171.6

Other Noncurrent Assets 873.8 82.3 69.8

Total Assets 1,615.4 524.9 470.5

Liabilities and Shareholders' Equity Apr 03 Apr 02 Apr 01

Current Liabilities

Accounts Payable 68.7 32.4 30.0

Short−Term Debt 0.0 0.0 0.0

Other Current Liabilities 98.6 48.1 37.2

Total Current Liabilities 167.3 80.4 67.1

Long−Term Debt 135.0 135.0 135.0

Other Noncurrent Liabilities 54.9 25.2 16.3

Total Liabilities 491.2 244.8 223.5

Shareholders' Equity

Preferred Stock Equity 0.0 0.0 0.0

Common Stock Equity 1,124.2 280.1 247.1

Total Equity 1,124.2 280.1 247.1

Shares Outstanding (mil.) 49.8 24.9 24.4

Cash Flow Statement Apr 03 Apr 02 Apr 01

Net Operating Cash Flow 166.0 67.0 88.2

Net Investing Cash Flow (53.0) (20.5) (27.6)

Net Financing Cash Flow (26.8) (5.8) (32.3)

Net Change in Cash 89.3 40.8 27.4

Depreciation & Amortization 37.8 28.6 26.9

Capital Expenditures (60.3) (29.2) (29.4)

Cash Dividends Paid (33.6) (15.6) (16.7)

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Quarterly Financials

All amounts in millions of US Dollars except per share amounts.

Income StatementQuarter Ending Jan

04 (Prelim.)Quarter Ending

Oct 03Quarter

Ending Jul 03Quarter Ending

Apr 03

QuarterEndingJan 03

Revenue 355.3 386.0 350.3 329.0 340.8

Cost of Goods Sold −− 237.6 218.9 203.2 209.0

Gross Profit −− 148.4 131.4 125.8 131.8

Gross Profit Margin −− 38.4% 37.5% 38.2% 38.7%

SG&A Expense −− 81.0 76.6 73.0 71.9

Depreciation & Amortization −− 11.4 10.7 11.4 8.9

Operating Income −− 56.0 44.1 41.4 51.0

Operating Margin −− 14.5% 12.6% 12.6% 15.0%

Nonoperating Income −− 0.1 0.9 0.8 (2.1)

Nonoperating Expenses −− 1.7 2.0 1.9 2.3

Income Before Taxes −− 51.3 41.2 37.4 45.1

Income Taxes −− 19.2 15.5 14.2 17.2

Net Income After Taxes −− 32.1 25.7 23.2 27.9

Continuing Operations 31.3 32.1 25.8 23.2 28.0

Discontinued Operations 0.0 0.0 0.0 0.0 0.0

Total Operations 31.3 32.1 25.8 23.2 28.0

Total Net Income 31.3 32.1 25.8 23.2 28.0

Net Profit Margin 8.8% 8.3% 7.4% 7.1% 8.2%

Diluted EPS fromContinuing Operations ($)

0.62 0.64 0.51 0.46 0.56

Diluted EPS fromDiscontinued Operations ($)

0.00 0.00 0.00 0.00 0.00

Diluted EPS from TotalOperations ($)

0.62 0.64 0.51 0.46 0.56

Diluted EPS from Total NetIncome ($)

Dividends per Share 0.23 0.23 0.23 0.20 0.20

Balance SheetQuarter Ending Jan

04 (Prelim.)Quarter Ending

Oct 03Quarter

Ending Jul 03Quarter Ending

Apr 03

QuarterEndingJan 03

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Assets

Current Assets

Cash −− 70.2 167.5 181.2 150.8

Net Receivables −− 113.0 103.3 101.4 93.9

Inventories −− 194.9 194.6 169.1 176.4

Other Current Assets −− 48.4 15.2 14.9 16.1

Total Current Assets −− 426.4 480.5 466.7 437.2

Net Fixed Assets −− 305.0 288.7 275.0 264.7

Other Noncurrent Assets −− 926.4 871.8 873.8 873.2

Total Assets −− 1,657.8 1,640.9 1,615.4 1,575.0

Liabilities andShareholders' Equity

Quarter Ending Jan04 (Prelim.)

Quarter EndingOct 03

QuarterEnding Jul 03

Quarter EndingApr 03

QuarterEndingJan 03

Current Liabilities

Accounts Payable −− 62.2 70.1 68.7 48.8

Short−Term Debt −− 0.0 0.0 0.0 0.0

Other Current Liabilities −− 102.1 111.2 98.6 115.5

Total Current Liabilities −− 164.3 181.2 167.3 164.4

Long−Term Debt −− 135.0 135.0 135.0 135.0

Other Noncurrent Liabilities −− 187.6 185.2 54.9 162.7

Total Liabilities −− 486.9 501.5 491.2 462.0

Shareholders' Equity

Preferred Stock Equity −− 0.0 0.0 0.0 0.0

Common Stock Equity −− 1,170.9 1,139.5 1,124.2 1,113.0

Total Equity −− 1,170.9 1,139.5 1,124.2 1,113.0

Shares Outstanding (mil.) 50.1 50.1 50.0 49.8 49.8

Cumulative Cash FlowStatement

Quarter Ending Jan04 (Prelim.)

Quarter EndingOct 03

QuarterEnding Jul 03

Quarter EndingApr 03

QuarterEndingJan 03

Net Operating Cash Flow −− 31.5 19.3 166.0 112.2

Net Investing Cash Flow −− (124.7) (23.6) (53.0) (36.4)

Net Financing Cash Flow −− (20.3) (10.2) (26.8) (18.5)

Net Change in Cash −− (111.1) (13.8) 89.3 58.9

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Depreciation & Amortization −− 11.4 10.7 11.4 8.9

Capital Expenditures −− (52.6) (25.7) (60.3) (38.6)

Cash Dividends Paid −− (22.8) (11.4) (33.6) 0.0

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Historical Financials & Employees

Income Statement

YearRevenue

($ mil.)Net Income

($ mil.)Net Profit

MarginEmployees

Apr 03 1,311.7 96.3 7.3% 2,775

Apr 02 687.1 30.9 4.5% 2,300

Apr 01 651.2 30.7 4.7% 2,250

Apr 00 632.5 26.4 4.2% 2,250

Apr 99 602.5 37.8 6.3% 2,100

Apr 98 565.5 33.3 5.9% 2,000

Apr 97 542.6 30.9 5.7% 1,950

Apr 96 528.6 29.4 5.6% 1,925

Apr 95 628.3 36.3 5.8% 2,600

Apr 94 511.5 30.5 6.0% 2,600

Stock History

YearStock Price ($) P/E Per Share ($)

FYHigh

FYLow

FYClose

High Low Earns. Div.BookValue

Apr 03 42.2 28.7 36.3 20.9 14.2 2.0 0.8 22.6

Apr 02 37.7 23.9 34.7 30.4 19.3 1.2 0.6 11.3

Apr 01 29.0 18.1 26.2 23.6 14.7 1.2 0.6 10.1

Apr 00 25.8 15.0 16.0 28.0 16.3 0.9 0.6 11.1

Apr 99 25.7 20.5 21.5 19.9 15.9 1.3 0.6 11.1

Apr 98 30.0 16.4 24.6 24.2 13.2 1.1 0.5 10.4

Apr 97 21.8 16.0 17.5 20.5 15.1 1.1 0.5 10.0

Apr 96 23.9 17.2 21.1 23.9 17.2 1.0 0.5 9.5

Apr 95 25.2 20.8 21.5 20.4 16.7 1.2 0.5 8.9

Apr 94 27.2 20.2 22.0 26.0 19.3 1.0 0.5 8.1

2003 Year−End Financials

Debt ratio 12.0%

Return on equity 8.6%

Cash ($ mil.) 181.2

Current ratio 2.79

Long−term debt ($ mil.) 135.0

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Shares Outstanding (mil.) 49.8

Dividend yield 2.1%

Dividend payout 37.6%

Market value ($ mil.) 1,805.5

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Market Data

Current Information

Last Close 10−Mar−2004 $50.62 Price/Sales Ratio 1.78

52−Week High $52.12 Price/Book Ratio 2.16

52−Week Low $33.23 Price/Earnings Ratio 22.70

60−Month Beta (0.0) Price/Cash Flow Ratio 16.71

Market Value (mil.) $2,533.6 Return on Assets 6.8%

Shares Outstanding (mil.) 50.0 Return on Equity 9.6%

Dividend Rate 0.92 Current Ratio 2.60

Dividend Yield 1.8% Long−Term Debt/Equity −−

# of Institutional Holders 621 % Owned by Institutions 47.6%

Latest Short Interest Ratio 6.10 Latest Net Insider Transactions 0.00

Growth Rates 12 Month 36 Month 60 Month

Revenue Growth 22.6% −− −−

EPS Growth 24.6% −− −−

Dividend Growth 23.6% −− −−

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Comparison Data

Profitability Company Industry 1 Market 2

Gross Profit Margin 38.85% 35.90% 47.92%

Pre−Tax Profit Margin 12.33% 5.98% 5.80%

Net Profit Margin 7.91% 3.74% 2.87%

Return on Equity 9.6% 9.1% 5.7%

Return on Assets 6.8% 4.0% 0.9%

Return on Invested Capital 8.6% 5.7% 2.8%

Valuation Company Industry 1 Market 2

Price/Sales Ratio 1.78 0.90 1.43

Price/Earnings Ratio 22.70 25.68 50.09

Price/Book Ratio 2.16 2.18 2.84

Price/Cash Flow Ratio 16.71 12.12 15.76

Operations Company Industry 1 Market 2

Days of Sales Outstanding 28.64 35.06 59.48

Inventory Turnover 4.5 5.1 7.5

Days Cost of Goods Sold in Inventory 79 70 48

Asset Turnover 0.9 1.2 0.3

Net Receivables Turnover Flow 12.2 10.5 6.2

Effective Tax Rate 37.7% 35.0% −−

Financial Company Industry 1 Market 2

Current Ratio 2.60 1.83 1.39

Quick Ratio 1.3 0.9 1.0

Leverage Ratio 1.42 2.27 6.02

Total Debt/Equity 0.12 0.64 1.43

Interest Coverage 23.40 4.90 2.00

Per Share Data ($) Company Industry 1 Market 2

Revenue Per Share 28.38 21.78 19.61

Fully Diluted Earnings Per Sharefrom Total Operations

2.23 0.76 0.56

Dividends Per Share 0.89 0.18 0.42

Cash Flow Per Share 3.03 1.61 1.78

Working Capital Per Share 5.24 2.94 2.14

Long−Term Debt Per Share 2.70 5.19 10.17

Book Value Per Share 23.39 8.97 9.89

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Total Assets Per Share 33.12 20.34 59.58

Growth Company Industry 1 Market 2

12−Month Revenue Growth 22.6% (1.1%) 4.3%

12−Month Net Income Growth 40.9% 16.8% 70.2%

12−Month EPS Growth 24.6% (8.4%) 75.0%

12−Month Dividend Growth 23.6% (14.3%) 2.4%

36−Month Revenue Growth −− 1.6% 1.7%

36−Month Net Income Growth −− 8.4% (18.9%)

36−Month EPS Growth −− 6.8% (19.7%)

36−Month Dividend Growth −− 1.0% 1.5%1Industry: Processed/Packaged GoodsIndustry classifications are from Media General Financial Services, Inc. .

2 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Competitive Landscape

KEY: Best of Group. Companies listed are Top Competitors.

Key Numbers Smucker ConAgra Ralcorp Unilever 1

Annual Sales ($mil.) 1,311.7 19,839.2 1,303.6 50,698.0

Employees 2,775 63,000 5,000 247,000

Market Value ($mil.) 2,533.6 14,888.4 936.5 −−

Profitability Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3

Gross Profit Margin 38.85% 25.22% 22.60% −− 35.90% 47.92%

Pre−Tax Profit Margin 12.33% 7.61% 1.68% −− 5.98% 5.80%

Net Profit Margin 7.91% 5.23% 0.44% −− 3.74% 2.87%

Return on Equity 9.6% 16.1% 1.4% −− 9.1% 5.7%

Return on Assets 6.8% 5.4% 0.5% −− 4.0% 0.9%

Return on Invested Capital 8.6% 8.0% 0.7% −− 5.7% 2.8%

Valuation Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3

Price/Sales Ratio 1.78 0.99 0.71 −− 0.90 1.43

Price/Earnings Ratio 22.70 18.74 161.00 −− 25.68 50.09

Price/Book Ratio 2.16 3.04 2.20 −− 2.18 2.84

Price/Cash Flow Ratio 16.71 13.27 21.47 −− 12.12 15.76

Operations Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3

Days of Sales Outstanding 28.64 48.11 17.54 −− 35.06 59.48

Inventory Turnover 4.5 3.0 6.7 −− 5.1 7.5

Days Cost of Goods Sold in Inventory 79 120 54 −− 70 48

Asset Turnover 0.9 1.0 1.4 −− 1.2 0.3

Net Receivables Turnover Flow 12.2 7.9 37.3 −− 10.5 6.2

Effective Tax Rate 37.7% 28.2% −− −− 35.0% −−

Financial Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3

Current Ratio 2.60 1.63 1.96 −− 1.83 1.39

Quick Ratio 1.3 0.6 0.7 −− 0.9 1.0

Leverage Ratio 1.42 2.97 2.57 −− 2.27 6.02

Total Debt/Equity 0.12 1.10 1.00 −− 0.64 1.43

Interest Coverage 23.40 5.50 6.70 −− 4.90 2.00

Per Share Data ($) Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3

Revenue Per Share 28.38 28.08 45.31 −− 21.78 19.61

Fully Diluted Earnings Per Sharefrom Total Operations

2.23 1.48 0.20 −− 0.76 0.56

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Dividends Per Share 0.89 1.00 0.00 −− 0.18 0.42

Cash Flow Per Share 3.03 2.09 1.50 −− 1.61 1.78

Working Capital Per Share 5.24 4.17 4.36 −− 2.94 2.14

Long−Term Debt Per Share 2.70 9.25 14.64 −− 5.19 10.17

Book Value Per Share 23.39 9.12 14.65 −− 8.97 9.89

Total Assets Per Share 33.12 27.07 37.62 −− 20.34 59.58

Growth Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3

12−Month Revenue Growth 22.6% (41.3%) 1.1% −− (1.1%) 4.3%

12−Month Net Income Growth 40.9% (4.2%) (89.3%) −− 16.8% 70.2%

12−Month EPS Growth 24.6% (3.3%) (88.6%) −− (8.4%) 75.0%

12−Month Dividend Growth 23.6% 4.2% −− −− (14.3%) 2.4%

36−Month Revenue Growth −− (13.6%) 10.8% −− 1.6% 1.7%

36−Month Net Income Growth −− 8.6% (41.0%) −− 8.4% (18.9%)

36−Month EPS Growth −− 6.9% (40.6%) −− 6.8% (19.7%)

36−Month Dividend Growth −− 5.7% −− −− 1.0% 1.5%

1 Data unavailable.2 Industry: Processed/Packaged GoodsIndustry classifications are from Media General Financial Services, Inc. .3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia

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Copyright 2004, Hoover's, Inc.

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