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

    Copyright 2004, Hoover's, Inc.

    http://www.hoovers.com

  • 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

    Report Builder The J. M. Smucker Company Hoover's Online

    i

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

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

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

    Report Builder The J. M. Smucker Company Hoover's Online

    ii

  • The Basics

    1 Strawberry Ln.Orrville, OH 446670280 (Map)http://www.smucker.com

    Phone: 3306823000Fax: 3306843370Toll Free: 8885509555

    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 PopTarts 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 YearEnd April

    2003 Sales (mil.) $1,311.7

    1Year Sales Growth 90.9%

    2003 Net Income (mil.) $96.3

    1Year Net Income Growth 211.7%

    2003 Employees 2,775

    1Year Employee Growth 20.7%

    Auditor Ernst & Young LLP

    Financial Overview

    Last Close 10Mar2004 $50.62

    52Week High $52.12

    52Week 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 CoCEO Timothy P. Smucker 59 $597,254 $788,100

    President, CoCEO, 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 CoCEO Timothy P. Smucker 59

    President, CoCEO, 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 CocaCola 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 CoCEO, $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 CoCEO, $475,617 salary, $434,160 bonus

    Biography

    Mr. Smucker has been a director since 1973. He has been the chairman since 1987 and cochief 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, CoCEO, CFO, and Director, $557,886 salary, $788,100 bonus

    Other Company Affiliations

    Company Title Salary Bonus

    The SherwinWilliams Company Director

    Wm. Wrigley Jr. Company DirectorRecent Work Highlights

    The J. M. Smucker Company2003 2003, President, CoCEO, and Director 2002: President, CoCEO, 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 cochief 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 SherwinWilliams 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 employeeowned 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

    JeffersonPilot 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 JeffersonPilot 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 PopTarts 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 crustless 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 steampowered 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 mid1960s. 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 Coop, 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 ProFac 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

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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

    Report Builder The J. M. Smucker Company Hoover's Online 17

  • 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

    ShortTerm 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

    LongTerm 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

    Report Builder The J. M. Smucker Company Hoover's Online 19

  • 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

    ShortTerm 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

    LongTerm 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

    Report Builder The J. M. Smucker Company Hoover's Online 20

  • 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 YearEnd Financials

    Debt ratio 12.0%

    Return on equity 8.6%

    Cash ($ mil.) 181.2

    Current ratio 2.79

    Longterm debt ($ mil.) 135.0

    Report Builder The J. M. Smucker Company Hoover's Online 22

  • 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 10Mar2004 $50.62 Price/Sales Ratio 1.78

    52Week High $52.12 Price/Book Ratio 2.16

    52Week Low $33.23 Price/Earnings Ratio 22.70

    60Month 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% LongTerm 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%

    PreTax 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

    LongTerm Debt Per Share 2.70 5.19 10.17

    Book Value Per Share 23.39 8.97 9.89

    Report Builder The J. M. Smucker Company Hoover's Online 25

  • Total Assets Per Share 33.12 20.34 59.58

    Growth Company Industry 1 Market 2

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

    12Month Net Income Growth 40.9% 16.8% 70.2%

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

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

    36Month Revenue Growth 1.6% 1.7%

    36Month Net Income Growth 8.4% (18.9%)

    36Month EPS Growth 6.8% (19.7%)

    36Month 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%

    PreTax 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

    LongTerm 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

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

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

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

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

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

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

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

    36Month 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.

    Report Builder The J. M. Smucker Company Hoover's Online 29

    Table of Contents The Basics Key Numbers Financial Overview Officers & Employees Board Members Industry Information SIC Codes NAICS Codes Top Competitors All Competitors Rankings

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

    Overview History Products/Operations Other Resources Available On Hoover's Online Other Resources Related Products From Our Trusted Partners

    Annual Financials Quarterly Financials Historical Financials & Employees Market Data Comparison Data Competitive Landscape