-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OCxUow2fbzZ5pCzdP1Wgj9qbSO12k7X+Ldq7CScRkmNoXTvsPDlFIHLUSeIu0FtX VFLKmE0G+AMdlHuFl2tfMQ== 0001144204-09-010733.txt : 20090225 0001144204-09-010733.hdr.sgml : 20090225 20090225071520 ACCESSION NUMBER: 0001144204-09-010733 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090225 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090225 DATE AS OF CHANGE: 20090225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMUCKER J M CO CENTRAL INDEX KEY: 0000091419 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033] IRS NUMBER: 340538550 STATE OF INCORPORATION: OH FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05111 FILM NUMBER: 09632258 BUSINESS ADDRESS: STREET 1: STRAWBERRY LN CITY: ORRVILLE STATE: OH ZIP: 44667 BUSINESS PHONE: 3306823000 MAIL ADDRESS: STREET 1: STRAWBERRY LANE, P.O. BOX 280 CITY: ORRVILLE STATE: OH ZIP: 44667 8-K 1 v141165_8-k.htm Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC  20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of report (Date of earliest event reported):   February 25, 2009


    The J. M. Smucker Company    
(Exact Name of Registrant as Specified in Charter)

 
Ohio
  
1-5111
  
34-0538550
(State or Other Jurisdiction
  
(Commission
  
(IRS Employer
of Incorporation)
  
File Number)
  
Identification No.)

One Strawberry Lane
    
Orrville, Ohio
  
44667-0280
(Address of Principal Executive Offices)
  
(Zip Code)


Registrant’s telephone number, including area code: (330) 682-3000


Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
Item 2.02  Results of Operations and Financial Condition

On February 25, 2009, The J. M. Smucker Company (the “Company”) issued a press release announcing the financial results for the quarter ended January 31, 2009.  A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
 
The information in this Form 8-K, including the exhibit attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01  Financial Statements and Exhibits

(d)
Exhibits

 Exhibit
Number
Exhibit
Description
   
99.1
Press Release, dated February 25, 2009

 
 
 
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
THE J. M. SMUCKER COMPANY
  
       
       
 
By:
   /s/ Mark R. Belgya
  
   
Mark R. Belgya
  
   
Vice President and Chief Financial Officer
  


Date:  February 25, 2009
 
 
 
 
EXHIBIT INDEX

Exhibit
Number
Exhibit
Description
   
99.1
Press Release, dated February 25, 2009

 
 
 
 EX-99.1 2 v141165_ex99-1.htm Unassociated Document
  
 
 
For Immediate Release
 
The J. M. Smucker Company Announces Third Quarter Results
·  
Net sales increased 78 percent led by Folgers
·  
Net income increased 84 percent
·  
EPS down 9 percent due to Folgers merger and integration charges, EPS up 11 percent excluding charges
·  
Company updates fiscal 2009 outlook and confirms long-term strategic objectives

ORRVILLE, Ohio, February 25, 2009 --The J. M. Smucker Company (NYSE: SJM) today announced results for the third quarter ended January 31, 2009, of its 2009 fiscal year.  Results for the three-month and nine-month periods ended January 31, 2009, include the operations of The Folgers Coffee Company (“Folgers”) since the completion of the merger on November 6, 2008.
 
Executive Summary
                                    
   
Three Months Ended January 31,
    
Nine Months Ended January 31,
  
               
% Increase
                
% Increase
  
   
2009
    
2008
    
(Decrease)
    
2009
    
2008
    
(Decrease)
  
         
(Dollars in millions, except per share data)
        
                   
Net sales
   $ 1,182.6     $ 665.4       78 %   $ 2,689.4     $ 1,934.8       39 %
Operating income
   $ 135.5     $ 68.6       97 %   $ 293.6     $ 222.5       32 %
% of net sales
     11.5 %     10.3 %             10.9 %     11.5 %        
Net income:
                                                
Income
   $ 77.9     $ 42.4       84 %   $ 171.7     $ 133.3       29 %
Income per diluted share
   $ 0.68     $ 0.75       (9 %)   $ 2.30     $ 2.33       (1 %)
EBITDA
   $ 179.0     $ 85.6       109 %   $ 371.5     $ 269.2       38 %
 
 
·  
Excluding the impact of acquisitions and foreign exchange, net sales increased 6 percent and 11 percent for the third quarter and first nine months of 2009, respectively, compared to the same periods in 2008.
·  
Restructuring and merger and integration costs of $0.20 and $0.04 per diluted share are included in the third quarter of 2009 and 2008, respectively.  Excluding these items, the Company’s non-GAAP income per diluted share was $0.88 and $0.79 for 2009 and 2008, respectively, an increase of 11 percent.
·  
Restructuring and merger and integration costs of $0.39 and $0.09 per diluted share are included in the nine month periods of 2009 and 2008, respectively.   Excluding these costs in both years, the Company’s non-GAAP income per diluted share was $2.69 in the first nine months of 2009, and $2.42 in the first nine months of 2008, also an increase of 11 percent.
 
Page 1

 
“We delivered strong financial performance this quarter with solid results in our core Smucker business and the addition of Folgers,” commented Richard Smucker, Executive Chairman and Co-Chief Executive Officer.  “The Folgers merger was completed early in the quarter and contributed to margin expansion and significantly increased cash flow.  The integration remains on track and we appreciate the commitment of our employees both in integrating Folgers, and maintaining their focus on the core business.”

“In difficult economic times, families look for reassurance, comfort, consistency and quality – all hallmarks of our brands,” added Tim Smucker, Chairman of the Board and Co-Chief Executive Officer.  “We are able to meet our consumers’ needs by providing choices within our product offerings, a steady stream of innovation, consumer value and products they can trust.  As a result, we are well-positioned to navigate today’s tough economic times and, more importantly, our focus on the long-term will position us for future growth.”

Non-GAAP Measures
The Company uses non-GAAP measures including net sales excluding acquisitions and foreign exchange rate impact; income, operating income, and income per diluted share, excluding restructuring and merger and integration costs; earnings before interest, taxes, depreciation, and amortization (“EBITDA”); and adjusted EBITDA as key measures for purposes of evaluating performance internally.  These non-GAAP measures are not intended to replace the presentation of financial results in accordance with U.S. GAAP.  Rather, the presentation of these non-GAAP measures is consistent with the way management internally evaluates its businesses, and facilitates the comparison of past and present operations.  A reconciliation of non-GAAP measures to the comparable GAAP item for the current quarter and nine-month period is included in the “Unaudited Non-GAAP Measures” table.

Page 2
Net Sales
   
Three months ended
    
Nine months ended
  
   
January 31, 2009
    
January 31, 2009
  
         
(Dollars in millions)
        
Increase in net sales as reported
   $ 517.2       78 %   $ 754.6       39 %
Less:
                                
    Acquisitions
     (491.7 )     (74 %)     (558.1 )     (29 %)
    Foreign exchange
     16.0       2 %     19.0       1 %
Increase in net sales without acquisitions and
                                
foreign exchange
   $ 41.5       6 %   $ 215.5       11 %
 
 
Net sales increased 78 percent in the third quarter of 2009 compared to 2008.  Acquisitions contributed approximately $491.7 million, including $468.5 million from Folgers, while foreign exchange reduced net sales by approximately $16.0 million.   Excluding acquisitions and foreign exchange, net sales increased 6 percent.

Over the last year, the Company has implemented price increases necessary to offset rising costs.  While pricing was the main driver of the net sales growth, contributing 13 percent, a number of categories experienced volume gains, including Pillsbury® baking mixes and frostings, Hungry Jack® pancakes and syrups, and canned milk, all reflecting current back-to-home meal trends.  As expected, volume declines were concentrated in the oils and flour categories.  Recent pressures in the peanut butter category caused a slight decline in volume and the Company expects this to continue through the fourth quarter although no Company products are involved in the recall.

Margins
 
   
Three months ended
    
Nine months ended
  
   
January 31,
    
January 31,
  
   
2009
    
2008
    
2009
    
2008
  
         
(% of net sales)
        
                         
Gross profit
     33.9 %     29.4 %     31.7 %     31.0 %
Selling, distribution, and administrative expenses:
                                
     Marketing and selling
     10.0 %     9.4 %     10.0 %     9.8 %
     Distribution
     3.6 %     3.3 %     3.5 %     3.4 %
     General and administrative
     4.3 %     5.5 %     4.8 %     5.8 %
      17.9 %     18.2 %     18.3 %     19.0 %
Amortization
     1.7 %     0.2 %     0.9 %     0.2 %
Restructuring and merger and integration costs
     2.8 %     0.5 %     1.6 %     0.4 %
Other operating expense (income)
     0.0 %     0.2 %     0.0 %     (0.1 %)
Operating income
     11.5 %     10.3 %     10.9 %     11.5 %
 
Overall, gross profit increased $205.6 million in the third quarter of 2009, more than doubling the amount in the same period last year.  The primary driver of the gross profit improvement was the addition of Folgers.  The Company improved gross profit on its base business by approximately 17 percent, or 2.6 percentage points, despite higher costs on many key ingredients. Current pricing is more in line with these higher costs, contributing to the gross profit increase and allowing the Company to continue to recover margin lost over the past few years.  Margin gains in oils, canned milk, and regional baking brands, along with the addition of Folgers, combined to increase gross margin to 33.9 percent in the third quarter of 2009 from 29.4 percent in the third quarter of 2008.

Page 3
Selling, distribution, and administrative (“SD&A”) expenses increased 74 percent for the third quarter of 2009 compared to 2008.  An increase in marketing and distribution expenses, much of which was related to the addition of Folgers, accounted for approximately 70 percent of the SD&A increase.  Most SD&A expenses, particularly selling and corporate overhead, increased at a lesser rate than net sales resulting in an overall decrease in SD&A from 18.2 percent of net sales to 17.9 percent, further contributing to the improvement in operating margin.

Amortization expense increased $19.0 million to 1.7 percent of net sales compared to 0.2 percent of net sales in the same period in 2008 reflecting the addition of intangible assets associated with the Folgers transaction.  The valuation of these intangible assets is preliminary, and amortization expense in future periods may vary from the amounts recorded, depending on the final values.

Operating income increased 97 percent compared to the third quarter of 2008 and improved from 10.3 percent to 11.5 percent of net sales.  Restructuring and merger and integration costs were $29.5 million higher in the third quarter of 2009 compared to 2008, as integration activities related to Folgers commenced, reducing operating margin by 2.3 percentage points.   Excluding the impact of restructuring and merger and integration costs, operating income more than doubled and increased from 10.9 percent to 14.3 percent of net sales.

Other
During the third quarter, the Company’s debt obligations increased by Folgers’ $350 million of LIBOR-based variable rate debt.  In addition, the Company issued $400 million in Senior Notes with a weighted-average interest rate of 6.6 percent during the second quarter.  As a result, interest expense increased $11.2 million during the third quarter of 2009 compared to 2008.

Income tax expense increased $16.7 million, or 84 percent, during the third quarter of 2009 compared to 2008, in line with the percentage increase in income before taxes.  The effective tax rate was 31.8 percent, consistent in both periods.  

Page 4
Segment Performance
 
   
Three months ended January 31,
    
Nine months ended January 31,
  
   
2009
    
2008
    
% Increase (Decrease)
    
2009
    
2008
    
% Increase (Decrease)
  
   
(Dollars in millions)
  
Net sales:                                    
U.S. retail market
   $ 549.3     $ 502.2       9 %   $ 1,656.4     $ 1,455.6       14 %
U.S. retail coffee market
   $ 442.9     $ -       n/a     $ 442.9     $ -       n/a  
Special markets
   $ 190.4     $ 163.2       17 %   $ 590.1     $ 479.2       23 %
                                                 
Segment profit:                                                
U.S. retail market
   $ 110.3     $ 79.4       39 %   $ 297.1     $ 256.5       16 %
% of net sales
     20.1 %     15.8 %             17.9 %     17.6 %        
U.S. retail coffee market
   $ 90.2     $ -       n/a     $ 90.2     $ -       n/a  
% of net sales
     20.4 %     n/a               20.4 %     n/a          
Special markets
   $ 27.0     $ 25.2       7 %   $ 74.2     $ 67.6       10 %
% of net sales
     14.2 %     15.4 %             12.6 %     14.1 %        
 
 
With the addition of Folgers, the Company added the U.S. retail coffee market reportable segment representing the domestic sales of Folgers®, Millstone®, and Dunkin’ Donuts® branded coffee to retail customers.   Coffee sales to other than domestic retail customers are included in the special markets segment.

U.S. Retail Market
U.S. retail market segment net sales for the quarter were up 9 percent, with pricing accounting for the majority of the increase.  Net sales in the consumer strategic business area increased 9 percent, with gains in Smucker’s®  fruit spreads, Jif® and Hungry Jack®.  Acquisitions contributed approximately one-quarter of the consumer increase.  Net sales in the consumer oils and baking strategic business area were also up 9 percent, with increases in Pillsbury®, Crisco® and Eagle Brand® canned milk, primarily due to the effect of price increases.  Volume gains were realized in baking mixes, frostings, and canned milk.  While total volume in the business area was down 11 percent, most of the decline was expected and reflects the impact of last year’s price increases in oils and flour.

For the first nine months of 2009, U.S. retail market segment net sales increased 14 percent compared to the first nine months of 2008 with net sales up 12 percent in the consumer strategic business area, and up 15 percent in the consumer oils and baking strategic business area.

U.S. retail market segment profit increased 39 percent for the quarter, sharply ahead of the increase in net sales, and 16 percent for the first nine months of 2009 compared to the same periods in 2008.  Much of the gain was in the oils and baking area with almost half of the segment profit increase attributable to improvements in the canned milk business.  A better match of prices to costs this year compared to last year accounted for most of the remainder of the profit increase.

Page 5
U.S. Retail Coffee Market
The U.S. retail coffee market segment contributed $442.9 million to net sales and $90.2 million in segment profit for the third quarter of 2009.  On a pro forma basis, net sales increased 4 percent for the quarter as growth in Dunkin’ Donuts® contributed to net sales and margin growth.  Integration of the Folgers business is proceeding as planned as the Company completed its customer facing activities at the beginning of February, achieving a key milestone.

Special Markets
Net sales in the third quarter for the special markets segment increased 17 percent.  Canada strategic business area net sales were flat, as the impact of the Europe’s Best® acquisition and pricing gains were offset by unfavorable foreign exchange.  In local currency, Canada net sales increased 3 percent excluding acquisitions.  Net sales increased in the foodservice business area by 64 percent, as the acquisition of Folgers added $25.6 million of the increase and the Knott’s Berry Farm® acquisition also contributed.  The gains from acquisitions accounted for most of the increase, and more than offset declines in the portion control business resulting from a decrease in away-from-home dining.  Net sales in the beverage business area were down 7 percent.  For the first nine months of 2009, special markets segment net sales are up 23 percent, primarily due to acquisitions.

Special markets segment profit increased 7 percent for the quarter and 10 percent for the first nine months of 2009 compared to the same periods in 2008, again resulting from the impact of recent acquisitions.

Page 6
Other Financial Results and Measures
For the third quarter of 2009, EBITDA was $179 million, or 15.1 percent of net sales, compared to $85.6 million, or 12.9 percent of net sales in the third quarter of 2008, reflecting better margins on the Company’s core brands and the impact of the Folgers merger. Cash provided by operating activities increased $138.4 million to $280.3 million during the quarter resulting from the completion of the Fall Bake season, and the contribution from Folgers.  As a result, the Company had $359.9 million in cash and cash equivalents on hand at January 31, 2009.

Outlook
The Company estimates net sales for fiscal 2009 to range from $3.6 to $3.7 billion, down from a previous range of $3.8 to $4.0 billion.  Non-GAAP income per diluted share, excluding restructuring and merger and integration costs, is estimated to range from $3.15 to $3.30.   The new income per share range includes the incremental noncash amortization expense related to Folgers and the anticipated impact from ongoing pressure in the peanut butter category.  The effect of lost peanut butter sales and margins, along with the related additional advertising and consumer communication costs, and unrecovered overhead are expected to result in a negative impact in the range of $0.05 to $0.07 per diluted share.  The Company remains committed to its long-term strategic objectives of 6 percent annual sales growth and greater than 8 percent earnings per share growth.

Conference Call
 
The Company will conduct an earnings conference call and webcast today, Wednesday, February 25, 2009, at 8:30 a.m. E.T.  The webcast, as well as a replay in downloadable MP3 format, can be accessed from the Company’s website at www.smuckers.com.  For those unable to listen to the webcast, an audio replay will be available following the call and can be accessed by dialing 888-203-1112 or 719-457-0820, with a pass code of 6323048, and will be available until Wednesday, March 4, 2009.
 

About The J. M. Smucker Company
For more than 100 years, The J. M. Smucker Company has been committed to offering consumers quality products that help families create memorable mealtime moments.  Today, Smucker is the leading marketer and manufacturer of fruit spreads, retail packaged coffee, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and health and natural foods beverages in North America. Its family of brands includes Smucker's®, Folgers®, Jif®, Crisco®, Pillsbury®, Eagle Brand®, R.W. Knudsen Family®, Hungry Jack®, White Lily® and Martha White® in the United States, along with Robin Hood®, Five Roses®, Carnation®, Europe’s Best® and Bick's® in Canada. The Company remains rooted in the Basic Beliefs of Quality, People, Ethics, Growth and Independence established by its founder and namesake more than a century ago. The Company has appeared on FORTUNE Magazine's list of the 100 Best Companies to Work For in the United States 11 times, ranking number one in 2004. For more information about the Company, visit www.smuckers.com.

Page 7
The J. M. Smucker Company is the owner of all trademarks, except Pillsbury is a trademark of The Pillsbury Company, used under license; Carnation is a trademark of Societe des Produits Nestle S.A., used under license; and Dunkin’ Donuts is a registered trademark of DD IP Holder LLC used under license.

The J. M. Smucker Company Forward-Looking Language
This press release contains forward-looking statements, such as projected operating results, earnings and cash flows, that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by those forward-looking statements. Readers should understand that the risks, uncertainties, factors and assumptions listed and discussed in this press release, including the following important factors and assumptions, could affect the future results of Smucker and could cause actual results to differ materially from those expressed in the forward-looking statements: (i) volatility of commodity markets from which raw materials, particularly green coffee beans, wheat, soybean oil, milk, and peanuts are procured and the related impact on costs; (ii) the successful integration of the coffee business with Smucker’s business, operations and culture and the ability to realize synergies and other potential benefits of the merger within the time frames currently contemplated; (iii) crude oil price trends and their impact on transportation, energy, and packaging costs; (iv) the ability to successfully implement price changes; (v) the success and cost of introducing new products and the competitive response; (vi) the success and cost of marketing and sales programs and strategies intended to promote growth in Smucker’s businesses; (vii) general competitive activity in the market, including competitors’ pricing practices and promotional spending levels; (viii) the concentration of certain of Smucker’s businesses, with key customers and the ability to manage and maintain key customer relationships; (ix) the loss of significant customers or a substantial reduction in orders from these customers or the bankruptcy of any such customer; (x) changes in consumer coffee preferences, and other factors affecting the coffee business, which represents a substantial portion of Smucker’s business; (xi) the ability of Smucker to obtain any required financing; (xii) the timing and amount of capital expenditures, restructuring, and merger and integration costs; (xiii) the outcome of current and future tax examinations and other tax matters, and their related impact on Smucker’s tax positions; (xiv) foreign currency and interest rate fluctuations; (xv) political or economic disruption due to the global recession and credit crisis; (xvi) other factors affecting share prices and capital markets generally; and (xvii) the other factors described under “Risk Factors” in other reports and statements filed by Smucker with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and proxy materials.

Page 8
Readers are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made, when evaluating the information presented in this press release.  Smucker does not assume any obligation to update or revise these forward-looking statements to reflect new events or circumstances.

Additional Information
Projected non-GAAP income per diluted share for fiscal 2009 is adjusted from projected GAAP income per diluted share by excluding estimated restructuring and merger and integration costs. The actual amount of those costs for the full fiscal year cannot be determined at this time, but are anticipated to include the same categories of expenses included in the quantitative reconciliation of non-GAAP income before restructuring and merger and integration costs to GAAP net income for the three and nine-month periods ended January 31, 2009 and 2008 included elsewhere in this press release.

Contacts:
The J. M. Smucker Company
(330) 682-3000

Investors:
Mark R. Belgya
Vice President and Chief Financial Officer

Sonal Robinson
Director, Corporate Finance and Investor Relations

Media:
Maribeth Badertscher
Director, Corporate Communications
Page 9

The J. M. Smucker Company
Unaudited Condensed Consolidated Statements of Income

   
Three Months Ended January 31,
    
Nine Months Ended January 31,
  
   
2009
    
2008
    
% Increase (Decrease)
    
2009
    
2008
    
% Increase (Decrease)
  
   
(Dollars in thousands, except per share data)
  
                                     
Net  sales
   $ 1,182,594     $ 665,373       78 %   $ 2,689,393     $ 1,934,776       39 %
Cost of products sold
     781,553       469,658       66 %     1,837,154       1,334,589       38 %
Cost of products sold - restructuring
     -       262       (100 %)     -       262       (100 %)
Gross Profit
     401,041       195,453       105 %     852,239       599,925       42 %
Gross margin
     33.9 %     29.4 %             31.7 %     31.0 %        
                                                 
Selling, distribution, and administrative expenses
     211,633       121,384       74 %     491,856       367,957       34 %
Amortization
     20,558       1,523       1250 %     23,511       3,061       668 %
Restructuring costs
     257       705       (64 %)     903       1,606       (44 %)
Merger and integration costs
     32,809       2,900       1031 %     42,419       5,884       621 %
Other operating expense (income) – net
     325       303       7 %     (34 )     (1,070 )     (97 %)
Operating Income
     135,459       68,638       97 %     293,584       222,487       32 %
Operating margin
     11.5 %     10.3 %             10.9 %     11.5 %        
                                                 
Interest income
     1,822       3,694       (51 %)     5,061       11,015       (54 %)
Interest expense
     (21,959 )     (10,725 )     105 %     (44,017 )     (31,735 )     39 %
Other (expense) income – net
     (966 )     553       (275 %)     400       92       335 %
Income Before Income Taxes
     114,356       62,160       84 %     255,028       201,859       26 %
Income taxes
     36,415       19,759       84 %     83,343       68,531       22 %
Net Income
   $ 77,941     $ 42,401       84 %   $ 171,685     $ 133,328       29 %
                                                 
Net income per common share
   $ 0.68     $ 0.75       (9 %)   $ 2.31     $ 2.35       (2 %)
                                                 
Net income per common share– assuming dilution
   $ 0.68     $ 0.75       (9 %)   $ 2.30     $ 2.33       (1 %)
                                                 
 Dividends declared per common share
   $ 0.32     $ 0.30       7 %   $ 5.96     $ 0.90       562 %
                                                 
Weighted-average shares outstanding
     114,075,455       56,400,147       102 %     74,247,728       56,716,734       31 %
Weighted-average shares outstanding – assuming dilution
     114,563,568       56,823,265       102 %     74,669,448       57,206,738       31 %
 
Page 10

The J. M. Smucker Company
Unaudited Condensed Consolidated Balance Sheets
 
   
January 31, 2009
    
April 30, 2008
  
   
(Dollars in thousands)
  
             
Assets
            
Current Assets:
            
Cash and cash equivalents
   $ 359,907     $ 171,541  
Trade receivables
     259,107       162,426  
Inventories
     658,451       379,608  
Other current assets
     66,832       62,632  
Total Current Assets
     1,344,297       776,207  
                 
Property, Plant, and Equipment, Net
     841,601       496,296  
                 
Other Noncurrent Assets:
                
Goodwill
     2,688,849       1,132,476  
Other intangible assets, net
     3,270,646       614,000  
Other assets
     101,150       110,902  
Total Other Noncurrent Assets
     6,060,645       1,857,378  
    $ 8,246,543     $ 3,129,881  
                 
Liabilities and Shareholders' Equity
                
Current Liabilities:
                
Accounts payable
   $ 176,399     $ 119,844  
Note payable
     350,000       -  
Current portion of long-term debt
     277,466       -  
Other current liabilities
     319,660       119,553  
Total Current Liabilities
     1,123,525       239,397  
                 
Noncurrent Liabilities:
                
Long-term debt, net of current portion
     910,000       789,684  
Other noncurrent liabilities
     1,298,078       300,947  
Total Noncurrent Liabilities
     2,208,078       1,090,631  
                 
Shareholders' Equity, net
     4,914,940       1,799,853  
    $ 8,246,543     $ 3,129,881  

Page 11
 
The J. M. Smucker Company
Unaudited Condensed Consolidated Statements of Cash Flow

   
Nine Months Ended January 31,
  
   
2009
    
2008
  
   
(Dollars in thousands)
  
             
Operating Activities
            
Net income
   $ 171,685     $ 133,328  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation
     54,016       43,528  
Amortization
     23,511       3,061  
Asset impairments and other restructuring charges
     -       262  
Share-based compensation expense
     12,836       8,692  
Working capital
     26,962       (7,629 )
Net Cash Provided by Operating Activities
     289,010       181,242  
                 
Investing Activities
                
Businesses acquired, net of cash acquired
     (72,149 )     (166,963 )
Additions to property, plant, and equipment
     (84,888 )     (53,562 )
Proceeds from sale of business
     -       3,407  
Purchases of marketable securities
     -       (229,405 )
Sales and maturities of marketable securities
     1,308       256,861  
Other - net
     9,444       973  
Net Cash Used for Investing Activities
     (146,285 )     (188,689 )
                 
Financing Activities
                
Proceeds from long-term debt
     400,000       400,000  
Repayments of long-term debt
     -       (148,000 )
Dividends paid
     (347,023 )     (51,478 )
Purchase of treasury shares
     (3,356 )     (86,300 )
Other - net
     700       18,689  
Net Cash Provided by Financing Activities
     50,321       132,911  
Effect of exchange rate changes
     (4,680 )     4,901  
Net increase in cash and cash equivalents
     188,366       130,365  
Cash and cash equivalents at beginning of period
     171,541       199,541  
Cash and cash equivalents at end of period
   $ 359,907     $ 329,906  
                 
(   ) Denotes use of cash
                
 
Page 12

The J. M. Smucker Company
Unaudited Non-GAAP Measures

     
Three Months Ended January 31,
    
Nine Months Ended January 31,
  
     
2009
    
2008
    
% Increase (Decrease)
    
2009
    
2008
    
% Increase (Decrease)
  
     
(Dollars in thousands, except per share data)
  
                                       
Operating income before restructuring and merger and integration costs: (1)
   $ 168,525     $ 72,505       132 %   $ 336,906     $ 230,239       46 %
% of net sales
     14.3 %     10.9 %             12.5 %     11.9 %        
                                                   
Income before restructuring and merger and integration costs: (2)
                                                
Income
   $ 100,271     $ 44,992       123 %   $ 200,849     $ 138,448       45 %
Income per common share -- assuming dilution
   $ 0.88     $ 0.79       11 %   $ 2.69     $ 2.42       11 %
                                                   
Earnings before interest, taxes, depreciation, and amortization:(3)
   $ 179,024     $ 85,591       109 %   $ 371,511     $ 269,168       38 %
% of net sales
     15.1 %     12.9 %             13.8 %     13.9 %        
                                                   
(1)
Reconciliation to operating income:
                                                
 
Operating income
   $ 135,459     $ 68,638       97 %   $ 293,584     $ 222,487       32 %
 
Merger and integration costs
     32,809       2,900       1031 %     42,419       5,884       621 %
 
Cost of products sold - restructuring
     -       262       (100 %)     -       262       (100 %)
 
Restructuring costs
     257       705       (64 %)     903       1,606       (44 %)
 
Operating income before restructuring and merger and integration costs
   $ 168,525     $ 72,505       132 %   $ 336,906     $ 230,239       46 %
                                                   
(2)
Reconciliation to net income:
                                                
 
Income before income taxes
   $ 114,356     $ 62,160       84 %   $ 255,028     $ 201,859       26 %
 
Merger and integration costs
     32,809       2,900       1031 %     42,419       5,884       621 %
 
Cost of products sold - restructuring
     -       262       (100 %)     -       262       (100 %)
 
Restructuring costs
     257       705       (64 %)     903       1,606       (44 %)
 
Income before income taxes, restructuring, and merger and integration costs
     147,422       66,027       123 %     298,350       209,611       42 %
 
Income taxes
     47,151       21,035       124 %     97,501       71,163       37 %
 
Income before restructuring and merger and integration costs
   $ 100,271     $ 44,992       123 %   $ 200,849     $ 138,448       45 %
                                                   
(3)
Reconciliation to net income:
                                                
 
Income before income taxes
   $ 114,356     $ 62,160       84 %   $ 255,028     $ 201,859       26 %
 
Interest income
     (1,822 )     (3,694 )     (51 %)     (5,061 )     (11,015 )     (54 %)
 
Interest expense
     21,959       10,725       105 %     44,017       31,735       39 %
 
Depreciation
     23,973       14,877       61 %     54,016       43,528       24 %
 
Amortization
     20,558       1,523       1250 %     23,511       3,061       668 %
 
Earnings before interest, taxes, depreciation, and amortization
   $ 179,024     $ 85,591       109 %   $ 371,511     $ 269,168       38 %
 
Merger and integration costs
     32,809       2,900       1031 %     42,419       5,884       621 %
 
Cost of products sold - restructuring
     -       262       (100 %)     -       262       (100 %)
 
Restructuring costs
     257       705       (64 %)     903       1,606       (44 %)
 
Share-based compensation expense
     2,928       2,719       8 %     8,963       8,692       3 %
 
Adjusted earnings before interest, taxes, depreciation, and amortization
   $ 215,018     $ 92,177       133 %   $ 423,796     $ 285,612       48 %
 
% of net sales
     18.2 %     13.9 %             15.8 %     14.8 %        
 
The Company uses non-GAAP measures including net sales excluding acquisitions and foreign exchange rate impact; income, operating income, and income per diluted share, excluding restructuring and merger and integration costs; earnings before interest, taxes, depreciation, and amortization ("EBITDA"); and adjusted EBITDA as key measures for purposes of evaluating performance internally.  These non-GAAP measures are not intended to replace the presentation of financial results in accordance with U.S. GAAP.  Rather, the presentation of these non-GAAP measures is consistent with the way management internally evaluates its businesses and facilitates the comparison of past and present operations.
 
Page 13

The J. M. Smucker Company
Unaudited Reportable Segments

   
Three Months Ended January 31,
    
Nine Months Ended January 31,
  
   
2009
    
2008
    
% Increase (Decrease)
    
2009
    
2008
    
% Increase (Decrease)
  
   
(Dollars in thousands)
  
                                     
Net sales:
                                    
U.S. retail market
   $ 549,258     $ 502,174       9 %   $ 1,656,387     $ 1,455,553       14 %
U.S. retail coffee market
     442,933       -       n/a       442,933       -       n/a  
Special markets
     190,403       163,199       17 %     590,073       479,223       23 %
Total net sales
   $ 1,182,594     $ 665,373       78 %   $ 2,689,393     $ 1,934,776       39 %
                                                 
Segment profit:
                                                
U.S. retail market
   $ 110,259     $ 79,379       39 %   $ 297,080     $ 256,544       16 %
U.S. retail coffee market
     90,218       -       n/a       90,218       -       n/a  
Special markets
     26,982       25,206       7 %     74,171       67,630       10 %
Total segment profit
   $ 227,459     $ 104,585       117 %   $ 461,469     $ 324,174       42 %
Interest income
     1,822       3,694       (51 %)     5,061       11,015       (54 %)
Interest expense
     (21,959 )     (10,725 )     105 %     (44,017 )     (31,735 )     39 %
Amortization
     (20,558 )     (1,523 )     1250 %     (23,511 )     (3,061 )     668 %
Share-based compensation expense
     (2,928 )     (2,719 )     8 %     (8,963 )     (8,692 )     3 %
Restructuring costs
     (257 )     (967 )     (73 %)     (903 )     (1,868 )     (52 %)
Merger and integration costs
     (32,809 )     (2,900 )     1031 %     (42,419 )     (5,884 )     621 %
Corporate administrative expense
     (33,667 )     (27,929 )     21 %     (90,295 )     (83,309 )     8 %
Other unallocated (expense) income
     (2,747 )     644       (527 %)     (1,394 )     1,219       (214 %)
Income before income taxes
   $ 114,356     $ 62,160       84 %   $ 255,028     $ 201,859       26 %
                                                 
Segment profit margin:
                                                
U.S. retail market
     20.1 %     15.8 %             17.9 %     17.6 %        
U.S. retail coffee market
     20.4 %     n/a               20.4 %     n/a          
Special markets
     14.2 %     15.4 %             12.6 %     14.1 %        
 
Page 14
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