The J. M. Smucker Company Board of Directors Declares Dividend and Authorizes Increase to Share Repurchase Plan
ORRVILLE, Ohio, Jan. 22 /PRNewswire-FirstCall/ -- The Board of Directors of The J. M. Smucker Company (NYSE: SJM) declared a $0.30 per share dividend on the common shares of the Company to be paid on Monday, March 3, 2008, to shareholders of record at the close of business on Friday, February 15, 2008.
At its January meeting, the Board also authorized an increase to its share repurchase plan. Under the plan, the Company is authorized to purchase an additional 5 million shares. Share repurchases will occur at management's discretion and there is no guarantee as to the exact number of shares that may be repurchased under the share repurchase plan. During the third quarter, the Company completed the repurchase of approximately 1.6 million common shares, including the fulfillment of 1.5 million common shares under its previously announced Rule 10b5-1 trading plan.
About The J. M. Smucker Company
The J. M. Smucker Company is the leading marketer and manufacturer of fruit spreads, 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(R), Jif(R), Crisco(R), Pillsbury(R), Eagle Brand(R), R.W. Knudsen Family(R), Hungry Jack(R), White Lily(R) and Martha White(R) in the United States, along with Robin Hood(R), Five Roses(R), Carnation(R) and Bick's(R) 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. Since 1998, the Company has appeared on FORTUNE Magazine's annual listing of the 100 Best Companies to Work For in the United States, ranking number one in 2004. For more information about the Company, visit www.smuckers.com.
The J. M. Smucker Company Forward-Looking Language
This press release contains forward-looking statements, including statements regarding estimates of future earnings and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially. Uncertainties that could affect actual results include, but are not limited to: the timing and cost of acquiring common shares under the Company's share repurchase authorization; and other factors affecting share prices and capital markets generally. Other risks and uncertainties that may materially affect the Company are detailed from time to time in the respective reports filed by the Company with the Securities and Exchange Commission, including Forms 10-Q, 10-K, and 8-K.
The J. M. Smucker Company is the owner of all trademarks, except Pillsbury is a trademark of The Pillsbury Company, used under license and Carnation is a trademark of Societe des Produits Nestle S.A., used under license.
SOURCE The J. M. Smucker Company
For further information: CONTACT: Investors: Mark R. Belgya, Vice President, Chief Financial
Officer and Treasurer; or Sonal P. Robinson, Director, Corporate Finance and
Investor Relations, 330-682-3000, both of The J. M. Smucker Company
