ORRVILLE, Ohio, Nov. 20 /PRNewswire-FirstCall/ -- The
Executive Summary
Three Months Ended October 31, Six Months Ended October 31,
----------------------------- ---------------------------
% Increase % Increase
2009 2008 (Decrease) 2009 2008 (Decrease)
---- ---- ---------- ---- ---- ----------
(Dollars in millions, except per share data)
Net sales $1,278.7 $843.1 52% $2,330.3 $1,506.8 55%
Operating income $231.0 $86.3 168% $399.5 $158.1 153%
% of net sales 18.1% 10.2% 17.1% 10.5%
Net income:
Income $140.0 $51.5 172% $238.1 $93.7 154%
Income per
diluted share $1.18 $0.94 26% $2.00 $1.71 17%
EBITDA $276.0 $103.1 168% $488.4 $192.5 154%
-- Merger and integration costs of $0.04 and $0.14 per diluted share are
included in the second quarter and first six months of 2010,
respectively, while restructuring and merger and integration costs of
$0.07 and $0.12 per diluted share are included in the second quarter and
first six months of 2009, respectively. Excluding these items, the
Company's non-GAAP income per diluted share was $1.22 and $1.01 for the
second quarter of 2010 and 2009, respectively, an increase of 21
percent, and $2.14 and $1.83 for the first six months of 2010 and 2009,
respectively, an increase of 17 percent.
-- Amortization expense of $0.10 and $0.02 per diluted share is included in
the second quarter of 2010 and 2009, respectively, and $0.20 and $0.04
per diluted share is included in the first six months of 2010 and 2009,
respectively.
"Achieving another quarter of record results further affirms our strategy of owning and marketing center-of-the-store, number one food brands," commented
"With strong momentum in the first half of the year, and confidence in our strategy and our ability to execute this strategy, we are raising our outlook for the year," added
Net Sales
Three Months Ended October 31,
------------------------------
Increase
2009 2008 (Decrease) %
---- ---- ---------- -
(Dollars in millions)
Net sales $1,278.7 $843.1 $435.6 52%
Adjust for noncomparable items:
Acquisitions (487.9) - (487.9) (58%)
Foreign exchange (1.3) - (1.3) (0%)
---- -- ---- --
Net sales without acquisitions
and foreign exchange $789.5 $843.1 $(53.6) (6%)
====== ====== ====== ==
Six Months Ended October 31,
----------------------------
Increase
2009 2008 (Decrease) %
---- ---- ---------- -
(Dollars in millions)
Net sales $2,330.3 $1,506.8 $823.5 55%
Adjust for noncomparable items:
Acquisitions (889.0) - (889.0) (59%)
Foreign exchange 7.7 - 7.7 0%
--- -- --- --
Net sales without acquisitions
and foreign exchange $1,449.0 $1,506.8 $(57.8) (4%)
======== ======== ====== ==
Net sales were up 52 percent in the second quarter of 2010 compared to 2009, due to the addition of Folgers. Excluding Folgers and foreign exchange, net sales were down 6 percent in the second quarter of 2010, compared to 2009. Volume was up 1 percent, and was more than offset by a 7 percent decline due to price and mix, with price reductions in the U.S. retail oils and baking segment being the key driver.
The increase in net volume, excluding Folgers, was primarily led by gains in Pillsbury®, Crisco®, Jif®, and Hungry Jack® brands in the U.S., and the Company's baking brands in
Margins
Three Months Ended Six Months Ended
October 31, October 31,
---------- ----------
2009 2008 2009 2008
---- ---- ---- ----
(% of net sales)
Gross profit 38.5% 28.9% 38.5% 29.9%
Selling, distribution, and
administrative expenses:
Marketing and selling 10.1% 9.6% 10.0% 9.9%
Distribution 3.2% 3.3% 3.3% 3.4%
General and administrative 4.9% 4.9% 5.3% 5.3%
--- --- --- ---
18.2% 17.8% 18.6% 18.6%
==== ==== ==== ====
Amortization 1.4% 0.1% 1.6% 0.2%
Restructuring and merger and
integration costs 0.6% 0.8% 1.1% 0.6%
Other operating expense (income) - net 0.2% (0.0%) 0.1% (0.0%)
--- --- --- ---
Operating Income 18.1% 10.2% 17.1% 10.5%
==== ==== ==== ====
Gross profit increased
Selling, distribution, and administrative ("SD&A") expenses increased 56 percent for the second quarter of 2010, compared to 2009, with the addition of Folgers accounting for the majority of the increase. As a percentage of net sales, SD&A increased from 17.8 percent in the second quarter of 2009 to 18.2 percent in 2010. Consistent with the Company's strategy of long-term investment in its brands, marketing expense increased approximately 70 percent during the second quarter of 2010, compared to 2009, in support of brand equity initiatives, including new advertising for many of its brands. As a result, marketing and selling expenses as a percentage of net sales increased from 9.6 percent in last year's second quarter to 10.1 percent this year.
Amortization expense, a noncash item, increased
Driven by gross profit, operating income more than doubled compared to the second quarter of 2009, and improved from 10.2 percent to 18.1 percent of net sales. Excluding the impact of merger and integration costs in both years, and further excluding restructuring costs in 2009, operating income increased from 11.0 percent of net sales in 2009 to 18.7 percent in 2010.
Interest and Income Taxes
Interest expense increased
Income tax expense increased
Segment Performance
Three Months Ended October 31, Six Months Ended October 31,
----------------------------- ---------------------------
% Increase % Increase
2009 2008 (Decrease) 2009 2008 (Decrease)
---- ---- ----------- ---- ---- ----------
(Dollars in millions)
Net sales:
U.S. retail
coffee market $445.1 $- n/a $811.3 $- n/a
U.S. retail
consumer market 290.1 301.7 (4%) 581.1 575.7 1%
U.S. retail oils
and baking market 303.9 333.3 (9%) 498.3 531.5 (6%)
Special markets 239.7 208.2 15% 439.5 399.7 10%
Segment profit:
U.S. retail
coffee market $148.5 $- n/a $275.8 $- n/a
U.S. retail
consumer market 71.1 68.1 4% 138.0 127.9 8%
U.S. retail oils
and baking market 48.0 30.9 55% 76.6 59.0 30%
Special markets 41.2 26.5 56% 69.5 47.2 47%
Segment profit margin:
U.S. retail
coffee market 33.4% n/a 34.0% n/a
U.S. retail
consumer market 24.5% 22.6% 23.8% 22.2%
U.S. retail oils
and baking market 15.8% 9.3% 15.4% 11.1%
Special markets 17.2% 12.7% 15.8% 11.8%
U.S. Retail Coffee Market
The U.S. retail coffee market segment contributed
The U.S. retail coffee market segment added
U.S. Retail Consumer Market
U.S. retail consumer market segment net sales for the quarter were down 4 percent compared to the prior year, primarily due to sales mix. Total volume in the U.S. retail consumer market was flat compared to the second quarter last year, as gains in Jif® peanut butter and Hungry Jack® pancake mixes and syrups were offset by declines in potatoes, fruit spreads, Smucker's® Uncrustables® sandwiches, and the specialty foods business.
U.S. retail consumer market segment profit increased 4 percent for the second quarter of 2010 compared to the same period in 2009, mainly due to operating efficiencies. Segment profit margin for the quarter improved from 22.6 percent of net sales in the second quarter of 2009 to 24.5 percent in 2010.
U.S. Retail Oils and Baking Market
Total volume in the U.S. retail oils and baking market segment was up 3 percent, with double-digit gains in the Pillsbury® and Crisco® brands offsetting declines in canned milk. Net sales in the U.S. retail oils and baking market were down 9 percent for the second quarter of 2010 compared to 2009, reflecting the impact of price declines in shortening, oils, flour, and canned milk, and higher promotional spending on Crisco® oils.
U.S. retail oils and baking market segment profit increased 55 percent for the second quarter of 2010, compared to the same period in 2009, and segment profit margin improved to 15.8 percent of net sales from 9.3 percent in 2009. Last year's second quarter segment profit included a significant portion of the charges on commodity derivatives and accounts for most of the profit improvement in the current quarter. In addition, supply chain efficiencies, including lower distribution costs, offset an increase in marketing primarily in support of the Pillsbury® brand and a lower contribution from canned milk.
Special Markets
Net sales in the second quarter for the special markets segment increased 15 percent. The acquisition of Folgers added
Special markets segment profit increased 56 percent for the second quarter of 2010 compared to 2009, with the addition of Folgers and lower costs. Profit margin for the quarter improved from 12.7 percent in the second quarter of 2009 to 17.2 percent in 2010.
Other Financial Results and Measures
On
For the second quarter of 2010, earnings before interest, taxes, depreciation, and amortization ("EBITDA") were
Cash provided by operations in the second quarter of 2010 was
Outlook
The Company raised its outlook for the year. For fiscal 2010, net sales are expected to approximate
Conference Call
The Company will conduct an earnings conference call and webcast today,
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; income and income per diluted share, excluding restructuring, merger and integration costs, and amortization; EBITDA; adjusted EBITDA; and free cash flow 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. These non-GAAP measures may not be comparable to similar measures used by other companies. A reconciliation of non-GAAP measures to the comparable GAAP item for the quarter and year-to-date periods is included in the "Unaudited Non-GAAP Measures" table.
About The
For more than 100 years, The
The
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 the Company and could cause actual results to differ materially from those expressed in the forward-looking statements:
-- 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;
-- risks associated with hedging and derivative strategies employed by the
Company to manage commodity pricing risks, including the risk that such
strategies could result in significant losses and adversely impact the
Company's liquidity;
-- crude oil price trends and their impact on transportation, energy, and
packaging costs;
-- the ability to successfully implement price changes;
-- the success and cost of introducing new products and the competitive
response;
-- the success and cost of marketing and sales programs and strategies
intended to promote growth in the Company's businesses;
-- general competitive activity in the market, including competitors'
pricing practices and promotional spending levels;
-- the impact of food safety concerns, involving either the Company or its
competitors' products;
-- the concentration of certain of the Company's businesses, with key
customers and suppliers and the ability to manage and maintain key
relationships;
-- the loss of significant customers or a substantial reduction in orders
from these customers or the bankruptcy of any such customer;
-- changes in consumer coffee preferences, and other factors affecting the
coffee business, which represents a substantial portion of the Company's
business;
-- the ability of the Company to obtain any required financing;
-- the timing and amount of capital expenditures and merger and integration
costs;
-- impairments in the carrying value of goodwill, other intangible assets,
or other long-lived assets or changes in useful lives of other
intangible assets;
-- the outcome of current and future tax examinations, changes in tax laws,
and other tax matters, and their related impact on the Company's tax
positions;
-- foreign currency and interest rate fluctuations;
-- political or economic disruption;
-- other factors affecting share prices and capital markets generally; and
-- the other factors described under "Risk Factors" in other reports and
statements filed by the Company with the Securities and Exchange
Commission , including its most recent Annual Report on Form 10-K and
proxy materials.
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. The Company does not assume any obligation to update or revise these forward-looking statements to reflect new events or circumstances.
The J.M. Smucker Company
Unaudited Condensed Consolidated Statements of Income
Three Months Ended October 31,
-------------------------------
% Increase
2009 2008 (Decrease)
---- ---- -----------
(Dollars in thousands, except per
share data)
Net sales $1,278,745 $843,142 52%
Cost of products sold 786,495 599,723 31%
------- ------- --
Gross Profit 492,250 243,419 102%
Gross margin 38.5% 28.9%
Selling, distribution, and administrative
expenses 232,985 149,810 56%
Amortization 18,312 1,482 1136%
Merger and integration costs 8,148 6,210 31%
Other restructuring costs - 127 (100%)
Other operating expense (income) - net 1,841 (507) (463%)
----- ---- ----
Operating Income 230,964 86,297 168%
Operating margin 18.1% 10.2%
Interest income 686 1,901 (64%)
Interest expense (17,473) (11,314) 54%
Other income - net 825 341 142%
--- --- ---
Income Before Income Taxes 215,002 77,225 178%
Income taxes 75,012 25,772 191%
------ ------ ---
Net Income $139,990 $51,453 172%
======== ======= ===
Net income per common share $1.18 $0.94 26%
===== ===== ==
Net income per common share -
assuming dilution $1.18 $0.94 26%
===== ===== ==
Dividends declared per common share $0.35 $5.32 (93%)
===== ===== ===
Weighted-average shares outstanding 118,956,181 54,831,695 117%
=========== ========== ===
Weighted-average shares outstanding -
assuming dilution 119,100,430 54,976,305 117%
=========== ========== ===
Six Months Ended October 31,
-----------------------------
% Increase
2009 2008 (Decrease)
---- ---- -----------
(Dollars in thousands, except per
share data)
Net sales $2,330,271 $1,506,799 55%
Cost of products sold 1,431,992 1,055,601 36%
--------- --------- --
Gross Profit 898,279 451,198 99%
Gross margin 38.5% 29.9%
Selling, distribution, and administrative
expenses 434,162 280,223 55%
Amortization 36,689 2,953 1142%
Merger and integration costs 24,624 9,610 156%
Other restructuring costs - 646 (100%)
Other operating expense (income) - net 3,279 (359) (1013%)
----- ---- -----
Operating Income 399,525 158,125 153%
Operating margin 17.1% 10.5%
Interest income 2,057 3,239 (36%)
Interest expense (36,424) (22,058) 65%
Other income - net 1,078 1,366 (21%)
----- ----- ---
Income Before Income Taxes 366,236 140,672 160%
Income taxes 128,183 46,928 173%
------- ------ ---
Net Income $238,053 $93,744 154%
======== ======= ===
Net income per common share $2.00 $1.71 17%
===== ===== ==
Net income per common share -
assuming dilution $2.00 $1.71 17%
===== ===== ==
Dividends declared per common share $0.70 $5.64 (88%)
===== ===== ===
Weighted-average shares outstanding 118,810,417 54,758,973 117%
=========== ========== ===
Weighted-average shares outstanding -
assuming dilution 118,923,337 54,902,492 117%
=========== ========== ===
The J.M. Smucker Company
Unaudited Condensed Consolidated Balance Sheets
October 31, 2009 April 30, 2009
---------------- --------------
(Dollars in thousands)
Assets
Current Assets:
Cash and cash equivalents $409,708 $456,693
Trade receivables 411,239 266,037
Inventories 762,040 603,926
Other current assets 48,351 72,235
------ ------
Total Current Assets 1,631,338 1,398,891
Property, Plant, and Equipment, Net 873,086 838,433
Other Noncurrent Assets:
Goodwill 2,802,827 2,791,391
Other intangible assets, net 3,069,986 3,098,976
Other assets 61,177 64,470
------ ------
Total Other Noncurrent Assets 5,933,990 5,954,837
--------- ---------
$8,438,414 $8,192,161
========== ==========
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $200,094 $198,954
Note payable 350,000 350,000
Current portion of long-term debt 210,247 276,726
Other current liabilities 346,761 235,556
------- -------
Total Current Liabilities 1,107,102 1,061,236
Noncurrent Liabilities:
Long-term debt, net of current portion 900,000 910,000
Other noncurrent liabilities 1,295,958 1,280,994
--------- ---------
Total Noncurrent Liabilities 2,195,958 2,190,994
Shareholders' Equity, net 5,135,354 4,939,931
--------- ---------
$8,438,414 $8,192,161
========== ==========
The J.M. Smucker Company
Unaudited Condensed Consolidated Statements of Cash Flow
Six Months Ended
October 31,
----------------
2009 2008
---- ----
(Dollars in thousands)
Operating Activities
Net income $238,053 $93,744
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 51,148 30,043
Amortization 36,689 2,953
Share-based compensation expense 13,098 6,035
Working capital (152,797) (124,053)
-------- --------
Net Cash Provided by Operating Activities 186,191 8,722
Investing Activities
Businesses acquired, net of cash acquired - (56,076)
Additions to property, plant, and equipment (89,433) (55,770)
Other - net 14,322 9,133
------ -----
Net Cash Used for Investing Activities (75,111) (102,713)
Financing Activities
Repayments of long-term debt (75,000) -
Proceeds from long-term debt - 400,000
Quarterly dividends paid (82,993) (34,952)
Special dividends paid - 274,208
Purchase of treasury shares (5,225) (3,356)
Other - net 1,958 2,185
----- -----
Net Cash (Used for) Provided by Financing Activities (161,260) 89,669
Effect of exchange rate changes 3,195 (907)
----- ----
Net decrease in cash and cash equivalents (46,985) (5,229)
Cash and cash equivalents at beginning of period 456,693 171,541
------- -------
Cash and cash equivalents at end of period $409,708 $166,312
======== ========
( ) Denotes use of cash
The J.M. Smucker Company
Unaudited Non-GAAP Measures
Three Months Ended Six Months Ended
October 31, October 31,
------------------ ----------------
2009 2008 2009 2008
---- ---- ---- ----
(Dollars in thousands,
except per share data)
Operating income before
restructuring and merger and
integration costs: (1) $239,112 $92,634 $424,149 $168,381
% of net sales 18.7% 11.0% 18.2% 11.2%
Income before restructuring and
merger and integration costs: (2)
Income $145,313 $55,675 $254,059 $100,578
Income per common share --
assuming dilution $1.22 $1.01 $2.14 $1.83
Income before restructuring,
merger and integration costs,
and amortization: (3)
Income $157,244 $56,663 $277,906 $102,546
Income per common share --
assuming dilution $1.32 $1.03 $2.34 $1.87
(1) Reconciliation to operating
income:
Operating income $230,964 $86,297 $399,525 $158,125
Merger and integration costs 8,148 6,210 24,624 9,610
Restructuring costs - 127 - 646
--- --- --- ---
Operating income before
restructuring and merger and
integration costs $239,112 $92,634 $424,149 $168,381
======== ======= ======== ========
(2) Reconciliation to net income:
Income before income taxes $215,002 $77,225 $366,236 $140,672
Merger and integration costs 8,148 6,210 24,624 9,610
Restructuring costs - 127 - 646
--- --- --- ---
Income before income taxes,
restructuring, and merger and
integration costs 223,150 83,562 390,860 150,928
Income taxes 77,837 27,887 136,801 50,350
------ ------ ------- ------
Income before restructuring
and merger and integration
costs $145,313 $55,675 $254,059 $100,578
======== ======= ======== ========
(3) Reconciliation to net income:
Income before income taxes $215,002 $77,225 $366,236 $140,672
Merger and integration costs 8,148 6,210 24,624 9,610
Restructuring costs - 127 - 646
Amortization 18,312 1,482 36,689 2,953
------ ----- ------ -----
Income before income taxes,
restructuring, merger and
integration costs, and
amortization 241,462 85,044 427,549 153,881
Income taxes 84,218 28,381 149,643 51,335
------ ------ ------- ------
Income before restructuring,
merger and integration
costs, and amortization $157,244 $56,663 $277,906 $102,546
======== ======= ======== ========
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; income and income per diluted share, excluding
restructuring, merger and integration costs, and amortization; earnings
before interest, taxes, depreciation, and amortization ("EBITDA");
adjusted EBITDA; and free cash flow 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. These
non-GAAP measures may not be comparable to similar measures used by
other companies.
The J.M. Smucker Company
Unaudited Non-GAAP Measures
Three Months Ended Six Months Ended
October 31, October 31,
------------------ ----------------
2009 2008 2009 2008
---- ---- ---- ----
(Dollars in thousands,
except per share data)
Earnings before interest,
taxes, depreciation, and
amortization:(4) $275,978 $103,127 $488,440 $192,487
% of net sales 21.6% 12.2% 21.0% 12.8%
Free cash flow: (5) $150,261 $(85,027) $96,758 $(47,048)
(4) Reconciliation to net income:
Income before income taxes $215,002 $77,225 $366,236 $140,672
Interest income (686) (1,901) (2,057) (3,239)
Interest expense 17,473 11,314 36,424 22,058
Depreciation 25,877 15,007 51,148 30,043
Amortization 18,312 1,482 36,689 2,953
------ ----- ------ -----
Earnings before interest,
taxes, depreciation, and
amortization $275,978 $103,127 $488,440 $192,487
Merger and integration costs 8,148 6,210 24,624 9,610
Restructuring costs - 127 - 646
Share-based compensation
expense 5,268 3,236 9,821 6,035
----- ----- ----- -----
Adjusted earnings before
interest, taxes,
depreciation, and
amortization $289,394 $112,700 $522,885 $208,778
======== ======== ======== ========
% of net sales 22.6% 13.4% 22.4% 13.9%
(5) Reconciliation to cash
provided by operating
activities:
Cash provided by (used for)
operating activities $212,423 $(51,454) $186,191 $8,722
Additions to property, plant,
and equipment (62,162) (33,573) (89,433) (55,770)
------- ------- ------- -------
Free cash flow $150,261 $(85,027) $96,758 $(47,048)
======== ======== ======= ========
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; income and income per diluted share, excluding
restructuring, merger and integration costs, and amortization; earnings
before interest, taxes, depreciation, and amortization ("EBITDA");
adjusted EBITDA; and free cash flow 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. These n
on-GAAP measures may not be comparable to similar measures used by other
companies.
The J. M. Smucker Company
Unaudited Reportable Segments
Three Months Ended Six Months Ended
October 31, October 31,
------------------ ----------------
2009 2008 2009 2008
---- ---- ---- ----
(Dollars in thousands)
Net sales:
U.S. retail coffee market $445,102 $- $811,331 $-
U.S. retail consumer market 290,090 301,701 581,092 575,677
U.S. retail oils and baking
market 303,896 333,287 498,312 531,452
Special markets 239,657 208,154 439,536 399,670
------- ------- ------- -------
Total net sales $1,278,745 $843,142 $2,330,271 $1,506,799
========== ======== ========== ==========
Segment profit:
U.S. retail coffee market $148,512 $- $275,823 $-
U.S. retail consumer
market 71,056 68,064 138,035 127,859
U.S. retail oils and
baking market 47,995 30,896 76,611 58,962
Special markets 41,238 26,451 69,457 47,189
------ ------ ------ ------
Total segment profit $308,801 $125,411 $559,926 $234,010
======== ======== ======== ========
Interest income 686 1,901 2,057 3,239
Interest expense (17,473) (11,314) (36,424) (22,058)
Amortization (18,312) (1,482) (36,689) (2,953)
Share-based compensation
expense (5,268) (3,236) (9,821) (6,035)
Restructuring costs - (127) - (646)
Merger and integration
costs (8,148) (6,210) (24,624) (9,610)
Corporate administrative
expense (43,141) (27,736) (82,942) (56,628)
Other unallocated (expense)
income (2,143) 18 (5,247) 1,353
------ -- ------ -----
Income before income taxes $215,002 $77,225 $366,236 $140,672
======== ======= ======== ========
Segment profit margin:
U.S. retail coffee market 33.4% n/a 34.0% n/a
U.S. retail consumer market 24.5% 22.6% 23.8% 22.2%
U.S. retail oils and baking
market 15.8% 9.3% 15.4% 11.1%
Special markets 17.2% 12.7% 15.8% 11.8%
(Logo: http://www.newscom.com/cgi-bin/prnh/20071219/SMUCKERLOGO )
SOURCE The
Investors: Mark R. Belgya, Senior Vice President and Chief Financial Officer, or Sonal Robinson, Director, Corporate Finance and Investor Relations, or Media: Maribeth Badertscher, Vice President, Corporate Communications, all of The J. M. Smucker Company, +1-330-682-3000
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