Hoover's Online Report BuilderThe J. M. Smucker Company (NYSE: SJM)
Copyright 2004, Hoover's, Inc.
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 44667−0280 (Map)http://www.smucker.com
Phone: 330−682−3000Fax: 330−684−3370Toll Free: 888−550−9555
The J. M. Smucker Company is known for the sticky stuff, but hopes shortening and biscuits will fatten its bottom line.The #1 US producer of jams, jellies, and preserves also makes dessert toppings, juices, and specialty fruit spreads undernames such as Laura Scudder's and Dickinson's. Smucker's industrial fruit fillings sweeten Pop−Tarts and Dannon yogurt.To diversify, Smucker added market leaders Jif peanut butter and Crisco oils and shortening. Smucker seeks other brandsas well. It plans to buy International Multifoods, which would add baking goods brands Hungry Jack, Martha White, andPillsbury, along with Pet evaporated milk. The founder's family currently owns about 13% of the stock.
Key Numbers
Company Type Public (NYSE: SJM)
Fiscal Year−End April
2003 Sales (mil.) $1,311.7
1−Year Sales Growth 90.9%
2003 Net Income (mil.) $96.3
1−Year Net Income Growth 211.7%
2003 Employees 2,775
1−Year Employee Growth 20.7%
Auditor Ernst & Young LLP
Financial Overview
Last Close 10−Mar−2004 $50.62
52−Week High $52.12
52−Week Low $33.23
Basic EPS $2.23
Price/Earnings Ratio 22.70
Current Ratio 2.60
R&D Expenditures (mil.) −−
Ad Expenditures (mil.) 45.78
% Owned by Institutions 47.60%
Officers & Employees
Title Name Age Salary Bonus
Report Builder − The J. M. Smucker Company − Hoover's Online 1
Chairman and Co−CEO Timothy P. Smucker 59 $597,254 $788,100
President, Co−CEO, CFO, andDirector
Richard K. Smucker 55 $557,886 $788,100
VP, Corporate Development Barry C. Dunaway 40
VP, Human Resources Robert E. Ellis 56
VP, Information Services andCorporate Controller
Richard G. Jirsa 57 $222,745 $180,400
VP, Information Services andCIO
Andrew G. Platt
VP, Logistics and WesternOperations
John D. Milliken 58
VP, Operations Richard F. Troyak 55
VP, Sales, Grocery Market Donald D. Hurrle Sr. 54
VP, Special Markets andDirector
Fred A. Duncan 57 $260,684 $225,400
VP and General Manager,Consumer Market and Director
Vincent C. Byrd 48 $259,486 $234,600
VP and General Manager,Consumer Oils
Steven T. Oakland 41
VP and General Manager,Foodservice Market
Paul S. Wagstaff 33
VP and General Manager,International Market
Mark T. Smucker 33
VP, Treasurer Mark R. Belgya 42
General Manager, BeverageMarket
Julia L. Sabin
General Manager, IndustrialMarket
Gary A. Jeffcott
VP. General Counsel andSecretary
M. Ann Harlan 43
Assistant Corporate Controller John W. Denman
Assistant Treasurer Debra A. Marthey
Assistant Secretary Adam M. Ekonomon
Director, CorporateCommunications
Brenda Dempsey
Board Members
Title Name Age
Chairman and Co−CEO Timothy P. Smucker 59
President, Co−CEO, CFO, and Richard K. Smucker 55
Report Builder − The J. M. Smucker Company − Hoover's Online 2
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
Report Builder − The J. M. Smucker Company − Hoover's Online 3
312111 Soft Drink Manufacturing
Top Competitors
ConAgra• Ralcorp• Unilever•
All Competitors
B&G Foods• Chiquita Brands• Coca−Cola North America• ConAgra• E.D. Smith• Gatorade/Tropicana• Hansen Natural• Hershey• National Grape Cooperative• Northland Cranberries• Ocean Spray• Ralcorp• Spectrum Organic Products• Unilever•
Rankings
S&P 400•
Report Builder − The J. M. Smucker Company − Hoover's Online 4
Biographies
Timothy P. Smucker, Age 59
Chairman and Co−CEO, $597,254 salary, $788,100 bonus
Other Company Affiliations
Company Title Salary Bonus
Dreyer's Grand Ice Cream Holdings, Inc. DirectorRecent Work Highlights
The J. M. Smucker Company2002: Chairman and Co−CEO, $475,617 salary, $434,160 bonus♦
•
Biography
Mr. Smucker has been a director since 1973. He has been the chairman since 1987 and co−chief executive officer sinceFebruary 2001 of Smucker. Mr. Smucker also is a director of Huntington BancShares Incorporated, a bank holdingcompany, and Dreyer's Grand Ice Cream Inc., a manufacturer and distributor of premium ice cream products. Mr.Smucker is the brother of Richard Smucker, the father of Mark Smucker, and the uncle of Paul Smucker Wagstaff, thelatter two being vice presidents of Smucker.
Source: Proxy, July 8, 2003
Richard K. Smucker, Age 55
President, Co−CEO, CFO, and Director, $557,886 salary, $788,100 bonus
Other Company Affiliations
Company Title Salary Bonus
The Sherwin−Williams Company Director
Wm. Wrigley Jr. Company DirectorRecent Work Highlights
The J. M. Smucker Company2003 − 2003, President, Co−CEO, and Director♦ 2002: President, Co−CEO, and Director, $458,000 salary, $434,160 bonus♦
•
Biography
Mr. Smucker has been a director since 1975. He has been the president since 1987 and co−chief executive officer sinceFebruary 2001 of Smucker. Mr. Smucker also is a director of Wm. Wrigley Jr. Company, a manufacturer ofconfectionery, primarily chewing gum, products, and The Sherwin−Williams Company, a manufacturer of coatings andrelated products. Mr. Smucker is the brother of Tim Smucker and the uncle of both Mark Smucker and Paul Smucker
Report Builder − The J. M. Smucker Company − Hoover's Online 5
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♦
•
Report Builder − The J. M. Smucker Company − Hoover's Online 6
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
Report Builder − The J. M. Smucker Company − Hoover's Online 7
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
Report Builder − The J. M. Smucker Company − Hoover's Online 8
R. Douglas Cowan, Age 62
Director
Other Company Affiliations
Company Title Salary Bonus
The Davey Tree Expert Company Chairman and CEO $345,385 $80,000Recent Work Highlights
The Davey Tree Expert Company2001: Chairman and CEO, $321,540 salary, $190,450 bonus♦ 2000: Chairman and CEO, $310,000 salary♦
•
Biography
Mr. Cowan has been a director since January 2003. He has been the chairman and chief executive officer of The DaveyTree Expert Company, an employee−owned company providing horticultural services throughout the United States andCanada, since May 1997. Mr. Cowan is a member of the audit committee.
Source: Proxy, July 8, 2003
Kathryn W. Dindo, Age 54
Director
Other Company Affiliations
Company Title Salary Bonus
FirstEnergy Corp. VP and Chief Risk Officer, FirstEnergy ServiceBiography
Ms. Dindo has been a director since February 1996. She has been vice president since 1998 and chief risk officer sinceNovember 2001 of FirstEnergy Corp., a utility holding company. Prior to that time, she was vice president and controllerof Caliber System, Inc., a subsidiary of FDX Corporation, a transportation services company, since January 1996. Ms.Dindo is chair of the audit committee and a member of the executive compensation committee.
Source: Proxy, July 8, 2003
Elizabeth Valk (Lisa) Long, Age 53
Director
Report Builder − The J. M. Smucker Company − Hoover's Online 9
Other Company Affiliations
Company Title Salary Bonus
Jefferson−Pilot Corporation Director
Steelcase Inc. DirectorBiography
Ms. Long has been a director since May 1997. She is the former executive vice president of Time Inc., a subsidiary ofAOL Time Warner, a media and entertainment company, a position she held between May 1995 and August 2001. She isalso a director of Jefferson−Pilot Corporation, an insurance, financial services, and communications company, andSteelcase Corporation, a furniture and office systems manufacturer. Ms. Long is a member of the audit and executivecompensation committees.
Source: Proxy, July 8, 2003
Charles S. Mechem Jr., Age 72
Director
Biography
Mr. Mechem has been a director since 1982. He retired as chairman of Convergys Corporation, a provider of customermanagement products and services, in 2000, a post he was elected to in 1999. He has been commissioner emeritus of theLadies Professional Golf Association, since 1995. He also is a director of the Ladies Professional Golf Association, RoyalAssociates, Inc., a manufacturer of steel golf shafts, Myers Y. Cooper, a commercial real estate broker, and MesserConstruction, a regional general contractor and construction manager. Mr. Mechem is chair of the nominating andcorporate governance committee and a member of the executive compensation committee.
Source: Proxy, July 8, 2003
Gary A. Oatey, Age 55
Director
Biography
Mr. Oatey is chairman and CEO of Oatey Co., a privately owned manufacturer of plumbing products sold throughout theworld, with plants located in Ohio, Texas, Minnesota, California, Colorado, and Mexico. Mr. Oatey also serves as adirector of several other privately held companies and is active in numerous civic and community activities in theCleveland area. He is currently the chairman of the Board of Trustees of the Great Lakes Science Center in Cleveland,Ohio.
Source: Company Press Release, January 31, 2003
William H. Steinbrink, Age 60
Director
Report Builder − The J. M. Smucker Company − Hoover's Online 10
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
Report Builder − The J. M. Smucker Company − Hoover's Online 11
Overview
The J. M. Smucker Company is known for the sticky stuff, but hopes shortening and biscuits will fatten its bottom line.The #1 US producer of jams, jellies, and preserves also makes dessert toppings, juices, and specialty fruit spreads undernames such as Laura Scudder's and Dickinson's. Smucker's industrial fruit fillings sweeten Pop−Tarts and Dannon yogurt.To diversify, Smucker added market leaders Jif peanut butter and Crisco oils and shortening. Smucker seeks other brandsas well. It plans to buy International Multifoods, which would add baking goods brands Hungry Jack, Martha White, andPillsbury, along with Pet evaporated milk. The founder's family currently owns about 13% of the stock.
To quench any thirst with that pb&j, Smucker Quality Beverages stocks natural juices under the After the Fall, Santa CruzOrganic, and R.W. Knudsen brands.
As sales of jam and jelly slowed, Smucker started selling the stuff to other food companies to put in processed foods. Thecompany's own new product introductions include a crust−less frozen peanut butter and jelly sandwich, which is sellingbriskly to schools and other food service programs. However, it was Smucker's acquisition of the Jif and Crisco brandsthat nearly doubled the company's sales. Seen as a skilled manager of mature brands, the company plans to fund itspurchase of International Multifoods through an $840 million dollar cash and stock deal.
The company is preparing to trim its production and distribution through plant closures and eliminating some of its leastprofitable products.
Report Builder − The J. M. Smucker Company − Hoover's Online 12
History
Jerome Smucker began operating a steam−powered cider mill in 1897 for farmers in Orrville, Ohio, but he found that hisbiggest business was selling apple butter from a secret Smucker family recipe. By the 1920s The J. M. Smucker Companyhad begun producing a full line of preserves and jellies, and in 1935 it acquired its first fruit processing operations.
Under Jerome's grandson, Paul Smucker, the company gained widespread national distribution by the mid−1960s. TimSmucker succeeded his father, Paul, as president in 1981, then as chairman in 1987, when his brother Richard becamepresident.
The company's recent growth has come from the development of its industrial fruit fillings business and acquisitions ofdomestic natural juice and peanut butter companies, including Knudsen & Sons (1984), After the Fall (1994), and LauraScudder's (from National Grape Co−op, 1994). It has gradually expanded internationally through acquisitions. In 1993 itacquired the jam, preserves, and pie filling unit of Canada's Culinar. In a 1998 deal Smucker purchased Australia'sAllowrie jam and Lackersteens marmalade lines.
Smucker sold its flagging Mrs. Smith's frozen pie business to Flowers in 1997, less than two years after buying the unitfrom Kellogg. It bought Kraft's domestic fruit spread unit in 1997 and in early 1999 purchased the northwestern Adamspeanut butter business from Pro−Fac Cooperative. Smucker kept the Adams name but shifted packaging to itsPennsylvania peanut butter plant.
Spreading into retail, the company opened its first store in 1999 in hometown Orrville and then launched online andcatalog sales. Also that year Smucker bought a fruit filling plant in Brazil from Groupe Danone, a major customer. During2000 the company's Henry Jones Foods subsidiary (Australia) purchased Taylor Foods (sauces, marinades).
Smucker acquired International Flavors &Fragrances' formulated fruit and vegetable preparation businesses in late 2001.Moving beyond its stronghold on natural peanut butter brands, Smucker purchased the Jif peanut butter and Criscocooking oil and shortening brands from Procter & Gamble in 2002. The $670 million purchase price for Jif and Criscoincluded shifting 53% of Smucker stock into the hands of P&G shareholders.
Report Builder − The J. M. Smucker Company − Hoover's Online 13
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)•
Report Builder − The J. M. Smucker Company − Hoover's Online 14
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
Report Builder − The J. M. Smucker Company − Hoover's Online 15
Other Resources Available On Hoover's Online
News for Smucker (last 90 days)
Company Press Release Archive
Other Resources
Headquarters Map• SEC Filings
10−K Filings♦ •
Stock Quote• Stock Chart• Earnings Estimates• ValuEngine Analysis• Annual Report • Investor Relations • Financial Data Definitions• Market Data Definitions• Comparison Data Definitions• Historical Financials & Employees Definitions•
Related Products From Our Trusted Partners
Buy Reports and Books
D&B Business/Credit Reports: The J. M. Smucker Company(D&B, Feb 1, 2004, Business Reports)
•
The J. M. Smucker Company: Company Profile(Datamonitor, Feb 1, 2004, Business Reports)
•
Quantitative Report for SJM(ValuEngine, Inc., Jan 1, 2004, Business Reports)
•
Dried, Canned & Frozen Foods Mfg Deluxe Set(Harris Industry Reports, Aug 12, 2003, Business Reports)
•
Canned & Frozen Foods: Financial Analysis Profiles(BizMiner, Dec 23, 2003, Business Reports)
•
Flavoring Syrup and Concentrate Manufacturing in the US(IBISWorld, Sep 24, 2003, Business Reports)
•
Future Innovations In Snacking: Convergence and Competition(Reuters Business Insight, Dec 1, 2001, Business Reports)
•
Plunkett's Food Industry Almanac(Plunkett Research, Ltd., May 6, 2003, Books)
•
Additional 3rd Party Libraries
Additional Research On Smucker
Manufacturing Branches • Corporate Hierarchy •
Report Builder − The J. M. Smucker Company − Hoover's Online 16
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
Short−Term Debt 0.0 0.0 0.0
Other Current Liabilities 98.6 48.1 37.2
Total Current Liabilities 167.3 80.4 67.1
Long−Term Debt 135.0 135.0 135.0
Other Noncurrent Liabilities 54.9 25.2 16.3
Total Liabilities 491.2 244.8 223.5
Shareholders' Equity
Preferred Stock Equity 0.0 0.0 0.0
Common Stock Equity 1,124.2 280.1 247.1
Total Equity 1,124.2 280.1 247.1
Shares Outstanding (mil.) 49.8 24.9 24.4
Cash Flow Statement Apr 03 Apr 02 Apr 01
Net Operating Cash Flow 166.0 67.0 88.2
Net Investing Cash Flow (53.0) (20.5) (27.6)
Net Financing Cash Flow (26.8) (5.8) (32.3)
Net Change in Cash 89.3 40.8 27.4
Depreciation & Amortization 37.8 28.6 26.9
Capital Expenditures (60.3) (29.2) (29.4)
Cash Dividends Paid (33.6) (15.6) (16.7)
Data Definitions
Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia
Report Builder − The J. M. Smucker Company − Hoover's Online 18
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
Short−Term Debt −− 0.0 0.0 0.0 0.0
Other Current Liabilities −− 102.1 111.2 98.6 115.5
Total Current Liabilities −− 164.3 181.2 167.3 164.4
Long−Term Debt −− 135.0 135.0 135.0 135.0
Other Noncurrent Liabilities −− 187.6 185.2 54.9 162.7
Total Liabilities −− 486.9 501.5 491.2 462.0
Shareholders' Equity
Preferred Stock Equity −− 0.0 0.0 0.0 0.0
Common Stock Equity −− 1,170.9 1,139.5 1,124.2 1,113.0
Total Equity −− 1,170.9 1,139.5 1,124.2 1,113.0
Shares Outstanding (mil.) 50.1 50.1 50.0 49.8 49.8
Cumulative Cash FlowStatement
Quarter Ending Jan04 (Prelim.)
Quarter EndingOct 03
QuarterEnding Jul 03
Quarter EndingApr 03
QuarterEndingJan 03
Net Operating Cash Flow −− 31.5 19.3 166.0 112.2
Net Investing Cash Flow −− (124.7) (23.6) (53.0) (36.4)
Net Financing Cash Flow −− (20.3) (10.2) (26.8) (18.5)
Net Change in Cash −− (111.1) (13.8) 89.3 58.9
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
Report Builder − The J. M. Smucker Company − Hoover's Online 21
Historical Financials & Employees
Income Statement
YearRevenue
($ mil.)Net Income
($ mil.)Net Profit
MarginEmployees
Apr 03 1,311.7 96.3 7.3% 2,775
Apr 02 687.1 30.9 4.5% 2,300
Apr 01 651.2 30.7 4.7% 2,250
Apr 00 632.5 26.4 4.2% 2,250
Apr 99 602.5 37.8 6.3% 2,100
Apr 98 565.5 33.3 5.9% 2,000
Apr 97 542.6 30.9 5.7% 1,950
Apr 96 528.6 29.4 5.6% 1,925
Apr 95 628.3 36.3 5.8% 2,600
Apr 94 511.5 30.5 6.0% 2,600
Stock History
YearStock Price ($) P/E Per Share ($)
FYHigh
FYLow
FYClose
High Low Earns. Div.BookValue
Apr 03 42.2 28.7 36.3 20.9 14.2 2.0 0.8 22.6
Apr 02 37.7 23.9 34.7 30.4 19.3 1.2 0.6 11.3
Apr 01 29.0 18.1 26.2 23.6 14.7 1.2 0.6 10.1
Apr 00 25.8 15.0 16.0 28.0 16.3 0.9 0.6 11.1
Apr 99 25.7 20.5 21.5 19.9 15.9 1.3 0.6 11.1
Apr 98 30.0 16.4 24.6 24.2 13.2 1.1 0.5 10.4
Apr 97 21.8 16.0 17.5 20.5 15.1 1.1 0.5 10.0
Apr 96 23.9 17.2 21.1 23.9 17.2 1.0 0.5 9.5
Apr 95 25.2 20.8 21.5 20.4 16.7 1.2 0.5 8.9
Apr 94 27.2 20.2 22.0 26.0 19.3 1.0 0.5 8.1
2003 Year−End Financials
Debt ratio 12.0%
Return on equity 8.6%
Cash ($ mil.) 181.2
Current ratio 2.79
Long−term debt ($ mil.) 135.0
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
Report Builder − The J. M. Smucker Company − Hoover's Online 23
Market Data
Current Information
Last Close 10−Mar−2004 $50.62 Price/Sales Ratio 1.78
52−Week High $52.12 Price/Book Ratio 2.16
52−Week Low $33.23 Price/Earnings Ratio 22.70
60−Month Beta (0.0) Price/Cash Flow Ratio 16.71
Market Value (mil.) $2,533.6 Return on Assets 6.8%
Shares Outstanding (mil.) 50.0 Return on Equity 9.6%
Dividend Rate 0.92 Current Ratio 2.60
Dividend Yield 1.8% Long−Term Debt/Equity −−
# of Institutional Holders 621 % Owned by Institutions 47.6%
Latest Short Interest Ratio 6.10 Latest Net Insider Transactions 0.00
Growth Rates 12 Month 36 Month 60 Month
Revenue Growth 22.6% −− −−
EPS Growth 24.6% −− −−
Dividend Growth 23.6% −− −−
Data Definitions
Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia
Report Builder − The J. M. Smucker Company − Hoover's Online 24
Comparison Data
Profitability Company Industry 1 Market 2
Gross Profit Margin 38.85% 35.90% 47.92%
Pre−Tax Profit Margin 12.33% 5.98% 5.80%
Net Profit Margin 7.91% 3.74% 2.87%
Return on Equity 9.6% 9.1% 5.7%
Return on Assets 6.8% 4.0% 0.9%
Return on Invested Capital 8.6% 5.7% 2.8%
Valuation Company Industry 1 Market 2
Price/Sales Ratio 1.78 0.90 1.43
Price/Earnings Ratio 22.70 25.68 50.09
Price/Book Ratio 2.16 2.18 2.84
Price/Cash Flow Ratio 16.71 12.12 15.76
Operations Company Industry 1 Market 2
Days of Sales Outstanding 28.64 35.06 59.48
Inventory Turnover 4.5 5.1 7.5
Days Cost of Goods Sold in Inventory 79 70 48
Asset Turnover 0.9 1.2 0.3
Net Receivables Turnover Flow 12.2 10.5 6.2
Effective Tax Rate 37.7% 35.0% −−
Financial Company Industry 1 Market 2
Current Ratio 2.60 1.83 1.39
Quick Ratio 1.3 0.9 1.0
Leverage Ratio 1.42 2.27 6.02
Total Debt/Equity 0.12 0.64 1.43
Interest Coverage 23.40 4.90 2.00
Per Share Data ($) Company Industry 1 Market 2
Revenue Per Share 28.38 21.78 19.61
Fully Diluted Earnings Per Sharefrom Total Operations
2.23 0.76 0.56
Dividends Per Share 0.89 0.18 0.42
Cash Flow Per Share 3.03 1.61 1.78
Working Capital Per Share 5.24 2.94 2.14
Long−Term Debt Per Share 2.70 5.19 10.17
Book Value Per Share 23.39 8.97 9.89
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
12−Month Revenue Growth 22.6% (1.1%) 4.3%
12−Month Net Income Growth 40.9% 16.8% 70.2%
12−Month EPS Growth 24.6% (8.4%) 75.0%
12−Month Dividend Growth 23.6% (14.3%) 2.4%
36−Month Revenue Growth −− 1.6% 1.7%
36−Month Net Income Growth −− 8.4% (18.9%)
36−Month EPS Growth −− 6.8% (19.7%)
36−Month Dividend Growth −− 1.0% 1.5%1Industry: Processed/Packaged GoodsIndustry classifications are from Media General Financial Services, Inc. .
2 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.
Data Definitions
Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia
Report Builder − The J. M. Smucker Company − Hoover's Online 26
Competitive Landscape
KEY: Best of Group. Companies listed are Top Competitors.
Key Numbers Smucker ConAgra Ralcorp Unilever 1
Annual Sales ($mil.) 1,311.7 19,839.2 1,303.6 50,698.0
Employees 2,775 63,000 5,000 247,000
Market Value ($mil.) 2,533.6 14,888.4 936.5 −−
Profitability Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3
Gross Profit Margin 38.85% 25.22% 22.60% −− 35.90% 47.92%
Pre−Tax Profit Margin 12.33% 7.61% 1.68% −− 5.98% 5.80%
Net Profit Margin 7.91% 5.23% 0.44% −− 3.74% 2.87%
Return on Equity 9.6% 16.1% 1.4% −− 9.1% 5.7%
Return on Assets 6.8% 5.4% 0.5% −− 4.0% 0.9%
Return on Invested Capital 8.6% 8.0% 0.7% −− 5.7% 2.8%
Valuation Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3
Price/Sales Ratio 1.78 0.99 0.71 −− 0.90 1.43
Price/Earnings Ratio 22.70 18.74 161.00 −− 25.68 50.09
Price/Book Ratio 2.16 3.04 2.20 −− 2.18 2.84
Price/Cash Flow Ratio 16.71 13.27 21.47 −− 12.12 15.76
Operations Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3
Days of Sales Outstanding 28.64 48.11 17.54 −− 35.06 59.48
Inventory Turnover 4.5 3.0 6.7 −− 5.1 7.5
Days Cost of Goods Sold in Inventory 79 120 54 −− 70 48
Asset Turnover 0.9 1.0 1.4 −− 1.2 0.3
Net Receivables Turnover Flow 12.2 7.9 37.3 −− 10.5 6.2
Effective Tax Rate 37.7% 28.2% −− −− 35.0% −−
Financial Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3
Current Ratio 2.60 1.63 1.96 −− 1.83 1.39
Quick Ratio 1.3 0.6 0.7 −− 0.9 1.0
Leverage Ratio 1.42 2.97 2.57 −− 2.27 6.02
Total Debt/Equity 0.12 1.10 1.00 −− 0.64 1.43
Interest Coverage 23.40 5.50 6.70 −− 4.90 2.00
Per Share Data ($) Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3
Revenue Per Share 28.38 28.08 45.31 −− 21.78 19.61
Fully Diluted Earnings Per Sharefrom Total Operations
2.23 1.48 0.20 −− 0.76 0.56
Report Builder − The J. M. Smucker Company − Hoover's Online 27
Dividends Per Share 0.89 1.00 0.00 −− 0.18 0.42
Cash Flow Per Share 3.03 2.09 1.50 −− 1.61 1.78
Working Capital Per Share 5.24 4.17 4.36 −− 2.94 2.14
Long−Term Debt Per Share 2.70 9.25 14.64 −− 5.19 10.17
Book Value Per Share 23.39 9.12 14.65 −− 8.97 9.89
Total Assets Per Share 33.12 27.07 37.62 −− 20.34 59.58
Growth Smucker ConAgra Ralcorp Unilever 1 Industry 2 Market 3
12−Month Revenue Growth 22.6% (41.3%) 1.1% −− (1.1%) 4.3%
12−Month Net Income Growth 40.9% (4.2%) (89.3%) −− 16.8% 70.2%
12−Month EPS Growth 24.6% (3.3%) (88.6%) −− (8.4%) 75.0%
12−Month Dividend Growth 23.6% 4.2% −− −− (14.3%) 2.4%
36−Month Revenue Growth −− (13.6%) 10.8% −− 1.6% 1.7%
36−Month Net Income Growth −− 8.6% (41.0%) −− 8.4% (18.9%)
36−Month EPS Growth −− 6.9% (40.6%) −− 6.8% (19.7%)
36−Month Dividend Growth −− 5.7% −− −− 1.0% 1.5%
1 Data unavailable.2 Industry: Processed/Packaged GoodsIndustry classifications are from Media General Financial Services, Inc. .3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.
Data Definitions
Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia
Report Builder − The J. M. Smucker Company − Hoover's Online 28
Copyright 2004, Hoover's, Inc.
Report Builder − The J. M. Smucker Company − Hoover's Online 29