Hoover's Online Report Builder
The J. M. Smucker Company (NYSE: SJM)
Copyright 2004, Hoover's, Inc.
Report Builder − The J. M. Smucker Company − Hoover's Online
Table of Contents
The Basics...............................................................................................................................................................................1
Key Numbers.............................................................................................................................................................1
Financial Overview....................................................................................................................................................1
Officers & Employees................................................................................................................................................1
Board Members..........................................................................................................................................................2
Industry Information..................................................................................................................................................3
SIC Codes...................................................................................................................................................................3
NAICS Codes.............................................................................................................................................................3
Top Competitors.........................................................................................................................................................4
All Competitors..........................................................................................................................................................4
Rankings.....................................................................................................................................................................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..............................................................................................................16
Other Resources.......................................................................................................................................................16
Related Products From Our Trusted Partners..........................................................................................................16
Annual Financials................................................................................................................................................................17
Quarterly Financials...........................................................................................................................................................19
Historical Financials & Employees....................................................................................................................................22
i
Report Builder − The J. M. Smucker Company − Hoover's Online
Table of Contents
Market Data.........................................................................................................................................................................24
Comparison Data.................................................................................................................................................................25
Competitive Landscape.......................................................................................................................................................27
ii
The Basics
1 Strawberry Ln.
Orrville, OH 44667−0280 (Map)
http://www.smucker.com
Phone: 330−682−3000
Fax: 330−684−3370
Toll 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 under
names 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 brands
as well. It plans to buy International Multifoods, which would add baking goods brands Hungry Jack, Martha White, and
Pillsbury, 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
Report Builder − The J. M. Smucker Company − Hoover's Online
Bonus
1
Chairman and Co−CEO
Timothy P. Smucker
59
$597,254
$788,100
President, Co−CEO, CFO, and
Director
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 and
Corporate Controller
Richard G. Jirsa
57
$222,745
$180,400
VP, Information Services and
CIO
Andrew G. Platt
VP, Logistics and Western
Operations
John D. Milliken
58
VP, Operations
Richard F. Troyak
55
VP, Sales, Grocery Market
Donald D. Hurrle Sr.
54
VP, Special Markets and
Director
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, Beverage
Market
Julia L. Sabin
General Manager, Industrial
Market
Gary A. Jeffcott
VP. General Counsel and
Secretary
M. Ann Harlan
Assistant Corporate Controller
John W. Denman
Assistant Treasurer
Debra A. Marthey
Assistant Secretary
Adam M. Ekonomon
Director, Corporate
Communications
Brenda Dempsey
43
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
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Director
VP and General Manager,
Consumer Market and Director
Vincent C. Byrd
48
VP, Special Markets and
Director
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
• Food
♦ Sauces & Condiments (primary)
♦ Canned & Frozen Foods
♦ Edible Oils
♦ Flavorings, Spices & Other Ingredients
♦ Snack Foods
• Beverages
♦ Nonalcoholic 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
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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
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Biographies
Timothy P. Smucker, Age 59
Chairman and Co−CEO, $597,254 salary, $788,100 bonus
Other Company Affiliations
Company
Title
Dreyer's Grand Ice Cream Holdings, Inc.
Director
Salary
Bonus
Recent Work Highlights
• The J. M. Smucker Company
♦ 2002: 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 since
February 2001 of Smucker. Mr. Smucker also is a director of Huntington BancShares Incorporated, a bank holding
company, 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, the
latter 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
The Sherwin−Williams Company
Director
Wm. Wrigley Jr. Company
Director
Salary
Bonus
Recent Work Highlights
• The J. M. Smucker Company
♦ 2003 − 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 since
February 2001 of Smucker. Mr. Smucker also is a director of Wm. Wrigley Jr. Company, a manufacturer of
confectionery, primarily chewing gum, products, and The Sherwin−Williams Company, a manufacturer of coatings and
related 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
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Wagstaff, the latter two being vice presidents of Smucker.
Source: Proxy, July 8, 2003
Barry C. Dunaway, Age 40
VP, Corporate Development
Biography
Mr. Dunaway was elected to his present position in November 2001, having served as Director, Corporate Development
and Strategic Planning since February 2000. Prior to that time, he served as Director, Business Development − Europe and
Middle 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 since
October 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 since
November 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 Company
♦ 2002: VP, Special Markets and Director, $203,393 salary, $113,860 bonus
Report Builder − The J. M. Smucker Company − Hoover's Online
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Biography
Mr. Duncan has been a director since April 1999. He has been vice president, special markets since November 2001. Prior
to that time he was vice president and general manager, industrial market, of Smucker since February 1995. Mr. Duncan
also 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 Company
♦ 2002: 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, of
Smucker since January 1995. Mr. Byrd also is a director of Spangler Candy Company, a manufacturer of confectionery
products.
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, Uncrustables
Market since May 2000. Prior to that time, he served as Product Manager, Toppings, Peanut Butter, and Specialties since
January 1997.
Source: 10K, 2003
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Mark T. Smucker, Age 33
VP and General Manager, International Market
Biography
Mr. Mark Smucker was elected to his present position in November 2001, having served as General Manager and
Managing Director, Smucker do Brasil since January 2000. Prior to that time, he served as Director, Business
Development − South America since May 1998, and Manager, Business Development, South America since September
1997.
Source: 10K, 2003
Mark R. Belgya, Age 42
VP, Treasurer
Recent Work Highlights
• The J. M. Smucker Company
♦ Title 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 Corporate
Controller.
Source: 10K, 2003
M. Ann Harlan, Age 43
VP. General Counsel and Secretary
Recent Work Highlights
• The J. M. Smucker Company
♦ Title 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 elected
General Counsel in April 2002, having served as Assistant General Counsel since January 1999. Before joining the
Company, Ms. Harlan was a partner at the law firm of Calfee, Halter & Griswold LLP.
Source: 10K, 2003
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R. Douglas Cowan, Age 62
Director
Other Company Affiliations
Company
Title
Salary
Bonus
The Davey Tree Expert Company
Chairman and CEO
$345,385
$80,000
Recent Work Highlights
• The Davey Tree Expert Company
♦ 2001: 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 Davey
Tree Expert Company, an employee−owned company providing horticultural services throughout the United States and
Canada, 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
FirstEnergy Corp.
VP and Chief Risk Officer, FirstEnergy Service
Bonus
Biography
Ms. Dindo has been a director since February 1996. She has been vice president since 1998 and chief risk officer since
November 2001 of FirstEnergy Corp., a utility holding company. Prior to that time, she was vice president and controller
of Caliber System, Inc., a subsidiary of FDX Corporation, a transportation services company, since January 1996. Ms.
Dindo is chair of the audit committee and a member of the executive compensation committee.
Source: Proxy, July 8, 2003
Elizabeth Valk (Lisa) Long, Age 53
Director
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Other Company Affiliations
Company
Title
Jefferson−Pilot Corporation
Director
Steelcase Inc.
Director
Salary
Bonus
Biography
Ms. Long has been a director since May 1997. She is the former executive vice president of Time Inc., a subsidiary of
AOL Time Warner, a media and entertainment company, a position she held between May 1995 and August 2001. She is
also a director of Jefferson−Pilot Corporation, an insurance, financial services, and communications company, and
Steelcase Corporation, a furniture and office systems manufacturer. Ms. Long is a member of the audit and executive
compensation 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 customer
management products and services, in 2000, a post he was elected to in 1999. He has been commissioner emeritus of the
Ladies Professional Golf Association, since 1995. He also is a director of the Ladies Professional Golf Association, Royal
Associates, Inc., a manufacturer of steel golf shafts, Myers Y. Cooper, a commercial real estate broker, and Messer
Construction, a regional general contractor and construction manager. Mr. Mechem is chair of the nominating and
corporate 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 the
world, with plants located in Ohio, Texas, Minnesota, California, Colorado, and Mexico. Mr. Oatey also serves as a
director of several other privately held companies and is active in numerous civic and community activities in the
Cleveland 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
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Biography
Mr. Steinbrink has been a director since 1994. He has been a partner at the law firm of Jones Day since September 2001.
He is the former president and chief executive officer of CSM Industries, Inc., a manufacturer of specialty metals, a
position he held between November 1996 and November 2000. Mr. Steinbrink is a member of the nominating and
corporate governance committee.
Source: Proxy, July 8, 2003
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Overview
The J. M. Smucker Company is known for the sticky stuff, but hopes shortening and biscuits will fatten its bottom line.
The #1 US producer of jams, jellies, and preserves also makes dessert toppings, juices, and specialty fruit spreads under
names 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 brands
as well. It plans to buy International Multifoods, which would add baking goods brands Hungry Jack, Martha White, and
Pillsbury, 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 Cruz
Organic, 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. The
company's own new product introductions include a crust−less frozen peanut butter and jelly sandwich, which is selling
briskly to schools and other food service programs. However, it was Smucker's acquisition of the Jif and Crisco brands
that nearly doubled the company's sales. Seen as a skilled manager of mature brands, the company plans to fund its
purchase 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 least
profitable products.
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History
Jerome Smucker began operating a steam−powered cider mill in 1897 for farmers in Orrville, Ohio, but he found that his
biggest business was selling apple butter from a secret Smucker family recipe. By the 1920s The J. M. Smucker Company
had 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. Tim
Smucker succeeded his father, Paul, as president in 1981, then as chairman in 1987, when his brother Richard became
president.
The company's recent growth has come from the development of its industrial fruit fillings business and acquisitions of
domestic natural juice and peanut butter companies, including Knudsen & Sons (1984), After the Fall (1994), and Laura
Scudder's (from National Grape Co−op, 1994). It has gradually expanded internationally through acquisitions. In 1993 it
acquired the jam, preserves, and pie filling unit of Canada's Culinar. In a 1998 deal Smucker purchased Australia's
Allowrie 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 unit
from Kellogg. It bought Kraft's domestic fruit spread unit in 1997 and in early 1999 purchased the northwestern Adams
peanut butter business from Pro−Fac Cooperative. Smucker kept the Adams name but shifted packaging to its
Pennsylvania peanut butter plant.
Spreading into retail, the company opened its first store in 1999 in hometown Orrville and then launched online and
catalog sales. Also that year Smucker bought a fruit filling plant in Brazil from Groupe Danone, a major customer. During
2000 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 Crisco
cooking oil and shortening brands from Procter & Gamble in 2002. The $670 million purchase price for Jif and Crisco
included shifting 53% of Smucker stock into the hands of P&G shareholders.
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Products/Operations
The J. M. Smucker Company operates production facilities in Australia, Brazil, Canada, the UK, and the US.
2003 Sales
$ mil. % of total
US
1,190.2 91
Other countries 121.5 9
Total
1,311.7 100
2003 Sales
% of total
Peanut butter
26
Shortening and oils 22
Fruit spreads
20
Industrial ingredients 8
Portion control
6
Juices and beverages 5
Toppings and syrups 5
Other
8
Total
100
Selected Products
• Condiments
• Dessert toppings
• Fruit and vegetable juices
• Fruit spreads
• Gift packages
• Industrial fruit products (bakery and yogurt fillings)
• Jams
• Jellies
• Juice beverages
• Oils
• Peanut butter
• Preserves
• Shortening
• Syrups
Selected Brands
• Adams (peanut butter)
• After The Fall (juice beverages)
• Allowrie (fruit spreads, Australia)
• Crisco (cooking oils, shortening)
• Dickinson's (fruit spreads)
• Double Fruit (Canada)
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• Glen Ewin (Australia)
• Goober (peanut butter and jelly combination)
• Good Morning (Canada)
• IXL (fruit spreads, Australia)
• Jif (peanut butter)
• Laura Scudder's (peanut butter)
• Lost Acres (fruit spreads)
• Magic Shell (dessert topping)
• Rocket Juice (juice beverages)
• R.W. Knudsen (juice beverages)
• Santa Cruz Natural (juice beverages)
• Shirriff (fruit spreads, Canada)
• Simply Fruit (fruit spreads)
• Smucker's (dessert topping, jam, jelly, preserves, peanut butter)
• Smucker's Snackers (peanut butter, jelly, and cracker snacks)
• Smucker's Uncrustables (frozen peanut butter and jelly sandwiches)
• Taylor's (Australia)
Archived Charts
US
Other countries
Total
2001 Sales
$ mil.
% of total
558
86
93
14
651
100
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Other Resources Available On Hoover's Online
News for Smucker (last 90 days)
Company Press Release Archive
Other Resources
• 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
Additional Research On Smucker
• D&B Business/Credit Reports: The J. M. Smucker Company
(D&B, Feb 1, 2004, Business Reports)
• The J. M. Smucker Company: Company Profile
• Manufacturing Branches
• Corporate Hierarchy
(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
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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
37.6%
36.9%
36.8%
279.8
165.2
156.0
37.8
28.6
26.9
Operating Income
176.2
59.7
56.7
Operating Margin
13.4%
8.7%
8.7%
(0.4)
4.6
3.1
8.8
9.2
7.8
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
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 ($)
2.02
1.24
1.23
0.76
0.64
0.64
Apr 03
Apr 02
Apr 01
Cash
181.2
91.9
51.1
Net Receivables
101.4
57.4
56.0
Inventories
169.1
116.5
108.0
Gross Profit Margin
SG&A Expense
Depreciation & Amortization
Nonoperating Income
Nonoperating Expenses
Income Before Taxes
Discontinued Operations
Diluted EPS from Total Net Income ($)
Dividends per Share
Balance Sheet
Assets
Current Assets
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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
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
54.9
25.2
16.3
491.2
244.8
223.5
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
49.8
24.9
24.4
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
Data Definitions
(33.6)
(15.6)
(16.7)
Current Liabilities
Other Noncurrent Liabilities
Total Liabilities
Shareholders' Equity
Shares Outstanding (mil.)
Cash Flow Statement
Some financial information provided by Media General Financial Services, Inc.
, Richmond, Virginia
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Quarterly Financials
All amounts in millions of US Dollars except per share amounts.
Income Statement
Revenue
Quarter Ending Jan Quarter Ending
04 (Prelim.)
Oct 03
Quarter Quarter Ending
Ending Jul 03
Apr 03
Quarter
Ending
Jan 03
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
31.3
32.1
25.8
23.2
28.0
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 from
Continuing Operations ($)
0.62
0.64
0.51
0.46
0.56
Diluted EPS from
Discontinued Operations ($)
0.00
0.00
0.00
0.00
0.00
Diluted EPS from Total
Operations ($)
0.62
0.64
0.51
0.46
0.56
0.23
0.23
0.23
0.20
0.20
Quarter Quarter Ending
Ending Jul 03
Apr 03
Quarter
Ending
Jan 03
Continuing Operations
Discontinued Operations
Diluted EPS from Total Net
Income ($)
Dividends per Share
Balance Sheet
Quarter Ending Jan Quarter Ending
04 (Prelim.)
Oct 03
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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
Quarter Quarter Ending
Ending Jul 03
Apr 03
Quarter
Ending
Jan 03
Liabilities and
Shareholders' Equity
Quarter Ending Jan Quarter Ending
04 (Prelim.)
Oct 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
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 Flow
Statement
Quarter Ending Jan Quarter Ending
04 (Prelim.)
Oct 03
Quarter Quarter Ending
Ending Jul 03
Apr 03
Quarter
Ending
Jan 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
Shareholders' Equity
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20
Depreciation & Amortization
−−
11.4
10.7
11.4
8.9
Capital Expenditures
−−
(52.6)
(25.7)
(60.3)
(38.6)
Cash Dividends Paid
−−
(22.8)
(11.4)
(33.6)
0.0
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
, Richmond, Virginia
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Historical Financials & Employees
Income Statement
Revenue
($ mil.)
Net Income
($ mil.)
Net Profit
Margin
Employees
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
Year
Stock History
Stock Price ($)
Year
P/E
Per Share ($)
FY
High
FY
Low
FY
Close
High
Low
Earns.
Div.
Book
Value
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
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22
Shares Outstanding (mil.)
49.8
Dividend yield
2.1%
Dividend payout
37.6%
Market value ($ mil.)
1,805.5
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
, Richmond, Virginia
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Market Data
Current Information
Last Close 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
60−Month Beta
22.70
(0.0) Price/Cash Flow Ratio
Market Value (mil.)
16.71
$2,533.6 Return on Assets
6.8%
Shares Outstanding (mil.)
50.0 Return on Equity
9.6%
Dividend Rate
0.92 Current Ratio
Dividend Yield
2.60
1.8% Long−Term Debt/Equity
−−
# of Institutional Holders
621 % Owned by Institutions
47.6%
Latest Short Interest Ratio
6.10 Latest Net Insider Transactions
Growth Rates
0.00
12 Month
36 Month
60 Month
Revenue Growth
22.6%
−−
−−
EPS Growth
24.6%
−−
−−
Dividend Growth
23.6%
−−
−−
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
, Richmond, Virginia
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Comparison Data
Company
Industry1
Market2
Gross Profit Margin
38.85%
35.90%
47.92%
Pre−Tax Profit Margin
12.33%
5.98%
5.80%
Net Profit Margin
7.91%
3.74%
2.87%
Return on Equity
9.6%
9.1%
5.7%
Return on Assets
6.8%
4.0%
0.9%
Return on Invested Capital
8.6%
5.7%
2.8%
Company
Industry1
Market2
1.78
0.90
1.43
22.70
25.68
50.09
2.16
2.18
2.84
16.71
12.12
15.76
Company
Industry1
Market2
28.64
35.06
59.48
Inventory Turnover
4.5
5.1
7.5
Days Cost of Goods Sold in Inventory
79
70
48
Asset Turnover
0.9
1.2
0.3
12.2
10.5
6.2
37.7%
35.0%
−−
Company
Industry1
Market2
2.60
1.83
1.39
1.3
0.9
1.0
Leverage Ratio
1.42
2.27
6.02
Total Debt/Equity
0.12
0.64
1.43
Interest Coverage
23.40
4.90
2.00
Company
Industry1
Market2
28.38
21.78
19.61
Fully Diluted Earnings Per Share
from Total Operations
2.23
0.76
0.56
Dividends Per Share
0.89
0.18
0.42
Cash Flow Per Share
3.03
1.61
1.78
Working Capital Per Share
5.24
2.94
2.14
Long−Term Debt Per Share
2.70
5.19
10.17
23.39
8.97
9.89
Profitability
Valuation
Price/Sales Ratio
Price/Earnings Ratio
Price/Book Ratio
Price/Cash Flow Ratio
Operations
Days of Sales Outstanding
Net Receivables Turnover Flow
Effective Tax Rate
Financial
Current Ratio
Quick Ratio
Per Share Data ($)
Revenue Per Share
Book Value Per Share
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Total Assets Per Share
33.12
20.34
59.58
Company
Industry1
Market2
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%
Growth
1Industry:
Processed/Packaged Goods
Industry classifications
are from Media General Financial Services, Inc.
2
.
Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
, Richmond, Virginia
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26
Competitive Landscape
KEY: Best of Group. Companies listed are Top Competitors.
Smucker
ConAgra
Ralcorp
Unilever 1
1,311.7
19,839.2
1,303.6
50,698.0
2,775
63,000
5,000
247,000
2,533.6
14,888.4
936.5
−−
Smucker
ConAgra
Ralcorp
Unilever 1
Industry2
Market3
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%
1
2
Market3
Key Numbers
Annual Sales ($mil.)
Employees
Market Value ($mil.)
Profitability
Valuation
Smucker
ConAgra
Ralcorp
1.78
0.99
0.71
−−
0.90
1.43
22.70
18.74
161.00
−−
25.68
50.09
2.16
3.04
2.20
−−
2.18
2.84
16.71
13.27
21.47
−−
12.12
15.76
Smucker
ConAgra
Ralcorp
Unilever 1
Industry2
Market3
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
12.2
7.9
37.3
−−
10.5
6.2
37.7%
28.2%
−−
−−
35.0%
−−
Smucker
ConAgra
Ralcorp
Unilever 1
Industry2
Market3
2.60
1.63
1.96
−−
1.83
1.39
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
1
2
Market3
Price/Sales Ratio
Price/Earnings Ratio
Price/Book Ratio
Price/Cash Flow Ratio
Operations
Days of Sales Outstanding
Net Receivables Turnover Flow
Effective Tax Rate
Financial
Current Ratio
Quick Ratio
Per Share Data ($)
Revenue Per Share
Fully Diluted Earnings Per Share
from Total Operations
Unilever
Unilever
Industry
Smucker
ConAgra
Ralcorp
28.38
28.08
45.31
−−
21.78
19.61
2.23
1.48
0.20
−−
0.76
0.56
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Industry
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
Smucker
ConAgra
Ralcorp
Unilever 1
Industry2
Market3
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%
Growth
1
Data unavailable.
Industry: Processed/Packaged Goods
Industry 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.
2
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
, Richmond, Virginia
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Copyright 2004, Hoover's, Inc.
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