The J. M. Smucker Company Announces Fiscal 2012 Fourth Quarter and Full Year Results

 The J. M. Smucker Company Announces Fiscal 2012 Fourth Quarter and Full Year
                                   Results

- Fourth quarter net sales increased 14 percent

- Fourth quarter EPS up 13 percent; EPS up 10 percent excluding restructuring
and merger and integration charges

- Strong fourth quarter leads to record full year cash from operations

- Company provides net sales and earnings outlook for 2013

PR Newswire

ORRVILLE, Ohio, June 7, 2012

ORRVILLE, Ohio, June 7, 2012 /PRNewswire/ -- The J. M. Smucker Company (NYSE:
SJM) today announced results for the fourth quarter and year ended April 30,
2012. Results for the quarter and year ended April 30, 2012, include the
operations of Rowland Coffee Roasters, Inc. ("Rowland Coffee") and the North
American foodservice coffee and hot beverage business acquired from Sara Lee
Corporation ("Sara Lee foodservice business") since the completion of each
acquisition on May 16, 2011 and January 3, 2012, respectively.

Executive Summary

                           Three Months Ended April 30,    Year Ended April 30,
                           2012      2011      % Increase  2012      2011      % Increase
                                               (Decrease)                      (Decrease)
                           (Dollars in millions, except per share data)
Net sales                  $1,355.4  $1,187.2  14%         $5,525.8  $4,825.7  15%
Operatingincome           $        $        12%         $        $        (1%)
                           185.6     166.1                 778.3     784.3
 %ofnetsales            13.7%     14.0%                 14.1%     16.3%
Net income:
 Income                    $        $       10%         $        $        (4%)
                           104.1     94.9                  459.7     479.5
 Incomeperdilutedshare $       $       13%         $       $  4.05  0%
                           0.93      0.82                  4.06



  oNon-GAAP income per diluted share was $1.10 and $1.00 for the fourth
    quarters of 2012 and 2011, and $4.73 and $4.69 for the years ended April
    30, 2012 and 2011, respectively, an increase of 10 percent and 1 percent
    for the quarter and full year, respectively.
  oGAAP and non-GAAP results include the impact, related to the Europe's
    Best® frozen fruit and vegetable business, of an $11.3 million loss on the
    sale of business in the year ended April 30, 2012, and a noncash
    impairment charge of $17.2 million in the year ended April 30, 2011.
  oNon-GAAP income per diluted share excludes restructuring and merger and
    integration costs ("special project costs") of $0.17 and $0.18 per diluted
    share in the fourth quarters of 2012 and 2011, and $0.67 and $0.64 for the
    years ended April 30, 2012 and 2011, respectively.

"We are pleased to have delivered another year of record sales and
year-over-year earnings per share growth in a complex macroeconomic
environment," commented Richard Smucker, Chief Executive Officer. "As we look
ahead, we will continue to invest in our portfolio of trusted brands, build
upon our recent acquisitions, advance our extensive pipeline of innovation,
further our supply chain productivity initiatives, and build upon the
foundation being laid in China. We are well-positioned for continued growth."

"While higher food prices continue to pose a challenge to consumers, we
believe that softening commodity costs should provide some relief to improve
volume. We remain committed to price leadership as demonstrated by our recent
six percent price decrease on coffee," said Vince Byrd, President and Chief
Operating Officer. "In this economic environment, it is important to continue
to build our brands for the long term while maintaining our ability to quickly
adjust our marketing tactics to meet ever-changing consumer needs."

Net Sales

                  Three Months Ended April 30,           Year Ended April 30,
                  2012      2011      Increase    %      2012      2011      Increase    %
                                      (Decrease)                             (Decrease)
                  (Dollars in millions)
Net sales         $1,355.4  $1,187.2  $  168.2  14%    $5,525.8  $4,825.7  $  700.0  15%
Adjust for
certain
noncomparable
items:
 Acquisitions     (125.8)   -         (125.8)     (11%)  (239.5)   -         (239.5)     (5%)
 Divestiture      -         (8.4)     8.4         1%     -         (16.7)    16.7        0%
 Foreignexchange 2.5       -         2.5         0%     (6.5)     -         (6.5)       (0%)
Net sales
adjusted for
noncomparable                         $  
impact of         $1,232.1  $1,178.8  53.3       5%     $5,279.8  $4,809.0  $  470.7  10%
acquisitions,
divestiture, and
foreign exchange
Amounts may not add due to rounding.

Net sales increased 14 percent in the fourth quarter of 2012, compared to the
fourth quarter of 2011, driven primarily by the impact of acquisitions and
higher realized prices. The Sara Lee foodservice business and Rowland Coffee
acquisitions during the year contributed $97.4 million and $28.4 million to
net sales in the fourth quarter of 2012, respectively, and combined
represented 11 percentage points of the net sales increase. The impact of
sales mix was favorable primarily due to K-Cups®.

Overall volume, excluding acquisitions, was down 7 percent in the fourth
quarter of 2012, compared to the fourth quarter of 2011, primarily driven by
Jif® peanut butter, Pillsbury® baking mixes,  and Folgers® coffee. The
overall volume decline, compared to last year's fourth quarter, was generally
in line with the Company's expectation of continued weak consumer purchases,
attributed mostly to significantly higher retail prices and the competitive
environment.

Margins

                                                         ThreeMonthsEndedApril30,  Year Ended
                                                                                       April 30,
                                                         2012              2011        2012    2011
                                                         (% of net sales)
Gross profit                                             33.2%             35.5%       33.4%   37.3%
Selling, distribution, and administrative expenses:
Marketing                                               4.0%              5.6%        4.9%    5.8%
Selling                                                  3.4%              3.3%        3.3%    3.3%
Distribution                                             2.8%              3.3%        2.8%    3.2%
General and administrative                               5.6%              6.6%        5.2%    5.6%
Totalselling,distribution,andadministrativeexpenses 15.8%             18.8%       16.2%   17.9%

                                                         1.9%              1.5%        1.6%    1.5%
Amortization
Impairment charges                                       0.3%              0.0%        0.1%    0.4%
Other restructuring and merger and integration costs     1.6%              1.3%        1.3%    1.2%
Loss on divestiture                                      0.0%              0.0%        0.2%    0.0%
Other operating (income) expense - net                   (0.1%)            (0.2%)      (0.0%)  0.0%
Operating income                                         13.7%             14.0%       14.1%   16.3%
Amounts may not add due to rounding.

Gross profit increased $28.8 million, or 7 percent, in the fourth quarter of
2012, compared to 2011, and increased $20.0 million, excluding special project
costs, due to acquisitions. During the fourth quarter of 2012, commodity
costs were higher, compared to the fourth quarter of 2011, most significantly
for green coffee and peanuts. The impact of lower volume in the base business
more than offset the net benefit of higher prices taken in response to higher
costs. Included in overall higher costs, the net effect of the change in
unrealized mark-to-market adjustments on derivative contracts was $5.9 million
unfavorable and primarily related to coffee. Gross margin contracted from
36.8 percent in the fourth quarter of 2011 to 33.7 percent in the fourth
quarter of 2012, excluding special project costs.

Selling, distribution, and administrative ("SD&A") expenses decreased 4
percent in the fourth quarter of 2012, compared to the fourth quarter of 2011,
and decreased as a percentage of net sales from 18.8 percent to 15.8 percent,
primarily due to an $11.7 million, or 18 percent, decrease in marketing
expenses during the period. A portion of the marketing expense decline was
redeployed to trade and consumer promotions, which were reflected as a
reduction of net sales. Over the same period, general and administrative and
distribution expenses both decreased 3 percent. Contributing to the decrease
in general and administrative expenses, incentive compensation costs were
lower in the fourth quarter of 2012, compared to 2011. Selling expenses
increased 17 percent in the fourth quarter of 2012, compared to 2011,
generally in line with the increase in net sales. 

Higher amortization expense was recognized in the fourth quarter of 2012,
compared to 2011, primarily related to the intangible assets associated with
the Company's recent acquisitions. In addition, noncash impairment charges of
$4.6 million were recognized in the fourth quarter of 2012.

Operating income increased $19.5 million, or 12 percent, in the fourth quarter
of 2012, compared to 2011.Excluding special project costs in both periods,
operating income increased $15.9 million, or 8 percent, and declined from 16.7
percent of net sales in 2011 to 15.8 percent in 2012.

Interest and Income Taxes
Interest expense increased $6.4 million in the fourth quarter of 2012,
compared to 2011, representing the costs of higher debt outstanding, primarily
due to the Company's October 2011 public debt issuance. The increased
borrowing costs were somewhat offset by the benefit of the Company's interest
rate swap activities and higher capitalized interest associated with the
Company's capital expenditures.

Income taxes increased $4.7 million in the fourth quarter of 2012, primarily
reflecting a $14.0 million increase in income before income taxes. The
effective tax rate was 36.5 percent in the fourth quarter of 2012, compared to
36.7 percent in 2011.

Segment Performance

                                                 Three Months Ended April    Year Ended April 30,
                                                 30,
                                                 2012    2011    % Increase  2012      2011      % Increase
                                                                 (Decrease)                      (Decrease)
                                                 (Dollars in millions)
Net sales:
 U.S.RetailCoffee                             $542.2  $505.3  7%          $2,297.7  $1,930.9  19%
 U.S.RetailConsumerFoods                      463.2   443.0   5%          2,094.5   1,953.0   7%
 International,Foodservice,andNaturalFoods  349.9   238.8   47%         1,133.6   941.8     20%
Segment profit:
 U.S. Retail Coffee                             $125.0  $117.1  7%          $        $        1%
                                                                             543.0     536.1
 U.S. Retail Consumer Foods                      91.7    97.8    (6%)        393.3     406.5     (3%)
 International, Foodservice, and Natural Foods   52.0    42.7    22%         168.6     159.6     6%
Segment profit margin:
 U.S. Retail Coffee                             23.1%   23.2%               23.6%     27.8%
 U.S. Retail Consumer Foods                      19.8%   22.1%               18.8%     20.8%
 International, Foodservice, and Natural Foods   14.9%   17.9%               14.9%     16.9%



U.S. Retail Coffee
The U.S. Retail Coffee segment net sales increased 7 percent in the fourth
quarter of 2012, compared to the fourth quarter of 2011, including the
realization of higher price. The acquisition of Rowland Coffee contributed
approximately $24.0 million to segment net sales, representing 5 percentage
points of the segment net sales increase. Segment volume decreased 8 percent
for the fourth quarter of 2012, compared to the fourth quarter of 2011,
excluding Rowland Coffee. Volume declined 7 percent for the Folgers® brand
and 13 percent for Dunkin' Donuts® packaged coffee. Coffee volume declines
were primarily attributed to a combination of lower consumer purchases in
response to higher retail prices, inventory level management by key retailers
in anticipation of a price decline, which the Company announced on May 15,
2012, and promotional activities by competitors. Net sales of Folgers Gourmet
Selections® and Millstone® K-Cups®, increased $34.7 million, compared to the
fourth quarter of 2011, and represented 7 percentage points of segment net
sales growth, while contributing only 1 percentage point growth to volume.

U.S. Retail Coffee segment profit increased $7.9 million, or 7 percent, in the
fourth quarter of 2012, compared to the fourth quarter of 2011, despite base
volume declines, primarily due to lower marketing and distribution costs, and
the contribution from Rowland Coffee. The net benefit of higher prices
related to higher costs in the fourth quarter of 2012, compared to 2011,
contributed slightly to segment profit.

U.S. Retail Consumer Foods
The U.S. Retail Consumer Foods segment net sales increased 5 percent in the
fourth quarter of 2012, compared to 2011, due to the impact of price
increases. Segment volume declined 11 percent. Jif® peanut butter net sales
increased 25 percent in the fourth quarter of 2012, compared to 2011,
reflecting price increases over the past year and lower promotional activity,
somewhat offset by a 17 percent volume decline. The Company attributed the
overall decline in peanut butter volume equally to both consumer response to
significantly higher retail prices and lost peanut butter distribution with a
key retailer in nonmeasured channels earlier in the fiscal year. Smucker's®
fruit spreads net sales declined 8 percent and volume was down 11 percent
during the same period, primarily due to competitive activity. Crisco® brand
net sales increased 7 percent and volume was down 7 percent in the fourth
quarter of 2012, compared to 2011. For the same period, net sales and volume
for the Pillsbury® brand decreased 20 percent and 14 percent, respectively,
with declines mostly in baking mixes resulting from lower promotional activity
in the current year and strong results in the prior year. Canned milk net
sales decreased 3 percent and volume decreased 11 percent during the fourth
quarter of 2012, compared to 2011.

The U.S. Retail Consumer Foods segment profit decreased $6.1 million, or 6
percent, in the fourth quarter of 2012, compared to the fourth quarter of
2011, primarily due to volume. Price increases taken earlier in the fiscal
year, most notably on peanut butter, more than offset higher commodity costs.
Segment selling and marketing expenses were down, however, a noncash
impairment charge of approximately $4.6 million was recognized in the fourth
quarter of 2012 related to a regional canned milk trademark. Segment profit
margin was 19.8 percent in the fourth quarter of 2012, compared to 22.1
percent in 2011.

International, Foodservice, and Natural Foods
Net sales in the International, Foodservice, and Natural Foods segment
increased 47 percent in the fourth quarter of 2012, compared to 2011.
Excluding the impact of acquisitions, divestiture, and foreign exchange,
segment net sales increased 9 percent over the same period last year led by a
4 percent increase in volume. Volume gains in Robin Hood® and Five Roses®
flour, Santa Cruz Organic® beverages, and Smucker's® fruit spreads and
Uncrustables® sandwiches more than offset declines in R.W. Knudsen Family®
beverages and Bick's® pickles.

Segment profit increased $9.3 million in the fourth quarter of 2012, compared
to 2011, primarily due to lower marketing expenses, the contribution from
recent acquisitions, and volume growth. Segment profit margin was 14.9
percent in the fourth quarter of 2012, compared to 17.9 percent in the fourth
quarter of 2011, partially reflecting the acquisition of the lower-margin Sara
Lee foodservice business.

Other Financial Results and Measures

                                Three Months Ended April     Year Ended April 30,
                                30,
                                2012    2011     %Increase  2012      2011      %Increase
                                                 (Decrease)                      (Decrease)
                                (Dollars in millions)
Netcashprovidedby(usedfor) $261.7  $        n/m      $        $        87%
operatingactivities                    (2.8)               730.9     391.6
Free cash flow                  $184.3  $(71.8)  n/m      $        $        116%
                                                             456.7     211.5
EBITDA                          $255.0  $228.0   12%         $1,027.9  $1,023.9  0%
         % of net sales         18.8%   19.2%                18.6%     21.2%

The significant cash generated in the fourth quarter of 2012 is consistent
with the Company's long-term expectation, whereby cash provided by operations
in the second half of its fiscal year exceeds the amount in the first half of
the year, upon completion of the Company's key Fall Bake and Holiday period.
The Company typically expects a significant use of cash to fund working
capital requirements during the first half of each fiscal year, primarily due
to seasonal fruit procurement, the buildup of inventories to support the Fall
Bake and Holiday period, and the additional increase of coffee inventory in
advance of the Atlantic hurricane season. Cash provided by operating
activities was $261.7 million for the fourth quarter of 2012. However, this
compares to cash used by operating activities of $2.8 million during the
fourth quarter of 2011, which reflected above average working capital
requirements during that period, primarily for inventory and accounts
receivable. 

During the fourth quarter of 2012, the Company invested $35.9 million to
acquire a noncontrolling minority interest in Guilin Seamild Biologic
Technology Development Co., Ltd. ("Seamild"), a privately owned manufacturer
and marketer of oats products headquartered in China. Seamild is accounted
for as an equity method investment and did not materially impact results for
the fourth quarter of 2012.

Also during the fourth quarter of 2012, the Company repurchased 3 million
common shares under its Board of Directors' authorization for approximately
$225.3 million. At April 30, 2012, the Company had 3.9 million common shares
remaining for repurchase under its Board authorization.

Outlook
For fiscal 2013, net sales are expected to increase approximately 7 percent,
compared to 2012, including an incremental eight-month contribution from the
Sara Lee foodservice business. Non-GAAP income per diluted share is expected
to range from $5.00 to $5.10, excluding special project costs of approximately
$0.50 per diluted share. For fiscal 2013, the Company's definition of special
project costs has been expanded to include costs the Company expects to incur
related to its initiative to settle certain pension liabilities, which are not
related to the Company's current restructuring project.

Conference Call
The Company will conduct an earnings conference call and webcast today,
Thursday, June 7, 2012, at 8:30 a.m. E.T. The webcast can be accessed from
the Company's website at www.smuckers.com. For those unable to listen to the
live webcast, the webcast replay will be available at
www.smuckers.comfollowing the call. An audio replay will also be available
following the call until Thursday, June 14, 2012, and can be accessed by
dialing 888-203-1112 or 719-457-0820, with a pass code of 4728592.

Non-GAAP Measures
The Company uses non-GAAP measures including net sales adjusted for the
noncomparable impact of acquisitions, divestiture, and foreign exchange rate;
gross profit, operating income, income, and income per diluted share,
excluding special project costs; earnings before interest, taxes,
depreciation, and amortization ("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. generally accepted accounting principles ("GAAP").
Rather, the presentation of these non-GAAP measures supplements other metrics
used by management to internally evaluate 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 and may exclude certain
nondiscretionary expenses and cash payments. A reconciliation of certain
non-GAAP measures to the comparable GAAP items for the current and prior year
quarter and year-to-date periods is included in the "Unaudited Non-GAAP
Measures" table.

About The J. M. Smucker Company
For more than 110 years, The J. M. Smucker Company has been committed to
offering consumers quality products that bring families together to share
memorable meals and moments. Today, Smucker is a leading marketer and
manufacturer of fruit spreads, retail packaged coffee, peanut butter,
shortening and oils, ice cream toppings, sweetened condensed milk, and health
and natural foods beverages in North America. Its family of brands includes
Smucker's®, Folgers®, Dunkin' Donuts®, Jif®, Crisco®, Pillsbury®, Eagle
Brand®, R.W. Knudsen Family®, Hungry Jack®, Cafe Bustelo®, Cafe Pilon®, White
Lily® and Martha White® in the United States, along with Robin Hood®, Five
Roses®, Carnation® and Bick's® in Canada. The Company remains rooted in the
Basic Beliefs of Quality, People, Ethics, Growth and Independence established
by its founder and namesake more than a century ago. For more information
about the Company, visit www.smuckers.com.

The J. M. Smucker Company is the owner of all trademarks referenced herein,
except for the following which are used under license: Pillsbury®, the
Barrelhead logo and the Doughboy character are trademarks of The Pillsbury
Company, LLC; Carnation®  is a trademark of Societe des Produits Nestle S.A.;
and, Dunkin' Donuts®  is a registered trademark of DD IP Holder, LLC. 

Dunkin' Donuts® brand is licensed to The J. M. Smucker Company for packaged
coffee products sold in retail channels such as grocery stores, mass
merchandisers, club stores, and drug stores. This information does not
pertain to Dunkin' Donuts® coffee or other products for sale in Dunkin'
Donuts® restaurants. K-Cup® and K-Cups® are trademarks of Keurig,
Incorporated.

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:

  ovolatility of commodity markets from which raw materials, particularly
    green coffee beans, wheat, soybean oil, milk, peanuts, and sugar, are
    procured and the related impact on costs;
  orisks associated with derivative and purchasing 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;
  ocrude oil price trends and their impact on transportation, energy, and
    packaging costs;
  othe ability to successfully implement and realize the full benefit of
    price changes that are intended to fully recover cost and the competitive,
    retailer, and consumer response;
  othe success and cost of introducing new products and the competitive
    response;
  othe success and cost of marketing and sales programs and strategies
    intended to promote growth in the Company's businesses;
  ogeneral competitive activity in the market, including competitors' pricing
    practices and promotional spending levels;
  othe ability of the Company to successfully integrate acquired and merged
    businesses in a timely and cost effective manner;
  othe successful completion of the Company's restructuring programs and the
    ability to realize anticipated savings and other potential benefits within
    the time frames currently contemplated;
  othe impact of food security concerns involving either the Company's or its
    competitors' products;
  othe impact of accidents and natural disasters, including crop failures and
    storm damage;
  othe concentration of certain of the Company's businesses with key
    customers and suppliers and the ability to manage and maintain key
    relationships;
  othe loss of significant customers, a substantial reduction in orders from
    these customers, or the bankruptcy of any such customer;
  ochanges in consumer coffee preferences and other factors affecting the
    coffee business, which represents a substantial portion of the Company's
    business;
  oa change in outlook or downgrade in the Company's public credit rating by
    a rating agency;
  othe ability of the Company to obtain any required financing;
  othe timing and amount of capital expenditures, share repurchases, and
    restructuring costs;
  oimpairments in the carrying value of goodwill, other intangible assets, or
    other long-lived assets or changes in useful lives of other intangible
    assets;
  othe impact of new or changes to existing governmental laws and regulations
    and their application;
  othe impact of future legal, regulatory, or market measures regarding
    climate change;
  othe 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;
  oforeign currency and interest rate fluctuations;
  opolitical or economic disruption;
  oother factors affecting share prices and capital markets generally; and
  orisks related to 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.

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 undertake 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 April 30,          Year Ended April 30,
                                   2012         2011         % Increase  2012         2011         % Increase
                                                             (Decrease)                            (Decrease)
                                   (Dollars in thousands, except per share data)
Net sales                          $            $            14%         $            $            15%
                                   1,355,353   1,187,167               5,525,782   4,825,743
Costofproductssold              898,682      750,456      20%         3,637,397    2,973,137    22%
Cost of products sold -            5,060        15,713       (68%)       38,552       54,089       (29%)
restructuring
Costofproductssold-            1,826        -            n/m      4,610        -            n/m
mergerandintegration
Gross Profit                       449,785      420,998      7%          1,845,223    1,798,517    3%
   Gross margin                    33.2%        35.5%                    33.4%        37.3%
Selling, distribution, and         214,513      222,707      (4%)        892,683      863,114      3%
administrative expenses
Amortization                       25,235       18,331       38%         88,060       73,844       19%
Impairment charges                 4,590        444          n/m      4,590        17,599       (74%)
Other restructuring costs          8,787        13,005       (32%)       42,589       47,868       (11%)
Othermergerandintegrationcosts 12,475       3,019        n/m      29,904       11,194       167%
Loss on divestiture                -            -            n/m      11,287       -            n/m
Otheroperating(income)expense - (1,415)      (2,615)      (46%)       (2,173)      626          n/m
net
Operating Income                   185,600      166,107      12%         778,283      784,272      (1%)
   Operating margin                13.7%        14.0%                    14.1%        16.3%
Interest income                    414          728          (43%)       1,504        2,512        (40%)
Interest expense                   (22,827)     (16,418)     39%         (81,296)     (69,594)     17%
Other income (expense) - net       709          (513)        n/m      2,667        (26)         n/m
Income Before Income Taxes         163,896      149,904      9%          701,158      717,164      (2%)
Income taxes                       59,766       55,024       9%          241,414      237,682      2%
Net Income                         $          $         10%         $          $          (4%)
                                   104,130      94,880                   459,744      479,482
   Netincomepercommonshare     $       $       13%         $       $       0%
                                   0.93         0.82                     4.06         4.06
   Net income per common share -   $       $       13%         $       $       0%
   assuming dilution               0.93         0.82                     4.06         4.05
Dividends declared per common      $       $       9%          $       $       14%
share                              0.48         0.44                     1.92         1.68
Weighted-average shares            111,405,674  115,429,821  (3%)        113,263,951  118,165,751  (4%)
outstanding
Weighted-average shares            111,445,492  115,496,532  (4%)        113,313,567  118,276,086  (4%)
outstanding – assuming dilution





The J. M. Smucker Company
Unaudited Condensed Consolidated Balance Sheets


                                     April 30, 2012  April 30, 2011
                                     (Dollars in thousands)
Assets
Current Assets:
   Cash and cash equivalents         $   229,708  $   319,845
   Trade receivables                 347,518         344,410
   Inventories                       961,576         863,579
   Other current assets              104,663         109,165
      Total Current Assets           1,643,465       1,636,999
Property, Plant, and Equipment - Net 1,096,089       867,882
Other Noncurrent Assets:
   Goodwill                         3,054,618       2,812,746
   Other intangible assets - net     3,187,007       2,940,010
   Other noncurrent assets           134,047         66,948
      Total Other Noncurrent Assets  6,375,672       5,819,704
                                     $  9,115,226   $  8,324,585
Liabilities and Shareholders' Equity
Current Liabilities:
   Accounts payable                  $   274,725  $   234,916
   Other current liabilities         342,247         247,760
      Total Current Liabilities      616,972         482,676
Noncurrent Liabilities:
   Long-term debt                    2,020,543       1,304,039
   Other noncurrent liabilities      1,314,325       1,245,507
      Total Noncurrent Liabilities   3,334,868       2,549,546
Shareholders' Equity                 5,163,386       5,292,363
                                     $  9,115,226   $  8,324,585



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


                                                             ThreeMonthsEndedApril30,  YearEndedApril30,
                                                             2012            2011          2012         2011
                                                             (Dollars in thousands)
Operating Activities
 Net income                                                  $ 104,130       $  94,880    $ 459,744   $479,482
 Adjustmentstoreconcilenetincometonetcashprovidedby
 (used for) operating activities:
      Depreciation                                           36,610          28,751        120,366      112,226
      Depreciation - restructuring and merger and            6,821           15,306        38,570       53,569
      integration
      Amortization                                           25,235          18,331        88,060       73,844
      Impairment charges                                     4,590           444           4,590        17,599
      Share-based compensation expense                       5,187           6,058         21,711       24,044
      Other noncash restructuring charges                    1,088           1,554         8,030        8,540
      Loss on sale of assets - net                           282             1,056         3,390        2,867
      Loss on divestiture                                    -               -             11,287       -
      Changes in assets and liabilities, net of effect from
                businesses acquired:
                Trade receivables                            17,720          (52,442)      9,286        (102,625)
                Inventories                                  30,173          (125,561)     (48,189)     (204,159)
                Accounts payable and accrued items           73,427          48,041        72,774       84,633
                Proceeds from settlement of interest rate    -               -             17,718       -
                swaps - net
                Defined benefit pension contributions        (4,431)         (3,347)       (11,428)     (16,779)
                Income taxes, including deferred income tax  9,939           (40,296)      (20,177)     (138,194)
                benefit
                Other - net                                  (49,081)        4,407         (44,803)     (3,485)
Net Cash Provided by (Used for) Operating Activities         261,690         (2,818)       730,929      391,562
Investing Activities
 Businesses acquired, net of cash acquired                   5,100           -             (737,255)    -
 Additions to property, plant, and equipment                 (77,353)        (68,947)      (274,244)    (180,080)
 Equity investment in affiliate                              (35,874)        -             (35,874)     -
 Proceeds from sale of business                              -               -             9,268        -
 Purchases of marketable securities                          -               -             -            (75,637)
 Sales and maturities of marketable securities               -               20,000        18,600       57,100
 Proceeds from disposal of property, plant, and equipment    1,255           828           4,039        5,830
 Other - net                                                 (19,377)        (27)          (20,398)     (126)
Net Cash Used for Investing Activities                       (126,249)       (48,146)      (1,035,864)  (192,913)
Financing Activities
 Repayments of long-term debt                                -               -             -            (10,000)
 Proceeds from long-term debt - net                          -               -             748,560      400,000
 Quarterly dividends paid                                    (54,278)        (50,959)      (213,667)    (194,024)
 Purchase of treasury shares                                 (225,258)       (141,806)     (315,780)    (389,135)
 Proceeds from stock option exercises                        1,107           4,556         2,826        14,525
 Other - net                                                 602             3,222         (2,313)      8,215
Net Cash (Used for) Provided by Financing Activities         (277,827)       (184,987)     219,626      (170,419)
Effect of exchange rate changes                              1,666           6,213         (4,828)      8,045
Net (decrease) increase in cash and cash equivalents         (140,720)       (229,738)     (90,137)     36,275
Cash and cash equivalents at beginning of period             370,428         549,583       319,845      283,570
Cash and Cash Equivalents at End of Period                   $ 229,708       $ 319,845     $ 229,708   $319,845



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


                                                     Three Months Ended  Year Ended April 30,
                                                     April 30,
                                                     2012      2011      2012        2011
                                                     (Dollars in thousands, except per share
                                                     data)
Gross profit excluding special project costs (1)     $456,671  $436,711  $1,888,385  $1,852,606
         % of net sales                              33.7%     36.8%     34.2%       38.4%
Operatingincomeexcludingspecialprojectcosts(2) $213,748  $197,844  $          $ 
                                                                         893,938     897,423
         % of net sales                              15.8%     16.7%     16.2%       18.6%
Income excluding special project costs: (3)
         Income                                      $122,044  $115,332  $          $ 
                                                                         535,579     555,133
         Income per common share -- assuming         $       $       $       $    
         dilution                                    1.10     1.00     4.73        4.69
(1)      Reconciliation to gross profit:
         Gross profit                                $449,785  $420,998  $1,845,223  $1,798,517
         Cost of products sold - restructuring       5,060     15,713    38,552      54,089
         Cost of products sold - merger and          1,826     -         4,610       -
         integration
         Gross profit excluding special project      $456,671  $436,711  $1,888,385  $1,852,606
         costs
(2)      Reconciliation to operating income:
         Operating income                            $185,600  $166,107  $          $ 
                                                                         778,283     784,272
         Cost of products sold - restructuring       5,060     15,713    38,552      54,089
         Cost of products sold - merger and          1,826     -         4,610       -
         integration
         Other restructuring costs                  8,787     13,005    42,589      47,868
         Other merger and integration costs          12,475    3,019     29,904      11,194
         Operating income excluding special project  $213,748  $197,844  $          $ 
         costs                                                           893,938     897,423
(3)      Reconciliation to net income:
         Net income                                  $104,130  $         $          $ 
                                                               94,880   459,744     479,482
         Income taxes                                59,766    55,024    241,414     237,682
         Cost of products sold - restructuring       5,060     15,713    38,552      54,089
         Cost of products sold - merger and          1,826     -         4,610       -
         integration
         Other restructuring costs                  8,787     13,005    42,589      47,868
         Other merger and integration costs          12,475    3,019     29,904      11,194
         Income before income taxes, excluding       $192,044  $181,641  $          $ 
         special project costs                                           816,813     830,315
         Income taxes, as adjusted                   70,000    66,309    281,234     275,182
         Income excluding special project costs      $122,044  $115,332  $          $ 
                                                                         535,579     555,133



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


                                                   Three Months Ended   Year Ended April 30,
                                                   April 30,
                                                   2012      2011       2012        2011
                                                   (Dollars in thousands, except per share
                                                   data)
Earningsbeforeinterest,taxes,depreciation,and $254,975  $227,982   $1,027,946  $1,023,885
amortization(4)
         % of net sales                            18.8%     19.2%      18.6%       21.2%
Free cash flow (5)                                 $184,337  $(71,765)  $          $ 
                                                                        456,685     211,482
(4)      Reconciliation to net income:
         Net income                                $104,130  $ 94,880  $          $ 
                                                                        459,744     479,482
         Income taxes                              59,766    55,024     241,414     237,682
         Interest income                           (414)     (728)      (1,504)     (2,512)
         Interest expense                          22,827    16,418     81,296      69,594
         Depreciation                              36,610    28,751     120,366     112,226
         Depreciation - restructuring and merger   6,821     15,306     38,570      53,569
         and integration
         Amortization                              25,235    18,331     88,060      73,844
         Earnings before interest, taxes,          $254,975  $227,982   $1,027,946  $1,023,885
         depreciation, and amortization
(5)      Reconciliation to cash provided by (used
         for) operating activities:
         Cash provided by (used for) operating     $261,690  $          $          $ 
         activities                                          (2,818)   730,929     391,562
         Additions to property, plant, and         (77,353)  (68,947)   (274,244)   (180,080)
         equipment
         Free cash flow                            $184,337  $(71,765)  $          $ 
                                                                        456,685     211,482
         The Company uses non-GAAP measures including net sales adjusted for the noncomparable
         impact of acquisitions, divestiture, and foreign exchange rate; gross profit,
         operating income, income, and income per diluted share, excluding special project
         costs; earnings before interest, taxes, depreciation, and amortization ("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 supplement other metrics used by management to internally evaluate 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
         and may exclude certain nondiscretionary expenses and cash payments.





The J. M. Smucker Company
Unaudited Reportable Segments


                                               Three Months Ended      Year Ended April 30,
                                               April 30,
                                               2012        2011        2012        2011
                                               (Dollars in thousands)
Net sales:
 U.S. Retail Coffee                            $          $          $2,297,737  $1,930,869
                                               542,219     505,345
 U.S. Retail Consumer Foods                    463,215     442,984     2,094,456   1,953,043
 International,Foodservice,andNaturalFoods 349,919     238,838     1,133,589   941,831
Total net sales                                $1,355,353  $1,187,167  $5,525,782  $4,825,743
Segment profit:
 U.S. Retail Coffee                            $          $          $          $ 
                                               124,997     117,059     543,012     536,133
 U.S. Retail Consumer Foods                    91,681      97,813      393,300     406,455
 International, Foodservice, and Natural Foods 52,007      42,749      168,572     159,580
Total segment profit                           $          $          $1,104,884  $1,102,168
                                               268,685     257,621
 Interest income                               414         728         1,504       2,512
 Interest expense                              (22,827)    (16,418)    (81,296)    (69,594)
 Share-based compensation expense              (4,972)     (5,093)     (19,292)    (19,896)
 Cost of products sold - restructuring         (5,060)     (15,713)    (38,552)    (54,089)
 Cost of products sold - merger and            (1,826)     -           (4,610)     -
 integration
 Other restructuring costs                     (8,787)     (13,005)    (42,589)    (47,868)
 Other merger and integration costs            (12,475)    (3,019)     (29,904)    (11,194)
 Corporate administrative expenses             (49,965)    (54,684)    (191,654)   (184,849)
 Other income (expense) - net                  709         (513)       2,667       (26)
Income before income taxes                     $          $          $          $ 
                                               163,896     149,904     701,158     717,164
Segment profit margin:
 U.S. Retail Coffee                           23.1%       23.2%       23.6%       27.8%
 U.S. Retail Consumer Foods                    19.8%       22.1%       18.8%       20.8%
 International, Foodservice, and Natural Foods 14.9%       17.9%       14.9%       16.9%

(Logo: http://photos.prnewswire.com/prnh/20071219/SMUCKERLOGO)

SOURCE The J. M. Smucker Company
 
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