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J. M. SMUCKER ANNOUNCES EARNINGS

 J. M. SMUCKER ANNOUNCES EARNINGS
 ORRVILLE, Ohio, Feb. 19 /PRNewswire/ -- The J. M. Smucker Company


(NYSE: SJM.A, SJM.B), Orrville, announced today that sales for the third quarter ending Jan. 31, 1992, were $111,965,000, up 10 percent over the $102,004,000 for the same period last year. Net profits for the quarter were 7 percent higher than in the comparable period last year, with earnings per share of $.23 compared to $.21.
 For the nine months ended Jan. 31, sales and net income both were up 7 percent over the prior year. Sales were $362,444,000, up from $337,924,000 last year, and net income was $24,978,000 vs. $23,336,000 a year ago.
 Volume growth in the consumer and industrial business areas accounted for the majority of the sales increase during both the quarter and for the year to date. In the consumer area, traditional fruit spreads recorded the largest unit growth. Industrial sales of fruit- based ingredients to other consumer products companies increased significantly.
 Earnings for the third quarter grew more slowly than sales as marketing and merchandising programs were expanded to help attain the volume growth. For the nine-month period, earnings have grown at the same rate as sales. On a year-to-date basis, increased merchandising programs have been offset by manufacturing efficiencies resulting from the increased volume and by a reduction in the magnitude of the losses incurred in the international area.
 The company also noted that it expects the need for increased marketing and merchandising programs for current and new products to continue during the fourth quarter. As a result of those increases, the company does not expect the results for the last quarter of the fiscal year to be significantly better than last year's fourth quarter.
 THE J. M. SMUCKER COMPANY AND SUBSIDIARIES
 Statements of Consolidated Income (Unaudited)
 (Dollars in thousands, except per share data)
 Periods ended Three Months Nine Months
 Jan. 31 1992 1991 1992 1991
 Net sales $111,965 $102,004 $362,444 $337,924
 Cost of products sold 72,683 66,046 235,814 219,561
 Total 39,282 35,958 126,630 118,363
 Selling, distribution,
 and admin. expenses 28,389 25,778 86,639 80,261
 Total 10,893 10,180 39,991 38,102
 Interest income 286 264 882 735
 Other income - net 25 42 578 273
 Total 11,204 10,486 41,451 39,110
 Interest expense 121 170 353 632
 Inc. before inc. taxes 11,083 10,316 41,098 38,478
 Income taxes 4,353 4,047 16,120 15,142
 Net income $ 6,730 $ 6,269 $ 24,978 $ 23,336
 Net income per common
 share (A) $.23 $.21 $.85 $.79
 Divs. declared per share:
 Class A $.095 $.085 $.285 $.255
 Class B $.095 $.085 $.285 $.255
 (A) -- Computed on wtd.
 aver. no. of Class A
 and Class B shares
 outstanding, namely 29,537,946 29,542,046 29,536,662 29,540,298
 THE J. M. SMUCKER COMPANY AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets (Unaudited)
 (Dollars in thousands)
 1/31/92 1/31/91
 ASSETS
 Current assets:
 Cash and cash equivalents $ 10,541 $ 7,666
 Trade receivables 40,529 35,277
 Inventories 91,280 82,322
 Other current assets 5,686 4,448
 Total current assets 148,036 129,713
 Other assets 27,895 28,583
 Property, plant and equipment, net 87,410 80,626
 Total $263,341 $238,922
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 21,175 $ 21,076
 Other current liabilities 23,231 20,544
 Total current liabilities 44,406 41,620
 Long-term debt 4,267 4,277
 Other liabilities 7,790 7,600
 Shareholders' equity, net 206,878 185,425
 Total $263,341 $238,922
 -0- 2/19/92
 /CONTACT: Steven L. Ellcessor, secretary, or Richard K. Smucker, president of J. M. Smucker, 216-682-3000/
 (SJM) CO: The J.M. Smucker Company ST: Ohio IN: FOD SU: ERN


DA -- CL001 -- 0287 02/19/92 09:10 EST
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Date:Feb 19, 1992
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