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J. M. SMUCKER ANNOUNCES EARNINGS

 ORRVILLE, Ohio, June 17 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJMA/SJMB), Orrville, Ohio, announced today that sales for the year ended April 30, 1993, were $491,309,000, up just under 2 percent over 1992 sales of $483,472,000. The company also announced earnings of $37,399,000, before the impact of changing the method of accounting for postretirement benefits, an increase of approximately 10 percent over 1992 earnings of $34,118,000. Earnings per share before the accounting change were $1.27 compared to $1.16 per share last year. The company adopted Statement of Financial Accounting Standards No. 106 (SFAS 106) during the fourth quarter, retroactive to May 1, 1992. The cumulative effect of this change reduced fiscal 1993 earnings by an additional $4,454,000, net of tax benefit, or $.15 per share.
 Volume growth in the Industrial, Specialty Foods and Foodservice business areas accounted for the sales increase. Within the Industrial area, sales of fruit-based ingredients increased significantly, while increased sales of portion control and traditional fruitspread items were responsible for the Foodservice growth. In the Specialty Foods area, the company continued to focus on expanding the sales of branded products within this market segment.
 Total sales in the Consumer area were essentially flat during the year as overall fruitspread volume remained constant with 1992 levels. The company's share of the fruitspread market continued to grow during fiscal 1993, however, and by year-end had reached the highest level in the company's history. Sales grew in the warehouse club store and mass retail markets, but sales of fruit juice and beverage products in the health and natural foods market were down.
 In the International area, sales fell below 1992 results due to declining exchange rates and competitive activity. Despite lower sales, the International area reported an operating profit for the first time.
 Income from operations grew at a greater rate than sales due to lower raw material costs, improved efficiencies at the company's manufacturing facilities and improved profitability in the International markets. In addition, there was a continued, companywide focus on cost reduction.
 THE J. M. SMUCKER COMPANY
 STATEMENTS OF CONSOLIDATED INCOME
 (Unaudited)
 1993 1992
 (Dollars in thousands,
 except per share data)
 Net sales $491,309 $483,472
 Cost of products sold 313,930 314,133
 Gross profit 177,379 169,339
 Selling, distribution, and
 administrative expenses 117,641 114,888
 Operating income 59,738 54,451
 Other income - net 1,732 1,632
 Income before income taxes and
 cumulative effect of change in
 accounting method 61,470 56,083
 Income taxes 24,071 21,965
 Income before cumulative effect of
 change in accounting method 37,399 34,118
 Cumulative effect of adopting
 SFAS 106 (4,454) -0-
 Net income $32,945 $34,118
 Net income per Common Share before
 cumulative effect(A) $1.27 $1.16
 Net income per Common Share(A) $1.12 $1.16
 (A) -- Computed on weighted
 average number of Class A
 and Class B shares
 outstanding, namely 29,547,100 29,536,980
 SUMMARY OF QUARTERLY RESULTS OF OPERATIONS
 The following is a summary of unaudited quarterly results of operations for the years ended April 30, 1993 and 1992. Results for the first three quarters of 1993 have been restated to reflect the adoption of SFAS 106.
 Fiscal 1993
 Quarter ended July 31 Oct. 31 Jan. 31 April 30
 (Dollars in thousands, except per share data)
 Net sales $124,781 $133,864 $110,367 $122,297
 Gross profit 43,427 47,312 40,559 46,081
 Income before
 accounting change 9,513 10,262 7,297 10,327
 Income per Common Share
 before accounting
 change .32 .35 .25 .35
 Net income 5,059 10,262 7,297 10,327
 Net income per Common
 Share .17 .35 .25 .35
 Fiscal 1992
 Quarter ended July 31 Oct. 31 Jan. 31 April 30
 (Dollars in thousands, except per share data)
 Net sales $119,721 $130,758 $111,964 $121,029
 Gross profit 41,915 45,433 39,281 42,710
 Income before
 accounting change 8,944 9,303 6,731 9,140
 Income per Common Share
 before accounting
 change .30 .32 .23 .31
 Net income 8,944 9,303 6,731 9,140
 Net income per Common
 Share .30 .32 .23 .31
 THE J.M. SMUCKER COMPANY
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 April 30,
 1993 1992
 (Dollars in thousands)
 ASSETS
 Current Assets:
 Cash and cash equivalents $50,445 $36,268
 Trade receivables 40,354 41,565
 Inventories 71,863 77,777
 Other current assets 5,737 5,961
 Total Current Assets 168,399 161,571
 Property, Plant, and Equipment, Net 96,326 88,323
 Other Non-Current Assets 30,086 27,874
 Total $294,811 $277,768
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities:
 Accounts payable $27,433 $28,363
 Other current liabilities 29,110 25,197
 Total Current Liabilities 56,543 53,560
 Other Non-Current Liabilities 17,799 11,993
 Shareholders' Equity, Net 220,469 212,215
 Total $294,811 $277,768
 -0- 6/17/93
 /CONTACT: Richard K. Smucker, president, or Steven J. Ellcessor, secretary, 216-682-3000, both of the J.M. Smucker Company/
 (SJMA SJMB)


CO: The J.M. Smucker Company ST: Ohio IN: FOD SU: ERN

BM -- CL006 -- 3097 06/17/93 12:32 EDT
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Date:Jun 17, 1993
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