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J.M. SMUCKER ANNOUNCES EARNINGS

 J.M. SMUCKER ANNOUNCES EARNINGS
 ORRVILLE, Ohio, June 17 /PRNewswire/ -- The J.M. Smucker Company


(NYSE: SJMA/SJMB) announced today that for the year ended April 30, 1992, it had sales of $483,472,000, representing an increase of 6 percent over the $454,976,000 sales of the prior year. The company also announced net earnings of $34,118,000 for the year, an increase of 7.5 percent over the $31,744,000 earnings for fiscal year 1991. Earnings per share for the 1992 fiscal year were $1.16, compared to $1.07 per share in fiscal 1991.
 Volume growth in the Consumer, Industrial and Foodservice business areas accounted for nearly all the company's sales growth. In the Consumer area, the largest unit growth came from sales of traditional fruit spreads in the grocery market. Sales of fruit juice and beverage products in the Health and Natural Foods markets also grew. Industrial sales of fruit-based ingredients to other consumer products companies increased significantly. In the Foodservice area, sales of portion control and fruit juice products continued to grow.
 Net income grew at a greater rate than sales due to company-wide cost reduction efforts and efficiencies resulting from increased volume through the manufacturing facilities. In the International area, the magnitude of losses has been reduced by approximately 50 percent from fiscal 1991 results.
 THE J.M. SMUCKER COMPANY AND SUBSIDIARIES
 STATEMENTS OF CONSOLIDATED INCOME
 (Unaudited)
 1992 1991
 (Dollars in thousands, except per share data)
 Net Sales $483,472 $454,976
 Cost of products sold 314,133 295,681
 Gross profit 169,339 159,295
 Selling, distribution, and
 administrative expenses 114,888 107,750
 Operating income 54,451 51,545
 Other income - net 1,632 1,036
 Income before income taxes 56,083 52,581
 Income taxes 21,965 20,837
 Net income $34,118 $31,744
 Net income per Common Share $1.16 $1.07
 Computed on weighted average
 number of Class A and Class B
 shares outstanding, namely 29,536,980 29,539,098
 SUMMARY OF QUARTERLY RESULTS OF OPERATIONS
 The following is a summary of unaudited quarterly results of operations for the years ended April 30, 1992 and 1991:
 Fiscal 1991
 Quarter ended July 31 Oct. 31 Jan. 31 April 30
 (Dollars in thousands, except per share data)
 Net sales $110,743 $125,177 $102,004 $117,052
 Gross profit 39,427 42,978 35,958 40,932
 Net income 8,468 8,599 6,269 8,408
 Net income per
 Common Share .29 .29 .21 .28
 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
 Net income 8,944 9,303 6,731 9,140
 Net income per
 Common Share .30 .32 .23 .31
 THE J.M. SMUCKER COMPANY AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 April 30,
 1992 1991
 (Dollars in thousands)
 ASSETS
 Current Assets:
 Cash and cash equivalents $36,268 $24,513
 Trade receivables 41,565 42,328
 Inventories 77,777 66,531
 Other current assets 5,961 7,664
 Total Current Assets 161,571 141,036
 Other Assets 27,874 28,484
 Property, Plant and Equipment, Net 88,323 82,909
 TOTAL $277,768 $252,429
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities:
 Accounts payable $28,363 $24,819
 Other current liabilities 25,197 25,210
 Total Current Liabilities 53,560 50,029
 Long-Term Debt 3,827 4,267
 Other Liabilities 8,166 7,910
 Shareholders' Equity, Net 212,215 190,223
 TOTAL $277,768 $252,429
 -0- 6/17/92
 /CONTACT: Richard K. Smucker, president, or Steven J. Ellcessor, secretary, both of the J.M. Smucker Company, 216-682-3000/
 (SJMA SJMB) CO: The J.M. Smucker Company ST: Ohio IN: FOD SU: ERN


KK -- CL003 -- 1048 06/17/92 11:29 EDT
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Date:Jun 17, 1992
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