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J.M. SMUCKER ANNOUNCES EARNINGS

 ORRVILLE, Ohio, Feb. 18 /PRNewswire/ -- The J.M. Smucker Company (NYSE: SJMA/SJMB), Orrville, Ohio, today announced the financial results for the third quarter ending Jan. 31, 1993. Earnings for the period were $7,397,000, or $.25 per share, compared to $6,730,000, or $.23 per share, during the same quarter last year. The approximately 10 percent growth in earnings for the quarter brought the company's total earnings for the first nine months of the fiscal year to $27,378,000, which is up 9.6 percent over the prior year.
 For the nine months ended Jan. 31, sales were $369,012,000, up 2 percent from the $362,444,000 last year. Sales for the third quarter were down 1.4 percent at $110,367,000. Sales increased during the quarter in the Foodservice, Industrial and the International areas, although the increases in the International area were adversely impacted by the continuing weakness of the Australian dollar and the pound sterling against the U.S. dollar. Sales volume was down during the quarter in both the Consumer and the Specialty Foods areas. In the Consumer area, warehouse club sales continue to grow and solid volume gains were reported in grocery market sales of dessert toppings and the company's "Simply Fruit" fruit spread product. Sales were down during the quarter in the peanut butter and beverage product categories. All business areas except International reported an increase in sales over the prior year on a year-to-date basis.
 The company stated that it expects sales for the year to be up over last year and also expects continued strong earnings performance. Lower costs for fruit and sweeteners, along with improved efficiencies and ongoing cost reduction efforts throughout the company, were cited as primary reasons for the strong margin performance to date, and their effect is expected to continue during the fourth quarter although moderated somewhat by the slower than expected sales growth.
 THE J.M. SMUCKER COMPANY
 STATEMENTS OF CONSOLIDATED INCOME
 (Unaudited)
 Three Months Ended
 January 31,
 1993 1992
 (Dollars in thousands, except per share data)
 Net Sales $110,367 $111,965
 Cost of products sold 69,808 72,683
 40,559 39,282
 Selling, distribution, and
 administrative expenses 28,852 28,389
 11,707 10,893
 Interest income 362 286
 Other income, net 696 25
 12,765 11,204
 Interest expense 121 121
 INCOME BEFORE INCOME TAXES 12,644 11,083
 INCOME TAXES 5,247 4,353
 NET INCOME $7,397 $6,730
 Net income per Common Share(A) $.25 $.23
 Dividends declared per share:
 Class A $.105 $.095
 Class B $.105 $.095
 (A) -- Computed on weighted average
 number of Class A and Class B
 shares outstanding, namely 29,612,946 29,537,946
 Nine Months Ended
 January 31,
 1993 1992
 (Dollars in thousands, except per share data)
 Net Sales $369,012 $362,444
 Cost of products sold 237,714 235,814
 131,298 126,630
 Selling, distribution, and
 administrative expenses 87,240 86,639
 44,058 39,991
 Interest income 974 882
 Other income - net 850 578
 45,882 41,451
 Interest expense 242 353
 INCOME BEFORE INCOME TAXES 45,640 41,098
 INCOME TAXES 18,262 16,120
 NET INCOME $27,378 $24,978
 Net income per Common Share(A) $.93 $.85
 Dividends declared per share:
 Class A $.315 $.285
 Class B $.315 $.285
 (A) -- Computed on weighted average
 number of Class A and Class B
 shares outstanding, namely 29,597,380 29,536,662
 THE J.M. SMUCKER COMPANY
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 January 31,
 1993 1992
 (Dollars in thousands)
 ASSETS
 Current Assets:
 Cash and cash equivalents $29,314 $10,541
 Trade receivables 39,952 40,529
 Inventories 83,006 91,280
 Other current assets 4,436 5,686
 Total Current Assets 156,708 148,036
 Other Assets 28,783 27,895
 Property, Plant, and Equipment, Net 93,887 87,410
 $279,378 $263,341
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities:
 Accounts payable $20,454 $21,175
 Other current liabilities 21,599 23,231
 Total Current Liabilities 42,053 44,406
 Long-Term Debt 1,327 4,267
 Other Liabilities 7,945 7,790
 Shareholders' Equity, Net 228,053 206,878
 $279,378 $263,341
 -0- 2/18/93
 /CONTACT: Steven J. Ellcessor, secretary, or Richard K. Smucker, president, 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 -- CL009 -- 7827 02/18/93 11:13 EST
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Date:Feb 18, 1993
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