jm smucker co/the (JM2) Snapshot

The Board of Directors of The J. M. Smucker Company announced that a new director nominee will be included in the company's proxy statement for his election at the next Annual Meeting of Shareholders to be held on August 14, 2013. The nominee, Mr. Robert B. Heisler, Jr., is the retired Dean of the College of Business Administration and Graduate School of Management at Kent State University, former Chief Executive Officer of McDonald Financial Group, and retired Chairman and Chief Executive Officer of KeyBank, N.A. The Board concluded that Mr. Heisler should serve as a director primarily due to his extensive experience in the investment management and financial services area and his experience serving as a director of other public companies. Mr. Heisler will replace Mr. William H. Steinbrink, who has served as a director of the company since 1994, and who will be retiring from the Board at the end of his term. Mr. Steinbrink, will, however, provide consulting services, to the Chief Executive Officer and the Chairman of the Board.

The J. M. Smucker Company announced unaudited consolidated earnings results for the fourth quarter and full year ended April 30, 2013. For the quarter, net sales were $1,339,647,000 against $1,355,353,000 for the same period a year ago. Net sales increased 7% for the year, reflecting growth across key categories and brands. Operating income was $214,062,000 against $185,600,000 for the same period a year ago. Income before income taxes was $191,873,000 against $163,896,000 for the same period a year ago. Net income was $130,336,000 against $104,130,000 for the same period a year ago. Net income per common share assuming dilution was $1.22 against $0.93 for the same period a year ago. Net cash provided by operating activities was $172,206,000 against $261,690,000 for the same period a year ago. Additions to property, plant, and equipment were $59,971,000 against $77,353,000 for the same period a year ago. Operating income excluding special project costs was $225,261,000 against $213,748,000 for the same period a year ago. Net income excluding special project costs was $137,998,000 against $122,044,000 for the same period a year ago. Income per common share -- assuming dilution was $1.29 against $1.10 for the same period a year ago. Income before income taxes, excluding special project costs was $203,072,000 against $192,044,000 for the same period a year ago. Net income excluding special project costs was $137,998,000 against $122,044,000 for the same period a year ago. Earnings before interest, taxes, depreciation, and amortization were $277,270,000 against $254,975,000 for the same period a year ago. Free cash flow was $112,235,000 against $184,337,000 for the same period a year ago. Non-GAAP earnings per share were $5.37, an increase of 14% with profit growth coming from all 3 segments. For the year, net sales were $5,897,654,000 against $5,525,782,000 for the same period a year ago. Operating income was $910,436,000 against $778,283,000 for the same period a year ago. Income before income taxes was $817,350,000 against $701,158,000 for the same period a year ago. Net income was $544,214,000 against $459,744,000 for the same period a year ago. Net income per common share assuming dilution was $5.00 against $4.06 for the same period a year ago. Net cash provided by operating activities was $855,845,000 against $730,929,000 for the same period a year ago. Additions to property, plant, and equipment were $206,510,000 against $274,244,000 for the same period a year ago. Operating income excluding special project costs was $971,414,000 against $893,938,000 for the same period a year ago. Net income excluding special project costs was $584,815,000 against $535,579,000 for the same period a year ago. Income per common share -- assuming dilution was $5.37 against $4.73 for the same period a year ago. Income before income taxes, excluding special project costs was $878,328,000 against $816,813,000 for the same period a year ago. Net income excluding special project costs was $584,815,000 against $535,579,000 for the same period a year ago. Earnings before interest, taxes, depreciation, and amortization were $1,161,635,000 against $1,027,946,000 for the same period a year ago. Free cash flow was $649,335,000 against $456,685,000 for the same period a year ago. For fiscal 2014, the company expects net sales to be comparable to 2013 reflecting the full-year impact of price declines taken in 2013 and rationalization of previously discussed products, offset by net sales of Cumberland products and expected volume growth in key categories. Non-GAAP net income per diluted share is expected in the range of $5.65 to $5.75, which excludes special project costs of approximately $0.20 per diluted share. The company expects free cash flow of approximately $600.0 million in fiscal 2014, reflecting capital expenditures of approximately $270.0 million.

The J. M. Smucker Company announced that they will report Q4, 2013 results at 5:00 PM, Eastern Standard Time on Jun 06, 2013