1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended April 30, 1994
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-5111
THE J. M. SMUCKER COMPANY
OHIO 34-0538550
State of Incorporation I.R.S. Employer Identification No.
One Strawberry Lane
Orrville, Ohio 44667-0280
Principal executive offices
Telephone number: (216) 682-3000
Securities registered pursuant to Section 12(b) of the Act:
Class A Common Shares, no par value Registered on the
Class B Common Shares, no par value New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
The Registrant has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and
has been subject to such filing requirements for at least the past 90 days.
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. (X)
As of July 5, 1994, 14,391,339 Class A Common Shares and 14,780,839 Class B
Common Shares of The J.M. Smucker Company were issued and outstanding. The
aggregate market value of the voting Common Shares (Class A) held by
non-affiliates of the Registrant at July 5, 1994, was $270,068,939.
Certain sections of the Registrant's definitive Proxy Statement, dated July
11, 1994, for the August 16, 1994 Annual Meeting of Shareholders and of the 1994
Annual Report to Shareholders are incorporated by reference into Parts I, II,
III and IV of this Report.
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PART I
ITEM 1. BUSINESS
THE COMPANY. The J. M. Smucker Company was begun in 1897 and was
incorporated in Ohio in 1921. The Company, generally referred to as
"SMUCKER'S" (a registered trademark), operates in one industry, the
manufacturing and marketing of food products on a worldwide basis. Unless
otherwise indicated by the context, the term "Company" as used in this report
means The J. M. Smucker Company and its subsidiaries.
PRINCIPAL PRODUCTS. The principal products of the Company are jams, jellies,
preserves, fruit spreads, frozen pies, dessert toppings, syrups, peanut butter,
industrial fruit products (such as bakery and yogurt fillings), fruit and
vegetable juices, juice beverages, pie fillings, condiments, and gift packages.
The Company is structured around six strategic business areas: Consumer,
Mrs. Smith's, Foodservice, International, Industrial, and Specialty Foods.
Within the domestic markets, the Company's products are primarily sold through
brokers to chain, wholesale, cooperative, and independent grocery accounts and
other consumer markets, and to foodservice distributors and chains including:
hotels, restaurants, and institutions. Industrial products such as bakery and
fruit fillings are typically sold direct to other food manufacturers and
marketers for inclusion in their products. The Company's acquisition of the
Mrs. Smith's Frozen Foods Co., a subsidiary of Kellogg Company in late fiscal
1994 has allowed the Company to expand its distribution into the frozen foods
section of the grocery store.
The Company's distribution outside the United States is principally in
Canada, Australia, the United Kingdom, and Latin America, although products are
exported to other countries. The acquisition during fiscal 1994 of the
Culinar, Inc. jam division in Quebec significantly expanded the Company's
presence in the Canadian market. International sales now represent
approximately 11% of total Company sales.
SOURCES AND AVAILABILITY OF RAW MATERIALS. The fruit raw materials used by
the Company in the production of its food products are generally purchased from
independent growers and suppliers, although the Company grows some strawberries
for its own use. Because of the seasonal nature and volatility of quantities
of most of the crops on which the Company depends, it is necessary to prepare
and freeze stocks of fruit, fruit juices, berries and other food products and
to maintain them in cold storage warehouses. Sweeteners, peanuts, and other
ingredients are obtained from various other sources.
PATENTS AND TRADEMARKS. The Company's products are marketed under several
trademarks owned by the Company. The principal trademarks of the Company
include: "SMUCKER'S", "MRS. SMITH'S", "THE R. W. KNUDSEN FAMILY", "MARY
ELLEN", "LOST ACRES", "SIMPLY FRUIT", "DUTCH GIRL", "GOOD MORNING", "EXTRA
FRUIT", "DOUBLE FRUIT", "J. M. SMUCKER'S", "SUPER SPREADERS", "LOW SUGAR",
"GOOBER", "MAGIC SHELL", "SPECIAL RECIPE", "SUNDAE SYRUP", "RECHARGE", "AFTER
THE FALL", "SANTA CRUZ NATURAL", "DICKINSON'S", "SPRITZER", "FRUIT TEAZER",
"TEAKOOLER", "HEINKE", and "FRUITAGE". In addition, the Company licenses the
"IXL", "SHIRRIFF", "SCHWARTAU", and "VACHON" brands.
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Other slogans or designs considered important trademarks to the Company
include: "With a name like SMUCKER'S, it has to be good," "SMUCKER'S" banner,
the Crock Jar shape, Gingham design, and strawberry logo.
SEASONALITY. Historically, the Company's business has not been highly
seasonal. However, due to the demand for frozen pies during the fall and
holiday season, the Company expects the addition of "MRS. SMITH'S" to
significantly impact its second and third quarter results.
WORKING CAPITAL. Working capital requirements are greatest during the late
spring and summer months due to seasonal procurement of fruits, berries, and
peanuts. During this period, short-term borrowing may be used to augment
working capital generated by sales.
CUSTOMERS. The Company is not dependent either on a single customer or on a
very few for a major part of its sales. No single domestic or foreign customer
accounts for more than 10% of consolidated sales.
ORDERS. Generally, orders are filled within a few days of receipt and the
backlog of unfilled orders at any particular time is not material.
GOVERNMENT BUSINESS. The Company has no material portion of its business
which may be subject to negotiation of profits or termination of contracts at
the election of the government.
COMPETITION. The Company is the leading manufacturer of fruit spreads,
toppings, and frozen pies in the United States. The Company's business is
highly competitive as all its brands compete for retail shelf space with other
advertised and branded products as well as unadvertised and private label
products. The rapid growth of alternative store formats (i.e. Warehouse Club
and Mass Merchandise stores) and changes in business practices, resulting from
both technological advances and new industry techniques, have added additional
variables for companies in the food industry to consider in order to remain
competitive. The principal methods of and factors in competition are product
quality, price, advertising, and promotion.
ENVIRONMENTAL MATTERS. Compliance with the provision of federal, state and
local environmental regulations regarding either the discharge of materials
into the environment or the protection of the environment is not expected to
have a material effect upon the capital expenditures, earnings, or competitive
position of the Company.
EMPLOYEES. At April 30, 1994, the Company had approximately 2,600 full-time
employees, worldwide.
SEGMENT AND GEOGRAPHIC INFORMATION. Information concerning international
operations for the years 1994, 1993, and 1992 is hereby incorporated by
reference from the 1994 Annual Report to Shareholders, on page 20 under Note B:
"Operating Segments."
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ITEM 2. PROPERTIES
The table below lists all the Company's manufacturing and fruit processing
facilities. All of the Company's properties are maintained and updated on a
regular basis, and the Company continues to make investment for expansion and
technological improvements.
Domestic Manufacturing Locations Products Produced
- - -------------------------------- --------------------------------------------------
Orrville, Ohio Fruit spreads, toppings, industrial fruit products
Salinas, California Fruit spreads, toppings
Memphis, Tennessee Fruit spreads, toppings
Ripon, Wisconsin Fruit spreads, toppings, condiments
New Bethlehem, Pennsylvania Peanut butter and "GOOBER" products
Pottstown, Pennsylvania Frozen pies, frozen desserts, pie shells
Chico, California Fruit and vegetable juices, beverages
Havre de Grace, Maryland Fruit and vegetable juices, beverages
Fruit Processing Locations Fruit Processed
- - -------------------------- -------------------------------------------------
Watsonville, California Strawberries, oranges, apples, peaches, apricots
Woodburn, Oregon Industrial fruit products, strawberries,
raspberries, blackberries, blueberries
Grandview, Washington Grapes, cherries, strawberries
Oxnard, California Strawberries
International Manufacturing
- - ---------------------------
Locations Products Produced
- - --------- -------------------------------------------------
Ste-Marie, Quebec, Canada Fruit spreads, pie fillings, sweet spreads
Kyabram, Victoria, Australia Fruit spreads, toppings, fruit pulps
Elsenham, England Jams, specialty items
In addition to the locations listed above, acreage is leased in California
for the growing of strawberries. The corporate headquarters are located in
Orrville, Ohio and offices are leased in Toronto, Ontario, and Longueuil,
Quebec, Canada, and Carlton, Victoria, Australia. All production properties
are owned except the facility in Oxnard, California, which is leased.
ITEM 3. LEGAL PROCEEDINGS
The Company is not a party to any pending legal proceeding which would be
considered material.
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ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
EXECUTIVE OFFICERS OF THE COMPANY
The names, ages as of July 1, 1994, and positions of the executive officers
of the Company are listed below. All executive officers serve at the pleasure
of the Board of Directors, with no fixed term of office. Paul H. Smucker is
the father of Tim and Richard K. Smucker. All of the officers have held
various positions with the Company for more than five years.
Years with Served in
Name Age Company Position Office Since
- - -------------------------------------------------------------------------------------------------------------
Paul H. Smucker 77 55 Chairman of the Executive Committee 1970
Tim Smucker 50 25 Chairman 1987
Richard K. Smucker 46 21 President 1987
Vincent C. Byrd 39 17 Vice President - International 1989
K. Edwin Dountz 52 18 Vice President - Sales 1982
Fred A. Duncan 48 16 Vice President - Procurement and 1984
Technical Services
Charles A. Laine 58 29 Vice President - Consumer Marketing 1984
R. Alan McFalls 49 17 Vice President - Corporate Development
and Planning 1988
John D. Milliken 49 20 Vice President - Customer Logistics 1981
Robert R. Morrison 59 33 Vice President - Operations 1967
Vernon D. Netzly 64 38 Vice President - Industrial Market 1967
Steven J. Ellcessor 42 8 Secretary and General Counsel 1986
Richard G. Jirsa 48 19 Controller 1978
Philip P. Yuschak 55 18 Treasurer 1989
PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
MATTERS
The information pertaining to the market for the Company's Common Stock and
other related shareholder information is hereby incorporated by reference from
the Company's 1994 Annual Report to Shareholders under the caption "Stock Price
Data" on page 9.
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ITEM 6. SELECTED FINANCIAL DATA
Five year summaries of selected financial data for the Company and
discussions of accounting changes which materially affect the comparability of
the selected financial data are hereby incorporated by reference from the
Company's 1994 Annual Report to Shareholders under the following captions and
page numbers: "Five Year Summary of Selected Financial Data" on page 9; Note
E: "Postretirement Benefits Other Than Pensions" on page 22; and Note G:
"Income Taxes" on pages 24 and 25.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Management's discussion and analysis of results of operations and financial
condition, including a discussion of liquidity and capital resources, is hereby
incorporated by reference from the Company's 1994 Annual Report to
Shareholders, on pages 10 through 12.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Consolidated financial statements of the Company at April 30, 1994, 1993, and
1992 and for each of the three years in the period ended April 30, 1994, with
the report of independent auditors and selected unaudited quarterly financial
data, are hereby incorporated by reference from the Company's 1994 Annual
Report to Shareholders on page 9 and pages 13 through 26, respectively.
ITEM 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Information regarding directors and nominees for directorship is incorporated
herein by reference from the Company's definitive Proxy Statement, dated July
11, 1994, for the 1994 Annual Meeting of Shareholders on August 16, 1994, on
pages 2 through 4, under the caption "Election of Directors." For information
concerning the Company's executive officers, see "Executive Officers of the
Registrant" set forth in Part I hereof.
ITEM 11. EXECUTIVE COMPENSATION
Information regarding the compensation of directors and executive officers is
incorporated by reference from the Company's definitive Proxy Statement, dated
July 11, 1994, for the 1994 Annual Meeting of Shareholders on August 16, 1994
under the following captions and page numbers: "Directors' Meetings and
Compensation" on page 4, and "Executive Compensation" on pages 4 through 10.
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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Information regarding security ownership of certain beneficial owners of all
directors and nominees, of the named executive officers, and of directors and
executive officers as a group, is hereby incorporated by reference from the
Company's definitive Proxy Statement, dated July 11, 1994, for the 1994 Annual
Meeting of Shareholders on August 16, 1994 on pages 12 and 13 under the caption
"Ownership of Common Shares."
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Information regarding certain relationships and related transactions is
hereby incorporated by reference from the Company's definitive Proxy Statement
dated July 11, 1994, for the 1994 Annual Meeting of Shareholders on August 16,
1994 under the following captions and page numbers: "Election of Directors" on
pages 2 through 4.
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PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) 1, 2. Financial Statements and Financial Statement Schedules
The index to Consolidated Financial Statements and Financial
Statement Schedules is included on page F-1 of this Report.
3. Exhibits
Exhibit
No. Description
- - ------ -------------------------------------------------------
3(a) 1991 Amended Articles of Incorporation incorporated by
reference to the 1992 Annual Report on Form 10-K.
3(b) Amended Regulations incorporated by reference to the
1988 Annual Report on Form 10-K.
4(a) Industrial Development Revenue Bond Project Agreement
dated as of December 1, 1986. As permitted by Item
601(b)(4)(iii) of Regulation S-K, copies of this
instrument are not filed herewith; a copy will be
furnished to the Commission upon request.
4(b) Promissory Note between The J. M. Smucker Company and
First of America Bank - Central dated as of March 15,
1993. As permitted by Item 601(b)(4)(iii) of Regulation
S-K, copies of this instrument are not filed herewith;
a copy will be furnished to the Commission upon request.
10(a) Amended Restricted Stock Bonus Plan, as amended.
10(b) Top Management Supplemental Retirement Benefit Plan, as
amended and restated.
10(c) 1987 Stock Option Plan, as amended.
10(d) Management Incentive Plan
13 Excerpts from 1994 Annual Report to Shareholders
22 Subsidiaries of the Registrant
23 Consent of Independent Auditors
24 Power of Attorney
<FN>
All other required exhibits are either inapplicable to the Company
or require no answer.
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Copies of exhibits are not attached hereto, but the Company will
furnish any of the foregoing exhibits to any shareholder upon written
request. Please address inquiries to: The J. M. Smucker Company,
Strawberry Lane, Orrville, Ohio 44667, Attention: Steven J. Ellcessor,
Secretary. A fee of $1 per page will be charged to help defray the
cost of handling, copying, and return postage.
(b) Reports on Form 8-K filed in the Fourth Quarter of 1994.
On April 15, 1994, the Company filed a Current Report on Form 8-K with the
Securities and Exchange Commission reporting that the Company was acquiring
the "MRS. SMITH'S" frozen pie business from Mrs. Smith's Frozen Foods Co.,
a wholly owned subsidiary of Kellogg Company.
On June 13, 1994, the Company amended its April 15, 1994 Form 8-K filing to
include both audited financial statements and proforma information as
required under item 7(a) and 7(b) of Form 8-K.
(c) The response to this portion of Item 14 is submitted as a separate section
of this report.
(d) The response to this portion of Item 14 is submitted as a separate section
of this report.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Form 10-K Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 15, 1994
The J. M. Smucker Company
By ___________________________________
Steven J. Ellcessor, Secretary
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this Report on Form 10-K has been signed below by the following
persons on behalf of the Registrant and in the capacities and on the date
indicated.
_______________________________ Chairman of the Executive Committee and Director
Paul H. Smucker (Principal Executive Officer)
_______________________________ Chairman and Director
Tim Smucker (Principal Executive Officer)
_______________________________ President and Director
Richard K. Smucker (Principal Executive Officer)
(Principal Financial Officer)
_______________________________ Controller
Richard G. Jirsa (Principal Accounting Officer)
_______________________________ Director
Lena C. Bailey
_______________________________ Director
William P. Boyle, Jr.
_______________________________ Director By _______________________________
Russell G. Mawby Steven J. Ellcessor
Attorney-in-Fact
_______________________________ Director
Charles S. Mechem, Jr. Date: July 15, 1994
_______________________________ Director
Robert R. Morrison
_______________________________ Director
Vernon D. Netzly
_______________________________ Director
Benjamin B. Tregoe, Jr.
_______________________________ Director
Barbara Trueman
_______________________________ Director
William Wrigley, Jr.
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THE J. M. SMUCKER COMPANY
ANNUAL REPORT ON FORM 10-K
ITEMS 14(A)(1) AND (2), (C) AND (D)
INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
CERTAIN EXHIBITS
FINANCIAL STATEMENT SCHEDULES
Form Annual
10-K Report To
Report Shareholders
------ ------------
Data incorporated by reference from the 1994 Annual Report to
Shareholders of The J. M. Smucker Company:
Consolidated Balance Sheets at April 30, 1994 and 1993 . . . . 14-15
For the years ended April 30, 1994, 1993, and 1992:
Statements of Consolidated Income . . . . . . . . . . . . . 13
Statements of Consolidated Cash Flows . . . . . . . . . . . 16
Statements of Consolidated Shareholders' Equity . . . . . . 17
Notes to Consolidated Financial Statements . . . . . . . . . 19-26
Consolidated financial statement schedules at April 30, 1994,
or for the years ended April 30, 1994, 1993, and 1992:
V. Property, plant, and equipment . . . . . . . . . . . F-2
VI. Accumulated depreciation, depletion and amortization
of property, plant, and equipment . . . . . . . . . F-3
VIII. Valuation and qualifying accounts . . . . . . . . . . F-4
IX. Short-term borrowings . . . . . . . . . . . . . . . . F-5
X. Supplementary income statement information . . . . . F-6
<FN>
All other schedules are omitted because they are not applicable or because
the information required is included in the Consolidated Financial Statements
or the notes thereto.
F-1
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THE J. M. SMUCKER COMPANY
SCHEDULE V - PROPERTY, PLANT AND EQUIPMENT
YEARS ENDED APRIL 30, 1994, 1993 AND 1992
(DOLLARS IN THOUSANDS)
Balance at Balance at
Beginning Additions Other End of
Classification of Year at Cost Retirements (A) Year
- - -------------- ---------- --------- ----------- -------- ----------
Year Ended April 30, 1994:
Land and land improvements $ 11,792 $ 731 $ 157 $ 1,167 $ 13,533
Buildings and fixtures 53,824 3,544 642 11,636 68,362
Machinery and equipment 96,786 12,448 1,923 23,092 130,403
Construction in progress 4,502 1,984 --- --- 6,486
-------- ------- ------- ------- --------
Totals $166,904 $18,707 $ 2,722 $ 35,895 $218,784
- - ------ ======== ======= ======= ========= ========
Year Ended April 30, 1993:
Land and land improvements $ 11,985 $ 824 $ 772 $ (245) $ 11,792
Buildings and fixtures 47,191 7,244 153 (458) 53,824
Machinery and equipment 88,781 11,356 2,784 (567) 96,786
Construction in progress 2,922 1,580 --- --- 4,502
-------- ------- ------- ------- --------
Totals $150,879 $21,004 $ 3,709 $ (1,270) $166,904
- - ------ ======== ======= ======= ========= ========
Year Ended April 30, 1992:
Land and land improvements $ 10,473 $ 1,294 $ 22 $ 240 $ 11,985
Buildings and fixtures 45,233 2,531 390 (183) 47,191
Machinery and equipment 78,893 12,737 2,758 (91) 88,781
Construction in progress 2,123 799 --- --- 2,922
-------- ------- ------- ------- --------
Totals $136,722 $17,361 $ 3,170 $ (34) $150,879
- - ------ ======== ======= ======= ========= ========
<FN>
(A) Includes acquisitions and effects of foreign currency translation adjustments.
F-2
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THE J. M. SMUCKER COMPANY
SCHEDULE VI - ACCUMULATED DEPRECIATION
YEARS ENDED APRIL 30, 1994, 1993 AND 1992
(DOLLARS IN THOUSANDS)
Additions
Balance at Charged to Balance at
Beginning Costs and Other End of
Classification of Year Expense (B) Retirements (A) Year
- - -------------- ---------- ----------- ----------- -------- ----------
1994:
Land and land improvements $ 1,441 $ 214 $ 8 $ (1) $ 1,646
Buildings and fixtures 21,302 2,554 363 7 23,500
Machinery and equipment 47,835 9,971 1,656 (18) 56,132
-------- ------- ------- -------- --------
Totals $ 70,578 $12,739 $ 2,027 $ (12) $ 81,278
- - ------ ======== ======= ======= ======= ========
1993:
Land and land improvements $ 1,797 $ 192 $ 544 $ (4) $ 1,441
Buildings and fixtures 19,239 2,201 91 (47) 21,302
Machinery and equipment 41,520 8,744 2,234 (195) 47,835
-------- ------- ------- ------- --------
Totals $ 62,556 $11,137 $ 2,869 $ (246) $ 70,578
- - ------ ======== ======= ======= ======= ========
1992:
Land and land improvements $ 1,624 $ 184 $ 13 $ 2 $ 1,797
Buildings and fixtures 17,461 2,116 373 35 19,239
Machinery and equipment 34,728 8,453 1,628 (33) 41,520
-------- ------- ------- ------- --------
Totals $ 53,813 $10,753 $ 2,014 $ 4 $ 62,556
- - ------ ======== ======= ======= ======= ========
<FN>
(A) Includes effects of foreign currency translation adjustments.
(B) The annual provisions for depreciation have been computed using the following rates:
land improvements, 2% to 20%; buildings and fixtures, 2 to 20%; machinery and
equipment, 5% to 33-1/3%.
F-3
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THE J. M. SMUCKER COMPANY
SCHEDULE VIII - VALUATION AND QUALIFYING ACCOUNTS
YEARS ENDED APRIL 30, 1994, 1993 AND 1992
(DOLLARS IN THOUSANDS)
Balance at Charged to Charged to Deduc- Balance at
Beginning Costs and Other tions End of
Classification of Year Expenses Accounts (A) Period
- - -------------- ---------- ---------- ----------- -------- ----------
1994:
Valuation allowance for
deferred tax assets $ 1,884 $ 381 $ --- $ --- $ 2,265
Allowance for
doubtful accounts 300 201 --- 82 419
-------- ------- ------- ------- --------
$ 2,184 $ 582 $ --- $ 82 $ 2,684
======== ======= ======= ======= ========
1993:
Valuation allowance for
deferred tax assets $ --- $ 1,884 $ --- $ --- $ 1,884
Allowance for
doubtful accounts 696 261 --- 657 300
-------- ------- ------- ------- --------
$ 696 $ 2,145 $ --- $ 657 $ 2,184
======== ======= ======= ======= ========
1992:
Allowance for
doubtful accounts $ 528 $ 532 $ --- $ 364 $ 696
======== ======= ======= ======= ========
<FN>
(A) Uncollectible accounts written off, net of recoveries.
F-4
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THE J. M. SMUCKER COMPANY
SCHEDULE IX - SHORT-TERM BORROWINGS
YEARS ENDED APRIL 30, 1994, 1993 AND 1992
(DOLLARS IN THOUSANDS)
Maximum Average Wtd. Avg.
Weighted Amount Amount Interest
Balance Average Outstanding Outstanding Rate
at End Interest During During During
Classification of Year Rate the Year the Year the Year
- - -------------- ---------- -------- ----------- ----------- ---------
(A) (B)
1994: $ -0- $ N/A $57,906 $ 4,466 $ 3.8%
======== ======= ======= ======= ========
1993: $ -0- $ N/A $ N/A $ N/A $ N/A
======== ======= ======= ======= ========
1992: $ -0- $ N/A $ 8,690 $ 1,104 $ 5.6%
======== ======= ======= ======= ========
<FN>
(A) The average amount outstanding was computed on a daily basis.
(B) The weighted average interest rate was the actual interest on
short-term debt divided by average short-term debt outstanding.
F-5
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THE J. M. SMUCKER COMPANY
SCHEDULE X - SUPPLEMENTARY INCOME STATEMENT INFORMATION
YEARS ENDED APRIL 30, 1994, 1993 AND 1992
(DOLLARS IN THOUSANDS)
1994:
Maintenance and repairs $ 8,277
=======
Advertising $12,066
=======
1993:
Maintenance and repairs $ 8,211
=======
Advertising $11,080
=======
1992:
Maintenance and repairs $ 8,089
=======
Advertising $ 9,975
=======
<FN>
Amounts for amortization of intangible assets, pre-
operating costs and similar deferrals, taxes (other
than payroll and income taxes), and royalties are not
presented because those amounts were less than 1% of
total sales.
F-6