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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) May 16, 2000
THE J. M. SMUCKER COMPANY
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(Exact Name of Registrant as Specified in Charter)
Ohio 1-5111 34-0538550
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(State or Other Jurisdiction (Commission (IRS Employer
Incorporation) File Number) Identification No.)
Strawberry Lane, Orrville, Ohio 44667
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (330) 682-3000
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
Our news release dated May 16, 2000 concerning our year-end operating
results is filed as Exhibit 99.1 to this Current Report on Form 8-K and
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED: None
(b) PRO FORMA FINANCIAL INFORMATION: None
(c) EXHIBITS:
Exhibit
Number Exhibit
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99.1 Press release, dated May 16, 2000
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE J. M. SMUCKER COMPANY
By: /s/ Steven J. Ellcessor
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Name: Steven J. Ellcessor
Title: Vice President - Finance and
Administration, Secretary/Treasurer,
and General Counsel
Dated: May 16, 2000
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INDEX TO EXHIBITS
EXHIBIT
NUMBER EXHIBIT
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99.1 Press release, dated May 16, 2000
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Exhibit 99.1
FOR IMMEDIATE RELEASE May 16, 2000
The J. M. Smucker Company
Strawberry Lane, Orrville, Ohio 44667
(330) 682-3000
Contact: Steven J. Ellcessor, Vice President-
Finance and Administration, and
General Counsel
J.M. SMUCKER ANNOUNCES PRELIMINARY YEAR-END OPERATING RESULTS
ORRVILLE, Ohio, May 16, 2000--The J.M. Smucker Company (NYSE: SJM.A and SJM.B)
announced preliminary results today for the fiscal year ended April 30, 2000.
Sales for the fiscal year are expected to be up 5 percent over the prior year,
due to strength in the international segment and in the foodservice and
specialty areas of the domestic segment. Operating income will be slightly
lower, however, primarily because of higher costs this year in certain areas,
along with flat consumer sales and tighter margins in the industrial area.
Fruit costs, which normally follow a variety of offsetting pricing cycles, were
higher across the board this year, as were selling expenses. Higher than planned
overhead costs at the Company's manufacturing plants and distribution centers
and higher interest expense also contributed to the earnings shortfall, as did
higher fuel prices, which resulted in higher transportation costs. The Company
estimates that full year net income per share (before nonrecurring charges) will
be approximately 5% below last year's earnings of $1.30 per share.
These estimated operating results do not include pretax-nonrecurring charges
relating to the previously announced write down of certain assets. The
nonrecurring charges amounted to $4.8 million in the third quarter and are
estimated to be $10 million in the fourth quarter.
"While we are disappointed that we are not able to announce another year of
record earnings results, we are very pleased with the overall state of our
business," said Tim Smucker, the Company's chairman. "Sales and operating margin
results for the year were very positive in most business areas, and we are
optimistic about the coming year. Our share of the fruit spreads market has hit
record levels not only in the U.S., but also in Australia and Canada. We also
are pleased to be able to report that our business in Mexico continues to grow
and has recorded a profit for the first time this year. "
"Any near-term softness in the consumer market is likely to be offset by more
normal fruit pricing this buying season," Mr. Smucker added. "And over the
course of the year, the investments that we are making in new products and new
businesses and in
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supporting the growth of our current businesses will, we believe, help us to
post very positive sales and earnings results."
The Company stated that final year-end results are expected to be announced on
or about June 15, 2000.
The J.M. Smucker Company (www.smucker.com) was founded in 1897 when the
Company's namesake and founder sold his first product--apple butter--from the
back of a horse-drawn wagon. Today, over a century later, the Company is the
market leader in fruit spreads, ice cream toppings, health and natural foods
beverages, and natural peanut butter in North America. The Company has over
2,000 employees worldwide and distributes products in more than 60 countries.
This press release includes certain forward-looking statements that are based on
current expectations and are subject to a number of risks and uncertainties that
could cause actual results to differ materially, including factors resulting
from completion of our year-end audit process, factors affecting fruit and other
commodity prices, changes in consumer preferences for our products, the success
of our marketing and advertising programs, our success in implementing our new
information systems, and our success in introducing new products.
