Smucker Profits Down 9.8%

NEW YORK - Aug 22/05 - SNS -- The J. M. Smucker Company reported net income of U.S. $29.9 million on sales of $510.3 million during the first quarter ending July 31, compared to a net of $32.8 million on sales of $413.3 million during the same three month period of the previous fiscal year.

Explaining the decline in net income, Smuckers noted, "Last year's first quarter net income was comprised of income from continuing operations of $27.5 million, or $0.50 per diluted share, and earnings from discontinued operations, primarily representing the one-time, nonrecurring gain on the Company's sale of its Henry Jones Foods business, of $5.4 million, or $0.10 per diluted share, for a total of $32.8 million, or $0.60 per diluted share.

"The operations of the Australian-based Henry Jones Foods business, the Brazilian operations, Smucker do Brasil Ltda., and the Multifoods' U.S. foodservice and bakery products business, all sold during last year, are included in discontinued operations in 2005."

Since the acquisition of Multifoods closed midway through the first quarter of last year, an additional six weeks of Multifoods' sales, totaling approximately $78.8 million, were realized in this year's first quarter. Excluding the additional six weeks, sales were up four percent, in line with the Company's previously stated growth goals.

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