J M Smucker Co - 10-K Filing Summary
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended April 30, 2001. The J. M. Smucker Company is a global manufacturer and marketer of food products, operating primarily in the fruit spreads, dessert toppings, peanut butter, and beverage categories. The company is headquartered in Orrville, Ohio, and employs approximately 2,250 full-time employees worldwide. International sales accounted for approximately 14% of total consolidated sales for fiscal 2001.
Key Financial Metrics
The specific financial statements (Income Statement, Balance Sheet, Cash Flow) are incorporated by reference from the 2001 Annual Report to Shareholders and are not detailed in the provided text. However, the following data points are available:
- Stock Outstanding: As of July 17, 2001, 24,419,354 Common Shares were issued and outstanding.
- Market Value: The aggregate market value of Common Shares held by nonaffiliates as of July 17, 2001, was $510,687,264.
- Valuation and Qualifying Accounts (Fiscal 2001):
- Valuation allowance for deferred tax assets: Ended at $1,522,000 (down from $1,728,000).
- Allowance for doubtful accounts: Ended at $405,000 (down from $504,000).
- Revenue, Profit, Cash Flow, Margins, Debt, and Liquidity: The filing text does not provide clear values for these specific metrics as they are incorporated by reference.
Material Changes and Operational Highlights
The filing does not explicitly detail year-over-year percentage changes in revenue or profit within the provided text. Key operational characteristics include:
- Seasonality: Working capital requirements peak in late spring and summer due to seasonal procurement of raw materials (fruits, berries, peanuts).
- Customer Concentration: No single domestic or foreign customer accounts for more than 10% of consolidated sales.
- Legal Proceedings: The company is not a party to any pending legal proceedings considered material.
- Accounting Disagreements: None reported.
Guidance, Outlook, and Risks
Management's discussion and analysis, including liquidity, capital resources, and market risk disclosures, are incorporated by reference from the Annual Report. Key risks and factors identified in the text include:
- Competition: The business is highly competitive, facing pressure from private label products and alternative store formats (warehouse clubs, mass merchandise).
- Raw Materials: Dependence on seasonal crops requires maintaining frozen stocks in cold storage; volatility in crop quantities is a factor.
- Market Risk: Disclosures regarding market risk are incorporated by reference.
- Unusual Items: The text references a "Nonrecurring Charge" in the Annual Report (Note C) but does not detail the amount or nature in this filing text.
Investor Verification Checklist
- Verify the specific revenue, net income, and cash flow figures in the 2001 Annual Report to Shareholders (pages 14-31), as they are not present in this 10-K text.
- Review the "Nonrecurring Charge" detailed in Note C of the Annual Report to understand its impact on fiscal 2001 earnings.
- Confirm the details of the "Five-Year Summary of Selected Financial Data" referenced on page 8 of the Annual Report.
- Check the "Stock Price Data" on page 9 of the Annual Report for historical trading performance.
- Review the "Operating Segments" note (pages 22-23 of the Annual Report) for a breakdown of domestic vs. international performance.