The J.M. Smucker Company on June 17 announced results for the fourth quarter and fiscal year ended April 30, 2010. Results for the years ended April 30, 2010 and 2009, include the operations of The Folgers Coffee Company ("Folgers") from the close of the merger transaction on November 6, 2008.
Restructuring and merger and integration costs of $0.06 and $0.22 per diluted share are included in the fourth quarters, and $0.22 and $0.65 per diluted share are included in the years ended 2010 and 2009, respectively. Excluding these items, the Company's non-GAAP income per diluted share was $1.07 and $1.02 for the fourth quarter of 2010 and 2009, respectively, an increase of 5 percent, and $4.37 and $3.76 for the years ended 2010 and 2009, respectively, an increase of 16 percent.
Amortization expense of $0.11 and $0.09 per diluted share is included in the fourth quarters, and $0.42 and $0.30 per diluted share is included in the years ended 2010 and 2009, respectively.
Results for the fourth quarter of 2010 include the positive impact of a lower effective tax rate of 27.9 percent in the fourth quarter of 2010, compared to 33.2 percent in the fourth quarter of 2009. The effective tax rate for the full year of 2010 was 32.4 percent, compared to 32.9 percent last year.
Results for the fourth quarter and year ended 2010 include a gain of approximately $12.9 million on the company's March 2010 divestiture of its potato business.
"We achieved another year of record sales while growing volume and profitability across our portfolio of iconic brands," commented Tim Smucker, chairman of the board and co-chief executive officer. "With the completion of our first full fiscal year including the coffee business, we have just begun to realize the potential of our new, larger company. Our success is a result of our employees' commitment to our strategy, their ability to work together as one, and their unrelenting focus on the consumer."
"Our strong ongoing performance against challenging economic and competitive environments demonstrates our organization's capabilities," added Richard Smucker, executive chairman and co-chief executive officer. "The strong cash flows we consistently generate give us the opportunity to make investments in furthering brand equities, product and operational innovations, and brand portfolio expansion. As a result, our core businesses are solid, our brands are strong, and we are well-poised for the future."
