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ManageMent’s Discussion anD analysis
The J. M. Smucker Company
NoN - G A AP Me A SureS
We use non-GAAP financial measures including: net sales adjusted for the noncomparable impact of acquisition, divestiture, and foreign exchange; gross profit, operating income, income, and income per diluted share, excluding special project costs; earnings before interest, taxes, depreciation, and amortization; and free cash flow, as key measures for purposes of evaluating performance internally. We believe that these measures provide useful information to investors because they are the measures we use to evaluate performance on a comparable year-over-year basis. The special project costs relate to specific restructuring, merger and integration, and pension settlement projects that are each nonrecurring in nature and can significantly affect the year-overyear assessment of operating results. These non-GAAP financial measures are not intended to replace the presentation of
financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). Rather, the presentation of these non-GAAP financial measures supplements other metrics we use to internally evaluate our businesses and facilitate the comparison of past and present operations and liquidity. These non-GAAP financial measures may not be comparable to similar measures used by other companies and may exclude certain nondiscretionary expenses and cash payments. The following table reconciles certain non-GAAP financial measures to the comparable GAAP financial measure. See page 26 for a reconciliation of net sales adjusted for the noncomparable impact of acquisition, divestiture, and foreign exchange to the comparable GAAP financial measure. See page 31 for a reconciliation of free cash flow to the comparable GAAP financial measure.
Year Ended April 30, 2013 2012 2011 2010 2009
Reconciliation to gross profit: Gross profit Cost of products sold – restructuring and merger and integration Gross profit excluding special project costs Reconciliation to operating income: Operating income Cost of products sold – restructuring and merger and integration Other restructuring and merger and integration costs Other special project costs Operating income excluding special project costs Reconciliation to net income: Net income Income taxes Cost of products sold – restructuring and merger and integration Other restructuring and merger and integration costs Other special project costs Income before income taxes excluding special project costs Income taxes, as adjusted Income excluding special project costs Weighted-average shares – assuming dilution Income per common share excluding special project costs – assuming dilution Reconciliation to net income: Net income Income taxes Interest expense – net Depreciation Depreciation – restructuring and merger and integration Amortization Earnings before interest, taxes, depreciation, and amortization
32 The J. M. Smucker Company
$2,027.6 11.5 $2,039.1 $ 910.4 11.5 42.8 6.7 $ 971.4 $ 544.2 273.1 11.5 42.8 6.7 $ 878.3 293.5
$1,845.2 43.2 $1,888.4 $ 778.3 43.2 72.5 — $ 894.0 $ 459.7 241.5 43.2 72.5 — $ 816.9 281.3
$1,798.5 54.1 $1,852.6 $ 784.3 54.1 59.1 — $ 897.5 $ 479.5 237.7 54.1 59.1 — $ 830.4 275.3
$1,786.7 3.9 $1,790.6 $ 790.9 3.9 35.5 — $ 830.3 $ 494.1 236.6 3.9 35.5 — $ 770.1 249.3
$1,251.4 — $1,251.4 $ 452.3 — 82.9 — $ 535.2 $ 266.0 130.1 — 82.9 — $ 479.0 157.4 $ 321.6 85,547,530 $ 3.76 $ 266.0 130.1 55.5 79.5 — 38.8 $ 569.9
$ 584.8 $ 535.6 $ 555.1 $ 520.8 108,851,153 113,313,567 118,276,086 119,081,445 $ 5.37 $ 544.2 273.1 93.4 143.7 10.4 96.8 $1,161.6 $ 4.73 $ 459.7 241.5 79.8 120.4 38.5 88.1 $1,028.0 $ 4.69 $ 479.5 237.7 67.1 112.2 53.6 73.8 $1,023.9 $ 4.37 $ 494.1 236.6 62.4 108.2 3.9 73.7 $ 978.9
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