5 $550.2 -3%
Income from continuing operations $31.S. "However,
our quarter was adversely affected by a decrease in sales in our oils and
baking businesses and higher operating costs.
Included in other income for the quarter was a pretax gain of $5. Based on the input
cost pressures and the uncertainty of their levels, the Company expects
earnings per share for the year, excluding restructuring and merger and
integration costs and the gain on the sale of the Salinas facility, to be
comparable with last year's result of $2. The Company
remains committed to its long-term annual growth rate for earnings per share
of 8 percent over its strategic time frame. Smucker Company
The J.smuckers.
For over 109 years, The J.

86

Dividends declared per
common share $0.83 $1. Repurchased shares would be returned to the status of authorized but
unissued common shares.

Health Magazine Names Quaker Instant Oatmeal One of the Best Breakfast Foods for 2005

batters carbohydrate

The J. M. Smucker Company Announces Third Quarter Results

3 $35.

Nine-Month Results
2006 2005 % Change
(Dollars in millions, except per share data)
Net sales $1,653.0 $1,552.5% 31.9% 10.7 $168.7 +13%

U.S.
Although sales of Crisco(R) were up over last year for the first nine months,
much of the gain was given back in December and January as a result of lower
sell through and inventory reductions by key customers. Smucker Company (http://www. The
family of brands also includes Pillsbury(R) baking mixes and ready-to-spread
frostings; Hungry Jack(R) pancake mixes, syrups and potato side dishes; and
Martha White(R) baking mixes and ingredients in the U.
Rule 10b5-1 allows a company to purchase its shares at times when it
otherwise might be prevented from doing so under insider trading laws or
because of self-imposed trading blackout periods. "When it comes to a great-tasting food that also delivers
terrific nutrition benefits, we consider oatmeal an ideal choice.S.

smucker malted

5 -12%
EPS from continuing operations $0.4 million, or $0. industrial business, sales
were up 3 percent.8 $472.5 +7%
Special markets
excluding industrial $157.S. The webcast can be accessed from
the Company's website at http://www.com.54 $0.86

Income and income per common
share from continuing
operations:
Income $31,312 $35,524 $107,653 $103,674
Income per common share - -
assuming dilution $0. The shares to be
repurchased under the Company's 10b5 -1 plan would be part of the share
repurchase authorization approved by the Company's Board of Directors in
January 2006 to repurchase up to two million of its common shares. Smucker Company has consistently been recognized as one of
the top 25 companies to work for in the United States.

malted pancake

"Our business remains solid for the year and we had a successful Fall
Bake," said Tim Smucker, chairman and co -chief executive officer.06 per diluted share.2 $1,079. For those unable to listen
to the webcast , an audio replay will be available following the call and can
be accessed by calling 888-203-1112 or 719-457-0820 and entering replay pass
code 9006574. M.81

Income and income per common
share from continuing
operations before
restructuring and merger and
integration costs: (1)
Income $39,711 $40,956 $122,993 $116 ,407
Income per common share --
assuming dilution $0. The
family of brands also includes Pillsbury(R) baking mixes and ready-to-spread
frostings; Hungry Jack(R) pancake mixes, syrups and potato side dishes; and
Martha White(R) baking mixes and ingredients in the U.
Quaker 's brands include Quaker Oatmeal, Cap'n Crunch and Life cereals,
Rice-A-Roni and Near East side dishes , Quaker Rice Snacks and Aunt Jemima
pancake mixes and syrups.

smucker cornbread

Excluding these costs in both years , the Company's earnings
per diluted share would have been $0.68 and $0.7 percent for the first nine months of 2006 and 2005,
respectively.S.4 -1% $1,147. The buyback
program will be implemented at management's discretion.61 $1. M. Quaker's Take Heart Instant Oatmeal Considered a Must-Have for Grocery List

CHICAGO, At this week's Food Marketing Institute
(FMI) Supermarket Industry Convention in Chicago, Health magazine, one of the
nation's most trusted health and wellness publications with more than
6.5 grams of soluble fiber from whole
grain oats per serving -- 50 percent more than in Instant Quaker Oatmeal.

mashed carbohydrate

8 million, were realized in this year's first nine months.7 $155. The audio replay will be available until Friday, February 24,
2006. Smucker Company
Unaudited Condensed Consolidated Statements of Income

Three Months Ended Nine Months Ended
January 31, January 31,
2006 2005 2006 2005
(Dollars in thousands, except per share data)

Net sales $536,453 $550,234 $1,653,048 $1,552,423
Cost of products sold 371,981 375,521 1,120,193 1,043,379
Cost of products sold -
restructuring 618 515 865 1,777
Gross Profit 163,854 174,198 531 ,990 507,267
Selling, distribution, and
administrative expenses 103,610 106 ,464 334,259 312,569
Other restructuring costs 4,783 2,837 8,248 6,358
Merger and integration costs 7,764 5,152 14,784 11,885
Operating Income 47,697 59,745 174,699 176,455
Interest income 1,709 1,044 4,858 2,429
Interest expense (5,984) (6,154 ) (18,116) (16,359)
Other income - net 6,150 883 6,269 485
Income from Continuing
Operations Before Income
Taxes 49,572 55,518 167,710 163,010
Income taxes 18,260 19,994 60,057 59,336
Income from Continuing
Operations 31 ,312 35,524 107,653 103,674
Gain on sale of discontinued
operations, net of tax - - - 2,037
Discontinued operations,
net of tax - 584 - 1,250
Net Income $31,312 $36,108 $107,653 $106,961

Earnings per common share:
Income from continuing
operations $0.62 $1.60 $1. M. Purchases will be affected by a broker and will be based upon the
guidelines and parameters of the 10b5-1 plan.

M.5 million readers, honored Quaker(R) Take Heart(R) Instant Oatmeal (Golden
Maple flavor) as the best Hot Cereal in its first annual "Best of Food
Awards.

attractively waffle

We are confident that the
fundamentals of the business have not changed and we remain committed to our
long-term growth goals. Under the plan, the Company is
authorized to purchase an additional 2 million common shares.smuckers.81
Discontinued operations -
assuming dilution - 0.smuckers. Smucker Company Forward-Looking Language
The Company notes that forward-looking statements of future performance
contained in this release are based upon current plans, expectations, events
and financial and industry trends, which may cause the Company's future
operating results and financial position to differ materially from those
suggested here, including demand for and acceptance of the Company 's products,
competition, statements concerning the commencement of repurchases under the
plan , the expected termination date of the plan, general economic conditions
and other factors affecting share price and capital markets, generally. "Quaker Take Heart Instant Oatmeal
really delivered on taste, nutrition and convenience, taking the
heart-healthiness of oatmeal a few steps further with this new, instant
oatmeal."
Quaker Take Heart Instant Oatmeal is available on most grocery and mass
store shelves nationwide and in two great-tasting flavors: Golden Maple and
Blueberry .

carbohydrate callenders

M.83 $1.9% 10.
In the consumer oils and baking business area, sales for the quarter were
down 8 percent as the Company faced significant competitive activity.14 billion.m. M.01 - 0. Quaker Oats, headquartered in Chicago, is a unit of
PepsiCo, Inc.quakeroatmeal .

batters pancakes

81 +1%

Since the acquisition of Multifoods closed midway through the first
quarter of last year, an additional six weeks of Multifoods' sales, totaling
approximately $78 .1 million, or $0.S.6 million or $0.

About The J.25 $0.68 $0., along with Robin
Hood(R) flour and baking mixes and Bick's(R) pickles and condiments in Canada., one of the world 's largest consumer packaged goods companies.

powdered syrups

1 million, or $0. Rather, management believes
the presentation of results excluding such charges offers additional
information to investors to facilitate the comparison of past and present
operations and provides a more comprehensive understanding of the financial
results . Excluding the
restructuring and merger and integration costs, operating margins would have
been 11.9 +6%
Special markets $160.

Special Markets
Key growth contributors for the quarter included the beverage business
area, up 16 percent, and the foodservice business area, up 5 percent. Other risks and uncertainties that may materially
affect the Company are detailed from time to time in the respective reports
filed by the Company with the Securities and Exchange Commission, including
Forms 10-Q, 10-K, and 8-K.

The J. M. There is
no guarantee as to the exact number of shares that will be repurchased under
the share repurchase program, and the Company may discontinue purchases at any
time. Smucker Company (http://www.
For over 109 years, The J. Additionally, Quaker Take Heart Instant Oatmeal
delivers added antioxidant vitamins E and C, plus Vitamin B to support healthy
arteries.

caramel powdered

7 +4%
EPS from continuing operations $1.S.09 per diluted
share. For the first nine months of 2006, sales in the consumer
business area were up 7 percent compared to last year.06 per
diluted share. M . Smucker Company Forward-Looking Language
This press release contains forward-looking statements , including
statements regarding estimates of future earnings and cash flows that are
subject to risks and uncertainties that could cause actual results to differ
materially.61 $1.09 $2. M." Health magazine's list of 29 "Best of Food Award" winners was
published in a special report in the May 2005 issue. The winners were
selected by an expert panel of judges, including Food Network personality
Rachael Ray, "Supermarket Guru" Phil Lempert and spa chef Bill Wavrin.

pancakes baking

60 -10 %

Excluding the U.08 per diluted
share, and restructuring charges of $5. Income from continuing operations for the third quarter
of 2005 included pretax merger and integration costs of $5.4 +6%
Income from continuing operations $107.7% 32.8 million and a gain on the sale of $5. M. Today, over a century later, the
Company is the market leader in fruit spreads , peanut butter, shortening and
oils, ice cream toppings, and health and natural foods beverages in North
America under such icon brands as Smucker's(R), Jif(R) and Crisco(R). Since the 1998
inception of FORTUNE Magazine's annual survey of the 100 Best Companies to
Work For, The J. New
Quaker Take Heart Instant Oatmeal has 1.

caramel poppyseed

03, for the first nine months of
2006 and 2005, respectively.
These non-GAAP measurements are not intended to replace the presentation of
financial results in accordance with U.3% 19. retail market $375. Sales
in Canada were down 6 percent, as increases in the retail spreads business and
the impact of favorable exchange rates partially offset declines in baking and
the planned rationalization of certain unprofitable businesses.
The Company has taken, and will continue to take, actions to offset the cost
increases it has experienced including both discretionary cost reductions
across the organization and potential pricing actions. E. M. The J.27 $0.54 $0.S. Historical results achieved are not necessarily indicative of
future prospects of the Company.

waffle smucker

Production has been transferred to facilities in Orrville,
Ohio, and Memphis, Tennessee , while distribution will be handled through a
third-party warehouse in southern California.

Share Repurchase
At its most recent meeting, the Company's Board of Directors authorized an
increase to its share repurchase plan. Since the 1998
inception of FORTUNE Magazine's annual survey of the 100 Best Companies to
Work For, The J. Smucker Company
Unaudited Financial Highlights

Three Months Ended Nine Months Ended
January 31, January 31,
2006 2005 2006 2005
(Dollars in thousands, except per share data)

Net sales $536,453 $550,234 $1,653,048 $1,552,423

Net income and net income per
common share:
Net income $31,312 $36,108 $107,653 $106,961
Net income per common share - -
assuming dilution $0.61 $1. Such
statements involve risks and uncertainties , which cannot be predicted or
quantified.
"We're thrilled that Take Heart is being recognized by the premier source
for health information, Health magazine," said Mary Dillon, president of
Quaker Foods. Food and Drug Administration granted the first
food-specific health claim to Quaker Oats for soluble fiber in oatmeal and its
heart-health benefits.

muffin attractively

8 million, or $0. M.01 - 0. Smucker Company
The J.

About Quaker
In 1997, the U.

syrups nicon

54 $0.06
per diluted share, and restructuring charges of $3.7%
SD+A % of sales 19. Increased costs associated with
the Company's distribution network were offset by a reduction in marketing and
selling expenses and lower administrative overhead costs.

Conference Call
The Company will conduct an earnings conference call and webcast on
Friday, February 17, 2006, at 8:30 a.54 $0.54 $0. Each box contains eight packages of instant oatmeal and has a
suggested retail price of $3.

nicon baking

Third Quarter Results
2006 2005 % Change
(Dollars in millions, except per share data )

Net sales $536.70, in the third quarter of
2006 and 2005, respectively .
Excluding the additional six weeks and the U.0 percent and 12. M.54 $0.com .

waffle attractively

6 million, or
$0.10 per diluted
share. A reconciliation of non-GAAP measures to earnings from continuing
operations for the current quarter and nine-month period is included in the
"Financial Highlights" table.1%
Operating margin 8. The decline in gross margin flowed through to operating
margin as the percentage of selling, distribution, and administrative (SD+A)
expenses to sales were flat for the quarter.3 percent and 12.

Segment Performance

Sales (Dollars in millions ) Third Quarter First Nine Months
2006 2005 % Change 2006 2005 % Change
U.

Outlook
The Company expects sales for the year of approximately $2.60 per diluted share.S., along with Robin
Hood(R) flour and baking mixes and Bick's(R) pickles and condiments in Canada. Smucker Company has been headquartered in
Orrville, Ohio, and has been family run for four generations.

The J.85 $1.89

Income from continuing
operations - assuming
dilution $0.83 $1. M.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."
Launched earlier this year, Quaker Take Heart Instant Oatmeal is advanced
nutrition for heart health delivering 50 percent more soluble fiber from whole
grain oats to help lower cholesterol* and potassium to help lower your risk of
high blood pressure**.

cornbread mashed

The quarter's results were adversely
affected by a decrease in sales in the consumer oils and baking business area
due to an overall decline in the categories during December and January and
unplanned inventory reductions by certain key customers.8 million, or $0.4 million, or $0.13 per
diluted share , and restructuring charges of $8.2% 20. Retail Market
During the third quarter of 2006, sales in the consumer business area
increased 4 percent over the third quarter of last year as sales of fruit
spreads, toppings, and peanut butter were all up.75

Weighted-average shares
outstanding 57,944,604 58,108,123 58,106,913 56,708,018
Weighted-average shares
outstanding - assuming
dilution 58,486,412 58,743,522 58,708 ,209 57,356,653

The J.83 $1.03

(1)Reconciliation to income from
continuing operations:
Income from continuing
operations before income
taxes $49,572 $55,518 $167,710 $163,010
Merger and integration costs 7,764 5,152 14,784 11,885
Cost of products sold -
restructuring 618 515 865 1,777
Other restructuring costs 4,783 2,837 8,248 6,358

Income from continuing
operations before income
taxes, restructuring, and
merger and integration costs 62,737 64,022 191,607 183,030
Income taxes 23,026 23 ,066 68,614 66,623
Income from continuing
operations before
restructuring and merger
and integration costs $39,711 $40,956 $122,993 $116 ,407

Smucker Company has been headquartered in
Orrville, Ohio, and has been family run for four generations. M. The J.

*Three grams of soluble fiber from oatmeal daily in a diet low in
saturated fat and cholesterol may reduce the risk of heart disease.
**Diets that are good sources of potassium and low in sodium may reduce
the risk of high blood pressure and stroke .

syrups biscuit

industrial business, which has been divested, sales
were down 1 percent for the quarter. The remainder was due to changes in gross margin.9 $429. Excluding the
additional six weeks contribution from Multifoods and the U.06
Net income $0. Smucker Company
Unaudited Condensed Consolidated Balance Sheets

January 31, 2006 April 30, 2005
(Dollars in thousands )
ASSETS
Current Assets:
Cash and cash equivalents $89,246 $58,085
Marketable securities 15,176 17,739
Trade receivables 122,514 145,734
Inventories 321,484 284,487
Other current assets 52,417 49,806
Total Current Assets 600,837 555,851

Property, Plant, and Equipment, net 524,061 521,101

Other Noncurrent Assets:
Goodwill 950,253 951,208
Other intangible assets, net 472,477 469,758
Marketable securities 36,974 59,074
Other assets 81,702 78,902
Total Noncurrent Assets 1,541,406 1,558,942
$2,666,304 $2,635,894

LIABILITIES + SHAREHOLDERS' EQUITY
Current Liabilities:
Notes payable $37,749 $33,378
Current portion of long-term debt - 17,000
Accounts payable 80,608 105,290
Other current liabilities 146,740 152,624
Total Current Liabilities 265,097 308,292

Noncurrent Liabilities:
Long-term debt, net of current portion 429,341 431,560
Other noncurrent liabilities 230,251 205,242
Total Noncurrent Liabilities 659,592 636,802

Shareholders' Equity , net 1,741,615 1,690,800
$2,666,304 $2,635,894

The J.60 $1.

The J. M. Smucker Company Announces Plans to Acquire One Million Shares Under Rule 10b5-1

Today, over a century later , the
Company is the market leader in fruit spreads, peanut butter, shortening and
oils, ice cream toppings, and health and natural foods beverages in North
America under such icon brands as Smucker 's(R), Jif(R) and Crisco(R).

cornbread gravies

The Company Continues to Implement its Long-Term Growth Strategy

ORRVILLE, Ohio, The J.06 per diluted share, related to the sale of the Company 's Salinas,
California, facility.16 per
diluted share, and restructuring charges of $9. Income from continuing operations for the first nine months of 2005
included pretax merger and integration costs of $11.

Margins
Third Quarter First Nine Months
2006 2005 2006 2005

Gross margin 30.6% 11 .9 -5% $505. During the third
quarter, the Company purchased 200,000 shares toward the previously authorized
1 million shares leaving approximately 30,000 remaining.T.81 $0.

cornbread syrups

In addition, the
Company experienced higher energy, commodity, and distribution costs in the
quarter compared to last year.2 million, or $0.09 and $2.
The Company uses earnings from continuing operations, excluding
restructuring and merger and integration costs, as a key performance measure
of results of operations for purposes of evaluating performance internally.4 percent for the third quarter of 2006 and 2005, and
12. Solid performance in the
Hungry Jack(R) brand and significant growth in Uncrustables (R) also
contributed. The Pillsbury(R)
brand had a solid first six months but reflected similar declines in the
category during December and January. Sales in the consumer oils and baking
business area were up slightly during the Fall Bake period running from
September through December, compared to the same period last year. In
January 2006, the Company completed the sale of the facility resulting in cash
proceeds of $8. Uncertainties that could affect actual results include, but are
not limited to, the strength of commodity markets from which raw materials are
procured and the related impact on costs, volatility of energy and fuel costs,
the ability to achieve the amount and timing of the estimated savings
associated with the Multifoods acquisition, the success in introducing new
products and the competitive response, particularly in the consumer oils and
baking area, success and costs of new marketing and sales programs and
strategies intended to promote growth in the Company's businesses , the ability
to successfully implement price changes, particularly in the consumer oils and
baking business, the Company's ability to effectively manage capacity and
costs related to Uncrustables , and other factors affecting share prices and
capital markets generally.83
Discontinued operations - 0. ORRVILLE, Ohio, The J. The aggregate amount of shares
purchased pursuant to the plan will not exceed one million shares. M.

The J.

smucker caramel

Smucker
Company (NYSE: SJM) today announced results for the third quarter ended
January 31, 2006, of its 2006 fiscal year .3% 20. Gross margin
declined primarily due to the volume decrease in the consumer oils and baking
business area, increased trade merchandising expenses, and higher commodity
and freight costs . industrial
business, sales in the special markets segment increased 4 percent in the
first nine months of 2006 as compared to the first nine months of last year. Smucker Company has consistently been recognized as one of
the top 25 companies to work for in the United States. Smucker
Company has over 3,500 employees worldwide and distributes products in more
than 45 countries.85 $1. Smucker
Company (NYSE: SJM) today announced that it has entered into a Rule 10b5-1
trading plan with a broker to facilitate the repurchase of up to one million
of its common shares under its previously announced share repurchase
authorization.
The 10b5-1 share purchase period will commence on Monday, February 27,
2006. M.

muffin nafta

"
Income from continuing operations for the third quarter of 2006 included
pretax merger and integration costs of $7.7 $103.
Income from continuing operations for the first nine months of 2006
included pretax merger and integration costs of $14 .9 million, or $0. GAAP.2% 32.2 +2% $484.

About The J. Smucker
Company has over 3,500 employees worldwide and distributes products in more
than 45 countries.

nafta mashed

04 per
diluted share . Excluding these costs in both years, the Company's earnings per
diluted share would have been $2.4%

Approximately one-half of the decline in operating margin for the quarter
was due to the increase in restructuring and merger and integration costs over
last year.8 $381.

Sale of Salinas Facility
During the third quarter, the Company completed its restructuring efforts
around its Salinas, California, manufacturing and distribution facility.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.54 $0.83 $1.05
Net income - assuming
dilution $0.70 $2.
"We made it easy for consumers and provided a well -edited shopping list of
foods that people don't have to think twice about putting in their shopping
cart or their mouth," said Frances Largeman, registered dietitian and Health
magazine's food and nutrition editor. Take Heart
is for people with a greater interest in heart health looking for the
convenience of instant oatmeal.49. For more information please visit
http://www.