Year Ended April 30, (Dollars in thousands, except per share data) 2003 2002 Net sales  $1,311,744 $687,148 Net income and net income per common share: Net income  $ 96,342  $ 30,851 Net income per common share – assuming dilution  $ 2.02  $ 1.31 Income and income per common share before restructuring and merger and integration costs: (1)  Income  $ 104,432 $ 34,011 Income per common share – assuming dilution  $ 2.19  $ 1.45 Common shares outstanding at year end  49,767,540  23,504,129 Number of employees  2,775 2,300  (1) Reconciliation to net income: Income before income taxes  $ 155,390  $ 50,198 Merger and integration costs  10,511  5,031 Cost of products sold – restructuring  1,256  — Other restructuring costs  1,281  — Income before income taxes, restructuring,  and merger and integration costs 168,438  55,229 Income taxes  64,006  21,218 Income before restructuring and merger and integration costs  $ 104,432  $ 34,011 TheJ.M.Smucker Company Financial Highlights Contents On Our Cover “Making Jam” ©Ann Baker The painting featured on this year’s annual report cover depicts American values of home, family, and handmade, quality products. The painting was in the personal  collection of Paul H. and Lorraine E. Smucker. California artist Ann Baker, known as “Mrs. B”, is  highly regarded for her primitive-style scenes of  19th-century American life. Her whimsical bumblebee  “signature” appears on all of her compositions. Letter to Shareholders 1 Five-Year Summary of Selected Financial Data 10 Summary of Quarterly Results of Operations 11 Stock Price Data 11 Management’s Discussion and Analysis 12 Management’s Report on Responsibility for  Financial Reporting  18 Report of Independent Auditors 18 Consolidated Financial Statements 19 Notes to Consolidated Financial Statements 24 Directors, Officers, and General Managers 40 Properties 40 Shareholder Information 41