MCCORMICK & COMPANY 2004 ANNUAL REPORT historical financial summary 56 (millions except per share data) 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 For the year Net sales under EITF 01-09 (1) $2,526.2 $2,269.6 $2,044.9 $1,939.1 $1,863.5  –  –  –  –  –  –  Net sales prior to EITF 01-09 (1) – – – 2,092.9 1,945.1 $1,837.2 $1,722.3 $1,621.1 $1,571.1 $1,543.3 $1,389.1 Percent increase 11.3% 11.0% 5.5% 4.1% 5.9% 6.7% 6.2% 3.2% 1.8% 11.1% 8.9% Operating income 332.7 295.5 262.4 219.6 200.5 149.2 163.9 153.9 92.3 152.2 66.3 Income from unconsolidated operations 14.6 16.4 22.4 21.5 18.6 13.4 6.2 7.7 5.6 2.1 7.9 Net income from continuing  operations 214.5 199.2 173.8 137.1 124.5 88.1 95.3 89.4 45.4 77.8 32.1 Net income  (2) (3) (4) (5) (6) 214.5 210.8 179.8 146.6 137.5 103.3 103.8 98.4 41.9 97.5 61.2 Per common share  (7) Earnings per share – diluted Continuing operations $1.52 $1.40 $1.22 $.98 $.89 $.61 $.65 $.59 $.28 $.48 $.20 Discontinued operations  (2) (5) – .09 .04 .07 .09 .07 .06 .06 .03 .12 .18 Extraordinary item – – – – –  –  –  – (.05) –  – Accounting change  (3) (6) – (.01) – – – .04 –  –  –  –  – Net income 1.52 1.48 1.26 1.05 .99 .72 .71 .65 .26 .60 .38 Earnings per share – basic (2) (3) (5) (6) 1.57 1.51 1.29 1.06 1.00 .72 .70 .65 .26 .60 .38 Common dividends declared (8) .58 .49 .425 .405 .385 .350 .325 .305 .285 .265 .245 Market closing price – end of year 36.45 28.69 23.79 21.50 18.63 16.03 16.69 13.25 12.32 11.82 9.50 Book value per share 6.57 5.50 4.23 3.36  2.63 2.72 2.68 2.66 2.88 3.20 3.02 At Year-End (5) Total assets $2,369.6 $2,145.5 $1,930.8 $1,772.0 $1,659.9 $1,188.8 $1,259.1 $1,256.2 $1,326.6 $1,614.3 $1,555.7 Current debt 173.2 171.0 137.3 210.8 551.9 100.6 163.6 121.3 108.9 297.3 214.0 Long-term debt 465.0 448.6 450.9 451.1 157.2 238.4 247.4 276.5 291.2 349.1 374.3 Shareholders’ equity 889.7 755.2 592.3 463.1 359.3 382.4 388.1 393.1 450.0 519.3 490.0 Total capital  (9) 1,558.9 1,397.0 1,199.4 1,138.0 1,079.8 721.4 799.1 790.9 850.1 1,165.7 1,078.3 Statistics & Ratios Percentage of net sales Gross profit under EITF 01-09  (1) 39.9% 39.6% 39.1% 38.0% 35.2% – – – – – – Gross profit prior to EITF 01-09  (1) – – – 43.5% 38.5% 36.2% 35.0% 35.5% 36.0% 34.9% 36.8% Operating income under EITF 01-09  (1) 13.2% 13.0% 12.8% 11.3% 10.8% – – – – – – Operating income  prior to EITF 01-09  (1) – – – 10.5% 10.3% 8.1% 9.5% 9.5% 5.9% 9.9% 4.8% Net income from continuing  operations 8.5% 8.8% 8.5% 7.1% 6.7% 4.8% 5.5% 5.5% 2.9% 5.0% 2.3% Effective tax rate 30.3% 30.9% 31.0% 32.6% 35.5% 40.4% 35.7% 36.8% 38.6% 35.7% 40.5% Depreciation and amortization (4) $72.0 $65.3 $53.4 $60.7 $49.7 $46.1 $43.7 $38.6 $52.6 $52.2 $52.0 Capital expenditures $69.8 $91.6 $100.4 $96.8 $42.0 $41.0 $37.8 $34.2 $63.8 $71.3 $71.0 Debt-to-total-capital 40.9% 44.4% 49.0% 58.2% 65.7% 47.0% 51.4% 50.3% 47.1% 55.5% 54.6% Average shares outstanding  (7) Basic 137.0 139.2 139.5 137.8 137.6 142.8 146.6 151.4 161.2 162.4 162.4 Diluted 141.3 142.6 142.3 140.2 139.2 144.0 147.6 151.8 161.4 162.6 163.2 (1) In 2002, the Company implemented EITF 01-09. Results have been reclassified for 2001 and 2000. (2) The Company sold both Gilroy Foods, Incorporated and Gilroy Energy Company, Inc. in 1996.  (3) In 1999, the Company changed its actuarial method for computing pension expense.  (4) In 2002, the Company adopted SFAS No. 142, “Goodwill and Other Intangible Assets.” Prior year results have not been adjusted. (5) In 2003, the Company sold its packaging segment and Jenks Sales Brokers in the U.K. All years have been restated for the sale of the packaging segment.  Only 2002 and 2001 have been restated for the sale of Jenks. (6) In 2003, the Company consolidated the lessor of a leased distribution center in accordance with FASB Interpretation No. 46, “Consolidation of Variable Interest Entities,” as revised. (7) All share data adjusted for 2-for-1 stock split effective April 2002. (8) Includes fourth quarter dividends which, in some years, were declared in December following the close of each fiscal year. (9) Total capital includes debt, minority interest and shareholders’ equity.