19 See notes to consolidated financial statements. Statements of Consolidated Income The J.M. Smucker Company Year Ended April 30,  (Dollars in thousands, except per share data) 2003 2002 2001 Net sales $1,311,744 $687,148 $651,242 Cost of products sold 854,407 462,157 443,948 Cost of products sold – restructuring  1,256 — — Gross Profit 456,081 224,991 207,294 Selling, distribution, and administrative expenses 279,760 165,172 155,973 Merger and integration costs 10,511 5,031 — Other restructuring costs 1,281 — 2,152 Operating Income 164,529 54,788 49,169 Interest income 2,039 2,181 2,918 Interest expense (8,752) (9,207) (7,787) Other (expense) income – net  (2,426) 2,436 192 Income Before Income Taxes and Cumulative Effect  of Change in Accounting Method 155,390 50,198 44,492 Income taxes 59,048 19,347 16,294 Income Before Cumulative Effect of Change in  Accounting Method 96,342 30,851 28,198 Cumulative effect of change in accounting method,  net of tax benefit of $572 — — (992) Net Income $ 96,342 $ 30,851 $ 27,206 Earnings per Common Share: Income Before Cumulative Effect of Change in  Accounting Method $ 2.04 $ 1.33 $ 1.17 Cumulative effect of change in accounting method — — (0.04) Net Income per Common Share $ 2.04 $ 1.33 $  1.13 Income Before Cumulative Effect of Change in  Accounting Method – Assuming Dilution $ 2.02 $ 1.31 $ 1.16 Cumulative effect of change in accounting method – assuming dilution — — (0.04) Net Income per Common Share – Assuming Dilution $ 2.02 $ 1.31 $ 1.12