MCCORMICK & COMPANY 2004 ANNUAL REPORT More than 70% of sales are now value-added. Sales are sizzling, margins are rising, and we’ve spiced up our new product efforts. We’ve uncovered the hottest eating trends in our 2005 Flavor Forecast. At McCormick, we are fired up about our opportunities for growth. No matter where you look, you’ll discover that  we are turning up the heat at McCormick. Higher gross profit margins are fueling our growth. We have increased gross profit margins 1.9 percentage points since 2001. 03 04 In 2004, we increased productivity in developing new products more than 25%. 1