Milling & Baking News - June 14, 2011 - (Page 12)

Nutrition and Health  for changes in income, employment, and other household conditions, the expected figure for late 2009 was 89.2%. However, the median food spending reported by likely SNAPeligible households in late 2009 was 94% of the T.F.P. — a difference of 4.8, or 5.9% higher than in 2008 and 5.4% higher than expected for 2009. These calculations take into account changes in food prices because they are expressed relative to the cost of the T.F.P. in the month each survey was conducted.” The authors acknowledged that some of the increased food spending was due to a decline in real food prices, but they still estimated a 2.2% increase in food spending in SNAP eligible households because of the SNAP expansion under the A.R.R.A. Meanwhile, the E.R.S. estimated the percentage of households that were food insecure was 2.2% lower than would have been expected absent the A.R.R.A. program. “The improvements in food security rates in 2009 correspond to about 530,000 fewer food-insecure households and 480,000 fewer households with very low food security than would have been expected considering economic and demographic changes from 2008 to 2009,” Mr. Nord and Mr. Prell said. “These represent reductions of about 8% and 17%, respectively. As was the case with food spending, the effect of the A.R.R.A. SNAP enhancements would be concentrated among SNAP recipients, so the percentage reductions would be about twice as large as those calculated for all likely SNAP-eligible households. “ Supporting their findings, they noted that no improvement in food security was identified for households above the SNAP-eligibility range. For nearly SNAP-eligible households, food insecurity worsened despite a decline in real food prices. The worsening was modest, though, the authors said. Mr. Prell and Mr. Nord said the E.R.S. findings are relevant not only for analysis of the stimulus package but as a window into the overall effectiveness of SNAP in combating food insecurity. The special A.R.R.A. expansion expired in October 2010. The E.R.S. said the SNAP changes were not intended to be permanent when passed by Congress. MBN Financial Results  Smucker full-year profit falls 3% on restructuring, acquisition costs with our stated long-term growth objectives.” Breaking it down by segments, Smucker said profit in its U.S. Retail ORRVILLE, OHIO — Restructuring the year, we repurchased over 4% Consumer Market increased 3% in charges and acquisition costs related of our outstanding common shares fiscal 2011, rising to $294,970,000 from to the purchase of Rowland Coffee and increased the dividends paid $285,223,000 in fiscal 2010, while net Roasters, Inc. weighed on earnings by 17%. Total shareholder return sales fell 3% to $1,091,595,000 from at J.M. Smucker Co. in fiscal 2011. for 2011 exceeded 25% reflecting the $1,125,280,000. Profit in the U.S. Retail Oils and Net income in the year ended April impact of these actions.” Richard Smucker, executive Baking Market segment fell 9% to 30 totaled $479,482,000, equal to from $127,954,000, $4.06 per share on the common stock, chairman and co-c.e.o., added that $116,624,000 down 3% from $494,138,000, or $4.15 Smucker remains focused on building while sales fell 2% to $888,008,000 from $905,719,000. brands. per share, in fiscal 2010. The U.S. Retail Coffee Market “We continue to demonstrate our Sales during fiscal 2011 increased segment posted an 11% 5% to $4,825,743,000, gain in profit, rising which compared with J.M. Smucker share price to $536,133,000 from $4,605,289,000 in fiscal 2010. $484,006,000. Net sales Net income during the $80 for the year rose 14% to fourth quarter of fiscal 2011 per share $1,930,869,000. fell 21% to $94,880,000, or $70 Profit in the Special 82c per share, down from Markets segment rose $120,606,000, or $1.01 per 14% in fiscal 2011, share. Sales for the quarter $60 climbing to $154,441,000 were $1,187,167,000, up from $134,946,000. Sales, 11% from $1,069,079,000 in $50 also advanced, rising the same period a year ago. Jan. March May July Sept. Nov. Jan. March May 5% to $915,271,000 from “Our long-term focus 2010 2011 $873,832,000. and strategy of owning Smucker said it expects cost and marketing leading brands ability to effectively manage these have allowed us to deliver another challenges while providing value of products sold to increase year of strong sales and earnings,” to our consumers,” he said. “With approximately 25% in fiscal 2012, by significantly higher said Tim Smucker, chairman and a number of key initiatives and driven co-chief executive officer. “We are new products planned for 2012, commodity costs. As a result of price gratified to have achieved these along with contributions from the increases and the acquisition of the results in a challenging operating recently acquired Rowland Coffee coffee brands and business operations environment. Our ongoing success Roasters brands, we are confident of Rowland Coffee Roasters, Smucker provides opportunities to return in providing full-year earnings-per- said it expects 2012 net sales to increase value to our shareholders. During share guidance that is consistent about 20% over 2011 results. MBN 12 / June 14, 2011 Milling & Baking News /

Table of Contents for the Digital Edition of Milling & Baking News - June 14, 2011

‘Grain chain’ gives unanimous support for MyPlate
Canadian government targets C.W.B. monopoly on wheat marketing
MacLennan named president of Cargill
Celebrations may be premature for bakery fl our buyers
Editorial - Last hope for Doha Round not becoming non-Round
Wayne Turnbull reopens New Orleans bakery
General Mills adds Fiber One 90-Calorie Brownies
Packaged snacks sales reach $64 billion
Nestle joins project of food, genes
G.F.F.: One-ounce servings key to balanced meals
Oldways director offers mixed review of MyPlate
Stimulus boost for SNAP helps avert diminished food security
Smucker full-year profi t falls 3% on restructuring, acquisition costs
Debate likely to rage on, but HFCS demand seen stabilizing in U.S.
Kellogg sets 2010 to the side, looks forward to better 2011
Analyst: Nestle ‘unlikely’ to acquire General Mills
Grain Processing investing $100 million in emission reduction projects
Winter wheat crop forecast for 2011 up 2% from May
Wheat carryover forecast for 2012 lowered to 687 million bus
High fuel prices push shipping costs up; weather slows Upper Midwest rail traffi c
Canadian government targets C.W.B. monopoly on wheat marketing
Irish Pride launches bread with omega-3 fatty acids
Acquisitions help drive revenue gains at Aryzta in quarter
F.A.O. sees no respite from grain price strength and volatility
Gonnella offering scholarship to attend AIB
Paul Ridder named president of Tasty; Charles Pizzi to remain as adviser to Flowers
Chris Delaney named c.e.o. of Goodman Fielder
Bob Klima joins Caravan as business development manager
Fruit powder provides vitamins, fiber
Non-dairy ingredient achieves pareve certification
Products focus on noodle production
Trademark signifi es sustainable palm oil
Enzyme concentrate enhances baking properties of flour
U.S.D.A. raises forecast for 2011-12 world wheat ending stocks
Ingredient Market Trends
Ingredient Week
Marketplace Business Network
Ad Index

Milling & Baking News - June 14, 2011