Historical Financial Summary

(millions except per share data) 2005   2004   2003   2002   2001   2000   1999   1998   1997   1996   1995  
For the year                                            
Net sales under EITF 01-09(1) $2,592.0   $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  
   Percent increase 2.6 % 11.3 % 11.0 % 5.5 % 4.1 % 5.9 % 6.7 % 6.2 % 3.2 % 1.8 % 11.1 %
Operating income 343.5   332.7   295.5   262.4   219.6   200.5   149.2   163.9   153.9   92.3   152.2  
Income from unconsolidated                                            
  operations 20.6   14.6   16.4   22.4   21.5   18.6   13.4   6.2   7.7   5.6   2.1  
Net income from continuing                                            
  operations 214.9   214.5   199.2   173.8   137.1   124.5   88.1   95.3   89.4   45.4   77.8  
Net income (2)(3)(4)(5)(6) 214.9   214.5   210.8   179.8   146.6   137.5   103.3   103.8   98.4   41.9   97.5  
Per common share (7)                                            
Earnings per share - diluted                                            
   Continuing operations $1.56   $1.52   $1.40   $1.22   $.98   $.89   $.61   $.65   $.59   $.28   $.48  
   Discontinued operations(2)(5) -   -   .09   .04   .07   .09   .07   .06   .06   .03   .12  
   Extraordinary item -   -   -   -   -   -   -   -   -   (.05 ) -  
   Accounting change(3)(6) -   -   (.01 ) -   -   -   .04   -   -   -   -  
Net income 1.56   1.52   1.48   1.26   1.05   .99   .72   .71   .65   .26   .60  
Earnings per                                            
  share - basic (2)(3)(5)(6) 1.60   1.57   1.51   1.29   1.06   1.00   .72   .70   .65   .26   .60  
Common dividends declared (8) .66   .58   .49   .425   .405   .385   .35   .325   .305   .285   .265  
Market Non-Voting closing price 31.22   36.45   28.69   23.79   21.50   18.63   16.03   16.69   13.25   12.32   11.82  
  - end of year                                            
Book value per share 6.03   6.57   5.50   4.23   3.36   2.63   2.72   2.68   2.66   2.88   3.20  
At Year-End (5)                                            
Total assets $2,272.7   $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  
Current debt 106.1   173.2   171.0   137.3   210.8   551.9   100.6   163.6   121.3   108.9   297.3  
Long-term debt 463.9   465.0   448.6   450.9   451.1   157.2   238.4   247.4   276.5   291.2   349.1  
Shareholders' equity 799.9   889.7   755.2   592.3   463.1   359.3   382.4   388.1   393.1   450.0   519.3  
Total capital (9) 1,399.1   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  
Statistics & Ratios                                            
Percentage of net sales                                            
  Gross profit under EITF 01-09(1) 40.0 % 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 %
  Operating income                                            
    under EITF 01-09(1) 13.3 % 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 %
  Net income from continuing                                            
     operations 8.3 % 8.5 % 8.8 % 8.5 % 7.1 % 6.7 % 4.8 % 5.5 % 5.5 % 2.9 % 5.0 %
Effective tax rate 32.7 % 30.3 % 30.9 % 31.0   32.6 % 35.5 % 40.4 % 35.7 % 36.8 % 38.6 % 35.7 %
Depreciation and amortization (4) $74.6   $72.0   $65.3   $53.4   $60.7   $49.7   $46.1   $43.7   $38.6   $52.6   $52.2  
Capital expenditures $73.8   $69.8   $91.6   $100.4   $96.8   $42.0   $41.0   $37.8   $34.2   $63.8   $71.3  
Debt-to-total-capital 40.7 % 40.9 % 44.4 % 49.0 % 58.2 % 65.7 % 47.0 % 51.4 % 50.3 % 47.1 % 55.5 %
Average shares outstanding (7)                                            
   Basic 134.5   137.0   139.2   139.5   137.8   137.6   142.8   146.6   151.4   161.2   162.4  
   Diluted 138.1   141.3   142.6   142.3   140.2   139.2   144.0   147.6   151.8   161.4   162.6  

(1)  In 2002, McCormick implemented EITF 01-09. Results have been reclassified for 2001 and 2000.

(2)  McCormick sold both Gilroy Foods, Incorporated and Gilroy Energy Company, Inc. in 1996.

(3)  In 1999, McCormick changed its actuarial method for computing pension expense.

(4)  In 2002, McCormick adopted SFAS No. 142, "Goodwill and Other Intangible Assets." Prior year results have not been adjusted.

(5)  In 2003, McCormick 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, McCormick 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.
McCORMICK & COMPANY 2005 ANNUAL REPORT