McCORMICK & COMPANY
 2008 ANNUAL REPORT
 
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  We increased cash flow from operations by $90 million in 2008.

 One way we measure the health of our business is by the cash flow we are generating from operations. Cash flow funds our organic growth, fuels our acquisition strategy and rewards our employees and investors.
       For example, in 2008, we invested
$693 million in acquisitions, paid $114 million in dividends, and paid $86 million for capital projects. We funded these investments with increased debt, as well as our cash flow from operations which reached $315 million, an increase of $90 million over 2007.
 		  

      As further evidence of our strong financial position, the Board of Directors approved our 23rd consecutive dividend increase at the end of 2008. We have paid a dividend in each of the last 83 years and increased dividends per share at an 11% compound annual growth rate since 2003.   continued>>


 		  
 
 
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