0000098677-12-000013.txt : 20121024
0000098677-12-000013.hdr.sgml : 20121024
20121024113828
ACCESSION NUMBER: 0000098677-12-000013
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20120929
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20121024
DATE AS OF CHANGE: 20121024
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: TOOTSIE ROLL INDUSTRIES INC
CENTRAL INDEX KEY: 0000098677
STANDARD INDUSTRIAL CLASSIFICATION: SUGAR & CONFECTIONERY PRODUCTS [2060]
IRS NUMBER: 221318955
STATE OF INCORPORATION: VA
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-01361
FILM NUMBER: 121157872
BUSINESS ADDRESS:
STREET 1: 7401 S CICERO AVE
CITY: CHICAGO
STATE: IL
ZIP: 60629
BUSINESS PHONE: 7738383400
MAIL ADDRESS:
STREET 1: 7401 S CICERO AVE
CITY: CHICAGO
STATE: IL
ZIP: 60629
FORMER COMPANY:
FORMER CONFORMED NAME: SWEETS CO OF AMERICA INC
DATE OF NAME CHANGE: 19660921
8-K
1
sep12f8kfiling.txt
TOOTSIE ROLL INDUSTRIES, INC. 3RD QTR 2012
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
To Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 23, 2012
Date of report (Date of earliest event reported)
TOOTSIE ROLL INDUSTRIES, INC.
(Exact Name of Registrant as Specified in Its charter)
Virginia
(State or Other Jurisdiction of Incorporation)
001-01361
(Commission File Number)
22-1318955
(I.R.S. Employer Identification No.)
7401 South Cicero Avenue, Chicago, Illinois 60629
(Address of Principal Executive Offices) (Zip Code)
773-838-3400
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[__] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[__] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[__] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[__] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On October 23, 2012, Tootsie Roll Industries, Inc. issued a press release
(the "release") announcing its results of operations and financial condition for
the third quarter ended September 29, 2012. A copy of the release is attached
hereto as Exhibit 99.1 and incorporated herein by reference.
The information in the release and in this Item 2.02 is "furnished" and not
"filed" for purposes of Section 18 of the Securities and Exchange Act of 1934,
or otherwise subject to the liabilities of that section. Such information may
only be incorporated by reference in another filing under the Securities
Exchange Act of 1934 or the Securities Act of 1933 only if and to the extent
such subsequent filing specifically references such information.
Item 9.01. Financial Statements and Exhibits.
(c) The following exhibit is furnished with this report:
Exhibit 99.1 Press Release of Tootsie Roll Industries, Inc., dated
October 23, 2012.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
under-signed thereunto duly authorized.
October 23, 2012 TOOTSIE ROLL INDUSTRIES, INC.
By: /S/G. HOWARD EMBER, JR.
G. Howard Ember, Jr.
Vice President Finance and
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release of Tootsie Roll Industries, Inc., dated October 23, 2012.
EX-99
2
exh99_pressrelease.txt
TOOTSIE ROLL INDUSTRIES, INC. 3RD QTR 2012
EXHIBIT 99.1
Tootsie Roll Industries, Inc.
7401 South Cicero Avenue
Chicago, IL 60629
Phone 773/838-3400
Fax 773/838-3534
Press Release
STOCK TRADED: NYSE FOR IMMEDIATE RELEASE
TICKER SYMBOL: TR Tuesday, October 23, 2012
CHICAGO, ILLINOIS - October 23, 2012 - Melvin J. Gordon, Chairman,
Tootsie Roll Industries, Inc. reported third quarter and nine months
2012 net sales and net earnings.
Third quarter 2012 net sales were $200,274,000 compared to $186,784,000
in third quarter 2011, an increase of $13,490,000 or 7%. Third quarter
2012 net earnings were $22,923,000 compared to $18,855,000 in third
quarter 2011, and net earnings per share were $.39 and $.32 in third
quarter 2012 and 2011, respectively, an increase of $.07 per share
or 22%.
Nine months 2012 net sales were $418,193,000 compared to $399,991,000
in nine months 2011, an increase of $18,202,000 or 5%. Nine months 2012
net earnings were $39,208,000 compared to $33,671,000 in nine months
2011, and net earnings per share were $.67 and $.56 in nine months 2012
and 2011, respectively, an increase of $.11 per share or 20%.
Mr. Gordon said, "Third quarter 2012 net sales benefited from effective
marketing and selling programs, including back-to-school and
pre-Halloween programs. Net sales also benefited from sales price
increases which were necessary to recover rising commodity and other
input costs experienced in recent years. Higher net earnings in third
quarter 2012 principally resulted from higher sales. Although ingredient
costs moderated somewhat during the quarter, these were offset by higher
operating expenses, unfavorable foreign exchange, and a higher
effective tax rate.
Nine months 2012 sales and earnings were impacted by many of the same
factors as third quarter 2012 which are discussed above. Although the
Company experienced more favorable ingredient costs in third quarter
2012, the nine months 2012 unit costs were similar in the aggregate to
the corresponding period of the prior year. In addition, the Company's
effective tax rate was slightly higher in nine months 2012 compared to
nine months 2011.
The Company's third quarter and nine months 2012 net earnings per share
also benefited from common stock purchases in the open market resulting
in fewer shares outstanding."
TOOTSIE ROLL INDUSTRIES, INC.
CONSOLIDATED SUMMARY OF SALES & EARNINGS
FOR THE PERIODS ENDED
SEPTEMBER 29, 2012 & OCTOBER 1, 2011
THIRD QUARTER ENDED
2012 2011
Net Product Sales $ 200,274,000 $ 186,784,000
Net Earnings $ 22,923,000 $ 18,855,000
Net Earnings Per Share * $ .39 $ .32
Average Shares Outstanding * 58,714,000 59,535,000
NINE MONTHS ENDED
2012 2011
Net Product Sales $ 418,193,000 $ 399,991,000
Net Earnings $ 39,208,000 $ 33,671,000
Net Earnings Per Share * $ .67 $ .56
Average Shares Outstanding * 58,893,000 59,692,000
*Based on average shares outstanding adjusted for 3% stock dividends
distributed April 5, 2012 and April 7, 2011.