0000098677-13-000011.txt : 20130725
0000098677-13-000011.hdr.sgml : 20130725
20130725150002
ACCESSION NUMBER: 0000098677-13-000011
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20130629
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20130725
DATE AS OF CHANGE: 20130725
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: 13986083
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
jun13f8kfiling.txt
TOOTSIE ROLL INDUSTRIES, INC 2ND QTR 2013
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
July 24, 2013
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 July 24, 2013, Tootsie Roll Industries, Inc. issued a press release
(the "release") announcing its results of operations and financial condition for
the second quarter ended June 29, 2013. 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
July 24, 2013.
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.
July 24, 2013 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 July 24, 2013.
EX-99
2
exh99_pressrelease.txt
TOOTSIE ROLL INDUSTRIES, INC. 2ND QTR 2013
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 Wednesday, July 24, 2013
CHICAGO, ILLINOIS - July 24, 2013 - Melvin J. Gordon, Chairman, Tootsie Roll
Industries, Inc. reported second quarter and first half 2013 net sales and
net earnings.
Second quarter 2013 net sales were $101,988,000 compared to $108,156,000 in
second quarter 2012, a decrease of $6,168,000 or 6%. Second quarter 2013 net
earnings were $8,369,000 compared to $7,511,000 in second quarter 2012, and
net earnings per share were $.14 and $.12 in second quarter 2013 and 2012,
respectively, an increase of $.02 per share or 17%.
First half 2013 net sales were $212,267,000 compared to $217,919,000 in first
half 2012, a decrease of $5,652,000 or 3%. First half 2013 net earnings were
$17,438,000 compared to $16,285,000 in first half 2012, and net earnings per
share were $.29 and $.27 in first half 2013 and 2012, respectively, an
increase of $.02 per share or 7%.
Mr. Gordon said, "While second quarter 2013 net sales were down, 2013 second
quarter net earnings did benefit from more favorable ingredient costs as well
as plant efficiencies driven by capital investments. Although our overall
comparative ingredient costs were more favorable this year, certain key
ingredient costs are higher this year. We are continuing to make progress on
restoring our margins to their historical levels before the increases in
commodity and other input costs in recent years. Second quarter 2013 results
also benefited from a lower effective income tax rate.
First half 2013 net earnings were also favorably impacted by lower ingredient
costs and plant efficiencies as discussed above, but were adversely affected
by foreign exchange.
The Company's second quarter and first half 2013 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
JUNE 29, 2013 & JUNE 30, 2012
SECOND QUARTER ENDED
2013 2012
Net Product Sales $ 101,988,000 $ 108,156,000
Net Earnings $ 8,369,000 $ 7,511,000
Net Earnings Per Share * $ .14 $ .12
Average Shares Outstanding * 59,667,000 60,652,000
SIX MONTHS ENDED
2013 2012
Net Product Sales $ 212,267,000 $ 217,919,000
Net Earnings $ 17,438,000 $ 16,285,000
Net Earnings Per Share * $ .29 $ .27
Average Shares Outstanding * 59,785,000 60,728,000
*Based on average shares outstanding adjusted for 3% stock dividends
distributed April 5, 2013 and April 5, 2012.