0000098677-13-000013.txt : 20131025 0000098677-13-000013.hdr.sgml : 20131025 20131024173449 ACCESSION NUMBER: 0000098677-13-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130928 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131025 DATE AS OF CHANGE: 20131024 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: 131168916 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 sep13f8kfiling.txt TOOTSIE ROLL INDUSTRIES, INC 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, 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 October 23, 2013, Tootsie Roll Industries, Inc. issued a press release (the "release") announcing its sales and earnings for the third quarter and nine months ended September 28, 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 October 23, 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 undersigned thereunto duly authorized. October 23, 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 October 23, 2013. EX-99 2 exh99_pressrelease.txt TOOTSIE ROLL INDUSTRIES, INC 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, October 23, 2013 CHICAGO, ILLINOIS - October 23, 2013 - Melvin J. Gordon, Chairman, Tootsie Roll Industries, Inc. reported third quarter and nine months 2013 net sales and net earnings. Third quarter 2013 net sales were $191,807,000 compared to $200,274,000 in third quarter 2012. Third quarter 2013 net earnings were $26,043,000 compared to $22,923,000 in third quarter 2012, and net earnings per share were $.44 and $.38 in third quarter 2013 and 2012, respectively, an increase of $.06 per share or 16%. Nine months 2013 net sales were $404,074,000 compared to $418,193,000 in nine months 2012. Nine months 2013 net earnings were $43,481,000 compared to $39,208,000 in nine months 2012, and net earnings per share were $.73 and $.65 in nine months 2013 and 2012, respectively, an increase of $.08 per share or 12%. Mr. Gordon said, "While third quarter 2013 net sales were off from the prior year comparative period, the timing of sales between third and fourth quarter 2013 partially contributed to this result. Third quarter 2013 net earnings did benefit from more favorable ingredient costs and plant efficiencies driven by capital investments. Although our overall comparative ingredient costs are 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. Third quarter 2013 results also benefited from a lower effective income tax rate. Nine months 2013 net earnings were also favorably impacted by lower ingredient costs and plant efficiencies as discussed above as well as a lower effective tax rate. The Company's third quarter and nine months 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 SEPTEMBER 28, 2013 & SEPTEMBER 29, 2012 THIRD QUARTER ENDED 2013 2012 Net Product Sales $ 191,807,000 $ 200,274,000 Net Earnings $ 26,043,000 $ 22,923,000 Net Earnings Per Share * $ .44 $ .38 Average Shares Outstanding * 59,579,000 60,456,000 NINE MONTHS ENDED 2013 2012 Net Product Sales $ 404,074,000 $ 418,193,000 Net Earnings $ 43,481,000 $ 39,208,000 Net Earnings Per Share * $ .73 $ .65 Average Shares Outstanding * 59,723,000 60,634,000 *Based on average shares outstanding adjusted for 3% stock dividends distributed April 5, 2013 and April 5, 2012.