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.