0000098677-14-000002.txt : 20140212 0000098677-14-000002.hdr.sgml : 20140212 20140212151331 ACCESSION NUMBER: 0000098677-14-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20131231 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140212 DATE AS OF CHANGE: 20140212 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: 14599798 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 dec13f8kfiling.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 February 11, 2014 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 February 11, 2014, Tootsie Roll Industries, Inc. issued a press release (the "release") announcing its results of operations and financial condition for the fourth quarter ended December 31, 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 February 11, 2014. 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. February 11, 2014 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 February 11, 2014. 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 Tuesday, February 11, 2014 CHICAGO, ILLINOIS - February 11, 2014 - Melvin J. Gordon, Chairman, Tootsie Roll Industries, Inc., reported fourth quarter and twelve months 2012 net sales and net earnings. Fourth quarter 2013 net sales were $135,553,000 compared to $127,792,000 in fourth quarter 2012, an increase of $7,761,000 or 6%. Fourth quarter 2013 net earnings were $17,368,000 compared to $12,796,000 in fourth quarter 2012, and net earnings per share were $.29 and $.21 in fourth quarter 2013 and 2012, respectively, an increase of $.08 per share or 38%. Twelve months 2013 net sales were $539,627,000 compared to $545,985,000 in twelve months 2012. Twelve months 2013 net earnings were $60,849,000 compared to $52,004,000 in twelve months 2012, and net earnings per share were $1.02 and $.86 in twelve months 2013 and 2012, respectively, an increase of $.16 per share or 19%. Mr. Gordon said, "Net earnings for the year were positively impacted by more favorable ingredient costs. Although certain key ingredient costs were higher in 2013, our overall comparative ingredient costs are more favorable this year and 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. Fourth quarter and full year 2013 results also benefitted from plant efficiencies driven by capital investments, a gain on the sale of a marketable security and a lower effective income tax rate. Fourth quarter also benefitted from higher sales, although sales for the full year declined slightly. The Company's fourth quarter and twelve 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 DECEMBER 31, 2013 & 2012 FOURTH QUARTER ENDED 2013 2012 Net Product Sales $ 135,553,000 $ 127,792,000 Net Earnings $ 17,368,000 $ 12,796,000 Net Earnings Per Share * $ .29 $ .21 Average Shares Outstanding * 59,396,000 60,061,000 TWELVE MONTHS ENDED 2013 2012 Net Product Sales $ 539,627,000 $ 545,985,000 Net Earnings $ 60,849,000 $ 52,004,000 Net Earnings Per Share * $1.02 $ .86 Average Shares Outstanding * 59,634,000 60,484,000 *Based on average shares outstanding adjusted for 3% stock dividends distributed April 5, 2013 and April 5, 2012.