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.