EX-99 2 exh99_pressrelease.txt TOOTSIE ROLL INDUSTRIES, INC. 1ST QTR 2014 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, April 23, 2014 CHICAGO, ILLINOIS - April 23, 2014 - Melvin J. Gordon, Chairman, Tootsie Roll Industries, Inc., reported first quarter 2014 net sales and net earnings. First quarter 2014 net sales were $106,812,000 compared to $110,279,000 in first quarter 2013. First quarter 2014 net earnings were $9,581,000 compared to $9,069,000 in first quarter 2013, and net earnings per share were $.16 and $.15 in first quarter 2014 and 2013, respectively, an increase of $.01 per share or 7%. Mr. Gordon said, "First quarter 2014 net earnings benefited from more favorable ingredient costs as well as plant efficiencies driven by capital investments and ongoing cost containment programs. Although our overall comparative ingredient costs were more favorable in first quarter 2014, 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 past years. The Company's first quarter 2014 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 MARCH 29, 2014 & MARCH 30, 2013 FIRST QUARTER ENDED 2014 2013 Net Product Sales $ 106,812,000 $ 110,279,000 Net Earnings $ 9,581,000 $ 9,069,000 Net Earnings Per Share * $ .16 $ .15 Average Shares Outstanding * 60,814,000 61,667,000 *Based on average shares outstanding adjusted for 3% stock dividends distributed April 4, 2014 and April 5, 2013.