0000098677-15-000009.txt : 20150724 0000098677-15-000009.hdr.sgml : 20150724 20150724091956 ACCESSION NUMBER: 0000098677-15-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150630 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150724 DATE AS OF CHANGE: 20150724 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: 151003543 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 jun15f8kfiling.txt TOOTSIE ROLL INDUSTRIES, INC. 2ND QTR 2015 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 July 23, 2015 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 July 23, 2015, Tootsie Roll Industries, Inc. issued a press release (the "release") announcing its results of operations and financial condition for the second quarter ended June 30, 2015. 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 July 23, 2015. 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. July 23, 2015 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 July 23, 2015. EX-99 2 exh99_pressrelease.txt TOOTSIE ROLL INDUSTRIES, INC. 2ND QTR 2015 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 Thursday, July 23, 2015 CHICAGO, ILLINOIS - July 23, 2015 - Ellen R. Gordon, Chairman, Tootsie Roll Industries, Inc. reported second quarter and first half 2015 net sales and net earnings. Second quarter 2015 net sales were $107,528,000 compared to $104,061,000 in second quarter 2014, an increase of $3,467,000 or 3%. Second quarter 2015 net earnings were $11,059,000 compared to $9,026,000 in second quarter 2014, and net earnings per share were $.18 and $.14 in second quarter 2015 and 2014, respectively, an increase of $.04 per share or 29%. First half 2015 net sales were $213,005,000 compared to $210,873,000 in first half 2014, an increase of $2,132,000 or 1%. First half 2015 net earnings were $20,213,000 compared to $18,607,000 in first half 2014, and net earnings per share were $.33 and $.30 in first half 2015 and 2014, respectively, an increase of $.03 per share or 10%. Mrs. Gordon said, "Second quarter and first half 2015 net sales and net earnings benefited from successful marketing and sales programs, product line extensions and new products. Net earnings were favorably impacted by a foreign income tax settlement and resulting lower effective income tax rate which added $1,066,000 or approximately $.02 per share to both second quarter and first half net earnings. Lower distribution expense resulting from declining energy and fuel costs, improving manufacturing plant efficiencies driven by capital investments, and ongoing cost containment programs also contributed to improved results and mitigated other cost increases during the comparative periods. Although our overall comparative ingredient costs in both second quarter and first half 2015 were generally in line with the corresponding periods in 2014, certain key ingredient costs are higher this year. The Company's second quarter and first half 2015 net earnings per share 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 JUNE 30, 2015 & JUNE 28, 2014 SECOND QUARTER ENDED 2015 2014 Net Product Sales $ 107,528,000 $ 104,061,000 Net Earnings $ 11,059,000 $ 9,026,000 Net Earnings Per Share * $ .18 $ .14 Average Shares Outstanding * 61,611,000 62,455,000 SIX MONTHS ENDED 2015 2014 Net Product Sales $ 213,005,000 $ 210,873,000 Net Earnings $ 20,213,000 $ 18,607,000 Net Earnings Per Share * $ .33 $ .30 Average Shares Outstanding * 61,717,000 62,538,000 *Based on average shares outstanding adjusted for 3% stock dividends distributed April 10, 2015 and April 4, 2014.