0000098677-15-000011.txt : 20151029 0000098677-15-000011.hdr.sgml : 20151029 20151029122107 ACCESSION NUMBER: 0000098677-15-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151029 DATE AS OF CHANGE: 20151029 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: 151182826 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 sep15f8kfiling.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 27, 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 October 27, 2015, Tootsie Roll Industries, Inc. issued a press release (the "release") announcing its results of operations and financial condition for the third quarter ended September 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 October 27, 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. October 27, 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 October 27, 2015. 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, October 27, 2015 CHICAGO, ILLINOIS - October 27, 2015 - Ellen R. Gordon, Chairman, Tootsie Roll Industries, Inc. reported third quarter and nine months 2015 net sales and net earnings. Third quarter 2015 net sales were $183,806,000 compared to $191,093,000 in third quarter 2014, a decrease of $7,287,000 or 4%. Third quarter 2015 net earnings were $26,171,000 compared to $26,668,000 in third quarter 2014, and net earnings per share were $.43 in both third quarter 2015 and 2014. Nine months 2015 net sales were $396,811,000 compared to $401,966,000 in nine months 2014, a decrease of $5,155,000 or 1%. Nine months 2015 net earnings were $46,384,000 compared to $45,275,000 in nine months 2014, and net earnings per share were $.75 and $.72 in nine months 2015 and 2014, respectively, an increase of $.03 per share or 4%. Mrs. Gordon said, "Third quarter and nine months 2015 net sales were adversely affected by the translation of sales made in foreign currencies as well as the timing of certain customer sales between third and fourth quarters in the comparative periods. Third quarter and nine months 2015 net earnings benefited from more favorable ingredient costs, lower distribution expenses including the effects of declining energy and fuel costs, improving manufacturing plant efficiencies driven by capital investments, and ongoing cost containment programs. Although our overall comparative ingredient costs in both third quarter and nine months 2015 were somewhat more favorable compared to the corresponding periods in the prior year, certain key ingredient costs are higher this year, and we expect overall ingredient costs to be higher in 2016. Net earnings were favorably impacted by a foreign income tax settlement in the second quarter and resulting lower effective income tax rate which added $1,066,000 or approximately $.02 per share to nine months 2015 net earnings. The Company's third quarter and nine months 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 September 30, 2015 & September 27, 2014 THIRD QUARTER ENDED 2015 2014 Net Product Sales $ 183,806,000 $ 191,093,000 Net Earnings $ 26,171,000 $ 26,668,000 Net Earnings Per Share * $ .43 $ .43 Average Shares Outstanding * 61,357,000 62,321,000 NINE MONTHS ENDED 2015 2014 Net Product Sales $ 396,811,000 $ 401,966,000 Net Earnings $ 46,384,000 $ 45,275,000 Net Earnings Per Share * $ .75 $ .72 Average Shares Outstanding * 61,593,000 62,465,000 *Based on average shares outstanding adjusted for 3% stock dividends distributed April 10, 2015 and April 4, 2014.