0000098677-17-000009.txt : 20170727
0000098677-17-000009.hdr.sgml : 20170727
20170727105017
ACCESSION NUMBER: 0000098677-17-000009
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20170630
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20170727
DATE AS OF CHANGE: 20170727
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: 17984976
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
jun17f8kfiling.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
July 26, 2017
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 26, 2017, 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, 2017. 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 26, 2017.
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 26, 2017 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 26, 2017.
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 Wednesday, July 26, 2017
CHICAGO, ILLINOIS - July 26, 2017 - Ellen R. Gordon, Chairman,
Tootsie Roll Industries, Inc. reported second quarter and first half
2017 net sales and net earnings.
Second quarter 2017 net sales were $104,897,000 compared to $104,259,000
in second quarter 2016, an increase of $638,000. Second quarter 2017 net
earnings were $11,895,000 compared to $11,136,000 in second quarter 2016,
and net earnings per share were $.19 and $.17 in second quarter 2017 and
2016, respectively, an increase of $.02 or 12%.
First half 2017 net sales were $208,322,000 compared to $207,621,000 in
first half 2016, an increase of $701,000. First half 2017 net earnings
were $21,946,000 compared to $21,032,000 in first half 2016, and net
earnings per share were $.35 and $.33 in first half 2017 and 2016,
respectively, an increase of $.02 per share or 6%.
Mrs. Gordon said, "The timing of sales to certain customers as well as
currency translation of foreign sales had some adverse impact on second
quarter and first half 2017 sales compared to second quarter and first
half 2016. Plant efficiencies driven by capital investments and ongoing
cost containment programs mitigated certain increases in operating costs
and expenses in second quarter and first half 2017 compared to the prior
year corresponding periods. Although overall comparative ingredient costs
in second quarter and first half 2017 were generally in line with the
respective periods in 2016, certain key ingredient costs are higher this
year. The Company's second quarter and first half 2017 net earnings did
benefit from a lower effective income tax rate, but were adversely affected
by unfavorable foreign exchange. Stock purchases in the open market
resulting in fewer shares outstanding also contributed to improved earnings
per share."
TOOTSIE ROLL INDUSTRIES, INC.
CONSOLIDATED SUMMARY OF SALES & EARNINGS
FOR THE PERIODS ENDED
JUNE 30, 2017 & 2016
SECOND QUARTER ENDED
2017 2016
Net Product Sales $ 104,897,000 $ 104,259,000
Net Earnings $ 11,895,000 $ 11,136,000
Net Earnings Per Share * $ .19 $ .17
Average Shares Outstanding * 63,270,000 64,274,000
SIX MONTHS ENDED
2017 2016
Net Product Sales $ 208,322,000 $ 207,621,000
Net Earnings $ 21,946,000 $ 21,032,000
Net Earnings Per Share * $ .35 $ .33
Average Shares Outstanding * 63,439,000 64,313,000
*Based on average shares outstanding adjusted for 3% stock dividends
distributed April 17, 2017 and April 8, 2016.