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.