0000098677-19-000004.txt : 20190425
0000098677-19-000004.hdr.sgml : 20190425
20190425165756
ACCESSION NUMBER: 0000098677-19-000004
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20190331
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20190425
DATE AS OF CHANGE: 20190425
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: 19768203
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
mar19f8kfiling.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
April 24, 2019
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 April 24, 2019, Tootsie Roll Industries, Inc. issued a press release
(the "release") announcing its results of operations and financial condition for
the first quarter ended March 31, 2019. 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
April 24, 2019.
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.
April 24, 2019 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 April 24, 2019.
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, April 24, 2019
CHICAGO, ILLINOIS - April 24, 2019 - Ellen R. Gordon, Chairman, Tootsie
Roll Industries, Inc. reported first quarter 2019 net sales and net earnings.
First quarter 2019 net sales were $101,019,000 compared to $100,859,000 in
first quarter 2018, an increase of $160,000. First quarter 2019 net earnings
were $8,955,000 compared to $8,125,000 in first quarter 2018, an increase of
$830,000 or 10%, and net earnings per share were $.14 and $.12 in first quarter
2019 and 2018, respectively, an increase of $.02 per share.
Mrs. Gordon said, "First quarter 2019 results benefited from higher price
realization which allowed the Company to recoup increases in certain costs and
expenses and recover some product margin decline. Favorable foreign exchange
also contributed to improved results in first quarter 2019 compared to first
quarter 2018, however, a stronger U.S. dollar and the related translation of
foreign sales had some adverse effects on reported sales in first quarter 2019
compared to first quarter 2018. The Company has continued to experience
increases in freight and delivery which adversely affected first quarter 2019
results. These higher freight and delivery costs reflect the ongoing imbalance
between supply and demand for over-the-road truck delivery.
The Company is continuing its investments in its plant manufacturing operations
to meet new consumer and customer demands, achieve quality improvements, and
increase operational efficiencies. Plant efficiencies driven by capital
investments and ongoing cost containment programs contributed to the improved
results discussed above. The prior year 2018 results were adversely affected
by the implementation and start-up of new manufacturing packaging lines and
resulting operational inefficiencies as well as unfavorable experience from
our self-insurance programs.
The Company's effective income tax rate was 24.3% in first quarter 2019
compared to 21.8% in first quarter 2018 which principally reflects more
favorable foreign income tax expense in the prior year first quarter 2018
when compared to first quarter 2019. Earnings per share benefited from stock
purchases in the open market resulting in fewer shares outstanding in first
quarter 2019."
TOOTSIE ROLL INDUSTRIES, INC.
CONSOLIDATED SUMMARY OF SALES & EARNINGS
FOR THE PERIODS ENDED
MARCH 31, 2019 & MARCH 31, 2018
FIRST QUARTER ENDED
2019 2018
Net Product Sales $ 101,019,000 $ 100,859,000
Net Earnings $ 8,955,000 $ 8,125,000
Net Earnings Per Share * $ .14 $ .12
Average Shares Outstanding * 65,872,000 66,349,000
*Based on average shares outstanding adjusted for 3% stock dividends
distributed April 5, 2019 and April 6, 2018.