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.