Draft of October 21, 2003
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
Date of Report (Date of earliest event reported) October 21, 2003
TOOTSIE ROLL INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
VIRGINIA 1-1361 22-1318955
State or other jurisdiction (Commission File No.) (IRS Employer
Of incorporation) Identification Number)
7401 South Cicero Avenue, Chicago, Illinois 60629
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (773) 838-3400.
(Former name or former address, if changed since last report)
N/A
ITEM 9. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On October 21, 2003, Tootsie Roll Industries, Inc., a Virginia
corporation, issued a press release announcing earnings for the
quarter ended September 27, 2003, a copy of which is attached as
Exhibit 99.1 to this report.
ITEM 7. EXHIBITS
Exhibits
99 Press Release, dated October 21, 2003
SIGNATURES
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 undersigned, thereunto duly authorized.
TOOTSIE ROLL INDUSTRIES, INC.
Date: October 21, 2003 By:_/s/ G. Howard Ember, Jr._
Name: G. Howard Ember, Jr.
Title: V.P./Finance
EXHIBIT INDEX
The following exhibit is filed herewith:
Exhibit No.
99 Press Release, dated October 21, 2003.
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 21, 2003
CHICAGO, ILLINOIS - October 21, 2003 - Tootsie Roll Industries, Inc. reported
third quarter and nine month 2003 sales and earnings. Third quarter 2003 sales
were $147,201,000 compared to $146,298,000 in the third quarter 2002, an
increase of 1%. Nine month 2003 sales were $300,496,000 compared to
$302,420,000 in the prior year corresponding period, a decrease of 1%. Melvin
J. Gordon, Chairman, said, "Successful marketing and promotional programs in
the third quarter, including programs relating to the pre-Halloween selling
period, contributed to the increase in third quarter sales. However, the
increase in third quarter sales did not overcome the sales decline in the first
half which was adversely affected by the sluggish economy, a difficult retail
environment, and lower sales in Mexico and Canada."
Third quarter 2003 net earnings were $26,945,000 compared to third quarter 2002
net earnings of $26,616,000. Nine month 2003 net earnings were $50,171,000
compared to nine month 2002 net earnings of $51,704,000. Third quarter 2003 net
earnings per share were $.52 compared to $.50 per share in the third quarter
2002, an increase of $.02 per share or 4%. Nine month 2003 net earnings per
share were $.97 compared to $.97 per share in the comparative prior year period.
Mr. Gordon said, "Third quarter earnings were aided by higher sales and cost
control programs. Although selective sales price increases contributed to the
third quarter sales increase, increased trade promotions and sales discounts,
which are reported as a reduction in net sales, mitigated some of the benefits
of such price increases. Nine month net earnings were adversely affected by
lower reported net sales and higher costs for major ingredients."
TOOTSIE ROLL INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS AND 39 WEEKS ENDED SEPT 27, 2003 & SEPT 28, 2002
THIRD QUARTER ENDED
2003 2002
Net Sales $147,201,000 $146,298,000
Net Earnings $ 26,945,000 $ 26,616,000
* Earnings Per Share $ .52 $ .50
*Average Shares Outstanding 51,662,000 53,074,000
NINE MONTHS ENDED
2003 2002
Net Sales $300,496,000 $302,420,000
Net Earnings $ 50,171,000 $ 51,704,000
* Earnings Per Share $ .97 $ .97
* Average shares outstanding 51,939,000 53,166,000
* Based on average shares outstanding adjusted for 3% stock dividends
distributed April 16, 2003 and April 17, 2002.