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
October 22, 2008
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 October 22, 2008, Tootsie Roll Industries, Inc. issued a press release
(the "release") announcing its results of operations and financial condition for
the third quarter ended September 27, 2008. 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
October 22, 2008.
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.
October 22, 2008 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 October 22, 2008.
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, October 22, 2008
CHICAGO, ILLINOIS - October 22, 2008 - Melvin J. Gordon, Chairman,
Tootsie Roll Industries, Inc. reported third quarter and nine months
2008 net sales and net earnings.
Third quarter 2008 sales were $184,687,000 compared to $182,917,000 in
third quarter 2007, an increase of $1,770,000 or 1%. Third quarter 2008
net earnings were $19,715,000 compared to $23,432,000 in third quarter
2007, and earnings per share were $.36 and $.41 in third quarter 2008 and
2007, respectively, a decrease of $.05 per share or 12%.
Nine months 2008 sales were $376,619,000 compared to $377,732,000 in nine
months 2007. Nine months 2008 net earnings were $33,414,000 compared to
$43,469,000 in nine months 2007, and earnings per share were $.61 and $.77
in nine months 2008 and 2007, respectively, a decrease of $.16 per share
or 21%.
Mr. Gordon said, "Although third quarter 2008 sales increased, third quarter
earnings were adversely affected by higher input costs relating to major
ingredients, packaging materials, freight and delivery, and products
manufactured in Canada due to less favorable foreign exchange rates. Nine
months 2008 results were also adversely impacted by these same higher input
costs. The Company's per share earnings for third quarter and nine months 2008
did benefit from common stock purchases in the open market in 2008 and 2007
resulting in fewer shares outstanding.
The Company has taken actions and implemented programs, including selected
price increases as well as cost reduction programs, with the objective to
recover some of these higher input costs. However, these actions did not allow
the Company to recover all of the increases in ingredient and other input costs
in nine months 2008."
TOOTSIE ROLL INDUSTRIES, INC.
CONSOLIDATED SUMMARY OF NET SALES & NET EARNINGS
FOR THE PERIODS ENDED
SEPTEMBER 27, 2008 & SEPTEMBER 29, 2007
THIRD QUARTER ENDED
2008 2007
Net Product Sales $184,687,000 $182,917,000
Net Earnings $ 19,715,000 $ 23,432,000
Net Earnings Per Share $ .36 $ .41
* Average Shares Outstanding 55,000,000 56,526,000
NINE MONTHS ENDED
2008 2007
Net Product Sales $376,619,000 $377,732,000
Net Earnings $ 33,414,000 $ 43,469,000
Net Earnings Per Share $ .61 $ .77
* Average Shares Outstanding 55,217,000 56,723,000
* Based on average shares outstanding adjusted for 3% stock dividends
distributed April 10, 2008 and April 12, 2007.