Draft of February 11, 2004
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) December 31, 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 February 11, 2004, Tootsie Roll Industries, Inc., a Virginia
corporation, issued a press release announcing earnings for the
quarter and year ended December 31, 2003, a copy of which is
attached as Exhibit 99.1 to this report.
ITEM 7. EXHIBITS
Exhibits
99 Press Release, dated February 11, 2004
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: February 11, 2004 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 February 11, 2004.
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, February 11,2004
CHICAGO, ILLINOIS - February 11,2004 - Tootsie Roll Industries, Inc. reported
fourth quarter and twelve months 2003 sales and earnings. Fourth quarter 2003
sales were $92,160,000 compared to $90,766,000 in the fourth quarter 2002, an
increase of 2%. Twelve months 2003 sales were $392,656,000 compared to
$393,185,000 in the prior year. Melvin J. Gordon, Chairman, said, "Successful
marketing and promotional programs in the fourth quarter contributed to the
increase in fourth quarter sales. However, the increase in third and fourth
quarter 2003 sales did not overcome the sales decline in the first half 2003
which was adversely affected by the sluggish economy and a difficult retail
environment. In addition, lower sales in Mexico for the fourth quarter and
twelve month period adversely affected sales results."
Fourth quarter 2003 net earnings were $14,843,000 compared to fourth quarter
2002 net earnings of $14,683,000. Twelve month 2003 net earnings were
$65,014,000 compared to 2002 net earnings of $66,388,000. Fourth quarter 2003
net earnings per share were $.29 compared to $.28 per share in the fourth
quarter 2002, an increase of $.01 per share or 4%. Twelve month 2003 net
earnings per share were $1.26 compared to $1.25 per share in the prior year, an
increase of $.01 per share or 1%. Mr. Gordon said, "Fourth quarter earnings
were aided by higher sales and on-going cost control programs. Although the
company took selective sales price increases during 2003, increased trade promo-
tions and sales discounts, which are reported as a reduction in net sales, and
higher ingredient costs mitigated much of the benefits of such price increases."
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS AND 52 WEEKS ENDED DECEMBER 31, 2003 & DECEMBER 31, 2002
FOURTH QUARTER ENDED
2003 2002
Net Sales $ 92,160,000 $ 90,766,000
Net Earnings $ 14,843,000 $ 14,683,000
* Earnings Per Share $ .29 $ .28
*Average Shares Outstanding 51,331,000 52,825,000
TWELVE MONTHS ENDED
2003 2002
Net Sales $392,656,000 $393,185,000
Net Earnings $ 65,014,000 $ 66,388,000
* Earnings Per Share $1.26 $1.25
* Average shares outstanding 51,784,000 53,070,000
* Based on average shares outstanding adjusted for 3% stock dividends
distributed April 16, 2003 and April 17, 2002.
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