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) April 26, 2004
TOOTSIE ROLL INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-15863 13-4037641
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.
N/A
(Former name or former address, if changed since last report)
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April 26, 2004, Tootsie Roll Industries, Inc., a Virginia
corporation, issued a press release announcing earnings for the
quarter ended April 3, 2004, a copy of which is attached as
Exhibit 99.1 to this report.
ITEM 7. EXHIBITS
Exhibits
99 Press Release, dated April 26, 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: April 27, 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 April 26, 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 Monday, April 26, 2004
CHICAGO, ILLINOIS - April 26, 2004 - Melvin J. Gordon,
Chairman, Tootsie Roll Industries, Inc., reported first
quarter 2004 sales and earnings. First quarter 2004 sales
were $80,046,000 compared to $75,570,000 in the first
quarter 2003, an increase of $4,476,000 or 6%. The
Company's quarterly financial reporting is based on 13-week
periods which requires that the Company periodically reset
its quarter end-dates. If the first quarter 2004 had ended
on March 29, 2004 instead of April 3, 2004, the Company
estimates that first quarter 2004 sales would have been
approximately $2,900,000 less than the above reported 2004
sales amount. Mr. Gordon said, "Effective marketing
programs as well as the timing of the quarter end reporting
period contributed to the overall sales increase in first
quarter 2004."
First quarter 2004 net earnings were $11,493,000 compared
to $10,909,000 in the first quarter 2003 period. First
quarter 2004 earnings per share were $.22 compared to
first quarter 2003 earnings per share of $.20, an increase
of $.02 per share or 10%. Mr. Gordon said, "First quarter
2004 earnings were aided by more favorable ingredient
costs, higher sales, and fewer shares outstanding. However,
higher trade promotions and discounts, which are accounted
for as a reduction in net sales, mitigated the benefits of
lower ingredient costs."
To the extent that statements contained in this press
release may be considered forward-looking statements, the
following will be deemed to be the Company's meaningful
cautionary disclosure regarding such statements. A variety
of factors could cause actual results to differ materially
from the anticipated results or expectations expressed. The
important factors that could affect these outcomes are set
forth in the Company's most recent annual report and
quarterly report on Form 10-K and 10-Q, respectively.
TOOTSIE ROLL INDUSTRIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED APRIL 3, 2004 & MARCH 29, 2003
FIRST QUARTER ENDED
2004 2003
Net Sales $ 80,046,000 $ 75,570,000
Net Earnings $ 11,493,000 $ 10,909,000
*Earnings Per Share $0.22 $0.20
*Average Shares Outstanding 52,596,000 53,751,000
*Based on average shares outstanding adjusted for 3% stock
dividends distributed April 14, 2004 and April 16, 2003.