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) July 28, 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 7. FINANCIAL STATEMENTS and EXHIBITS
(C) Exhibits
99.1 Press Release, dated July 28, 2004
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 28, 2004, Tootsie Roll Industries, Inc., a Virginia
corporation, issued a press release announcing earnings for the
quarter ended July 3, 2004, a copy of which is attached as
Exhibit 99.1 to this report.
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: July 28, 2004 By:_/s/ G. Howard Ember, Jr._
Name: G. Howard Ember, Jr.
Title: V.P./Finance
EXHIBIT INDEX
(99) ADDITIONAL EXHIBITS
99.1 Tootsie Roll Industries Press Release, dated July 28, 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, July 28, 2004
CHICAGO, ILLINOIS - July 28, 2004 - Melvin J. Gordon, Chairman, Tootsie Roll
Industries, Inc. reported second quarter and first half 2004 sales and earnings.
Second quarter 2004 sales were $77,157,000 compared to $77,725,000 in the second
quarter 2003, a decrease of 1%. First half 2004 sales were $157,203,000 compared
to $153,295,000 in the prior year, an increase of 3%. As the Company's
quarterly financial reporting is based on 13-week periods, the first half of
2004 and 2003 ended on July 3, 2004 and June 28, 2003, respectively. If first
half 2004 had ended on June 28, 2004, the Company estimates that first half 2004
sales would have been approximately $2,400,000 less than the above reported 2004
sales amount. Because the second quarter of 2004 and 2003 comprised exactly 13
weeks, the aforementioned did not affect second quarter comparative reported
sales. Mr. Gordon said, "Second quarter results were adversely affected by the
timing of certain customer shipments."
Second quarter 2004 net earnings were $11,829,000 compared to second quarter
2003 net earnings of $12,317,000. First half 2004 net earnings were $23,321,000
compared to first half 2003 net earnings of $23,226,000. Second quarter net
earnings per share were $.23 in both 2004 and 2003, and first half 2004 net
earnings per share were $.44 compared to $.43 per share in first half 2003, an
increase of $.01 per share or 2%. Mr. Gordon said, "Ongoing cost control
programs facilitated the Company's earnings results for the 2004 second quarter
and first half periods. Second quarter and first half 2004 earnings per share
were aided by Company common stock purchases in the open market and the
resulting fewer shares outstanding."
TOOTSIE ROLL INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS AND 26 WEEKS ENDED JULY 3, 2004 & JUNE 28, 2003
SECOND QUARTER ENDED
2004 2003
Net Sales $ 77,157,000 $ 77,725,000
Net Earnings $ 11,829,000 $ 12,317,000
* Earnings Per Share $ .23 $ .23
* Average Shares Outstanding 52,397,000 53,413,000
SIX MONTHS ENDED
2004 2003
Net Sales $157,203,000 $153,295,000
Net Earnings $ 23,321,000 $ 23,226,000
* Earnings Per Share $ .44 $ .43
* Average Shares Outstanding 52,493,000 53,591,000
* Based on average shares outstanding adjusted for 3% stock dividends
distributed April 14, 2004 and April 16, 2003.