Draft of July 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) July 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 July 21, 2003, Tootsie Roll Industries, Inc., a Virginia
corporation, issued a press release announcing earnings for the
quarter ended June 28, 2003, a copy of which is attached as
Exhibit 99.1 to this report.
ITEM 7. EXHIBITS
Exhibits
99 Press Release, dated July 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: July 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 July 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 Wednesday, July 21, 2003
CHICAGO, ILLINOIS - July 21, 2003 - Tootsie Roll
Industries, Inc. reported second quarter and first half 2003 sales and earnings.
Second quarter sales were $77,725,000 compared to $77,131,000 in the second
quarter 2002, an increase of 1%. First half sales were $153,295,000 compared to
$156,122,000 in the prior year, a decrease of 2%. Melvin J. Gordon, Chairman,
said "Although the timing of Easter shipments in 2003 contributed to improved
sales results for the second quarter 2003, the sluggish economy, a difficult
retail environment, lower sales in Mexico and Canada, and higher sales in the
fourth quarter of 2002 as a result of January 2003 price increases contributed
to our sales decline in the first half 2003."
Second quarter 2003 net earnings were $12,317,000 compared to second quarter
2002 net earnings of $12,316,000. First half 2003 net earnings were $23,226,000
compared to first half 2002 net earnings of $25,088,000. Second quarter 2003
net earnings per share were $.24 compared to $.23 per share in the second
quarter 2002, an increase of $.01 per share or 4%, and first half 2003 net earn-
ings per share were $.45 compared to $.47 per share in the first half 2002, a
decrease of $.02 per share or 4%. Mr. Gordon said, "Second quarter earnings
were aided by higher sales, including selective price increases, and cost
control programs. First half net earnings were adversely affected by lower
sales volumes, higher costs for major ingredients, and a customer bankruptcy."
TOOTSIE ROLL INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS AND 26 WEEKS ENDED JUNE 28, 2003 & JUNE 29, 2002
SECOND QUARTER ENDED
2003 2002
Net Sales $ 77,725,000 $ 77,131,000
Net Earnings $ 12,317,000 $ 12,316,000
* Earnings Per Share $ .24 $ .23
*Average Shares Outstanding 51,891,000 53,129,000
SIX MONTHS ENDED
2003 2002
Net Sales $153,295,000 $156,122,000
Net Earnings $ 23,226,000 $ 25,088,000
* Earnings Per Share $ .45 $ .47
* Average shares outstanding 52,070,000 53,212,000
* Based on average shares outstanding adjusted for 3% stock dividends
distributed April 16, 2003 and Aprill 17, 2002.