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
April 23, 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 April 23, 2008, Tootsie Roll Industries, Inc. issued a press release
(the "release") announcing its results of operations and financial condition for
the first quarter ended March 29, 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
April 23, 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.
April 23, 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 April 23, 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, April 23, 2008
Chicago, ILLINOIS - April 28, 2008 - Melvin J. Gordon, Chairman, Tootsie Roll
Industries, Inc. reported first quarter 2008 sales and earnings.
First quarter 2008 sales were $90,341,000 compared to $92,914,000 in first
quarter 2007, a decrease of $2,573,000 or 3%. First quarter 2008 net earnings
were $6,453,000 compared to $9,811,000 in first quarter 2007, and earnings per
share were $.12 and $.17 per share in 2008 and 2007, respectively, a decrease
of $.05 per share or 29%.
Mr. Gordon said, "The sales decline in the first quarter reflects the overall
recessionary economic conditions. First quarter 2008 results were adversely
affected by lower sales volumes and higher input costs. These higher input
costs principally relate to major ingredients and packaging materials, freight
and distribution as a result of higher energy and fuel costs, and products
manufactured in Canada due to less favorable foreign exchange rates.
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 cost. However, these actions have not
allowed the Company to recover all of the significant increases in input costs
in first quarter 2008.
The Company's per share earnings for first quarter 2008 did benefit from common
stock purchases in the open market resulting in fewer shares outstanding."
TOOTSIE ROLL INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE PERIODS ENDED
MARCH 29, 2008 & MARCH 31, 2007
FIRST QUARTER ENDED
2008 2007
Net Sales $ 90,341,000 $ 92,914,000
Net Earnings $ 6,453,000 $ 9,811,000
* Earnings $ .12 $ .17
* Average Shares Outstanding 55,543,000 56,903,000
* Based on average shares outstanding adjusted for 3% stock dividends
distributed April 10, 2008 and April 12, 2007.