Attached files
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 27, 2011
CHICAGO, ILLINOIS - April 27, 2011 - Melvin J. Gordon, Chairman,
Tootsie Roll Industries, Inc. reported first quarter 2011 net
sales and net earnings.
First quarter 2011 net sales were $108,323,000 compared to $103,244,000
in first quarter 2010, an increase of $5,079,000 or 5%. First quarter
2011 net earnings were $8,000,000 compared to $9,204,000 in first
quarter 2010, and net earnings per share were $.14 and $.16 in first
quarter 2011 and 2010, respectively, a decrease of $.02 per share or
12 1/2%.
Mr. Gordon said, "First quarter 2011 net sales benefited from effective
marketing and selling programs. First quarter net earnings were adversely
affected by significantly higher ingredient costs, as well as increases
in freight and delivery expenses relating to higher energy costs, and
lower foreign exchange gains in the comparative quarterly periods.
Higher net sales did however mitigate some of the adverse effects of these
increased costs and expenses. The Company's first quarter 2011 net earnings
per share benefited from Common Stock purchases in the open market resulting
in fewer shares outstanding."
TOOTSIE ROLL INDUSTRIES, INC.
CONSOLIDATED SUMMARY OF SALES & EARNINGS
FOR THE PERIODS ENDED
APRIL 2, 2011 & APRIL 3, 2010
FIRST QUARTER ENDED
2011 2010
Net Product Sales $108,323,000 $103,244,000
Net Earnings $ 8,000,000 $ 9,204,000
Net Earnings Per Share * $ .14 $ .16
Average Shares Outstanding * 58,093,000 59,000,000
* Based on average shares outstanding adjusted for 3% stock dividends
distributed April 7, 2011 and April 8, 2010.
