Attached files
EXHIBIT 99.1
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, 2014
CHICAGO, ILLINOIS - April 23, 2014 - Melvin J. Gordon, Chairman,
Tootsie Roll Industries, Inc., reported first quarter 2014 net
sales and net earnings.
First quarter 2014 net sales were $106,812,000 compared to
$110,279,000 in first quarter 2013. First quarter 2014 net
earnings were $9,581,000 compared to $9,069,000 in first quarter
2013, and net earnings per share were $.16 and $.15 in first
quarter 2014 and 2013, respectively, an increase of $.01 per
share or 7%.
Mr. Gordon said, "First quarter 2014 net earnings benefited from
more favorable ingredient costs as well as plant efficiencies
driven by capital investments and ongoing cost containment
programs. Although our overall comparative ingredient costs were
more favorable in first quarter 2014, certain key ingredient
costs are higher this year. We are continuing to make progress
on restoring our margins to their historical levels before the
increases in commodity and other input costs in past years. The
Company's first quarter 2014 net earnings per share also
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
MARCH 29, 2014 & MARCH 30, 2013
FIRST QUARTER ENDED
2014 2013
Net Product Sales $ 106,812,000 $ 110,279,000
Net Earnings $ 9,581,000 $ 9,069,000
Net Earnings Per Share * $ .16 $ .15
Average Shares Outstanding * 60,814,000 61,667,000
*Based on average shares outstanding adjusted for 3% stock dividends
distributed April 4, 2014 and April 5, 2013
