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 24, 2013
CHICAGO, ILLINOIS - April 24, 2013 - Melvin J. Gordon, Chairman,
Tootsie Roll Industries, Inc. reported first quarter 2013 net
sales and net earnings.
First quarter 2013 net sales were $110,279,000 compared to
$109,763,000 in first quarter 2012, an increase of $516,000.
First quarter 2013 net earnings were $9,069,000 compared to
$8,774,000 in first quarter 2012, and net earnings per share were
$.15 and $.14 in first quarter 2013 and 2012, respectively, an
increase of $.01 per share or 7%.
Mr. Gordon said, "First quarter 2013 net earnings benefited from
more favorable ingredient costs as well as plant efficiencies
driven by capital investments. We are continuing to make progress
on restoring our margins to their historical levels before the
increases in commodity and other input costs in recent years.
Unfavorable foreign exchange in first quarter 2013 and a lower
effective income tax rate in first quarter 2012 adversely
affected the comparative results. The Company's first quarter
2013 net earnings per share did benefit 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 30, 2013 & MARCH 31, 2012
FIRST QUARTER ENDED
2013 2012
Net Product Sales $ 110,279,000 $ 109,763,000
Net Earnings $ 9,069,000 $ 8,774,000
Net Earnings Per Share * $ .15 $ .14
Average Shares Outstanding * 59,903,000 60,800,000
*Based on average shares outstanding adjusted for 3% stock dividends
distributed April 5, 2013 and April 5, 2012
