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Tootsie Roll Industries(TR) - 2020 Q3 - Quarterly Report
2020-11-13 20:01
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Virginia 22-1318955 (State of ...
Tootsie Roll Industries(TR) - 2020 Q2 - Quarterly Report
2020-08-07 19:37
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Virginia 22-1318955 (State of Inco ...
Tootsie Roll Industries(TR) - 2020 Q1 - Quarterly Report
2020-05-08 20:02
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Virginia 22-1318955 (State of Inc ...
Tootsie Roll Industries(TR) - 2019 Q4 - Annual Report
2020-02-28 21:02
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-1361 TOOTSIE ROLL INDUSTRIES, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of (IRS E ...
Tootsie Roll Industries(TR) - 2019 Q3 - Quarterly Report
2019-11-08 11:08
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Virginia 22-1318955 (State of ...
Tootsie Roll Industries(TR) - 2019 Q2 - Quarterly Report
2019-08-08 10:09
Part I [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Tootsie Roll Industries' unaudited condensed consolidated financial statements and related notes [Condensed Consolidated Statements of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) Total assets increased to **$948.5 million** as of June 30, 2019, with equity rising to **$742.6 million** Condensed Consolidated Statements of Financial Position (in thousands) | Account | June 30, 2019 | December 31, 2018 | June 30, 2018 | | :--- | :--- | :--- | :--- | | **Total current assets** | $281,089 | $304,046 | $260,165 | | **Total assets** | **$948,524** | **$947,361** | **$923,715** | | **Total current liabilities** | $60,287 | $61,391 | $61,314 | | **Total liabilities** | $205,899 | $196,864 | $197,684 | | **Total equity** | **$742,625** | **$750,497** | **$726,031** | [Condensed Consolidated Statements of Earnings and Retained Earnings](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings%20and%20Retained%20Earnings) Net product sales remained flat, while net earnings increased **10.2%** to **$11.6 million** (Q2) and **$20.5 million** (H1) Key Earnings Data (in thousands, except per share amounts) | Metric | Q2 2019 | Q2 2018 | YTD 2019 | YTD 2018 | | :--- | :--- | :--- | :--- | :--- | | Net product sales | $106,021 | $105,623 | $207,040 | $206,482 | | Earnings from operations | $12,515 | $10,368 | $18,273 | $20,210 | | Net earnings attributable to Tootsie Roll | $11,556 | $10,489 | $20,511 | $18,614 | | Net earnings per share | $0.18 | $0.16 | $0.31 | $0.28 | [Condensed Consolidated Statements of Comprehensive Earnings](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings) Total comprehensive earnings significantly increased to **$12.5 million** (Q2) and **$23.2 million** (YTD) due to investment gains Comprehensive Earnings (in thousands) | Metric | Q2 2019 | Q2 2018 | YTD 2019 | YTD 2018 | | :--- | :--- | :--- | :--- | :--- | | Net earnings | $11,544 | $10,470 | $20,455 | $18,571 | | Total other comprehensive income (loss), before tax | $1,229 | $(1,864) | $3,352 | $(3,018) | | Total comprehensive earnings attributable to Tootsie Roll | $12,537 | $8,671 | $23,196 | $16,311 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased, while investing and financing activities led to a **$53.0 million** net decrease in cash Cash Flow Summary - Year to Date Ended June 30 (in thousands) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash from operating activities | $11,021 | $6,395 | | Net cash used in investing activities | $(33,662) | $(37,092) | | Net cash used in financing activities | $(30,568) | $(27,229) | | **Decrease in cash and cash equivalents** | **$(53,045)** | **$(57,990)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, tax rates, derivative use, and a multi-employer pension plan's critical status - The company adopted a new lease accounting standard (ASU 2016-02) in 2019, recognizing **$1.48 million** in right-of-use assets and lease liabilities[23](index=23&type=chunk) - The consolidated effective income tax rate increased to **25.2%** in the first half of 2019 from **22.9%** in the first half of 2018, mainly due to higher state and foreign income tax expenses[27](index=27&type=chunk) - The company participates in a multi-employer pension plan that is in 'critical and declining status' and is projected to be insolvent in **2030**. The estimated withdrawal liability was **$81.6 million** if the company had withdrawn during 2018[38](index=38&type=chunk)[39](index=39&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses flat sales, increased operating earnings, strong liquidity, and risks from a critical pension plan - First half 2019 net product sales increased **0.3%** to **$207.0 million**, driven by an **0.8%** increase in domestic sales and higher price realization, partially offset by lower foreign sales[51](index=51&type=chunk) - Adjusted operating earnings for the first half of 2019 increased **13.0%** to **$25.1 million**, reflecting improved gross margins from higher pricing and plant efficiencies[58](index=58&type=chunk) - The company's multi-employer pension plan remains in 'critical and declining status' with projected insolvency in **2030**. The estimated withdrawal liability was **$81.6 million** for 2018, and management believes this liability could increase in future years[67](index=67&type=chunk)[69](index=69&type=chunk) - Net cash from operating activities increased to **$11.0 million** in H1 2019 from **$6.4 million** in H1 2018, due to higher net earnings and favorable working capital changes[74](index=74&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from commodity prices, packaging, fuel, and foreign exchange rates, with no material changes - Key market risks include price fluctuations for raw materials (sugar, cocoa, oils), packaging, and fuel[85](index=85&type=chunk) - The company is exposed to foreign exchange rate fluctuations, particularly with the Canadian dollar, Mexican peso, and Spanish euro[85](index=85&type=chunk) - No material changes in market risks were reported compared to the Form 10-K for the year ended December 31, 2018[86](index=86&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal controls - Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of **June 30, 2019**[87](index=87&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[88](index=88&type=chunk) Part II — Other Information [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) Current legal proceedings are not expected to materially affect the company's financial condition or operations - Information on legal proceedings is referenced in Note 12 of the financial statements, which states that current proceedings are not expected to have a material impact[91](index=91&type=chunk)[49](index=49&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company purchased **225,355** shares of common stock at an average of **$38.42** per share in Q2 2019 Common Stock Purchases - Q2 2019 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Apr 1 to Apr 30 | 75,714 | $37.81 | | May 1 to May 31 | 68,955 | $39.43 | | Jun 1 to Jun 30 | 80,686 | $38.12 | | **Total** | **225,355** | **$38.42** | [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed, including XBRL data and CEO/CFO certifications - Exhibits filed include CEO and CFO certifications pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act[96](index=96&type=chunk) - The filing includes various XBRL documents for interactive data[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) [Signatures](index=34&type=section&id=Signatures) The report was duly signed by the Chairman and CEO, and Vice President Finance and CFO on August 8, 2019 - The report was duly signed on **August 8, 2019**, by Ellen R. Gordon, Chairman and Chief Executive Officer, and G. Howard Ember, Jr., Vice President Finance and Chief Financial Officer[99](index=99&type=chunk)
Tootsie Roll Industries(TR) - 2019 Q1 - Quarterly Report
2019-05-10 13:01
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) VIRGINIA 22-1318955 Washington, D.C. 20549 (State of Inc ...
Tootsie Roll Industries(TR) - 2018 Q4 - Annual Report
2019-03-01 16:02
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-1361 TOOTSIE ROLL INDUSTRIES, INC. (Exact name of Registrant as specified in its charter) Virginia 22-1318955 incorporation or o ...