Financial Data Questions

CONSOLIDATED STATEMENT OF FINANCIAL POSITION TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands) December 31, 2000 1999 ------------------------------CURRENT ASSETS: Cash and cash equivalents..................... Investments................................... Accounts receivable trade, less allowances of $2,147 and $2,032..................... Other receivables............................. Inventories: Finished goods and work-in-process............ Raw materials and supplies.................... Prepaid expenses.............................. Deferred income taxes......................... $ 60,882 71,605 $ 88,504 71,002 23,568 1,230 19,032 5,716 24,984 16,906 2,685 1,351 ---------------203,211 Total current assets.......................... ---------------PROPERTY, PLANT AND EQUIPMENT, at cost: 8,327 Land......................................... 36,937 Buildings.................................... 183,858 Machinery and equipment...................... ---------------229,122 98,004 Less--Accumulated depreciation.............. ---------------131,118 ---------------OTHER ASSETS: Intangible assets, net of accumulated 121,263 amortization of $26,917 and $23,497.. 62,548 Investments................................. Cash surrender value of life insurance and other 44,302 assets............................... ---------------228,113 ---------------$562,442 ================ CURRENT LIABILITIES: Accounts payable........................... Dividends payable.......................... Accrued liabilities........................ Income taxes payable....................... Total current liabilities.................. NONCURRENT LIABILITIES: Deferred income taxes...................... Postretirement health care and life insurance benefits........................... Industrial development bonds............... Deferred compensation and other liabilities. Total noncurrent liabilities............... SHAREHOLDERS' EQUITY: Common stock, $.69-4/9 par value-120,000 and 120,000 shares authorized-32,986 and 32,854, respectively, issued.... Class B common stock, $.69-4/9 par value-40,000 and 40,000 shares authorized-16,056 and 15,707, respectively, issued.... Capital in excess of par value............. Retained earnings ......................... Accumulated other comprehensive earnings (loss) Treasury stock (at cost)................... $ 10,296 3,436 33,336 10,378 ---------------57,446 ---------------12,422 6,956 7,500 19,422 ---------------46,300 ---------------- 22,907 11,150 256,698 180,123 (10,190) (1,992) ---------------458,696 ---------------$562,442 20,689 14,396 3,124 2,069 ---------------224,532 ---------------7,981 30,330 145,789 ---------------184,100 88,203 ---------------95,897 ---------------- 85,137 87,167 36,683 ---------------208,987 ---------------$529,416 ================ $ 12,845 3,035 31,945 8,284 ---------------56,109 ---------------9,520 6,557 7,500 19,084 ---------------42,661 ---------------- 22,815 10,908 249,236 158,619 (8,940) (1,992) ---------------430,646 ---------------$529,416 CONSOLIDATED STATEMENT OFEARNINGS, TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) For the year ended December 31, Net sales.............................. Cost of goods sold..................... Gross margin........................... Selling, marketing and administrative expenses............................. Provision for bad debts ............... Amortization of intangible assets...... Earnings from operations............... Other income, net...................... Earnings before income taxes........... Provision for income taxes............. Net earnings........................... 2000 ---------------$427,054 207,100 ---------------219,954 ---------------- 1999 ---------------$396,750 192,561 ---------------204,189 ---------------- 1998 ---------------$388,659 187,617 ---------------201,042 ---------------- 105,440 365 3,420 ---------------110,729 7,079 ---------------117,808 42,071 ---------------$ 75,737 ================ 96,694 270 2,706 ---------------104,519 6,928 ---------------111,447 40,137 ---------------$ 71,310 ================ 97,783 288 2,706 ---------------101,265 4,798 ---------------106,063 38,537 ---------------$ 67,526 ================ CONSOLIDATED STATEMENT OF CASH FLOWS TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands) For the year ended December 31, 2000 1999 ------------------------------CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings....................... Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization................. (Gain) loss on retirement of fixed assets................. Changes in operating assets and liabilities, excluding acquisitions: Accounts receivable........ Other receivables.......... Inventories................ Prepaid expenses and other assets................... Accounts payable and accrued liabilities...... Income taxes payable and deferred................. Postretirement health care and life insurance benefits................. Deferred compensation and other liabilities........ Other...................... Net cash provided by operating activities....................... CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions of businesses, net of cash acquired.................... Capital expenditures............... Purchase of held to maturity securities....................... Maturity of held to maturity securities....................... Purchase of available for sale securities....................... Sale and maturity of available for sale securities.................. Net cash used in investing activities....................... CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes payable.......... Repayments of notes payable........ Treasury stock purchases........... Shares repurchased and retired..... Dividends paid in cash............. Net cash used in financing activities....................... Increase (decrease) in cash and cash equivalents.......................... Cash and cash equivalents at beginning of year.............................. Cash and cash equivalents at end of year................................. $75,737 $71,310 13,314 9,979 (46) (43) (4,460) 4,486 (768) 400 (2,392) 1,592 (7,903) (15,672) (1,717) 968 5,691 2,232 399 412 337 (189) ---------------- 4,162 (13) ---------------- 84,881 ---------------- 72,935 ---------------- (74,293) (16,189) -(20,283) (156,322) (238,949) 176,576 235,973 (78,993) (117,694) 82,754 ---------------- 113,960 ---------------- (66,467) ---------------- (26,993) ---------------- 43,625 (43,625) -(32,945) (13,091) ---------------- --(1,019) (25,850) (11,313) ---------------- (46,036) ---------------- (38,182) ---------------- (27,622) 7,760 88,504 ---------------- 80,744 ---------------- $60,882 ================ $88,504 ================ WILLIAM WRIGLEY JR CONSOLIDATED BALANCE SHEET In thousands of dollars 2000 1999 ASSETS Current assets: Cash and cash equivalents Short-term investments, at amortized cost Accounts receivable (less allowance for doubtful accounts: 2000 - $8,186; 1999 - $9,194) Inventories Finished goods Raw materials and supplies $ 300,599 29,301 288,386 18,528 191,570 181,720 64,676 188,615 253,291 60,885 196,785 257,670 39,728 14,226 828,715 42,301 15,141 803,746 28,535 83,713 26,743 43,201 114,796 26,862 39,125 344,457 756,050 1,139,632 37,527 312,663 712,585 1,062,775 532,598 607,034 503,635 559,140 $1,574,740 1,547,745 Other current assets Deferred income taxes - current Total current assets Marketable equity securities, at fair value Deferred charges and other assets Deferred income taxes - noncurrent Property, plant and equipment, at cost: Land Buildings and building equipment Machinery and equipment Less accumulated depreciation Net property, plant and equipment TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses Dividends payable Income and other taxes payable Deferred income taxes - current Total current liabilities Deferred income taxes - noncurrent Other noncurrent liabilities $ 94,377 92,531 39,467 60,976 859 2 88,210 86,583 74,816 40,073 49,654 699 251,825 40,144 113,489 44,963 112,182 12,558 12,481 2,938 346 1,492,547 3,015 273 1,322,137 Stockholders' equity: Common Stock - no par value Common Stock Authorized: 400,000 shares Issued: 2000 - 94,184 shares; 1999 - 93,607 shares Class B Common Stock - convertible Authorized: 80,000 shares Issued and outstanding: 2000 - 22,037 shares; 1999 - 22,614 shares Additional paid-in capital Retained earnings Common Stock in treasury, at cost (2000 - 3,459 shares; 1999 - 1,725 shares) Accumulated other comprehensive income Foreign currency translation adjustment Unrealized holding gains on marketable equity securities Total stockholders' equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (256,478) (125,712) (136,365) 17,351 (119,014) (100,270) 26,851 (73,419) 1,132,897 1,138,775 $ 1,574,740 $1,547,745 WILLIAM WRIGLEY JR CONSOLIDATED STATEMENT OF EARNINGS In thousands of dollars except for per share amounts 2000 1999 1998 EARNINGS Net sales $ 2,145,706 2,061,602 2,004,719 904,266 904,183 894,988 1,241,440 1,157,419 1,109,731 778,197 721,813 687,747 Cost of sales Gross profit Selling and general administrative -- Gain related to factory sale Operating income -- (10,404) 463,243 435,606 432,388 Investment income 19,185 17,636 18,636 Other expense (3,116) (8,812) (10,145) Earnings before income taxes 479,312 444,430 440,879 Income taxes 150,370 136,247 136,378 328,942 308,183 304,501 Net earnings $ WILLIAM WRIGLEY JR CONSOLIDATED STATEMENT OF CASH FLOWS In thousands of dollars 2000 1999 1998 $ 328,942 308,183 304,501 57,880 778 -- 61,225 390 -- 55,774 168 (10,404) (18,483) (2,812) 199 30,408 (21,174) (9,894) 2,807 (22,277) (12,297) (6,299) 1,310 (17,350) 11,068 19,935 14,670 2,546 3,152 13,519 9,734 2,649 2,024 10,850 4,499 (3,869) (4,445) 9,826 2,433 448,283 358,036 323,847 INVESTING ACTIVITIES Additions to property, plant and equipment Proceeds from property retirements Purchases of short-term investments Maturities of short-term investments (107,680) 1,128 (143,116) 115,007 (127,733) 7,909 (32,078) 150,300 (148,027) 10,662 (109,292) 92,676 Net cash used in investing activities (134,661) (1,602) (153,981) FINANCING ACTIVITIES Dividends paid Common Stock purchased (159,138) (131,765) (153,812) (121,268) (150,835) (7,679) Net cash used in financing activities (290,903) (275,080) (158,514) Effect of exchange rate changes on cash and cash equivalents (10,506) (7,540) (3,407) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year 12,213 288,386 73,814 214,572 7,945 206,627 $ 300,599 288,386 214,572 OPERATING ACTIVITIES Net earnings Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation (Gain) Loss on sales of retired property, plant and equipment Gain related to factory sale (Increase) Decrease in: Accounts receivable Inventories Other current assets Other assets and deferred charges Increase (Decrease) in: Accounts payable Accrued expenses Income and other taxes payable Deferred income taxes Other noncurrent liabilities Net cash provided by operating activities Cash and cash equivalents at end of year