By Margaret O’Brien | Profit at Chicago-based Tootsie Roll Industries Inc. dropped 29 percent in the fourth quarter to $5.36 million, or 9 cents a share, from $7.57 million, or 14 cents a share, compared to the same period a year ago, the company reported.

Sales were down 4.4 percent in the fourth quarter to $110.32 million.

“Fourth-quarter 2009 net sales were adversely affected by fewer shipping days and the adverse timing of certain customers sales in comparative quarterly periods,” Melvin Gordon, chairman of Tootsie Roll said in a statement.

Gordon said earnings were helped by selective prices increases, foreign income tax benefits and lower energy, fuel and delivery costs.  Results were hurt by a large write down on certain assets in the year-ago period, he said. Earnings per share for the fourth quarter were affected by fewer share of common stock outstanding because of share buyback efforts.

For the year, Tootsie Roll earnings were up 39.1 percent to $53.48 million, or 95 cents a share, from $38.78 million, or 68 cents a share. Sales were up 0.5 percent to $495.59 million.

Gordon said 2009 revenue benefitted from higher U.S. sales, though hurt by declines in exports.

Read the company’s release: tootsieroll.com