Tootie Pie Company Quarterly Revenues Up 100%
November 16 2011 - 9:00AM
Business Wire
Tootie Pie Company, Inc. (OTCQB:TOOT) reported that quarterly
revenue jumped 100%, to $630,601 for quarter ending September 2011,
versus $315,907 for September 2010.
“This was an important quarter,” reported Don L. Merrill, Jr.
President & CEO. “Doubling our revenue is confirmation of the
success of our aggressive growth strategy.”
“Our revenue growth has allowed us to invest in seven Cafes;
build up our pre-holiday inventory and still flow impressive
operational cash flow to our bottom line,” added Merrill. “After
accounting for non-cash and non-recurring expenses, we were cash
flow positive. I think that is very significant.”
Gross profit increased 104% to $399,960 for the period,
versus $196,192 for the same period in 2010. Operating
expenses increased 47% to $588,833 for the current period, up
from $397,626 for the same period in 2010. The increase in
operating expenses is a result of the overall increase in
production for anticipated sales increases, as well as expenses
related to our five Tootie Pie Gourmet Cafés, four of which we did
not own in 2010. We also incurred some construction expenses
related to our two newest Cafes, which, when completed, will bring
our Café total to seven; as well as some employee stock and option
compensation expenses. Net loss, which includes non-cash and
non-recurring items, depreciation and amortization, dropped 12% to
$178,782 for the three months ending September 30, 2011, versus
$200,059 for the three months ending September 30, 2010.
About Tootie Pie Co.
Tootie Pie Company bakes and sells high-quality, handmade pies
through three basic sales channels: retail, corporate and
wholesale. The retail segment serves individual customers through
sales in its Tootie Pie Gourmet Cafés, in-store sales, orders via
telephone and internet on the Company’s website. The corporate
segment serves businesses that purchase pies as a way to promote
their company through client and employee appreciation programs.
The wholesale segment is made up of national and regional broad
line grocery and foodservice distributors who purchase pies and
then resell them through their respective sales distribution
channels. Tootie Pie Company is a public company traded on the
OTCQB market under the symbol “TOOT.” For additional information or
to receive correspondence from Tootie Pie Company, please visit
www.tootiepieco.com.
Forward-Looking Statements
This press release may contain forward-looking statements. The
words "believe," "expect," "should," "intend," "estimate," and
"projects," variations of such words and similar expressions
identify forward-looking statements, but their absence does not
mean that a statement is not a forward-looking statement. These
forward-looking statements are based upon the Company's current
expectations and are subject to a number of risks, uncertainties
and assumptions. The Company undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. Among the important factors that could
cause actual results to differ significantly from those expressed
or implied by such forward-looking statements are risks that are
detailed in the Company's filings, which are on file with the U.S.
Securities and Exchange Commission (SEC).