Tootie Pie Company Annual Revenues Up 35% Retail Sales Jump 88%
SAN ANTONIO, Oct. 5, 2012 /PRNewswire/ -- Tootie Pie Company, Inc. (OTCQB:TOOT) reported that annual revenue jumped 35%, to $2,732,858 for fiscal year ending March, 2012, versus $2,027,547 for March, 2011.
"We made a significant investment in our Tootie Pie Gourmet Cafes in the last couple of years and that investment is paying off," reported Don L. Merrill, Jr. President & CEO. "Our Cafes are doing well and we are very excited about the upcoming holiday pie season."
Cash Flow (EBITDA and other non cash items) improved 33% to a loss of $363,116 for the year ending March 31, 2012, versus $539,752 for the same period in 2011.
"Retail sales jumped 88%, which contributed to a nice improvement to our bottom line," Merrill continued. "I expect these trends to continue into our current year and I believe we have the components in place to achieve profitability."
Gross Profit came in at a record $1,697,382 for the year, up 26% from $1,251,798 for the prior year. Net loss, which includes depreciation, amortization and other noncash items, improved 21% to $861,262 for the twelve months ending March 31, 2012, versus $1,094,001 for the twelve months in 2011. The improvement was principally due to a reduction in non-recurring start up related and operating expenses incurred to open, staff and operate additional Cafe locations, as well as an 87.8% increase in higher margin retail sales, coming primarily through our Cafes.
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 Cafes, 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.
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).
SOURCE Tootie Pie Company, Inc.