Tootie Pie Company CEO Comments on Recent Events
SAN ANTONIO, Oct. 18, 2012 /PRNewswire/ -- Tootie Pie Company, Inc. (OTCQB: TOOT) released the following comments from its CEO, Don Merrill:
"As we head into this holiday season, I believe now is a good time to take stock of how far we have come as a Company and how far we want to go. I firmly believe that we have found the recipe for success. We have created a brand that resonates with consumers at all levels. We have received accolades from national publications and media like the 'Food Network', 'Rachael Ray', & 'Southern Living', just to name a few. And more will come! But nothing has been more impactful, or will be more impactful, than our 'Tootie Pie Gourmet Cafes."
"In 2005, we launched the Tootie Pie Company. By 2008, we were selling Tootie Pies into every available sales channel: wholesale foodservice and grocery, retail and corporate. We were focused on growing our top line revenues, starting from zero and hitting our first million dollars in sales in just two years. Then the recession hit and many businesses failed. We were determined to make sure Tootie Pie was not one of them. We knew opportunity existed and we seized on it with the acquisition of our first 'Tootie Pie Gourmet Cafe' in the fall of 2009.
"In two years since our first Cafe, we have grown the number from one to seven. We now have Cafes in San Antonio, Austin, Fredericksburg and Dallas, Texas. We have seen our sales grow from $1 million, to what I expect to be well over $3 million for this fiscal year. We have invested over $2 million in our Cafes, which represents over half of the capital we have invested to date.
"Like any growth company, there have been some growing pains. As most business people know, new businesses take time to develop. They take time to reach a critical mass of revenues. Those start ups that do succeed usually take between five and seven years to achieve that success. And most fail. We knew when we launched the Cafes that things might get tougher before they got better and the last two years have been challenging, for sure.
"As many of you know, we have just recently completed our public filings. The delay was due to a number of accounting related factors, including how to treat our Cafe related expenses; how to account for stock and options granted to employees and how to account for some sales related transactions like Groupon, just to name a few examples. We believe we have done our best to evaluate and incorporate the, at times, conflicting interpretations and recommendations from two different accounting firms. We do plan to continue to do our best to keep up with the ever changing rules and regulations associated with being a small public company, while providing timely reports on a regular basis for our investors.
"We expect the current fiscal year, ending in March, 2013, will be our best year ever. It has already started very well. We expect bottom line profitability, and trust that our efforts will lead to the continued growth of the 'Tootie Pie' brand; while resulting in rewards for our shareholders; because we are shareholders, too," said Don Merrill, President & CEO.
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
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