Tootie Pie Company Records 19% Net Profit
SAN ANTONIO, Feb. 19, 2013 /PRNewswire/ -- Tootie Pie Company, Inc. (OTC: TOOT) reported a net profit of $266,828, or 19%, on revenues of $1,401,393 for the period ending December 31, 2012, versus a net profit of $233,494, or 19%, on revenues of $1,252,588 for the period ending December 31, 2011.
"Our Tootie Pie Gourmet Cafes continue to perform very well," reported Don L. Merrill, Jr. President & CEO. "Due to capital constraints, we were only able to add two Cafes this past year. I trust our recently hired investment banking firm, Midtown Partners, will help us continue our Cafe expansion strategy at a quicker pace going forward."
Year to date sales, which includes the important holiday season, were up 17% to $2,783,190 for the nine months ending December 31, 2012 versus $2,369,340 for the same period in 2011.
Gross profit increased to $1,057,459 for the period, versus $987,692 for the same period in 2011. Operating expenses increased slightly to $790,256 for the current period, up from $754,526 for the same period in 2011. Gross margin held steady at 75% for the period, versus 79% for the same period in 2011.
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 OTC markets 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.