SAN ANTONIO — Tootie Pie Company, Inc. (OTCBB:TOOT) announced that sales jumped 32% to $315,907 for the quarter ended September 30, 2010 versus $239,691 for the same period in 2009.
“I am very pleased that sales have been up for twelve consecutive months and how our Tootie Pie Gourmet Cafés have emerged as critical components to our overall sales growth,” said Don L. Merrill, Jr. President & CEO.
Gross profit increased to $196,192 for the period, versus $138,715 for the same period in 2009. Gross margin after depreciation remained solid at 62% of net sales for the period, as compared to 62% for the same period in 2009.
Operating expenses increased to $397,626 for the three months ended Sept. 30, 2010, up from $288,053 for the same period in 2009. 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 two Tootie Pie Gourmet Cafés, which we did not own during the same period in 2009. Net loss, which includes noncash items, depreciation and amortization, was $201,434 for the three months ending Sept. 30, 2010, versus $138,715 for the three months ending Sept. 30, 2009.
“We accelerated inventory build up during this quarter, which increased operational expenses,” reported Merrill. He further commented that he expects the upcoming holiday season “to be profitable” for the Company.
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 NASDAQ OTC 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).
Source: Tootie Pie Co.
