SAN ANTONIO — Tootie Pie Company, Inc. reported that annual revenue jumped 20%, to $2,027,547 for fiscal year ending March, 2011, versus $1,686,109 for March, 2010. Retail sales jumped 88% to $722,920 for the fiscal year, versus $385,032 for the prior year.
“We invested heavily in our Tootie Pie Gourmet Cafés, increasing the number of Cafés we own to five,” reported Don L. Merrill, Jr. President & CEO. “As a result, our overall sales jumped 20% and exceeded $2 million for the first time in the Company’s history.”
“We also began to see a major shift in our sources of revenue, with 40% of our sales now coming from higher margin retail sales, versus 25% for the past year,” added Merrill. “We expect this trend to continue and to contribute significantly to our bottom line as we go forward.”
Gross Profit came in at a record $1,251,798 for the year, up from $1,078,349 for the prior year. Net loss, which includes noncash items, depreciation and amortization, increased to $1,094,001 for the twelve months ending March 31, 2011, versus $478,226 for the twelve months ending March 31, 2010. The net loss increase for the twelve months ended March 31, 2011 was principally due to non-recurring start up related and operating expenses incurred to open, staff and operate additional Café locations, increasing the number of locations we own to five; as well as the granting of stock and options to certain key employees.
“In addition to making a significant investment in our Cafés, we also made a significant investment in our employees, by granting stock and options to those employees,” Merrill said.
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).
Source: Tootie Pie Company, Inc.
