Tootie Pie Company Records 19% Net Profit
Tootie Pie Company, Inc. (OTCQB:TOOT) reported a net profit of $233,494, or 19%, on revenues of $1,252,588 for the period ending December 31, 2011, versus a loss of $38,514 on revenues of $1,061,215 for same period in 2010.
"This is a turning point for Tootie Pie Company," reported Don L. Merrill, Jr. President & CEO. "We improved our cash flow by close to a million dollars over the last twelve months. Our Tootie Pie Gourmet Cafes are contributing to our bottom line by adding significant revenues, as well as shifting our product mix to higher margin retail sales."
Year to date sales, which includes the important holiday season, were up 38% to $2,369,340 for the nine months ending December 31, 2011 versus $1,711,197 for the same period in 2010. Retail sales, as a percentage of overall sales, increased to 55%, up from 20% for the same period in the prior year.
"We launched our aggressive growth model with the opening of our Tootie Pie Gourmet Cafes. In a short period of time, this model is already proving to be a success" added Merrill. "I look forward to adding more Cafes in the near future."
Gross profit jumped 40% to $987,692 for the period, versus $704,796 for the same period in 2010. Operating expenses increased slightly to $754,526 for the current period, up from $742,935 for the same period in 2010. Gross margin increased to 79% for the period, up from 66% for the same period in 2010. These results were due to several factors, including: an increase in higher margin retail sales, primarily through our Tootie Pie Gourmet Cafes; cost saving measures enacted at the beginning of the year; as well as a price increase for our pies.
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."
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