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Wed, February 18, 2009
Tue, February 17, 2009
Tootie Pie Company, Inc.: Tootie Pie Company Third Quarter Revenues Improve 6%, Nine Months Revenues up 19%
BOERNE, TX--(Marketwire - February 17, 2009) - Tootie Pie Company, Inc. (
Revenues for the quarter ended December 31, 2008 increased 6% to $909,741 from $857,370 for the quarter ended December 31, 2007. Revenues for the nine months ended December 31, 2008 increased 19% to $1,470,190 from $1,237,579 for the nine months ended December 31, 2007. The increase from the prior year periods was primarily attributable to the increase in revenues generated from pie sales to our existing and new retail and distributor customers due to increased transaction volume as well as opening new distributor territories.
Don Merrill, Tootie Pie Company's President & CEO, commented, "Quite frankly, I am pleased to grow revenues in this economy. While it has certainly been a tough year, we are nonetheless encouraged with our progress in key areas. We continue to grow and expand into new markets, like the recently announced expansion into Florida; as well as go deeper in our most recently added new markets like St. Louis and Atlanta."
"Our manufacturing capabilities have also grown, giving us the opportunity to pursue even larger customers, which will be an important addition to our sales strategy. I am optimistic about our prospects and remain encouraged by the customer response to our products and the ongoing development of the Tootie Pie Company brand," added Merrill.
Gross margin after depreciation was 69% of net sales for the quarter ended December 31, 2008 compared to 75% for the quarter ended December 31, 2007. Gross margin after depreciation was 65% of net sales for the nine months ended December 31, 2008 compared to 64% for the nine months ended December 31, 2007. We expect the gross margin percentage to continue to fluctuate as we refine our manufacturing process and as production requirements fluctuate to meet seasonal demand for our product.
Tootie Pie Company bakes and sells high-quality, handmade pies through three basic sales channels: retail, corporate and wholesale. Retail sales are driven by individual consumers across the country through the Company's website: [ www.tootiepieco.com ]; orders via telephone and in-store sales. Corporate sales provide unique corporate gifts for businesses looking to show appreciation to their clients and employees during the holidays or throughout the year. Wholesale is made up of regional and national broad-line foodservice distributors who purchase pies and then resell them to restaurants, high-end retail grocery stores, hotels, coffee shops and caterers. The Tootie Pie Company, Inc. is a public company whose stock is traded on the NASDAQ OTC markets under the symbol: "TOOT." For additional information, or to receive emails from us, 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).