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Tue, February 24, 2009
Tootie Pie Company, Inc.: Tootie Pie CEO Comments on Results and Prospects for the Future
BOERNE, TX--(Marketwire - February 24, 2009) - The Tootie Pie Company, Inc. (
Don Merrill, Tootie Pie Company's President & CEO, commented, "Our current fiscal year has been a record sales year and we achieved many of our goals for expanding the Tootie Pie brand and opening new markets. However, by September, the US economy had changed dramatically and so, like most other US companies, the Tootie Pie Company is making adjustments to address current economic realities.
"Our original business model focused primarily on top line revenue growth, opening new markets and gaining new customers, to establish a 'critical mass' of operations. Our internal projections called for us to reach this 'critical mass' during the current fiscal year, thereby achieving our break even, or cash flow positive goal, in only our third full year of operations. We believe that economic conditions will cause it to take a bit longer to reach this goal without making some changes.
"One of our primary objectives going forward will be to pursue larger multi-unit and chain account customers on a national level. Previously, our production capabilities limited us in this regard. That has changed. Our plans have also included strategic acquisitions and current economic conditions have already presented us with some compelling opportunities on that front.
"We also recognize the need for some prudent belt tightening. While we remain focused on growing revenue, we have also cut salary, personnel and other overhead related expenses; in some cases by 40% or more. We cut these expenses with the goal of accelerating our break even point, in terms of cash flow; while keeping the Company poised for even greater success, once the economy picks back up again.
"We have accomplished a lot in a very short period of time, yet I think we have barely scratched the surface of potential for the Tootie Pie Company. I believe our success speaks to the quality of our pies and our strategies for marketing them. As we begin a new year, I remain confident about our continued prospects for growth, the level of customer enthusiasm for our pies and the national viability of the Tootie Pie Company brand."
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 with a Pie of the Month Club. 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 ]
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).