Tootie Pie Company, Inc.: Tootie Pie Company Annual Revenues Grow 18%

Published in House and Home on Monday, June 29th 2009 at 14:40 GMT, Last Modified on 2009-06-29 14:40:53 by Market Wire
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BOERNE, TX--(Marketwire - June 29, 2009) - The Tootie Pie Company, Inc. (OTCBB: [ TOOT ]), a premium baker and seller of high-quality, handmade pies, announced today that revenues for the fiscal year ended March 31, 2009 increased 17.6% to $1,670,324 from $1,420,029 for the fiscal year ended March 31, 2008.

Don Merrill, Tootie Pie Company's President & CEO, commented, "I am proud that our revenues were up and that we topped $1 million in gross profit for the first time in Company history. By focusing on the opportunities for continued growth presented by changing economic and market conditions, we have kept Tootie Pie Company well-positioned for further success."

Gross margin after depreciation was 63% of net sales for the twelve month period ended March 31, 2009 compared to 64% for the twelve month period ended March 31, 2008. Gross profit for the same period was $1,049,299 versus $909,525 for the prior fiscal year.

Net loss increased to $687,815 for the twelve months ended March 31, 2009 from $533,497 for the twelve months ended March 31, 2008. The net loss increase for the twelve months ended March 31, 2009 is attributable to growth in our selling, general and administrative expenses as a result of our anticipating a continued high degree of growth in revenues and our decision to provide selling and marketing support for these anticipated sales increases.

"Due to the downturn in the US economy, corporate sales did not materialize as anticipated, although we plan to aggressively work the sales leads we developed to increase corporate sales for this year. We also implemented several cost saving and expense reducing measures in response to the downturn, although the benefits achieved by these reductions were not fully recognized in the fiscal year ending March, 2009," added Merrill.

Tootie Pie Company bakes and sells high-quality, handmade pies through three basic sales channels: retail, corporate and wholesale. The retail segment serves individual consumers through 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 regional and national broad line foodservice distributors who purchase pies and then resell them to their customers. 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 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).

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