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Tue, November 17, 2009
Mon, November 16, 2009
Tootie Pie Company Operating Results Improve 41% in Latest Quarter
BOERNE, TX--(Marketwire - November 16, 2009) - Tootie Pie Company, Inc. (
Don Merrill, Tootie Pie Company's President & CEO, said, "I continue to be pleased by how well we have responded to the US economic downturn. Off season sales have held up well and our cost saving measures continue to produce better bottom line results; bringing us closer to achieving our operational goals for these months."
US economic conditions contributed to an 8% drop in revenues for the current quarter, which compared to $262,225 for the quarter September 30, 2008. Selling, general and administrative expenses dropped 28%, to $288,053 for the current quarter, down from $401,369 for the same quarter in 2008. The drop in SGA expenses is a direct result of cost cutting measures enacted by the Company beginning in early 2009.
"October sales were up 15%. As we head into our busiest selling season, indications are that this could very well be the best holiday season ever for the Tootie Pie Company," added Merrill.
Gross profit was down 8% to $149,338 for the current quarter, versus $161,994 for the quarter ended Sept. 30, 2008. Gross margin after depreciation remained steady at 62% of net sales for the quarter ended September 30, 2009 compared to 62% for the quarter ended September 30, 2008.
The company also recently announced it had finalized the strategic acquisition of its first two Tootie Pie Shops in San Antonio (Benny's Bagels).
"We plan for these locations to serve as models for more shops and possible franchises in the very near future," said Merrill, "and we continue to expand our base of customers through multiple outlets, such as HEB, as well as our online business at tootiepieco.com. We remain excited about the future of the Tootie Pie Company."
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 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 NASDAQ OTC market under the symbol "TOOT." For additional information or to receive correspondence from Tootie Pie Company, please visit: 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).