SAN ANTONIO — Tootie Pie Company, Inc. announced a gross profit of $1,078,349 and annual revenues of $1,686,109, for fiscal year ending March, 2010, reflecting increases in both areas from the 2009 fiscal year.
“We’re pleased to report an improvement in cash flow of $667,369, resulting primarily from an 82% reduction in cash used for operating activities,” said Don L. Merrill, Jr. President & CEO. Merrill attributed the reduced cash flow loss of only $148,037 to “cost saving measures adopted by our management team to address the U.S. Economic downturn.”
“The Company has demonstrated the ability to significantly reduce operating expenses while still maintaining our sales levels, thereby bringing Tootie Pie Company very close to cash flow break even,” added Merrill.
In addition, the Company was able to acquire and roll out its first two Tootie Pie Gourmet Cafés during this same period. “I think its clear we accomplished a great deal during one of the most difficult financial environments in U.S. history,” said Merrill.
Net loss, which includes noncash items, depreciation and amortization, dropped $209,589 (30%) to $478,226 for the twelve months ending March 31, 2010, versus $687,815 for the twelve months ending March 31, 2009. Annual revenues also increased to $1,686,109 for 2010, versus $1,670,324 for the fiscal year ending in 2009. Gross margin improved slightly to 64% for the year ending March 31, 2010 compared to 63% for the year ending March 31, 2009.
“Sales have been up for eight consecutive months,” Merrill said. “With our sales trending up and our operations at near break even, 2010 is poised to be a great year for Tootie Pie Company,” added Merrill. “We have the Company positioned to take it to the next level in terms of sales growth and bottom line results.”
About Tootie Pie Co.
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 Cafés, 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 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).
Source: Tootie Pie Co.