Tootie Pie Company, Inc. (OTCQB:TOOT) reported that quarterly revenue jumped 46%, to $486,151 for quarter ending June, 2011, versus $334,075 for June, 2010.
"Our five Tootie Pie Gourmet Cafés continue to produce solid sales growth," reported Don L. Merrill, Jr. President & CEO. "We are excited about growing the number of Cafes to seven in time for the holiday selling season."
Gross profit increased to $295,145 for the period, versus $189,392 for the same period in 2010. Operating expenses increased to $517,493 for the current period, up from $417,617 for the same period in 2010. The increase in operating expenses is a result of the overall increase in production for anticipated sales increases, as well as expenses related to our five Tootie Pie Gourmet Cafés, four of which we did not own in 2010. Net loss, which includes noncash items, depreciation and amortization, was $238,162 for the three months ending June 30, 2011, versus $228,382 for the three months ending June 30, 2010.
"I am pleased that despite investing in four new Cafés, as well as our usual pre-holiday inventory build up, our bottom line remained fairly flat to last year," added Merrill. "We expect our Cafés to continue to improve our bottom line by producing higher margin sales."
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 thenresell them through their respective sales distribution channels. Tootie Pie Company is a public company traded on the OTCQB market under the symbol "TOOT." For additional information or to receive correspondence from Tootie Pie Company, 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).
Tootie Pie Company, Inc.
Carla Carter, 210-737-6600