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Tootie Pie Company Annual Revenues Grow 18%
* Reuters is not responsible for the content in this press release.
BOERNE, TX, Jun 29 (MARKET WIRE) --
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).
Contact:
Cindy Zoeller
Investor Relations
210.237.4762
Cindy.Zoeller@tootiepieco.com
Copyright 2009, Market Wire, All rights reserved.
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