Tootie Pie Company Third Quarter Revenues Improve 6%, Nine Months Revenues up 19%
BOERNE, TX - 02/17/09— Tootie Pie Company, Inc.
(OTCBB: TOOT), a premium baker and seller of high-quality, handmade
pies, announced the results of their operations for the three months
ending December 31, 2008.
Revenues for the quarter ended December 31, 2008 increased 6% to
$909,741 from $857,370 for the quarter ended December 31, 2007.
Revenues for the nine months ended December 31, 2008 increased 19% to
$1,470,190 from $1,237,579 for the nine months ended December 31,
2007. The increase from the prior year periods was primarily
attributable to the increase in revenues generated from pie sales to
our existing and new retail and distributor customers due to
increased transaction volume as well as opening new distributor
territories.
Don Merrill, Tootie Pie Company’s President & CEO, commented, “Quite
frankly, I am pleased to grow revenues in this economy. While it has
certainly been a tough year, we are theless encouraged with our
progress in key areas. We continue to grow and expand into new
markets, like the recently announced expansion into Florida; as well
as go deeper in our most recently added new markets like St. Louis
and Atlanta.”
“Our manufacturing capabilities have also grown, giving us the
opportunity to pursue even larger customers, which will be an
important addition to our sales strategy. I am optimistic about our
prospects and remain encouraged by the customer response to our
products and the ongoing development of the Tootie Pie Company
brand,” added Merrill.
Gross margin after depreciation was 69% of net sales for the quarter
ended December 31, 2008 compared to 75% for the quarter ended December
31, 2007. Gross margin after depreciation was 65% of net sales for
the nine months ended December 31, 2008 compared to 64% for the nine
months ended December 31, 2007. We expect the gross margin
percentage to continue to fluctuate as we refine our manufacturing
process and as production requirements fluctuate to meet seasonal
demand for our product.
Tootie Pie Company bakes and sells high-quality, handmade pies
through three basic sales channels: retail, corporate and wholesale.
Retail sales are driven by individual consumers across the country
through the Company’s website: http://www.tootiepieco.com; orders via
telephone and in-store sales. Corporate sales provide unique
corporate gifts for businesses looking to show appreciation to their
clients and employees during the holidays or throughout the year.
Wholesale is made up of regional and national broad-line foodservice
distributors who purchase pies and then resell them to restaurants,
high-end retail grocery stores, hotels, coffee shops and caterers.
The Tootie Pie Company, Inc. is a public company whose stock is
traded on the NASDAQ OTC markets under the symbol: “TOOT.” For
additional information, or to receive emails from us, please visit
http://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:
Jeff Bailey
VP of Corporate Development
210.237.4751
.(JavaScript must be enabled to view this email address)