Tootie Pie Company, Inc. (OTCQB:TOOT) reported that quarterly revenue jumped 100%, to $630,601 for quarter ending September 2011, versus $315,907 for September 2010.
“This was an important quarter,” reported Don L. Merrill, Jr. President & CEO. “Doubling our revenue is confirmation of the success of our aggressive growth strategy.”
“Our revenue growth has allowed us to invest in seven Cafes; build up our pre-holiday inventory and still flow impressive operational cash flow to our bottom line,” added Merrill. “After accounting for non-cash and non-recurring expenses, we were cash flow positive. I think that is very significant.”
Gross profit increased 104% to $399,960 for the period, versus $196,192 for the same period in 2010. Operating expenses increased 47% to $588,833 for the current period, up from $397,626 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. We also incurred some construction expenses related to our two newest Cafes, which, when completed, will bring our Café total to seven; as well as some employee stock and option compensation expenses. Net loss, which includes non-cash and non-recurring items, depreciation and amortization, dropped 12% to $178,782 for the three months ending September 30, 2011, versus $200,059 for the three months ending September 30, 2010.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 OTCQB market under the symbol “ TOOT.” For additional information or to receive correspondence from Tootie Pie Company, please visit www.tootiepieco.com. Forward-Looking Statements