San Antonio / TX. (tpc) Tootie Pie Company Inc. reported that annual revenue jumped 20 percent to 2’027’547 USD for fiscal year ending March, 2011, versus 1’686’109 USD for March, 2010. Retail sales jumped 88 percent to 722’920 USD for the fiscal year, versus 385’032 USD for the prior year.
«We invested heavily in our Tootie Pie Gourmet Cafes, increasing the number of Cafes we own to five», reported Don L. Merrill Jr., President + CEO. «As a result, our overall sales jumped 20 percent and exceeded two million USD for the first time in the Company´s history».
«We also began to see a major shift in our sources of revenue, with 40 percent of our sales now coming from higher margin retail sales, versus 25 percent for the past year», added Merrill. «We expect this trend to continue and to contribute significantly to our bottom line as we go forward».
Gross Profit came in at a record 1’251’798 USD for the year, up from 1’078’349 USD for the prior year. Net loss, which includes non-cash items, depreciation and amortization, increased to 1’094’001 USD for the twelve months ending March 31, 2011, versus 478’226 USD for the twelve months ending March 31, 2010. The net loss increase for the twelve months ended March 31, 2011 was principally due to non-recurring start up related and operating expenses incurred to open, staff and operate additional Cafe locations, increasing the number of locations we own to five; as well as the granting of stock and options to certain key employees.
«In addition to making a significant investment in our Cafes, we also made a significant investment in our employees, by granting stock and options to those employees», Merrill said.
