Boerne / TX. (tpc) The Tootie Pie Company Inc., a premium baker and seller of high-quality, handmade pies, announced the results of their operations for the three months ended June 30, 2009. Tootie Pie reported revenues of 258’336 USD for the current quarter, as compared to 298’223 USD for Q1/2008. The result is a 13 percent drop in sales for the current quarter. The decrease from the prior year period was primarily attributable to current US economic conditions.
Don Merrill, Tootie Pie´s President + CEO: «All things considered, I am pleased that our sales were fairly flat to last year. Sales this time of year come almost entirely from our existing wholesale customers and we all know that the restaurant business has taken some major hits over the last several months. So far, we are seeing a slight lift in sales, beginning in July, with a solid 04th of July in retail and corporate sales. I am especially encouraged by the pick up in corporate sales this time of year, as it may indicate better things ahead, as we look ahead to the traditional corporate giving season».
Net losses for the quarter dropped to 140’150 USD, as compared to 230’944 USD for the quarter ended June 30, 2008; a 39 percent improvement. Cash flow from operations reached a near break even point, coming in at a small operational cash flow loss of 4’789 USD for the current period versus 281’360 USD in negative cash flow for the same period in 2008.
General and administrative expenses dropped 24 percent, to 128’854 USD for the current quarter, down from 169’942 USD for the same quarter in 2008. Sales related expenses also decreased to 161’130 USD for the current quarter, down from 230’051 USD for the quarter ended June 30, 2008; a 30 percent reduction in selling expenses. The drop in our overall sales and general administrative expenses is a direct result of cost cutting measures enacted by the Company beginning in early 2009.
«We said we would make the hard choices necessary to weather this economic storm and reducing overhead, thereby preserving cash, is one of the most important things we could do right now. I believe our results show that the decisions we made are having a very positive impact on our overall operating results, thereby keeping the Company positioned for further success as the upcoming selling season approaches», said Merrill. Gross margin after depreciation remained steady at 58 percent of net sales for the quarter ended June 30, 2009 compared to 55 percent for the quarter ended June 30, 2008.
Tootie Pie: Company Buys Benny´s Bagels
The Tootie Pie Company Inc. announced that it signed an agreement to acquire the two Benny´s Bagels locations in San Antonio, Texas (U.S.). The Company plans to rename the locations «Tootie Pie Shops». Terms of the acquisition were not disclosed. Don Merrill, Tootie Pie´s President and CEO: «The acquisition of these two locations is a major step in the evolution of the Tootie Pie Company. We envision dessert destination ‘Tootie Pie Shops’».
About: Tootie Pie Company Inc. 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 national and regional broad line grocery and foodservice distributors who purchase pies and then resell them through their respective sales distribution channels.
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