San Antonio / TX. (tpc) Tootie Pie Company Inc. reported a net profit of 233’494 USD or 19 percent, on revenues of 1’252’588 USD for the period ending December 31, 2011, versus a loss of 38’514 USD on revenues of 1’061’215 USD for same period in 2010.
«This is a turning point for Tootie Pie Company», reported Don L. Merrill, Jr. President + CEO. «We improved our cash flow by close to a million Dollars over the last twelve months. Our Tootie Pie Gourmet Cafes are contributing to our bottom line by adding significant revenues, as well as shifting our product mix to higher margin retail sales».
Year to date sales, which includes the important holiday season, were up 38 percent to 2’369’340 USD for the nine months ending December 31, 2011 versus 1’711’197 USD for the same period in 2010. Retail sales, as a percentage of overall sales, increased to 55 percent, up from 20 percent for the same period in the prior year.
«We launched our aggressive growth model with the opening of our Tootie Pie Gourmet Cafes. In a short period of time, this model is already proving to be a success» added Merrill. «I look forward to adding more Cafes in the near future».
Gross profit jumped 40 percent to 987’692 USD for the period, versus 704’796 USD for the same period in 2010. Operating expenses increased slightly to 754’526 USD for the current period, up from 742’935 USD for the same period in 2010. Gross margin increased to 79 percent for the period, up from 66 percent for the same period in 2010. These results were due to several factors, including: an increase in higher margin retail sales, primarily through our Tootie Pie Gourmet Cafes; cost saving measures enacted at the beginning of the year; as well as a price increase for our pies.
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