Third Quarter Revenues Improve 153%; Nine Month Revenues up 144%
BOERNE, TX–(MARKET WIRE)–Feb 14, 2008 — The Tootie Pie Company, Inc. (OTC BB:TOOT.OB – News), a premium baker and seller of high-quality, handmade pies, announced the results of their operations for the three months ended December 31, 2007. Revenues for the quarter ended December 31, 2007 increased 153% to $857,370 from $339,500 for the quarter ended December 31, 2006. Revenues for the nine months ended December 31, 2007 increased 144% to $1,237,579 from $506,790 for the nine months ended December 31, 2006.
Net income increased to $171,474 for the quarter ended December 31, 2007 from a net loss of $20,525 for the quarter ended December 31, 2006 and a decrease in a net loss of $178,591 for the nine months ended December 31, 2007 from a net loss of $244,382 for the nine months ended December 31, 2006. The improvement from a net loss for the prior year period to a net income from the current period was primarily attributable to the increase in revenues generated from pie sales to our existing and new retail, corporate and distributor customers.
“I think these results, especially at this early stage of our business, speak for themselves. We realized a 20% net profit for the quarter. While this period represents our busiest season, it is our team that has to capitalize on the opportunity. I think the entire Tootie Pie team is doing a superb job of making and selling our pies and otherwise executing our overall business plan,” said Don Merrill, Tootie Pie Company’s President & CEO.
These improved results in revenues were driven by a high number of repeat sales to existing wholesale and retail customers; as well as continued growth of new customers in our current wholesale market area of ten states and 12 distribution centers (versus 4 this time last year). We are also beginning to see impressive results stemming from our recent emphasis on sales to multi-unit accounts.
Tootie Pie Company 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 regional and national broad-line foodservice distributors who purchase pies and then resell them to their customers. Tootie Pie Company, Inc. is a publicly traded company whose stock is traded on the NASDAQ OTC market under the symbol: “TOOT.” For additional information, or to receive emails from us, please visit 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:
Contact:
Jeff Bailey
VP of Corporate Development
210.237.4751
Email Contact
Source: Tootie Pie Company, Inc.
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