San Antonio / TX. (tpc) The Tootie Pie Company Inc., a premium baker and seller of high-quality, handmade pies, announced that sales jumped 29 percent to 334’075 USD for the quarter ended June 30, 2010 versus 258’336 USD for the same period in 2009.
«I am very pleased that sales have been up for ten consecutive months and how our Tootie Pie Gourmet Cafes have contributed to our sales growth», said Don L. Merrill, Jr. President and CEO. «We expect the upcoming holiday season to be stronger than last year and are making plans, accordingly».
Gross profit increased to 189’392 USD for the period, versus 150’284 USD for the same period in 2009. Gross margin after depreciation remained solid at 57 percent of net sales for the period, as compared to 58 percent for the same period in 2009.
«Our Cafes have always been a part of our growth plans and are quickly proving to be a significant factor. They enable us to grow higher margin retail sales over traditional wholesale. Wholesale established distribution for us and helped prove that a market for high-end pies exists. Our plans are to continue to place emphasis on expanding our Cafe and online business, thus improving our retail versus wholesale product mix», added Merrill.
Operating expenses increased to 417’617 USD for the current period, up from 289’984 USD for the same period in 2009. 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 two Tootie Pie Gourmet Cafes, which we did not own during the same period in 2009. Net loss, which includes noncash items, depreciation and amortization, was 228’382 USD for the three months ending June 30, 2010, versus 140’150 USD for the three months ending June 30, 2009.
«As a seasonal manufacturer, we build inventory in advance of anticipated sales increases for the upcoming holiday season», reported Merrill. He attributed the cash flow loss of only 59’310 USD to «our continual efforts to keep expenses low, while at the same time, working to increase sales during these inventory building months».
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