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Tootie Pie Company reported revenues of $258,336 for the current quarter, as compared to $298,223 for the quarter June 30, 2008. The result is a 13% 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 Company's President & CEO, commented, "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 4th 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, as compared to $230,944 for the quarter ended June 30, 2008; a 39% improvement. Cash flow from operations reached a near break even point, coming in at a small operational cash flow loss of $4,789 for the current period versus $281,360 in negative cash flow for the same period in 2008.
General and administrative expenses dropped 24%, to $128,854 for the current quarter, down from $169,942 for the same quarter in 2008. Sales related expenses also decreased to $161,130 for the current quarter, down from $230,051 for the quarter ended June 30, 2008; a 30% 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% of net sales for the quarter ended June 30, 2009 compared to 55% for the quarter ended June 30, 2008.
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 national and regional broad line grocery and foodservice distributors who purchase pies and then resell them through their respective sales distribution channels. Tootie Pie Company is a public company traded on the NASDAQ OTC market under the symbol "TOOT." For additional information or to receive correspondence from Tootie Pie Company, 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: Cindy Zoeller Investor Relations 210-237-4762 Cindy.Zoeller@tootiepieco.com
SOURCE: Tootie Pie Company, Inc.
mailto:Cindy.Zoeller@tootiepieco.com
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