Tootie Pie Co., Inc. reported that quarterly revenue jumped 46 percent, to $486,151 for quarter ending June, 2011, versus $334,075 for June, 2010.
“We are excited about growing the number of Cafes to seven in time for the holiday selling season,” said Don L. Merrill, Jr., president and CEO in a prepared statement.
“Our five Tootie Pie Gourmet Cafés continue to produce solid sales growth,” reported. Gross profit increased to $295,145 for the period, versus $189,392 for the same period in 2010. Operating expenses increased to $517,493 for the current period, up from $417,617 for the same period in 2010. The increase in operating expenses is a result of the overall increase in production for anticipated sales increases, as well as expenses related to five Tootie Pie Gourmet Cafés, four of which the company did not own in 2010. Net loss, which includes noncash items, depreciation and amortization, was $238,162 for the three months ending June 30, 2011, versus $228,382 for the three months ending June 30, 2010.
“I am pleased that despite investing in four new Cafés, as well as our usual pre-holiday inventory build up, our bottom line remained fairly flat to last year,” added Merrill. “We expect our Cafés to continue to improve our bottom line by producing higher margin sales.”