Tootie Pie Company, Inc. reported that annual revenue jumped 35%, to $2,732,858 for fiscal year ending March 2012, versus $2,027,547 for March 2011.
"We made a significant investment in our Tootie Pie Gourmet Cafes in the last couple of years and that investment is paying off," reported Don L. Merrill, Jr. president and CEO, in a prepared statement. "Our Cafes are doing well and we are very excited about the upcoming holiday pie season."
Cash flow improved 33 percent to a loss of $363,116 for the year ending March 31, 2012, versus $539,752 for the same period in 2011.
"Retail sales jumped 88 percent, which contributed to a nice improvement to our bottom line," Merrill continued. "I expect these trends to continue into our current year and I believe we have the components in place to achieve profitability."
Gross profit came in at a record $1,697,382 for the year, up 26 percent from $1,251,798 for the prior year. Net loss, which includes depreciation, amortization and other noncash items, improved 21 percent to $861,262 for the twelve months ending March 31, 2012, versus $1,094,001 for the twelve months in 2011. The improvement was principally due to a reduction in non-recurring start up related and operating expenses incurred to open, staff and operate additional Cafe locations, as well as an 87.8 percent increase in higher margin retail sales, coming primarily through the Cafes.