Tootie Pie Co., Inc. recently reported increased profits for 2012 over the previous year. The company's net profit was $266,828, or 19 percent, on revenues of $1,401,393 for the period ending Dec. 31, 2012, versus a net profit of $233,494, or 19 percent, on revenues of $1,252,588 for the period ending Dec. 31, 2011.
"Our Tootie Pie Gourmet Cafes continue to perform very well," reported Don L. Merrill, Jr. president and CEO. "Due to capital constraints, we were only able to add two Cafes this past year. I trust our recently hired investment banking firm, Midtown Partners, will help us continue our Cafe expansion strategy at a quicker pace going forward."
Year to date sales, which includes the important holiday season, were up 17 percent to $2,783,190 for the nine months ending Dec. 31, 2012 versus $2,369,340 for the same period in 2011.
Gross profit increased to $1,057,459 for the period, versus $987,692 for the same period in 2011. Operating expenses increased slightly to $790,256 for the current period, up from $754,526 for the same period in 2011. Gross margin held steady at 75 percent for the period, versus 79 percent for the same period in 2011.