Tootie Pie Company, Inc. Financial Report: Third Quarter Ended December 31, 2011

February 21, 2012

Tootie Pie Company, Inc. (OTCQB: TOOT.PK) reported net sales for its fiscal third quarter ended December 31, 2011 increased 18% to $1.25 million compared to net sales of $1.06 million during the third quarter in fiscal 2011.  For the first nine months of fiscal 2012, net sales increased 38% to $2.37 million versus net sales of $1.71 million during the same period in the prior fiscal year.  Net sales for both the quarter and first nine months of fiscal 2012 benefited from the operation of five Tootie Pie Gourmet Cafes compared to only two cafes in operation during the prior fiscal year.

Net income for the third quarter was $234 thousand or $0.02 per share versus a net loss of $39 thousand or $(0.003) per share for the third quarter of fiscal 2011.  The company reported a net loss of $184 thousand or (0.01) per share for the first nine months of fiscal 2012 compared to a net loss of $467 thousand or $(0.04) per share during the same period in fiscal 2011.  Net income in the third quarter benefited from higher gross profit margins and the ability of the company to keep operating expenses nearly flat over the prior year.  The first nine months of fiscal 2012 also benefited from higher gross profit margins, but these benefits were offset by higher operating expenses primarily due to the opening of new cafes.

As of December 31, 2011, the balance sheet reflected current assets of $890 thousand, total assets of $1.47 million and current and total liabilities of $484 thousand.

Tootie Pie Company, Inc. is engaged in the production, marketing and selling of handmade, fully-baked pies which are sold through retail, corporate and wholesale markets. The retail and corporate markets are nationwide while the wholesale market covers thirteen states in the south central, central and southeastern areas of the United States.  The company also operates five cafes located in San Antonio, Austin, Fredericksburg and Frisco, Texas.

Source: Tootie Pie Company, Inc.


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