US: Tootie Pie swings to FY profit

By: just-food.com | 18 February 2010

US premium baker Tootie Pie has swung to a full-year profit boosted by an acquisition the firm made last year.

The firm earned US$29,771 for the 12 months ended 31 December, compared to a loss of $30,618 in 2008.

Revenue amounted to $910,837 for the year, a 6.6% increase on the prior year.

"We improved our bottom line results, swinging from a loss to a profit; which coupled with an increase in unit sales, produced the best overall quarter in the company's history," said Don Merrill, Tootie Pie Company's president and CEO.

"We made a strategic acquisition in October, with pie sales accounting for 25% of the revenues in these new shops during the period. We think that is significant."

The firm finalised the acquisition of its first two Tootie Pie Shops – formerly Benny's Bagels - in San Antonio in October.

Merrill added: "We have kept the company positioned for continued sales growth if the economy picks up; while greatly enhancing our margins through retail sales growth from existing and planned acquisitions. Overall, I believe 2009 will prove to be a turning point year for the Tootie Pie Company.”