US premium baker Tootie Pie Co. booked a net loss for the fiscal year, despite a lift in sales.
For the year to the end of March, the company made a net loss of US$478.2m compared to $687.8m in the prior year.
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Annual revenues however, increased to $1.68bn for 2010, versus $1.67bn for the fiscal year ending in 2009.
“We’re pleased to report an improvement in cash flow of $667,369, resulting primarily from an 82% reduction in cash used for operating activities,” said Don Merrill, president and CEO.
“The company has demonstrated the ability to significantly reduce operating expenses while still maintaining our sales levels, thereby bringing Tootie Pie Company very close to cash flow break even,” he added.
“Sales have been up for eight consecutive months. With our sales trending up and our operations at near break even, 2010 is poised to be a great year for Tootie Pie company.”
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