US premium baker Tootie Pie Company saw a near 50% jump in revenue for the first quarter, building a “solid” foundation for further growth.
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The Texas-based pie company saw revenue increase 46% to US$298.2m for the quarter to 30 June 2008, compared to $204m for the same period last year.
The increase from the prior year period was primarily a result of an increase in revenues generated from pie sales to existing distributor customers.
Gross profit increased to $164.5m, as compared to $87.8m in 2007, an 87% improvement. As a result, gross margin after depreciation improved to 55% of net sales for the quarter compared to 43% for the quarter ended 30 June 2007.
“I continue to be very pleased with our revenue growth during these ‘non-seasonal’ quarters,” said Don Merrill, Tootie Pie Company’s president & CEO. “Sales during these quarters come almost entirely from our existing wholesale customers and as such, act as a ‘same store sales’ measurement tool.
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By GlobalData“Despite inflationary pressures, and building inventory for the upcoming holiday season, we continue to achieve solid improvements in our margins.”
Adjusted for non-cash items, net loss for the quarter was $230.9m compared to a net loss before non-cash items of $212.5m.
Net income before non-cash items is not a term defined by generally accepted accounting principles, or GAAP, and may not be comparable to other similarly titled measurements used by other companies. Such non-GAAP measures should be considered in addition to, and not as a substitute for, performance measures calculated in accordance with GAAP.
“Once our peak season gets underway, our investment in new sales territories and a beefed up inventory will turn into ever growing revenue,” Merrill added.
