"We made a significant investment in our Tootie Pie Gourmet Cafes in the last couple of years and that investment is paying off," says Don L. Merrill, Jr. President & CEO. "Our Cafes are doing well and we are very excited about the upcoming holiday pie season."
Cash Flow (EBITDA and other non cash items) improved 33% to a loss of $363,116 for the year ending March 31, 2012, versus $539,752 for the same period in 2011.
"Retail sales jumped 88%, which contributed to a nice improvement to our bottom line," Merrill says. "I expect these trends to continue into our current year and I believe we have the components in place to achieve profitability."
Gross Profit came in at a record $1.7 million for the year, up 26% from $1.3 million for the prior year. Net loss, which includes depreciation, amortization and other noncash items, improved 21% to $861,262 for the twelve months ending March 31, 2012, versus $1.1 million for the twelve months in 2011. The improvement was principally due to a reduction in non-recurring start up related and operating expenses incurred to open, staff and operate additional Cafe locations, as well as an 87.8% increase in higher margin retail sales, coming primarily through our Cafes.
