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Tastykake

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Coordinates: 40°00′26″N 75°10′31″W / 40.00722°N 75.17528°W / 40.00722; -75.17528
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40°00′26″N 75°10′31″W / 40.00722°N 75.17528°W / 40.00722; -75.17528

Tasty Baking Company
Company typeWholly owned subsidiary
  • NYSE: TBC (1961 - 2005)
  • Nasdaq: TSTY (2005 - 2011)
IndustryFood production
Founded1914
Headquarters
Philadelphia, Pennsylvania
,
United States
Area served
Mid-Atlantic, Northeastern United States
Key people
Charles P. Pizzi, Former President and CEO
ProductsKrimpets, Kandy Kakes, Cupcakes, Pies, Koffee Kakes, Donuts, Cookie Bars, Juniors, Kreamies
Number of employees
Approx. 1000
ParentFlowers Foods
Websitewww.tastykake.com

Tastykake is the brandname for a line of snack foods manufactured by the Tasty Baking Company, currently headquartered at the Philadelphia Naval Business Center (formerly the Philadelphia Naval Shipyard) in Philadelphia, Pennsylvania.[1] Established in 1914 by Philip J. Baur and Herbert T. Morris and originally selling its product only in the Philadelphia metropolitan area, the company now distributes its products in several states on the East Coast, south to Florida, and has been gradually expanding across the United States.

In April 2010, Tasty Baking entered into a purchase-and-sale agreement with John Padgett Associates and its guarantor, Metro Development Company, for the sale of its Philadelphia bakery property located at Hunting Park Avenue, and its former corporate offices and distribution center located at Fox Street, for $6 million.[2]

Varieties

The snack-sized, prepackaged desserts are diverse. Varieties include:

  • Cupcakes - available in chocolate, red velvet, and cream filled with chocolate or buttercream icing
  • Krimpets – shaped sponge cake with butterscotch icing or jelly filling
  • Kandy Kakes – chocolate-enrobed cakes with filling
  • Junior – small two-layer cake with filling and/or icing
  • Cookie Bars – long, dense, cookie-type cake
  • Dreamies – sponge cake with cream filling
  • Pies – mini, full size (9-inch), and extra large (24-inch) varieties
  • Brownies (topped with Walnuts)
  • Donuts
  • Danishes
  • Doublicious – variations of their standard products with extra icing or filling
  • Better For You Category – low fat/low calorie items
  • Seasonal items (mini Pumpkin pies from around early October through the end of November)

Product history

  • 1917: Chocolate Juniors introduced
  • 1927: Butterscotch Krimpets introduced
  • 1930s: Pies – originally apple; later peach, lemon, blueberry
  • 1930s: Tandy Kakes (later renamed Kandy Kakes), originally chocolate only
  • 1985: Donuts

Production facilities

Tasty Baking owned and operated a major production facility in the Allegheny West neighborhood of Philadelphia, between Allegheny Station and East Falls Station along the SEPTA Manayunk/Norristown Line. A second, smaller facility is located in Oxford, in Chester County. The Oxford plant makes honey buns and most of the mini-donuts and donut holes under the Tastykake brand name, as well as several private-label items.

In May 2007, Tasty Baking announced it would move its headquarters and main bakery to the Philadelphia Naval Business Center in South Philadelphia. The new bakery is located on South 26th Street, with the headquarters on Crescent Drive. The move was completed in May 2010.[3]

Financials

The Tasty Baking Company went public on the NYSE in 1961 under the ticker symbol TBC.[4] On October 21, 2005, the company transitioned to the NASDAQ National Market and changed their ticker symbol to TSTY.[5] The company's ticker symbol was ceased from trading at the close of business on May 24, 2011 upon completion of its acquisition by Flowers Foods.

A Tastykake delivery van on Chestnut Street in Philadelphia, Pa.

The price of Tastykake stock collapsed in early 2011, falling from a closing price of $6.43 on January 4, closing at $4.05 the next day.[6] This decline, of about one-third the share price, was accompanied by a spike in trading (from about 5,000 shares on January 4, to almost 1,000,000 the next day). This move came after a 7.4% drop in company sales during the preceding quarter of 2010.[7] The next week, speculation in financial circles indicated Tastykake had failed to realize the projected savings of moving to the new factory.[8]

On April 11, 2011, media reports indicated Tastykake's leadership agreed to sell the company to Flowers Foods, of Thomasville, Georgia, for $34 million in cash, or about $4 per share. (Tastykake stock closed at $1.61 per share at the end of the previous trading day.)[9]

Mascots

They have a butterscotch mascot named Kirby the Krimpet.[10]

Tastykake has been a longtime sponsor of Philadelphia Phillies broadcasts. Hall of Fame announcer Harry Kalas (1936-2009) often announced that a box of Tastykakes had been delivered to the booth between innings. At his memorial service at Citizens Bank Park in April 2009, mourners were treated to Tastykakes and soft pretzels.

Tastykake is also a sponsor of Philadelphia Flyers hockey broadcasts. During the Flyers' Stanley Cup appearances in the mid-1970s, the "goal call" of Hall of Fame announcer Gene Hart was, "He shoots, he scores - for a case of Tastykake!" A case of Tastykakes (18 to 24 Family Packs per case, depending on the product) was awarded to each Flyers player who scored a goal. In the early 2000s, a case of Tastykakes was awarded to the first Flyers player to score a goal in a game. As of 2012, a case of Tastykakes is again awarded to each Flyer who scores a goal and is donated to the favorite charity of that player.

Author Janet Evanovich features Tastykakes in her mystery novels about Stephanie Plum, all of which are set in Trenton, New Jersey. Plum, played by actress Katherine Heigl in the 2012 film, One for the Money, asks, "Hey, why are you messing with my Tastykakes, huh?"[11]

In Jerry Spinelli's young-adult novel Maniac Magee, the main character, Jeffrey Lionel "Maniac" Magee, enjoys eating Tastykake Butterscotch Krimpets. The story is set in the fictional town of Two Mills, Pennsylvania, which is based on real-life Norristown, northwest of Philadelphia, where Spinelli grew up.

The Body of Proof episode "All in the Family" featured Tastykake products.

Local Philadelphia celebrity, reprobate and media mogul Royden S. Ziegler, aka Philly Boy Roy, claims to consume a pack of Tastykakes every day with lunch."[12] According to Roy, his favorite Tastykake variety is the Butterscotch Krimpets followed by the Kandy Kakes.

On Bastille Day (July 14), a woman dressed as Marie Antoinette and her fellow re-enactors throw approximately 2,000 packs of Tastykakes from a tower of the Eastern State Penitentiary to the public below while "Antoinette" says, "If the people have no bread, I say, 'let them eat Tastykake!'"[13]

Tastykake's commercial jingle, which has been used for decades, is, "Nobody bakes a cake as tasty as a Tastykake."[14] Previous ad slogans were: "The Cake That Made Mother Stop Baking," which was imprinted on Tastykake wrappers for years, and "All the good things wrapped up in one."

Tastykake owns the naming rights of local sports talk radio station WTEL 610's broadcasting studio, which has been dubbed "The Tastykake Studio," and it provides staff with free treats in exchange for product promotion; this has been a running gag with WTEL hosts.[15]

Ol' Dirty Bastard mentioned Tastykake in his song "Brooklyn Zoo" saying, "As I create, rhymes good as a Tastykake."[16]

Food Network Magazine had an article in the December 2011 issue about how Tastykake products are used in different recipes in places in Philadelphia. It even mentions how one chef sold sliders with Kandy Kakes in place of buns because Tastykake was having financial problems.

See also

References

  1. ^ "Customer Service." Tasty Baking Company. Retrieved on August 24, 2009.
  2. ^ "Tasty Baking to sell Philadelphia bakery, former offices and distribution centre." Retrieved on April 14, 2010.
  3. ^ Tastykake Baker Finds a Home in the Revamped Philadelphia Navy Yard
  4. ^ "Tasty Baking Company History". Funding Universe. 2001. Retrieved January 28, 2013.
  5. ^ "Tasty Baking Company to Trade on NASDAQ National Market" (PDF). Tasty Baking Company. October 19, 2005. Retrieved January 28, 2013.
  6. ^ EDGAR Online, Inc
  7. ^ "Company News Headlines". NASDAQ.com. Retrieved 2012-05-07.
  8. ^ "Tastykake maker: Financial issues could force sale". Topnews360.tmcnet.com. 2011-01-09. Retrieved 2012-05-07.
  9. ^ "Tastykake sale: Plants stay open; buyer to repay PA". Philly.com. 2011-04-11. Retrieved 2012-05-07.
  10. ^ From the Source. "Kirby the Krimpet hates being called a 'Twinkie'". The Philadelphia Inquirer. The Philadelphia Inquirer. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  11. ^ One for the Money trailer on YouTube Retrieved 2012-01-19
  12. ^ https://www.youtube.com/watch?v=RabQHwWxbW4 You Tube recording where Roy discusses his usual lunch (5:30)
  13. ^ ESP :: Eastern State Penitentiary Website
  14. ^ YouTube video of spec commercial made for Tasty Baking Co. by local ad agency, but not used Accessed March 28, 2010.
  15. ^ Tastykake Press Release, 2007-07-16, TASTYKAKE AND SPORTSRADIO 610 WIP ANNOUNCE NEW MARKETING PARTNERSHIP IN DELAWARE VALLEY.
  16. ^ "Brooklyn Zoo Lyrics". Lyrics. Metro lyrics. Retrieved 2012-02-26.
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