In This Article:
DEERFIELD, Ill., Feb. 16, 2024 (GLOBE NEWSWIRE) -- BAB, Inc. (OTCQB: BABB) announced its financial results for its fiscal year-ended November 30, 2023, reporting net income of $467,000, or $0.06 per share. For the year-ended November 30, 2023, BAB, Inc. had revenues of $3,510,000 and net income of $467,000, or $0.06 per share, versus revenues of $3,287,000 and net income of $432,000, or $0.06 per share, for the same period ending November 30, 2022.
Income from operations for fiscal 2023 is $615,000 compared to $608,000 in 2022. The increase in income before interest, other and taxes in fiscal 2023 was $7,000, or 1.2%. The tax provision expense was $183,000 for the year ended November 30, 2023 compared to $176,000 for the year ended November 30, 2022. The tax expense was $7,000 higher in 2023 compared to 2022, primarily because of higher interest income in 2023.
Total operating expenses for the year ended November 30, 2023, were $2,895,000 versus $2,679,000 for the year ended November 30, 2022. Expenses increased $216,000 in 2023 primarily due to a $163,000 increase in Marketing Fund expenses, $43,000 in payroll and payroll related expenses, $6,000 in occupancy expense, $7,000 in travel.
BAB, Inc. franchises and licenses Big Apple Bagels®, My Favorite Muffin®, SweetDuet® and Brewster’s® Coffee. The Company’s stock is traded on the OTCQB under the symbol BABB and its web site can be visited at www.babcorp.com.
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| BAB, INC. |
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| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
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| Fiscal Year Ended |
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| 2023 |
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| 2022 |
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| % Change |
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| REVENUES |
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| Royalty fees from franchised stores | $ | 1,944,894 |
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| $ | 1,838,276 |
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| 5.8 | % |
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| Franchise and area development fee revenue |
| 26,999 |
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| 53,149 |
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| -49.2 | % |
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| Licensing fees and other income |
| 294,062 |
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| 314,342 |
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| -6.5 | % |
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| Marketing Fund revenue |
| 1,243,890 |
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| 1,081,320 |
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| 15.0 | % |
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| Total Revenue |
| 3,509,845 |
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| 3,287,087 |
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| 6.8 | % |
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| OPERATING COSTS AND EXPENSES |
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| Selling, general and administrative |
| 1,647,375 |
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| 1,593,560 |
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| 3.4 | % |
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| Depreciation and amortization |
| 3,807 |
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| 4,440 |
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| -14.3 | % |
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| Marketing Fund expenses |
| 1,243,890 |
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| 1,081,320 |
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| 15.0 | % |
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| Total Operating Expense |
| 2,895,072 |
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| 2,679,320 |
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| 8.1 | % |
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| Income before interest, other and taxes |
| 614,773 |
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| 607,767 |
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| 1.2 | % |
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| Interest income |
| 35,548 |
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| 412 |
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| NM | * |
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| Income before provision for income taxes |
| 650,321 |
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| 608,179 |
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| 6.9 | % |
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| Current tax expense |
| (155,407 | ) |
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| (58,601 | ) |
| 165.2 | % |
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| Deferred tax expense |
| (27,593 | ) |
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| (117,586 | ) |
| -76.5 | % |
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| Total Tax Provision |
| (183,000 | ) |
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| (176,187 | ) |
| 3.9 | % |
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| Net Income | $ | 467,321 |
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| $ | 431,992 |
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| 8.2 | % |
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| Earnings per share - basic and diluted |
| 0.06 |
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| 0.06 |
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| Average number of shares outstanding |
| 7,263,508 |
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| 7,263,508 |
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| Contact: | BAB, Inc. |
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| Michael K. Murtaugh (847) 948-7520 |
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| Fax: (847) 405-8140 |
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| www.babcorp.com |