DEERFIELD, Ill., April 05, 2024 (GLOBE NEWSWIRE) -- BAB, Inc. (OTCQB: BABB), announced its financial results for the first quarter ended February 29, 2024.
For the quarter ended February 29, 2024, BAB had revenues of $836,000 and net income of $99,000, or $0.01 per share, versus revenues $746,000 and net income of $35,000, or earnings of $0.00 per share, for the same quarter last year.
Total operating expenses for the quarter ended February 29, 2024, were $714,000, versus $696,000, in same period 2023. In the first quarter of 2024, Marketing Fund expenses increased $21,000 compared to the same quarter in 2023.
BAB, Inc. franchises and licenses Big Apple Bagels®, My Favorite Muffin®, SweetDuet® frozen yogurt and Brewster’s® Coffee. The Company’s stock is traded on the OTCQB under the symbol BABB and its website can be visited at www.babcorp.com.
Certain statements in this press release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecast,” “estimate,” “project,” “intend,” “expect,” “should,” “would,” “believe” and similar expressions and all statements which are not historical facts are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the company’s actual results, performance (financial or operating), or achievements to differ from the future results, performance (financial or operating), or achievements expressed or implied by such forward-looking statements. The above factors are more fully discussed in the company’s SEC filings.
(TABLE FOLLOWS)
BAB, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Fiscal Quarter Ended
02/29/24
02/28/23
% Change
REVENUES
Royalty fees from franchised stores
$
459,690
$
442,608
3.9
%
Franchise fees
10,246
4,347
135.7
%
Licensing fees and other income
106,587
60,320
76.7
%
Marketing fund revenue
259,411
238,318
8.9
%
Total Revenue
835,934
745,593
12.1
%
OPERATING COSTS AND EXPENSES
Selling, general and administrative
712,974
695,271
2.5
%
Depreciation and amortization
980
923
6.2
%
Total Operating Expense
713,954
696,194
2.6
%
Income before interest, other and taxes
121,980
49,399
146.9
%
Interest income
15,525
121
NM*
Income tax expense
(39,000
)
(14,200
)
174.6
%
Net Income
$
98,505
$
35,320
178.9
%
Earnings per share - basic and diluted
$
0.01
$
0.00
Average number of shares outstanding
7,263,508
7,263,508
* comparison not meaningful
Contact:
BAB, Inc. Michael K. Murtaugh (847) 948-7520 Fax: (847) 405-8140 www.babcorp.com
BAB, Inc. franchises and licenses bagel and muffin retail units under the BAB, MFM and SweetDuet (SD) trade names. The Company has approximately 63 franchise units and four licensed units in operation in 20 states. The BAB franchised brand consists of units operating as Big Apple Bagels, featuring daily baked bagels, flavored cream cheeses, premium coffees, gourmet bagel sandwiches and other related products. BAB units are concentrated in the Midwest and Western United States. The MFM brand consists of units operating as My Favorite Muffin Gourmet Muffin Bakery (MFM Bakery), featuring a variety of freshly baked muffins and coffees and units operating as My Favorite Muffin Your All Day Bakery Cafe, featuring these products and a variety of specialty bagel sandwiches and related products. The SweetDuet is a branded self-serve frozen yogurt that can be added as an additional brand in a BAB location. Its subsidiaries include BAB Systems, Inc., BAB Operations, Inc. and BAB Investments, Inc.