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. | |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |
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| | | | | | |
| Fiscal Year Ended | |
| | | | | | |
| | 2023 | | | | 2022 | | | % Change | |
REVENUES | | | | | | |
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Royalty fees from franchised stores | $ | 1,944,894 | | | $ | 1,838,276 | | | 5.8 | % | |
Franchise and area development fee revenue | | 26,999 | | | | 53,149 | | | -49.2 | % | |
Licensing fees and other income | | 294,062 | | | | 314,342 | | | -6.5 | % | |
Marketing Fund revenue | | 1,243,890 | | | | 1,081,320 | | | 15.0 | % | |
Total Revenue | | 3,509,845 | | | | 3,287,087 | | | 6.8 | % | |
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OPERATING COSTS AND EXPENSES | | | | | | |
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Selling, general and administrative | | 1,647,375 | | | | 1,593,560 | | | 3.4 | % | |
Depreciation and amortization | | 3,807 | | | | 4,440 | | | -14.3 | % | |
Marketing Fund expenses | | 1,243,890 | | | | 1,081,320 | | | 15.0 | % | |
Total Operating Expense | | 2,895,072 | | | | 2,679,320 | | | 8.1 | % | |
Income before interest, other and taxes | | 614,773 | | | | 607,767 | | | 1.2 | % | |
Interest income | | 35,548 | | | | 412 | | | NM | * | |
Income before provision for income taxes | | 650,321 | | | | 608,179 | | | 6.9 | % | |
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Current tax expense | | (155,407 | ) | | | (58,601 | ) | | 165.2 | % | |
Deferred tax expense | | (27,593 | ) | | | (117,586 | ) | | -76.5 | % | |
Total Tax Provision | | (183,000 | ) | | | (176,187 | ) | | 3.9 | % | |
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Net Income | $ | 467,321 | | | $ | 431,992 | | | 8.2 | % | |
| | | | | | |
Earnings per share - basic and diluted | | 0.06 | | | | 0.06 | | | | |
Average number of shares outstanding | | 7,263,508 | | | | 7,263,508 | | | | |
* comparison not meaningful
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Contact: | BAB, Inc. |
| Michael K. Murtaugh (847) 948-7520 |
| Fax: (847) 405-8140 |
| www.babcorp.com |
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