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.
(TABLE FOLLOWS)
| BAB, INC. | |||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||
| Fiscal Year Ended | |||||||||||
| 2023 | 2022 | % Change | |||||||||
| REVENUES | |||||||||||
| 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 | % | |||||||
| OPERATING COSTS AND EXPENSES | |||||||||||
| 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 | % | |||||||
| 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 | % | |||||
| 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 | |||||||||||
| Contact: | BAB, Inc. |
| Michael K. Murtaugh (847) 948-7520 | |
| Fax: (847) 405-8140 | |
| www.babcorp.com |
