BAB, Inc. Reports Year-ended 11/30/23 Results

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Income from operations for fiscal 2023 is $615,000 compared to $608,000 in 2022.

Metadata
Provider: 
GlobeNewswire, Inc.GlobeNewswire, Inc.
Retrieved on: 
Vendredi, février 16, 2024
Information
Tags: 
BABB, BAB, OTCQB, Marketing, Big Apple, Travel, Tax
Geotags: 
DEERFIELD, IL, US
⚠ partially generated by AI ↴
Organisation: 
BAB, BAB, INC.
Résumé
Key Points: 
  • Income from operations for fiscal 2023 is $615,000 compared to $608,000 in 2022.
  • 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.


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



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