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BAB, Inc. (BABB) reported fiscal year-end 2023 financial results with net income of $467,000 and revenues of $3,510,000. The company's income from operations increased to $615,000, with a slight rise in total revenue by 6.8%. Operating expenses grew primarily due to increased Marketing Fund expenses and other costs. BAB, Inc. franchises and licenses various brands and trades on the OTCQB under the symbol BABB.
Positive
BAB, Inc. reported a positive growth in net income and revenues for fiscal year-end 2023.
The company's income from operations increased to $615,000, showcasing operational efficiency.
Total revenue saw a 6.8% increase, indicating overall business growth.
BAB, Inc. franchises and licenses popular brands like Big Apple Bagels® and Brewster’s® Coffee.
The company's stock is traded on the OTCQB under the symbol BABB.
Negative
Expenses increased in fiscal 2023 due to higher Marketing Fund expenses, payroll costs, and other expenses.
The tax provision expense was higher in 2023 compared to 2022, mainly due to increased interest income.
Franchise and area development fee revenue saw a significant decline of 49.2% in fiscal year-end 2023.
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
BAB, Inc. reported a net income of $467,000 for fiscal year-end 2023.
BAB, Inc. franchises and licenses brands like Big Apple Bagels®, My Favorite Muffin®, SweetDuet®, and Brewster’s® Coffee.
BAB, Inc.'s stock is traded on the OTCQB under the symbol BABB.
Operating expenses for BAB, Inc. increased in fiscal 2023 primarily due to higher Marketing Fund expenses, payroll costs, occupancy expenses, and travel expenses.
BAB, Inc.'s total revenue saw a 6.8% increase from fiscal year-end 2022 to 2023.
The tax provision expense was higher in 2023 for BAB, Inc. compared to 2022 mainly due to increased interest income.
Franchise and area development fee revenue for BAB, Inc. saw a significant decline of 49.2% in fiscal year-end 2023 compared to 2022.
since 1993, bab has grown into a nationally-known franchisor of a fast casual restaurant concept with complementary products, a reasonable investment level, and an inherent competitive advantage as the low-cost producer in our segment. moreover, our company stands apart from the crowd with our continuing advancement and consumer appeal because of our commitment to excellence in all aspects of our business. our big apple bagels® and my favorite muffin® restaurants have so much more in store than just our fabulous fresh bagels, muffins, and cream cheese. our restaurants offer a casual yet comfortable atmosphere in which you can order to-go or linger in our dining area with our wide assortment of breakfast and lunch items, treats, and beverages. our stores feature our own brewster's® coffee brand brewed coffee and specialty drinks. if you've been to one of our restaurants, you've seen -- and tasted -- what keeps our customers coming back for more. a word from our president and ceo, michae