BAB, Inc. Reports Year-ended 11/30/23 Results
- 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.
- 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
Income from operations for fiscal 2023 is
Total operating expenses for the year ended November 30, 2023, were
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 |
FAQ
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