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BAB, Inc. Reports Results for 3rd Quarter FY 2023

DEERFIELD, Ill., Oct. 05, 2023 (GLOBE NEWSWIRE) -- BAB, Inc. (OTCQB: BABB), announced its financial results for the third quarter ended August 31, 2023.

For the quarter ended August 31, 2023 BAB had revenues of $937,000 and net income of $168,000, or $0.02 per share earnings, versus revenues of $882,000 and net income of $164,000, or a $0.02 per share, for the same quarter last year. Royalty revenue and marketing fund revenue increased for the third quarter 2023 compared to third quarter 2022. Franchise fee revenue and License fee and other income decreased in the third quarter ended August 31, 2023 compared to same quarter 2022.

For the nine months ended August 31, 2023, revenues were $2,547,000 and net income was $330,000, or $0.05 per share, versus revenues of $2,445,000 and net income of $321,000, or $0.04 per share for the same period in 2022.

Total operating expenses for the quarter ended August 31, 2023, were $718,000, versus $653,000, in 2022. The change in operating expenses for the quarter was primarily due to an increase in marketing fund expenses of $58,000, an increase in professional fees of $5,000, an increase in payroll and payroll related expense of $8,000 and an increase in travel of $2,000, offset by a decrease in franchise development expense of $8,000. Total operating expenses for the nine months ended August 31, 2023 were $2,107,000 versus $1,996,000 for August 31, 2022 with an increase in marketing expenses of $62,000, payroll and payroll related expenses of $22,000, professional fees increased $20,000, an increase in travel expense of $3,000, annual meeting expenses increased $5,000 and general expenses increased $11,000 for nine months, offset by a decrease in franchise development expense of $12,000 in 2023 versus same period 2022.

BAB, Inc. franchises and licenses Big Apple Bagels®, My Favorite Muffin®, SweetDuet® frozen yogurt and Brewster’s® Coffee. The Company’s stock is traded on the OTCQB under the symbol BABB and its website can be visited at www.babcorp.com.

Certain statements in this press release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecast,” “estimate,” “project,” “intend,” “expect,” “should,” “would,” “believe” and similar expressions and all statements which are not historical facts are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the company’s actual results, performance (financial or operating), or achievements to differ from the future results, performance (financial or operating), or achievements expressed or implied by such forward-looking statements. The above factors are more fully discussed in the company’s SEC filings.

(TABLE FOLLOWS)

BAB, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Nine Months Ended

 

08/31/23

 

08/31/22

 

% Change

 

08/31/23

 

08/31/22

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Royalty fees from franchised stores

$

515,970

 

 

$

481,833

 

 

7.1

%

 

$

1,453,511

 

 

$

1,361,545

 

 

6.8

%

Franchise and area development fee revenue

 

11,306

 

 

 

15,882

 

 

-28.8

%

 

 

22,707

 

 

 

33,961

 

 

-33.1

%

Licensing fees and other income

 

63,889

 

 

 

97,172

 

 

-34.3

%

 

 

199,883

 

 

 

241,244

 

 

-17.1

%

Marketing Fund Revenue

 

345,486

 

 

 

287,402

 

 

20.2

%

 

 

870,543

 

 

 

808,279

 

 

7.7

%

Total Revenue

 

936,651

 

 

 

882,289

 

 

6.2

%

 

 

2,546,644

 

 

 

2,445,029

 

 

4.2

%

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

371,380

 

 

 

365,016

 

 

1.7

%

 

 

1,233,982

 

 

 

1,183,767

 

 

4.2

%

Depreciation and amortization

 

981

 

 

 

923

 

 

6.3

%

 

 

2,826

 

 

 

3,517

 

 

-19.6

%

Marketing Fund Expenses

 

345,486

 

 

 

287,402

 

 

20.2

%

 

 

870,543

 

 

 

808,279

 

 

7.7

%

Total Expense

 

717,847

 

 

 

653,341

 

 

9.9

%

 

 

2,107,351

 

 

 

1,995,563

 

 

5.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

218,804

 

 

 

228,948

 

 

-4.4

%

 

 

439,293

 

 

 

449,466

 

 

-2.3

%

Interest expense

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

-

 

Interest/other income

 

15,054

 

 

 

153

 

 

9739.2

%

 

 

20,613

 

 

 

282

 

 

7209.6

%

Income taxes

 

(66,100

)

 

 

(64,746

)

 

2.1

%

 

 

(130,300

)

 

 

(128,587

)

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

$

167,758

 

 

$

164,355

 

 

2.1

%

 

$

329,606

 

 

$

321,161

 

 

2.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic and diluted

$

0.02

 

 

$

0.02

 

 

N/M

 

$

0.05

 

 

$

0.04

 

 

N/M

Average number of shares outstanding

 

7,263,508

 

 

 

7,263,508

 

 

 

 

 

7,263,508

 

 

 

7,263,508

 

 

 


Contact:

BAB, Inc.

 

Michael K. Murtaugh (847) 948-7520

 

Fax: (847) 405-8140

 

www.babcorp.com



 





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