DEERFIELD, Ill., April 06, 2023 (GLOBE NEWSWIRE) -- BAB, Inc. (OTCQB: BABB), announced its financial results for the first quarter ended February 28, 2023.
For the quarter ended February 28, 2023, BAB had revenues of $746,000 and net income of $35,000, or $0.00 per share, versus revenues $738,000 and net income of $63,000, or earnings of $0.01 per share, for the same quarter last year.
Total operating expenses for the quarter ended February 28, 2023, were $696,000, versus $650,000, in same period 2022. Employees received a Holiday bonus in December 2022, increasing fiscal 2023 payroll expense by $36,000 and there was no employee Holiday bonus in the same period 2022. For February 28, 2023 there was a $14,000 income tax provision versus a $26,000 income tax provision for 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 STATEMENT OF OPERATIONS | |||||||||||
| Fiscal Quarter Ended | |||||||||||
| 02/28/23 | 02/28/22 | % Change | |||||||||
| REVENUES | |||||||||||
| Royalty fees from franchised stores | $ | 442,608 | $ | 414,221 | 6.9 | % | |||||
| Franchise fees | 4,347 | 8,977 | -51.6 | % | |||||||
| Licensing fees and other income | 60,320 | 70,343 | -14.2 | % | |||||||
| Marketing fund revenue | 238,318 | 244,735 | -2.6 | % | |||||||
| Total Revenue | 745,593 | 738,276 | 1.0 | % | |||||||
| OPERATING COSTS AND EXPENSES | |||||||||||
| Selling, general and administrative | 695,271 | 648,398 | 7.2 | % | |||||||
| Depreciation and amortization | 923 | 1,310 | -29.5 | % | |||||||
| Total Operating Expense | 696,194 | 649,708 | 7.2 | % | |||||||
| Income before interest, other and taxes | 49,399 | 88,568 | -44.2 | % | |||||||
| Interest income | 121 | 71 | 70.4 | % | |||||||
| Income tax expense | (14,200 | ) | (25,750 | ) | -44.9 | % | |||||
| Net Income | $ | 35,320 | $ | 62,889 | -43.8 | % | |||||
| Earnings per share - basic and diluted | $ | 0.00 | $ | 0.01 | |||||||
| Average number of shares outstanding | 7,263,508 | 7,263,508 | |||||||||
Contact:
BAB, Inc.
Michael K. Murtaugh (847) 948-7520
Fax: (847) 405-8140
www.babcorp.com
