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

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 [phone]
	Fax: [phone]
	www.babcorp.com