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