BAB, Inc. Reports Year-ended 11/30/22 Results
DEERFIELD, Ill., Feb. 15, 2023 (GLOBE NEWSWIRE) -- BAB, Inc. (OTCQB: BABB) announced its financial results for its fiscal year-ended November 30, 2022, reporting net income of $432,000, or $0.06 per share. For the year-ended November 30, 2022, BAB, Inc. had revenues of $3,287,000 and net income of $432,000, or $0.06 per share, versus revenues of $3,072,000 and net income of $651,000, or $0.09 per share, for the same period ending November 30, 2021.
Income from operations for fiscal 2022 is $608,000 compared to $542,000 in 2021. The increase in fiscal 2022 income before interest, other and taxes in 2022 was $66,000, or 12.2%. The tax provision expense was $176,000 for the year ended November 30, 2022 compared to $119,000 for the year ended November 30, 2021. The expense was $57,000 higher in 2022, primarily because prior year net income included nontaxable income of $228,000 related to the forgiveness of a Paycheck Protection Program loan.
Total operating expenses for the year ended November 30, 2022, were $2,679,000 versus $2,530,000 for the year ended November 30, 2021. Expenses increased $149,000 in 2022 primarily due to a $100,000 increase in Marketing Fund expenses, $12,000 in professional service fees, $6,000 in travel, $12,000 in employee benefit expense and the balance in general and administrative expenses.
In fiscal 2021 $228,000 was included as other income, classified as debt forgiveness from a Paycheck Protection Program loan (“PPP”) received in fiscal 2021 and forgiven in full on December 8, 2020.
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 | |||||||||||
| 2022 | 2021 | % Change | |||||||||
| REVENUES | |||||||||||
| Royalty fees from franchised stores | $ | 1,838,276 | $ | 1,678,970 | 9.5 | % | |||||
| Franchise and area development fee revenue | 53,149 | 49,595 | 7.2 | % | |||||||
| Licensing fees and other income | 314,342 | 362,943 | -13.4 | % | |||||||
| Marketing Fund revenue | 1,081,320 | 980,630 | 10.3 | % | |||||||
| Total Revenue | 3,287,087 | 3,072,138 | 7.0 | % | |||||||
| OPERATING COSTS AND EXPENSES | |||||||||||
| Selling, general and administrative | 1,593,560 | 1,544,668 | 3.2 | % | |||||||
| Depreciation and amortization | 4,440 | 5,116 | -13.2 | % | |||||||
| Marketing Fund expenses | 1,081,320 | 980,630 | 10.3 | % | |||||||
| Total Operating Expense | 2,679,320 | 2,530,414 | 5.9 | % | |||||||
| Income before interest, other and taxes | 607,767 | 541,724 | 12.2 | % | |||||||
| Interest income | 412 | 417 | -1.2 | % | |||||||
| Loan forgiveness- Paycheck Protection Program loan | - | 228,155 | 100.0 | % | |||||||
| Income before provision for income taxes | 608,179 | 770,296 | -21.0 | % | |||||||
| Current tax expense | (58,601 | ) | (40,000 | ) | 46.5 | % | |||||
| Deferred tax expense | (117,586 | ) | (79,174 | ) | 48.5 | % | |||||
| Total Tax Provision | (176,187 | ) | (119,174 | ) | 47.8 | % | |||||
| Net Income | $ | 431,992 | $ | 651,122 | -33.7 | % | |||||
| Earnings per share - basic and diluted | 0.06 | 0.09 | |||||||||
| 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
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
