BAB, Inc. Reports Results for 2nd Quarter FY 2024
DEERFIELD, Ill., July 03, 2024 (GLOBE NEWSWIRE) -- BAB, Inc. (OTCQB: BABB), announced its financial results for the second quarter ended May 31, 2024.
For the quarter ended May 31, 2024 BAB had revenues of $883,000 and net income of $146,000, or $0.02 per share earnings, versus revenues of $864,000 and net income of $127,000, or a $0.02 per share, for the same quarter last year. Royalty revenue, marketing fund revenue, and franchise fee revenue all increased by a total of $41,000 for the second quarter 2024 compared to second quarter 2023. License fee and other revenue decreased $22,000 in the second quarter ended May 31, 2024 compared to same quarter 2023.
For the six months ended May 31, 2024, revenues were $1,719,000 and net income was $244,000, or $0.03 per share, versus revenues of $1,610,000 and net income of $162,000, or $0.02 per share for the same period in 2023. Royalty revenue, marketing fund revenue, licensing fees and other revenue, and franchise fee revenue all increased for the six months ended May 31, 2024 compared to the same period 2023.
Total operating expenses for the quarter ended May 31, 2024, were $696,000, versus $693,000, in 2023. The change in operating expenses for the quarter was primarily due to an increase in marketing fund expenses of $20,000, offset by a decrease in general and administrative expenses of $17,000. Total operating expenses for the six months ended May 31, 2024 were $1,410,000 versus $1,390,000 for May 31, 2023. The $20,000 increase included a $41,000 increase in marketing expenses, offset by a $21,000 decrease in general and administrative expenses in 2024 versus 2023.
BAB, Inc. franchises and licenses Big Apple Bagels$(R)$, My Favorite Muffin(R), SweetDuet(R) frozen yogurt and Brewster's(R) 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.
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Contact: BAB, Inc.
Michael K. Murtaugh (847) 948-7520
Fax: (847) 405-8140
www.babcorp.com
BAB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended Six Months Ended
05/31/24 05/31/23 % Change 05/31/24 05/31/23 % Change
---------- ---------- ---------- ---------- ---------- ----------
REVENUES
Royalty fees
from
franchised
stores $513,474 $494,933 3.7% $973,163 $937,541 3.8%
Franchise and
area
development
fee revenue 9,215 7,054 30.6% 19,461 11,401 70.7%
Licensing fees
and other
income 53,513 75,674 -29.3% 160,101 135,994 17.7%
Marketing Fund
Revenue 306,636 286,739 6.9% 566,047 525,057 7.8%
--------- --------- --------- ---------
Total Revenue 882,838 864,400 2.1% 1,718,772 1,609,993 6.8%
OPERATING COSTS
AND EXPENSES
Selling,
general and
administrative 388,771 405,649 -4.2% 842,334 862,602 -2.3%
Depreciation
and
amortization 981 922 6.4% 1,961 1,845 6.3%
Marketing Fund
Expenses 306,636 286,739 6.9% 566,047 525,057 7.8%
--------- --------- --------- ---------
Total Expense 696,388 693,310 0.4% 1,410,342 1,389,504 1.5%
Income from
operations 186,450 171,090 9.0% 308,430 220,489 39.9%
--------- --------- --------- ---------
Interest
expense - - - - - -
Interest/other
income 16,735 5,438 207.7% 32,260 5,559 480.3%
Income taxes (57,500) (50,000) 15.0% (96,500) (64,200) 50.3%
NET INCOME $145,685 $126,528 15.1% $244,190 $161,848 50.9%
========= ========= ========= =========
Earnings per
share - basic
and diluted $0.02 $0.02 N/M $0.03 $0.02 N/M
Average number
of shares
outstanding 7,263,508 7,263,508 7,263,508 7,263,508
(END) Dow Jones Newswires
July 03, 2024 15:11 ET (19:11 GMT)
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