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BAB, Inc. Reports Results for 1st Quarter FY 2022

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

DEERFIELD, Ill., April 08, 2022 (GLOBE NEWSWIRE) — BAB, Inc. (OTCQB: BABB), announced its financial results for the first quarter ended February 28, 2022.

For the quarter ended February 28, 2022, BAB had revenues of $738,000 and net income of $63,000, or $0.01 per share, versus revenues of $723,000 and net income of $333,000, or earnings of $0.05 per share, for the same quarter last year. Earnings in the first quarter of 2021 included debt forgiveness from a Payroll Protection Program loan received in 2020 of $228,000.

Total operating expenses for the quarter ended February 28, 2022, were $650,000, versus $586,000, in 2021.

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.

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Contact: BAB, Inc.
  Michael K. Murtaugh (847) 948-7520
  Fax: (847) 405-8140
  www.babcorp.com
  
  

BAB, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
       
       
  Fiscal Quarter Ended
       
  02/28/22 02/28/21 % Change
REVENUES      
       
Royalty fees from franchised stores $414,221  $346,660  19.5%
Franchise fees  8,977   16,839  -46.7%
Licensing fees and other income  70,343   157,930  -55.5%
Marketing fund revenue  244,735   201,476  21.5%
Total Revenue  738,276   722,905  2.1%
       
OPERATING COSTS AND EXPENSES      
       
Selling, general and administrative  648,398   584,724  10.9%
Depreciation and amortization  1,310   1,214  7.9%
Total Operating Expense  649,708   585,938  10.9%
       
Income before interest, other and taxes  88,568   136,967  -35.3%
       
Interest income  71   123  -42.3%
Loan forgiveness  –   228,155  NA
Income tax expense  (25,750)  (32,000) -19.5%
       
Net Income $62,889  $333,245  -81.1%
       
Earnings per share – basic and diluted $0.01  $0.05   
Average number of shares outstanding  7,263,508   7,263,508   
       

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