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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 (847) 948-7520
 Fax: (847) 405-8140
 www.babcorp.com

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