BAB, Inc. (OTCBB: BABB), announced its financial results for its fiscal year-ended November 30, 2012, reporting net income of $419,000, or $0.06 per share.
For the year ended November 30, 2012, BAB had revenues of $2,675,000 and net income of $419,000, or $0.06 per share, versus revenues of $3,023,000 and net income of $394,000, or $0.05 per share for the same period in 2011. The Company sold the company-owned store effective November 30, 2011, and thus the Company had no company-owned store revenues or expenses in the year ended November 30, 2012.
Total operating expenses for the year ended November 30, 2012, were $2,236,000 versus $2,620,000 for year ended November 30, 2011.
BAB, Inc. operates, franchises, and licenses Big Apple Bagels ®, My Favorite Muffin ® Jacobs Bros. Bagels ® and Brewster’s ® Coffee. The Company’s stock is traded on the OTCBB under the symbol BABB and its web site 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. (TABLE FOLLOWS)
|CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS|
|Fiscal Year Ended|
|Royalty fees from franchised stores||1,859,064||1,760,240||5.6||%|
|Franchise and area development fee revenue||102,500||281,200||-63.5||%|
|Net sales by company-owned stores||0||403,006||-100.0||%|
|Licensing fees and other income||713,258||578,830||23.2||%|
|OPERATING COSTS AND EXPENSES|
|Food, beverage and paper costs||0||137,676||-100.0||%|
|Store payroll and other operating expenses||0||259,472||-100.0||%|
|Selling, general and administrative||2,217,332||2,196,083||1.0||%|
|Depreciation and amortization||18,924||26,389||-28.3||%|
|Total operating costs and expenses||2,236,256||2,619,620||-14.6||%|
|Income before interest and other||438,566||403,656||8.6||%|
|Interest and other income||2,542||3,703||-31.4||%|
|Income before provision for income taxes||434,080||399,063||N/M|
|Income tax provision||(15,000||)||(5,000||)||N/M|
|Earnings per share - basic||0.06||0.05||N/M|
|Average number of shares outstanding||7,263,508||7,263,508||N/M|
|Earnings per share - diluted||0.06||0.05||N/M|
|Average number of shares outstanding||7,265,860||7,265,265||N/M|