BAB, Inc. Reports Profit for 1st Quarter FY 2012

BAB, Inc. Reports Profit for 1st Quarter FY 2012

DEERFIELD, Ill.--(BUSINESS WIRE)--BAB, Inc. (OTCBB: BABB), announced its financial results for the first quarter ended February 29, 2012.

For the quarter ended February 29, 2012, BAB had revenues of $567,000 and net income of $10,000, or $0.001 per share, versus revenues of $720,000 and net income of $35,000, or $0.005 per share, for the quarter ended February 28, 2011.

Revenues for the quarter ended February 29, 2012 were down $153,000 from the prior year's same quarter. Of this decrease, $94,000 was due to the fact that on November 30, 2011 BAB converted its Company-owned store to a franchise unit, resulting in no Company-owned store sales in 2012.

Total operating expenses were $557,000 for the quarter ended February 29, 2012, versus $684,000 for the same period in 2011. Of the $127,000 decrease in expenses in 2012 vs. 2011, $100,000 was due to the conversion of the Company-owned store to a franchise unit.

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.

             
BAB, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
             
             
    QUARTER ENDED
             
    02/29/12     02/28/11     % Change
             
REVENUES            
             
Royalty fees from franchised stores   442,921     399,220     10.9 %
Net sales by company-owned stores   0     93,733     N/M  
Franchise and area development fee revenue   5,000     84,300     -94.1 %
Licensing fees and other income   119,571     142,359     -16.0 %
    567,492     719,612     -21.1 %
             
OPERATING COSTS AND EXPENSES            
             
Food, beverage and paper costs   0     32,862     N/M  
Store payroll and other operating expenses   0     67,246     N/M  
Selling, general and administrative   551,781     576,189     -4.2 %
Depreciation and amortization   4,784     7,423     -35.6 %
    556,565     683,720     -18.6 %
             
Income before interest, other and taxes   10,927     35,892     -69.6 %
             
Interest expense   (1,812 )   (2,127 )   -14.8 %
Interest income   706     1,090     -35.2 %
             
Net Income   9,821     34,855     -71.8 %
             
Earnings per share - basic   0.001     0.005     N/M  
Average number of shares outstanding   7,263,508     7,263,508     N/M  
             
Earnings per share - diluted   0.001     0.005     N/M  
Average number of shares outstanding   7,265,265     7,264,561     N/M  

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