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.
|CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS|
|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||%|
|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||%|
|Income before interest, other and taxes||10,927||35,892||-69.6||%|
|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|