BAB, Inc. Reports Profit for 2nd Quarter FY 2014
DEERFIELD, Ill. - July 07, 2014 - (BUSINESS WIRE) BAB, Inc. (OTCBB: BABB), announced its financial results for the second quarter ended May 31, 2014.
For the quarter ended May 31, 2014, BAB had revenues of $769,000 and net income of $272,000, or $0.04 per share, versus revenues of $658,000 and net income of $125,000, or $0.02 per share, for the same quarter last year. For the quarter ended May 31, 2014, the Company received a $200,000 International Master Franchise Agreement.
For the six months ended May 31, 2014, BAB had revenues of $1,306,000 and net income of $303,000, or $0.04 per share, versus revenues of $1,193,000 and net income of $60,000, or $0.01 per share for the same period in 2013. As noted above, the Company received a $200,000 International Master Franchise Agreement in 2014 versus no such agreement in the same period in 2013.
Total operating expenses for the quarter ended May 31, 2014, were $482,000, versus $531,000, in 2013. The primary cost reduction for the second quarter 2014 compared to 2013 has been payroll and payroll related expenses. Total operating expenses for the six months ended May 31, 2014 were $986,000 versus $1,131,000 for the six months ended May 31, 2013. The primary cost reduction for 2014 has been payroll and payroll related expenses.
BAB, Inc. franchises and licenses Big Apple Bagels®, My Favorite Muffin®, SweetDuet Frozen Yogurt & Gourmet Muffins® 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|
|Quarter Ended||Six Months Ended|
|05/31/14||05/31/13||% Change||05/31/14||05/31/13||% Change|
|Royalty fees from franchised stores||$456,007||$467,525||-2.5||%||$852,713||$887,444||-3.9||%|
|Franchise and area development fee revenue||200,000||10,000||1900.0||%||235,000||10,000||2250.0||%|
|Licensing fees and other income||113,334||180,632||-37.3||%||218,499||295,792||-26.1||%|
|OPERATING COSTS AND EXPENSES|
|Selling, general and administrative||477,174||527,118||-9.5||%||977,259||1,122,034||-12.9||%|
|Depreciation and amortization||4,553||4,367||4.3||%||9,114||8,711||4.6||%|
|Income from operations||287,614||126,672||127.1||%||319,839||62,491||411.8||%|
|Earnings per share - basic||$0.04||$0.02||N/M||$0.04||$0.01||N/M|
|Average number of shares outstanding||7,263,508||7,263,508||7,263,508||7,263,508|
|Earnings per share - diluted||$0.04||$0.02||N/M||$0.04||$0.01||N/M|
|Average number of shares outstanding||7,265,931||7,267,558||7,266,091||7,266,718|
SOURCE BAB, Inc.
Michael K. Murtaugh
Fax: (847) 405-8140
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