BAB, Inc. Reports Results for 1st Quarter FY 2021
DEERFIELD, Ill., April 12, 2021 (GLOBE NEWSWIRE) -- BAB, Inc. (OTCQB: BABB), announced its financial results for the first quarter ended February 28, 2021.
For the quarter ended February 28, 2021, BAB had revenues of $723,000 and net income of $333,000, or earnings of $0.05 per share, versus revenues of $696,000 and net income of $43,000, or earnings of $0.01 per share for the quarter ended February 29, 2020.
Net income for the quarter ended February 28, 2021 included loan forgiveness of $228,000. This was the Payroll Protection Program loan received May 1, 2020 with notice of forgiveness in full on December 9, 2020. Operating income for the first quarter 2021 was $137,000.
Total operating expenses were $586,000 for the quarter ended February 28, 2021 versus $638,000 for February 29, 2020. For February 28, 2021 there was a $32,000 income tax expense recorded compared to $15,000 for February 29, 2020.
BAB, Inc. franchises and licenses Big Apple Bagels®, My Favorite Muffin®, SweetDuet® frozen yogurt and Brewster’s® Coffee. The Company’s stock is traded on the OTCQB under the symbol BABB and its website 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.
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| Contact: | BAB, Inc. |
| Michael K. Murtaugh (847) 948-7520 | |
| Fax: (847) 405-8140 | |
| www.babcorp.com |
| BAB, INC. | |||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||
| Fiscal Quarter Ended | |||||||||||
| 02/28/21 | 02/29/20 | % Change | |||||||||
| REVENUES | |||||||||||
| Royalty fees from franchised stores | $ | 346,660 | $ | 387,339 | -10.5 | % | |||||
| Franchise fees | 16,839 | 3,650 | 361.3 | % | |||||||
| Licensing fees and other income | 157,930 | 77,174 | 104.6 | % | |||||||
| Marketing fund revenue | 201,476 | 227,521 | -11.4 | % | |||||||
| Total Revenue | 722,905 | 695,684 | 3.9 | % | |||||||
| OPERATING COSTS AND EXPENSES | |||||||||||
| Selling, general and administrative | 584,724 | 636,854 | -8.2 | % | |||||||
| Depreciation and amortization | 1,214 | 740 | 64.1 | % | |||||||
| Total Operating Expense | 585,938 | 637,594 | -8.1 | % | |||||||
| Income before interest, other and taxes | 136,967 | 58,090 | 135.8 | % | |||||||
| Interest income | 123 | 104 | 18.3 | % | |||||||
| Loan forgiveness | 228,155 | - | NA | ||||||||
| Income tax expense | (32,000 | ) | (15,000 | ) | 113.3 | % | |||||
| Net Income | $ | 333,245 | $ | 43,194 | 671.5 | % | |||||
| Earnings per share - basic and diluted | $ | 0.05 | $ | 0.01 | |||||||
| Average number of shares outstanding | 7,263,508 | 7,263,508 | |||||||||
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