$BABB
BAB, INC.

2021 Q1 Form 10-Q Financial Statement

#000143774921008889 Filed on April 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $722.9K $699.6K $695.7K
YoY Change 3.91% -11.44% -2.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $544.6K $510.5K $599.8K
YoY Change -9.21% -23.75% 2.88%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.213K $1.120K $740.00
YoY Change 63.92% 45.45% 85.46%
% of Gross Profit
Operating Expenses $585.9K $556.2K $637.6K
YoY Change -8.1% -21.16% 4.4%
Operating Profit $137.0K $58.09K
YoY Change 135.78% -42.82%
Interest Expense $120.00 $90.00 $100.00
YoY Change 20.0% -18.18% -61.54%
% of Operating Profit 0.09% 0.17%
Other Income/Expense, Net
YoY Change
Pretax Income $365.2K $143.5K $58.19K
YoY Change 527.63% 69.61% -42.87%
Income Tax $32.00K $284.9K $15.00K
% Of Pretax Income 8.76% 198.54% 25.78%
Net Earnings $333.2K -$141.4K $43.19K
YoY Change 671.51% -289.52% -55.41%
Net Earnings / Revenue 46.1% -20.21% 6.21%
Basic Earnings Per Share
Diluted Earnings Per Share $45.88K -$19.47K $5.946K
COMMON SHARES
Basic Shares Outstanding 7.264M 7.264M 7.264M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.333M $1.236M $939.4K
YoY Change 41.85% 12.86% -2.71%
Cash & Equivalents $1.333M $1.236M $939.4K
Short-Term Investments
Other Short-Term Assets $477.0K $493.6K $470.6K
YoY Change 1.35% -0.21% -2.8%
Inventory
Prepaid Expenses
Receivables $62.77K $62.97K $77.03K
Other Receivables $18.43K $17.54K $19.83K
Total Short-Term Assets $1.891M $1.810M $1.507M
YoY Change 25.47% 8.14% -2.64%
LONG-TERM ASSETS
Property, Plant & Equipment $1.910K $2.296K $3.324K
YoY Change -42.54% -37.3% 223.03%
Goodwill $1.494M $1.494M $1.494M
YoY Change 0.0% 0.0% 0.0%
Intangibles $461.4K $461.4K $461.4K
YoY Change 0.0% 0.0% 0.39%
Long-Term Investments
YoY Change
Other Assets $0.00 $200.0K
YoY Change -100.0% -19.35%
Total Long-Term Assets $2.262M $2.284M $2.537M
YoY Change -10.82% -10.62% -5.13%
TOTAL ASSETS
Total Short-Term Assets $1.891M $1.810M $1.507M
Total Long-Term Assets $2.262M $2.284M $2.537M
Total Assets $4.153M $4.094M $4.043M
YoY Change 2.71% -3.19% -4.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.293K $10.28K $5.235K
YoY Change -17.99% 145.03% -85.95%
Accrued Expenses $423.5K $388.0K $388.4K
YoY Change 9.04% 2.24% 9.25%
Deferred Revenue $615.8K $600.0K $597.9K
YoY Change 3.0% -3.65% -1.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $228.2K
YoY Change
Total Short-Term Liabilities $900.4K $1.079M $856.0K
YoY Change 5.19% 25.35% -5.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $312.9K $357.9K $432.5K
YoY Change -27.66% -18.54% -17.42%
Total Long-Term Liabilities $418.8K $442.8K $432.5K
YoY Change -3.16% 0.79% -17.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $900.4K $1.079M $856.0K
Total Long-Term Liabilities $418.8K $442.8K $432.5K
Total Liabilities $1.319M $1.521M $1.288M
YoY Change 2.39% 17.05% -9.65%
SHAREHOLDERS EQUITY
Retained Earnings -$11.44M -$11.70M -$11.52M
YoY Change -0.68% 3.14% 0.35%
Common Stock $13.51M $13.51M $13.51M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $222.8K $222.8K $222.8K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $2.834M $2.573M $2.755M
YoY Change
Total Liabilities & Shareholders Equity $4.153M $4.094M $4.043M
YoY Change 2.71% -3.19% -4.22%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $333.2K -$141.4K $43.19K
YoY Change 671.51% -289.52% -55.41%
Depreciation, Depletion And Amortization $1.213K $1.120K $740.00
YoY Change 63.92% 45.45% 85.46%
Cash From Operating Activities $162.0K $261.6K $50.37K
YoY Change 221.53% 69.59% -48.02%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$2.780K -$1.530K
YoY Change -100.0% -17.01% 104.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$2.780K -$1.525K
YoY Change -100.0% -17.01% 103.33%
FINANCING ACTIVITIES
Cash Dividend Paid $72.64K $217.9K
YoY Change -66.67% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$72.64K 0.000 -217.9K
YoY Change -66.67% -100.0% 0.0%
NET CHANGE
Cash From Operating Activities $162.0K 261.6K 50.37K
Cash From Investing Activities $0.00 -2.780K -1.525K
Cash From Financing Activities -$72.64K 0.000 -217.9K
Net Change In Cash $89.33K 258.9K -169.1K
YoY Change -152.84% 230.63% 38.86%
FREE CASH FLOW
Cash From Operating Activities $162.0K $261.6K $50.37K
Capital Expenditures $0.00 -$2.780K -$1.530K
Free Cash Flow $162.0K $264.4K $51.90K
YoY Change 212.05% 67.75% -46.85%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2021Q1 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">1.</div> Nature of Operations </div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">BAB, Inc. (&#x201c;the Company&#x201d;) has <div style="display: inline; font-style: italic; font: inherit;">three</div> wholly owned subsidiaries: BAB Systems, Inc. (&#x201c;Systems&#x201d;), BAB Operations, Inc. (&#x201c;Operations&#x201d;) and BAB Investments, Inc. (&#x201c;Investments&#x201d;). Systems was incorporated on <div style="display: inline; font-style: italic; font: inherit;"> December 2, 1992, </div>and was primarily established to franchise Big Apple Bagels&reg; (&#x201c;BAB&#x201d;) specialty bagel retail stores. My Favorite Muffin (&#x201c;MFM&#x201d;) was acquired in <div style="display: inline; font-style: italic; font: inherit;">1997</div> and is included as a part of Systems. Brewster's (&#x201c;Brewster's&#x201d;) was established in <div style="display: inline; font-style: italic; font: inherit;">1996</div> and the coffee is sold in BAB and MFM locations. SweetDuet&reg; (&#x201c;SD&#x201d;) frozen yogurt can be added as an additional brand in a BAB location. Operations was formed in <div style="display: inline; font-style: italic; font: inherit;">1995,</div> primarily to operate Company-owned stores of which there are currently <div style="display: inline; font-style: italic; font: inherit;">none.</div> The assets of Jacobs Bros. Bagels (&#x201c;Jacobs Bros.&#x201d;) were acquired in <div style="display: inline; font-style: italic; font: inherit;">1999,</div> and any branded wholesale business uses this trademark. Investments was incorporated in <div style="display: inline; font-style: italic; font: inherit;">2009</div> to be used for the purpose of acquisitions. To date there have been <div style="display: inline; font-style: italic; font: inherit;">no</div> acquisitions.</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company was incorporated under the laws of the State of Delaware on <div style="display: inline; font-style: italic; font: inherit;"> July 12, 2000.&nbsp; </div>The Company currently franchises and licenses bagel and muffin retail units under the BAB, MFM and SD trade names. At <div style="display: inline; font-style: italic; font: inherit;"> February 28, 2021, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">71</div> franchise units and <div style="display: inline; font-style: italic; font: inherit;">3</div> licensed units in operation in <div style="display: inline; font-style: italic; font: inherit;">21</div> states. There is <div style="display: inline; font-style: italic; font: inherit;">1</div> unit under development. The Company additionally derives income from the sale of its trademark bagels, muffins and coffee through nontraditional channels of distribution including under a licensing agreement with Green Beans Coffee.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The BAB franchised brand consists of units operating as &#x201c;Big Apple Bagels&reg;,&#x201d; featuring daily baked bagels, flavored cream cheeses, premium coffees, gourmet bagel sandwiches and other related products. BAB units are primarily concentrated in the Midwest and Western United States.&nbsp; The MFM brand consists of units operating as &#x201c;My Favorite Muffin Gourmet Muffin Bakery&#x2122;&#x201d; (&#x201c;MFM Bakery&#x201d;), featuring a large variety of freshly baked muffins and coffees and units operating as &#x201c;My Favorite Muffin Your All Day Bakery Caf&eacute;&reg;&#x201d; (&#x201c;MFM Cafe&#x201d;) featuring these products as well as a variety of specialty bagel sandwiches and related products.&nbsp; The SweetDuet&reg; is a branded self-serve frozen yogurt that can be added as an additional brand in a BAB location.&nbsp; Although the Company doesn't actively market Brewster's stand-alone franchises, Brewster's coffee products are sold in most franchised units.&nbsp; &nbsp;&nbsp;&nbsp;</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company is leveraging on the natural synergy of distributing muffin products in existing BAB units and, alternatively, bagel products and Brewster's Coffee in existing MFM units. The Company expects to continue to realize efficiencies in servicing the combined base of BAB and MFM franchisees.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The accompanying condensed consolidated financial statements are unaudited. These financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented <div style="display: inline; font-style: italic; font: inherit;">not</div> misleading.&nbsp; These financial statements and the notes hereto should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font: inherit;"> November 30, 2020 </div>which was filed <div style="display: inline; font-style: italic; font: inherit;"> February 26, 2021.&nbsp; </div>In the opinion of the Company's management, the condensed consolidated financial statements for the unaudited interim period presented include all adjustments, including normal recurring adjustments, necessary to fairly present the results of such interim period and the financial position as of the end of said period. The results of operations for the interim period are <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of the results for the full year.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The preparation of the financial statements and accompanying notes are in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates.</div></div></div></div></div></div>
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