Net income for the quarter increased nearly 80% to $279,700, or 4 cents per share, from $155,500, or 2 cents per share, for the same quarter last year. According to the company, this is the 15th consecutive quarter BAB earned a net profit.
For the six months ended May 31, 2005, BAB had revenues of $2.65 million and net income of $382,700, or 5 cents per share, versus revenues of $2.88 million and net income $212,000, or 3 cents per share for the same period in 2004.
Total operating costs for the quarter ended May 31, 2005, were $1.16 million or 80% of revenues, versus $1.27 million, or 88.4% in 2004. Year-to-date total operating costs were $2.25 million or 84.8% of revenues, versus $2.63 million or 91.3% in 2004.
The company also continues to improve its balance sheet. From May 31, 2004 to May 31, 2005, cash increased $90,200 even though the company paid cash dividends of $713,500 and also paid $208,500 to reduce debt. At the close of Monday's trading day, BAB stocks increased 15.22% to $1.06 per share.
BAB Inc. operates, franchises, and licenses Big Apple Bagels, My Favorite Muffin Brewster's Coffee and Jacobs Bros. Bagels. Franchised stores are usually between 1,600 sf and 1,900 sf, and can cost from $204,800 to $342,500.
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