BAB, Inc. Reports a Loss for 1st Quarter FY 2009
BAB, Inc. (OTCBB: BABB), announced its financial results for the first quarter ended February 28, 2009, reporting a net loss of $(2,395,000), or $(0.33) per share, versus net income of $143,000, or $0.02 per share, for the same quarter last year.
The loss was due to an impairment charge for goodwill and other intangibles in the amount of $2,399,000 for the first quarter of 2009. The current general economic conditions have led to the noncash impairment charge for goodwill and other intangibles. There was no such charge in the quarter ended February 29, 2008.
For the quarter ended February 28, 2009, BAB had revenues of $778,000, versus revenues of $971,000 for the quarter ended February 29, 2008.
Total operating expenses were $3,173,000, including the impairment charge of $2,399,000, versus $838,000 for the same period in 2008.
BAB, Inc. operates, franchises, and licenses Big Apple Bagels (R), My Favorite Muffin (R) Jacobs Bros. Bagels (R) and Brewster's (R) Coffee.
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