DEERFIELD, ILL. — BAB, Inc., operator, franchiser and licenser of Big Apple Bagels, My Favorite Muffin, Jacobs Bros. Bagels and Brewster’s Coffee, sustained a loss of $2,395,000 in the first quarter ended Feb. 28. The loss compared with net income of $143,000, equal to 2c per share on the common stock, in the same period a year ago.
"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," said BAB. "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 Feb. 29, 2008."
Net sales in the most recent quarter totaled $778,000, down 20% from $971,000 in the same period a year ago.