FORM 10-KSB

U.S. SECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549 

(Mark one)

| [X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)    OF THE SECURITIES EXCHANGE ACT OF 1934 
For    the fiscal year ended: November 25, 2001 [ ]TRANSITION REPORT UNDER SECTION 13 OR 15(d)    OF THE SECURITIES EXCHANGE ACT OF 1934 
For    the transition period from ______ to ______ 

Commission file number: 0-31555 
 

BAB, Inc. 

(Name of small business issuer in its charter) 
Delaware 
36-4389547(State or other jurisdiction of    incorporation)(IRS Employer  or organization    Identification No.)
8501 West Higgins Road, Suite 320, Chicago,Illinois 60631 

(Address of principal executive offices)(Zip Code) 

Issuer's telephone number: (773) 380-6100 

Check whether the issuer: (1) filed all reports requiredto be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or forsuch shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days. 

[X] Yes [ ] No 

Check if there is no disclosure of delinquent filers inresponse to Item 405 of Regulation S-B is not contained in this form, and no disclosurewill be contained, to the best of registrant's knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-KSB or anyamendment to this Form 10-KSB. [X] 

State issuer's revenues for its most recent fiscal year: 

$10,516,852 

State the aggregate market value of the voting stock heldby nonaffiliates computed by reference to the price at which the stock was sold,******or******the average bidand asked prices of such stock, as of a specified date within the past 60 days: $441,038 based on 1,145,552 shares held******by******nonaffiliates as of February13, 2002 and the average of the closing bid ($0.27) and asked ($0.50) prices for saidshares in the NASDAQ OTC Bulletin Board as of such date. 

State the number of shares outstanding of each of theissuer's classes of common equity, as of the latest practicable date: 2,222,623 shares ofCommon Stock, as of February 13, 2002. 

 

Transitional Small Business Disclosure Format (check one):

[ ] Yes [X] No 

 

 

FORM 10-KSB INDEX 
PART I Item 1Description of BusinessOverviewCustomersSuppliersLocationsStore OperationsFranchising Competition Trademarks    and Service Marks Government    Regulation Employees Item 2 Description of PropertyItem 3Legal ProceedingsItem 4  Submission of Matters to a    Vote of Security HoldersPART IIItem 5.  Market for the Common    Equity and Related Stockholder MattersItem 6. Management's Discussion and    Analysis of Financial Condition and Results of OperationsItem 7. Financial StatementsItem 8.  Changes in and Disagreement    with Accountants on Accounting and Financial DisclosurePART III Item 9. Directors, Executive    Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange ActItem 10.  Executive CompensationItem 11. Security Ownership of    Certain Beneficial Owners and Management Item 12. Certain Relationships and    Related TransactionsItem 13. Exhibits and Reports on    Form 8-K
**PART I**
ITEM 1.DESCRIPTION OF BUSINESS  OVERVIEW
BAB, Inc. (the Company) was incorporated under the laws ofthe State of Delaware on July 12, 2000. After an affirmative vote of the shareholders ofBAB Holdings, Inc., (Holdings), Holdings was merged into the Company on November 1, 2000.The combined companies then merged with Planet Zanett, Inc. (PZ) on November 1, 2000. OnNovember 13, 2000, the Company was spun off from PZ to the former shareholders ofHoldings. The Company currently operates, franchises and licenses bagel, muffin and coffeeretail units under the Big Apple Bagels, My Favorite Muffin and Brewster's Coffee tradenames. At November 25, 2001, the Company had 231 units in operation in 28 states, oneCanadian province, Egypt and Peru. The Company additionally derives income from the saleof its trademark bagels, muffins and coffee through nontraditional channels ofdistribution including under licensing agreements with HMS Host (HMS), Mrs. Fields FamousBrands (Mrs. Fields), Alonti Cafe and Kohr Bros. Frozen Custard, and through direct homedelivery of specialty muffin gift baskets and coffee. 

The Big Apple Bagels brand franchise and Company-ownedstores feature daily baked "from scratch" bagels, flavored cream cheeses,premium coffees, gourmet bagel sandwiches and other related products. Licensed Big AppleBagels units serve the Company's par-baked frozen bagel products, freshly baked daily, andrelated products. The My Favorite Muffin brand consists of units operating as "MyFavorite Muffin," featuring a large variety of freshly baked muffins, coffees andrelated products, and units operating as "My Favorite Muffin and Bagel Cafe,"featuring these products as well as a variety of specialty bagel sandwiches and relatedproducts. The Company's Brewster's Coffee units are specialty coffee shops featuring avariety of premium arabica bean coffees--freshly brewed or in bulk--and related products.Big Apple Bagels units are concentrated in the Midwest and Western United States, while MyFavorite Muffin units are clustered in the Middle Atlantic States and Florida. Brewster'sCoffee units are currently located in Ohio. The Brewster's coffee products are featured inall Company-owned and many of the franchised units. 

The Company has grown significantly since its initialpublic offering in November 1995 through growth in franchise units, Company-storedevelopment, acquisitions and the development of alternative distribution channels for itsbranded products. The Company intends to continue its expansion through growth infranchise units and further development of nontraditional distribution channels. TheCompany is leveraging on the natural synergy of distributing muffin products in existingBig Apple Bagels units and, alternatively, bagel products and Brewster's Coffee inexisting My Favorite Muffin units. The Company expects to continue to realize efficienciesin servicing the combined base of Big Apple Bagels and My Favorite Muffin franchisees. 

Operating Losses

The Company reported losses of $1,090,000 for theyear ended November 25, 2001, and $308,000 for the year ended November 26, 2000. However, the Company believes that with a renewed focus on its franchising and licensingoperations and selected investment in its Company-owned stores, it will generate revenuessufficient to exceed the expenses necessary to support its operations in the foreseeablefuture.  The Company will continue to review and institute cost controls where deemednecessary and continue to review and close down under-performing Company-owned stores. 

Food Service Industry

Food service businesses are often affected by changes inconsumer tastes; national, regional, and local economic conditions; demographic trends;traffic patterns; and the type, number, and location of competing restaurants. Multi-unitfood service chains, such as the Company's, can also be substantially adversely affectedby publicity resulting from problems with food quality, illness, injury, or other healthconcerns or operating issues stemming from one store or a limited number of stores. Suchbusinesses are also subject to the risk that shortages or interruptions in supply causedby adverse weather or other conditions could negatively affect the availability, quality,and cost of ingredients and other food products. In addition, factors such as inflation,increased food and labor costs, regional weather conditions, availability and cost ofsuitable sites and the availability of experienced management and hourly employees mayalso adversely affect the food service industry in general and the Company's results ofoperations and financial condition in particular. 

**CUSTOMERS**

The Company-owned stores sell to the general publictherefore the Company is not dependent on a particular customer or small group ofcustomers.  Regarding the Company's franchising operation, the franchisees representa varied geographic and demographic group.  Among some of the primary services theCompany provides to its franchisees are time-tested, successful receipes, bulk purchasingdiscounts, food service knowledgable personnel and national advertising and brandrecognition. 

**SUPPLIERS**

The Company's major suppliers are Coffee BeanInternational, Dawn Food Products, Inc. and Hawkeye Food Service Distributors.  TheCompany is not dependent on any of these suppliers for future growth and profitablitysince the products purchased from these suppliers are readily available from othersources.

**LOCATIONS**

The Company has 7 Company-owned stores, 167franchised locations and 57 licensees.   Of the 231 locations, 222 are locatedin 28 states and  9 operating units are in International locations including Canada,Egypt and Peru.

   **STORE OPERATIONS**

BIG APPLE BAGELS--Big Apple Bagels franchised andCompany-owned stores daily bake "from scratch" over 18 varieties of fresh bagelsand offer up to 18 varieties of cream cheese spreads.  Licensed units under HMS Hostserve the Company's par-baked frozen bagel products, freshly baked daily. Stores alsooffer a variety of breakfast and lunch bagel sandwiches, soups, various dessert items, andgourmet coffees and other beverages. A typical Big Apple Bagels franchise or Company-ownedstore is located within a three-mile radius of at least 25,000 residents in an area with amix of both residential and commercial properties. The average Company-owned or franchisedstore ranges from 1,500 to 2,000 square feet. The Company's current store design isapproximately 2,000 square feet, with seating capacity for 30 to 40 persons, and includes750 square feet devoted to production and baking. A satellite store is typically smallerthan a production store, averaging 600 to 1,000 square feet. Although franchise stores mayvary in size from Company-owned stores, and from other franchise stores, store layout isgenerally consistent. Licensed units are generally located in airports, travel plazas,hotels, and universities. 

MY FAVORITE MUFFIN--My Favorite Muffin franchised storesbake 20 to 25 varieties of muffins daily, from over 400 recipes, plus a variety of bagels.They also serve gourmet coffees, beverages and, at My Favorite Muffin and Bagel Cafelocations, a variety of bagel sandwiches and related products. While a number of MFM unitsare located in shopping mall locations with minimal square footage of 400 to 800 squarefeet, the typical strip mall prototype unit is approximately 2,000 square feet withseating for 30 to 40 persons. A typical MFM franchise store is located within a three-mileradius of at least 25,000 residents in an area with a mix of both residential andcommercial properties. 

BREWSTER'S COFFEE--Brewster's Coffee licensed units servea variety of arabica bean coffees, both freshly brewed and in bulk, and related productssuch as bagels, muffins and other beverages. The typical Brewster's coffee location isapproximately 1,500 square feet and offers seating for 20 to 30 persons and is generallylocated in high traffic urban or suburban location. 

**FRANCHISING**

The Company requires payment of an initial franchise feeper store, plus a 5% royalty on net sales. Additionally, Big Apple Bagels("BAB") and MFM franchisees are members of a national marketing fund requiring a1% contribution based on net sales. The Company currently requires a franchise fee of$25,000 on a franchisee's first BAB or MFM store. The fee for subsequent production storesis $20,000 and $15,000 for satellite and kiosk stores. 

The Company's current  Uniform Franchise OfferingCircular  provides for, among other things, the opportunity for prospectivefranchisees to enter into a preliminary agreement for their first production store. Thisagreement enables a prospective franchisee a period of 60 days in which to locate a site.The fee for this preliminary agreement is $10,000. If a site is not located and approvedby the franchiser within the 60 days, the prospective franchisee will receive a refund of$7,000. If a site is approved, the entire $10,000 will be applied toward the initialfranchise fee.  See also last paragraph under "Government Regulation"section in this 10KSB.

The Company's franchise agreements provide a franchiseewith the right to develop one store at a specific location. Each franchise agreement isfor a term of ten years with the right to renew. A franchisee is required to be inoperation not later than ten months following the signing of the franchise agreement. 

Area development agreements, which may be granted to newor existing franchisees, provide that a franchisee may open a predetermined number ofconcept stores within a defined geographic area (an "Area of Exclusivity"). TheArea of Exclusivity is negotiated prior to the signing of the area development agreementand varies by agreement as to size of the area, the number of stores required, and theschedule for store development and opening. The Company's current area development fee is$5,000 per store to be developed. As additional franchise agreements are executed,additional franchise fees are collected. The area development fee is not refundable if nofranchise agreement is executed. 

The Company currently advertises its franchisingopportunities at franchise trade shows and in directories, newspapers and businessopportunity magazines worldwide. In addition, prospective franchisees contact the Companyas a result of patronizing an existing store. 

**COMPETITION**

The quick service restaurant industry is intenselycompetitive with respect to product quality, concept, location, service and price. Thereare a number of national, regional and local chains operating both owned and franchisedstores which may compete with the Company on a national level or solely in a specificmarket or region. The Company believes that because the industry is extremely fragmented,there is a significant opportunity for expansion in the bagel, muffin and coffee conceptchains. 

The Company believes that the most direct competitors ofits bagel concept units are Bruegger's Bagel Bakery ("Bruegger's"), and NewWorld Coffee-Manhattan Bagel Inc. who operate under Einstein Bros. Bagels("Einstein"), Noah's NY Bagel, Manhattan Bagel Bakery ("Manhattan"),and Chesapeake Bagel Bakery brands.  There are several other regional bagel chainswith fewer than 50 stores, all of which may be expected to compete with the Company. Thereis not a major national competitor in the muffin business, but there are a number of localand regional operators. Additionally, the Company competes directly with a number ofnational, regional and local coffee concept stores and brand names. 

The Company competes against numerous small, independentlyowned bagel bakeries, and national fast food restaurants, such as Dunkin' Donuts andMcDonald's, that offer bagels and muffins as part of their breakfast food offerings andsupermarket bakery sections.  In particular, the Company's bagels compete againstThomas' Bagels and other brands of fresh and frozen bagels offered in supermarkets.Certain of these competitors may have greater product and name recognition and largerfinancial, marketing and distribution capabilities than the Company.  In addition,the Company believes that the startup costs associated with opening a retail foodestablishment offering similar products on a stand-alone basis are competitive with thestartup costs associated with opening its concept stores and, accordingly, such startupcosts are not an impediment to entry into the retail bagel, muffin or coffee businesses. 

The Company believes that its stores compete favorably interms of taste, food quality, convenience, customer service, and value, which the Companybelieves are important factors to its targeted customers.  Competition in the foodservice industry is often affected by changes in consumer taste, national, regional,andlocal economic and real estate conditions, demographic trends, traffic patterns, the costand availability of labor, consumer purchasing power, availability of product and localcompetitive factors.  The Company attempts to manage or adapt to these factors, butnot all such factors are within the Company's control and such factors could cause theCompany and some, or all, of its area developers and franchisees to be adversely affected.

The Company competes for qualified franchisees with a widevariety of investment opportunities in the restaurant business and in other industries.Investment opportunities in the bagel store business include franchises offered byBruegger's and New World Coffee-Manhattan Bagel.  The Company's continued success isdependent to a substantial extent on its reputation for providing high quality and valuewith respect to its service, products and franchises. This reputation may be affected notonly by the performance of Company-owned stores but also by the performance of itsfranchise stores, over which the Company has limited control. 

**TRADEMARKSAND SERVICE MARKS**

The trademarks and service marks used by the Companycontain common descriptive English words and thus may be subject to challenge by users ofthese words, alone or in combination with other words, to describe other services orproducts. Some persons or entities may have prior rights to those names or marks in theirrespective localities. Accordingly, there is no assurance that such marks are available inall locations. Any challenge, if successful, in whole or in part, could restrict theCompany's use of the marks in areas in which the challenger is found to have used the nameprior to the Company's use. Any such restriction could limit the expansion of theCompany's use of the marks into that region, and the Company and its franchisees may bematerially and adversely affected. 

The trademarks and service marks "Big AppleBagels," "Brewster's Coffee" and "My Favorite Muffin" areregistered under applicable federal trademark law. These marks are licensed by the Companyto its franchisees pursuant to franchise agreements, and the Company has licensed the"Big Apple Bagels" mark to Big Apple Bagels, Inc., a corporation which waswholly owned by Paul C. Stolzer, a principal stockholder and a former director andpresident of the Company, who sold the license to a third party in 1999. Mr. Stolzerserved as a consultant to the Company through February 1999. In February 1999 the Companyacquired the trademark of "Jacobs Bros. Bagels" upon purchasing certain assetsof Jacobs Bros. The "Jacobs Bros. Bagels" mark is also registered underapplicable federal trademark law. 

The Company is aware of the use by other persons andentities in certain geographic areas of names and marks which are the same as or similarto the Company's marks. Some of these persons or entities may have prior rights to thosenames or marks in their respective localities. Therefore, there is no assurance that themarks are available in all locations. It is the Company's policy to pursue registration ofits marks whenever possible and to vigorously oppose any infringement of its marks. 

**GOVERNMENTREGULATION**

The Company is subject to the Trade Regulation Rule of theFederal Trade Commission (the "FTC") entitled ``Disclosure Requirements andProhibitions Concerning Franchising and Business Opportunity Ventures'' (the "FTCFranchise Rule") andstate and local laws and regulations that governthe offer, sale and termination of franchises and the refusal to renew franchises.Continued compliance with this broad federal, state and local regulatory network isessential and costly, and the failure to comply with such regulations may have a materialadverse effect on the Company and its franchisees. Violations of franchising laws and/orstate laws and regulations regulating substantive aspects of doing business in aparticular state could limit the Company's ability to sell franchises or subject theCompany and its affiliates to rescission offers, monetary damages, penalties, imprisonmentand/or injunctive proceedings. In addition, under court decisions in certain states,absolute vicarious liability may be imposed upon franchisers based upon claims madeagainst franchisees. Even if the Company is able to obtain insurance coverage for suchclaims, there can be no assurance that such insurance will be sufficient to coverpotential claims against the Company. 

The Company and its franchisees are required to complywith federal, state and local government regulations applicable to consumer food servicebusinesses, including those relating to the preparation and sale of food, minimum wagerequirements, overtime, working and safety conditions, and citizenship requirements, aswell as regulations relating to zoning, construction, health, and business licensing. Eachstore is subject to regulation by federal agencies and to licensing and regulation bystate and local health, sanitation, safety, fire and other departments. Difficulties orfailures in obtaining the required licenses or approvals could delay or prevent theopening of a new Company-owned or franchise store, and failure to remain in compliancewith applicable regulations could cause the temporary or permanent closing of an existingstore. The Company believes that it is in material compliance with these provisions.Continued compliance with these federal, state and local laws and regulations is costlybut essential, and failure to comply may have an adverse effect on the Company and itsfranchisees. 

The Company's franchising operations are subject toregulation by the Federal Trade Commission (the "FTC") under the UniformFranchise Act which requires, among other things, that the Company prepare andperiodically update a comprehensive disclosure document known as a Uniform FranchiseOffering Circular ("UFOC") in connection with the sale and operation of itsfranchises. In addition, some states require afranchiser to register its franchise with the state before it may offer afranchise to a prospective franchisee. The Company believes its UFOCs, together with anyapplicable state versions or supplements, comply with both the FTC guidelines and allapplicable state laws regulating franchising in those states in which it has offeredfranchises. 

The Company is also subject to a number of state laws, aswell as foreign laws (to the extent it offers franchises outside of the United States),that regulate substantive aspects of the franchiser-franchisee relationship, including,but not limited to, those concerning termination and non-renewal of a franchise. 

**EMPLOYEES**

As of November 25, 2001, the Company employed 145 persons,consisting of  120 working in the Company-owned stores, of which 60 are part-timeemployees. The remaining employees are responsible for Corporate oversight andfranchising.  None of the Company's employees are subject to any collectivebargaining agreements and management considers its relations with its employees to begood. 

 

 

**ITEM 2. DESCRIPTION OF PROPERTY**

The Company's principal executive office, consisting ofapproximately 7,300 square feet, is located in Chicago, Illinois and is leased pursuant toa lease, expiring in June 2004.  The Company believes that these facilities will beadequate to meet its needs for the remainder of the term of the lease. Additionally, theCompany leases space for each of its Company-owned stores. Lease terms for these storesare generally for initial terms of five years and contain options for renewal for one ormore five-year terms. (See Note 7 to the audited consolidated financial statementsincluded herein.) 

 

**ITEM 3. LEGAL PROCEEDINGS**

None

**ITEM 4. SUBMISSION OF MATTERS TO AVOTE OF SECURITY HOLDERS**

None

 

**PART II**

**ITEM 5. MARKET FOR THE COMMON EQUITYAND RELATED STOCKHOLDER MATTERS**

The following table sets forth the quarterly high and lowsale prices for the Company's Common Stock, as reported in the Nasdaq SmallCap Market forthe two years ended November 25, 2001.  Until August 1, 2000, the Company's CommonStock was traded under the symbol "BAGL".  From August 2, 2000 untilNovember 12, 2000, the Company's Common Stock was traded under the symbol"INCU."   As of November 13, 2000, the Company's Common Stock begantrading on the NASD OTC-Bulletin Board under the symbol "BABB".

**BAB    Holdings, Inc.**YEAR ENDED NOVEMBER 26, 2000LOWHIGHFirst quarter.943.00Second quarter.753.00Third quarter 2.254.06Fourth quarter3.004.88
**BAB,    Inc.**YEAR ENDED NOVEMBER 26, 2000Fourth quarter.25.25YEAR ENDED NOVEMBER 25, 2001First quarter.13.69Second quarter .13.23
Third quarter.09.18Fourth quarter.07.23
The prices for BAB Holdings, Inc. reflect share activityprior to the merger of the Company and PZ on November 1, 2000. The prices for BAB, Inc.reflect share activity subsequent to the spin-off of the Company from PZ on November 13,2000. 

As of February 13, 2002, the Company's Common Stock washeld of record by 174 holders. Registered ownership includes nominees who may holdsecurities on behalf of multiple beneficial owners. The Company estimates that the numberof beneficial owners of its common stock at February 13, 2002 is 1,800 based uponinformation provided by a proxy services firm. 

STOCK OPTIONS

In May 2001, the Company approved a Long-Term Incentiveand Stock Option Plan.  The plan reserves 275,000 shares of common stock for grant.  As of November 25, 2001, there were no stock options issued under the plan.

DIVIDEND POLICY 

The Company has never declared or paid any cash dividendson its Common Stock, and the Board of Directors currently intends to retain all earnings,if any, for use in the Company's business for the foreseeable future.  Any futuredetermination as to declaration and payment of dividends will be made at the discretion ofthe Board of Directors, subject to the existence of any covenants restricting the paymentof dividends. 

**ITEM 6.  MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The selected financial data contained herein has beenderived from the consolidated financial statements of the Company included elsewhere inthis Report on Form 10-KSB. The data should be read in conjunction with the consolidatedfinancial statements and notes thereto.  Certain statements contained in Management'sDiscussion and Analysis of Financial Condition and Results of Operations, includingstatements regarding the development of the Company's business, the markets for theCompany's products, anticipated capital expenditures, and the effects of completed andproposed acquisitions, and other statements and disclosures contained herein andthroughout this Annual Report regarding matters that are not historical facts, areforward-looking statements (as such term is defined in the Private Securities LitigationReform Act of 1995). In such cases, we may use words such as "believe","intend", "expect", "anticipate" and the like.  Becausesuch statements include risks and uncertainties, actual results may differ materially fromthose expressed or implied by such forward-looking statements. Certain risks anduncertainties are wholly or partially outside the control of the Company and itsmanagement, including its ability to attract new franchisees; the continued success ofcurrent franchisees; the effects of competition on franchisee and Company-owned storeresults; consumer acceptance of the Company's products in new and existing markets;fluctuation in development and operating costs; brand awareness; availability and terms ofcapital; adverse publicity; acceptance of new product offerings; availability of locationsand terms of sites for store development; food, labor and employee benefit costs; changesin government regulation (including increases in the minimum wage; regional economic andweather conditions; the hiring, training, and retention of skilled corporate andrestaurant management; and the integration and assimilation of acquired concepts.Accordingly, readers are cautioned not to place undue reliance on these forward-lookingstatements, which reflect management's analysis only as of the date hereof.  TheCompany undertakes no obligation to publicly release the results of any revision to theseforward-looking statements which may be made to reflect events or circumstances after thedate hereof or toreflect the occurrence of unanticipatedevents. 
**GENERAL**
The Company has 7 Company-owned stores and 224 franchisedand licensed units as of the end of fiscal 2001. Units in operation at the end of fiscal2000 included 14 Company-owned stores and 228 franchised and licensed units. System-widerevenues in fiscal 2001 were $66 million compared to $75 million in the year ago period. 

The Company's revenues are derived primarily from theoperation of Company-owned stores and initial franchise fees and ongoing royalties paid tothe Company by its franchisees.  Additionally, the Company derives revenue from thesale of licensed products as a result of purchasing trademarks (My Favorite Muffin andBrewster's) and licensing contracts (licenses with HMS), and by directly entering intolicensingagreements (Mrs.Fields).The revenues derivedfrom the sale of licensed products and the revenue from  licensing contracts andagreements  has reduced the dependence on the initial franchise fee as a source ofincome. 

During the fourth quarter of fiscal 1999, managementidentified 13 under-performing Company-owned stores which were operating at a loss andwhich, based on the estimated future cash flows, were considered to be impaired. Inaccordance with the Financial Accounting Standards Board Standard No. 121,"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to beDisposed Of" and the Emerging Issues Task Force Issue No. 94-3, "LiabilityRecognition of Costs to Exit an Activity," management recorded a provision forimpairment of assets and store closures which totaled approximately $1,600,000.  Approximately $1,236,000 represented a non cash write-down of property and equipment,$113,000 was related to the write down of intangible assets and the remainder representeda reserve for severance and other costs**.**  Of the 13 identifiedunder-performing stores, 1 store was closed and 1 store was sold during fiscal 1999, 7stores were sold during fiscal 2000, and 2 stores were closed and 1 store was sold duringfiscal 2001.

During fiscal 2001 the Company continued to decreasecosts, emphasizing controlling expenses in payroll, occupancy and overhead not only atCompany-owned stores, but also in the Corporate Office as well.  At November 25,2001, the Company had 25 employees at the corporate level to oversee the franchise,licensed and Company-owned store operations, down from 29 at the end of 2000. The Company continues to lower costs on a absolute basis. Total operating costs, less provision for uncollectible accounts, depreciation andamortization and a write down in value of assets held for resale, decreased $2,231,000, to$10,133,000 in fiscal 2001 versus $12,364,000 in fiscal 2000.  As noted above,the Company had 14 Company-owned stores at the end of fiscal 2000 and 7 at the end offiscal 2001. The seven stores that were either sold or closed in 2001 contributed $237,000to the operating loss in fiscal 2001 versus $10,000 in fiscal 2000.  Managementexpects thatpayroll and other operating costs related to Company-owned stores willcontinue to decrease and that corporate overhead expenses will decline as a percentage ofrevenue as additional franchises are opened and revenue from licensing and othernontraditional sources is added.  

 

**FISCAL YEAR 2001 COMPARED TO FISCAL YEAR2000**

Total revenues from all sources decreased 22.5% to$10,517,000 in 2001 from $13,568,000 in the prior year.  Net sales at Company-ownedstores decreased 27.5% to $6,325,000 in fiscal 2001, versus $8,721,494 in fiscal2000.  The Company sold or closed seven stores in fiscal 2001 which led to a decreasein Company-owned store revenue, as compared to fiscal 2000, of  $1,122,000.  Inaddition, stores sold or closed in fiscal 2000 contributed $1,074,000 to fiscal 2000revenue.  The loss of the revenue from the stores closed or sold in fiscal 2000 alsocontributed to the decrease in 2001 revenues.  Royalty fees from franchise storesdecreased  to $2,759,000 in fiscal 2001 from $3,055,000 in fiscal 2000, primarily dueto a reduction in the total number of franchised units.  Franchise and areadevelopment fee revenue was $330,000 in fiscal 2001 versus a year ago performance of$462,000. The decrease is reflective of the number of domestic store openings and thenumber of international agreements signed in 2001 versus 2000.  Finally, licensingfees and other income was $1,102,000 in 2001 versus $1,330,000 in 2000.  The decreaseis primarily attributable to reduced proceeds from the sale of Company-owned stores,reduced sublease income and a reduction in sign shop revenue.

Food, beverage and paper costs incurred at theCompany-owned stores increased, as a percentage of revenue, from 31.6% in 2000 to 34.7% in2001, or just over 3 %.  Store payroll and other costs increased to 73.3% of salesfrom 65.6% in fiscal 2000.  The increase is largely the result of the relatively poorperformance of stores that have now been sold or are designated for sale.  Expenseshave decreased on a absolute basis. Food, beverage and paper costs have decreased by$562,000 and store payrolls and other operating expenses decreased by $1,085,000 in fiscal2001.

Selling, general and administrative costs were 42.5% ofrevenue in 2001 as compared to 38.5% in 2000, due primarily to the relatively fixed natureof  some of these expenses in this category and also lower revenues in 2001 versus2000.  On an absolute basis, selling, general and administrative expenses decreasedto $4,469,000 in 2001 versus $5,218,000 in 2000.  The greatest reductions occurred inoccupancy costs, an improvement of $232,000, the provision for uncollectible accounts, animprovement of $191,000, payroll, an improvement of $274,000, and professional fees, animprovement of $129,000.  This was offset by a writeoff of assets held for resale of$101,000 because of a reduction in valuation of these assets. 

Loss from operations was $781,000 in fiscal 2001, versusan operating loss of  $126,000 in fiscal 2000.   Of the $781,000operating loss in fiscal 2001, $619,000 was attributable to the first half of fiscal2001, versus only $40,000 in the first half of 2000.  In the last half of fiscal2001, the Company intensified its focus on cost control and franchising, resulting in onlya $162,000 operating loss in the second half of fiscal 2001, versus $86,000 in second halfof fiscal 2000. Further evidence of the Company's positive results from intensifiedefforts at cost control and emphasis on franchising, was that even though revenuedecreased from the first half of fiscal 2001 to the second half of 2001, directCompany-owned expenses were 61.2% of revenue in the second half as compared to 68.2% ofrevenue in the first half of fiscal 2001, and selling, general and administrative expenseswere 42.1% of revenues during the second half of fiscal 2001 as compared to 42.8% in thefirst half.  The operating loss in fiscal 2001 was primarily attributable to the saleand closure of underperforming Company-owned stores, which contributed  $237,000 ofoperating loss in fiscal 2001, versus $10,000 in 2000, a reduction in revenue forfranchise stores opened of $230,000 in fiscal 2001 versus $300,000 in 2000, nointernational master franchise contracts sold in fiscal 2001 versus one sold in fiscal2000 for $75,000, a gain on stores sold of $47,000 in 2001 versus $180,000 in 2000 and awrite down in value of the assets held for resale of $101,000.  Interest expensedecreased to $226,000 during 2001 versus $330,000 in 2000 primarily due to a much morefavorable financing arrangement with Planet Zanet.  During fiscal 2001, theinterest rate was prime plus 1%, versus 11 months of  prime plus 4% in fiscal2000.  In fiscal 2001 a deferred  income tax expense was recorded due to anincrease in the valuation allowance of $180,000.

Net loss totaled $1,090,000 during the current fiscal yearas compared to a net loss of $308,000 in the prior year. 

**LIQUIDITY AND CAPITAL RESOURCES**

The net cash used in operating activities totaled $73,000during fiscal 2001. Cash used in operating activities principally represents net loss,adjusted for depreciation and amortization of $847,000, the gain on sale of property andequipment of ($47,000), a reduction in assets held for sale of $101,000, plus theprovision for uncollectible accounts of $216,000, a reduction in trade accounts receivableof $162,000, reductions in accounts payable, inventories, National Marketing Fundaccounts, prepaids and other accrued liabilities of ($460,000) and an increasein deferred revenue and deferred tax expense of $198,000. In 2000, the net cash used in operating activities totaled $168,000,adjusted fordepreciation and amortization of $922,000, thegain on sale of property and equipment of ($180,000), plus the provision for uncollectibleaccounts of $408,000, offset by increases in trade accounts receivable of($213,000),reductions in accounts payable, unexpended National Marketing Fund contributions and otheraccrued liabilities of ($505,000) and deferred revenue of ($293,000). 
Cash provided by investing activities in 2001 was$638,000. The two primary sources of cash were the proceeds from the sale of property andequipment and assets held for resale of $455,000 and collections of notes receivable of$273,000, offset by the purchases of property and equipment of ($90,000).  Cashprovided from investing activities during 2000 totaled $911,000, and was provided from thesale of property, equipment and assets held for resale of $696,000, collection of notesreceivable in the amount of $292,000 and the offset of purchases of property and equipmentof ($77,000). 

Financing activities used ($406,000) during fiscal 2001and consisted primarily of repayments on the line of credit of ($404,000) and purchase oftreasury stock of ($2,000).   Financing activities used ($426,000) during fiscal 2000primarily related to the repayment of its line of credit of ($257,000) and notes payableof ($168,000). 

**ITEM 7. FINANCIAL STATEMENTS 
The Consolidated Financial Statements and Report ofIndependent Auditors is included immediately following. 

 

 

BAB, Inc. 

Years Ended November 25, 2001 and November26, 2000

 

C o n t e n t s 

IndependentAuditor's Report 

ConsolidatedBalance Sheets  

ConsolidatedStatements of Operations 

ConsolidatedStatements of Stockholders' Equity   

ConsolidatedStatements of Cash Flows 

Notesto Consolidated Financial Statements 

 

IndependentAuditor's Report 

Stockholders and Board of Directors BAB, Inc. Chicago,Illinois 

We have audited the accompanying consolidated balancesheets of BAB, Inc. as of November 25, 2001 and November 26, 2000, and the relatedconsolidated statements of operations, stockholders' equity and cash flows for the yearsthen ended. These financial statements are the responsibility of the Company's management.Our responsibility is to express an opinion on these financial statements based on ouraudits. 

We conducted our audits in accordance with auditingstandards generally accepted in the United States of America. Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statement presentation. Webelieve that our audits provide a reasonable basis for our opinion. 

In our opinion, the financial statements referred to abovepresent fairly, in all material respects, the consolidated financial position of BAB, Inc.as of November 25, 2001 and November 26, 2000, and the consolidated results of itsoperations and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America. 
January 18, 2002 Chicago, Illinois
/s/Blackman Kallick Bartelstein, LLP 

 

 
**BAB, Inc.****Consolidated Balance Sheets****November 25, 2001 and    November 26, 2000**20012000
**ASSETS**Current AssetsCash and cash equivalents,    including restricted cash of $191,431 in 2001 and $56,889 in 2000$              507,264$              348,256Receivables     Trade    accounts receivable (Net of allowance for Doubtful accounts of $211,057 in 2001 and    $713,972 in 2000) 622,4611,000,482     National    Marketing Fund contributions receivable from franchisees and stores 218,412276,496     Notes    receivable (Net of allowance for doubtful accounts of $106,754 in 2001 and $258,066 in    2000)117,802168,301Inventories119,325238,468Assets held for sale178,000377,031Prepaid expenses and other    current assets86,090325,891Deferred income taxes 
                       -          488,366            Total Current Assets**        1,849,354****       3,223,291**Property and Equipment        Leasehold improvements 1,069,8081,360,478        Furniture and fixtures375,039459,926        Equipment      1,428,816     1,619,6242,873,6633,440,028     Less:    Accumulated Depreciation   (1,802,148)   (1,767,891)            Total Property and Equipment, Net     1,071,515      1,672,137Notes Receivable        459,633         681,641Assets Held For Sale               5,750            160,000IntangiblesPatents, trademarks and    copyrights (Net of accumulated amortization of $318,663 in 2001 and $218,852 in 2000)846,535914,079Goodwill (Net of accumulated    amortization of $370,048 in 2001 and $276,496 in 2000)2,373,2162,441,797Franchise contract rights (Net of    accumulated amortization of $474,898 in 2001 and $371,284 in 2000)1,597,3851,712,681Other (Net of accumulated    amortization of $513,214 in 2001 and $426,680 in 2000)        263,667        382,478             Total Intangibles, Net     5,080,803     5,451,035**$  8,467,055****$  11,188,104**
**LIABILITIES    AND STOCKHOLDERS' EQUITY**Current LiabilitiesAccounts payable$              262,989$              789,935Accrued liabilities445,065789,157Liability for store conversions
-58,731Accrued professional and other    services106,755120,902Unexpended National Marketing    Fund contributions409,844401,056Long-term debt due within one    year197,938177,057Deferred  revenue84,799177,023Deferred  franchise fee    revenue          217,000           107,000     Total    Current Liabilities      **     1,724,390****      2,620,861**Noncurrent LiabilitiesDeferred income taxes
-308,366Long-term debt (Net of portion    included in current liabilities)         2,046,520         2,471,202             Total Noncurrent Liabilities           **       2,046,520****       2,779,568**             Total Liabilities**       3,770,910****       5,400,429**Stockholders' Equity Common stock - $.001 par value;    15,000,000 shares authorized; 2,287,739 shares issued; and 2,222,623 and 2,237,623    outstanding at November 25, 2001 and November 26,2000, respectively 
13,507,66913,507,669Additional paid-in capital1,187,8001,187,800Accumulated deficit(9,953,411)(8,863,831)Treasury stock at cost, 65,116    and 50,116 shares at November 25, 2001 and November 26, 2000 respectively           (45,913)           (43,963)             Total Stockholders' Equity**       4,696,145****       5,787,675****$   8,467,055****$   11,188,104**
 
**BAB, Inc.****Consolidated Statements of Operations****November 25, 2001 and    November 26, 2000**
**Revenues**20012000Net sales by Company-owned stores    $            6,325,419$           8,721,494Royalty fees from franchised    stores2,759,4203,054,897Franchise and area development    fees329,600461,978Licensing fees and other income      1,102,413      1,329,743             Total Revenues **   10,516,852****  13,568,112****Operating Costs and    Expenses**Food, beverage and paper costs2,193,4202,754,996Store payroll and other operating    expenses4,635,5355,720,549Selling, general and    administrative expensesPayroll-related expenses1,651,8631,925,411Occupancy198,936431,423Advertising and promotion261,454246,169Professional service fees305,515434,353Franchise-related expenses168,563151,616Depreciation and amortization847,244922,235Write down of assets held for    sale101,386
-Provision for uncollectible    accounts216,333407,617Other        717,729         699,517             Total Selling, General and Administrative Expenses     4,469,023      5,218,341             Total Operating Costs and Expenses**11,297,978****13,693,886**Loss  from Operations(781,126)(125,774)Interest Income55,88655,904Interest Expense(225,849)(329,931)Other Income          41,509          91,885Loss  before Taxes(909,580)(307,916)Provision for Deferred Income    Taxes         180,000
              -Net Loss     (1,089,580)     307,916)Net Loss Attributable to Common    Stockholders**$     (1,089,580)****$       (307,916)**Net Loss  per Share - Basic    and Diluted **$                 ( 0.49)****$                 (0.14)**
The accompanying notes are an integral partof the consolidated financial statements.

**BAB, Inc.Consolidated Statements ofStockholders' EquityYears Ended November 25, 2001 and November 26, 2000**
Common    StockSeries    A Preferred StockTreasury    StockAdditional Paid-in-CapitalAccumulated deficitTotalSharesAmountSharesAmountSharesAmountBalance as of November 28,    19992,287,656$ 13,507,669
-
-(50,116)$ (43,963)$ 1,187,696$ (8,555,915)$ 6,095,487Exercise    of Stock Options83
-
-
-
-
-104
-104Net Loss-------$ (307,916)$ (307,916)Balance as    of November 26, 20002,287,739$ 13,507,669
-
-(50,116)$ (43,963)$ 1,187,800$ (8,863,831)$ 5,787,675Purchase    of Treasury Stock
-
-
-
-(15,000)$    (1,950)
-
-$    (1,950)Net Loss 
-
-
-
-
--
-$ (1,089,580)$ (1,089,580)Balance as of Nov. 25,    2001 **2,287,739****$13,507,669**
**-**
**-****(65,116)****$    (45,913)****$    1,187,800****$    (9,953,411)****$    4,696,145**
The accompanying notes are an integral partof the consolidated financial statements.

 

**BAB, Inc.Consolidated Statements of Cash FlowsYears Ended November 25, 2001 and November 26, 2000**
Years EndedNovember 25,    2001November 26,    2000*Cash Flows    from Operating Activities*Net loss$         (1,089,580)$         (307,916)     Adjustments to reconcile net loss to net cash        Depreciation and amortization847,244922,235        Provision for store conversions58,590
-        Provision for uncollectible accounts216,333407,617    Write    down of assets held for sale101,386
-        Gain on sale of property and equipment(46,784)(180,000)        (Increase) decrease in            Trade accounts receivable161,688(212,565)           National Marketing Fund contributions receivable from franchisees and stores58,083138,821           Inventories119,14355,370           Notes receivable-(90,054)           Prepaid expenses and other assets239,801(10,017)        Increase (decrease) in           Accounts payable(526,946)(149,852)           Accrued professional and other services(14,147)(18,406)           Liability for closed store expenses(58,731)(108,252)           Accrued liabilities(345,440)(109,988)           Unexpended National Marketing Fund contributions8,788(143,569)           Jacobs Bros. noncompete agreement
-(68,000)           Deferred franchise fee revenue17,775(293,266)           Deferred taxes   180,000
                 -           Total Adjustments1,016,783          140,074           Net Cash Used in Operating Activities   (72,797)        (167,842)*Cash Flows    from Investing Activities*      Purchases of property and equipment(90,157)(76,730)      Proceeds from sale of property and equipment and    assets held for sale455,205695,978      Purchase of trademarks
-
-      Repayments on notes receivable          272,507          291,618           Net Cash Provided by  Investing Activities          637,555         910,866*Cash Flows    used in Financing Activities*      Repayments on line of credit
-(257,493)   Debt    repayments(403,800)(168,197)      Other           (1,950)                 104           Net Cash Used in Financing Activities       (405,750)       (425,586)*Net Increase      in Cash and Cash Equivalents*         159,008        317,438Cash and Cash    Equivalents, Beginning of Year          348,256          30,818*Cash and Cash    Equivalents, End of Year***$      507,264****$      348,256**
The accompanying notes are an integral partof the consolidated financial statements.
**BAB, Inc.****Notes to Consolidated Financial    Statements**
**Note 1 - Basis Of Presentation**

BAB, Inc. (the Company) was incorporated under the laws ofthe State of Delaware on July 12, 2000. After an affirmative vote of the shareholders ofBAB Holdings, Inc., (Holdings), Holdings was merged into the Company on November 1,2000.  The combined companies then merged with Planet Zanett, Inc. (PZ) on November1, 2000.  On November 13, 2000, the Company was spun off from PZ to the formershareholders of Holdings.

The Company has four wholly owned subsidiaries: BABOperations, Inc. (Operations); BAB Systems, Inc. (Systems); Brewster's FranchiseCorporation (BFC); and My Favorite Muffin Too, Inc. (MFM).  Operations was formed onAugust 30, 1995, primarily to operate Company-owned stores, currently "Big AppleBagels" and "Brewster's Coffee" concept stores, including one whichcurrently serves as the franchise training facility.  Systems was incorporated onDecember 2, 1992, and was primarily established to franchise "Big Apple Bagels"specialty bagel retail stores.  Systems has a wholly owned subsidiary, SystemsInvestments, Inc. (Investments), a dormant company.  BFC was established February 15,1996, to franchise "Brewster's Coffee" concept coffee stores.  MFM, a NewJersey corporation, was acquired on May 13, 1997.  MFMfranchises"My Favorite Muffin" concept muffin stores. The assets of Jacobs Bros. Bagels(Jacobs Bros.) were acquired on February 1, 1999 (See Note 11).  The companycontinues to operate three stores with the Jacobs Bros. name. 

Stores purchased are operated as Company-owned units for aperiod of time prior to the ultimate resale as a franchised unit.

 

**Note 2 - Summary of Significant AccountingPolicies**

Principles of Consolidation

The consolidated financial statements include the accountsof the Company and its direct and indirect wholly owned subsidiaries. All intercompanyaccounts and transactions have been eliminated in consolidation. 

Cash Equivalents 

The Company classifies as cash equivalents all highlyliquid investments, primarily composed of money market mutual funds, certificates ofdeposit and government agency notes, which are convertible to a known amount of cash andcarry an insignificantrisk of change in value. 

Inventories

Inventories are valued at the lower of cost, determined ona first-in, first-out (FIFO) basis, or market. 

Fiscal Year-End 

The Company operates on a 52-53 week period ending on thelast Sunday of its fiscal year.  The  fiscal years ended on November 25 andNovember 26 for 2001 and 2000, respectively, and each contained 52 weeks. 

Depreciation and Amortization 

Leasehold improvements and equipment are stated at cost,less accumulated depreciation.  Depreciation is calculated on the straight-linemethod over the estimated useful lives of the assets.  Estimated useful lives for thepurposes of depreciation are: leasehold improvements - 10 years or term of lease if less;machinery, equipment and fixtures - 5 to 7 years. 

The Company's intangible assets consist primarily ofpatents, trademarks, copyrights, franchise contract rights, and goodwill.  Patents,trademarks and copyrights are being amortized over 17 years. Franchise contract rights areamortized over varying periods from 8.5 to 20 years. Goodwill recorded as a result ofacquisitions is being amortized over 40 years.   Amortization expense recordedin the accompanying consolidated statements of operations for the years ended November 25,2001 and November 26, 2000 was $370,232 and $352,706, respectively. 

Stock Options 

As part of the merger between Holdings and PZ, allexisting stock options and warrants issued by Holdings remained with PZ after the spin offof the Company. Accordingly, there were no outstanding stock options as of November 25,2001.  Prior to the merger and spin off, no compensation expense was recognized forstock options because the exercise price of the option was at least equal to the marketprice of the underlying stock on the grant date. Stock options granted as consideration inpurchase acquisitions have been recorded as an addition to additional paid-in capital inthe accompanying balance sheet based on the fair value of such options on the date of theacquisition. 

Stock Warrants 

Stock warrants granted as consideration in purchaseacquisitions have been recorded as an addition to additional paid-in capital in theaccompanying balance sheet based on the fair value of such stock warrants on the date ofthe acquisition. 

Revenue Recognition 

Systems royalty fees from franchised stores represent afee of 5% of net retail sales of franchised units. Royalty revenues are recognized on theaccrual basis. 

The Company recognizes franchise fee revenue upon theopening of a franchise store. Direct costs associated with the franchise sales aredeferred until the franchise fee revenue is recognized.  These costs include siteapproval, construction approval, commissions, blueprints and training costs. 

Area development agreement revenue is recognized on a prorata basis as each store covered by the agreement opens. At the termination of anagreement, any remaining deferred franchise and area development agreement revenue isrecognized as such amounts are not refundable. 

In addition to Company-owned and franchised stores, theCompany acts as licensor of "Big Apple Bagels" units owned and operatedprimarily by HMS Host.  Included below in "licensed units" are those unitslocated primarily in airport and travel plazas. In fiscal 2001 and 2000, the Companyopened additional units pursuant to other licensing arrangements. The Company derives alicensing fee from certain sales at these units as well as a sales commission from thesale of par-baked bagels to these units by a third-party commercial bakery. 

Stores which have been opened, and unopened stores forwhich an agreement has been executed at November 25, 2001 and November 26, 2000,  orarea development fees collected are as follows: 
November    25, 2001November    26, 2000Stores Opened        Company-owned714        Franchisee-owned167170     Licensed         57        58      231      242Unopened stores        Franchise agreement53     Area    development agreement          0         3       5      6**236****248**
Advertising Costs 

The Company expenses advertising costs as incurred.Advertising expense was $105,496 and $52,612 in 2001 and 2000, respectively.  Included in advertising expense was $54,625 and $34,949 in 2001 and 2000, respectively,related to the Company's franchise operations. 

Fair Value of Financial Instruments 

The Company evaluates its various financial instrumentsbased on current market interest, rates relative to stated interest rates, length tomaturity, and the existence of a readily determinable market price. Based on the Company'sanalysis, the fair value of financial instruments recorded on the consolidated balancesheet as of November 25, 2001 and November 26, 2000, approximates their carrying value. 

Comprehensive Income (Loss) 

The Company adopted Statement of Financial AccountingStandards (SFAS) No. 130, "Reporting Comprehensive Income," which establishedstandards for the reporting and display of comprehensive income (loss) and its componentsin the financial statements. Components of comprehensive income (loss) include amountsthat, under SFAS No. 130, are included in the comprehensive income (loss) but are excludedfrom net (loss) income. There were no differences between the Company's netlossand comprehensive loss. 

Income Taxes

Deferred income taxes reflect the net tax effects oftemporary differences between the carrying amounts of assets and liabilities for financialreporting purposes and the amounts used for tax purposes.  Under the Tax Reform Actof 1986, the benefits from net operating losses carried forward may be impared or limitedin certain circumstances.  In addition, a valuation allowance has been provided fordeferred tax assets when it is more likely than not that all or some portion of thedeferred tax asset will not be realized.  The Company has established a fullvaluation allowance on the aformentioned deferred tax assets due to the uncertainty ofrealization.

Reclassification

Certain items in prior year financial statements have beenreclassified to confirm to the presentation used in fiscal 2001.

New Accounting Standards 

In June 1998, the Financial Accounting Standards Boardissued SFAS No. 133, "Accounting for Derivative Instrument and HedgingActivities." SFAS No. 133 is effective for the fiscal years beginning after June 15,2000. SFAS No. 133 requires that all derivative instruments be recorded on the balancesheet at their fair market value. Changes in the fair value of derivatives are recordedeach period in the current earnings or other comprehensive income (loss) depending onwhether a derivative is designed as part of a hedge transaction and, if so, the type ofhedge transaction involved. The adoption of SFAS No. 133 as amended by SFAS had nomaterial impact on either the financial position or results of operations.

Effective May 1, 2001, the Company adopted Staff Accounting Bulletin No.101, "Revenue Recognition in Financial Statements".  SAB 101 provides theSEC’s views in applying accounting principles generally accepted in the United Statesof America to revenue recognition in financial statements. The adoption of SAB 101 did nothave an effect on the financial statements of the Company.

In June 2001, the FASB issued SFAS No. 141,"Business Combinations" and SFAS No. 142, "Goodwill and Other IntangibleAssets," effective for years beginning after December 15, 2001. Under the new rules,goodwill will no longer be amortized, but will be subject to annual impairment tests inaccordance with the Statements. Other intangible assets will continue to be amortized overtheir useful lives. The pooling of interest method is no longer permitted for businesscombinations after June 30, 2001. Early adoption is permitted for companies with fiscalyears beginning after March 15, 2001 provided that their first quarter financialstatements have not been issued. The Company is not required to adopt this new standarduntil fiscal year ended November 30, 2003 and is currently evaluating its impact.

In June 2001, the FASB issued SFAS No. 143,"Accounting for Asset Retirement Obligations," effective for years beginningafter June 15, 2002. Under this standard asset retirement obligations will be recognizedat a discounted fair value basis and capitalized and allocated to expense over theasset’s useful life. The Company does not expect that adoption of SFAS No. 143 willhave a material impact on its consolidated financial position or results of operation.

In August 2001, the FASB issued SFAS No. 144," Accounting for the Impairment or Disposal of Long-Lived Assets", effective foryears beginning after December 15, 2001. The new rules for long-lived assets to bedisposed by sale excludes the allocation of goodwill to be tested for impairment of suchassets, establishes a primary asset approach to be used for the estimation of future cashflows and allows for probability-weighted future cash flow estimation for impairmenttesting. The Company is not required to adopt this new standard until fiscal year endedNovember 30, 2003 and is currently evaluating its impact.

Use of Estimates 

The preparation of financial statements in conformity withgenerally accepted accounting principles requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements and the reportedamounts of revenues and expenses during the reporting period. Actual results could differfrom those estimates. 

 

**Note 3 - Restricted Cash**

Systems and MFM have established the National MarketingFund (Fund). Certain franchisees and Company-owned stores are required to contribute 1% ofnet sales to the Fund.  These monies are then used for advertising purposes tobenefit all Big Apple Bagel stores. As of November 25, 2001 and November 26, 2000, theFund's cash balance was $191,431 and $56,889, respectively. 

**Note 4 - Special Charge**

During the fourth quarter of 1999, the Company made thedecision to refranchise certain Company-owned stores, in order to concentrate onfranchising and marketing and building equity in the branding of its trademarked names andproducts. The Company-owned stores, which were to be converted to franchised units werewritten down to fair value based upon actual selling prices or, if not sold prior toyear-end, upon management's judgment based upon the previous sale of such assets.Management's judgment is inherent in the estimated fair value determinations and,accordingly, actual results could vary significantly from such estimates. The estimatedfair value of the remaining assets to be sold totaled $183,750 and $537,031, of which,$178,000 and $377,031 were recorded as current assets as of November 25, 2001 and November26, 2000, respectively. The remaining assets held for sale on November 25, 2001represented 2 stores and some equipment. The assets held for sale on November 26, 2000represented 7 stores and some equipment. 

As of November 25, 2001, there  are no fundsremaining as a liability for store conversions.  At November 26, 2000, $58,731 of thecharge, primarily for lease termination costs, remained as a liability for storeconversions. 

**Note 5 - Income Taxes**

The components of the income tax (benefit) provision areas follows: 
Years Ended20012000Income tax (benefit) provision    computed at federal statutory rate$                 (309,257)$             (104,691)State income taxes (benefit)    provision, net of federal tax benefit(43,824)(14,164)Other adjustments2,4711,535Change in valuation allowance        530,610      117,320Provision for Deferred     Income Taxes$            180,000$                    -
Deferred tax assets (liabilities) are as follows: 
20012000Franchise fee revenue$               84,235$                 41,535Franchise costs49,24652,147National Marketing Fund net    contributions74,31022,083Allowance for uncollectible    accounts81,928277,150Notes receivable41,440100,176Net operating loss carryforwards3,331,2052,842,407Other131,95872,791Valuation allowance   (3,450,533)  (2,919,923)     Total    Deferred Tax Assets            343,789        488,366Depreciation      (343,789)     (308,366)     Total    Deferred Tax Liabilities      (343,789)     (308,366)$                          -$            180,000
As of November 25, 2001, the Company has cumulative netoperating loss carryforwards expiring between 2011 and 2021 for U.S. federal income taxpurposes of approximately $8,581,000. The net operating loss carryforwards are subject tolimitation in any given year as a result of the Company's initial public offering and maybe further limited if certain other events occur. A valuation allowance has beenestablished for $3,450,533 of the deferred tax benefit related to those loss carryforwardsand other deferred tax assets for which it is considered more likely than not that thebenefit will not be realized. 

 

**Note 6 - Long-Term Obligations**

Long-term debt consisted of the following: 
20012000Note payable to PZ$      1,161,469$      1,400,000Note payable to a finance company926,5621,091,832Other      156,427      156,4272,244,4582,648,259Less: current portion   (197,938)   (177,057)Long-Term Debt, Net of Current    Portion$    2,046,520$    2,471,202
After the Spin Off, the Company obtained a loan from PZ.This loan is  secured by substantially all of the assets of the Company, excludingthose acquired through the Jacobs Bros. Acquisition. The interest rate on this line ofcredit is prime plus 1% through October 18, 2002 and prime plus 2% from October 19, 2002through October 18, 2003.   Interest payments are due quarterly and the note isdue and payable on October 18, 2003.

In February 1999, the Company obtained a series ofamortizing loans in the amount of $1,350,000 from a finance company.  The notes bearinterest of 11.3% and are due and payable on January 2006.

In June 1999, the Company obtained an amortizing loan inthe amount of $170,000 from a finance company.  Proceeds were used to purchase twostores from a franchisee in Wisconsin.  The balance as of November 25, 2001 on thisloan is $156,427.

Interest expense of $225,849 and $329,931 was incurred forthe years ended November 25, 2001 and November 26, 2000 respectively.

As of November 25, 2001, annual maturities on long-termobligations are due as follows: 
Year Ending November 30:2002$            197,93820031,394,5402004247,3872005276,5722006128,021
________
**$   2,244,458**
 

**Note 7 - Lease Commitments**

The Company rents its office and Company-owned storefacilities under leases which require it to pay real estate taxes, insurance and generalrepairs and maintenance on these leased facilities. Rent expense for the years endedNovember 25, 2001 and November 26, 2000 was $651,435 and $1,072,670, less sublease incomeof $215,249 and $252,722, respectively. As of November 25, 2001, future minimum annualrental commitments under leases, net of sublease income of $157,899 in 2002, $163,081 in2003, $168,436 in 2004, $136,432 in 2005 and $127,636 in 2006 are as follows: 

 
Year Ending November 30:2002$               537,3632003556,1022004412,3762005205,849200677,827Thereafter22,159
________
**$     1,811,676**
 

**Note 8 - Noncash Transactions**

In November 2000, the Company entered into a creditfacility in the amount of $1,400,000 from PZ, which replaced a line of credit with CIBBank.

During fiscal 2001, the Company refranchised four stores,receiving a note in the amount of $90,000 and $280,000 in cash.  During fiscal 2000,the Company refranchised five stores, receiving notes in the amount of $284,000 and$62,000 in cash.  The Company realized gains of $ 46,784 and $180,000 relating tothese sales in the years ended November 25, 2001 and November 26,2000, respectively.

 

**Note 9 - Stockholders' Equity**

On December 10, 1999, subsequent to a favorable vote bystockholders, the Company effected a 1:6 reverse split of the outstanding shares of commonstock. Accordingly, all data shown in the accompanying consolidated financial statementsand notes have been retroactively adjusted to reflect the reverse split. 

 

**Note 10 - Earnings Per Share**

The computation of basic and diluted loss per share is asfollows: 
Years Ended
2001
2000*Numerator*:     Net loss    attributable to common shareholders$       (1,089,580)$         (307,916)*Denominator:*        Denominator for basic and diluted loss per share - weighted average shares2,222,6232,237,567Basic and diluted loss per share$               (0.49)$              (0.14)
 

 

**Note 11 - Stock Options and Warrants**

In November 2000, Holdings merged with PZ. Subsequent tothe merger, the Company was spun off. The existing stock options and warrants of Holdingsremained with PZ. Accordingly, there are no options issued and outstanding by the Company.   In May of 2001, the Company approved a Long-Term Incentive and Stock OptionPlan.  The plan reserves 275,000 shares of common stock for grant.   As ofNovember 25, 2001, there were no stock options issued under this plan.

On February 1, 1999, the Company purchased certain assetsof a related group of entities doing business as Jacobs Bros. Bagels (Jacobs Bros.), achain operating retail bagel stores in the Chicago, Illinois area. The assets acquiredinclude eight retail locations and a central commissary facility in exchange for $950,000in cash and warrants to acquire 83,333 shares of the Company's common stock. The warrantsprovide for the purchase of 45,833 shares and 37,500 shares of common stock at an exerciseprice of $7.50 and $9.00 per share, respectively. The warrants are first exercisable onFebruary 1, 2000 and expire on January 31, 2006. None of the warrants have yet beenexercised

Activity under the Incentive Plan and Directors Planduring the two years ended November 26, 2000, is as follows: 
Number    of SharesWeighted-Average    Option Price Per ShareOutstanding as of November 30,    199981,066$   23.61Transferred to PZ (merged    company)(77,648)$       23.34Canceled(3,418)$   29.34Outstanding as of November 26,    2000 ----Outstanding as of November 25,    2001 --
 

**Note 12 - Segment Information**

SFAS No. 131, "Disclosures About Segments of anEnterprise and Related Information" establishes standards for the reportinginformation about operating segments.  Under this standard, the Company has twooperating segments: Company Store Operations and Franchise Operations.  Indetermining the operating income of each segment, certain general and corporate expensesare not allocated to operating segments. 
Years Ended November 30Net RevenuesOperating (Loss) Income2001200020012000Company Store Operations$       7,427,832$       9,961,059$       (1,059,449)$        578,527)Franchise Operations3,089,0203,607,053678,6851,159,302*Total Ongoing Business*10,516,85213,568,112(380,764)580,775Corporate Expenses(400,362)(706,549)Interest Expense, Net of Interest    Income(169,963))(329,931)Other Income41,509147,789Loss before Income Taxes(909,580)(307,916)Income Taxes        (180,000)                     -Net Loss$  (1,089,580)$  (307,916)
 
**Operating    Segment Data**Identifiable    AssetsCapital    ExpendituresDepreciation and    AmortizationYear ended November 25, 2001Company Store Operations$        4,615,914$       81,059$        660,322Franchise Operations      3,257,787           9,097         186,922$ 7,873,701$    90,156$    847,244Year ended November 26, 2000Company Store Operations$        6,874,464$       76,730$        764,114Franchise Operations         3,151,127                  -          158,121$   10,025,591$    76,730$     922,235
 
**Reconciliation    to Total Assets As Reported**
November 25,                   2001
November 26,                   2000AssetsTotal reportable segments -    Identifiable assets$       7,873,701$  10,025,591Unallocated amounts  Cash507,264348,256  Prepaid expenses and other    current assets86,090325,891  Other                       -            488,366Total Consolidated Assets$   8,467,055$  11,188,104
There were no sales to any individual customer during any of the years in thetwo-year period ended November 25, 2001 that represented 10% or more of net sales.

**ITEM 8. CHANGES IN AND DISAGREEMENT WITHACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None. 

 

**PART III**

**ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERSAND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.**

Section 16(a) of the Securities Exchange Act of1934 requires the Company's executive officers and directors, and persons who beneficiallyown more than ten percent of the Company's Common Stock, to file initial reports ofownership and reports of changes in ownership with the Securities and Exchange Commission(the "SEC"). Executive officers, directors and greater than ten percentbeneficial owners are required by the SEC to furnish the Company with copies of allSection 16(a) forms they file.
Based upon a review of the copies of such formsfurnished to the Company, the Company believes that all Section 16(a) filing requirementsapplicable to its executive officers, directors and greater than ten percent beneficialowners were met during the fiscal year ended November 25, 2001.

**ITEM 10. EXECUTIVE COMPENSATION.**

The following table sets forth the cashcompensation earned by executive officers that received annual salary and bonuscompensation of more than $100,000 during fiscal years 2001, 2000 and 1999 (the"Named Executive Officers"). The Company has no employment agreements with anyof its executive officers.**Summary Compensation Table

Annual Compensation
Long Term    Compensation
Awards
Payouts
 

Name and Principal Position
Fiscal Year Ended 11/30
Salary

($)
Bonus

($)
Other

Annual Compensation

($)
Restricted Stock Awards

($)
Securities

Underlying

Options/

SARS (#)
LTIP

Payouts

($)
All Other

Compensation

($)Michael W.    Evans
President and CEO2001
2000

1999175,000
175,000

175,000
--

--

--
--

--

--
--

--

--
--

--

--
--

--

--
--

--

--Michael K. Murtaugh
Vice    President and

General Counsel2001
2000

1999130,000
130,000

130,000
--

--

--
--

--

--
--

--

--
----

--
--

--

--
--

--

--
 
In November 2000, the Company merged with Planet Zanett, Inc. Subsequentto the merger, the Company was spun off to the previous holders of BAB Holdings, Inc. 

Indemnification of Directors and Officers

The Company's Certificate of Incorporation limits personalliability for breach of fiduciary duty by its directors to the fullest extent permitted bythe Delaware General Corporation Law (the "Delaware Law"). Such Certificateeliminates the personal liability of directors to the Company and its shareholders fordamages occasioned by breach of fiduciary duty, except for liability based on breach ofthe director's duty of loyalty to the Company, liability for acts omissions not made ingood faith, liability for acts or omissions involving intentional misconduct, liabilitybased on payments or improper dividends, liability based on violation of state securitieslaws, and liability for acts occurring prior to the date such provision was added. Anyamendment to or repeal of such provisions in the Company's Articles of Incorporation shallnot adversely affect any right or protection of a director of the Company for with respectto any acts or omissions of such director occurring prior to such amendment or repeal.

In addition to the Delaware Law, the Company's Bylaws providethat officers and directors of the Company have the right to indemnification from theCompany for liability arising out of certain actions to the fullest extent permissible bylaw. Insofar as indemnification for liabilities arising under the Securities Act of 1933(the "Act") may be permitted to directors, officers or persons controlling theCompany pursuant to such indemnification provisions, the Company has been advised that inthe opinion of the Securities and Exchange Commission such indemnification is againstpublic policy as expressed in the Act and is therefore unenforceable.

 

**ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIALOWNERS AND MANAGEMENT.**

** **
The following table sets forth as of February 13, 2002 the record andbeneficial ownership of Common Stock held by (i) each person who is known to the Companyto be the beneficial owner of more than 5% of the Common Stock of the Company; (ii) eachcurrent director; (iii) each "named executive officer" (as defined in RegulationS-B, Item 402 under the Securities Act of 1933); and (iv) all executive officers anddirectors of the Company as a group. Securities reported as "beneficially owned"include those for which the named persons may exercise voting power or investment power,alone or with others. Voting power and investment power are not shared with others unlessso stated. The number and percent of shares of Common Stock of the Company beneficiallyowned by each such person as of February 13, 2002 includes the number of shares, whichsuch person has the right to acquire within sixty (60) days after such date.
**Name and Address****Shares**PercentageMichael W. Evans
8501 W. Higgins    Road

Chicago, IL 60631942,971 (1) 42.4Michael K. Murtaugh
8501 W.    Higgins Road

Chicago, IL 60631894,890 (1) (2)40.3Holdings Investments, LLC
220    DeWindt Road

Winnetka, IL 60093818,493 (1)36.8Bruno Guazzoni
135 East 57th    Street 

New York, NY 10022345,01015.5David L. Epstein
9700 Higgins    Road, Suite 630

Rosemont, IL 6001816,333 (3)*Robert B. Nagel
516 Elder Drive

Winnetka, IL 600931,500 *All executive officers and    directors as a
group (4 persons)
1,037,201

(1)(2)(3)46.7
____________________

* Less than 1%.- Includes all shares held of record by Holdings Investments, LLC. Messrs. Evans and    Murtaugh are members and managers of the LLC and together control all voting power of the    stock owned by the LLC.
- Includes 635 shares held by 401 (k) trust.
- Includes 15,500 shares held indirectly by entities under Mr. Epstein’s control, and    833 shares representing his proportionate ownership in an entity that he does not control.

 

**ITEM 12. CERTAIN RELATIONSHIPS AND RELATEDTRANSACTIONS.**

The following information relates to certainrelationships and transactions between the Company and related parties, including officersand directors of the Company. It is the Company's policy that it will not enter into anytransactions with officers, directors or beneficial owners of more than 5% of theCompany's Common Stock, or any entity controlled by or under common control with any suchperson, on terms less favorable to the Company than could be obtained from unaffiliatedthird parties and all such transactions require the consent of the majority ofdisinterested members of the Board of Directors.
Management believes that the following transactions were effected onterms no less favorable to the Company than could have been realized in arm's lengthtransactions with unaffiliated parties.

Executive Officers and Directors

David L. Epstein, who is currently a member of the Board of Directorsof the Company, is a principal of J.H. Chapman Group, LLC. ("Chapman"), which,for compensation similar to arm’s length transactions, assists the Company from timeto time in the identification and negotiation of potential acquisitions. Chapman has notprovided any such services during the past fiscal year. 

 

**ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K**

REPORTS ON FORM 8-K 

None. 

[i] Incorporated by reference to the Company's Registration Statement onForm SB-2, effective November 27, 1995 (Commission File No. 33-98060C) 

[ii] Incorporated by reference to the Company's Registration Statement onForm 10-SB/A filed October 12, 2000 (Commission File No. 0-31555)

INDEX TO EXHIBITS 

 
INDEX NUMBERDESCRIPTION21.1 List of Subsidiaries of the Company 23.1Consent of Blackman Kallick Bartelstein, LLP, independent auditors 27.7Financial Data Schedule
  

SIGNATURES 

In accordance with Section 13 of the Exchange Act, the Registrant has dulycaused this report on Form 10-KSB to be signed on its behalf by the undersigned, thereuntoduly authorized. 

BAB, INC. 
Dated: February 25, 2002 By /s/ Michael W. Evans Michael W. Evans, Chief Executive Officer and President (Principal    Executive Officer) 
Pursuant to the requirements of the Securities Exchange Act of 1934, this reporton Form 10-KSB has been signed below by the following persons on behalf of the company andin the capacities and on the dates indicated. 
Dated: February 25, 2002 By /s/ Michael W. Evans Michael W. Evans, Chief Executive Officer and President (Principal    Executive Officer) 
 
Dated: February 25, 2002/s/ Michael K. MurtaughMichael K. Murtaugh, Director and Vice President/General Counsel    and Secretary
 
Dated: February 25, 2002/s/ Jeffrey M. GordenJeffrey M. Gorden, Chief Financial Officer and Treasurer    (Principal Financial and Accounting Officer)
 
Dated: February 25, 2002 /s/ David L. EpsteinDavid L. Epstein, Director
 
Dated: February 25, 2002/s/ Robert B. NagelRobert B. Nagel, Director
 
 
Exhibit 21.1SUBSIDIARIES OF BAB, INC.
BAB Systems, Inc., an Illinois corporation 

BAB Operations, Inc., an Illinois corporation 

Brewster's Franchise Corporation, an Illinois corporation 

My Favorite Muffin Too, Inc., a New Jersey corporation 

 

Exhibit 23.1 

We consent to the incorporation by reference in theRegistration Statements on Form S-3 (Commission File Nos. 333-42253 and 333-51337) and inthe related Prospectuses of our report dated January 18, 2002, with respect to theconsolidated financial statements of BAB, Inc. as of and for the year ended November 25,2001 included in this Annual Report (Form 10-KSB) for the year ended November 25, 2001. 

 
February 25, 2002CHICAGO, ILLINOIS  
/s/ Blackman Kallick Bartelstein, LLP 

 
EX-27.1FINANCIAL DATA SCHEDULE 
THIS FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTEDFROM THE FINANCIAL STATEMENTS OF BAB HOLDINGS, INC. FOR THE TWELVE MONTH PERIOD ENDEDNOVEMBER 25, 2001 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIALSTATEMENTS. 
PERIOD-TYPE 12-MOS FISCAL-YEAR-END NOV-25-2001PERIOD-END NOV-25-2001CASH 507,264SECURITIES 0RECEIVABLES 833,518ALLOWANCES (211,057)INVENTORY 119,325CURRENT-ASSETS 1,849,354PP&E 2,873,663DEPRECIATION (1,802,148)TOTAL-ASSETS 8,467,055CURRENT-LIABILITIES 1,724,390BONDS 2,046,520COMMON  13,507,669OTHER-SE (8,811,524)TOTAL-LIABILITY-AND-EQUITY 8,467,055SALES 6,325,419TOTAL-REVENUES 10,516,852CGS 2,193,420TOTAL-COSTS 11,297,978INTEREST-EXPENSE 225,849INCOME-PRETAX  (909,580)NET-INCOME (1,089,580)EPS-PRIMARY AND DILUTED (0.49) 
                   ******** |
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