Flanigan's Enterprises Inc. Files Quarterly Report (10-Q)

TL;DR

<b>Flanigan's Enterprises Inc. has filed its quarterly report (10-Q) for the period ending March 30, 2024, confirming its status as a non-accelerated filer and smaller reporting company.</b>

AI Summary

FLANIGANS ENTERPRISES INC (BDL) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Flanigan's Enterprises Inc. filed a Form 10-Q for the quarterly period ended March 30, 2024. The company is incorporated in Florida and its fiscal year ends on September 30. Its principal executive offices are located at 5059 N.E. 18th Avenue, Fort Lauderdale, Florida. The company's common stock, $.10 par value, is traded under the symbol BDL on the NYSE American exchange. Flanigan's Enterprises Inc. has been subject to the filing requirements for the past 90 days and has submitted all required reports.

Why It Matters

For investors and stakeholders tracking FLANIGANS ENTERPRISES INC, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status during the most recent quarter. As a publicly traded company, Flanigan's Enterprises Inc. is required to regularly disclose financial information, ensuring transparency for shareholders and the market.

Risk Assessment

Risk Level: low — FLANIGANS ENTERPRISES INC shows low risk based on this filing. The filing is a routine quarterly report and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for detailed financial results and management's discussion and analysis to assess performance trends.

Key Numbers

• 20240330 — Quarterly Period End Date (Form 10-Q)
• 20240514 — Filing Date (Form 10-Q)
• 0930 — Fiscal Year End (Company data)
• 001-06836 — SEC File Number (Form 10-Q)

Key Players & Entities

• FLANIGANS ENTERPRISES INC (company) — Filer name
• BDL (company) — Trading symbol
• NYSE AMERICAN (company) — Exchange
• 5059 N.E. 18TH AVENUE (company) — Business address
• FORT LAUDERDALE (company) — City in business address
• FLORIDA (company) — State of incorporation and business address
• BIG DADDYS LOUNGES INC (company) — Former company name
• CASTLEWOOD INTERNATIONAL CORP (company) — Former company name

FAQ

Industry Context

Flanigan's Enterprises Inc. operates in the retail eating places industry, commonly known as restaurants.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing quarterly reports (10-Q).

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion.
2. Track future SEC filings for ongoing financial and operational updates.
3. Analyze the company's performance against industry benchmarks and competitors.

Key Dates

• 2024-03-30: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-05-14: Filing Date — Date the 10-Q was filed with the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 30, 2024, and no prior period comparison is available within this document.

Key Financial Figures

• $0.10 — 2024, 1,858,647 shares of Common Stock, $0.10 par value per share, were outstanding.

Filing Documents

• bdl-20240330.htm (10-Q) — 633KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001174947-24-000746.txt (&nbsp;) — 3551KB
• bdl-20240330.xsd (EX-101.SCH) — 40KB
• bdl-20240330_cal.xml (EX-101.CAL) — 39KB
• bdl-20240330_def.xml (EX-101.DEF) — 146KB
• bdl-20240330_lab.xml (EX-101.LAB) — 299KB
• bdl-20240330_pre.xml (EX-101.PRE) — 142KB
• bdl-20240330_htm.xml (XML) — 341KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME 1 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 2 CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 30, 2024 (UNAUDITED) AND SEPTEMBER 30, 2023 3 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY 5 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 6 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 8

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25

CONTROLS AND PROCEDURES 25

ITEM 4. CONTROLS AND PROCEDURES 25

OTHER INFORMATION 26

PART II. OTHER INFORMATION 26

LEGAL PROCEEDINGS 26

ITEM 1. LEGAL PROCEEDINGS 26

RISK FACTORS Not Applicable

ITEM 1A. RISK FACTORS Not Applicable

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 26

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 26

DEFAULTS UPON SENIOR SECURITIES Not Applicable

ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable

MINE SAFETY DISCLOSURES Not Applicable

ITEM 4. MINE SAFETY DISCLOSURES Not Applicable

OTHER INFORMATION Not Applicable

ITEM 5. OTHER INFORMATION Not Applicable

EXHIBITS 27

ITEM 6. EXHIBITS 27 SIGNATURES 28 LIST XBRL DOCUMENTS As used in this Quarterly Report on Form 10-Q, the terms "we," "us," "our," the "Company" and "Flanigan's" mean Flanigan's Enterprises, Inc. and its subsidiaries (unless the context indicates a different meaning).

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share amounts) Thirteen Weeks Ended Twenty-Six Weeks Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 REVENUES: Restaurant food sales $ 29,356 $ 27,113 $ 55,711 $ 51,880 Restaurant bar sales 7,740 7,281 15,203 14,269 Package store sales 10,140 8,659 20,742 18,062 Franchise related revenues 445 484 863 943 Rental income 313 218 566 431 Other operating income 75 48 124 79 48,069 43,803 93,209 85,664 COSTS AND EXPENSES: Cost of merchandise sold: Restaurants 12,210 11,210 24,041 22,016 Package goods 7,492 6,212 15,372 13,196 Payroll and related costs 14,972 14,174 29,357 27,810 Occupancy costs 1,930 1,878 4,094 3,726 Selling, general and administrative expenses 8,780 7,618 16,868 15,008 45,384 41,092 89,732 81,756 Income from Operations 2,685 2,711 3,477 3,908 OTHER INCOME (EXPENSE): Interest expense ( 255 ) ( 262 ) ( 517 ) ( 537 ) Interest and other income 39 19 85 34 ( 216 ) ( 243 ) ( 432 ) ( 503 ) Income before benefit (provision) for income taxes 2,469 2,468 3,045 3,405 Benefit (provision) for income taxes 55 ( 290 ) 73 ( 353 ) Net Income 2,524 2,178 3,118 3,052 Less: Net Income attributable to noncontrolling interests ( 582 ) ( 281 ) ( 1,067 ) ( 531 ) Net Income Attributable to Flanigan's Enterprises Inc. Stockholders $ 1,942 $ 1,897 $ 2,051 $ 2,521 Net Income Per Common Share: Basic and Diluted $ 1.04 $ 1.02 $ 1.10 $ 1.36 Weighted Average Shares and Equivalent Shares Outstanding Basic and Diluted 1,858,647 1,858,647 1,858,647 1,858,647 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 1 FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Thirteen Weeks Ended Twenty-Six Weeks Ended March 30, April 1, March 30, April 1, 2024 2023 2024 2023 Net Income: $ 2,524 $ 2,178 $ 3,118 $ 3,052 Other comprehensive income (loss): Change in fair value of interest rate swap, net of tax 123 — ( 215 ) — Total Comprehensive Income $ 2,647 $ 2,178 $ 2,903 $ 3,052 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 2 FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 30, 2024 (UNAUDITED) AND SEPTEMBER 30, 2023 (in thousands, except share and per share amounts) ASSETS March 30, 2024 September 30, 2023 Current Assets: Cash and cash equivalents $ 22,002 $ 25,532 Prepaid income taxes 323 219 Other receivables 923 834 Inventories 7,387 7,198 Prepaid expenses 3,493 1,511 Total current assets 34,128 35,294 Property and equipment, net 82,353 74,724 Construction in progress — 5,416 82,353 80,140 Right-of-use assets, operating leases 25,672 26,987 Investment in limited partnerships 270 252 Other Assets: Liquor licenses 1,268 1,268 Deposits on property and equipment 50 887 Leasehold interests, net 82 63 Other 562 878 Total other assets 1,962 3,096 Total assets $ 144,385 $ 145,769 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 3 FLANIGAN'S ENTERPRISES, INC, AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 30, 2024 (UNAUDITED) AND SEPTEMBER 30, 2023 (in thousands, except share and per share amounts) (Continued) LIABILITIES AND STOCKHOLDERS' EQUITY March 30, 2024 September 30, 2023 Current Liabilities: Accounts payable and accrued expenses $ 7,748 $ 9,271 Accrued compensation 2,165 1,808 Due to franchisees 4,730 4,977 Current portion of long-term debt 1,325 1,295 Operating lease liabilities, current 2,456 2,385 Deferred revenue 3,490 2,635 Total current liabilities 21,914 22,371 Long-Term Debt, Net of Current Portion 21,176 21,833 Operating lease liabilities, non-current 24,607 25,850 Deferred tax liabilities 728 801 Total liabilities 68,425 70,855 Commitments and contingencies Stockholders' equity: Flanigan's Enterprises, Inc. Stockholders' Equity Common stock, $ .10 par value, 5,000,000 shares authorized; 4,197,642 shares issued; 1,858,647 shares outstanding 420 420 Capital in excess of par value 6,240 6,240 Retained earnings 60,298 58,247 Accumulated other comprehensive income 180 395 Treasury stock, at cost, 2,338,995 shares ( 6,077 ) ( 6,077 ) Total Flanigan's Enterprises, Inc. stockholders' equity 61,061 59,225 Noncontrolling interests 14,899 15,689 Total stockholders' equity 75,960 74,914 Total liabilities and stockholders' equity $ 144,385 $ 145,769 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 4 FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE TWENTY-SIX WEEKS ENDED MARCH 30, 2024 AND APRIL 1, 2023 (in thousands, except share amounts) Capital in Common Stock Excess of Retained Treasury Stock Noncontrolling Shares Amount Par Value AOCI Earnings Shares Amount Interests Total Balance, September 30, 2023 4,197,642 $ 420 $ 6,240 $ 395 $ 58,247 2,338,995 $ ( 6,077 ) $ 15,689 $ 74,914 Net income — — — — 109 — — 485 594 Other comprehensive loss — — — ( 338 ) — — — — ( 338 ) Distributions to noncontrolling interests — — — — — — — ( 990 ) ( 990 ) Balance, December 30, 2023 4,197,642 $ 420 $ 6,240 $ 57 $ 58,356 2,338,995 $ ( 6,077 ) $ 15,184 $ 74,180 Net income — — — — 1,942 — — 582 2,524 Other comprehensive income — — — 123 — — — — 123 Distributions to noncontrolling interests — — — — — — — ( 867 ) ( 867 ) Balance, March 30, 2024 4,197,642 $ 420 $ 6,240 $ 180 $ 60,298 2,338,995 $ ( 6,077 ) $ 14,899 $ 75,960 Common Stock Capital in Excess of Retained Treasury Stock Noncontrolling Shares Amount Par Value AOCI Earnings Shares Amount Interests Total Balance, October 1, 2022 4,197,642 $ 420 $ 6,240 $ — $ 55,086 2,338,995 $ ( 6,077 ) $ 17,671 $ 73,340 Net income — — — — 624 — — 250 874 Distributions to noncontrolling interests — — — — — — — ( 829 ) ( 829 ) Balance, December 31, 2022 4,197,642 $ 420 $ 6,240 $ — $ 55,710 2,338,995 $ ( 6,077 ) $ 17,092 $ 73,385 Net income — — — — 1,897 — — 281 2,178 Distributions to noncontrolling interests — — — — — — — ( 789 ) ( 789 ) Balance, April 1, 2023 4,197,642 $ 420 $ 6,240 $ — $ 57,607 2,338,995 $ ( 6,077 ) $ 16,584 $ 74,774 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 5 FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE TWENTY-SIX WEEKS ENDED MARCH 30, 2024 AND APRIL 1, 2023 (in thousands) March 30, 2024 April 1, 2023 Cash Flows from Operating Activities: Net income $ 3,118 $ 3,052 Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: Depreciation and amortization 1,992 1,668 Amortization of leasehold interests 12 11 Amortization of operating lease right-of-use assets 1,315 1,227 Loss on abandonment of property and equipment 54 14 Amortization of deferred loan costs 18 20 Income from unconsolidated limited partnership ( 30 ) ( 8 ) Changes in operating assets and liabilities: (Increase) decrease in: Other receivables ( 89 ) ( 254 ) Prepaid income taxes ( 104 ) 148 Inventories ( 189 ) ( 66 ) Prepaid expenses ( 1,982 ) ( 1,229 ) Other assets 28 12 Increase (decrease) in: Accounts payable and accrued expenses ( 1,446 ) 92 Operating lease liabilities ( 1,172 ) ( 1,105 ) Due to franchisees ( 247 ) 174 Deferred revenue 855 438 Net cash and cash equivalents provided by operating activities 2,133 4,194 Cash Flows from Investing Activities: Purchase of property and equipment ( 1,519 ) ( 1,949 ) Purchase of construction in progress ( 1,594 ) ( 1,740 ) Deposits on property and equipment ( 84 ) ( 1,631 ) Purchase of leaseholds ( 31 ) — Proceeds from sale of property and equipment 55 28 Distributions from unconsolidated limited partnership 12 19 Net cash and cash equivalents used in investing activities ( 3,161 ) ( 5,273 ) See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 6 FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE TWENTY-SIX WEEKS ENDED MARCH 30, 2024 AND APRIL 1, 2023 (in thousands) (Continued) March 30, 2024 April 1, 2023 Cash Flows from Financing Activities: Payments on long-term debt ( 645 ) ( 1,677 ) Distributions to limited partnerships' noncontrolling interests ( 1,857 ) ( 1,618 ) Net cash and cash equivalents used in financing activities ( 2,502 ) ( 3,295 ) Net Increase in Cash and Cash Equivalents ( 3,530 ) ( 4,374 ) Cash and Cash Equivalents - Beginning of Period 25,532 42,138 Cash and Cash Equivalents - End of Period $ 22,002 $ 37,764 Supplemental Disclosure for Cash Flow Information: Cash paid during the year for: Interest $ 517 $ 537 Income taxes $ 31 $ 206 Supplemental Disclosure of Non-Cash Investing and Financing Activities: Decrease in fair value of interest rate swap $ 288 $ — Purchase deposits capitalized to property and equipment $ 206 $ 114 Purchase deposits transferred to construction in progress $ 715 $ 439 Construction in progress transferred to property and equipment $ 7,676 $ 3,341 Property and equipment and construction in progress in accounts payable and accrued expenses $ 280 $ 177 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 7 FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL THIRTEEN AND TWENTY-SIX WEEKS ENDED MARCH 30, 2024 AND APRIL 1, 2023 (1) BASIS OF PRESENTATION: The accompanying condensed consolidated financial information for the twenty-six weeks ended March 30, 2024 and April 1, 2023 is unaudited. Financial information as of September 30, 2023 has been derived from the audited financial statements of Flanigan's Enterprises, Inc., a Florida corporation, together with its subsidiaries, (the "Company", "we", "our", "ours" and "us" as the context requires), but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated have been included. For further information regarding the Company's accounting policies, refer to the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended September 30, 2023. Operating results for interim periods are not necessarily indicative of results to be expected for a full year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the accounts of the ten limited partnerships in which we act as general partner and have controlling interests. All intercompany balances and transactions have been eliminated. Non-controlling interest represents the limited partners' proportionate share of the net assets and results of operations of the ten limited partnerships. The consolidated financial statements and related disclosures for condensed interim reporting are prepared in conformity with accounting principles generally accepted in the United States. We are required to make estimates and assumptions that

View Full Filing

View this 10-Q filing on SEC EDGAR