Flanigans Enterprises Files Q2 2024 10-Q
Ticker: BDL · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 12040
Sentiment: neutral
Topics: 10-Q, financials, restaurant
Related Tickers: BDL
TL;DR
Flanigans Enterprises (BDL) filed its 10-Q for Q2 2024. All good.
AI Summary
Flanigans Enterprises, Inc. filed its 10-Q report for the quarterly period ended June 29, 2024. The company, incorporated in Florida, operates in the retail-eating places sector. Its principal executive offices are located at 5059 N.E. 18th Avenue, Fort Lauderdale, Florida.
Why It Matters
This filing provides investors with an update on the company's financial performance and operational status for the second quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Players & Entities
- FLANIGANS ENTERPRISES INC (company) — Registrant
- June 29, 2024 (date) — Quarterly period end date
- 5059 N.E. 18th Avenue, Fort Lauderdale, Florida (location) — Principal executive offices address
- 59-0877638 (identifier) — I.R.S. Employer Identification Number
FAQ
What is the fiscal year end for Flanigan's Enterprises, Inc.?
The fiscal year end for Flanigan's Enterprises, Inc. is September 30.
What is the Standard Industrial Classification (SIC) code for Flanigan's Enterprises, Inc.?
The SIC code for Flanigan's Enterprises, Inc. is 5812, which corresponds to RETAIL-EATING PLACES.
What is the Commission File Number for Flanigan's Enterprises, Inc.?
The Commission File Number for Flanigan's Enterprises, Inc. is 1-6836.
When was Flanigan's Enterprises, Inc. incorporated?
Flanigan's Enterprises, Inc. was incorporated in Florida.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 13, 2024.
Filing Stats: 4,623 words · 18 min read · ~15 pages · Grade level 18 · Accepted 2024-08-13 16:34:43
Key Financial Figures
- $0.10 — 2024, 1,858,647 shares of Common Stock, $0.10 par value per share, were outstanding.
Filing Documents
- bdl-20240629.htm (10-Q) — 1290KB
- ex31-1.htm (EX-31.1) — 12KB
- ex31-2.htm (EX-31.2) — 11KB
- ex32-1.htm (EX-32.1) — 5KB
- ex32-2.htm (EX-32.2) — 6KB
- 0001174947-24-001006.txt ( ) — 5994KB
- bdl-20240629.xsd (EX-101.SCH) — 56KB
- bdl-20240629_cal.xml (EX-101.CAL) — 41KB
- bdl-20240629_def.xml (EX-101.DEF) — 171KB
- bdl-20240629_lab.xml (EX-101.LAB) — 416KB
- bdl-20240629_pre.xml (EX-101.PRE) — 181KB
- bdl-20240629_htm.xml (XML) — 1279KB
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 JUNE 29, 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
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 27
CONTROLS AND PROCEDURES
ITEM 4. CONTROLS AND PROCEDURES 28
OTHER INFORMATION
PART II. OTHER INFORMATION 29
LEGAL PROCEEDINGS
ITEM 1. LEGAL PROCEEDINGS 29
RISK FACTORS
ITEM 1A. RISK FACTORS Not Applicable
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 29
DEFAULTS UPON SENIOR SECURITIES
ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable
MINE SAFETY DISCLOSURES
ITEM 4. MINE SAFETY DISCLOSURES Not Applicable
OTHER INFORMATION
ITEM 5. OTHER INFORMATION Not Applicable
EXHIBITS
ITEM 6. EXHIBITS 30
SIGNATURES
SIGNATURES 31 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
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share amounts) Thirteen Weeks Ended Thirty-Nine Weeks Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 REVENUES: Restaurant food sales $ 30,471 $ 28,126 $ 86,182 $ 80,006 Restaurant bar sales 7,577 7,687 22,780 21,956 Package store sales 10,292 8,791 31,034 26,853 Franchise related revenues 428 466 1,291 1,409 Rental income 278 252 844 683 Other operating income 56 50 180 129 49,102 45,372 142,311 131,036 COSTS AND EXPENSES: Cost of merchandise sold: Restaurant and lounges 13,104 11,735 37,145 33,751 Package goods 7,703 6,498 23,075 19,694 Payroll and related costs 15,301 14,598 44,658 42,408 Operating expenses 6,268 6,008 18,565 17,452 Occupancy costs 2,024 1,914 6,118 5,640 Selling, general and administrative expenses 1,288 991 3,867 2,887 Depreciation and amortization 1,127 928 3,119 2,596 46,815 42,672 136,547 124,428 Income from Operations 2,287 2,700 5,764 6,608 OTHER INCOME (EXPENSE): Interest expense ( 251 ) ( 264 ) ( 768 ) ( 801 ) Interest and other income 46 26 131 60 Gain on sale of property and equipment 2 — 2 — ( 203 ) ( 238 ) ( 635 ) ( 741 ) Income before provision for income taxes 2,084 2,462 5,129 5,867 Provision for income taxes ( 282 ) ( 51 ) ( 209 ) ( 404 ) Net Income 1,802 2,411 4,920 5,463 Less: Net Income attributable to noncontrolling interests ( 681 ) ( 806 ) ( 1,748 ) ( 1,337 ) Net Income Attributable to Flanigan's Enterprises Inc. Stockholders $ 1,121 $ 1,605 $ 3,172 $ 4,126 Net Income Per Common Share: Basic and Diluted $ 0.60 $ 0.86 $ 1.71 $ 2.22 Weighted Average Shares and Equivalent Shares Outstanding Basic and Diluted 1,858,647 1,858,647 1,858,647 1
financial statements
financial statements: (i) For the policy year beginning December 30, 2023, our general liability insurance, excluding limited partnerships, is a one (1) year policy with our insurance carriers. For the policy commencing December 30, 2023, the $ 10,000 self-insured retention per occurrence increases to $ 50,000 for us but remains the same at $ 10,000 for the limited partnerships. The one (1) year general liability insurance premium is in the amount of $ 455,000 ; (ii) For the policy year beginning December 30, 2023, our general liability insurance for our limited partnerships is a one (1) year policy with our insurance carriers. The one (1) year general liability insurance premium is in the amount of $ 1,055,000 ; (iii) For the policy year beginning December 30, 2023, our automobile insurance is a one (1) year policy. The one (1) year automobile insurance premium is in the amount of $ 211,000 ; (iv) For the policy year beginning December 30, 2023, our property insurance is a one (1) year policy. The one (1) year property insurance premium is in the amount of $ 1,416,000 ; (v) For the policy year beginning December 30, 2023, our excess liability insurance is a one (1) year policy. The one (1) year excess liability insurance premium is in the amount of $ 764,000 ; (vii) For the policy year beginning December 30, 2023, our terrorism insurance is a one (1) year policy. The one (1) year terrorism insurance premium is in the amount of $ 19,000 . We paid the $ 3,920,000 annual premium amounts on January 4, 2024, which includes coverage for our franchises which are not included in our condensed consolidated financial 10 (8) COMMITMENTS AND CONTINGENCIES: Construction Contract 2505 N. University Drive, Hollywood, Florida (Store #19 – "Flanigan's") During the first quarter of our fiscal year 2022, we entered into an agreement with a third party unaffiliated general contractor to re-build our restaurant located at 2505 N. University Drive, Building