Flanigans Enterprises Files 10-Q for Q3 2024

Ticker: BDL · Form: 10-Q · Filed: Feb 11, 2025 · CIK: 12040

Sentiment: neutral

Topics: 10-Q, quarterly-report, retail-eating-places

TL;DR

Flanigans Enterprises filed its 10-Q for the quarter ending 12/28/24. All systems go.

AI Summary

Flanigans Enterprises, Inc. filed its 10-Q for the quarterly period ended December 28, 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 financial performance and operational status of Flanigan's Enterprises, Inc. during the specified quarter.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

FAQ

What is the fiscal year end for Flanigan's Enterprises, Inc.?

The fiscal year end for Flanigan's Enterprises, Inc. is September 28.

What is the Standard Industrial Classification (SIC) code for Flanigan's Enterprises, Inc.?

The SIC code is 5812, which corresponds to RETAIL-EATING PLACES.

When was Flanigan's Enterprises, Inc. incorporated?

The company was incorporated in Florida.

What is the IRS Employer Identification Number (EIN) for the company?

The IRS EIN is 59-0877638.

What was the previous name of the company before it was known as Flanigan's Enterprises, Inc.?

The company was formerly known as BIG DADDYS LOUNGES INC and CASTLEWOOD INTERNATIONAL CORP and MOSAM CORP.

Filing Stats: 4,539 words · 18 min read · ~15 pages · Grade level 18.2 · Accepted 2025-02-11 16:33:40

Key Financial Figures

Filing Documents

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 DECEMBER 28, 2024 (UNAUDITED) AND SEPTEMBER 28, 2024 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 16

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 23

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 24

OTHER INFORMATION

PART II. OTHER INFORMATION 25

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 25

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 25

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 25

EXHIBITS

ITEM 6. EXHIBITS 26

SIGNATURES

SIGNATURES 27 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 December 28, 2024 December 30, 2023 REVENUES: Restaurant food sales $ 29,126 $ 26,355 Restaurant bar sales 7,962 7,463 Package store sales 12,435 10,602 Franchise related revenues 431 418 Rental income 267 253 Other revenues 41 49 50,262 45,140 COSTS AND EXPENSES: Cost of merchandise sold: Restaurant 13,029 11,831 Package goods 9,481 7,880 Payroll and related costs 15,746 14,385 Operating expenses 6,554 5,913 Occupancy costs 1,954 2,164 Selling, general and administrative expenses 1,494 1,193 Depreciation and amortization 1,146 981 49,404 44,347 Income from Operations 858 793 OTHER INCOME (EXPENSE): Interest expense ( 250 ) ( 262 ) Interest and other income 59 45 ( 191 ) ( 217 ) Income before benefit (provision) for income taxes 667 576 (Provision) benefit for income taxes ( 35 ) 18 Net Income 632 594 Less: Net Income attributable to noncontrolling interests ( 577 ) ( 485 ) Net Income Attributable to Flanigan's Enterprises Inc. Stockholders $ 55 $ 109 Net Income Per Common Share: Basic and Diluted $ 0.03 $ 0.06 Weighted Average Shares and Equivalent Shares Outstanding Basic and Diluted 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 December 28, December 30, 2024 2023 Net Income: $ 632 $ 594 Other comprehensive income (loss): Change in fair value of interest rate swap, net of tax 331 ( 338 ) Total Comprehensive Income $ 963 $ 256 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 2 FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS DECEMBER 28, 2024 (UNAUDITED) AND SEPTEMBER 28, 2024 (in thousands, except share amounts) ASSETS December 28, 2024 September 28, 2024 Current Assets: Cash and cash equivalents $ 27,322 $ 21,402 Prepaid income taxes 135 170 Other receivables 1,191 1,063 Inventories 7,495 7,020 Prepaid expenses 844 1,874 Total current assets 36,987 31,529 Property and equipment, net 81,330 81,747 Right-of-use assets, operating leases 26,176 26,828 Investment in limited partnerships 275 274 Other Assets: Liquor licenses 1,268 1,268 Leasehold interests, net 61 68 Deposits on property and equipment 59 57 Other 720 311 Total other assets 2,108 1,704 Total assets $ 146,876 $ 142,082 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 3 FLANIGAN'S ENTERPRISES, INC, AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS DECEMBER 28, 2024 (UNAUDITED) AND SEPTEMBER 28, 2024 (in thousands, except share amounts) (Continued) LIABILITIES AND STOCKHOLDERS' EQUITY December 28, 2024 September 28, 2024 Current Liabilities: Accounts payable and accrued expenses $ 9,033 $ 7,213 Accrued compensation 2,786 1,798 Due to franchisees 4,127 4,149 Current portion of long-term debt 1,418 1,400 Operating lease liabilities, current 2,538 2,467 Deferred revenue 5,478 2,897 Total current liabilities 25,380 19,924 Long-Term Debt, Net of Current Portion 20,169 20,512 Operating lease liabilities, non-current 25,197 25,847 Deferred tax liabilities 501 389 Total liabilities 71,247 66,672 Commitments and contingencies Note 7 Stockholders' Equity: Flanigan's Enterprises, Inc.'s 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 60,729 60,674 Accumulated other comprehensive income 290 ( 41 ) Treasury stock, at cost, 2,338,995 shares ( 6,077 ) ( 6,077 ) Total Flanigan's Enterprises, Inc.'s Stockholders' Equity 61,602 61,216 Noncontrolling interests 14,027 14,194 Total stockholders' equity 75,629 75,410 Total liabilities and stockholders' equity $ 146,876 $ 142,082 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 THIRTEEN WEEKS ENDED DECEMBER 28, 2024 AND DECEMBER 30, 2023 (in thousands, except share amounts) Common Stock Capital in Excess of Retained Treasury Stock Noncontrolling Shares Amount Par Value AOCI Earnings Shares Amount Interests Total Balance, September 28, 2024 4,197,642 $ 420 $ 6,240 $ ( 41 ) $ 60,674 2,338,995 $ ( 6,077 ) $ 14,194 $ 75,410 Net income — — — — 55 — — 577 632 Other comprehensive income — — — 331 — — — — 331 Distributions to noncontrolling interests — — — — — — — ( 740 ) ( 740 ) Purchase of noncontrolling interest — — — — — — — ( 4 ) ( 4 ) Balance, December 28, 2024 4,197,642 $ 420 $ 6,240 $ 290 $ 60,729 2,338,995 $ ( 6,077 ) $ 14,027 $ 75,629 Common Stock Capital in 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 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 THIRTEEN WEEKS ENDED DECEMBER 28, 2024 AND DECEMBER 30, 2023 (in thousands) December 28, 2024 December 30, 2023 Cash Flows from Operating Activities: Net income $ 632 $ 594 Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: Depreciation and amortization 1,146 981 Amortization of leasehold interests 7 5 Amortization of operating lease right-of-use assets 652 677 Loss on abandonment of property and equipment 4 1 Amortization of deferred loan costs 9 9 Income from unconsolidated limited partnership ( 5 ) ( 5 ) Changes in operating assets and liabilities: (Increase) decrease in: Other receivables ( 156 ) 50 Prepaid income taxes 35 ( 18 ) Inventories ( 475 ) ( 479 ) Prepaid expenses 1,030 860 Other assets 34 15 Increase (decrease) in: Accounts payable and accrued expenses 2,808 ( 444 ) Operating lease liabilities ( 579 ) ( 582 ) Due to franchisees ( 22 ) ( 431 ) Deferred revenue 2,581 2,217 Net cash and cash equivalents provided by operating activities 7,701 3,450 Cash Flows from Investing Activities: Purchase of property and equipment ( 736 ) ( 660 ) Purchase of construction in progress — ( 29 ) Deposits on property and equipment ( 13 ) ( 71 ) Purchase of leaseholds — ( 31 ) Proceeds from sale of property and equipment 12 9 Proceeds from insurance recovery 30 — Distributions from unconsolidated limited partnership 4 8 Net cash and cash equivalents used in investing activities ( 703 ) ( 774 ) 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 THIRTEEN WEEKS ENDED DECEMBER 28, 2024 AND DECEMBER 30, 2023 (in thousands) (Continued) December 28, 2024 December 30, 2023 Cash Flows from Financing Activities: Payments on long-term debt ( 334 ) ( 321 ) Purchase of noncontrolling limited partnership interest ( 4 ) — Distributions to limited partnerships' noncontrolling interests ( 740 ) ( 990 ) Net cash and cash equivalents used in financing activities ( 1,078 ) ( 1,311 ) Net Increase in Cash and Cash Equivalents 5,920 1,365 Cash and Cash Equivalents - Beginning of Period 21,402 25,532 Cash and Cash Equivalents - End of Period $ 27,322 $ 26,897 Supplemental Disclosure for Cash Flow Information: Cash paid during the year for: Interest $ 205 $ 262 Income taxes $ — $ — Supplemental Disclosure of Non-Cash Investing and Financing Activities: Increase (decrease) in fair value of interest rate swap $ 443 $ ( 453 ) Purchase deposits capitalized to property and equipment $ 9 $ 115 Construction in progress transferred to property and equipment $ — $ 379 Property and equipment and construction in progress in accounts payable and accrued expenses $ — $ 574 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 WEEKS ENDED DECEMBER 28, 2024 AND DECEMBER 30, 2023 (1) BASIS OF PRESENTATION: The accompanying condensed consolidated financial information for the thirteen weeks ended December 28, 2024 and December 30, 2023 is unaudited. Financial information as of September 28, 2024 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 28, 2024. 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 aff

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