In This Story
Flanigan's Enterprises Inc. (BDL0.00%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing reports total revenue of $50,262,000 for the quarter, an increase of 11.35% from $45,140,000 in the same quarter the previous year. This increase is attributed to higher package liquor store and restaurant sales, as well as increased menu prices.
Restaurant food sales rose to $29,126,000 from $26,355,000, while restaurant bar sales increased to $7,962,000 from $7,463,000. Package store sales grew to $12,435,000 from $10,602,000.
Cost of merchandise sold for the quarter was $22,510,000, compared to $19,711,000 in the previous year. Payroll and related costs increased to $15,746,000 from $14,385,000.
Operating expenses were $6,554,000, up from $5,913,000, while occupancy costs decreased to $1,954,000 from $2,164,000.
Selling, general, and administrative expenses increased to $1,494,000 from $1,193,000, primarily due to higher advertising costs.
Net income for the quarter was $632,000, up from $594,000 in the previous year. Net income attributable to Flanigan’s Enterprises Inc. stockholders was $55,000, down from $109,000.
Cash provided by operating activities was $7,701,000, while cash used in investing and financing activities was $703,000 and $1,078,000, respectively.
Flanigan's had a working capital of $11,607,000 as of December 28, 2024. The company expects to fund operations and capital expenditures with cash on hand and positive cash flow from operations.
The filing also details the company's interest rate swap agreements and notes the impact of inflation on operating results, particularly rising food, fuel, and labor costs.
Flanigan's identified material weaknesses in its internal controls over financial reporting related to IT general controls and deferred revenue recognition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flanigan's Enterprises Inc. quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.