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Flanigan's Enterprises(BDL) - 2025 Q1 - Quarterly Report
BDLFlanigan's Enterprises(BDL)2025-02-11 21:33

Revenue Growth - Total revenue for the thirteen weeks ended December 28, 2024, increased by 5,122,000or11.355,122,000 or 11.35% to 50,262,000 compared to 45,140,000forthesameperiodin2023,drivenbyincreasedpackageliquorstoreandrestaurantsales[70].−Restaurantfoodsalesreached45,140,000 for the same period in 2023, driven by increased package liquor store and restaurant sales[70]. - Restaurant food sales reached 29,126,000 for the thirteen weeks ended December 28, 2024, up from 26,355,000intheprioryear,reflectinga10.6626,355,000 in the prior year, reflecting a 10.66% increase attributed to recent price increases and the opening of a new restaurant[71]. - Package store sales totaled 12,435,000 for the thirteen weeks ended December 28, 2024, compared to 10,602,000inthesameperiodlastyear,markinganincreaseof10,602,000 in the same period last year, marking an increase of 1,833,000 or 17.28% in same-store sales[73]. Costs and Expenses - Costs and expenses rose by 5,057,000or11.405,057,000 or 11.40% to 49,404,000 for the thirteen weeks ended December 28, 2024, primarily due to increased payroll and food costs[74]. - Payroll and related costs increased by 1,361,000or9.461,361,000 or 9.46% to 15,746,000, with payroll as a percentage of total revenue decreasing to 31.33% from 31.87%[78]. - Operating expenses rose by 641,000or10.84641,000 or 10.84% to 6,554,000, driven by inflation and the opening of a new restaurant[79]. - Selling, general and administrative expenses increased by 301,000or25.23301,000 or 25.23% to 1,494,000, representing 2.97% of total revenue for the thirteen weeks ended December 28, 2024, up from 2.64% in 2023[81]. - Depreciation and amortization expense rose by 165,000or16.82165,000 or 16.82% to 1,146,000, accounting for 2.28% of revenue in the thirteen weeks ended December 28, 2024, compared to 2.17% in 2023[82]. - Occupancy costs decreased by 210,000or9.70210,000 or 9.70% to 1,954,000 for the thirteen weeks ended December 28, 2024, compared to 2,164,000forthesameperiodin2023[80].Profitability−Grossprofitforfoodandbarsalesincreasedto2,164,000 for the same period in 2023[80]. Profitability - Gross profit for food and bar sales increased to 24,059,000, with a gross profit margin of 64.87%, slightly down from 65.02% in the previous year due to higher food costs[76]. - Net income increased by 38,000or6.4038,000 or 6.40% to 632,000 for the thirteen weeks ended December 28, 2024, with a net income margin of 1.26%, down from 1.32% in 2023[84]. - Net income attributable to Flanigan's Enterprises, Inc. stockholders decreased by 54,000or49.5454,000 or 49.54% to 55,000, representing 0.11% of revenue, compared to 0.24% in 2023[85]. Cash Flow and Financial Position - Cash and cash equivalents increased by 5,920,000toapproximately5,920,000 to approximately 27,322,000 as of December 28, 2024, from 21,402,000asofSeptember28,2024[88].−Netcashprovidedbyoperatingactivitieswas21,402,000 as of September 28, 2024[88]. - Net cash provided by operating activities was 7,701,000 for the thirteen weeks ended December 28, 2024, compared to 3,450,000in2023[91].−Capitalexpendituresforpropertyandequipmentamountedto3,450,000 in 2023[91]. - Capital expenditures for property and equipment amounted to 745,000 during the thirteen weeks ended December 28, 2024, down from 1,378,000in2023[92].−Long−termdebtdecreasedto1,378,000 in 2023[92]. - Long-term debt decreased to 21,587,000 as of December 28, 2024, from 21,912,000asofSeptember28,2024[94].FutureOutlook−Thecompanyanticipatescontinuedincreasesinrestaurantfoodandbarsalesduetorecentpriceincreasesimplementedinlate2024[71][72].−Thecompanyexpectspackageliquorstoresalestocontinueincreasingduetohighertrafficinstores[73].−Thecompanyoperatesatotalof32unitsandfranchisesanadditional5unitsasofDecember28,2024,maintainingthesamenumberofunitsasinSeptember2024[63][64].−Thecompanyenteredintoapurchaseagreementforapproximately21,912,000 as of September 28, 2024[94]. Future Outlook - The company anticipates continued increases in restaurant food and bar sales due to recent price increases implemented in late 2024[71][72]. - The company expects package liquor store sales to continue increasing due to higher traffic in stores[73]. - The company operates a total of 32 units and franchises an additional 5 units as of December 28, 2024, maintaining the same number of units as in September 2024[63][64]. - The company entered into a purchase agreement for approximately 7.8 million of baby back ribs for calendar year 2025 to ensure supply and fix costs[96].