Core Viewpoint - Flanigan's Enterprises, Inc. reported a decline in earnings per share and net income for the third quarter of fiscal 2024, despite an increase in revenues driven by restaurant food and package store sales [1][12]. Revenue Performance - Flanigan's registered revenues of 30.5 million, up 8.3% year over year, attributed to new restaurant openings [4]. - Package store sales were 0.4 million, down 8.2% from the previous year [9]. Sales Breakdown - Comparable weekly restaurant food sales for the 13 weeks ended June 29, 2024, were 7.6 million, down 1.4% year over year, impacted by increased competition [6]. - Comparable weekly restaurant bar sales for company-owned restaurants were 27.5 million, but gross margin contracted by 217 basis points to 56.9% [10]. - Operating profit totaled 1.8 million, down 25.3% year over year, with net income attributable to stockholders at 1.3 million [11]. - Total operating expenses increased 4.3% year over year to 2 million [11]. Liquidity and Debt Management - Flanigan's ended the third quarter with cash and cash equivalents of 22 million in the previous quarter [13]. - Total debt decreased to 22.5 million at the end of the second quarter [13]. - Cumulative net cash provided by operating activities was 7.2 million a year ago [13]. Overall Assessment - The company showed solid top-line results with robust restaurant food and package store sales, alongside increases in rental and other operating income [14]. - However, the decline in bottom-line results, lower restaurant bar sales, and a contraction in gross margin were concerning [14].
Flanigan's (BDL) Q3 Earnings Decline Y/Y, Revenues Improve