FLANIGANS ENTERPRISES INC
For the period ended Mar 29, 2025. Filed May 19, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 29, 2025 · Filed May 19, 2025
BDL$58.56-3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-28; filed 2025-02-11.
0001174947-25-000152
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-03-29; filed 2025-05-19.
0001174947-25-000783
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 56 previous paragraphs and 85 current paragraphs.
32 unchanged; 22 reworded; 22 added; 2 removed; 0 previous and 9 current paragraphs rearranged.
Tables are not compared: 4 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Comparison of Twenty-Six Weeks Ended March 29, 2025 and March 30, 2024.
Current report
Revenues. Total revenue for the twenty-six weeks ended March 29, 2025 increased $10,685,000 or 11.46% to $103,894,000 from $93,209,000 for the twenty-six weeks ended March 30, 2024 due primarily to increased package liquor store and restaurant sales, the Recent Price Increases and revenue generated from the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) in March 2024.
Current report
Restaurant Food Sales. Restaurant revenue generated from the sale of food, including non-alcoholic beverages, at restaurants totaled $61,712,000 for the twenty-six weeks ended March 29, 2025 as compared to $55,711,000 for the twenty-six weeks ended March 30, 2024. The increase in restaurant food sales during the twenty-six weeks ended March 29, 2025 as compared to restaurant food sales during the twenty-six weeks ended March 30, 2024 is attributable to the Recent Price Increases and restaurant food sales generated from the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. Comparable weekly restaurant food sales for restaurants open for all of the twenty-six weeks ended March 29, 2025 and March 30, 2024 respectively, which consists of ten restaurants owned by us (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) and ten restaurants owned by affiliated limited partnerships was $2,228,000 and $2,117,000 for the twenty-six weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 5.24%. Comparable weekly restaurant food sales for Company-owned restaurants (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) was $993,000 and $933,000 for the twenty-six weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 6.43%. Comparable weekly restaurant food sales for affiliated limited partnership owned restaurants only was $1,236,000 and $1,184,000 for the twenty-six weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 4.39%. We expect that restaurant food sales, including non-alcoholic beverages, for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Current report
Restaurant Bar Sales. Restaurant revenue generated from the sale of alcoholic beverages at restaurants totaled $16,156,000 for the twenty-six weeks ended March 29, 2025 as compared to $15,203,000 for the twenty-six weeks ended March 30, 2024. The increase in restaurant bar sales during the twenty-six weeks ended March 29, 2025 is primarily due to the Recent Price Increases and the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. Comparable weekly restaurant bar sales for restaurants open for all of the twenty-six weeks ended March 29, 2025 and March 30, 2024 respectively, which consists of ten restaurants owned by us (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) and ten restaurants owned by affiliated limited partnerships was $593,000 and $583,000 for the twenty-six weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 1.72%. Comparable weekly restaurant bar sales for Company-owned restaurants only (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) was $251,000 and $243,000 for the twenty-six weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 3.29%. Comparable weekly restaurant bar sales for affiliated limited partnership owned restaurants only was $342,000 and $340,000 for the twenty-six weeks ended March 29, 2025 and March 30, 2024, an increase of 0.59%. We expect that restaurant bar sales for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Current report
Payroll and Related Costs. Payroll and related costs for the twenty-six weeks ended March 29, 2025 increased $2,573,000 or 8.76% to $31,930,000 from $29,357,000 for the twenty-six weeks ended March 30, 2024. Payroll and related costs for the twenty-six weeks ended March 29, 2025 were higher due primarily to the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024 and the increase to the Florida minimum wage. Payroll and related costs as a percentage of total revenue was 30.73% for the twenty-six weeks ended March 29, 2025 and 31.50% of total revenue for the twenty-six weeks ended March 30, 2024.
Current report
***Depreciation and Amortization.***Depreciation and amortization expense for the twenty-six weeks ended March 29, 2025 increased $315,000 or 15.81% to $2,307,000 from $1,992,000 for the twenty-six weeks ended March 30, 2024. This increase is driven by the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. As a percentage of total revenue, depreciation and amortization expense was 2.22% of revenue for the twenty-six weeks ended March 29, 2025 and 2.14% of revenue for the twenty-six weeks ended March 30, 2024.
Current report
Interest Expense, Net. Interest expense, net, for the twenty-six weeks ended March 29, 2025 decreased $32,000 to $485,000 from $517,000 for the twenty-six weeks ended March 30, 2024.
Current report
Net Income. Net income for the twenty-six weeks ended March 29, 2025 increased $860,000 or 27.58% to $3,978,000 from $3,118,000 for the twenty-six weeks ended March 30, 2024 due primarily to the Recent Price Increases and the operation of our Company-owned restaurant of Hollywood, Florida (Store #19R) during the twenty-six weeks ended March 29, 2025, offset by higher food costs and overall increased expenses. As a percentage of revenue, net income for the twenty-six weeks ended March 29, 2025 is 3.83%, as compared to 3.35% for the twenty-six weeks ended March 30, 2024.
Current report
Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders. Net income attributable to Flanigan’s Enterprises, Inc.’s stockholders for the twenty-six weeks ended March 29, 2025 increased $694,000 or 33.84 % to $2,745,000 from $2,051,000 for the twenty-six weeks ended March 30, 2024 due primarily to the Recent Price Increases and the operation of our Company-owned restaurant of Hollywood, Florida (Store #19R) during the twenty-six weeks ended March 29, 2025, offset by higher food costs and overall increased expenses. As a percentage of revenue, net income attributable to stockholders for the twenty-six weeks ended March 29, 2025 is 2.64%, as compared to 2.20% for the twenty-six weeks ended March 30, 2024.
Current report
Critical Accounting Policies and Estimates
Current report
We describe our significant accounting policies in Note 1. “Summary of Significant Accounting Policies” of our consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the fiscal year ended September 28, 2024.
Current report
Critical accounting estimates are those that we believe are both significant and require us to make difficult, subjective or complex judgments, often because we need to estimate the effect of inherently uncertain matters. We base our estimates and judgments on historical experiences and other assumptions that we believe are reasonable under the circumstances and we evaluate these estimates on an ongoing basis. Actual results may differ from these estimates and we might obtain different estimates if we use different assumptions or factors.
Current report
Leases
Current report
We currently lease a portion of our restaurant and package locations under various lease agreements. Determining the probable term for each lease requires judgment by management and can impact the classification and accounting for a lease as financing or operating, as well as the period for straight-lined rent expense and the depreciation period for lease hold improvements. Generally, the lease term is a minimum of the noncancelable period of the lease or the lease term inclusive of reasonably certain renewal periods up to a term of 15 years. If the estimate of our reasonably certain lease term was changed, our depreciation and rent expense could differ materially. To determine the present value of lease payments not yet paid, we estimate incremental borrowing rates (IBR) corresponding to the reasonably certain lease term. The IBR is an estimate based on several factors, including financial market conditions, comparable company and credit analysis as well as management judgment. If the IBR was changed, our operating lease right-of-use assets and lease liabilities could differ materially.
Current report
Valuation of Long-Lived Assets
Current report
We continually evaluate whether events and circumstances have occurred that may warrant revision of the estimated life of our intangible and other long-lived assets and/or whether the remaining balance of our intangible and other long-lived assets should be evaluated for possible impairment. If and when such factors, events or circumstances indicate that intangible and/or other long-lived assets should be evaluated for possible impairment, we will determine the fair value of the asset by making an estimate of expected future cash flows over the remaining lives of the respective assets and compare that fair value with the carrying value of the assets in measuring their recoverability. In determining the expected future cash flows, the assets will be grouped at the lowest level for which there are cash flows, at the individual store level.
Current report
Loyalty Programs
Current report
We offer loyalty programs to customers of our restaurants and package liquor stores. The gift cards distributed as a part of our loyalty programs have expiration dates and we estimate breakage for such gift cards. We estimate the value of breakage based on historical redemption patterns. If actual redemptions vary from assumptions used to estimate breakage, gift card breakage income may differ from the amount recorded.
Current report
Consolidation of Limited Partnerships
Current report
As of March 29, 2025 we operate ten (10) restaurants as general partner of the limited partnerships that own the operations of these restaurants. We expect that any expansion which takes place in opening new restaurants will also result in us operating the restaurants as general partner. In addition to the general partnership interest we also purchased limited partnership units ranging from 0% to 49% of the total units outstanding. As a result of these controlling interests, we consolidate the operations of these limited partnerships with ours despite the fact that we do not own in excess of 50% of the equity interests. All intercompany transactions are eliminated in consolidation. The non-controlling interests in the earnings of these limited partnerships are removed from net income and are not included in the calculation of earnings per share.
Current report
Income Taxes
Current report
We account for our income taxes using FASB ASC Topic 740, “Income Taxes”, which requires among other things, recognition of future tax benefits measured at enacted rates attributable to deductible temporary differences between financial statement and income tax basis of assets and liabilities and tax credits to the extent that realization of said tax benefits is more likely than not. For discussion regarding our carryforwards refer to Note 10 in the consolidated financial statements for our fiscal year 2024.
Removed paragraphs (2)
Previous report
Critical Accounting Policies
Previous report
During the thirteen weeks ended December 28, 2024, we have not made any change to our critical accounting policies.
Reworded paragraphs (22)
Previous wording
Revenues. Total revenue for the thirteen weeks ended December 28, 2024 increased $5,122,000 or 11.35% to $50,262,000 from $45,140,000 for the thirteen weeks ended December 30, 2023 due primarily to increased package liquor store and restaurant sales, increased menu prices and revenue generated from the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) in March 2024. Effective December 4, 2024 we increased our menu prices for our bar offerings to target an increase to our bar revenues of approximately 4.90% annually and effective November 17, 2024 we increased our menu prices for our food offerings to target an increase to our food revenues of approximately 4.14% annually to offset higher food and liquor costs and higher overall expenses. Effective August 25, 2024, we increased menu prices for our bar offerings to target an increase to our bar revenues of approximately 5.63% annually to offset higher food and liquor costs and higher overall expenses (collectively the “Recent Price Increases”).
Current wording
Revenues. Total revenue for the thirteen weeks ended March 29, 2025 increased $5,563,000 or 11.57% to $53,632,000 from $48,069,000 for the thirteen weeks ended March 30, 2024 due primarily to increased package liquor store and restaurant sales, increased menu prices and revenue generated from the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) in March 2024. Effective February 23, 2025 we increased our menu prices for our bar offerings to target an increase to our bar revenues of approximately 0.84% annually. Effective December 4, 2024 we increased our menu prices for our bar offerings to target an increase to our bar revenues of approximately 4.90% annually and effective November 17, 2024 we increased our menu prices for our food offerings to target an increase to our food revenues of approximately 4.14% annually to offset higher food and liquor costs and higher overall expenses. Effective August 25, 2024, we increased menu prices for our bar offerings to target an increase to our bar revenues of approximately 5.63% annually to offset higher food and liquor costs and higher overall expenses (collectively the “Recent Price Increases”).
Previous wording
Restaurant Food Sales. Restaurant revenue generated from the sale of food, including non-alcoholic beverages, at restaurants totaled $29,126,000 for the thirteen weeks ended December 28, 2024 as compared to $26,355,000 for the thirteen weeks ended December 30, 2023. The increase in restaurant food sales during the thirteen weeks ended December 28, 2024 as compared to restaurant food sales during the thirteen weeks ended December 30, 2023 is attributable to the Recent Price Increases and restaurant food sales generated from the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. Comparable weekly restaurant food sales for restaurants open for all of the thirteen weeks ended December 28, 2024 and December 30, 2023 respectively, which consists of ten restaurants owned by us (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) and ten restaurants owned by affiliated limited partnerships was $2,099,000 and $2,007,000 for the thirteen weeks ended December 28, 2024 and December 30, 2023, respectively, an increase of 4.58%. Comparable weekly restaurant food sales for Company-owned restaurants (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) was $873,000 and $838,000 for the thirteen weeks ended December 28, 2024 and December 30, 2023, respectively, an increase of 4.18%. Comparable weekly restaurant food sales for affiliated limited partnership owned restaurants only was $1,226,000 and $1,170,000 for the thirteen weeks ended December 28, 2024 and December 30, 2023, respectively, an increase of 4.79%. We expect that restaurant food sales, including non-alcoholic beverages, for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Current wording
Restaurant Food Sales. Restaurant revenue generated from the sale of food, including non-alcoholic beverages, at restaurants totaled $32,586,000 for the thirteen weeks ended March 29, 2025 as compared to $29,356,000 for the thirteen weeks ended March 30, 2024. The increase in restaurant food sales during the thirteen weeks ended March 29, 2025 as compared to restaurant food sales during the thirteen weeks ended March 30, 2024 is attributable to the Recent Price Increases and restaurant food sales generated from the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. Comparable weekly restaurant food sales for restaurants open for all of the thirteen weeks ended March 29, 2025 and March 30, 2024 respectively, which consists of ten restaurants owned by us (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) and ten restaurants owned by affiliated limited partnerships was $2,358,000 and $2,227,000 for the thirteen weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 5.88%. Comparable weekly restaurant food sales for Company-owned restaurants (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) was $1,112,000 and $1,029,000 for the thirteen weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 8.07%. Comparable weekly restaurant food sales for affiliated limited partnership owned restaurants only was $1,245,000 and $1,198,000 for the thirteen weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 3.92%. We expect that restaurant food sales, including non-alcoholic beverages, for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Previous wording
Restaurant Bar Sales. Restaurant revenue generated from the sale of alcoholic beverages at restaurants totaled $7,962,000 for the thirteen weeks ended December 28, 2024 as compared to $7,463,000 for the thirteen weeks ended December 30, 2023. The increase in restaurant bar sales during the thirteen weeks ended December 28, 2024 is primarily due to the Recent Price Increases and the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. Comparable weekly restaurant bar sales for restaurants open for all of the thirteen weeks ended December 28, 2024 and December 30, 2023 respectively, which consists of ten restaurants owned by us (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) and ten restaurants owned by affiliated limited partnerships was $584,000 and $574,000 for the thirteen weeks ended December 28, 2024 and December 30, 2023, respectively, an increase of 1.74%. Comparable weekly restaurant bar sales for Company-owned restaurants only (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) was $244,000 and $235,000 for the thirteen weeks ended December 28, 2024 and December 30, 2023, respectively, an increase of 3.83%. Comparable weekly restaurant bar sales for affiliated limited partnership owned restaurants only was $340,000 and $339,000 for the thirteen weeks ended December 28, 2024 and December 30, 2023, an increase of 0.29%. We expect that restaurant bar sales for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Current wording
Restaurant Bar Sales. Restaurant revenue generated from the sale of alcoholic beverages at restaurants totaled $8,194,000 for the thirteen weeks ended March 29, 2025 as compared to $7,740,000 for the thirteen weeks ended March 30, 2024. The increase in restaurant bar sales during the thirteen weeks ended March 29, 2025 is primarily due to the Recent Price Increases and the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. Comparable weekly restaurant bar sales for restaurants open for all of the thirteen weeks ended March 29, 2025 and March 30, 2024 respectively, which consists of ten restaurants owned by us (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) and ten restaurants owned by affiliated limited partnerships was $602,000 and $593,000 for the thirteen weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 1.52%. Comparable weekly restaurant bar sales for Company-owned restaurants only (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) was $258,000 and $252,000 for the thirteen weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 2.38%. Comparable weekly restaurant bar sales for affiliated limited partnership owned restaurants only was $344,000 and $341,000 for the thirteen weeks ended March 29, 2025 and March 30, 2024, an increase of 0.88%. We expect that restaurant bar sales for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Previous wording
Package Store Sales. Revenue generated from sales of liquor and related items at package liquor stores totaled $12,435,000 for the thirteen weeks ended December 28, 2024 as compared to $10,602,000 for the thirteen weeks ended December 30, 2023, an increase of $1,833,000. This increase was primarily due to increased package liquor store traffic. The weekly average of same store package liquor store sales, which includes eleven (11) Company-owned package liquor stores was $957,000 and $816,000 for the thirteen weeks ended December 28, 2024 and December 30, 2023, respectively, an increase of 17.28%. We expect that package liquor store sales for the balance of our fiscal year 2025 will increase due to increased package liquor store traffic.
Current wording
Package Store Sales. Revenue generated from sales of liquor and related items at package liquor stores totaled $12,051,000 for the thirteen weeks ended March 29, 2025 as compared to $10,140,000 for the thirteen weeks ended March 30, 2024, an increase of $1,911,000. This increase was primarily due to increased package liquor store traffic. The weekly average of same store package liquor store sales, which includes eleven (11) Company-owned package liquor stores was $927,000 and $780,000 for the thirteen weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 18.85%. We expect that package liquor store sales for the balance of our fiscal year 2025 will increase due to increased package liquor store traffic.
Previous wording
Costs and Expenses. Costs and expenses (consisting of cost of merchandise sold, payroll and related costs, operating expenses, occupancy costs, selling, general and administrative expenses and depreciation and amortization), for the thirteen weeks ended December 28, 2024 increased $5,057,000 or 11.40% to $49,404,000 from $44,347,000 for the thirteen weeks ended December 30, 2023. The increase was primarily due to increased payroll, an expected general increase in food costs, costs and expenses incurred from the opening of our Company-owned restaurant in Hollywood Florida (Store #19R) during the second quarter of our fiscal year 2024, partially offset by actions taken by management to reduce and/or control costs. We anticipate that our costs and expenses will continue to increase through the balance of our fiscal year 2025. Costs and expenses increased as a percentage of total revenue to approximately 98.29% for the thirteen weeks ended December 28, 2024 from 98.24% for the thirteen weeks ended December 30, 2023.
Current wording
Costs and Expenses. Costs and expenses (consisting of cost of merchandise sold, payroll and related costs, operating expenses, occupancy costs, selling, general and administrative expenses and depreciation and amortization), for the thirteen weeks ended March 29, 2025 increased $4,613,000 or 10.16% to $49,997,000 from $45,384,000 for the thirteen weeks ended March 30, 2024. The increase was primarily due to increased payroll, an expected general increase in food costs, costs and expenses incurred from the opening of our Company-owned restaurant in Hollywood Florida (Store #19R) during the second quarter of our fiscal year 2024, partially offset by actions taken by management to reduce and/or control costs. We anticipate that our costs and expenses will continue to increase through the balance of our fiscal year 2025. Costs and expenses decreased as a percentage of total revenue to approximately 93.22% for the thirteen weeks ended March 29, 2025 from 94.41% for the thirteen weeks ended March 30, 2024.
Previous wording
Restaurant Food Sales and Bar Sales. Gross profit for food and bar sales for the thirteen weeks ended December 28, 2024 increased to $24,059,000 from $21,987,000 for the thirteen weeks ended December 30, 2023. Our gross profit margin for restaurant food and bar sales (calculated as gross profit reflected as a percentage of restaurant food and bar sales), decreased to 64.87% for the thirteen weeks ended December 28, 2024 as compared to 65.02% for the thirteen weeks ended December 30, 2023 due primarily to higher food costs, partially offset by the Recent Price Increases.
Current wording
Restaurant Food Sales and Bar Sales. Gross profit for food and bar sales for the thirteen weeks ended March 29, 2025 increased to $27,415,000 from $24,886,000 for the thirteen weeks ended March 30, 2024. Our gross profit margin for restaurant food and bar sales (calculated as gross profit reflected as a percentage of restaurant food and bar sales), increased to 67.23% for the thirteen weeks ended March 29, 2025 as compared to 67.09% for the thirteen weeks ended March 30, 2024 due primarily to the Recent Price Increases, partially offset by the higher food costs.
Previous wording
Package Store Sales. Gross profit for package store sales for the thirteen weeks ended December 28, 2024 increased to $2,945,000 from $2,722,000 for the thirteen weeks ended December 30, 2023. Our gross profit margin (calculated as gross profit reflected as a percentage of package liquor store sales), for package store sales was 23.76% for the thirteen weeks ended December 28, 2024 and 25.67% for the thirteen weeks ended December 30, 2023. We anticipate that the gross profit margin for package liquor store merchandise will decrease for the balance of our fiscal year 2025 due to higher costs and a reduction in pricing of certain package store merchandise to remain competitive.
Current wording
Package Store Sales. Gross profit for package store sales for the thirteen weeks ended March 29, 2025 increased to $3,382,000 from $2,648,000 for the thirteen weeks ended March 30, 2024. Our gross profit margin (calculated as gross profit reflected as a percentage of package liquor store sales), for package store sales was 28.06% for the thirteen weeks ended March 29, 2025 and 26.11% for the thirteen weeks ended March 30, 2024. We anticipate that the gross profit margin for package liquor store merchandise will decrease for the balance of our fiscal year 2025 due to higher costs and a reduction in pricing of certain package store merchandise to remain competitive.
Previous wording
Payroll and Related Costs. Payroll and related costs for the thirteen weeks ended December 28, 2024 increased $1,361,000 or 9.46% to $15,746,000 from $14,385,000 for the thirteen weeks ended December 30, 2023. Payroll and related costs for the thirteen weeks ended December 28, 2024 were higher due primarily to the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024 and the increase to the Florida minimum wage. Payroll and related costs as a percentage of total revenue was 31.33% in the thirteen weeks ended December 28, 2024 and 31.87% of total revenue in the thirteen weeks ended December 30, 2023.
Current wording
Payroll and Related Costs. Payroll and related costs for the thirteen weeks ended March 29, 2025 increased $1,212,000 or 8.10% to $16,184,000 from $14,972,000 for the thirteen weeks ended March 30, 2024. Payroll and related costs for the thirteen weeks ended March 29, 2025 were higher due primarily to the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024 and the increase to the Florida minimum wage. Payroll and related costs as a percentage of total revenue was 30.18 % for the thirteen weeks ended March 29, 2025 and 31.15% of total revenue for the thirteen weeks ended March 30, 2024.
Previous wording
Operating Expenses. Operating expenses (including but not limited to utilities, insurance, cleaning, credit card fees, supplies, security, and other costs closely related to operating restaurant and package stores) for the thirteen weeks ended December 28, 2024 increased $641,000 or 10.84% to $6,554,000 from $5,913,000 for the thirteen weeks ended December 30, 2023 due primarily to the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024, inflation and otherwise to increases in expenses across all categories.
Current wording
Operating Expenses. Operating expenses (including but not limited to utilities, insurance, cleaning, credit card fees, supplies, security, and other costs closely related to operating restaurant and package stores) for the thirteen weeks ended March 29, 2025 increased $674,000 or 10.56% to $7,057,000 from $6,383,000 for the thirteen weeks ended March 30, 2024 due primarily to the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024, inflation and otherwise to increases in expenses across all categories.
Previous wording
***Depreciation and Amortization.***Depreciation and amortization expense for the thirteen weeks ended December 28, 2024 increased $165,000 or 16.82% to $1,146,000 from $981,000 from the thirteen weeks ended December 30, 2023. This increase is driven by the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. As a percentage of total revenue, depreciation and amortization expense was 2.28% of revenue in the thirteen weeks ended December 28, 2024 and 2.17% of revenue in the thirteen weeks ended December 30, 2023.
Current wording
***Depreciation and Amortization.***Depreciation and amortization expense for the thirteen weeks ended March 29, 2025 increased $150,000 or 14.84% to $1,161,000 from $1,011,000 for the thirteen weeks ended March 30, 2024. This increase is driven by the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. As a percentage of total revenue, depreciation and amortization expense was 2.16% of revenue for the thirteen weeks ended March 29, 2025 and 2.10% of revenue for the thirteen weeks ended March 30, 2024.
Previous wording
Interest Expense, Net. Interest expense, net, for the thirteen weeks ended December 28, 2024 decreased $12,000 to $250,000 from $262,000 for the thirteen weeks ended December 30, 2023.
Current wording
Interest Expense, Net. Interest expense, net, for the thirteen weeks ended March 29, 2025 decreased $20,000 to $235,000 from $255,000 for the thirteen weeks ended March 30, 2024.
Previous wording
***Income Taxes.***Income tax for the thirteen weeks ended December 28, 2024 was an expense of $35,000, as compared to a benefit of $18,000 for the thirteen weeks ended December 30, 2023. This is primarily due to the tax expense that is anticipated based on the projected pre-tax income and permanent differences.
Current wording
***Income Taxes.***Income tax for the thirteen weeks ended March 29, 2025 was an expense of $311,000, as compared to a benefit of $55,000 for the thirteen weeks ended March 30, 2024. This is primarily due to the tax expense that is anticipated based on the projected pre-tax income and permanent differences.
Previous wording
Net Income. Net income for the thirteen weeks ended December 28, 2024 increased $38,000 or 6.40% to $632,000 from $594,000 for the thirteen weeks ended December 30, 2023 due primarily to the Recent Prices Increases and the operation of our Company-owned restaurant of Hollywood, Florida (Store #19R) during the thirteen weeks ended December 28, 2024, offset by higher food costs and overall increased expenses. As a percentage of revenue, net income for the thirteen weeks ended December 28, 2024 is 1.26%, as compared to 1.32% for the thirteen weeks ended December 30, 2023.
Current wording
Net Income. Net income for the thirteen weeks ended March 29, 2025 increased $822,000 or 32.57% to $3,346,000 from $2,524,000 for the thirteen weeks ended March 30, 2024 due primarily to the Recent Price Increases and the operation of our Company-owned restaurant of Hollywood, Florida (Store #19R) during the twenty-six weeks ended March 29, 2025, offset by higher food costs and overall increased expenses. As a percentage of revenue, net income for the thirteen weeks ended March 29, 2025 is 6.24%, as compared to 5.25% for the thirteen weeks ended March 30, 2024.
Previous wording
Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders. Net income attributable to Flanigan’s Enterprises, Inc.’s stockholders for the thirteen weeks ended December 28, 2024 decreased $54,000 or 49.54 % to $55,000 from $109,000 for the thirteen weeks ended December 30, 2023 due primarily to higher food costs and overall increased expenses and more income attributable to noncontrolling interests during the thirteen weeks ended December 28, 2024. As a percentage of revenue, net income attributable to stockholders for the thirteen weeks ended December 28, 2024 is 0.11%, as compared to 0.24% for the thirteen weeks ended December 30, 2023.
Current wording
Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders. Net income attributable to Flanigan’s Enterprises, Inc.’s stockholders for the thirteen weeks ended March 29, 2025 increased $748,000 or 38.52% to $2,690,000 from $1,942,000 for the thirteen weeks ended March 30, 2024 due primarily to the Recent Price Increases and the operation of our Company-owned restaurant of Hollywood, Florida (Store #19R) during the thirteen weeks ended March 29, 2025, offset by higher food costs and overall increased expenses. As a percentage of revenue, net income attributable to stockholders for the thirteen weeks ended March 29, 2025 is 5.02%, as compared to 4.04% for the thirteen weeks ended March 30, 2024.
Previous wording
Occupancy Costs. Occupancy costs (consisting of percentage rent, common area maintenance, repairs, real property taxes, amortization of leasehold interests and rent expense associated with operating lease liabilities under ASC 842) for the thirteen weeks ended December 28, 2024 decreased $210,000 or 9.70% to $1,954,000 from $2,164,000 for the thirteen weeks ended December 30, 2023 partially due to the decrease in the Florida state sales tax and a smaller reconciliation increase in property tax for the calendar year 2024 in the first quarter of fiscal year 2025.
Current wording
Occupancy Costs. Occupancy costs (consisting of percentage rent, common area maintenance, repairs, real property taxes, amortization of leasehold interests and rent expense associated with operating lease liabilities under ASC 842) for the twenty-six weeks ended March 29, 2025 decreased $37,000 or 0.90% to $4,057,000 from $4,094,000 for the twenty-six weeks ended March 30, 2024 partially due to the decrease in the Florida state sales tax.
Previous wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses (consisting of general corporate expenses, including but not limited to advertising, professional costs, clerical and administrative overhead) for the thirteen weeks ended December 28, 2024 increased $301,000 or 25.23% to $1,494,000 from $1,193,000 for the thirteen weeks ended December 30, 2023 due primarily to increased television and radio advertising costs. Selling, general and administrative expenses increased as a percentage of total revenue for the thirteen weeks ended December 28, 2024 to 2.97% as compared to 2.64% for the thirteen weeks ended December 30, 2023.
Current wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses (consisting of general corporate expenses, including but not limited to advertising, professional costs, clerical and administrative overhead) for the twenty-six weeks ended March 29, 2025 increased $373,000 or 14.46% to $2,952,000 from $2,579,000 for the twenty-six weeks ended March 30, 2024 due primarily to increased television and radio advertising costs. Selling, general and administrative expenses increased as a percentage of total revenue for the twenty-six weeks ended March 29, 2025 to 2.84% as compared to 2.77% for the twenty-six weeks ended March 30, 2024.
Previous wording
During the thirteen weeks ended December 28, 2024, we increased our menu prices for our bar offerings (effective December 4, 2024) to target an increase to our bar revenues of approximately 4.90% annually and we increased our menu prices for our food offerings (effective November 17, 2024) to target an increase to our food revenues of approximately 4.14% annually to offset higher food and liquor costs and higher overall expenses. During our fiscal year 2024, we increased menu prices for our bar offerings (effective August 25, 2024) to target an increase to our bar revenues of approximately 5.63% annually to offset higher food and liquor costs and higher overall expenses. Prior to these increases we previously raised menu prices in the second quarter of our fiscal year 2023.
Current wording
During the thirteen weeks ended March 29, 2025, we increased our menu prices for our bar offerings (effective February 23, 2025) to target an increase to our bar revenues of approximately 0.84% annually to offset higher food and liquor costs and higher overall expenses. During the thirteen weeks ended December 28, 2024, we increased our menu prices for our bar offerings (effective December 4, 2024) to target an increase to our bar revenues of approximately 4.90% annually and we increased our menu prices for our food offerings (effective November 17, 2024) to target an increase to our food revenues of approximately 4.14% annually to offset higher food and liquor costs and higher overall expenses. During our fiscal year 2024, we increased menu prices for our bar offerings (effective August 25, 2024) to target an increase to our bar revenues of approximately 5.63% annually to offset higher food and liquor costs and higher overall expenses. Prior to these increases we previously raised menu prices in the second quarter of our fiscal year 2023.
Previous wording
We fund our operations through cash from operations and borrowings from third parties. As of December 28, 2024, we had cash and cash equivalents of approximately $27,322,000, an increase of $5,920,000 from our cash balance of $21,402,000 as of September 28, 2024. The increase in cash as of December 28, 2024 was primarily due to the timing of payments associated with accrued expenses.
Current wording
We fund our operations through cash from operations and borrowings from third parties. As of March 29, 2025, we had cash and cash equivalents of approximately $22,973,000, an increase of $1,571,000 from our cash balance of $21,402,000 as of September 28, 2024.
Previous wording
The following table is a summary of our cash flows for the thirteen weeks ended December 28, 2024 and December 30, 2023.
Current wording
The following table is a summary of our cash flows for the twenty-six weeks ended March 29, 2025 and March 30, 2024.
Previous wording
We did not declare or pay a cash dividend on our capital stock in the first quarter of our fiscal year 2025 or the first quarter of our fiscal year 2024. Any future determination to pay cash dividends will be at our Board’s discretion and will depend upon our financial condition, operating results, capital requirements and such other factors as our Board deems relevant.
Current wording
We did not declare or pay a cash dividend on our capital stock during the twenty-six weeks ended March 29, 2025 or the twenty-six weeks ended March 30 2024. Any future determination to pay cash dividends will be at our Board’s discretion and will depend upon our financial condition, operating results, capital requirements and such other factors as our Board deems relevant.
Previous wording
In addition to using cash for our operating expenses, we use cash generated from operations and borrowings to fund the development and construction of new restaurants and to fund capitalized property improvements for our existing restaurants. During the thirteen weeks ended December 28, 2024, we acquired property and equipment of $745,000, (of which $9,000 was purchase deposits transferred to property and equipment), including $87,000 for renovations to one (1) Company-owned package location. During the thirteen weeks ended December 30, 2023, we acquired property and equipment and construction in progress of $1,378,000, (of which $115,000 was purchase deposits transferred to property and equipment and $574,000 was construction in progress in accounts payable), including $233,000 for renovations to two (2) Company owned restaurants.
Current wording
In addition to using cash for our operating expenses, we use cash generated from operations and borrowings to fund the development and construction of new restaurants and to fund capitalized property improvements for our existing restaurants. During the twenty-six weeks ended March 29, 2025, we acquired property and equipment of $1,731,000, (of which $11,000 was purchase deposits transferred to property and equipment), including $87,000 for renovations to one (1) Company-owned package location and $43,000 for renovations to one (1) limited partnership owned restaurant. During the twenty-six weeks ended March 30, 2024, we acquired property and equipment and construction in progress of $4,314,000, (of which $206,000 was purchase deposits transferred to property and equipment, $715,000 was purchase deposits transferred to CIP, and $280,000 was property and equipment in accounts payable), including $437,000 for renovations to three (3) Company-owned restaurants.
Previous wording
As of December 28, 2024, we had long-term debt (including the current portion) of $21,587,000, as compared to $21,912,000 as of September 28, 2024.
Current wording
As of March 29, 2025, we had long-term debt (including the current portion) of $21,247,000, as compared to $21,912,000 as of September 28, 2024.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
Occupancy Costs. Occupancy costs (consisting of percentage rent, common area maintenance, repairs, real property taxes, amortization of leasehold interests and rent expense associated with operating lease liabilities under ASC 842) for the thirteen weeks ended March 29, 2025 increased $173,000 or 8.96% to $2,103,000 from $1,930,000 for the thirteen weeks ended March 30, 2024.
Current report — wording carried from elsewhere
Selling, General and Administrative Expenses. Selling, general and administrative expenses (consisting of general corporate expenses, including but not limited to advertising, professional costs, clerical and administrative overhead) for the thirteen weeks ended March 29, 2025 increased $72,000 or 5.19% to $1,458,000 from $1,386,000 for the thirteen weeks ended March 30, 2024. Selling, general and administrative expenses decreased as a percentage of total revenue for the thirteen weeks ended March 29, 2025 to 2.72% as compared to 2.88% for the thirteen weeks ended March 30, 2024.
Current report — wording carried from elsewhere
Package Store Sales. Revenue generated from sales of liquor and related items at package liquor stores totaled $24,486,000 for the twenty-six weeks ended March 29, 2025 as compared to $20,742,000 for the twenty-six weeks ended March 30, 2024, an increase of $3,744,000. This increase was primarily due to increased package liquor store traffic. The weekly average of same store package liquor store sales, which includes eleven (11) Company-owned package liquor stores was $942,000 and $798,000 for the twenty-six weeks ended March 29, 2025 and March 30, 2024, respectively, an increase of 18.05%. We expect that package liquor store sales for the balance of our fiscal year 2025 will increase due to increased package liquor store traffic.
Current report — wording carried from elsewhere
Costs and Expenses. Costs and expenses (consisting of cost of merchandise sold, payroll and related costs, operating expenses, occupancy costs, selling, general and administrative expenses and depreciation and amortization), for the twenty-six weeks ended March 29, 2025 increased $9,669,000 or 10.78% to $99,401,000 from $89,732,000 for the twenty-six weeks ended March 30, 2024. The increase was primarily due to increased payroll, an expected general increase in food costs, costs and expenses incurred from the opening of our Company-owned restaurant in Hollywood Florida (Store #19R) during the second quarter of our fiscal year 2024, partially offset by actions taken by management to reduce and/or control costs. We anticipate that our costs and expenses will continue to increase through the balance of our fiscal year 2025. Costs and expenses decreased as a percentage of total revenue to approximately 95.68% for the twenty-six weeks ended March 29, 2025 from 96.27% for the twenty-six weeks ended March 30, 2024.
Current report — wording carried from elsewhere
Gross Profit. Gross profit is calculated by subtracting the cost of merchandise sold from sales.
Current report — wording carried from elsewhere
Restaurant Food Sales and Bar Sales. Gross profit for food and bar sales for the twenty-six weeks ended March 29, 2025 increased to $51,474,000 from $46,873,000 for the twenty-six weeks ended March 30, 2024. Our gross profit margin for restaurant food and bar sales (calculated as gross profit reflected as a percentage of restaurant food and bar sales), was 66.10% for the twenty-six weeks ended March 29, 2025 and March 30, 2024, respectively.
Current report — wording carried from elsewhere
Package Store Sales. Gross profit for package store sales for the twenty-six weeks ended March 29, 2025 increased to $6,336,000 from $5,370,000 for the twenty-six weeks ended March 30, 2024. Our gross profit margin (calculated as gross profit reflected as a percentage of package liquor store sales), for package store sales was 25.88% for the twenty-six weeks ended March 29, 2025 and 25.89% for the twenty-six weeks ended March 30, 2024. We anticipate that the gross profit margin for package liquor store merchandise will decrease for the balance of our fiscal year 2025 due to higher costs and a reduction in pricing of certain package store merchandise to remain competitive.
Current report — wording carried from elsewhere
Operating Expenses. Operating expenses (including but not limited to utilities, insurance, cleaning, credit card fees, supplies, security, and other costs closely related to operating restaurant and package stores) for the twenty-six weeks ended March 29, 2025 increased $1,314,000 or 10.69% to $13,611,000 from $12,297,000 for the twenty-six weeks ended March 30, 2024 due primarily to the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024, inflation and otherwise to increases in expenses across all categories.
Current report — wording carried from elsewhere
***Income Taxes.***Income tax for the twenty-six weeks ended March 29, 2025 was an expense of $346,000, as compared to a benefit of $73,000 for the twenty-six weeks ended March 30, 2024. This is primarily due to the tax expense that is anticipated based on the projected pre-tax income and permanent differences.