UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of |
(I.R.S. Employer |
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incorporation or organization) |
Identification Number) |
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(Address of principal executive offices) |
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( (Registrant's telephone number, including area code) |
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer ☐ |
Accelerated filer ☐ |
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Smaller reporting company |
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No
On May 24, 2022,
FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
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).
PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and earnings per share amounts)
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Thirteen Weeks Ended |
Twenty Six Weeks Ended | |||||||||||||||
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April 2, 2022 |
April 3, 2021 |
April 2, 2022 |
April 3, 2021 | |||||||||||||
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REVENUES: | ||||||||||||||||
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Restaurant food sales |
$ |
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$ |
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$ |
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$ |
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Restaurant bar sales |
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Package store sales |
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Franchise related revenues |
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Rental income |
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Other operating income |
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COSTS AND EXPENSES: | ||||||||||||||||
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Cost of merchandise sold: | ||||||||||||||||
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Restaurant and bar |
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Package stores |
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Payroll and related costs |
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Occupancy costs |
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Selling, general and administrative expenses |
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Income from Operations |
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OTHER INCOME (EXPENSE): | ||||||||||||||||
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Interest expense |
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Interest and other income |
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Gain on forgiveness of PPP loans |
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Gain on sale of property and equipment |
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Income before Provision for Income Taxes |
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Provision for Income Taxes |
( |
) |
( |
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( |
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Net Income |
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Less: Net loss (income) attributable to noncontrolling interests |
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Net Income attributable to Flanigan's Enterprises, Inc. stockholders |
$ |
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$ |
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$ |
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$ |
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(Continued)
FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
(Continued)
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Thirteen Weeks Ended |
Twenty Six Weeks Ended | |||||||||||||||
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April 2, 2022 |
April 3, 2021 |
April 2, 2022 |
April 3, 2021 | |||||||||||||
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Net Income Per Common Share: | ||||||||||||||||
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Basic and Diluted |
$ |
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$ |
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$ |
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$ |
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Weighted Average Shares and Equivalent Shares Outstanding | ||||||||||||||||
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Basic and Diluted |
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See accompanying notes to unaudited condensed consolidated financial statements.
FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
APRIL 2, 2022 (UNAUDITED) AND OCTOBER 2, 2021
(in thousands, except share and per share amounts)
ASSETS
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April 2, 2022 |
October 2, 2021 | |||||||
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CURRENT ASSETS: | ||||||||
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Cash and cash equivalents |
$ |
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$ |
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Prepaid income taxes |
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Other receivables |
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Inventories |
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Prepaid expenses |
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Total Current Assets |
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Property and Equipment, Net |
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Construction in Progress |
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Right-of-use assets, operating leases |
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Investment in Limited Partnerships |
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OTHER ASSETS: | ||||||||
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Liquor licenses |
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Leasehold interests, net |
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Other |
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Total Other Assets |
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Total Assets |
$ |
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$ |
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(Continued)
See accompanying notes to unaudited condensed consolidated financial statements.
FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
APRIL 2, 2022 (UNAUDITED) AND OCTOBER 2, 2021
(in thousands, except share and per share amounts)
(Continued)
LIABILITIES AND STOCKHOLDERS’ EQUITY
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April 2, 2022 |
October 2, 2021 | |||||||
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CURRENT LIABILITIES: | ||||||||
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Accounts payable and accrued expenses |
$ |
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$ |
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Income taxes payable |
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Due to franchisees |
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Current portion of long-term debt |
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Operating lease liability, current |
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Deferred revenue |
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Dividends payable |
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Total Current Liabilities |
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Long Term Debt, Net of Current Portion |
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Operating lease liabilities, non-current |
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Deferred tax liabilities |
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Total Liabilities |
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COMMITMENTS AND CONTINGENCIES | ||||||||
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Equity: | ||||||||
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Flanigan’s Enterprises, Inc. Stockholders’ Equity | ||||||||
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Common stock, $. shares authorized; |
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Capital in excess of par value |
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Retained earnings |
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Treasury stock, at cost, |
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Total Flanigan’s Enterprises, Inc. stockholders’ equity |
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Noncontrolling interest |
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Total stockholders’ equity |
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Total liabilities and stockholders' equity |
$ |
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$ |
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See accompanying notes to unaudited condensed consolidated financial statements.
FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE TWENTY-SIX WEEKS ENDED APRIL 2, 2022 AND APRIL 3, 2021
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Capital in | ||||||||||||||||||||||||||||||||
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Common Stock |
Excess of |
Retained |
Treasury Stock |
Noncontrolling | ||||||||||||||||||||||||||||
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Shares |
Amount |
Par Value |
Earnings |
Shares |
Amount |
Interests |
Total | |||||||||||||||||||||||||
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Balance, October 3, 2020 |
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$ |
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$ |
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$ |
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$ |
( |
) |
$ |
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$ |
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Net income |
— |
— |
— |
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— |
— |
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Distributions to noncontrolling interests |
— |
— |
— |
— |
— |
— |
( |
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( |
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Balance, January 2, 2021 |
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$ |
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$ |
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$ |
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$ |
( |
) |
$ |
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$ |
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Net income |
— |
— |
— |
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— |
— |
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Distributions to noncontrolling interests |
— |
— |
— |
— |
— |
— |
( |
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( |
) | ||||||||||||||||||||||
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Balance, April 3, 2021 |
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$ |
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$ |
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$ |
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$ |
( |
) |
$ |
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$ |
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Capital in | ||||||||||||||||||||||||||||||||
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Common Stock |
Excess of |
Retained |
Treasury Stock |
Noncontrolling | ||||||||||||||||||||||||||||
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Shares |
Amount |
Par Value |
Earnings |
Shares |
Amount |
Interests |
Total | |||||||||||||||||||||||||
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Balance, October 2, 2021 |
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$ |
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$ |
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$ |
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$ |
( |
) |
$ |
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$ |
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Net income |
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— |
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— |
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Distributions to noncontrolling interests |
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— |
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— |
( |
) |
( |
) | ||||||||||||||||||||||
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Balance, January 1, 2022 |
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$ |
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$ |
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$ |
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$ |
( |
) |
$ |
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$ |
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Net income (loss) |
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— |
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— |
( |
) |
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Distributions to noncontrolling interests |
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— |
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— |
( |
) |
( |
) | ||||||||||||||||||||||
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Sale of noncontrolling interests |
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— |
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— |
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Dividends payable |
— |
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( |
) |
— |
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( |
) | ||||||||||||||||||||||
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Balance, April 2, 2022 |
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$ |
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$ |
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$ |
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$ |
( |
) |
$ |
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$ |
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FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWENTY-SIX WEEKS ENDED APRIL 2, 2022 AND APRIL 3, 2021
(in thousands)
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April 2, 2022 |
April 3, 2021 | |||||||
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CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
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Net income |
$ |
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$ |
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Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||||||||
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Depreciation and amortization |
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Amortization of leasehold interests |
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Amortization of finance lease right-of-use asset |
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Amortization of operating lease right-of-use asset |
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Gain on forgiveness of PPP loans |
( |
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( |
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Finance lease interest expense |
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Gain on sale of property and equipment |
( |
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( |
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Loss on abandonment of property and equipment |
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Amortization of deferred loan costs |
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Deferred income taxes |
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Organizational costs |
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— |
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Income from unconsolidated limited partnership |
( |
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( |
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Deferred revenue |
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Changes in operating assets and liabilities: (Increase) decrease in | ||||||||
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Other receivables |
( |
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Prepaid income taxes |
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( |
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Inventories |
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( |
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Prepaid expenses |
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Other assets |
( |
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Increase (decrease) in: | ||||||||
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Accounts payable and accrued expenses |
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Operating lease liabilities |
( |
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( |
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Income taxes payable |
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Due to franchisees |
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Net cash and cash equivalents provided by operating activities |
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CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
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Purchases of property and equipment |
( |
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( |
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Purchase of construction in progress |
( |
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( |
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Deposits on property and equipment |
( |
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( |
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Proceeds from sale of fixed assets |
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Distributions from unconsolidated limited partnership |
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Investment in limited Partnership |
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( |
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Net cash and cash equivalents used in investing activities |
( |
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( |
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(Continued)
See accompanying notes to unaudited condensed consolidated financial statements.
FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWENTY-SIX WEEKS ENDED APRIL 2, 2022 AND APRIL 3, 2021
(in thousands)
(Continued)
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April 2, 2022 |
April 3, 2021 | |||||||
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CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
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Payment of long term debt |
( |
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( |
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Deferred loan costs |
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( |
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Proceeds from PPP loans |
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Proceeds from noncontrolling interest offering |
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Principal payments on finance leases |
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( |
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Distributions to limited partnerships’ noncontrolling interests |
( |
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( |
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Net cash and cash equivalents provided by financing activities |
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Net Increase in Cash and Cash Equivalents |
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Beginning of Period |
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End of Period |
$ |
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$ |
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Supplemental Disclosure for Cash Flow Information: Cash paid during period for: | ||||||||
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Interest |
$ |
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$ |
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Income taxes |
$ |
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$ |
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Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||||||||
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Financing of insurance contracts |
$ |
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$ |
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Purchase deposits transferred to property, plant and equipment |
$ |
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$ |
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Purchase deposits transferred to CIP |
$ |
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$ |
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CIP capitalized to property, plant and equipment |
$ |
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$ |
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CIP in accounts payable |
$ |
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$ |
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Dividends declared and unpaid |
$ |
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$ |
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Operating lease liabilities arising from ROU asset |
$ |
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$ |
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Purchase of vehicle in exchange for debt |
$ |
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$ |
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Purchase of property in exchange for debt |
$ |
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$ |
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See accompanying notes to unaudited condensed consolidated financial statements.
FLANIGAN’S ENTERPRISES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
THIRTEEN WEEKS AND TWENTY-SIX WEEKS ENDED
APRIL 2, 2022 AND APRIL 3, 2021
(1) BASIS OF PRESENTATION:
The accompanying condensed consolidated financial information for the periods ended April 2, 2022 and April 3, 2021 is unaudited. Financial information as of October 2, 2021 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 October 2, 2021. 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.
These condensed consolidated financial statements include estimates relating to loyalty reward programs. The estimates are reviewed periodically and the effects of any revisions are reflected in the financial statements in the period they are determined to be necessary.
The condensed consolidated financial statements include estimates relating to the calculation of incremental borrowing rates and length of leases associated with right-of-use assets and corresponding liabilities.
Although these estimates are based on management’s knowledge of current events and actions it may take in the future, they may ultimately differ from actual results.
(2) EARNINGS PER SHARE:
We follow Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Section 260 - “Earnings per Share”. This section provides for the calculation of basic and diluted earnings per share. The data on Page 2 shows the amounts used in computing earnings per share and the effects on income. As of April 2, 2022 and April 3, 2021, no stock options or other potentially dilutive securities were outstanding.
(3) RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS:
Adopted
There are no accounting pronouncements that we have recently adopted.
(3) RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS: (Continued)
Recently Issued
The FASB issued guidance, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. This accounting standards update provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. LIBOR rates will be published until June 30, 2023 and all principal and interest of the $1.405M Loan will be due in full on January 23, 2023 and all principal and interest of the Term Loan will be fully amortized and is anticipated to be paid in full as of December 28, 2022 so the discontinuance of LIBOR rates is not expected to have any impact on us.
(4) INCOME TAXES:
We account for our income taxes in interim periods using FASB ASC Topic 740-270, “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 to tax net operating loss carryforwards and tax credits to the extent that realization of said tax benefits is more likely than not.
(5) PRIVATE OFFERINGS:
CIC Investors #85, Ltd. (Flanigan’s, Sunrise, Florida)
On October 15, 2021, we began a private offering for CIC Investors #85, Ltd., a Florida limited partnership of which the Company acts as general partner, to raise $
Under ASC 810, Consolidation, the Company, which is the entity issuing financial statements, is required to consolidate CIC Investors #85, Ltd. as we have a controlling interest in CIC Investors #85, Ltd. as general partner, although the Company has a
CIC Investor #25, Ltd. (Flanigan’s, Miramar, Florida)
On October 15, 2021, we began a private offering for CIC Investors #25, Ltd., a Florida limited partnership of which the Company acts as general partner, to raise $
Under ASC 810, Consolidation, the Company, which is the entity issuing financial statements, is required to consolidate CIC Investors #25, Ltd. as we have a controlling interest in CIC Investors #25, Ltd. as general partner, although the Company has no direct ownership.
(6) DEBT:
Financed Insurance Premiums
During the twenty-six weeks ended April 2, 2022, we financed the premiums on the following property, general liability, excess liability and terrorist policies, totaling approximately $
(i) For the policy year beginning December 30, 2021, our general liability insurance, excluding limited partnerships, is a one (
(ii) For the policy year beginning December 30, 2021, our general liability insurance for our limited partnerships is a one (
(iii) For the policy year beginning December 30, 2021, our automobile insurance is a one (
(iv) For the policy year beginning December 30, 2021, our property insurance is a one (
(v) For the policy year beginning December 30, 2021, our excess liability insurance are two (2) one (
(vi) For the policy year beginning December 30, 2021, our terrorist insurance is a one (
(vii) For the policy year beginning December 30, 2021, our equipment breakdown insurance is a one (
Of the $
As of April 2, 2022, the aggregate principal balance owed from the financing of our property and general liability insurance policies is $
(7) COMMITMENTS AND CONTINGENCIES:
Construction Contracts
(a) 7990 Davie Road Extension, Hollywood, Florida (Store #19 – “Big Daddy’s Wine & Liquors”)
During the third quarter of our fiscal year 2019, we entered into an agreement with a third party unaffiliated general contractor for site work at this location totaling $
(b) 2505 N. University Drive, Hollywood, Florida (Store #19 – “Flanigan’s”)
During the third quarter of our fiscal year 2019, we entered into an agreement with an unaffiliated third party architect for design and development services totaling $
(c) 14301 W. Sunrise Boulevard, Sunrise, Florida (Store #85 – “Flanigan’s”)
During the third quarter of our fiscal year 2019, we entered into an agreement with an unaffiliated third party design group for design and development services of our new location at 14301 W. Sunrise Boulevard, Sunrise, Florida 33323 (Store #85) for a total contract price of $
(d) 11225 Miramar Parkway, #250, Miramar, Florida (Store #25 - “Flanigan’s”)
During the second quarter of our fiscal year 2022, we entered into an agreement with a third party unaffiliated general contractor for interior renovations at this location totaling $
(e) 11225 Miramar Parkway, #245, Miramar, Florida (Store #24 - “Big Daddy’s Wine and Liquors”)
During the first quarter of our fiscal year 2022, we entered into an agreement with a third party unaffiliated general contractor for interior renovations at this location totaling $
Leases
To conduct certain of our operations, we lease restaurant and package liquor store space in South Florida from unrelated third parties. Our leases have remaining lease terms of up to
Following the adoption of ASC 842 during our fiscal year ended October 3, 2020, common area maintenance and property taxes are not considered to be lease components.
The components of lease expense are as follows:
|
13 Weeks |
13 Weeks | |||||||
|
Ended April 2, 2022 |
Ended April 3, 2021 | |||||||
|
Finance Lease Amortization |
$ |
|
$ |
| ||||
|
Finance Lease Expense, which is included in interest expense |
|
| ||||||
|
Operating Lease Expense, which is included in occupancy costs |
|
| ||||||
|
$ |
|
$ |
| |||||
|
26 Weeks |
26 Weeks | |||||||
|
Ended April 2, 2022 |
Ended April 3, 2021 | |||||||
|
Finance Lease Amortization |
$ |
|
$ |
| ||||
|
Finance Lease Expense, which is included in interest expense |
|
| ||||||
|
Operating Lease Expense, which is included in occupancy costs |
|
| ||||||
|
$ |
|
$ |
| |||||
Supplemental balance sheet information related to leases is as follows:
|
Classification on the Condensed Consolidated Balance Sheet |
April 2, 2022 |
October 2, 2021 | ||||||
|
| ||||||||
|
Assets | ||||||||
|
Operating lease assets |
$ |
|
$ |
| ||||
|
| ||||||||
|
Liabilities | ||||||||
|
Operating lease current liabilities |
|
| ||||||
|
Operating lease non-current liabilities |
$ |
|
$ |
| ||||
|
| ||||||||
|
Weighted Average Remaining Lease Term: | ||||||||
|
Operating leases |
|
| ||||||
|
| ||||||||
|
Weighted Average Discount: | ||||||||
|
Operating leases |
|
| ||||||
Total operating lease liabilities are as follows:
|
For fiscal year 2022 |
Operating | |||
|
2022 (six (6) months to October 1, 2022) |
$ |
| ||
|
2023 |
| |||
|
2024 |
| |||
|
2025 |
| |||
|
2026 |
| |||
|
Thereafter |
| |||
|
| ||||
|
Total lease payments | ||||
|
(Undiscounted cash flows) |
| |||
|
Less imputed interest |
( |
) | ||
|
Total operating lease liabilities |
$ |
| ||
Litigation
Our sale of alcoholic beverages subjects us to “dram shop” statutes, which allow an injured person to recover damages from an establishment that served alcoholic beverages to an intoxicated person. If we receive a judgment substantially in excess of our insurance coverage or if we fail to maintain our insurance coverage, our business, financial condition, operating results or cash flows could be materially and adversely affected. We currently have no “dram shop” claims.
We are a party to various other claims, legal actions and complaints arising in the ordinary course of our business. It is our opinion, after consulting with legal counsel, that all such matters are without merit or involve such amounts that an unfavorable disposition would not have a material adverse effect on our financial position or results of operations.
(8) CORONAVIRUS PANDEMIC:
In March 2020, a novel strain of coronavirus was declared a global pandemic and a National Public Health Emergency. The novel coronavirus pandemic and related “shelter-in-place” orders and other governmental mandates relating thereto (collectively, “COVID-19”) adversely affected and will, in all likelihood continue to adversely affect, our restaurant operations and financial results for the foreseeable future.
During the second quarter of our fiscal year 2021, certain of the entities owning the limited partnership stores (the “LP’s”), as well as the store we manage but do not own (the “Managed Store”), applied for and received loans from an unrelated third party lender pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) enacted March 27, 2020, in the aggregate principal amount of approximately $
COVID-19 has had a material adverse effect on our access to supplies or labor and there can be no assurance that there will not be a significant adverse impact on our supply chain or access to labor in the future. We are actively monitoring our food suppliers to assess how they are managing their operations to mitigate supply flow and food safety risks. To ensure we mitigate potential supply availability risk, we are building additional inventory back stock levels when appropriate and we have also identified alternative supply sources in key product categories including but not limited to food, sanitation and safety supplies.
(9) BUSINESS SEGMENTS:
We operate principally in two reportable segments – package stores and restaurants. The operation of package stores consists of retail liquor sales and related items. Information concerning the revenues and operating income for the thirteen weeks and twenty-six weeks ended April 2, 2022 and April 3, 2021, and identifiable assets for the two reportable segments in which we operate, are shown in the following table. Operating income is total revenue less cost of merchandise sold and operating expenses relative to each segment. In computing operating income, none of the following items have been included: interest expense, other non-operating income and expenses and income taxes. Identifiable assets by segment are those assets that are used in our operations in each segment. Corporate assets are principally cash and real property, improvements, furniture, equipment and vehicles used at our corporate headquarters. We do not have any operations outside of the United States and transactions between restaurants and package liquor stores are not material.
|
(in thousands) | ||||||||
|
Thirteen Weeks Ended April 2, 2022 |
Thirteen Weeks Ended April 3, 2021 | |||||||
|
Operating Revenues: | ||||||||
|
Restaurants |
$ |
|
$ |
| ||||
|
Package stores |
|
| ||||||
|
Other revenues |
|
| ||||||
|
Total operating revenues |
$ |
|
$ |
| ||||
|
| ||||||||
|
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests | ||||||||
|
Restaurants |
$ |
|
$ |
| ||||
|
Package stores |
|
| ||||||
|
|
|
| ||||||
|
Corporate expenses, net of other revenues |
( |
| ||||||
|
Income from operations |
|
| ||||||
|
Interest expense |
( |
) |
( |
) | ||||
|
Interest and other income |
|
| ||||||
|
Gain on forgiveness of PPP Loans |
|
| ||||||
|
Gain on sale of property and equipment |
|
| ||||||
|
Income Before Provision for Income Taxes |
$ |
|
$ |
| ||||
|
Provision for Income Taxes |
( |
) |
( |
) | ||||
|
Net Income |
|
| ||||||
|
Net Income Attributable to Noncontrolling Interests |
|
( |
) | |||||
|
Net Income Attributable to Flanigan’s Enterprises, Inc. | ||||||||
|
Stockholders |
$ |
|
$ |
| ||||
|
| ||||||||
|
Depreciation and Amortization: | ||||||||
|
Restaurants |
$ |
|
$ |
| ||||
|
Package stores |
|
| ||||||
|
|
| |||||||
|
Corporate |
|
| ||||||
|
Total Depreciation and Amortization |
$ |
|
$ |
| ||||
|
| ||||||||
|
Capital Expenditures: | ||||||||
|
Restaurants |
$ |
|
$ |
| ||||
|
Package stores |
|
| ||||||
|
|
|
| ||||||
|
Corporate |
|
| ||||||
|
Total Capital Expenditures |
$ |
|
$ |
| ||||
|
Twenty Six Weeks Ended April 2, 2022 |
Twenty Six Weeks Ended April 3, 2021 | |||||||
|
Operating Revenues: | ||||||||
|
Restaurants |
$ |
|
$ |
| ||||
|
Package stores |
|
| ||||||
|
Other revenues |
|
| ||||||
|
Total operating revenues |
$ |
|
$ |
| ||||
|
| ||||||||
|
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests | ||||||||
|
Restaurants |
$ |
|
$ |
| ||||
|
Package stores |
|
| ||||||
|
|
|
| ||||||
|
Corporate expenses, net of other revenues |
( |
) |
( |
) | ||||
|
Income from Operations |
|
| ||||||
|
Interest expense |
( |
) |
( |
) | ||||
|
Interest and Other Income |
|
| ||||||
|
Gain on forgiveness of PPP Loans |
|
| ||||||
|
Gain on sale of property and equipment |
|
| ||||||
|
Income Before Provision for Income Taxes |
$ |
|
$ |
| ||||
|
Provision for Income Taxes |
( |
) |
( |
) | ||||
|
Net Income |
|
| ||||||
|
Net Income Attributable to Noncontrolling Interests |
( |
) |
( |
) | ||||
|
Net Income Attributable to Flanigan’s Enterprises, Inc. | ||||||||
|
Stockholders |
$ |
|
$ |
| ||||
|
| ||||||||
|
Depreciation and Amortization: | ||||||||
|
Restaurants |
|
| ||||||
|
Package stores |
|
| ||||||
|
|
|
| ||||||
|
Corporate |
|
| ||||||
|
Total Depreciation and Amortization |
$ |
|
$ |
| ||||
|
| ||||||||
|
Capital Expenditures: | ||||||||
|
Restaurants |
$ |
|
$ |
| ||||
|
Package stores |
|
| ||||||
|
|
|
| ||||||
|
Corporate |
|
| ||||||
|
Total Capital Expenditures |
$ |
|
$ |
| ||||
|
| ||||||||
|
April 2, |
October 2, | |||||||
|
2022 |
2021 | |||||||
|
Identifiable Assets: | ||||||||
|
Restaurants |
$ |
| ||||||