Flanigan\'s Enterprises Inc (BDL, Financial) filed Quarterly Report for the period ended 2009-06-30.
Flanigan\'s Enterprises Inc. owns and/or operates restaurants with lounges package liquor stores and an entertainment oriented clubs (collectively the ``units``). All of the Company\'s package liquor stores restaurants and clubs are operated on leased properties. They operate under the names ``Flanigan\'s Seafood Bar and Grill\'\' restaurants and ``Big Daddy\'s\'\' retail liquor stores. Flanigan\'s Enterprises Inc has a market cap of $9.67 million; its shares were traded at around $5.1882 with a P/E ratio of 8.24 and P/S ratio of 0.15.
$726,000 or 4.61% to $16,491,000 from $15,765,000 for the thirteen weeks ended
June 28, 2008. This increase resulted from sales from the Davie, Florida limited
partnership restaurant ($952,000), which opened for business on July 28, 2008,
and the increase in same store package liquor sales ($83,000), offset by
declines in same store restaurant food and bar sales ($291,000). Without giving
effect to the revenue generated from the Davie, Florida restaurant ($952,000),
total revenue for the thirteen weeks ended June 27, 2009 would have decreased
$226,000 or 1.43% to $15,539,000 from $15,765,000 for the thirteen weeks ended
June 28, 2008.
Restaurant Food Sales. Restaurant revenue generated from the sale of food
at restaurants totaled $10,653,000 for the thirteen weeks ended June 27, 2009 as
compared to $10,182,000 for the thirteen weeks ended June 28, 2008. The increase
in restaurant food sales resulted from sales from the Davie, Florida restaurant,
which generated $780,000 of revenue from the sale of food during the thirteen
weeks ended June 27, 2009. Without giving effect to the revenue generated from
the Davie, Florida restaurant ($780,000) from the sale of food for the thirteen
weeks ended June 27, 2009, restaurant revenue generated from the sale of food
during the thirteen weeks ended June 27, 2009, would have decreased $309,000 or
3.03% to $9,873,000 from $10,182,000 for the thirteen weeks ended June 28, 2008.
Comparable weekly restaurant food sales (for restaurants open for all of the
third quarter of our fiscal year 2009 and the third quarter of our fiscal year
2008, which consists of seven restaurants owned by us and eight restaurants
owned by affiliated limited partnerships) was $759,000 and $783,000 for the
thirteen weeks ended June 27, 2009 and June 28, 2008, respectively, a decrease
of 3.07%. We attribute this decline primarily to the current domestic and global
economic downturn. Comparable weekly restaurant food sales for Company owned
restaurants only was $310,000 and $330,000 for the third quarter of our fiscal
year 2009 and the third quarter of our fiscal year 2008, respectively, a
decrease of 6.06%. Comparable weekly restaurant food sales for affiliated
limited partnership owned restaurants only was $449,000 and $453,000 for the
third quarter of our fiscal year 2009 and the third quarter of our fiscal year
2008, respectively, a decrease of 0.88%. We anticipate that restaurant food
sales will decrease throughout the balance of our fiscal year 2009 due to a
decline in same store restaurant food sales, offset by the operation of the
Davie, Florida restaurant for the entire fourth quarter of our fiscal year 2009.
Restaurant Bar Sales. Restaurant revenue generated from the sale of
alcoholic beverages at restaurants (bar sales) totaled $2,536,000 for the
thirteen weeks ended June 27, 2009 as compared to $2,346,000 for the thirteen
weeks ended June 28, 2008. The increase in restaurant bar sales is due to sales
from the Davie, Florida restaurant, which generated $171,000 of revenue from bar
sales during the thirteen weeks ended June 27, 2009. Without giving effect to
the revenue from bar sales generated from the Davie, Florida restaurant
($171,000) for the thirteen weeks ended June 27, 2009, restaurant revenue
generated from bar sales during the thirteen weeks ended June 27, 2009, would
have increased $19,000 or 0.81% to $2,365,000 from $2,346,000 for the thirteen
weeks ended June 28, 2008. Comparable weekly restaurant bar sales (for
restaurants open for all of the third quarter of our fiscal year 2009 and the
third quarter of our fiscal year 2008, which consists of seven restaurants owned
by us and eight restaurants owned by affiliated limited partnerships) was
$182,000 for the thirteen weeks ended June 27, 2009 and $180,000 for the
thirteen weeks ended June 28, 2008, an increase of 1.11%. Comparable weekly
restaurant bar sales for Company owned restaurants only was $75,000 and $74,000
for the third quarter of our fiscal year 2009 and the third quarter of our
fiscal year 2008, respectively, an increase of 1.35%. Comparable weekly
restaurant bar sales for affiliated limited partnership owned restaurants only
was $107,000 and $106,000 for the third quarter of our fiscal year 2009 and the
third quarter of our fiscal year 2008, respectively, an increase of 0.94%. We
anticipate that restaurant bar sales will continue to increase throughout the
balance of our fiscal year 2009 due to, primarily, the operation of the Davie,
Florida restaurant for the entire fourth quarter of our fiscal year 2009.
weeks ended June 27, 2009 as compared to $30,714,000 for the thirty nine weeks
ended June 28, 2008, an increase of $1,306,000 or 4.25%. The increase in
restaurant food sales resulted from sales from the Davie, Florida restaurant,
which generated $2,430,000 of revenue from the sale of food during the thirty
nine weeks ended June 27, 2009. Without giving effect to the revenue generated
from the Davie, Florida restaurant ($2,430,000) from the sale of food for the
thirty nine weeks ended June 27, 2009, restaurant revenue generated from the
sale of food during the thirty nine weeks ended June 27, 2009, would have
decreased $1,124,000 or 3.66% to $29,590,000 from $30,714,000 for the thirty
nine weeks ended June 28, 2008. Comparable weekly restaurant food sales (for
restaurants open for all of the thirty nine weeks ended June 27, 2009 and the
thirty nine weeks ended June 28, 2008, which consists of seven restaurants owned
by us and seven restaurants owned by affiliated limited partnerships) was
$712,000 and $735,000 for the thirty nine weeks ended June 27, 2009 and June 28,
2008, respectively, a decrease of 3.13%. We attribute this decline primarily to
the current domestic and global economic downturn. Comparable weekly restaurant
food sales for Company owned restaurants only was $313,000 and $331,000 for the
thirty nine weeks ended June 27, 2009 and June 28, 2008, respectively, a
decrease of 5.44%. Comparable weekly restaurant food sales for affiliated
limited partnership owned restaurants only was $399,000 and $404,000 for the
thirty nine weeks ended June 27, 2009 and June 28, 2008, respectively, a
decrease of 1.24%. We anticipate that restaurant food sales will decrease
throughout the balance of our fiscal year 2009 due to a decline in same store
restaurant food sales, offset by the operation of the Davie, Florida restaurant
for the entire fourth quarter of our fiscal year 2009.
Restaurant Bar Sales. Restaurant revenue generated from the sale of alcoholic
beverages at restaurants (bar sales) totaled $7,608,000 for the thirty nine
weeks ended June 27, 2009 as compared to $7,117,000 for the thirty nine weeks
ended June 28, 2008, an increase of $491,000 or 6.90%. The increase in
restaurant bar sales is due to sales from the Davie, Florida restaurant, which
generated $516,000 of revenue from bar sales during the thirty nine weeks ended
June 27, 2009. Without giving effect to the revenue from bar sales generated
from the Davie, Florida restaurant ($516,000) for the thirty nine weeks ended
June 27, 2009, restaurant revenue generated from bar sales during the thirty
nine weeks ended June 27, 2009, would have decreased $25,000 or 0.35% to
$7,092,000 from $7,117,000 for the thirty nine weeks ended June 28, 2008.
Comparable weekly restaurant bar sales (for restaurants open for all of the
thirty nine weeks ended June 27, 2009 and the thirty nine weeks ended June 28,
2008, which consists of seven restaurants owned by us and seven restaurants
owned by affiliated limited partnerships) was $173,000 and $172,000 for the
thirty nine weeks ended June 27, 2009 and June 28, 2008, respectively, an
increase of 0.58%. Comparable weekly restaurant bar sales for Company owned
restaurants only was $75,000 and $74,000 for the thirty-nine weeks ended June
27, 2009 and the thirty-nine weeks ended June 28, 2008, respectively, an
increase of 1.35%. Comparable weekly restaurant bar sales for affiliated limited
partnership owned restaurants only was unchanged at $98,000 for the thirty-nine
weeks ended June 27, 2009 and the thirty-nine weeks ended June 28, 2008. We
anticipate that restaurant bar sales will continue to increase throughout the
balance of our fiscal year 2009 due to, primarily, the operation of the Davie,
Florida restaurant for the entire fourth quarter of our fiscal year 2009.
Net Income. Net income for the thirty nine weeks ended June 27, 2009 increased
$176,000 or 17.76% to $1,167,000 from $991,000 for the thirty nine weeks ended
June 28, 2008. As a percentage of sales, net income for the thirty nine weeks
ended June 27, 2009 is 2.31%, as compared to 2.04% for the thirty nine weeks
ended June 28, 2008. During the thirty nine weeks ended June 27, 2009, we
recognized interest income of $124,000 paid on claims we filed in the
liquidation proceedings of Ambassador Insurance Company in 1983 and other income
of $26,000 paid as the balance of our claims (10%) filed in the liquidation
proceedings of Ambassador Insurance Company. We also adjusted our tax deferred
asset by $140,000. Without giving effect to this interest income of $124,000,
other income of $26,000 and the adjustment to our deferred tax asset of
$140,000, we would have generated net income of $877,000 for the thirty nine
weeks ended June 27, 2009, which as a percentage of sales is 1.74%. Without
giving effect to the interest income and other income and the adjustment to our
deferred tax asset for the thirty nine weeks ended June 27, 2009, the decrease
in net income for the thirty nine weeks ended June 27, 2009, as a percentage of
sales (-0.30%) is primarily due to a decline in same store restaurant sales and
a general increase in overall expenses. The net income for the thirty nine weeks
ended June 28, 2008 was adversely affected by our share of the non-recurring
pre-opening and opening expenses associated with the limited partnership owned
restaurant in Pembroke Pines, Florida, ($40,000), and our share of the
non-recurring pre-opening expenses associated with the limited partnership owned
restaurant in Davie, Florida, ($74,000), higher food costs and overall expenses,
including electric, gas and real property taxes.
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Flanigan\'s Enterprises Inc. owns and/or operates restaurants with lounges package liquor stores and an entertainment oriented clubs (collectively the ``units``). All of the Company\'s package liquor stores restaurants and clubs are operated on leased properties. They operate under the names ``Flanigan\'s Seafood Bar and Grill\'\' restaurants and ``Big Daddy\'s\'\' retail liquor stores. Flanigan\'s Enterprises Inc has a market cap of $9.67 million; its shares were traded at around $5.1882 with a P/E ratio of 8.24 and P/S ratio of 0.15.
Highlight of Business Operations:
Revenues. Total revenue for the thirteen weeks ended June 27, 2009 increased$726,000 or 4.61% to $16,491,000 from $15,765,000 for the thirteen weeks ended
June 28, 2008. This increase resulted from sales from the Davie, Florida limited
partnership restaurant ($952,000), which opened for business on July 28, 2008,
and the increase in same store package liquor sales ($83,000), offset by
declines in same store restaurant food and bar sales ($291,000). Without giving
effect to the revenue generated from the Davie, Florida restaurant ($952,000),
total revenue for the thirteen weeks ended June 27, 2009 would have decreased
$226,000 or 1.43% to $15,539,000 from $15,765,000 for the thirteen weeks ended
June 28, 2008.
Restaurant Food Sales. Restaurant revenue generated from the sale of food
at restaurants totaled $10,653,000 for the thirteen weeks ended June 27, 2009 as
compared to $10,182,000 for the thirteen weeks ended June 28, 2008. The increase
in restaurant food sales resulted from sales from the Davie, Florida restaurant,
which generated $780,000 of revenue from the sale of food during the thirteen
weeks ended June 27, 2009. Without giving effect to the revenue generated from
the Davie, Florida restaurant ($780,000) from the sale of food for the thirteen
weeks ended June 27, 2009, restaurant revenue generated from the sale of food
during the thirteen weeks ended June 27, 2009, would have decreased $309,000 or
3.03% to $9,873,000 from $10,182,000 for the thirteen weeks ended June 28, 2008.
Comparable weekly restaurant food sales (for restaurants open for all of the
third quarter of our fiscal year 2009 and the third quarter of our fiscal year
2008, which consists of seven restaurants owned by us and eight restaurants
owned by affiliated limited partnerships) was $759,000 and $783,000 for the
thirteen weeks ended June 27, 2009 and June 28, 2008, respectively, a decrease
of 3.07%. We attribute this decline primarily to the current domestic and global
economic downturn. Comparable weekly restaurant food sales for Company owned
restaurants only was $310,000 and $330,000 for the third quarter of our fiscal
year 2009 and the third quarter of our fiscal year 2008, respectively, a
decrease of 6.06%. Comparable weekly restaurant food sales for affiliated
limited partnership owned restaurants only was $449,000 and $453,000 for the
third quarter of our fiscal year 2009 and the third quarter of our fiscal year
2008, respectively, a decrease of 0.88%. We anticipate that restaurant food
sales will decrease throughout the balance of our fiscal year 2009 due to a
decline in same store restaurant food sales, offset by the operation of the
Davie, Florida restaurant for the entire fourth quarter of our fiscal year 2009.
Restaurant Bar Sales. Restaurant revenue generated from the sale of
alcoholic beverages at restaurants (bar sales) totaled $2,536,000 for the
thirteen weeks ended June 27, 2009 as compared to $2,346,000 for the thirteen
weeks ended June 28, 2008. The increase in restaurant bar sales is due to sales
from the Davie, Florida restaurant, which generated $171,000 of revenue from bar
sales during the thirteen weeks ended June 27, 2009. Without giving effect to
the revenue from bar sales generated from the Davie, Florida restaurant
($171,000) for the thirteen weeks ended June 27, 2009, restaurant revenue
generated from bar sales during the thirteen weeks ended June 27, 2009, would
have increased $19,000 or 0.81% to $2,365,000 from $2,346,000 for the thirteen
weeks ended June 28, 2008. Comparable weekly restaurant bar sales (for
restaurants open for all of the third quarter of our fiscal year 2009 and the
third quarter of our fiscal year 2008, which consists of seven restaurants owned
by us and eight restaurants owned by affiliated limited partnerships) was
$182,000 for the thirteen weeks ended June 27, 2009 and $180,000 for the
thirteen weeks ended June 28, 2008, an increase of 1.11%. Comparable weekly
restaurant bar sales for Company owned restaurants only was $75,000 and $74,000
for the third quarter of our fiscal year 2009 and the third quarter of our
fiscal year 2008, respectively, an increase of 1.35%. Comparable weekly
restaurant bar sales for affiliated limited partnership owned restaurants only
was $107,000 and $106,000 for the third quarter of our fiscal year 2009 and the
third quarter of our fiscal year 2008, respectively, an increase of 0.94%. We
anticipate that restaurant bar sales will continue to increase throughout the
balance of our fiscal year 2009 due to, primarily, the operation of the Davie,
Florida restaurant for the entire fourth quarter of our fiscal year 2009.
weeks ended June 27, 2009 as compared to $30,714,000 for the thirty nine weeks
ended June 28, 2008, an increase of $1,306,000 or 4.25%. The increase in
restaurant food sales resulted from sales from the Davie, Florida restaurant,
which generated $2,430,000 of revenue from the sale of food during the thirty
nine weeks ended June 27, 2009. Without giving effect to the revenue generated
from the Davie, Florida restaurant ($2,430,000) from the sale of food for the
thirty nine weeks ended June 27, 2009, restaurant revenue generated from the
sale of food during the thirty nine weeks ended June 27, 2009, would have
decreased $1,124,000 or 3.66% to $29,590,000 from $30,714,000 for the thirty
nine weeks ended June 28, 2008. Comparable weekly restaurant food sales (for
restaurants open for all of the thirty nine weeks ended June 27, 2009 and the
thirty nine weeks ended June 28, 2008, which consists of seven restaurants owned
by us and seven restaurants owned by affiliated limited partnerships) was
$712,000 and $735,000 for the thirty nine weeks ended June 27, 2009 and June 28,
2008, respectively, a decrease of 3.13%. We attribute this decline primarily to
the current domestic and global economic downturn. Comparable weekly restaurant
food sales for Company owned restaurants only was $313,000 and $331,000 for the
thirty nine weeks ended June 27, 2009 and June 28, 2008, respectively, a
decrease of 5.44%. Comparable weekly restaurant food sales for affiliated
limited partnership owned restaurants only was $399,000 and $404,000 for the
thirty nine weeks ended June 27, 2009 and June 28, 2008, respectively, a
decrease of 1.24%. We anticipate that restaurant food sales will decrease
throughout the balance of our fiscal year 2009 due to a decline in same store
restaurant food sales, offset by the operation of the Davie, Florida restaurant
for the entire fourth quarter of our fiscal year 2009.
Restaurant Bar Sales. Restaurant revenue generated from the sale of alcoholic
beverages at restaurants (bar sales) totaled $7,608,000 for the thirty nine
weeks ended June 27, 2009 as compared to $7,117,000 for the thirty nine weeks
ended June 28, 2008, an increase of $491,000 or 6.90%. The increase in
restaurant bar sales is due to sales from the Davie, Florida restaurant, which
generated $516,000 of revenue from bar sales during the thirty nine weeks ended
June 27, 2009. Without giving effect to the revenue from bar sales generated
from the Davie, Florida restaurant ($516,000) for the thirty nine weeks ended
June 27, 2009, restaurant revenue generated from bar sales during the thirty
nine weeks ended June 27, 2009, would have decreased $25,000 or 0.35% to
$7,092,000 from $7,117,000 for the thirty nine weeks ended June 28, 2008.
Comparable weekly restaurant bar sales (for restaurants open for all of the
thirty nine weeks ended June 27, 2009 and the thirty nine weeks ended June 28,
2008, which consists of seven restaurants owned by us and seven restaurants
owned by affiliated limited partnerships) was $173,000 and $172,000 for the
thirty nine weeks ended June 27, 2009 and June 28, 2008, respectively, an
increase of 0.58%. Comparable weekly restaurant bar sales for Company owned
restaurants only was $75,000 and $74,000 for the thirty-nine weeks ended June
27, 2009 and the thirty-nine weeks ended June 28, 2008, respectively, an
increase of 1.35%. Comparable weekly restaurant bar sales for affiliated limited
partnership owned restaurants only was unchanged at $98,000 for the thirty-nine
weeks ended June 27, 2009 and the thirty-nine weeks ended June 28, 2008. We
anticipate that restaurant bar sales will continue to increase throughout the
balance of our fiscal year 2009 due to, primarily, the operation of the Davie,
Florida restaurant for the entire fourth quarter of our fiscal year 2009.
Net Income. Net income for the thirty nine weeks ended June 27, 2009 increased
$176,000 or 17.76% to $1,167,000 from $991,000 for the thirty nine weeks ended
June 28, 2008. As a percentage of sales, net income for the thirty nine weeks
ended June 27, 2009 is 2.31%, as compared to 2.04% for the thirty nine weeks
ended June 28, 2008. During the thirty nine weeks ended June 27, 2009, we
recognized interest income of $124,000 paid on claims we filed in the
liquidation proceedings of Ambassador Insurance Company in 1983 and other income
of $26,000 paid as the balance of our claims (10%) filed in the liquidation
proceedings of Ambassador Insurance Company. We also adjusted our tax deferred
asset by $140,000. Without giving effect to this interest income of $124,000,
other income of $26,000 and the adjustment to our deferred tax asset of
$140,000, we would have generated net income of $877,000 for the thirty nine
weeks ended June 27, 2009, which as a percentage of sales is 1.74%. Without
giving effect to the interest income and other income and the adjustment to our
deferred tax asset for the thirty nine weeks ended June 27, 2009, the decrease
in net income for the thirty nine weeks ended June 27, 2009, as a percentage of
sales (-0.30%) is primarily due to a decline in same store restaurant sales and
a general increase in overall expenses. The net income for the thirty nine weeks
ended June 28, 2008 was adversely affected by our share of the non-recurring
pre-opening and opening expenses associated with the limited partnership owned
restaurant in Pembroke Pines, Florida, ($40,000), and our share of the
non-recurring pre-opening expenses associated with the limited partnership owned
restaurant in Davie, Florida, ($74,000), higher food costs and overall expenses,
including electric, gas and real property taxes.
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