Revenue and Sales Performance - Total revenue for fiscal year 2024 increased by $13,925,000 or 7.98% to $188,321,000 from $174,396,000 in fiscal year 2023, driven by increased package liquor store and restaurant sales[26]. - Restaurant bar sales totaled $30,010,000 in fiscal year 2024, up from $29,000,000 in fiscal year 2023, attributed to recent price increases and new restaurant openings[27]. Profitability - Gross profit for package store sales increased to $10,369,000 in fiscal year 2024 from $9,377,000 in fiscal year 2023, with a gross profit margin of 25.60%[29]. - Net income for fiscal year 2024 decreased by $116,000 or 2.14% to $5,300,000, with net income as a percentage of total revenue at 2.81%[33]. - Net income attributable to stockholders decreased by $643,000 or 16.08% to $3,356,000 in fiscal year 2024, representing 1.78% of revenue[34]. Costs and Expenses - Payroll and related costs rose by $2,742,000 or 4.84% to $59,349,000 in fiscal year 2024, with payroll costs as a percentage of total revenue decreasing to 31.51%[30]. - Menu prices for bar offerings were increased effective August 25, 2024, targeting a 5.63% annual increase in bar revenues to offset higher costs[36]. Cash Position - Cash and cash equivalents as of September 28, 2024, were approximately $21,402,000, a decrease of $4,130,000 from $25,532,000 as of September 30, 2023[37]. Future Outlook - The company anticipates a decrease in gross profit margin for package liquor store merchandise in fiscal year 2025 due to higher costs and competitive pricing[29]. - The company did not open any new limited partnership restaurants in fiscal year 2024, nor did it have any in the development stage[35].
Flanigan's Enterprises(BDL) - 2024 Q4 - Annual Report