Revenue Growth - Total revenue for the thirteen weeks ended December 28, 2024, increased by $5,122,000 or 11.35% to $50,262,000 compared to $45,140,000 for the same period in 2023, driven by increased package liquor store and restaurant sales[70]. - Restaurant food sales reached $29,126,000 for the thirteen weeks ended December 28, 2024, up from $26,355,000 in the prior year, reflecting a 10.66% increase attributed to recent price increases and the opening of a new restaurant[71]. - Package store sales totaled $12,435,000 for the thirteen weeks ended December 28, 2024, compared to $10,602,000 in the same period last year, marking an increase of $1,833,000 or 17.28% in same-store sales[73]. Costs and Expenses - Costs and expenses rose by $5,057,000 or 11.40% to $49,404,000 for the thirteen weeks ended December 28, 2024, primarily due to increased payroll and food costs[74]. - Payroll and related costs increased by $1,361,000 or 9.46% to $15,746,000, with payroll as a percentage of total revenue decreasing to 31.33% from 31.87%[78]. - Operating expenses rose by $641,000 or 10.84% to $6,554,000, driven by inflation and the opening of a new restaurant[79]. - Selling, general and administrative expenses increased by $301,000 or 25.23% to $1,494,000, representing 2.97% of total revenue for the thirteen weeks ended December 28, 2024, up from 2.64% in 2023[81]. - Depreciation and amortization expense rose by $165,000 or 16.82% to $1,146,000, accounting for 2.28% of revenue in the thirteen weeks ended December 28, 2024, compared to 2.17% in 2023[82]. - Occupancy costs decreased by $210,000 or 9.70% to $1,954,000 for the thirteen weeks ended December 28, 2024, compared to $2,164,000 for the same period in 2023[80]. Profitability - Gross profit for food and bar sales increased to $24,059,000, with a gross profit margin of 64.87%, slightly down from 65.02% in the previous year due to higher food costs[76]. - Net income increased by $38,000 or 6.40% to $632,000 for the thirteen weeks ended December 28, 2024, with a net income margin of 1.26%, down from 1.32% in 2023[84]. - Net income attributable to Flanigan's Enterprises, Inc. stockholders decreased by $54,000 or 49.54% to $55,000, representing 0.11% of revenue, compared to 0.24% in 2023[85]. Cash Flow and Financial Position - Cash and cash equivalents increased by $5,920,000 to approximately $27,322,000 as of December 28, 2024, from $21,402,000 as of September 28, 2024[88]. - Net cash provided by operating activities was $7,701,000 for the thirteen weeks ended December 28, 2024, compared to $3,450,000 in 2023[91]. - Capital expenditures for property and equipment amounted to $745,000 during the thirteen weeks ended December 28, 2024, down from $1,378,000 in 2023[92]. - Long-term debt decreased to $21,587,000 as of December 28, 2024, from $21,912,000 as of September 28, 2024[94]. Future Outlook - The company anticipates continued increases in restaurant food and bar sales due to recent price increases implemented in late 2024[71][72]. - The company expects package liquor store sales to continue increasing due to higher traffic in stores[73]. - The company operates a total of 32 units and franchises an additional 5 units as of December 28, 2024, maintaining the same number of units as in September 2024[63][64]. - The company entered into a purchase agreement for approximately $7.8 million of baby back ribs for calendar year 2025 to ensure supply and fix costs[96].
Flanigan's Enterprises(BDL) - 2025 Q1 - Quarterly Report