Tue, May 14, 8:16 PM (73 days ago)
For the quarter ending March 30, 2024, Flanigan's Enterprises, Inc. reported a revenue increase of 9.74% to $48,069,000 compared to the same period in 2023, primarily driven by higher sales in both package liquor stores and restaurants, and recent price increases. Net income rose by 15.89% to $2,524,000, although net income attributable to Flanigan’s stockholders saw a modest increase of 2.37% to $1,942,000 due to higher costs and increased expenses, including consultant fees for accounting process improvements. Operating costs increased by 10.44% to $45,384,000, driven by higher payroll and food costs. The gross profit margin for restaurant food and bar sales slightly decreased due to higher food costs. Cash and cash equivalents decreased by $3,530,000 to $22,002,000, mainly due to insurance payments and construction costs. The company remains compliant with all loan covenants and anticipates that increased restaurant traffic and new store operations will contribute to future revenue growth. Inflation and supply chain issues continue to impact operating results.