Business

Flanigan's Enterprises, Inc. Announces Financial Results and Revenue Growth

FORT LAUDERDALE, Fla., May 15, 2024 – FLANIGAN'S ENTERPRISES, INC., a recognized name in the hospitality industry and listed on the NYSE American as BDL, has proudly shared its financial performance for the 13-week and 26-week periods concluding on March 30, 2024. Demonstrating an upward trajectory in its business operations, the company, which is the proud owner and operator of "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's" retail liquor outlets, has revealed the comparison of these results against the corresponding periods which ended on April 1, 2023.

The comprehensive data showcases that during the 13 weeks that ended on March 30, 2024, Flanigan's achieved substantial revenues in various segments of its operations. The restaurant food and bar sales were at a solid $37,096,000, an impressive increase when compared to the $34,394,000 recorded during the same period in the previous year. Their package store sales also reported remarkable growth, jumping from $8,659,000 to $10,140,000 in the span of a year.

Franchise related revenues, although a smaller part of the overall revenue, saw a slight decrease from $484,000 in the previous year to $445,000 in this year's report. The revenue from rental income rose to $313,000, indicating a growth compared to last fiscal year’s $218,000. Other operating income stood at $75,000, up from the previous year’s $48,000, showing a consistent progress in the additional revenue streams of the company.

Further emphasizing its success, the comprehensive revenue run ended with a remarkable total revenue of $48,069,000 for the 13 weeks ended March 30, 2024, representing a notable increase from the $43,803,000 in the comparable period of the previous year.

The company's net income attributable to Flanigan's Enterprises, Inc. was also favorable, seeing a marginal increase from $1,897,000 in the 13-week period in 2023 to $1,942,000 for the same period in 2024. When earnings are distilled down to the net income per common share, the figures narrowly escalated from $1.02 to $1.04, reflecting consistent and sustained company growth.

Addressing the results of the 26-week periods ending on March 30, 2024, and April 1, 2023, the company has even more encouraging news to share about its achievements. The restaurant food and bar sales surged to an impressive $70,914,000 this year, up from $66,149,000 in the prior year. This reflects an increase in customer patronage and higher average sales per customer, showcasing the brand’s strength in attracting and retaining customers.

The package store segment of the business also mirrored this positive trend with sales up from $18,062,000 in the previous year to $20,742,000 in the current financial report. This demonstrates that the retail component of Flanigan's Enterprises continues to be a robust facet of the operation.

Meanwhile, revenues generated from franchise-related activities presented $863,000, which was a slight decrease from the $943,000 recorded last year. However, the decrease was more than offset by the other segments of the business which have shown impressive growth. Rental income continued to grow, reaching $566,000 compared to the $431,000 documented in the previous fiscal year. This increase can be attributed to strategic investments and conscious efforts to enhance the company’s real estate portfolio. Furthermore, other operating income has also risen, from $79,000 to $124,000, aligning with the company’s overall upward trend.

The grand total of revenues for the 26-week period ending on March 30, 2024, stood at a stellar $93,209,000, marking a considerable rise from the $85,664,000 reported in the same period of the year before. Such an increase is indicative of positive operational developments and a strong market positioning amidst competitive conditions.

Moreover, the net income attributable to Flanigan's Enterprises, Inc. has been documented at $2,051,000 for this year’s 26-week period, showing a drop when compared to the $2,521,000 reported in the prior year. While this might seem like a setback, the company’s overall financial health remains robust, with the reduction in net income viewed in the context of larger strategic investments that are expected to yield significant returns in the long term.

With an outlook on the common share performance, the net income per common share reflected a similar pattern for the 26-week period, with basic and diluted earnings per share at $1.10 compared to a higher figure of $1.36 in the previous year.

In the public release, Flanigan’s Enterprises emphasized its commitment to sustaining its profitable growth while staying dynamic in the face of the ever-changing hospitality landscape. The figures indicate a company on the rise, one that is strategically focusing on enhancing its dining experience, diversifying its operational income, and expanding its franchise reach.

Remaining transparent in financial reporting, Flanigan’s Enterprises ensures that every stakeholder is well-informed of the company’s economic stance, preserving its integrity and reliability as a public enterprise. The financial reports strengthen the investor confidence and place Flanigan’s in a promising position for potential investors and partners.

Leadership at Flanigan’s Enterprises has taken these results as an opportunity to reinforce their strategic plan that’s been in place and to assure investors of ongoing efforts to maximize returns. The revenue growth across most channels is indicative of effective marketing strategies, operational excellence, and consistent customer satisfaction.

Adapting to market conditions and customer preferences, Flanigan’s has strategically positioned itself in its segment by persistently improving its service offerings and staying at the vanguard of innovation in the hospitality industry. Understanding that consumer trends are ever-evolving, the company continuously evaluates and updates its operations to align with modern demands, ensuring resilience and relevance in a competitive market.

The positive performance and revenue increase effectively demonstrate the successful implementation of business strategies and operational efficiency within Flanigan’s Enterprises. As the business moves forward, it aims to capitalize on the momentum that has been built to further develop its brand and operations.

The company places an emphasis on the quality of its services and products, a key factor which has served as a cornerstone for the consistent growth. Flanigan's has evidently translated its operational acumen into profitable numbers, showcasing an impressive acumen for sustaining growth and financial health.

With successful financial results in hand, Flanigan’s looks to the future with optimism. The company will continue adhering to core values of customer service excellence, cutting-edge service offerings, and expansion of its brand through prudent financial managing and strategic growth initiations.

Concluding the financial summary, Flanigan’s Enterprises, Inc. maintains a robust financial position with strong revenue growth as evidenced in the latest fiscal announcements. Despite facing a competitive industry and unpredictable market scenarios, their continued focus on delivering exceptional service to customers has paid dividends and is reflected in their financial outcomes.

As a response to the news release, stakeholders including investors, analysts, and industry observers are keen to monitor Flanigan's Enterprises for future developments. With the ongoing positive trends, the company is positioned to continue its growth trajectory and garner further success in the industry.

For further details and a complete breakdown of the financial data reported by Flanigan's Enterprises, Inc., please refer to the official press release available on the PRNewswire website.

Beyond the numbers, Flanigan’s Enterprises, Inc. embodies a story of a thriving company that consistently strives to exceed expectations and solidify its standing as a leader in the food and beverage industry.

The press release on PRNewswire web portal can be accessed here.

Discerning patrons and investors alike are encouraged to visit Flanigan's Seafood Bar and Grill restaurants and Big Daddy's retail liquor outlets to experience firsthand the quality and service that continue to drive Flanigan’s Enterprises toward higher profits and a brighter future.

In sum, this report presents a comprehensive view of Flanigan's Enterprises’ current financial achievements, showcasing a continued commitment to excellence, strategic growth, and shareholder value. With its solid performance and dedicated leadership, the company is well-poised to navigate future challenges and celebrate further success.

SOURCE FLANIGAN'S ENTERPRISES, INC. This is a truncated version of the full article due to word limit constraints.