Flanigan’s Enterprises, Inc. Reports Annual Results for Fiscal Year Ended October 2, 2011

December 29, 2011

Flanigan’s Enterprises, Inc. reported revenue for its fiscal year ended October 2, 2011 increased 3.3% to $72.31 million compared to $69.99 million during the previous fiscal year.  Revenues for fiscal 2011 were positively impacted by an increase of 3.59% in comparable weekly restaurant food sales, a 3.02% increase in comparable weekly bar sales and a 2.02% increase in comparable weekly package liquor store sales.

Net income for fiscal 2011 dropped 13.6% to $1.45 million or $0.78 per share versus net income of $1.68 million or $0.90 per share during fiscal 2010.  In fiscal 2011, the company saw expenses increase across the board including higher food costs, payroll taxes as well as selling, general and administrative expenses.  The company also saw an increase in interest expense, however this was more than offset by an increase in interest and other income.

The balance sheet is in good shape with cash/cash equivalents of $4.26 million, current assets of $8.29 million, total assets of $38.17 million, current liabilities of $6.47 million and total liabilities of $14.24 million.  Shareholders’ equity increased 1.7% during fiscal 2011.

During the fourth quarter of fiscal year 2011 the company agreed to acquire a two building shopping center in Miami, Florida for $6.14 million.  One of the buildings is the location of a limited partnership owned restaurant and the other building is leased to 12 unaffiliated third parties.

Flanigan’s Enterprises, Inc. owns, operates and/or franchises restaurants, package liquor stores and combination package liquor store and restaurants.  During fiscal 2011, the company owned 4 combination units, 5 restaurants and 5 package liquor stores.  The company managed, but did not own 10 additional restaurants and also owned, but did not manage 1 adult club located in Georgia.  There are also 5 franchised units one of which is operated by the company.  Nearly all of the company’s operations are in Florida and to a lessor extent Pennsylvania and Georgia.

Source: Flanigan’s Enterprises, Inc.

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