FLANIGAN'S Reports Earnings

Rhea-AI Summary

Flanigan's Enterprises, Inc. (NYSE AMERICAN: BDL) reported a decline in revenues for the 13 and 39 weeks ended June 27, 2020. Total revenues decreased to $23.66 million from $29.51 million year-over-year for the quarter, with a net loss of $455,000 compared to a net income of $968,000. For the year-to-date, total revenues fell to $84.73 million from $87.14 million, generating a net income of $687,000, down from $2.73 million. Notably, restaurant food and bar sales experienced a significant drop, highlighting the impact of the ongoing pandemic.

Positive

• Package store sales surged to $7.1 million in Q3 2020 from $4.75 million in Q3 2019.
• Franchise related revenues and rental income, while lower, continued to contribute to total revenue.

Negative

• Restaurant food and bar sales dropped to $16.14 million in Q3 2020 from $24.1 million in Q3 2019.
• Net income declined to a loss of $455,000 in Q3 2020, compared to a profit of $968,000 in Q3 2019.
• Year-to-date net income fell to $687,000, down significantly from $2.73 million the previous year.

FORT LAUDERDALE, Fla., Aug. 21, 2020 /PRNewswire/ -- FLANIGAN'S ENTERPRISES, INC., (NYSE AMERICAN: BDL) owners and operators of the "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's" retail liquor stores, today announced results for the 13 weeks and the 39 weeks ended June 27, 2020.  The table below sets forth the results on a comparative basis with the 13 weeks and 39 weeks ended June 29, 2019. 

	For the 13 weeks		For the 13 weeks
	ended June 27,		ended June 29,
	2020		2019
REVENUES
RESTAURANT FOOD AND BAR SALES	$  16,144,000		$ 24,099,000
PACKAGE STORE SALES	7,099,000		4,752,000
FRANCHISE RELATED REVENUES	278,000		414,000
RENTAL INCOME	151,000		186,000
OTHER OPERATING INCOME (LOSS)	(9)		61,000
TOTAL REVENUES	$ 23,663,000		$  29,512,000
NET INCOME (LOSS) ATTRIBUTABLE TO FLANIGAN'S ENTERPRISES, INC.	$      (455,000)		$       968,000
NET INCOME (LOSS) PER COMMON SHARE BASIC AND DILUTED	$            (0.24)		$               0.52

 

	For the 39 weeks		For the 39 weeks
	ended June		ended June
	27, 2020		29, 2019
RESTAURANT FOOD AND BAR SALES	$  64,305,000		$  70,214,000
PACKAGE STORE SALES	18,833,000		14,979,000
FRANCHISE RELATED REVENUES	945,000		1,210,000
RENTAL INCOME	554,000		576,000
OTHER OPERATING INCOME	95,000		163,000
TOTAL REVENUES	$  84,732,000		$ 87,142,000
NET INCOME ATTRIBUTABLE TO FLANIGAN'S ENTERPRISES, INC	$       687,000		$   2,732,000
NET INCOME PER COMMON SHAREBASIC AND DILUTED	$             0.37		$           1.47

 

View original content:http://www.prnewswire.com/news-releases/flanigans-reports-earnings-301116545.html

SOURCE FLANIGAN'S ENTERPRISES, INC.

FAQ

What were Flanigan's Enterprises revenues for Q3 2020?

Flanigan's Enterprises reported total revenues of $23.66 million for the 13 weeks ended June 27, 2020.

What was Flanigan's net income for the first three quarters of 2020?

Flanigan's net income for the 39 weeks ended June 27, 2020, was $687,000.

How did restaurant sales perform for Flanigan's in Q3 2020?

Restaurant food and bar sales fell to $16.14 million in Q3 2020, down from $24.1 million in Q3 2019.

What is the stock symbol for Flanigan's Enterprises?

The stock symbol for Flanigan's Enterprises is BDL.