0001174947-17-000185.txt : 20170214 0001174947-17-000185.hdr.sgml : 20170214 20170214155022 ACCESSION NUMBER: 0001174947-17-000185 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 33 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170214 DATE AS OF CHANGE: 20170214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLANIGANS ENTERPRISES INC CENTRAL INDEX KEY: 0000012040 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 590877638 STATE OF INCORPORATION: FL FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06836 FILM NUMBER: 17608258 BUSINESS ADDRESS: STREET 1: 2841 CYPRESS CREEK RD CITY: FORT LAUDERDALE STATE: FL ZIP: 33309 BUSINESS PHONE: 3059749003 MAIL ADDRESS: STREET 1: 2841 CYPRESS CREEK ROAD CITY: FORT LAUDERDALE STATE: FL ZIP: 33309 FORMER COMPANY: FORMER CONFORMED NAME: BIG DADDYS LOUNGES INC DATE OF NAME CHANGE: 19780309 FORMER COMPANY: FORMER CONFORMED NAME: CASTLEWOOD INTERNATIONAL CORP DATE OF NAME CHANGE: 19760222 FORMER COMPANY: FORMER CONFORMED NAME: MOSAM CORP DATE OF NAME CHANGE: 19690415 10-Q 1 form10q-17063_flan.htm 10-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-Q

 

ý   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2016

 

OR

 

o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from            to

Commission File Number 1-6836

FLANIGAN'S ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)

 

Florida 59-0877638
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
   
5059 N.E. 18th Avenue, Fort Lauderdale, Florida 33334
(Address of principal executive offices) (Zip Code)

 

(954) 377-1961

(Registrant's telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý  No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its Corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý  No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ý

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o  No ý

 

On February 14, 2017, 1,858,647 shares of Common Stock, $0.10 par value per share, were outstanding.

 

 

 

 

 

FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES

 

INDEX TO FORM 10-Q

 

PART I. FINANCIAL INFORMATION 1
   
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1
  UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME 2
  UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 4
  UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 6
  NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 8
     
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 21
ITEM 4. CONTROLS AND PROCEDURES 22
     
PART II. OTHER INFORMATION 23
   
ITEM 1. LEGAL PROCEEDINGS 23
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 23
ITEM 6. EXHIBITS 23
     
SIGNATURES  
LIST XBRL DOCUMENTS  

 

 

As used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” the “Company” and “Flanigan’s” mean Flanigan's Enterprises, Inc. and its subsidiaries (unless the context indicates a different meaning).

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

 

 

 

 

 

 

 

1 

 

FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

 

  ---------Thirteen Weeks Ended-------- 
  December 31, 2016  January 2, 2016 
    
REVENUES:        
   Restaurant food sales $16,224  $15,379 
   Restaurant bar sales  5,061   4,903 
   Package store sales  4,678   4,360 
   Franchise related revenues  378   392 
   Rental income  159   146 
   Owner’s fee  38   38 
   Other operating income  56   60 
   26,594   25,278 
         
COSTS AND EXPENSES:        
   Cost of merchandise sold:        
       Restaurant and lounges  7,462   7,121 
       Package goods  3,354   3,111 
   Payroll and related costs  8,145   7,721 
   Occupancy costs  1,350   1,292 
   Selling, general and administrative expenses  4,810   4,682 
   25,121   23,927 
Income from Operations  1,473   1,351 
         
OTHER INCOME (EXPENSE):        
   Interest expense  (133)  (146)
   Interest and other income  41   26 
   (92)  (120)
         
Income before Provision for Income Taxes  1,381   1,231 
         
Provision for Income Taxes  (280)  (280)
         
Net Income  1,101   951 
         
Less: Net income attributable to noncontrolling interests  (437)  (327)
         
Net income attributable to stockholders $664  $624 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

2 

FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

 

(Continued)

 

 

  ---------Thirteen Weeks Ended-------- 
  December 31, 2016  January 2, 2016 
    
Net Income Per Common Share:        
   Basic and Diluted $0.36  $0.34 
         
Weighted Average Shares and Equivalent
     Shares Outstanding		        
   Basic and Diluted  1,858,647   1,858,647 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

3 

FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2016 (UNAUDITED) AND OCTOBER 1, 2016

(in thousands)

 

 

 

ASSETS

 

  December 31, 2016  October  1, 2016 
    
CURRENT ASSETS:        
         
   Cash and cash equivalents $12,119  $10,174 
   Prepaid income taxes  —   180 
   Due from franchisees  98   62 
   Other receivables  620   627 
   Inventories  2,862   2,633 
   Prepaid expenses  2,085   1,274 
   Deferred tax assets  531   381 
         
          Total Current Assets  18,315   15,331 
         
   Property and Equipment, Net  38,337   38,153 
         
   Investment in Limited Partnership  229   212 
         
OTHER ASSETS:        
         
   Liquor licenses  630   630 
   Deferred tax assets  841   862 
   Leasehold interests, net  629   660 
   Other  511   553 
         
          Total Other Assets  2,611   2,705 
         
          Total Assets $59,492  $56,401 
         

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

4 

FLANIGAN'S ENTERPRISES, INC, AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2016 (UNAUDITED) AND OCTOBER 1, 2016

(in thousands)

 

(Continued)

 

 

LIABILITIES AND EQUITY

 

  December 31, 2016  October 1, 2016 
    
CURRENT LIABILITIES:        
         
   Accounts payable and accrued expenses $8,833  $7,790 
   Income taxes payable  66   — 
   Due to franchisees  1,801   2,098 
   Current portion of long term debt  1,809   1,466 
   Current portion of deferred rent  98   102 
         
          Total Current Liabilities  12,607   11,456 
         
Long Term Debt, Net of Current Maturities  9,999   8,626 
         
Deferred Rent, Net of Current Portion  —   — 
         
Equity:        
   Flanigan’s Enterprises, Inc. Stockholders’
    Equity		        
   Common stock, $.10 par value, 5,000,000
    shares authorized; 4,197,642 shares issued		  420   420 
   Capital in excess of par value  6,240   6,240 
   Retained earnings  29,414   28,750 
   Treasury stock, at cost, 2,338,995 shares
     at December 31, 2016 and 2,338,995
     shares at October 1, 2016 		 (6,077)  (6,077)
   Total Flanigan’s Enterprises, Inc.
     stockholders’ equity		  29,997   29,333 
   Noncontrolling interests  6,889   6,986 
      Total equity  36,886   36,319 
         
      Total liabilities and equity $59,492  $56,401 

 

See accompanying notes to unaudited condensed consolidated financial statements.

5 

FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THIRTEEN WEEKS ENDED DECEMBER 31, 2016 AND JANUARY 2, 2016

(in thousands)

 

 

December 31,

2016

  January 2,
2016		 
       
CASH FLOWS FROM OPERATING ACTIVITIES:        
         
   Net income $1,101  $951 
   Adjustments to reconcile net income to net cash and
      cash equivalents provided by operating activities:		        
      Depreciation and amortization  631   645 
      Amortization of leasehold interests  31   30 
      Loss on abandonment of property and equipment  4   25 
      Amortization of deferred loan costs  7   — 
      Deferred income taxes  (129)  — 
      Deferred rent  (4)  (3)
     (Income) loss from unconsolidated limited
        partnership		  (22)  7 
     Changes in operating assets and liabilities:
        (increase) decrease in		        
             Due from franchisees  (36)  — 
             Other receivables  7   44 
             Prepaid income taxes  180   (90)
             Inventories  (229)  (586)
             Prepaid expenses  388   135 
             Other assets  (6)  1 
         Increase (decrease) in:        
             Accounts payable and accrued expenses  1,043   1,151 
             Income taxes payable  66   (143)
             Due to franchisees  (297)  (49)
   Net cash and cash equivalents provided by operating
      activities		  2,735   2,118 
         
CASH FLOWS FROM INVESTING ACTIVITIES:        
         
     Purchases of property and equipment  (731)  (1,632)
      Deposits on property and equipment  (40)  (68)
      Distributions from unconsolidated limited
      partnership		  5   10 
   Net cash and cash equivalents used in investing
      activities		  (766)  (1,690)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

6 

 

FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THIRTEEN WEEKS ENDED DECEMBER 31, 2016 AND JANUARY 2, 2016

(in thousands)

 

(Continued)

 

  December 31,
2016		  January 2,
2016		 
       
CASH FLOWS FROM FINANCING ACTIVITIES:        
         
     Payment of long term debt  (326)  (615)
     Proceeds from long term debt  836   — 
     Distributions to limited partnerships’
          noncontrolling interests		  (534)  (506)
         
  Net cash and cash equivalents used in financing activities  (24)  (1,121)
         
         
Net Increase (Decrease) in Cash and Cash Equivalents  1,945   (693)
         
         Beginning of Period  10,174   9,267 
         
         End of Period $12,119  $8,574 
         
Supplemental Disclosure for Cash Flow Information:
     Cash paid during period for:		        
         Interest $133  $146 
         Income taxes $163  $514 
         
Supplemental Disclosure of Non-Cash Investing and
Financing Activities:		        
Financing of insurance contracts $1,199  $914 
Purchase deposits transferred to property and equipment $88  $147 

 

See accompanying notes to unaudited condensed consolidated financial statements

 

7 

FLANIGAN’S ENTERPRISES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

DECEMBER 31, 2016

 

 

(1) BASIS OF PRESENTATION:

 

The accompanying condensed consolidated financial information for the thirteen weeks ended December 31, 2016 and January 2, 2016 are unaudited. Financial information as of October 1, 2016 has been derived from the audited financial statements of the Company, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated have been included. For further information regarding the Company's accounting policies, refer to the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended October 1, 2016. Operating results for interim periods are not necessarily indicative of results to be expected for a full year.

 

The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the accounts of the eight limited partnerships in which we act as general partner and have controlling interests. All intercompany balances and transactions have been eliminated. Non-controlling interest represents the limited partners’ proportionate share of the net assets and results of operations of the eight limited partnerships.

 

These condensed consolidated financial statements include estimates relating to performance based officers’ bonuses. The estimates are reviewed periodically and the effects of any revisions are reflected in the financial statements in the period they are determined to be necessary. Although these estimates are based on management’s knowledge of current events and actions it may take in the future, they may ultimately differ from actual results.

 

(2) EARNINGS PER SHARE:

 

We follow Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Section 260 - “Earnings per Share”. This section provides for the calculation of basic and diluted earnings per share. The data on Page 3 shows the amounts used in computing earnings per share and the effects on income and the weighted average number of shares of potentially dilutive common stock equivalents. As of December 31, 2016 and January 2, 2016, no stock options were outstanding.

 

(3) RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS:

 

Adopted

 

In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 provides authoritative guidance related to the presentation of debt issuance costs on the balance sheet, requiring companies to present debt issuance costs as a direct deduction from the carrying value of debt. The amendments in this update are effective for public business entities in fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this new guidance did not have a material impact on our consolidated financial statements.

8 

(3) RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS:

     (Continued)

 

Adopted (Continued)

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” to modify the analysis that companies must perform in order to determine whether a legal entity should be consolidated. ASU 2015-02 simplifies current guidance by reducing the number of consolidation models; eliminating the risk that a reporting entity may have to consolidate based on a fee arrangement with another legal entity; placing more weight on the risk of loss in order to identify the party that has a controlling financial interest; reducing the number of instances that related party guidance needs to be applied when determining the party that has a controlling financial interest; and changing rules for companies in certain industries that ordinarily employ limited partnership or variable interest entity structures. ASU 2015-02 is effective for public companies for fiscal years beginning after December 15, 2015 and interim periods within those fiscal periods. The adoption of this new guidance did not have a material impact on our consolidated financial statements.

Issued

 

In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments”.  This ASU addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, “Statement of Cash Flows”, and other Topics. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840.  ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet.  ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income.  ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.  Early adoption is permitted.  ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief.  We are currently assessing the adoption date and the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures.

 

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. ASU 2015-17 requires that all deferred tax liabilities and tax assets be classified as non-current in a classified balance sheet, rather than separating such deferred taxes into current and non-current amounts, as is required under current guidance. ASU 2015-17 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2016 and may be applied either prospectively or retrospectively. We are currently assessing the adoption date and the potential impact of adopting ASU 2015-17 on our financial statements and related disclosures.

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers,” (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. The new standard was originally effective for interim and annual periods in fiscal years beginning after December 15, 2016. In July 2015,

 

9 

(3) RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS:

     (Continued)

 

Issued (Continued)

 

the FASB affirmed its proposal for a one year deferral of the effective date. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

 

(4) INCOME TAXES:

 

We account for our income taxes using FASB ASC Topic 740, “Income Taxes”, which requires among other things, recognition of future tax benefits measured at enacted rates attributable to deductible temporary differences between financial statement and income tax basis of assets and liabilities and to tax net operating loss carryforwards and tax credits to the extent that realization of said tax benefits is more likely than not.

 

(5) DEBT:

 

(a) Re-Financing of Corporate Offices

 

During the first quarter of our fiscal year 2017, we re-financed the mortgage loan encumbering our corporate offices located at 5059 N.E. 18th Avenue, Fort Lauderdale, Florida 33334, which mortgage loan was and continues to be extended and held by an unaffiliated third party lender. The refinanced mortgage loan is in the original principal amount of $840,000 and bears interest at the fixed rate of 4.65% per annum. The mortgage loan is amortizable over a fifteen (15) year period, with our current monthly payment of principal and interest totaling $6,519. The entire principal balance and all accrued but unpaid interest are due on December 28, 2031.

  

(b) Financing of Office and Warehouse Space

 

During the first quarter of our fiscal year 2017, we borrowed the sum of $822,500 from an unaffiliated third party lender (the “$822,500 Loan”). Our repayment obligations under the $822,500 Loan are secured by a first mortgage on our office located at 1290 East Commercial Boulevard, Oakland Park, Florida 33334 and our warehouse located at 4990 N.E. 12th Avenue, Oakland Park, Florida 33334. The $822,500 Loan bears interest at the fixed rate of 4.65% per annum and is amortizable over a fifteen (15) year period, with our current monthly payment of principal and interest totaling $6,384. The entire principal balance and all accrued but unpaid interest are due on December 28, 2031.

  

(c) Revolving Credit Line/Term Loan

 

During the first quarter of our fiscal year 2017, we closed on a secured revolving line of credit from an unaffiliated third party lender which, subject to certain conditions, entitles us to borrow, from time to time through December 28, 2017, up to $5,500,000 (the “Credit Line”). From December 28, 2016 through December 28, 2017, we are obligated to pay interest only on the outstanding balance under the Credit Line, at a rate of LIBOR, Daily Floating Rate, plus 2.25%, per annum (3.027% as of February 14, 2017). As more fully discussed under Note 7 Subsequent Events, subsequent to the end of the first quarter of our fiscal year 2017, we entered into an interest rate swap agreement to hedge the interest rate risk when the unpaid principal balance under the Credit Line converts to a term loan and our repayment obligations thereunder become amortizable over a five year period, payable in equal monthly installments of principal and interest at the rate of 4.65% per annum, with any outstanding principal balance and all accrued but unpaid interest due on December 28, 2022. We granted our lender a first priority security interest in substantially all of our personal property assets to secure our repayment obligations under this loan. During the first quarter of our fiscal year 2017, we did not draw upon the Credit Line and neither incurred nor paid any interest amounts. As of February 14, 2017, we have $5,500,000 of credit available under the Credit Line.

 

10 

(d) Financed Insurance Premiums

 

During the thirteen weeks ended December 31, 2016, we financed the following three (3) property and general liability insurance policies, totaling approximately $1.21 million, which property and general liability insurance includes coverage for our franchises which are not included in our consolidated financial statements:

 

(i)       For the policy year beginning December 30, 2016, our general liability insurance, excluding limited partnerships, is a one (1) year policy with our insurance carriers, including automobile and excess liability coverage. The one (1) year general liability insurance premiums, including automobile and excess liability coverage, total, in the aggregate $513,000, of which $409,000 is financed through an unaffiliated third party lender (the “Third Party Lender”). The finance agreement obligates us to repay the amounts financed together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $42,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof.

 

(ii) For the policy year beginning December 30, 2016, our general liability insurance for our limited partnerships is a one (1) year policy with our insurance carriers, including excess liability coverage. The one (1) year general liability insurance premiums, including excess liability coverage, total, in the aggregate $498,000, of which $398,000 is financed through the Third Party Lender. The finance agreement obligates us to repay the amounts financed, together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $40,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof.

 

(iii)       For the policy year beginning December 30, 2016, our property insurance is a one (1) year policy. The one (1) year property insurance premium is in the amount of $504,000, of which $404,000 is financed through the Third Party Lender. The finance agreement provides that we are obligated to repay the amounts financed, together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of approximately $41,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof.

 

As of December 31, 2016, the aggregate principal balance owed from the financing of our property and general liability insurance policies is $1,199,000.

 

(6) COMMITMENTS AND CONTINGENCIES:

 

Litigation

 

From time to time, we are a defendant in litigation arising in the ordinary course of our business, including claims resulting from “slip and fall” accidents, claims under federal and state laws governing access to public accommodations, employment-related claims and claims from guests alleging illness, injury or other food quality, health or operational concerns. To date, none of this litigation, some of which is covered by insurance, has had a material effect on us.

11 

(7) SUBSEQUENT EVENTS:

 

Subsequent events have been evaluated through the date these condensed consolidated financial statements were issued and no events required disclosure, except as follows:

 

(a) Conversion of Revolving Credit Line/Term Loan to Fixed Rate of Interest:

 

Subsequent to the end of the first quarter of our fiscal year 2017, we entered into an interest rate swap agreement with a third party unaffiliated with the Company, which causes the variable interest rate under our Credit Line to become fixed at 4.65% per annum on December 28, 2017, the date the Credit Line converts to a term loan.

 

(b) Termination of SWAP Agreement:

 

Subsequent to the end of the first quarter of our fiscal year 2017, we terminated the interest rate swap agreement we entered into July, 2010 which related to the re-financed mortgage loan encumbering our corporate offices located at 5059 N.E. 18th Avenue, Fort Lauderdale, Florida 33334. The interest rate swap agreement required us to pay interest for a seven (7) year period at a fixed rate of 5.11% on an initial amortizing notional principal amount of $935,000, while receiving interest for the same period at LIBOR, Daily Floating Rate, plus 2.25%, on the same amortizing notional principal amount. We paid an $8,500 pre-payment penalty to the lender in connection with the termination of the interest rate swap agreement.

 

(8) BUSINESS SEGMENTS:

 

We operate principally in two reportable segments – package stores and restaurants. The operation of package stores consists of retail liquor sales and related items. Information concerning the revenues and operating income for the thirteen weeks ended December 31, 2016 and January 2, 2016, and identifiable assets for the two reportable segments in which we operate, are shown in the following table. Operating income is total revenue less cost of merchandise sold and operating expenses relative to each segment. In computing operating income, none of the following items have been included: interest expense, other non-operating income and expenses and income taxes. Identifiable assets by segment are those assets that are used in our operations in each segment. Corporate assets are principally cash and real property, improvements, furniture, equipment and vehicles used at our corporate headquarters. We do not have any operations outside of the United States and transactions between restaurants and package liquor stores are not material.

 

 

12 

  (in thousands) 
 

Thirteen Weeks
Ending

December 31, 2016

 

Thirteen Weeks
Ending

January 2, 2016

 
Operating Revenues:        
   Restaurants $21,285  $20,282 
   Package stores  4,678   4,360 
   Other revenues  631   636 
      Total operating revenues $26,594  $25,278 
         
Income from Operations Reconciled to Income After Income Taxes and
Net Income Attributable to Noncontrolling Interests		        
    Restaurants $1,673  $1,485 
    Package stores  361   338 
   2,034   1,823 
 Corporate expenses, net of other revenues  (561)  (472)
    Income from Operations  1,473   1,351 
    Interest expense  (133)  (146)
    Interest and Other income  41   26 
Income Before Provision for Income Taxes $1,381  $1,231 
    Provision for Income Taxes  (280)  (280)
Net Income  1,101   951 
Net Income Attributable to Noncontrolling Interests  (437)  (327)
Net Income Attributable to Flanigan’s Enterprises, Inc.  Stockholders $664  $624 
         
         
Depreciation and Amortization:        
   Restaurants $504  $495 
   Package stores  52   48 
   556   543 
   Corporate  106   132 
Total Depreciation and Amortization $662  $675 
         
Capital Expenditures:        
   Restaurants $275  $494 
   Package stores  17   134 
   292   628 
   Corporate  527   1,151 
Total Capital Expenditures $819  $1,779 

 

  December 31,  October 1, 
  2016  2016 
Identifiable Assets:        
   Restaurants $29,469  $28,461 
   Package store  4,851   4,727 
   34,320   33,188 
   Corporate  25,172   23,213 
Consolidated Totals $59,492  $56,401 

13 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Reported financial results may not be indicative of the financial results of future periods. All non-historical information contained in the following discussion constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as “anticipates, appears, expects, trends, intends, hopes, plans, believes, seeks, estimates, may, will,” and variations of these words or similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve a number of risks and uncertainties, including but not limited to customer demand and competitive conditions. Factors that could cause actual results to differ materially are included in, but not limited to, those identified in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Annual Report on our Form 10-K for the fiscal year ended October 1, 2016 and in this Quarterly Report on Form 10-Q. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may reflect events or circumstances after the date of this report.

 

OVERVIEW

 

At December 31, 2016, we (i) operated 25 units, (excluding the adult entertainment club referenced in (ii) below), consisting of restaurants, package stores and combination restaurants/package stores that we either own or have operational control over and partial ownership in; (ii) own but do not operate one adult entertainment club; and (iii) franchise an additional five units, consisting of two restaurants, (one restaurant of which we operate), and three combination restaurants/package stores. The table below provides information concerning the type (i.e. restaurant, package store or combination restaurant/package liquor store) and ownership of the units (i.e. whether (i) we own 100% of the unit; (ii) the unit is owned by a limited partnership of which we are the sole general partner and/or have invested in; or (iii) the unit is franchised by us), as of December 31, 2016 and as compared to January 2, 2016 and October 1, 2016. With the exception of “The Whale’s Rib”, a restaurant we operate but do not own, all of the restaurants operate under our service mark “Flanigan’s Seafood Bar and Grill” and all of the package liquor stores operate under our service mark “Big Daddy’s Liquors”.

 

Types of Units December 31,
2016

October 1,

2016

 

 January 2,
2016		  

Company Owned:

Combination package and restaurant

 

4

 

4

 

4

  
Restaurant only 6 6 6  
Package store only 5 5 5  
         
Company Operated Restaurants Only:        
Limited Partnerships 8 8 8  
Franchise 1 1 1  
Unrelated Third Party 1 1 1  
         
Company Owned Club: 1 1 1  
         
Total Company Owned/Operated Units 26 26 26  
Franchised Units 5 5 5 (1)

Notes:

(1) We operate a restaurant for one (1) franchisee. This unit is included in the table both as a franchised restaurant, as well as a restaurant operated by us.

Franchise Financial Arrangement: In exchange for our providing management and related services to our franchisees and granting them the right to use our service marks “Flanigan’s Seafood Bar and Grill” and “Big Daddy’s Liquors”, our franchisees (four of which are franchised to members of the family of our Chairman of the Board, officers and/or directors), are required to (i) pay to us a royalty equal to 1% of gross package store sales and 3% of gross restaurant sales; and (ii) make advertising expenditures equal to between 1.5% to 3% of all gross sales based upon our actual advertising costs allocated between stores, pro-rata, based upon gross sales.

 

14 

Limited Partnership Financial Arrangement: We manage and control the operations of all restaurants owned by limited partnerships, except the Fort Lauderdale, Florida restaurant which is owned by a related franchisee. Accordingly, the results of operations of all limited partnership owned restaurants, except the Fort Lauderdale, Florida restaurant are consolidated into our operations for accounting purposes. The results of operations of the Fort Lauderdale, Florida restaurant are accounted for by us utilizing the equity method. In general, until the investors’ cash investment in a limited partnership (including any cash invested by us and our affiliates) is returned in full, the limited partnership distributes to the investors annually out of available cash from the operation of the restaurant up to 25% of the cash invested in the limited partnership, with no management fee paid to us. Any available cash in excess of the 25% of the cash invested in the limited partnership distributed to the investors annually, is paid one-half (½) to us as a management fee, with the balance distributed to the investors. Once the investors in the limited partnership have received, in full, amounts equal to their cash invested, an annual management fee is payable to us equal to one-half (½) of cash available to the limited partnership, with the other one half (½) of available cash distributed to the investors (including us and our affiliates). As of December 31, 2016, limited partnerships owning five (5) restaurants, (Surfside, Florida, Kendall, Florida, West Miami, Florida, Pinecrest, Florida and Wellington, Florida locations), have returned all cash invested and we receive an annual management fee equal to one-half (½) of the cash available for distribution by the limited partnership. In addition to receipt of distributable amounts from the limited partnerships, we receive a fee equal to 3% of gross sales for use of the service mark “Flanigan’s Seafood Bar and Grill”.

 

RESULTS OF OPERATIONS

 

  -----------------------Thirteen Weeks Ended----------------------- 
  December 31, 2016  January 2, 2016 
 

Amount

(In thousands)

 

 

Percent

 

Amount

(In thousands)

 

 

Percent

 
Restaurant food sales $16,224   62.49  $15,379   62.41 
Restaurant bar sales  5,061   19.49   4,903   19.90 
Package store sales  4,678   18.02   4,360   17.69 
                 
Total Sales $25,963   100.00  $24,642   100.00 
                 
Franchise related revenues  378       392     
Owner’s fee  38       38     
Rental income  159       146     
Other operating income  56       60     
                 
Total Revenue $26,594      $25,278     

 

Comparison of Thirteen Weeks Ended December 31, 2016 and January 2, 2016.

 

Revenues. Total revenue for the thirteen weeks ended December 31, 2016 increased $1,316,000 or 5.21% to $26,594,000 from $25,278,000 for the thirteen weeks ended January 2, 2016 due primarily to increased menu prices and to a lesser extent increased restaurant traffic. Effective February 7, 2016 we increased certain menu prices for our bar offerings to target an increase to our total bar revenues of approximately 3.0% annually and effective February 15, 2016 we increased certain menu prices for our food offerings to target an increase to our total food revenues of approximately 3.7% annually, (the “Price Increases”).

 

15 

Restaurant Food Sales. Restaurant revenue generated from the sale of food, including non-alcoholic beverages, at restaurants totaled $16,224,000 for the thirteen weeks ended December 31, 2016 as compared to $15,379,000 for the thirteen weeks ended January 2, 2016. The increase in restaurant revenue from the sale of food at restaurants during the thirteen weeks ended December 31, 2016 is primarily due to the Price Increases and to a lesser extent increased restaurant traffic. Comparable weekly restaurant food sales (for restaurants open for all of the first quarter of our fiscal year 2017 and the first quarter of our fiscal year 2016, which consists of ten restaurants owned by us and eight restaurants owned by affiliated limited partnerships) was $1,248,000 and $1,183,000 for the thirteen weeks ended December 31, 2016 and January 2, 2016, respectively, an increase of 5.49%. Comparable weekly restaurant food sales for Company owned restaurants only was $651,000 and $620,000 for the first quarter of our fiscal year 2017 and the first quarter of our fiscal year 2016, respectively, an increase of 5.00%. Comparable weekly restaurant food sales for affiliated limited partnership owned restaurants only was $597 ,000 and $563,000 for the first quarter of our fiscal year 2017 and the first quarter of our fiscal year 2016, respectively, an increase of 6.04%.

 

Restaurant Bar Sales. Restaurant revenue generated from the sale of alcoholic beverages at restaurants totaled $5,061,000 for the thirteen weeks ended December 31, 2016 as compared to $4,903,000 for the thirteen weeks ended January 2, 2016. The increase in restaurant revenue from the sale of alcoholic beverages at restaurants during the thirteen weeks ended December 31, 2016 is primarily due to the Price Increases and to a lesser extent increased restaurant traffic. Comparable weekly restaurant bar sales (for restaurants open for all of the first quarter of our fiscal year 2017 and the first quarter of our fiscal year 2016, which consists of ten restaurants owned by us and eight restaurants owned by affiliated limited partnerships) was $389,000 for the thirteen weeks ended December 31, 2016 and $377,000 for the thirteen weeks ended January 2, 2016, an increase of 3.18%. Comparable weekly restaurant bar sales for Company owned restaurants only was $184,000 and $177,000 for the first quarter of our fiscal year 2017 and the first quarter of our fiscal year 2016, respectively, an increase of 3.95%. Comparable weekly restaurant bar sales for affiliated limited partnership owned restaurants only was $205,000 and $200,000 for the first quarter of our fiscal year 2017 and the first quarter of our fiscal year 2016, respectively, an increase of 2.50%.

 

Package Store Sales. Revenue generated from sales of liquor and related items at package liquor stores totaled $4,678,000 for the thirteen weeks ended December 31, 2016 as compared to $4,360,000 for the thirteen weeks ended January 2, 2016, an increase of $318,000. This increase was primarily due to increased package liquor store traffic. The weekly average of same store package liquor store sales, which includes all nine (9) Company owned package liquor stores, was $360,000 for the thirteen weeks ended December 31, 2016 as compared to $335,000 for the thirteen weeks ended January 2, 2016, an increase of 7.46%. We expect package liquor store sales to remain stable throughout the balance of our fiscal year 2017.

 

Operating Costs and Expenses. Operating costs and expenses, (consisting of cost of merchandise sold, payroll and related costs, occupancy costs and selling, general and administrative expenses), for the thirteen weeks ended December 31, 2016 increased $1,194,000 or 4.99% to $25,121,000 from $23,927,000 for the thirteen weeks ended January 2, 2016. The increase was primarily due to an expected general increase in food costs, offset by actions taken by management to reduce and/or control costs and expenses. We anticipate that our operating costs and expenses will continue to increase through our fiscal year 2017 for the same reasons. Operating costs and expenses decreased as a percentage of total sales to approximately 94.46% in the first quarter of our fiscal year 2017 from 94.66% in the first quarter of our fiscal year 2016.

 

Gross Profit. Gross profit is calculated by subtracting the cost of merchandise sold from sales.

 

Restaurant Food and Bar Sales. Gross profit for food and bar sales for the thirteen weeks ended December 31, 2016 increased to $13,823,000 from $13,161,000 for the thirteen weeks ended January 2, 2016. Our gross profit margin for restaurant food and bar sales (calculated as gross profit reflected as a percentage of restaurant food and bar sales), was 64.94% for the thirteen weeks ended December 31, 2016 and 64.89% for the thirteen weeks ended January 2, 2016. Our gross profit margin for restaurant food and bar sales for the thirteen weeks ended December 31, 2016 as compared to the thirteen weeks ended January 2, 2016 were relatively flat notwithstanding the Price Increases. We anticipate that our gross profit for restaurant food and bar sales will decrease during our fiscal year 2017 due to higher food costs.

 

16 

Package Store Sales. Gross profit for package store sales for the thirteen weeks ended December 31, 2016 increased to $1,324,000 from $1,249,000 for the thirteen weeks ended January 2, 2016. Our gross profit margin, (calculated as gross profit reflected as a percentage of package liquor store sales), for package liquor store sales was 28.30% for the thirteen weeks ended December 31, 2016 and 28.64% for the thirteen weeks ended January 2, 2016. We anticipate that the gross profit margin for package store sales will remain stable throughout the balance of our fiscal year 2017.

 

Payroll and Related Costs. Payroll and related costs for the thirteen weeks ended December 31, 2016 increased $424,000 or 5.49% to $8,145,000 from $7,721,000 for the thirteen weeks ended January 2, 2016. Higher payroll and related costs for the thirteen weeks ended January 2, 2016 were primarily due to higher restaurant sales, which require additional payroll and related costs for employees such as cooks, bartenders and servers. Payroll and related costs as a percentage of total sales was 30.63% in the first quarter of our fiscal year 2017 and 30.54% of total sales in the first quarter of our fiscal year 2016.

 

Occupancy Costs. Occupancy costs (consisting of rent, common area maintenance, repairs, real property taxes and amortization of leasehold purchases) for the thirteen weeks ended December 31, 2016 increased $58,000 or 4.49% to $1,350,000 from $1,292,000 for the thirteen weeks ended January 2, 2016. We anticipate that our occupancy costs will remain stable throughout our fiscal year 2017.

 

Selling, General and Administrative Expenses. Selling, general and administrative expenses (consisting of general corporate expenses, including but not limited to advertising, insurance, professional costs, clerical and administrative overhead) for the thirteen weeks ended December 31, 2016 increased $128,000 or 2.73% to $4,810,000 from $4,682,000 for the thirteen weeks ended January 2, 2016. Selling, general and administrative expenses decreased as a percentage of total sales in the first quarter of our fiscal year 2017 to approximately 18.09% as compared to 18.52% in the first quarter of our fiscal year 2016. We anticipate that our selling, general and administrative expenses will increase throughout the balance of our fiscal year 2017 due primarily to increases across all categories.

 

Depreciation and Amortization. Depreciation and amortization for the thirteen weeks ended December 31, 2016 decreased $13,000 or 1.93% to $662,000 from $675,000 for the thirteen weeks ended January 2, 2016. As a percentage of total revenue, depreciation expense was 2.49% of revenue for the thirteen weeks ended December 31, 2016 and 2.67% of revenue in the thirteen weeks ended January 2, 2016.

 

Interest Expense, Net. Interest expense, net, for the thirteen weeks ended December 31, 2016 decreased $13,000 to $133,000 from $146,000 for the thirteen weeks ended January 2, 2016.

 

Income Taxes. Income taxes for the thirteen weeks ended December 31, 2016 and January 2, 2016 were each $280,000.

 

Net Income. Net income for the thirteen weeks ended December 31, 2016 increased $150,000 or 15.77% to $1,101,000 from $951,000 for the thirteen weeks ended January 2, 2016. Net income for the thirteen weeks ended December 31, 2016 increased when compared to the thirteen weeks ended January 2, 2016 primarily due to increased revenue and the Price Increases, offset partially by higher food costs and overall expenses. As a percentage of sales, net income for the first quarter of our fiscal year 2017 is 4.14%, as compared to 3.76% in the first quarter of our fiscal year 2016.

 

Net Income Attributable to Stockholders. Net income for the thirteen weeks ended December 31, 2016 increased $40,000 or 6.41% to $664,000 from $624,000 for the thirteen weeks ended January 2, 2016. Net income attributable to stockholders for the thirteen weeks ended December 31, 2016 increased when compared to the thirteen weeks ended January 2, 2016 primarily due to higher revenue and the Price Increases. As a percentage of sales, net income for the first quarter of our fiscal year 2016 is 2.50%, as compared to 2.47% in the first quarter of our fiscal year 2016.

 

17 

New Limited Partnership Restaurants

 

As new restaurants open, our income from operations will be adversely affected due to our obligation to fund pre-opening costs, including but not limited to pre-opening rent for the new locations. During the first quarter of our fiscal year 2017, we did not have a new restaurant location in the development stage and did not recognize any pre-opening costs.

 

Menu Price Increases and Trends

 

Effective February 7, 2016 we increased menu prices for our bar offerings to increase our bar revenues by approximately 3.0% annually and effective February 15, 2016 we increased menu prices for our food offerings to increase our food revenues by approximately 3.7% annually to offset higher food costs and higher overall expenses. The last time we increased menu prices was in the third quarter of our fiscal year 2012. During the next twelve months, we expect that restaurant and bar sales should increase as a result of increased menu prices, but gross profit for restaurant food and bar operations will decrease due to higher food costs. We anticipate that our package liquor store sales and gross profit margin for package liquor store sales will remain stable during our fiscal year 2017. We also plan to continue our increased advertising to attract and retain our customers against increased competition.

 

We do not have a new “Flanigan’s Seafood Bar and Grill” restaurant in the development stage, but continue to search for new locations to open restaurants and thereby expand our business. Although we have no agreements, agreements in principle or understandings to do so, we are attempting to expand “The Whale’s Rib” restaurant concept that we manage in Deerfield Beach, Florida through the opening of a new restaurant in Miami, Florida. We have the authority to open new restaurant locations using ‘The Whale’s Rib” concept, including its trademark, through a license arrangement with the owner. If we open new Whales Rib locations, we will probably use our limited partnership ownership model.

 

We are not actively searching for locations for the operation of new package liquor stores, but if an appropriate location for a package liquor store becomes available, we will consider it.

 

Liquidity and Capital Resources

 

We fund our operations through cash from operations. As of December 31, 2016, we had cash of approximately $12,119,000, an increase of $1,945,000 from our cash balance of $10,174,000 as of October 1, 2016. Our cash increased during the first quarter of our fiscal year 2017, because during the first quarter of our fiscal year 2017 we (i) received $822,500 less debt costs from a mortgage loan against our office and warehouse space located at 1290 East Commercial Boulevard, Oakland Park, Broward County, Florida and the vacant real property located at 4990 N.E. 12th Avenue, Oakland Park, Broward County, Florida, diagonally adjacent thereto (the “$822,500 Loan”); and (ii) received $99,000 less debt costs from the re-financing of our mortgage loan secured by our corporate offices located at 5059 N.E. 18th Avenue, Fort Lauderdale, Florida 33334 (the “Cashout Refinancing”). During the first quarter of our fiscal year 2016, we used $922,500 to purchase the real property and improvements located at 1290 East Commercial Boulevard, Oakland Park, Broward County, Florida and the vacant real property located at 4990 N.E. 12th Avenue, Oakland Park, Broward County, Florida. We believe that our current cash availability from our cash on hand, positive cash flow from operations and funds available on our credit line will be sufficient to fund operations and planned capital expenditures for at least the next twelve months.

 

18 

Cash Flows

 

The following table is a summary of our cash flows for the first thirteen weeks of fiscal years 2017 and 2016.

 

  ---------Thirteen Weeks Ended-------- 
  December 31, 2016  January 2, 2016 
  (in Thousands) 
       
Net cash provided by operating activities $2,735  $2,118 
Net cash used in investing activities  (766)  (1,690)
Net cash used in financing activities  (24)  (1,121)
         
Net Increase (decrease) in Cash and Cash Equivalents  1,945   (693)
         
Cash and Cash Equivalents, Beginning  10,174   9,267 
         
Cash and Cash Equivalents, Ending $12,119  $8,574 

 

We did not declare or pay a cash dividend on our capital stock in the first quarter of our fiscal year 2017 or the first quarter of our fiscal year 2016. Any future determination to pay cash dividends will be at our Board’s discretion and will depend upon our financial condition, operating results, capital requirements and such other factors as our Board deems relevant.

 

Capital Expenditures

 

In addition to using cash for our operating expenses, we use cash to fund the development and construction of new restaurants and to fund capitalized property improvements for our existing restaurants. We acquired property and equipment of $819,000, (including $88,000 of deposits recorded in other assets as of October 1, 2016), during the thirteen weeks ended December 31, 2016, including $65,000 for renovations to three Company owned restaurants and one Company owned package store. We acquired property and equipment of $1,779,000, (including $147,000 of deposits recorded in other assets as of October 3, 2015), during the thirteen weeks ended January 2, 2016, including $120,000 for renovations to one Company owned restaurant.

 

All of our owned units require periodic refurbishing in order to remain competitive. We anticipate the cost of this refurbishment in our fiscal year 2017 to be approximately $900,000, $65,000 of which has been spent through December 31, 2016.

 

Long Term Debt

 

As of December 31, 2016, we had long term debt of $11,808,000, as compared to $11,679,000 as of January 2, 2016, and $10,255,000 as of October 1, 2016. Our long term debt increased as of December 31, 2016 as compared to January 2, 2016 due to the proceeds less debt costs we received from the $822,500 loan and increased as compared to October 1, 2016 due to the proceeds less debt costs we received from the $822,500 loan and financed insurance premiums. As of December 31, 2016, we are in compliance with the covenants of all loans with our lender.

 

Construction Contract

 

On March 28, 2016, we entered into an agreement with a general contractor to construct a new building on a parcel of real property which we own which is near the real property where our combination package liquor store and restaurant located at 13205 Biscayne Boulevard, North Miami, Florida, (Store #20) operates. The agreement with the general contractor provides for us to pay to the general contractor an aggregate sum of $1,061,000 plus amounts for change orders approved by us, of which $456,000 has been paid as of December 31, 2016. Upon completion of the construction of the new building, we plan to re-locate our package liquor store to the new building and to renovate and expand the restaurant into the former package liquor store space.

 

19 

Purchase Commitments

 

In order to fix the cost and ensure adequate supply of baby back ribs for our restaurants, on November 5, 2016, we entered into a purchase agreement with our current rib supplier, whereby we agreed to purchase approximately $5,779,000 of baby back ribs during calendar year 2017 from this vendor at a fixed cost.

 

While we anticipate purchasing all of our rib supply from these vendors, we believe there are several other alternative vendors available, if needed.

 

Working Capital

 

The table below summarizes the current assets, current liabilities, and working capital for our fiscal quarters ended December 31, 2016, January 2, 2016 and our fiscal year ended October 1, 2016.

 

Item Dec. 31, 2016    Jan. 2, 2016  Oct. 1, 2016 
  (in Thousands) 
          
Current Assets $18,315  $14,434  $15,331 
Current Liabilities  12,607   12,146   11,456 
Working Capital $5,708  $2,288  $3,875 

 

Our working capital increased during our fiscal quarter ended December 31, 2016 from our working capital for our fiscal quarter ended January 2, 2016 and our fiscal year ended October 1, 2016 primarily due to the net proceeds we received from the $822,500 Loan ($798,000 after debt costs) and the Cashout Refinancing ($78,000 after debt costs). In addition, during our fiscal quarter ended January 2, 2016, we used $922,500 in cash to purchase our office and warehouse space located at 1290 East Commercial Boulevard, Oakland Park, Florida and the vacant real property located at 4990 N.E. 12th Avenue, Oakland Park, Florida.

 

During the first quarter of our fiscal year 2017, we closed on a secured revolving line of credit from an unaffiliated third party lender which, subject to certain conditions, entitles us to borrow, from time to time through December 28, 2017, up to $5,500,000 (the “Credit Line”). From December 28, 2016 through December 28, 2017, we are obligated to pay interest only on the outstanding balance under the Credit Line, at a rate of LIBOR, Daily Floating Rate, plus 2.25%, per annum (3.027% as of February 14, 2017). On December 28, 2017, the unpaid principal balance under the Credit Line converts to a term loan and our repayment obligations thereunder become amortizable over a five year period, payable in equal monthly installments of principal and interest at the rate of 4.65% per annum, with any outstanding principal balance and all accrued but unpaid interest due on December 28, 2022. As more fully discussed under Item 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK below, subsequent to the end of the first quarter of our fiscal year 2017, we entered into an interest rate swap agreement to hedge the interest rate risk, which fixed the interest rate on this loan at 4.65% throughout the amortizing term of the loan. We granted our lender a first priority security interest in substantially all of our assets to secure our repayment obligations under this loan. During the first quarter of our fiscal year 2017, we did not draw upon the Credit Line and neither incurred nor paid any interest amounts. As of February 14, 2017, we have $5,500,000 of credit available under the Credit Line.

 

While there can be no assurance due to, among other things, unanticipated expenses or unanticipated decline in revenues, or both, we believe that our cash on hand, positive cash flow from operations and funds available on our term loan will adequately fund operations, debt reductions and planned capital expenditures throughout our fiscal year 2017.

 

20 

Off-Balance Sheet Arrangements

 

The Company does not have off-balance sheet arrangements.

 

Inflation

 

The primary inflationary factors affecting our operations are food, beverage and labor costs. A large number of restaurant personnel are paid at rates based upon applicable minimum wage and increases in minimum wage directly affect labor costs. To date, inflation has not had a material impact on our operating results, but this circumstance may change in the future if food and fuel costs continue to rise.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

We do not ordinarily hold market risk sensitive instruments for trading purposes and as of December 31, 2016 held no equity securities.

 

Interest Rate Risk

 

As part of our ongoing operations, we are exposed to interest rate fluctuations on our borrowings. As more fully described in Note 9 “Fair Value Measurements of Financial Instruments” to the Consolidated Financial Statements included in “Item 8. Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for our fiscal year ended October 1, 2016, we use interest rate swap agreements to manage these risks. These instruments are not used for speculative purposes but are used to modify variable rate obligations into fixed rate obligations.

 

At December 31, 2016, we had three variable rate debt instruments outstanding that are impacted by changes in interest rates. In July, 2010, we re-financed the mortgage loan encumbering our corporate offices (the “Refinanced Mortgage Loan”). In November, 2011, we financed our purchase of the real property and two building shopping center in Miami, Florida, with a $4,500,000 mortgage loan (the “$4.5M Mortgage Loan”). In January, 2013, we refinanced the mortgage loan encumbering the property where our combination package liquor store and restaurant located at 4 N. Federal Highway, Hallandale, Florida, (Store #31) operates, which mortgage loan is held by an unaffiliated third party lender (the “$1.405M Loan”).

 

As a means of managing our interest rate risk on these debt instruments, we entered into interest rate swap agreements with our unrelated third party lender to convert these variable rate debt obligations to fixed rates. We are currently party to the following four (4) interest rate swap agreements, three of which are effective as of December 31, 2016:

 

(i)        One (1) interest rate swap agreement entered into July, 2010 relates to the Refinanced Mortgage Loan (the “Mortgage Loan Swap”). The Mortgage Loan Swap requires us to pay interest for a seven (7) year period at a fixed rate of 5.11% on an initial amortizing notional principal amount of $935,000, while receiving interest for the same period at LIBOR, Daily Floating Rate, plus 2.25%, on the same amortizing notional principal amount. Under this method of accounting, at December 31, 2016, we determined that based upon unadjusted quoted prices in active markets for similar assets or liabilities provided by our unrelated third party lender, the swap is not effective, however fair value of the Mortgage Loan Swap was not material;

 

(ii)        The second interest rate swap agreement entered into in November, 2011 by our wholly owned subsidiary, Flanigan’s Calusa Center, LLC, relates to the $4.5 Mortgage Loan (the “$4.5M Mortgage Loan Swap”). The $4.5M Mortgage Loan Swap requires us to pay interest for an eight (8) year period at a fixed rate of 4.51% on an initial amortizing notional principal amount of $3,750,000, while receiving interest for the same period at LIBOR – 1 Month, plus 2.25%, on the same amortizing notional principal amount. We determined that at December 31, 2016, the interest rate swap agreement is an effective hedging agreement and the fair value was not material; and

 

21 

(iii)        The third interest rate swap agreement entered into in January, 2013 relates to the $1.405M Loan (the “$1.405M Term Loan Swap”). The $1.405M Term Loan Swap requires us to pay interest for a twenty (20) year period at a fixed rate of 4.35% on an initial amortizing notional principal amount of $1,405,000, while receiving interest for the same period at LIBOR – 1 Month, plus 2.25%, on the same amortizing notional principal amount. We determined that at December 31, 2016, the interest rate swap agreement is an effective hedging agreement and the fair value was not material.

 

(iv)       Subsequent to the end of the first quarter of our fiscal year 2017, we entered into a fourth interest rate swap agreement with a third party unaffiliated with the Company, which is effective in December 2017. This interest rate swap agreement causes the variable interest rate under our Credit Line to become fixed at 4.65% per annum on December 28, 2017, the date the Credit Line converts to a term loan.

 

At December 31, 2016, our cash resources earn interest at variable rates. Accordingly, our return on these funds is affected by fluctuations in interest rates.

 

There is no assurance that interest rates will increase or decrease over our next fiscal year or that an increase will not have a material adverse effect on our operations.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed with the U.S. Securities and Exchange Commission (the “SEC”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

As of December 31, 2016, an evaluation was performed under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) to the Securities Exchange Act of 1934) . Based on that evaluation, management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of December 31, 2016.

 

Changes in Internal Control Over Financial Reporting

 

During the period covered by this report, we have not made any change to our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

22 

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

See “Litigation” on page 11 of this Report and Item 1 and Item 3 to Part 1 of the Annual Report on Form 10-K for the fiscal year ended October 1, 2016 for a discussion of other legal proceedings resolved in prior years.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Purchase of Company Common Stock

 

During the thirteen weeks ended December 31, 2016 and January 2, 2016, we did not purchase any shares of our common stock. As of December 31, 2016, we still have authority to purchase 65,414 shares of our common stock under the discretionary plan approved by the Board of Directors at its meeting on May 17, 2007.

 

ITEM 6. EXHIBITS

 

The following exhibits are filed with this Report:

 

  Exhibit Description
     
  31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the  Securities Exchange Act of 1934, as amended.
     
  31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
     
  32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
  32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

List of XBRL documents as exhibits 101

 

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  FLANIGAN'S ENTERPRISES, INC.
   
Date: February 14, 2017 /s/ James G. Flanigan
  JAMES G. FLANIGAN, Chief Executive Officer and President
   
   
  /s/ Jeffrey D. Kastner
  JEFFREY D. KASTNER, Chief Financial Officer and Secretary
   (Principal Financial and Accounting Officer)

 

23 

 

 EX-31.1 2 ex31-1.htm EX-31.1

 

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND RULE 15d-14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

I, James G. Flanigan, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Flanigan’s Enterprises, Inc. for the period ended December 31, 2016;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periods covered by this report;

 

3.Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects of the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under my supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee or registrant’s board of directors or persons performing the equivalent function:

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:   February 14, 2017 /s/    James G. Flanigan
  Name:  James G. Flanigan
  Chief Executive Officer and President

 

24 

 

 EX-31.2 3 ex31-2.htm EX-31.2

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND RULE 15d-14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

I, Jeffrey D. Kastner, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Flanigan’s Enterprises, Inc. for the period ended December 31, 2016;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periods covered by this report;

 

3.Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects of the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under my supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee or registrant’s board of directors or persons performing the equivalent function:

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date:    February 14, 2017 /s/ Jeffrey D. Kastner
  Name:   Jeffrey D. Kastner,
  Chief Financial Officer and Secretary

 

25 

 

 EX-32.1 4 ex32-1.htm EX-32.1

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Flanigan’s Enterprises, Inc., (the “Company”) on Form 10-Q for the period ended December 31, 2016, as filed with the Securities and Exchange Commission of the date hereof (the “Quarterly Report”), I, James G. Flanigan, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. SS.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)This Quarterly Report on Form 10-Q of the Company, to which this certification is attached as an Exhibit, fully complies with the requirements of Section 13 (a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)This information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date:   February 14, 2017 /s/ James G. Flanigan
  James G. Flanigan, Chief Executive Officer and President

 

The foregoing certificate is provided solely for the purpose of complying with Section 906 of the Sarbanes-Oxley Act of 2002 and for no other purpose whatsoever. Notwithstanding anything to the contrary set forth herein or in any of the Company’s previous filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, that might incorporate the Company’s future filings, including this quarterly report on Form 10-Q, in whole or in part, this certificate shall not be incorporated by reference into any such filings. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request

 

 

26 

 

 EX-32.2 5 ex32-2.htm EX-32.2

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Flanigan’s Enterprises, Inc., (the “Company”) on Form 10-Q for the period ended December 31, 2016, as filed with the Securities and Exchange Commission of the date hereof (the “Quarterly Report”), I, Jeffrey D. Kastner, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. SS.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)This Quarterly Report on Form 10-Q of the Company, to which this certification is attached as an Exhibit, fully complies with the requirements of Section 13 (a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date:    February 14, 2017 /s/ Jeffrey D. Kastner
  Jeffrey D. Kastner
  Chief Financial Officer and Secretary

 

The foregoing certificate is provided solely for the purpose of complying with Section 906 of the Sarbanes-Oxley Act of 2002 and for no other purpose whatsoever. Notwithstanding anything to the contrary set forth herein or in any of the Company’s previous filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, that might incorporate the Company’s future filings, including this quarterly report on Form 10-Q, in whole or in part, this certificate shall not be incorporated by reference into any such filings. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

27 

 

 EX-101.INS 6 bdl-20161231.xml XBRL INSTANCE FILE 0000012040 2016-12-31 0000012040 2016-10-01 0000012040 2016-10-02 2016-12-31 0000012040 2015-10-04 2016-01-02 0000012040 bdl:FinancedInsurancePremiumsMember bdl:GeneralLiabilityInsuranceForLimitedPartnershipPremiumMember 2016-10-02 2016-12-31 0000012040 bdl:FinancedInsurancePremiumsMember bdl:PropertyInsurancePremiumMember 2016-10-02 2016-12-31 0000012040 bdl:FinancedInsurancePremiumsMember bdl:GeneralLiabilityInsurancePremiumMember 2016-10-02 2016-12-31 0000012040 bdl:FinancedInsurancePremiumsMember bdl:GeneralLiabilityInsurancePremiumMember 2016-12-31 0000012040 bdl:FinancedInsurancePremiumsMember bdl:GeneralLiabilityInsuranceForLimitedPartnershipPremiumMember 2016-12-31 0000012040 bdl:FinancedInsurancePremiumsMember bdl:PropertyInsurancePremiumMember 2016-12-31 0000012040 bdl:FinancedInsurancePremiumsMember 2016-12-31 0000012040 bdl:RestaurantsMember 2016-10-02 2016-12-31 0000012040 bdl:ReportableSegments1Member 2016-10-02 2016-12-31 0000012040 bdl:ReportableSegments3Member 2016-10-02 2016-12-31 0000012040 bdl:ReportableSegments2Member 2016-10-02 2016-12-31 0000012040 us-gaap:CorporateMember 2016-10-02 2016-12-31 0000012040 bdl:RestaurantsMember 2016-12-31 0000012040 bdl:ReportableSegments1Member 2016-12-31 0000012040 bdl:ReportableSegments2Member 2016-12-31 0000012040 us-gaap:CorporateMember 2016-12-31 0000012040 bdl:RestaurantsMember 2016-10-01 0000012040 bdl:ReportableSegments1Member 2016-10-01 0000012040 bdl:ReportableSegments2Member 2016-10-01 0000012040 us-gaap:CorporateMember 2016-10-01 0000012040 2016-01-02 0000012040 2015-10-03 0000012040 bdl:RestaurantsMember 2015-10-04 2016-01-02 0000012040 bdl:ReportableSegments1Member 2015-10-04 2016-01-02 0000012040 bdl:ReportableSegments3Member 2015-10-04 2016-01-02 0000012040 bdl:ReportableSegments2Member 2015-10-04 2016-01-02 0000012040 us-gaap:CorporateMember 2015-10-04 2016-01-02 0000012040 2017-02-14 0000012040 us-gaap:SubsequentEventMember bdl:TerminationofSwapAgreementMember 2017-01-01 2017-02-14 0000012040 us-gaap:SubsequentEventMember bdl:TerminationofSwapAgreementMember 2017-02-14 0000012040 bdl:ReFinancingOfCorporateOfficesMember bdl:UnaffiliatedThirdPartyLenderMember 2016-10-02 2016-12-31 0000012040 bdl:ReFinancingOfCorporateOfficesMember bdl:UnaffiliatedThirdPartyLenderMember 2016-12-31 0000012040 bdl:FinancingOfOfficeAndWarehouseSpaceMember bdl:UnaffiliatedThirdPartyLenderMember 2016-10-02 2016-12-31 0000012040 bdl:FinancingOfOfficeAndWarehouseSpaceMember bdl:UnaffiliatedThirdPartyLenderMember 2016-12-31 0000012040 bdl:RevolvingCreditLineTermLoanMember bdl:UnaffiliatedThirdPartyLenderMember 2016-10-02 2016-12-31 0000012040 bdl:RevolvingCreditLineTermLoanMember bdl:UnaffiliatedThirdPartyLenderMember 2016-12-31 0000012040 bdl:RevolvingCreditLineTermLoanMember bdl:UnaffiliatedThirdPartyLenderMember us-gaap:SubsequentEventMember 2017-02-14 0000012040 us-gaap:SubsequentEventMember bdl:NewInterestRateSwapAgreementMember bdl:RevolvingCreditLineTermLoanMember bdl:UnaffiliatedThirdPartyLenderMember 2017-01-01 2017-02-14 0000012040 us-gaap:SubsequentEventMember bdl:RevolvingCreditLineTermLoanMember bdl:UnaffiliatedThirdPartyLenderMember 2017-01-01 2017-02-14 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure 16224000 15379000 5061000 4903000 4678000 4360000 378000 392000 159000 146000 38000 38000 56000 60000 26594000 25278000 21285000 4678000 631000 20282000 4360000 636000 7462000 7121000 3354000 3111000 8145000 7721000 1350000 1292000 4810000 4682000 25121000 23927000 1473000 1351000 133000 146000 41000 26000 -92000 -120000 1381000 1231000 1101000 951000 437000 327000 664000 624000 0.36 0.34 1858647 1858647 12119000 10174000 8574000 9267000 620000 627000 2862000 2633000 2085000 1274000 531000 381000 18315000 15331000 38337000 38153000 229000 212000 630000 630000 841000 862000 629000 660000 511000 553000 2611000 2705000 59492000 56401000 29469000 4851000 34320000 25172000 28461000 4727000 33188000 23213000 8833000 7790000 1801000 2098000 1809000 1466000 98000 102000 12607000 11456000 9999000 8626000 420000 420000 6240000 6240000 29414000 28750000 6077000 6077000 29997000 29333000 6889000 6986000 36886000 36319000 59492000 56401000 631000 645000 31000 30000 -4000 -25000 -129000 -4000 -3000 22000 -7000 -7000 -44000 -180000 90000 229000 586000 -388000 -135000 6000 -1000 1043000 1151000 66000 -143000 -297000 -49000 731000 1632000 5000 10000 534000 506000 1945000 -693000 133000 146000 163000 514000 1199000 914000 88000 147000 326000 615000 2034000 1823000 1673000 361000 1485000 338000 561000 472000 41000 26000 1381000 1231000 819000 1779000 275000 17000 292000 527000 494000 134000 628000 1151000 662000 675000 504000 52000 556000 106000 495000 48000 543000 132000 1199000 FLANIGANS ENTERPRISES INC 0000012040 10-Q 2016-12-31 false --09-30 Smaller Reporting Company Q1 2017 0.10 0.10 5000000 5000000 4197642 4197642 2338995 2338995 P1Y P1Y P1Y 513000 498000 504000 398000 404000 409000 0.0295 0.0295 0.0295 0.0465 0.0465 P10M P10M P10M P15Y P15Y P5Y 1199000 840000 822500 2735000 2118000 -766000 -1690000 -24000 -1121000 40000 68000 180000 98000 62000 280000 280000 -36000 1858647 66000 7000 836000 935000 0.0511 8500 2031-12-28 2031-12-28 0.0225 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(1) BASIS OF PRESENTATION:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated financial information for the thirteen weeks ended December 31, 2016 and January 2, 2016 are unaudited. Financial information as of October 1, 2016 has been derived from the audited financial statements of the Company, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated have been included. For further information regarding the Company's accounting policies, refer to the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended October 1, 2016. Operating results for interim periods are not necessarily indicative of results to be expected for a full year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the accounts of the eight limited partnerships in which we act as general partner and have controlling interests. All intercompany balances and transactions have been eliminated. Non-controlling interest represents the limited partners&#8217; proportionate share of the net assets and results of operations of the eight limited partnerships.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These condensed consolidated financial statements include estimates relating to performance based officers&#8217; bonuses. The estimates are reviewed periodically and the effects of any revisions are reflected in the financial statements in the period they are determined to be necessary. Although these estimates are based on management&#8217;s knowledge of current events and actions it may take in the future, they may ultimately differ from actual results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(2) EARNINGS PER SHARE:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We follow Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Section 260 - &#8220;<i>Earnings per Share</i>&#8221;. This section provides for the calculation of basic and diluted earnings per share. The data on Page 3 shows the amounts used in computing earnings per share and the effects on income and the weighted average number of shares of potentially dilutive common stock equivalents. As of December 31, 2016 and January 2, 2016, no stock options were outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(3) RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Adopted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">In April 2015, the FASB issued ASU 2015-03, <i>Interest&#8212;Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.</i> ASU 2015-03 provides authoritative guidance related to the presentation of debt issuance costs on the balance sheet, requiring companies to present debt issuance costs as a direct deduction from the carrying value of debt. The amendments in this update are effective for public business entities in fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this new guidance did not have a material impact on our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">In February 2015, the FASB issued ASU 2015-02, &#8220;<i>Consolidation: Amendments to the Consolidation Analysis</i>&#8221; to modify the analysis that companies must perform in order to determine whether a legal entity should be consolidated. ASU 2015-02 simplifies current guidance by reducing the number of consolidation models; eliminating the risk that a reporting entity may have to consolidate based on a fee arrangement with another legal entity; placing more weight on the risk of loss in order to identify the party that has a controlling financial interest; reducing the number of instances that related party guidance needs to be applied when determining the party that has a controlling financial interest; and changing rules for companies in certain industries that ordinarily employ limited partnership or variable interest entity structures. ASU 2015-02 is effective for public companies for fiscal years beginning after December 15, 2015 and interim periods within those fiscal periods. The adoption of this new guidance did not have a material impact on our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Issued</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">In August 2016, the&#160;Financial Accounting Standards Board (&#8220;FASB&#8221;)&#160;issued ASU 2016-15 &#8220;Classification of Certain Cash Receipts and Cash Payments&#8221;.&#160;&#160;This ASU addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows under&#160;Topic 230, &#8220;Statement of Cash Flows&#8221;, and other Topics. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December&#160;15, 2017. We do not expect the adoption of this guidance to have a material impact on our consolidated&#160;financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840.&#160;&#160;ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet.&#160;&#160;ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income.&#160;&#160;ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.&#160;&#160;Early adoption is permitted.&#160; ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief.&#160;&#160;We are currently assessing the adoption date and the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">In November 2015, the FASB issued ASU 2015-17,&#160;<i>Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes</i>. ASU 2015-17 requires that all deferred tax liabilities and tax assets be classified as non-current in a classified balance sheet, rather than separating such deferred taxes into current and non-current amounts, as is required under current guidance.&#160;ASU 2015-17 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2016 and may be applied either prospectively or retrospectively. We are currently assessing the adoption date and the potential impact of adopting ASU 2015-17 on our financial statements and related disclosures.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212121"><font style="background-color: white">In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, &#8220;Revenue from Contracts with Customers,&#8221; (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. The new standard was originally effective for interim and annual periods in fiscal years beginning after December 15, 2016. In July 2015, the FASB affirmed its proposal for a one year deferral of the effective date. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(4) INCOME TAXES:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We account for our income taxes using FASB ASC Topic 740, &#8220;<i>Income Taxes</i>&#8221;, which requires among other things, recognition of future tax benefits measured at enacted rates attributable to deductible temporary differences between financial statement and income tax basis of assets and liabilities and to tax net operating loss carryforwards and tax credits to the extent that realization of said tax benefits is more likely than not.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(6) COMMITMENTS AND CONTINGENCIES:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Litigation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, we are a defendant in litigation arising in the ordinary course of our business, including claims resulting from &#8220;slip and fall&#8221; accidents, claims under federal and state laws governing access to public accommodations, employment-related claims and claims from guests alleging illness, injury or other food quality, health or operational concerns. To date, none of this litigation, some of which is covered by insurance, has had a material effect on us.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(7) SUBSEQUENT EVENTS:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent events have been evaluated through the date these condensed consolidated financial statements were issued and no events required disclosure, except as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a) Conversion of Revolving Credit Line/Term Loan to Fixed Rate of Interest:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent to the end of the first quarter of our fiscal year 2017, we entered into an interest rate swap agreement with a third party unaffiliated with the Company, which causes the variable interest rate under our Credit Line to become fixed at 4.65% per annum on December 28, 2017, the date the Credit Line converts to a term loan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) Termination of SWAP Agreement:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent to the end of the first quarter of our fiscal year 2017, we terminated the interest rate swap agreement we entered into July, 2010 which related to the re-financed mortgage loan encumbering our corporate offices located at 5059 N.E. 18<sup>th</sup> Avenue, Fort Lauderdale, Florida 33334. The interest rate swap agreement required us to pay interest for a seven (7) year period at a fixed rate of 5.11% on an initial amortizing notional principal amount of $935,000, while receiving interest for the same period at LIBOR, Daily Floating Rate, plus 2.25%, on the same amortizing notional principal amount. We paid an $8,500 pre-payment penalty to the lender in connection with the termination of the interest rate swap agreement.</p> 40000 41000 42000 6519 6384 Monthly Monthly 5500000 LIBOR, Daily Floating Rate, plus 2.25%, per annum 0.0225 0.03027 On December 28, 2017, the unpaid principal balance under the Credit Line converts to a term loan and our repayment obligations thereunder become amortizable over a five year period, payable in equal monthly installments of principal and interest at the rate of 4.65% per annum, with any outstanding principal balance and all accrued but unpaid interest due on December 28, 2022. .0465 P7Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(5) DEBT:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>(a) Re-Financing of Corporate Offices</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarter of our fiscal year 2017, we re-financed the mortgage loan encumbering our corporate offices located at 5059 N.E. 18<sup>th</sup> Avenue, Fort Lauderdale, Florida 33334, which mortgage loan was and continues to be extended and held by an unaffiliated third party lender. The refinanced mortgage loan is in the original principal amount of $840,000 and bears interest at the fixed rate of 4.65% per annum. The mortgage loan is amortizable over a fifteen (15) year period, with our current monthly payment of principal and interest totaling $6,519. The entire principal balance and all accrued but unpaid interest are due on December 28, 2031.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>(b) Financing of Office and Warehouse Space</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarter of our fiscal year 2017, we borrowed the sum of $822,500 from an unaffiliated third party lender (the &#8220;$822,500 Loan&#8221;). Our repayment obligations under the $822,500 Loan are secured by a first mortgage on our office located at 1290 East Commercial Boulevard, Oakland Park, Florida 33334 and our warehouse located at 4990 N.E. 12<sup>th</sup> Avenue, Oakland Park, Florida 33334. The $822,500 Loan bears interest at the fixed rate of 4.65% per annum and is amortizable over a fifteen (15) year period, with our current monthly payment of principal and interest totaling $6,384. The entire principal balance and all accrued but unpaid interest are due on December 28, 2031.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(c) Revolving Credit Line/Term Loan</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarter of our fiscal year 2017, we closed on a secured revolving line of credit from an unaffiliated third party lender which, subject to certain conditions, entitles us to borrow, from time to time through December 28, 2017, up to $5,500,000 (the &#8220;Credit Line&#8221;). From December 28, 2016 through December 28, 2017, we are obligated to pay interest only on the outstanding balance under the Credit Line, at a rate of LIBOR, Daily Floating Rate, plus 2.25%, per annum (3.027% as of February 14, 2017). As more fully discussed under Note 7 <i>Subsequent Events</i>, subsequent to the end of the first quarter of our fiscal year 2017, we entered into an interest rate swap agreement to hedge the interest rate risk when the unpaid principal balance under the Credit Line converts to a term loan and our repayment obligations thereunder become amortizable over a five year period, payable in equal monthly installments of principal and interest at the rate of 4.65% per annum, with any outstanding principal balance and all accrued but unpaid interest due on December 28, 2022. We granted our lender a first priority security interest in substantially all of our personal property assets to secure our repayment obligations under this loan. During the first quarter of our fiscal year 2017, we did not draw upon the Credit Line and neither incurred nor paid any interest amounts. As of February 14, 2017, we have $5,500,000 of credit available under the Credit Line.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(d) Financed Insurance Premiums</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the thirteen weeks ended December 31, 2016, we financed the following three (3) property and general liability insurance policies, totaling approximately $1.21 million, which property and general liability insurance includes coverage for our franchises which are not included in our consolidated financial statements:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;For the policy year beginning December 30, 2016, our general liability insurance, excluding limited partnerships, is a one (1) year policy with our insurance carriers, including automobile and excess liability coverage. The one (1) year general liability insurance premiums, including automobile and excess liability coverage, total, in the aggregate $513,000, of which $409,000 is financed through an unaffiliated third party lender (the &#8220;Third Party Lender&#8221;). The finance agreement obligates us to repay the amounts financed together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $42,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) For the policy year beginning December 30, 2016, our general liability insurance for our limited partnerships is a one (1) year policy with our insurance carriers, including excess liability coverage. The one (1) year general liability insurance premiums, including excess liability coverage, total, in the aggregate $498,000, of which $398,000 is financed through the Third Party Lender. The finance agreement obligates us to repay the amounts financed, together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $40,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;For the policy year beginning December 30, 2016, our property insurance is a one (1) year policy. The one (1) year property insurance premium is in the amount of $504,000, of which $404,000 is financed through the Third Party Lender. The finance agreement provides that we are obligated to repay the amounts financed, together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of approximately $41,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2016, the aggregate principal balance owed from the financing of our property and general liability insurance policies is $1,199,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(8) BUSINESS SEGMENTS:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We operate principally in two reportable segments &#8211; package stores and restaurants. The operation of package stores consists of retail liquor sales and related items. Information concerning the revenues and operating income for the thirteen weeks ended December 31, 2016 and January 2, 2016, and identifiable assets for the two reportable segments in which we operate, are shown in the following table. Operating income is total revenue less cost of merchandise sold and operating expenses relative to each segment. In computing operating income, none of the following items have been included: interest expense, other non-operating income and expenses and income taxes. Identifiable assets by segment are those assets that are used in our operations in each segment. Corporate assets are principally cash and real property, improvements, furniture, equipment and vehicles used at our corporate headquarters. We do not have any operations outside of the United States and transactions between restaurants and package liquor stores are not material.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td colspan="5" nowrap="nowrap" style="text-align: center">(in thousands)</td><td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; font-weight: bold"> <td nowrap="nowrap" style="text-align: justify; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-weight: bold; border-bottom: Black 1pt solid"><p style="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">Thirteen Weeks<br /> Ending</p> <p style="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2016</p></td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-weight: bold; border-bottom: Black 1pt solid"><p style="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">Thirteen Weeks<br /> Ending</p> <p style="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">January 2, 2016</p></td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Operating Revenues:</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="width: 76%; text-align: justify">&#160;&#160;&#160;Restaurants</td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 10%; text-align: right">21,285</td><td nowrap="nowrap" style="width: 1%; text-align: left">&#160;</td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 10%; text-align: right">20,282</td><td nowrap="nowrap" style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;Package stores</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">4,678</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">4,360</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Other revenues</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">631</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">636</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">&#160;&#160;&#160;&#160;&#160;&#160;Total operating revenues</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">26,594</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">25,278</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Income from Operations Reconciled to Income After Income Taxes and<br /> Net Income Attributable to Noncontrolling Interests</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;&#160;Restaurants</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">1,673</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">1,485</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;&#160;Package stores</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">361</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">338</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">2,034</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">1,823</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;Corporate expenses, net of other revenues</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(561</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(472</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;&#160;Income from Operations</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">1,473</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">1,351</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;&#160;Interest expense</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">(133</td><td nowrap="nowrap" style="text-align: left">)</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">(146</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;&#160;Interest and Other income</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">41</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">26</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Income Before Provision for Income Taxes</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">1,381</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">1,231</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;&#160;Provision for Income Taxes</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(280</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(280</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Net Income</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">1,101</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">951</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">Net Income Attributable to Noncontrolling Interests</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(437</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(327</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">Net Income Attributable to Flanigan&#8217;s Enterprises, Inc.&#160;&#160;Stockholders</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">664</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">624</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">Depreciation and Amortization:</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;Restaurants</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">504</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">495</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Package stores</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">52</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">48</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">556</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">543</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Corporate</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">106</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">132</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">Total Depreciation and Amortization</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">662</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">675</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Capital Expenditures:</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;Restaurants</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">275</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">494</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Package stores</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">17</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">134</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">292</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">628</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Corporate</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">527</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">1,151</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">Total Capital Expenditures</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">819</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">1,779</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td> <td colspan="2" style="font-weight: bold; text-align: center">October 1,</td><td style="font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Identifiable Assets:</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%; text-align: justify">&#160;&#160;&#160;Restaurants</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">29,469</td><td style="width: 1%; text-align: left">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28,461</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Package store</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4,851</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4,727</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">34,320</td><td style="text-align: left">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">33,188</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Corporate</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">25,172</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">23,213</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Consolidated Totals</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,492</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">56,401</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td colspan="5" nowrap="nowrap" style="text-align: center">(in thousands)</td><td nowrap="nowrap">&#160;</td></tr> <tr style="vertical-align: bottom; font-weight: bold"> <td nowrap="nowrap" style="text-align: justify; font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-weight: bold; border-bottom: Black 1pt solid"><p style="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">Thirteen Weeks<br /> Ending</p> <p style="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 31, 2016</p></td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-weight: bold; border-bottom: Black 1pt solid"><p style="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">Thirteen Weeks<br /> Ending</p> <p style="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: center">January 2, 2016</p></td><td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Operating Revenues:</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="width: 76%; text-align: justify">&#160;&#160;&#160;Restaurants</td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 10%; text-align: right">21,285</td><td nowrap="nowrap" style="width: 1%; text-align: left">&#160;</td> <td nowrap="nowrap" style="width: 1%; text-align: left">$</td><td nowrap="nowrap" style="width: 10%; text-align: right">20,282</td><td nowrap="nowrap" style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;Package stores</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">4,678</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">4,360</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Other revenues</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">631</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">636</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">&#160;&#160;&#160;&#160;&#160;&#160;Total operating revenues</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">26,594</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">25,278</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Income from Operations Reconciled to Income After Income Taxes and<br /> Net Income Attributable to Noncontrolling Interests</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;&#160;Restaurants</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">1,673</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">1,485</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;&#160;Package stores</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">361</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">338</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">2,034</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">1,823</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;Corporate expenses, net of other revenues</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(561</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(472</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;&#160;Income from Operations</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">1,473</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">1,351</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;&#160;Interest expense</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">(133</td><td nowrap="nowrap" style="text-align: left">)</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">(146</td><td nowrap="nowrap" style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;&#160;Interest and Other income</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">41</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">26</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Income Before Provision for Income Taxes</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">1,381</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">1,231</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;&#160;Provision for Income Taxes</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(280</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(280</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Net Income</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">1,101</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">951</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">Net Income Attributable to Noncontrolling Interests</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(437</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">(327</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">Net Income Attributable to Flanigan&#8217;s Enterprises, Inc.&#160;&#160;Stockholders</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">664</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">624</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">Depreciation and Amortization:</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;Restaurants</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">504</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">495</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Package stores</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">52</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">48</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">556</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">543</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Corporate</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">106</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">132</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">Total Depreciation and Amortization</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">662</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">675</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify">Capital Expenditures:</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;&#160;&#160;Restaurants</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">275</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">$</td><td nowrap="nowrap" style="text-align: right">494</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Package stores</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">17</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">134</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">292</td><td nowrap="nowrap" style="text-align: left">&#160;</td> <td nowrap="nowrap" style="text-align: left">&#160;</td><td nowrap="nowrap" style="text-align: right">628</td><td nowrap="nowrap" style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Corporate</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">527</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: right">1,151</td><td nowrap="nowrap" style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="text-align: justify; padding-bottom: 2.5pt">Total Capital Expenditures</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">819</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td nowrap="nowrap" style="border-bottom: Black 2.5pt double; text-align: right">1,779</td><td nowrap="nowrap" style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td> <td colspan="2" style="font-weight: bold; text-align: center">October 1,</td><td style="font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Identifiable Assets:</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%; text-align: justify">&#160;&#160;&#160;Restaurants</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">29,469</td><td style="width: 1%; text-align: left">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28,461</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Package store</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4,851</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4,727</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">34,320</td><td style="text-align: left">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">33,188</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">&#160;&#160;&#160;Corporate</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">25,172</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">23,213</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Consolidated Totals</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,492</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">56,401</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr></table> 5500000 EX-101.SCH 7 bdl-20161231.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - BASIS OF PRESENTATION link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - EARNINGS PER SHARE link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - INCOME TAXES link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - DEBT link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - BUSINESS SEGMENTS link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - BUSINESS SEGMENTS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - DEBT (Details) link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - SUBSEQUENT EVENTS (Details) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - BUSINESS SEGMENTS (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 bdl-20161231_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 bdl-20161231_def.xml XBRL DEFINITION FILE EX-101.LAB 10 bdl-20161231_lab.xml XBRL LABEL FILE Debt Instrument [Axis] Financed Insurance Premiums [Member] Type of Insurance Premium Financing [Axis] General Liability Insurance for Limited Partnership Premium [Member] Property Insurance Premium [Member] General Liability Insurance Premium [Member] Business Segments [Axis] Restaurants [Member] Package stores [Member] Other [Member] Total segments [Member] Corporate [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Derivative Instrument [Axis] Termination of SWAP Agreement [Member] Re-Financing of Corporate Offices [Member] Long-term Debt, Type [Axis] Unaffiliated third party lender [Member] Financing of Office and Warehouse Space [Member] Revolving Credit Line/Term Loan [Member] New Interest Rate Swap Agreement [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Income Statement [Abstract] REVENUES: Restaurant food sales Restaurant bar sales Package store sales Franchise related revenues Rental income Owner's fee Other operating income Total COSTS AND EXPENSES: Cost of merchandise sold: Restaurant and lounges Package goods Payroll and related costs Occupancy costs Selling, general and administrative expenses Total Income from Operations OTHER INCOME (EXPENSE): Interest expense Interest and other income Total other income (expense) Income before Provision for Income Taxes Provision for Income Taxes Net Income Less: Net income attributable to noncontrolling interests Net Income attributable to stockholders Net Income Per Common Share: Basic and Diluted Weighted Average Shares and Equivalent Shares Outstanding Basic and Diluted Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS: Cash and cash equivalents Prepaid income taxes Due from franchisees Other receivables Inventories Prepaid expenses Deferred tax assets Total Current Assets Property and Equipment, Net Investment in Limited Partnership OTHER ASSETS: Liquor licenses Deferred tax assets Leasehold interests, net Other Total Other Assets Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses Income taxes payable Due to franchisees Current portion of long term debt Current portion of deferred rent Dividends payable Total Current Liabilities Long Term Debt, Net of Current Maturities Deferred Rent, Net of Current Portion Commitments and Contingencies Equity: Flanigan's Enterprises, Inc. Stockholders' Equity Common stock, $.10 par value, 5,000,000 shares authorized; 4,197,642 shares issued Capital in excess of par value Retained earnings Treasury stock, at cost, 2,338,995 shares at December 31, 2016 and 2,338,995 shares at October 1, 2016 Total Flanigan's Enterprises, Inc. stockholders' equity Noncontrolling interests Total equity Total liabilities and equity Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Treasury stock, shares, at cost Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: Depreciation and amortization Amortization of leasehold interests Loss on abandonment of property and equipment Amortization of deferred loan costs Deferred income taxes Deferred rent (Income) loss from unconsolidated limited partnership Changes in operating assets and liabilities: (increase) decrease in Due from franchisees Other receivables Prepaid income taxes Inventories Prepaid expenses Other assets Increase (decrease) in: Accounts payable and accrued expenses Income taxes payable Due to franchisees Net cash and cash equivalents provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment Deposits on property and equipment Distributions from unconsolidated limited partnership Proceeds from sale of fixed assets Purchase of leasehold interest Net cash and cash equivalents used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Payment of long term debt Deferred loan costs Proceeds from long term debt Dividends paid Purchase of treasury stock Distributions to limited partnerships' noncontrolling interests Distributions to limited partnership noncontrolling partners Net cash and cash equivalents used in financing activities Net Increase (Decrease) in Cash and Cash Equivalents Beginning of Period End of Period Supplemental Disclosure for Cash Flow Information: Cash paid during period for: Interest Income taxes Supplemental Disclosure of Non-Cash Investing and Financing Activities: Financing of insurance contracts Purchase deposits transferred to property and equipment Dividends declared Purchase of property in exchange for debt Purchase of vehicles in exchange for debt Organization, Consolidation and Presentation of Financial Statements [Abstract] BASIS OF PRESENTATION Earnings Per Share [Abstract] EARNINGS PER SHARE Recent Adopted And Recent Issued Accounting Pronouncements RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Income Tax Disclosure [Abstract] INCOME TAXES DEBT [Abstract] DEBT COMMITMENTS AND CONTINGENCIES [Abstract] COMMITMENTS AND CONTINGENCIES Subsequent Events [Abstract] SUBSEQUENT EVENTS Segment Reporting [Abstract] BUSINESS SEGMENTS Business Segments Tables Schedule of Segment Reporting Schedule of Long-term Debt Instruments [Table] Debt Instrument [Line Items] Property and General Liability Insurance, Franchise Coverage [Member] Amount of insurance premiums financed Term of insurance premium Amount of premium payable Amount of premium payable financed from third party lender Interest rate (per annum) Fixed interest rate Term of financing agreement Monthly payment of principal and interest Payment frequency Principal amount outstanding Maturity date Secured line of credit, maximum borrowing capacity Secured line of credit, remaining borrowing capacity Variable interest rate description Secured line of credit, description of conversion to term loan Variable interest rate spread Secured line of credit, interest rate Statement [Table] Statement [Line Items] Fixed Rate of Interest Notional principal amount Interest rate swap agreement period LIBOR, Daily Floating Rate Spread Pre-payment penalty Segments [Axis] Operating Revenues: Operating revenues Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests Income before corporate expenses Corporate expenses, net of other revenue Interest and other income Income Before Provision for Income Taxes Net Income Attributable to Noncontrolling Interests Net income attributable to stockholders Depreciation and Amortization: Depreciation and amortization Capital Expenditures: Capital expenditures Identifiable Assets: Assets The expense charged against earnings for the periodic recognition of leasehold purchased by the entity. This element applies to amounts paid to purchase lease rights from previous lessees. Represents corporate expenses net of other revenues. The amortization of deferred rent during the period to reflect rent expense on a straight line basis. The total amount due from franchises within one year of the balance sheet date from entity. The total amount due to the franchises within one year of the balance sheet date from entity. Represents the information pertaining to Financed Insurance Premiums. The value of insurance contracts financed in noncash investing and financing activities. Financing of Office and Warehouse Space [Member] Represents the information pertaining to General Liability Insurance For Limited Partnership. Represents the information pertaining to General Liability Insurance. This element refers to income before corporate expenses. This item represents the entity's proportionate share for the period of the net income (loss) of its interest in unconsolidated limited partnership. The increase (decrease) during the reporting period in the amounts due to the reporting entity, from franchises. The increase (decrease) during the reporting period in the amounts due by the reporting entity, to franchises. The information pertaining to aggregate amount of insurance premium payable financed from third party lender. The information pertaining to aggregate amount of insurance premium payable. Interest rate swap agreement [Member] The amount of interest and other income recognized during the period, including interest derived from investments in debt securities, cash and cash equivalents and other investments which reflect the time value of money or transactions in which payments are for the use or forbearance of money and other income from ancillary business-related activities, (that is, excluding major activities considered part of normal operations of the business). The carrying value of leasehold purchased and reported net of any accumulated amortization as of balance sheet date. LIBOR, daily floating rate spread. Revenue generated from owner's fees paid to entity under a mutually consented management agreement for the operation of the club. The costs related to generating revenue from retail sales of liquor, alcoholic beverages and related items. Revenue derived from retail sales of liquor, alcoholic beverages and related items. These sales are made for off-premises consumption by customers. The cash outflow for payments to acquire leasehold interest, which is recorded as an asset. Pre-payment penalty owed for termination of interest rate swap agreement. Property and general liability insurance includes coverage for franchises [Member] Represents the information pertaining to Property Insurance. The value of purchase deposits transferred to property and equipment in noncash transactions. The net cash outflow from noncontrolling interest to increase or decrease the number of shares that are in the entity. This does not include dividends paid to the noncontrolling interest. The value of property purchased in exchange for debt in noncash transactions. The value of purchase of vehicles in exchange for debt in noncash transactions. Re-Financing of Corporate Offices [Member] A component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. A component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. A component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. Revenue generated from the sale of restaurant alcoholic beverages. Revenue generated from the sale of restaurant food. The item identifies a business segment. Revolving Credit Line/Term Loan [Member] The information pertaining to term of insurance premium payable. Termination of SWAP Agreement [Member] Information by type of short-term debt insurance financing arrangement. Represents the type of short-term debt pertaining to Financed Insurance Premiums. Unaffiliated third party lender [Member] New Interest Rate Swap Agreement [Member] Costs and Expenses Operating Income (Loss) Interest Expense Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income Tax Expense (Benefit) Net Income (Loss) Attributable to Noncontrolling Interest Weighted Average Number of Shares Outstanding, Basic and Diluted Assets, Current Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Assets, Noncurrent Liabilities, Current Treasury Stock, Value Stockholders' Equity Attributable to Parent Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property IncomeFromUnconsolidatedLimitedPartnership IncreaseDecreaseInDueFromFranchisees Increase (Decrease) in Other Receivables Increase (Decrease) in Prepaid Taxes Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense Increase (Decrease) in Other Noncurrent Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Income Taxes Payable IncreaseDecreaseInDueToFranchisees Net Cash Provided by (Used in) Operating Activities, Continuing Operations Payments to Acquire Property, Plant, and Equipment Payments for Other Deposits Payments to Acquire Leasehold Interest Net Cash Provided by (Used in) Investing Activities, Continuing Operations Repayments of Long-term Debt Payments of Loan Costs Payments of Dividends Payments for Repurchase of Common Stock PurchaseOfNoncontrollingLimitedPartnershipInterests Payments to Noncontrolling Interests Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash and Cash Equivalents, Period Increase (Decrease) Income Tax Disclosure [Text Block] Commitments and Contingencies Disclosure [Text Block] CorporateExpensesNetOfOtherRevenues Interest and other income [Default Label] Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Depreciation, Amortization and Accretion, Net EX-101.PRE 11 bdl-20161231_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.6.0.2
Document and Entity Information - shares
 3 Months Ended
Dec. 31, 2016
Feb. 14, 2017
Document And Entity Information    
Entity Registrant Name FLANIGANS ENTERPRISES INC  
Entity Central Index Key 0000012040  
Document Type 10-Q  
Document Period End Date Dec. 31, 2016  
Amendment Flag false  
Current Fiscal Year End Date --09-30  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   1,858,647
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Jan. 02, 2016
REVENUES:    
Restaurant food sales $ 16,224 $ 15,379
Restaurant bar sales 5,061 4,903
Package store sales 4,678 4,360
Franchise related revenues 378 392
Rental income 159 146
Owner's fee 38 38
Other operating income 56 60
Total 26,594 25,278
Cost of merchandise sold:    
Restaurant and lounges 7,462 7,121
Package goods 3,354 3,111
Payroll and related costs 8,145 7,721
Occupancy costs 1,350 1,292
Selling, general and administrative expenses 4,810 4,682
Total 25,121 23,927
Income from Operations 1,473 1,351
OTHER INCOME (EXPENSE):    
Interest expense (133) (146)
Interest and other income 41 26
Total other income (expense) (92) (120)
Income before Provision for Income Taxes 1,381 1,231
Provision for Income Taxes (280) (280)
Net Income 1,101 951
Less: Net income attributable to noncontrolling interests (437) (327)
Net Income attributable to stockholders $ 664 $ 624
Net Income Per Common Share:    
Basic and Diluted $ 0.36 $ 0.34
Weighted Average Shares and Equivalent Shares Outstanding    
Basic and Diluted 1,858,647 1,858,647
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Dec. 31, 2016
Oct. 01, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 12,119 $ 10,174
Prepaid income taxes 180
Due from franchisees 98 62
Other receivables 620 627
Inventories 2,862 2,633
Prepaid expenses 2,085 1,274
Deferred tax assets 531 381
Total Current Assets 18,315 15,331
Property and Equipment, Net 38,337 38,153
Investment in Limited Partnership 229 212
OTHER ASSETS:    
Liquor licenses 630 630
Deferred tax assets 841 862
Leasehold interests, net 629 660
Other 511 553
Total Other Assets 2,611 2,705
Total Assets 59,492 56,401
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 8,833 7,790
Income taxes payable 66
Due to franchisees 1,801 2,098
Current portion of long term debt 1,809 1,466
Current portion of deferred rent 98 102
Total Current Liabilities 12,607 11,456
Long Term Debt, Net of Current Maturities 9,999 8,626
Deferred Rent, Net of Current Portion
Flanigan's Enterprises, Inc. Stockholders' Equity    
Common stock, $.10 par value, 5,000,000 shares authorized; 4,197,642 shares issued 420 420
Capital in excess of par value 6,240 6,240
Retained earnings 29,414 28,750
Treasury stock, at cost, 2,338,995 shares at December 31, 2016 and 2,338,995 shares at October 1, 2016 (6,077) (6,077)
Total Flanigan's Enterprises, Inc. stockholders' equity 29,997 29,333
Noncontrolling interests 6,889 6,986
Total equity 36,886 36,319
Total liabilities and equity $ 59,492 $ 56,401
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
Dec. 31, 2016
Oct. 01, 2016
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 5,000,000 5,000,000
Common stock, shares issued 4,197,642 4,197,642
Treasury stock, shares, at cost 2,338,995 2,338,995
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Jan. 02, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,101 $ 951
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization 631 645
Amortization of leasehold interests 31 30
Loss on abandonment of property and equipment 4 25
Amortization of deferred loan costs 7
Deferred income taxes (129)
Deferred rent (4) (3)
(Income) loss from unconsolidated limited partnership (22) 7
Changes in operating assets and liabilities: (increase) decrease in    
Due from franchisees (36)
Other receivables 7 44
Prepaid income taxes 180 (90)
Inventories (229) (586)
Prepaid expenses 388 135
Other assets (6) 1
Increase (decrease) in:    
Accounts payable and accrued expenses 1,043 1,151
Income taxes payable 66 (143)
Due to franchisees (297) (49)
Net cash and cash equivalents provided by operating activities 2,735 2,118
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (731) (1,632)
Deposits on property and equipment (40) (68)
Distributions from unconsolidated limited partnership 5 10
Net cash and cash equivalents used in investing activities (766) (1,690)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of long term debt (326) (615)
Proceeds from long term debt 836
Distributions to limited partnerships' noncontrolling interests (534) (506)
Net cash and cash equivalents used in financing activities (24) (1,121)
Net Increase (Decrease) in Cash and Cash Equivalents 1,945 (693)
Beginning of Period 10,174 9,267
End of Period 12,119 8,574
Cash paid during period for:    
Interest 133 146
Income taxes 163 514
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Financing of insurance contracts 1,199 914
Purchase deposits transferred to property and equipment $ 88 $ 147
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
BASIS OF PRESENTATION
 3 Months Ended
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION

(1) BASIS OF PRESENTATION:

 

The accompanying condensed consolidated financial information for the thirteen weeks ended December 31, 2016 and January 2, 2016 are unaudited. Financial information as of October 1, 2016 has been derived from the audited financial statements of the Company, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated have been included. For further information regarding the Company's accounting policies, refer to the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended October 1, 2016. Operating results for interim periods are not necessarily indicative of results to be expected for a full year.

 

The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the accounts of the eight limited partnerships in which we act as general partner and have controlling interests. All intercompany balances and transactions have been eliminated. Non-controlling interest represents the limited partners’ proportionate share of the net assets and results of operations of the eight limited partnerships.

 

These condensed consolidated financial statements include estimates relating to performance based officers’ bonuses. The estimates are reviewed periodically and the effects of any revisions are reflected in the financial statements in the period they are determined to be necessary. Although these estimates are based on management’s knowledge of current events and actions it may take in the future, they may ultimately differ from actual results.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
EARNINGS PER SHARE
 3 Months Ended
Dec. 31, 2016
Net Income Per Common Share:  
EARNINGS PER SHARE

(2) EARNINGS PER SHARE:

 

We follow Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Section 260 - “Earnings per Share”. This section provides for the calculation of basic and diluted earnings per share. The data on Page 3 shows the amounts used in computing earnings per share and the effects on income and the weighted average number of shares of potentially dilutive common stock equivalents. As of December 31, 2016 and January 2, 2016, no stock options were outstanding.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 3 Months Ended
Dec. 31, 2016
Recent Adopted And Recent Issued Accounting Pronouncements  
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

(3) RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS:

 

Adopted

 

In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 provides authoritative guidance related to the presentation of debt issuance costs on the balance sheet, requiring companies to present debt issuance costs as a direct deduction from the carrying value of debt. The amendments in this update are effective for public business entities in fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this new guidance did not have a material impact on our consolidated financial statements.

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” to modify the analysis that companies must perform in order to determine whether a legal entity should be consolidated. ASU 2015-02 simplifies current guidance by reducing the number of consolidation models; eliminating the risk that a reporting entity may have to consolidate based on a fee arrangement with another legal entity; placing more weight on the risk of loss in order to identify the party that has a controlling financial interest; reducing the number of instances that related party guidance needs to be applied when determining the party that has a controlling financial interest; and changing rules for companies in certain industries that ordinarily employ limited partnership or variable interest entity structures. ASU 2015-02 is effective for public companies for fiscal years beginning after December 15, 2015 and interim periods within those fiscal periods. The adoption of this new guidance did not have a material impact on our consolidated financial statements.

Issued

 

In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments”.  This ASU addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, “Statement of Cash Flows”, and other Topics. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840.  ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet.  ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income.  ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.  Early adoption is permitted.  ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief.  We are currently assessing the adoption date and the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures.

 

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. ASU 2015-17 requires that all deferred tax liabilities and tax assets be classified as non-current in a classified balance sheet, rather than separating such deferred taxes into current and non-current amounts, as is required under current guidance. ASU 2015-17 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2016 and may be applied either prospectively or retrospectively. We are currently assessing the adoption date and the potential impact of adopting ASU 2015-17 on our financial statements and related disclosures.

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers,” (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. The new standard was originally effective for interim and annual periods in fiscal years beginning after December 15, 2016. In July 2015, the FASB affirmed its proposal for a one year deferral of the effective date. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
INCOME TAXES
 3 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
INCOME TAXES

(4) INCOME TAXES:

 

We account for our income taxes using FASB ASC Topic 740, “Income Taxes”, which requires among other things, recognition of future tax benefits measured at enacted rates attributable to deductible temporary differences between financial statement and income tax basis of assets and liabilities and to tax net operating loss carryforwards and tax credits to the extent that realization of said tax benefits is more likely than not.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
DEBT
 3 Months Ended
Dec. 31, 2016
DEBT [Abstract]  
DEBT

(5) DEBT:

 

(a) Re-Financing of Corporate Offices

 

During the first quarter of our fiscal year 2017, we re-financed the mortgage loan encumbering our corporate offices located at 5059 N.E. 18th Avenue, Fort Lauderdale, Florida 33334, which mortgage loan was and continues to be extended and held by an unaffiliated third party lender. The refinanced mortgage loan is in the original principal amount of $840,000 and bears interest at the fixed rate of 4.65% per annum. The mortgage loan is amortizable over a fifteen (15) year period, with our current monthly payment of principal and interest totaling $6,519. The entire principal balance and all accrued but unpaid interest are due on December 28, 2031.

  

(b) Financing of Office and Warehouse Space

 

During the first quarter of our fiscal year 2017, we borrowed the sum of $822,500 from an unaffiliated third party lender (the “$822,500 Loan”). Our repayment obligations under the $822,500 Loan are secured by a first mortgage on our office located at 1290 East Commercial Boulevard, Oakland Park, Florida 33334 and our warehouse located at 4990 N.E. 12th Avenue, Oakland Park, Florida 33334. The $822,500 Loan bears interest at the fixed rate of 4.65% per annum and is amortizable over a fifteen (15) year period, with our current monthly payment of principal and interest totaling $6,384. The entire principal balance and all accrued but unpaid interest are due on December 28, 2031.

  

(c) Revolving Credit Line/Term Loan

 

During the first quarter of our fiscal year 2017, we closed on a secured revolving line of credit from an unaffiliated third party lender which, subject to certain conditions, entitles us to borrow, from time to time through December 28, 2017, up to $5,500,000 (the “Credit Line”). From December 28, 2016 through December 28, 2017, we are obligated to pay interest only on the outstanding balance under the Credit Line, at a rate of LIBOR, Daily Floating Rate, plus 2.25%, per annum (3.027% as of February 14, 2017). As more fully discussed under Note 7 Subsequent Events, subsequent to the end of the first quarter of our fiscal year 2017, we entered into an interest rate swap agreement to hedge the interest rate risk when the unpaid principal balance under the Credit Line converts to a term loan and our repayment obligations thereunder become amortizable over a five year period, payable in equal monthly installments of principal and interest at the rate of 4.65% per annum, with any outstanding principal balance and all accrued but unpaid interest due on December 28, 2022. We granted our lender a first priority security interest in substantially all of our personal property assets to secure our repayment obligations under this loan. During the first quarter of our fiscal year 2017, we did not draw upon the Credit Line and neither incurred nor paid any interest amounts. As of February 14, 2017, we have $5,500,000 of credit available under the Credit Line.

 

(d) Financed Insurance Premiums

 

During the thirteen weeks ended December 31, 2016, we financed the following three (3) property and general liability insurance policies, totaling approximately $1.21 million, which property and general liability insurance includes coverage for our franchises which are not included in our consolidated financial statements:

 

(i)       For the policy year beginning December 30, 2016, our general liability insurance, excluding limited partnerships, is a one (1) year policy with our insurance carriers, including automobile and excess liability coverage. The one (1) year general liability insurance premiums, including automobile and excess liability coverage, total, in the aggregate $513,000, of which $409,000 is financed through an unaffiliated third party lender (the “Third Party Lender”). The finance agreement obligates us to repay the amounts financed together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $42,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof.

 

(ii) For the policy year beginning December 30, 2016, our general liability insurance for our limited partnerships is a one (1) year policy with our insurance carriers, including excess liability coverage. The one (1) year general liability insurance premiums, including excess liability coverage, total, in the aggregate $498,000, of which $398,000 is financed through the Third Party Lender. The finance agreement obligates us to repay the amounts financed, together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $40,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof.

 

(iii)       For the policy year beginning December 30, 2016, our property insurance is a one (1) year policy. The one (1) year property insurance premium is in the amount of $504,000, of which $404,000 is financed through the Third Party Lender. The finance agreement provides that we are obligated to repay the amounts financed, together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of approximately $41,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof.

 

As of December 31, 2016, the aggregate principal balance owed from the financing of our property and general liability insurance policies is $1,199,000.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES

(6) COMMITMENTS AND CONTINGENCIES:

 

Litigation

 

From time to time, we are a defendant in litigation arising in the ordinary course of our business, including claims resulting from “slip and fall” accidents, claims under federal and state laws governing access to public accommodations, employment-related claims and claims from guests alleging illness, injury or other food quality, health or operational concerns. To date, none of this litigation, some of which is covered by insurance, has had a material effect on us.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
SUBSEQUENT EVENTS
 3 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(7) SUBSEQUENT EVENTS:

 

Subsequent events have been evaluated through the date these condensed consolidated financial statements were issued and no events required disclosure, except as follows:

 

(a) Conversion of Revolving Credit Line/Term Loan to Fixed Rate of Interest:

 

Subsequent to the end of the first quarter of our fiscal year 2017, we entered into an interest rate swap agreement with a third party unaffiliated with the Company, which causes the variable interest rate under our Credit Line to become fixed at 4.65% per annum on December 28, 2017, the date the Credit Line converts to a term loan.

 

(b) Termination of SWAP Agreement:

 

Subsequent to the end of the first quarter of our fiscal year 2017, we terminated the interest rate swap agreement we entered into July, 2010 which related to the re-financed mortgage loan encumbering our corporate offices located at 5059 N.E. 18th Avenue, Fort Lauderdale, Florida 33334. The interest rate swap agreement required us to pay interest for a seven (7) year period at a fixed rate of 5.11% on an initial amortizing notional principal amount of $935,000, while receiving interest for the same period at LIBOR, Daily Floating Rate, plus 2.25%, on the same amortizing notional principal amount. We paid an $8,500 pre-payment penalty to the lender in connection with the termination of the interest rate swap agreement.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
BUSINESS SEGMENTS
 3 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
BUSINESS SEGMENTS

(8) BUSINESS SEGMENTS:

 

We operate principally in two reportable segments – package stores and restaurants. The operation of package stores consists of retail liquor sales and related items. Information concerning the revenues and operating income for the thirteen weeks ended December 31, 2016 and January 2, 2016, and identifiable assets for the two reportable segments in which we operate, are shown in the following table. Operating income is total revenue less cost of merchandise sold and operating expenses relative to each segment. In computing operating income, none of the following items have been included: interest expense, other non-operating income and expenses and income taxes. Identifiable assets by segment are those assets that are used in our operations in each segment. Corporate assets are principally cash and real property, improvements, furniture, equipment and vehicles used at our corporate headquarters. We do not have any operations outside of the United States and transactions between restaurants and package liquor stores are not material.

 

  (in thousands) 
 

Thirteen Weeks
Ending

December 31, 2016

 

Thirteen Weeks
Ending

January 2, 2016

 
Operating Revenues:        
   Restaurants $21,285  $20,282 
   Package stores  4,678   4,360 
   Other revenues  631   636 
      Total operating revenues $26,594  $25,278 
         
Income from Operations Reconciled to Income After Income Taxes and
Net Income Attributable to Noncontrolling Interests		        
    Restaurants $1,673  $1,485 
    Package stores  361   338 
   2,034   1,823 
 Corporate expenses, net of other revenues  (561)  (472)
    Income from Operations  1,473   1,351 
    Interest expense  (133)  (146)
    Interest and Other income  41   26 
Income Before Provision for Income Taxes $1,381  $1,231 
    Provision for Income Taxes  (280)  (280)
Net Income  1,101   951 
Net Income Attributable to Noncontrolling Interests  (437)  (327)
Net Income Attributable to Flanigan’s Enterprises, Inc.  Stockholders $664  $624 
         
         
Depreciation and Amortization:        
   Restaurants $504  $495 
   Package stores  52   48 
   556   543 
   Corporate  106   132 
Total Depreciation and Amortization $662  $675 
         
Capital Expenditures:        
   Restaurants $275  $494 
   Package stores  17   134 
   292   628 
   Corporate  527   1,151 
Total Capital Expenditures $819  $1,779 

 

  December 31,  October 1, 
  2016  2016 
Identifiable Assets:        
   Restaurants $29,469  $28,461 
   Package store  4,851   4,727 
   34,320   33,188 
   Corporate  25,172   23,213 
Consolidated Totals $59,492  $56,401 
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
BUSINESS SEGMENTS (Tables)
 3 Months Ended
Dec. 31, 2016
Business Segments Tables  
Schedule of Segment Reporting

  (in thousands) 
 

Thirteen Weeks
Ending

December 31, 2016

 

Thirteen Weeks
Ending

January 2, 2016

 
Operating Revenues:        
   Restaurants $21,285  $20,282 
   Package stores  4,678   4,360 
   Other revenues  631   636 
      Total operating revenues $26,594  $25,278 
         
Income from Operations Reconciled to Income After Income Taxes and
Net Income Attributable to Noncontrolling Interests		        
    Restaurants $1,673  $1,485 
    Package stores  361   338 
   2,034   1,823 
 Corporate expenses, net of other revenues  (561)  (472)
    Income from Operations  1,473   1,351 
    Interest expense  (133)  (146)
    Interest and Other income  41   26 
Income Before Provision for Income Taxes $1,381  $1,231 
    Provision for Income Taxes  (280)  (280)
Net Income  1,101   951 
Net Income Attributable to Noncontrolling Interests  (437)  (327)
Net Income Attributable to Flanigan’s Enterprises, Inc.  Stockholders $664  $624 
         
         
Depreciation and Amortization:        
   Restaurants $504  $495 
   Package stores  52   48 
   556   543 
   Corporate  106   132 
Total Depreciation and Amortization $662  $675 
         
Capital Expenditures:        
   Restaurants $275  $494 
   Package stores  17   134 
   292   628 
   Corporate  527   1,151 
Total Capital Expenditures $819  $1,779 

 

  December 31,  October 1, 
  2016  2016 
Identifiable Assets:        
   Restaurants $29,469  $28,461 
   Package store  4,851   4,727 
   34,320   33,188 
   Corporate  25,172   23,213 
Consolidated Totals $59,492  $56,401 
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
DEBT (Details) - USD ($)
 2 Months Ended 3 Months Ended
Feb. 14, 2017
Dec. 31, 2016
Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member]    
Debt Instrument [Line Items]    
Term of financing agreement   5 years
Secured line of credit, maximum borrowing capacity   $ 5,500,000
Variable interest rate description   LIBOR, Daily Floating Rate, plus 2.25%, per annum
Secured line of credit, description of conversion to term loan   On December 28, 2017, the unpaid principal balance under the Credit Line converts to a term loan and our repayment obligations thereunder become amortizable over a five year period, payable in equal monthly installments of principal and interest at the rate of 4.65% per annum, with any outstanding principal balance and all accrued but unpaid interest due on December 28, 2022.
Variable interest rate spread   2.25%
Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member] | Subsequent Event [Member]    
Debt Instrument [Line Items]    
Secured line of credit, remaining borrowing capacity $ 5,500,000  
Variable interest rate spread 3.027%  
Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member] | Subsequent Event [Member] | New Interest Rate Swap Agreement [Member]    
Debt Instrument [Line Items]    
Secured line of credit, interest rate 4.65%  
Financing of Office and Warehouse Space [Member] | Unaffiliated third party lender [Member]    
Debt Instrument [Line Items]    
Interest rate (per annum)   4.65%
Term of financing agreement   15 years
Monthly payment of principal and interest   $ 6,384
Payment frequency   Monthly
Principal amount outstanding   $ 822,500
Maturity date   Dec. 28, 2031
Re-Financing of Corporate Offices [Member] | Unaffiliated third party lender [Member]    
Debt Instrument [Line Items]    
Interest rate (per annum)   4.65%
Term of financing agreement   15 years
Monthly payment of principal and interest   $ 6,519
Payment frequency   Monthly
Principal amount outstanding   $ 840,000
Maturity date   Dec. 28, 2031
Financed Insurance Premiums [Member]    
Debt Instrument [Line Items]    
Amount of insurance premiums financed   $ 1,199,000
Principal amount outstanding   $ 1,199,000
Financed Insurance Premiums [Member] | General Liability Insurance Premium [Member]    
Debt Instrument [Line Items]    
Term of insurance premium   1 year
Amount of premium payable   $ 513,000
Amount of premium payable financed from third party lender   $ 409,000
Interest rate (per annum)   2.95%
Term of financing agreement   10 months
Monthly payment of principal and interest   $ 42,000
Financed Insurance Premiums [Member] | General Liability Insurance for Limited Partnership Premium [Member]    
Debt Instrument [Line Items]    
Term of insurance premium   1 year
Amount of premium payable   $ 498,000
Amount of premium payable financed from third party lender   $ 398,000
Interest rate (per annum)   2.95%
Term of financing agreement   10 months
Monthly payment of principal and interest   $ 40,000
Financed Insurance Premiums [Member] | Property Insurance Premium [Member]    
Debt Instrument [Line Items]    
Term of insurance premium   1 year
Amount of premium payable   $ 504,000
Amount of premium payable financed from third party lender   $ 404,000
Interest rate (per annum)   2.95%
Term of financing agreement   10 months
Monthly payment of principal and interest   $ 41,000
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]
 2 Months Ended
Feb. 14, 2017
USD ($)
Termination of SWAP Agreement [Member]  
Fixed Rate of Interest 5.11%
Notional principal amount $ 935,000
Interest rate swap agreement period 7 years
LIBOR, Daily Floating Rate Spread 2.25%
Pre-payment penalty $ 8,500
New Interest Rate Swap Agreement [Member] | Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member]  
Secured line of credit, interest rate 4.65%
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
BUSINESS SEGMENTS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
Jan. 02, 2016
Oct. 01, 2016
Operating Revenues:      
Operating revenues $ 26,594 $ 25,278  
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests      
Income before corporate expenses 2,034 1,823  
Corporate expenses, net of other revenue (561) (472)  
Income from Operations 1,473 1,351  
Interest expense (133) (146)  
Interest and other income 41 26  
Income Before Provision for Income Taxes 1,381 1,231  
Provision for Income Taxes (280) (280)  
Net Income 1,101 951  
Net Income Attributable to Noncontrolling Interests (437) (327)  
Net income attributable to stockholders 664 624  
Depreciation and Amortization:      
Depreciation and amortization 662 675  
Capital Expenditures:      
Capital expenditures 819 1,779  
Identifiable Assets:      
Assets 59,492   $ 56,401
Restaurants [Member]      
Operating Revenues:      
Operating revenues 21,285 20,282  
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests      
Income before corporate expenses 1,673 1,485  
Depreciation and Amortization:      
Depreciation and amortization 504 495  
Capital Expenditures:      
Capital expenditures 275 494  
Identifiable Assets:      
Assets 29,469   28,461
Package stores [Member]      
Operating Revenues:      
Operating revenues 4,678 4,360  
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests      
Income before corporate expenses 361 338  
Depreciation and Amortization:      
Depreciation and amortization 52 48  
Capital Expenditures:      
Capital expenditures 17 134  
Identifiable Assets:      
Assets 4,851   4,727
Other [Member]      
Operating Revenues:      
Operating revenues 631 636  
Total segments [Member]      
Depreciation and Amortization:      
Depreciation and amortization 556 543  
Capital Expenditures:      
Capital expenditures 292 628  
Identifiable Assets:      
Assets 34,320   33,188
Corporate [Member]      
Depreciation and Amortization:      
Depreciation and amortization 106 132  
Capital Expenditures:      
Capital expenditures 527 $ 1,151  
Identifiable Assets:      
Assets $ 25,172   $ 23,213
EXCEL 29 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 30 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 31 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 33 FilingSummary.xml IDEA: XBRL DOCUMENT 3.6.0.2 html 43 137 1 false 16 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://flanigans.net/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Sheet http://flanigans.net/role/CondensedConsolidatedStatementsOfIncome CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Statements 2 false false R3.htm 00000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Sheet http://flanigans.net/role/CondensedConsolidatedBalanceSheets CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Statements 3 false false R4.htm 00000004 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) Sheet http://flanigans.net/role/CondensedConsolidatedBalanceSheetsParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) Statements 4 false false R5.htm 00000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Sheet http://flanigans.net/role/CondensedConsolidatedStatementsOfCashFlows CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Statements 5 false false R6.htm 00000006 - Disclosure - BASIS OF PRESENTATION Sheet http://flanigans.net/role/BasisOfPresentation BASIS OF PRESENTATION Notes 6 false false R7.htm 00000007 - Disclosure - EARNINGS PER SHARE Sheet http://flanigans.net/role/EarningsPerShare EARNINGS PER SHARE Notes 7 false false R8.htm 00000008 - Disclosure - RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Sheet http://flanigans.net/role/RecentlyAdoptedAndRecentlyIssuedAccountingPronouncements RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Notes 8 false false R9.htm 00000009 - Disclosure - INCOME TAXES Sheet http://flanigans.net/role/IncomeTaxes INCOME TAXES Notes 9 false false R10.htm 00000010 - Disclosure - DEBT Sheet http://flanigans.net/role/Debt DEBT Notes 10 false false R11.htm 00000011 - Disclosure - COMMITMENTS AND CONTINGENCIES Sheet http://flanigans.net/role/CommitmentsAndContingencies COMMITMENTS AND CONTINGENCIES Notes 11 false false R12.htm 00000012 - Disclosure - SUBSEQUENT EVENTS Sheet http://flanigans.net/role/SubsequentEvents SUBSEQUENT EVENTS Notes 12 false false R13.htm 00000013 - Disclosure - BUSINESS SEGMENTS Sheet http://flanigans.net/role/BusinessSegments BUSINESS SEGMENTS Notes 13 false false R14.htm 00000014 - Disclosure - BUSINESS SEGMENTS (Tables) Sheet http://flanigans.net/role/BusinessSegmentsTables BUSINESS SEGMENTS (Tables) Tables http://flanigans.net/role/BusinessSegments 14 false false R15.htm 00000015 - Disclosure - DEBT (Details) Sheet http://flanigans.net/role/DebtDetails DEBT (Details) Details http://flanigans.net/role/Debt 15 false false R16.htm 00000016 - Disclosure - SUBSEQUENT EVENTS (Details) Sheet http://flanigans.net/role/SubsequentEventsDetails SUBSEQUENT EVENTS (Details) Details http://flanigans.net/role/SubsequentEvents 16 false false R17.htm 00000017 - Disclosure - BUSINESS SEGMENTS (Details) Sheet http://flanigans.net/role/BusinessSegmentsDetails BUSINESS SEGMENTS (Details) Details http://flanigans.net/role/BusinessSegmentsTables 17 false false All Reports Book All Reports bdl-20161231.xml bdl-20161231.xsd bdl-20161231_cal.xml bdl-20161231_def.xml bdl-20161231_lab.xml bdl-20161231_pre.xml true true ZIP 35 0001174947-17-000185-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001174947-17-000185-xbrl.zip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end