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Flanigan's Reports 3rd Quarter Earnings

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Flanigan's Reports 3rd Quarter Earnings

PR Newswire

FORT LAUDERDALE, Fla., Aug. 15, 2018 /PRNewswire/ -- FLANIGAN'S ENTERPRISES, INC., (NYSE:BDL) owners and operators of the "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's" retail liquor stores, today announced results for the 13 weeks and the 39 weeks ended June 30, 2018.  The table below sets forth the results on a comparative basis with the 13 weeks and 39 weeks ended July 1, 2017. 


For the 13 weeks  


For the 13 weeks


ended June 30,  


ended July 1,


2018


2017





REVENUES








RESTAURANT FOOD AND




     BAR SALES                                    

$  23,322,000


$ 22,218,000

PACKAGE STORE SALES                             

4,435,000


4,067,000

FRANCHISE RELATED REVENUES              

420,000


422,000

RENTAL INCOME                                                

156,000


151,000

OWNER'S FEE                                                    

38,000


38,000

OTHER OPERATING INCOME                            

65,000


71,000





TOTAL REVENUES                                      

$ 28,436,000


$  26,967,000









NET INCOME ATTRIBUTABLE TO         

$    1,043,000


$       842,000

FLANIGAN'S ENTERPRISES, INC.            








NET INCOME PER COMMON SHARE




     BASIC AND DILUTED             

$             0.56


$            0.45

                                     


For the 39 weeks    


For the 39 weeks


ended June  


ended July


30, 2017


1, 2017

RESTAURANT FOOD AND




     BAR SALES

$  69,963,000


$  66,086,000

PACKAGE STORE SALES

14,314,000


12,936,000

FRANCHISE RELATED REVENUES

1,243,000


1,208,000

RENTAL INCOME

471,000


462,000

OWNER'S FEE

113,000


113,000

OTHER OPERATING INCOME

181,000


178,000





TOTAL REVENUES

$  86,285,000


$ 80,994,000









NET INCOME ATTRIBUTABLE TO

$    3,061,000*


$   2,554,000

FLANIGAN'S ENTERPRISES, INC








NET INCOME PER COMMON SHARE








     BASIC AND DILUTED

$             1.65


$           1.37





*On December 22, 2017 the Tax Cuts and Jobs Act ("The Act") was signed into law, reducing the corporate income tax rate to 21%.  Consequently, we recorded a decrease of approximately $268,000 to our net deferred tax asset, with a corresponding adjustment to deferred income tax expense for the thirteen weeks ended December 30, 2017.

 

Cision View original content:http://www.prnewswire.com/news-releases/flanigans-reports-3rd-quarter-earnings-300697940.html

SOURCE Flanigan's Enterprises, Inc.

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