Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 30, 2017 | Feb. 13, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | FLANIGANS ENTERPRISES INC | |
Entity Central Index Key | 12,040 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-29 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,858,647 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
REVENUES: | ||
Restaurant food sales | $ 17,272 | $ 16,224 |
Restaurant bar sales | 5,484 | 5,061 |
Package store sales | 5,013 | 4,678 |
Franchise related revenues | 380 | 378 |
Rental income | 157 | 159 |
Owner's fee | 38 | 38 |
Other operating income | 49 | 56 |
Total | 28,393 | 26,594 |
Cost of merchandise sold: | ||
Restaurant and lounges | 7,983 | 7,462 |
Package goods | 3,621 | 3,354 |
Payroll and related costs | 8,546 | 8,145 |
Occupancy costs | 1,486 | 1,350 |
Selling, general and administrative expenses | 5,170 | 4,810 |
Total | 26,806 | 25,121 |
Income from Operations | 1,587 | 1,473 |
OTHER INCOME (EXPENSE): | ||
Interest expense | (176) | (133) |
Interest and other income | 10 | 41 |
Total other income (expense) | (166) | (92) |
Income before Provision for Income Taxes | 1,421 | 1,381 |
Provision for Income Taxes | (465) | (280) |
Net Income | 956 | 1,101 |
Less: Net income attributable to noncontrolling interests | (335) | (437) |
Net income attributable to stockholders | $ 621 | $ 664 |
Net Income Per Common Share: | ||
Basic and Diluted | $ 0.33 | $ 0.36 |
Weighted Average Shares and Equivalent Shares Outstanding | ||
Basic and Diluted | 1,858,647 | 1,858,647 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Dec. 30, 2017 | Sep. 30, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 15,422 | $ 9,885 |
Prepaid income taxes | 43 | 67 |
Other receivables | 544 | 496 |
Inventories | 3,358 | 2,842 |
Prepaid expenses | 2,295 | 1,350 |
Total Current Assets | 21,662 | 14,640 |
Property and Equipment, Net | 41,951 | 42,178 |
Construction in progress | 1,047 | 527 |
Total Property, Equipment and Construction in Progress | 42,998 | 42,705 |
Investment in Limited Partnership | 241 | 237 |
OTHER ASSETS: | ||
Liquor licenses | 630 | 630 |
Deferred tax assets | 1,031 | 1,298 |
Leasehold interests, net | 508 | 538 |
Other | 474 | 461 |
Total Other Assets | 2,643 | 2,927 |
Total Assets | 67,544 | 60,509 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 10,114 | 8,066 |
Due to franchisees | 1,968 | 1,781 |
Current portion of long term debt | 2,788 | 1,076 |
Current portion of deferred rent | 85 | 88 |
Total Current Liabilities | 14,955 | 11,011 |
Long Term Debt, Net of Current Maturities | 13,829 | 11,322 |
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 | 32,019 | 31,398 |
Treasury stock, at cost, 2,338,995 shares at December 30, 2017 and 2,338,995 shares at September 30, 2017 | (6,077) | (6,077) |
Total Flanigan's Enterprises, Inc. stockholders' equity | 32,602 | 31,981 |
Noncontrolling interests | 6,158 | 6,195 |
Total equity | 38,760 | 38,176 |
Total liabilities and equity | $ 67,544 | $ 60,509 |
CONDENSED CONSOLIDATED BALANCE4
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Dec. 30, 2017 | Sep. 30, 2017 |
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 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 956 | $ 1,101 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
Depreciation and amortization | 656 | 631 |
Amortization of leasehold interests | 30 | 31 |
Loss on abandonment of property and equipment | 8 | 4 |
Amortization of deferred loan costs | 10 | 7 |
Deferred income taxes | 267 | (129) |
Deferred rent | (3) | (4) |
Income (loss) from unconsolidated limited partnership | (9) | (22) |
Changes in operating assets and liabilities: (increase) decrease in | ||
Due from franchisees | (36) | |
Other receivables | (48) | 7 |
Prepaid income taxes | 24 | 180 |
Inventories | (516) | (229) |
Prepaid expenses | 374 | 388 |
Other assets | 1 | (6) |
Increase (decrease) in: | ||
Accounts payable and accrued expenses | 1,786 | 1,043 |
Income taxes payable | 66 | |
Due to franchisees | 187 | (297) |
Net cash and cash equivalents provided by operating activities | 3,723 | 2,735 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (394) | (358) |
Purchase of construction in progress | (520) | (373) |
Deposits on property and equipment | (60) | (40) |
Proceeds from sale of fixed assets | 3 | |
Distributions from unconsolidated limited partnership | 5 | 5 |
Net cash and cash equivalents used in investing activities | (966) | (766) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of long term debt | (348) | (326) |
Deferred loan costs | (86) | |
Proceeds from long term debt | 3,500 | 922 |
Distributions to limited partnerships' noncontrolling interests | (372) | (534) |
Net cash and cash equivalents provided by (used in) financing activities | 2,780 | (24) |
Net Increase in Cash and Cash Equivalents | 5,537 | 1,945 |
Beginning of Period | 9,885 | 10,174 |
End of Period | 15,422 | 12,119 |
Cash paid during period for: | ||
Interest | 176 | 133 |
Income taxes | 174 | 163 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
Financing of insurance contracts | 1,057 | 1,199 |
Purchase deposits transferred to property and equipment | $ 46 | $ 88 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Dec. 30, 2017 | |
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 30, 2017 and December 31, 2016 are unaudited. Financial information as of September 30, 2017 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 September 30, 2017. 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. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Dec. 30, 2017 | |
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 |
RECENTLY ADOPTED AND RECENTLY I
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Dec. 30, 2017 | |
Recent Adopted And Recent Issued Accounting Pronouncements | |
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | (3) RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS: Adopted In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes 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 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. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (4) INCOME TAXES: We account for our income taxes using FASB ASC Topic 740, “ Income Taxes On December 22, 2017 the Tax Cuts and Jobs Act (“The Act”) was signed into law, reducing the corporate income tax rate to 21%. Our accounting for the impact of The Act is complete. Consequently, we have 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. |
DEBT
DEBT | 3 Months Ended |
Dec. 30, 2017 | |
DEBT [Abstract] | |
DEBT | (5) DEBT: (a) 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, entitled 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 were 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. During the second 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 converted to a term loan on December 28, 2017 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, (the “Term Loan”). 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 second quarter of our fiscal year 2017, we borrowed $2.0 million on the Credit Line and during the first quarter of our fiscal year 2018, we borrowed the balance of the Line of Credit, ($3.5 million). As of December 21, 2017, we had no credit available under the Credit Line and on December 28, 2017 the entire principal balance under the Credit Line ($5,500,000) converted to the Term Loan. (b) Financed Insurance Premiums During the thirteen weeks ended December 30, 2017, we financed the premiums on the following three (3) property and general liability insurance policies, totaling approximately $1.33 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, 2017, 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 $581,000, of which $466,000 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 3.15% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $47,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premiums, dividend payments and loss payments thereof. (ii) For the policy year beginning December 30, 2017, 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 $511,000, of which $409,000 is financed through the Third Party Lender. The finance agreement obligates us to repay the amounts financed, together with interest at the rate of 3.15% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $41,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premiums, dividend payments and loss payments thereof. (iii) For the policy year beginning December 30, 2017, our property insurance is a one (1) year policy. The one (1) year property insurance premium is in the amount of $564,000, of which $453,000 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 3.15% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of approximately $46,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premiums, dividend payments and loss payments thereof. As of December 30, 2017, the aggregate principal balance owed from the financing of our property and general liability insurance policies is $1,057,000. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 30, 2017 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (6) COMMITMENTS AND CONTINGENCIES: Construction Contracts On June 14, 2017, we entered into an agreement with a third party unaffiliated general contractor to renovate our restaurant located at 13205 Biscayne Boulevard, North Miami, Florida, (Store #20) for a total contract price of $880,000. The renovations include, but are not limited to the construction of a new kitchen and the expansion of the restaurant into our former package liquor store location. During the first quarter of our fiscal year 2018, we agreed to change orders which had the effect of increasing the total contract price for the renovation to $1,080,000, of which, as of the end of our first quarter fiscal 2018, we have paid $345,000. During the first quarter of our fiscal year 2018, we entered into two agreements with a third party unaffiliated general contractor for design and development services for a total contract price of $127,000 (the “$127,000 Contract”) and $174,000 (the “$174,000 Contract”). The $127,000 Contract provides for design and development services for the construction of a new building (the “New Building”) on a parcel of real property which we own which is adjacent to the real property where our combination package liquor store and restaurant located at 2505 N. University Drive, Hollywood, Florida, (Store #19) operates. The $174,000 Contract provides for design and development services for the renovation of the existing building which currently houses the combination package liquor store and restaurant. If we complete the construction of the New Building and the renovation of the existing building, we currently plan to re-locate our package liquor store located at the property to the New Building and to operate the restaurant located at the property in the renovated and expanded existing building. Subsequent to the end of the first quarter of our fiscal year 2018, we entered into an agreement with a third party unaffiliated general contractor to renovate and add an outdoor patio area to the front of our restaurant located at 13205 Biscayne Boulevard, North Miami, Florida (Store #20) for a total contract price of $912,000. 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, dram shop claims, 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | (7) SUBSEQUENT EVENTS: Subsequent events have been evaluated through the date these condensed consolidated financial statements were issued. Extension of Lease for Existing Location Pinecrest, Florida Subsequent to the end of the first quarter of our fiscal year 2018, the lease with an unrelated third party for the restaurant owned by our limited partnership located at 11415 S. Dixie Highway, Pinecrest, Florida (Store #13) was extended through July 31, 2026, an additional period of approximately five (5) years beyond its current expiration date of May 31, 2021. The extended lease will be on the same terms and conditions, except the annual rent (base and estimated percentage rent) effective February 1, 2018 will increase by approximately 20%, with annual 3% increases on the base rent thereafter commencing February 1, 2021. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 3 Months Ended |
Dec. 30, 2017 | |
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 30, 2017 and December 31, 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 30, 2017 Thirteen Weeks Ending December 31, 2016 Operating Revenues: Restaurants $ 22,756 $ 21,285 Package stores 5,013 4,678 Other revenues 624 631 Total operating revenues $ 28,393 $ 26,594 Income from Operations Reconciled to Income After Restaurants $ 1,957 $ 1,673 Package stores 282 361 2,239 2,034 Corporate expenses, net of other revenues (652 ) (561 ) Income from Operations 1,587 1,473 Interest expense (176 ) (133 ) Interest and Other income 10 41 Income Before Provision for Income Taxes $ 1,421 $ 1,381 Provision for Income Taxes (465 ) (280 ) Net Income 956 1,101 Net Income Attributable to Noncontrolling Interests (335 ) (437 ) Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders $ 621 $ 664 Depreciation and Amortization: Restaurants $ 540 $ 504 Package stores 67 52 607 556 Corporate 79 106 Total Depreciation and Amortization $ 686 $ 662 Capital Expenditures: Restaurants $ 823 $ 293 Package stores 82 372 905 665 Corporate 55 154 Total Capital Expenditures $ 960 $ 819 December 30, September 30, 2017 2017 Identifiable Assets: Restaurants $ 29,518 $ 28,089 Package stores 10,308 9,684 39,826 37,773 Corporate 27,718 22,736 Consolidated Totals $ 67,544 $ 60,509 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 3 Months Ended |
Dec. 30, 2017 | |
Business Segments Tables | |
Schedule of Segment Reporting | (in thousands) Thirteen Weeks Ending December 30, 2017 Thirteen Weeks Ending December 31, 2016 Operating Revenues: Restaurants $ 22,756 $ 21,285 Package stores 5,013 4,678 Other revenues 624 631 Total operating revenues $ 28,393 $ 26,594 Income from Operations Reconciled to Income After Restaurants $ 1,957 $ 1,673 Package stores 282 361 2,239 2,034 Corporate expenses, net of other revenues (652 ) (561 ) Income from Operations 1,587 1,473 Interest expense (176 ) (133 ) Interest and Other income 10 41 Income Before Provision for Income Taxes $ 1,421 $ 1,381 Provision for Income Taxes (465 ) (280 ) Net Income 956 1,101 Net Income Attributable to Noncontrolling Interests (335 ) (437 ) Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders $ 621 $ 664 Depreciation and Amortization: Restaurants $ 540 $ 504 Package stores 67 52 607 556 Corporate 79 106 Total Depreciation and Amortization $ 686 $ 662 Capital Expenditures: Restaurants $ 823 $ 293 Package stores 82 372 905 665 Corporate 55 154 Total Capital Expenditures $ 960 $ 819 December 30, September 30, 2017 2017 Identifiable Assets: Restaurants $ 29,518 $ 28,089 Package stores 10,308 9,684 39,826 37,773 Corporate 27,718 22,736 Consolidated Totals $ 67,544 $ 60,509 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended |
Dec. 30, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Corporate income tax rate | 21.00% |
Decrease in net deferred tax asset | $ 268,000 |
DEBT (Details)
DEBT (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 30, 2017 | Mar. 30, 2018 | |
Debt Instrument [Line Items] | ||
Amount of insurance premiums financed | $ 1,330 | |
Principal amount outstanding | $ 1,057 | |
Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member] | ||
Debt Instrument [Line Items] | ||
Term of financing agreement | 5 years | |
Principal amount outstanding | $ 5,500 | |
Secured line of credit, maximum borrowing capacity | $ 5,500 | |
Variable interest rate description | LIBOR, Daily Floating Rate, plus 2.25%, per annum | |
Variable interest rate spread | 2.25% | |
Proceeds from line of credit | $ 5,500 | |
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 | $ 0 | |
Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member] | New Interest Rate Swap Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Secured line of credit, interest rate | 4.65% | |
Financed Insurance Premiums [Member] | General Liability Insurance Premium [Member] | ||
Debt Instrument [Line Items] | ||
Term of insurance premium | 1 year | |
Amount of premium payable | $ 581 | |
Amount of premium payable financed from third party lender | $ 466 | |
Interest rate (per annum) | 3.15% | |
Term of financing agreement | 10 months | |
Monthly payment of principal and interest | $ 47 | |
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 | $ 511 | |
Amount of premium payable financed from third party lender | $ 409 | |
Interest rate (per annum) | 3.15% | |
Term of financing agreement | 10 months | |
Monthly payment of principal and interest | $ 41 | |
Financed Insurance Premiums [Member] | Property Insurance Premium [Member] | ||
Debt Instrument [Line Items] | ||
Term of insurance premium | 1 year | |
Amount of premium payable | $ 564 | |
Amount of premium payable financed from third party lender | $ 453 | |
Interest rate (per annum) | 3.15% | |
Term of financing agreement | 10 months | |
Monthly payment of principal and interest | $ 46 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 30, 2017 | Jun. 14, 2017 | |
Agreements With Third Party Unaffiliated General Contractor [Member] | ||
Other Commitments [Line Items] | ||
Total contract price | $ 1,080 | $ 880 |
Amount for renovation of construction in process | 345 | |
Agreements One With Third Party Unaffiliated General Contractor [Member] | ||
Other Commitments [Line Items] | ||
Total contract price | 127 | |
Agreements Two With Third Party Unaffiliated General Contractor [Member] | ||
Other Commitments [Line Items] | ||
Total contract price | 174 | |
Agreements Three With Third Party Unaffiliated General Contractor [Member] | ||
Other Commitments [Line Items] | ||
Total contract price | $ 912 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] | 2 Months Ended |
Feb. 13, 2018 | |
Maturity date for extension of lease | Jul. 31, 2026 |
Percentage of increases on base rent annually commencing February 1, 2021 | 3.00% |
Estimated increase in base and percentage rent | 20.00% |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Operating Revenues: | |||
Operating revenues | $ 28,393 | $ 26,594 | |
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests | |||
Income before corporate expenses | 2,239 | 2,034 | |
Corporate expenses, net of other revenue | (652) | (561) | |
Income from Operations | 1,587 | 1,473 | |
Interest expense | (176) | (133) | |
Interest and Other income | 10 | 41 | |
Income Before Provision for Income Taxes | 1,421 | 1,381 | |
Provision for Income Taxes | (465) | (280) | |
Net Income | 956 | 1,101 | |
Net Income Attributable to Noncontrolling Interests | (335) | (437) | |
Net Income Attributable to Flanigan’s Enterprises, Inc stockholders | 621 | 664 | |
Depreciation and Amortization: | |||
Depreciation and amortization | 686 | 662 | |
Capital Expenditures: | |||
Capital expenditures | 960 | 819 | |
Identifiable Assets: | |||
Assets | 67,544 | $ 60,509 | |
Restaurants [Member] | |||
Operating Revenues: | |||
Operating revenues | 22,756 | 21,285 | |
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests | |||
Income before corporate expenses | 1,975 | 1,673 | |
Depreciation and Amortization: | |||
Depreciation and amortization | 540 | 504 | |
Capital Expenditures: | |||
Capital expenditures | 823 | 293 | |
Identifiable Assets: | |||
Assets | 29,518 | 28,089 | |
Package stores [Member] | |||
Operating Revenues: | |||
Operating revenues | 5,013 | 4,678 | |
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests | |||
Income before corporate expenses | 282 | 361 | |
Depreciation and Amortization: | |||
Depreciation and amortization | 67 | 52 | |
Capital Expenditures: | |||
Capital expenditures | 82 | 372 | |
Identifiable Assets: | |||
Assets | 10,308 | 9,684 | |
Other [Member] | |||
Operating Revenues: | |||
Operating revenues | 624 | 631 | |
Total segments [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 607 | 556 | |
Capital Expenditures: | |||
Capital expenditures | 905 | 665 | |
Identifiable Assets: | |||
Assets | 39,826 | 37,773 | |
Corporate [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 79 | 106 | |
Capital Expenditures: | |||
Capital expenditures | 55 | $ 154 | |
Identifiable Assets: | |||
Assets | $ 27,718 | $ 22,736 |