FLANIGAN'S Reports Earnings
Flanigan's Enterprises, Inc. (NYSE AMERICAN: BDL) reported a decline in revenues for the 13 and 39 weeks ended June 27, 2020.
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Rhea-AI Summary
Flanigan's Enterprises, Inc. (NYSE AMERICAN: BDL) reported a decline in revenues for the 13 and 39 weeks ended June 27, 2020. Total revenues decreased to $23.66 million from $29.51 million year-over-year for the quarter, with a net loss of $455,000 compared to a net income of $968,000. For the year-to-date, total revenues fell to $84.73 million from $87.14 million, generating a net income of $687,000, down from $2.73 million. Notably, restaurant food and bar sales experienced a significant drop, highlighting the impact of the ongoing pandemic.
Positive
- Package store sales surged to $7.1 million in Q3 2020 from $4.75 million in Q3 2019.
- Franchise related revenues and rental income, while lower, continued to contribute to total revenue.
Negative
- Restaurant food and bar sales dropped to $16.14 million in Q3 2020 from $24.1 million in Q3 2019.
- Net income declined to a loss of $455,000 in Q3 2020, compared to a profit of $968,000 in Q3 2019.
- Year-to-date net income fell to $687,000, down significantly from $2.73 million the previous year.
Details
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FORT LAUDERDALE, Fla., Aug. 21, 2020 /PRNewswire/ -- FLANIGAN'S ENTERPRISES, INC., (NYSE AMERICAN: BDL) owners and operators of the "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's" retail liquor stores, today announced results for the 13 weeks and the 39 weeks ended June 27, 2020. The table below sets forth the results on a comparative basis with the 13 weeks and 39 weeks ended June 29, 2019.
For the 13 weeks | For the 13 weeks | ||
ended June 27, | ended June 29, | ||
2020 | 2019 | ||
REVENUES | |||
RESTAURANT FOOD AND BAR SALES | $ 16,144,000 | ||
PACKAGE STORE SALES | 7,099,000 | 4,752,000 | |
FRANCHISE RELATED REVENUES | 278,000 | 414,000 | |
RENTAL INCOME | 151,000 | 186,000 | |
OTHER OPERATING INCOME (LOSS) | (9) | 61,000 | |
TOTAL REVENUES | $ 29,512,000 | ||
NET INCOME (LOSS) ATTRIBUTABLE TO FLANIGAN'S ENTERPRISES, INC. | $ (455,000) | $ 968,000 | |
NET INCOME (LOSS) PER COMMON SHARE BASIC AND DILUTED | $ (0.24) | $ 0.52 |
For the 39 weeks | For the 39 weeks | ||
ended June | ended June | ||
27, 2020 | 29, 2019 | ||
RESTAURANT FOOD AND BAR SALES | $ 64,305,000 | $ 70,214,000 | |
PACKAGE STORE SALES | 18,833,000 | 14,979,000 | |
FRANCHISE RELATED REVENUES | 945,000 | 1,210,000 | |
RENTAL INCOME | 554,000 | 576,000 | |
OTHER OPERATING INCOME | 95,000 | 163,000 | |
TOTAL REVENUES | $ 84,732,000 | ||
NET INCOME ATTRIBUTABLE TO FLANIGAN'S ENTERPRISES, INC | $ 687,000 | $ 2,732,000 | |
NET INCOME PER COMMON SHAREBASIC AND DILUTED | $ 0.37 | $ 1.47 |
View original content:http://www.prnewswire.com/news-releases/flanigans-reports-earnings-301116545.html
SOURCE FLANIGAN'S ENTERPRISES, INC.
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