Flanigan's Enterprises Inc (NYSE American: BDL) is a Florida-based restaurant and package liquor store company that owns and operates casual dining restaurants and retail liquor stores across South Florida. Revenue comes from food and beverage sales at company-operated units and from royalties paid by franchisees equal to 3% of gross restaurant sales and 1% of gross package liquor sales. As of September 27, 2025, the company operated 32 units, including restaurants, a sports bar, package liquor stores, and combination restaurant/package liquor stores, and franchised an additional five units under the service marks 'Flanigan's Seafood Bar and Grill' and 'Big Daddy's Liquors'. The company also holds a 25% limited partnership interest in one franchised restaurant in Fort Lauderdale and has managed 'The Whale's Rib' casual dining restaurant in Deerfield Beach, Florida since January 2006, receiving one-half of net profit in exchange for management and bookkeeping services. CEO James G. Flanigan II serves as Chairman of the Board, with Jeffrey D. Kastner as CFO and August Bucci as COO. Cash and cash equivalents were approximately $20,094,000 as of September 27, 2025.

Revenue model

Transactional food and beverage sales at company-operated restaurants and package liquor stores; franchise royalties of 3% of gross restaurant sales and 1% of gross package liquor sales; management fee income equal to one-half of net profit from 'The Whale's Rib' restaurant in Deerfield Beach, Florida.

Products and services

Casual dining under the 'Flanigan's Seafood Bar and Grill' service mark; retail package liquor sales under the 'Big Daddy's Liquors' service mark; combination restaurant and package liquor store formats; sports bar operations; restaurant management services.

Customers and end markets

Local and regional dining and retail liquor consumers in South Florida. End market is discretionary consumer spending on casual dining and packaged alcohol. No disclosed customer concentration.

Value-chain role

Owner-operator and franchisor of casual dining restaurants and package liquor stores; also acts as managing partner for third-party-owned restaurant locations. Holds limited partnership interests in select affiliated units.

Geographic exposure

Operations concentrated in South Florida, including Fort Lauderdale, Deerfield Beach, and Miami, based on unit locations referenced in the 10-K filed December 19, 2025.

Source: SEC 10-K, filed 2025-12-19

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