2022 Q1 Form 10-Q Financial Statement
#000117494722000264 Filed on February 22, 2022
Income Statement
Concept | 2022 Q1 | 2021 Q1 | 2020 Q4 |
---|---|---|---|
Revenue | $37.40M | $31.38M | $28.25M |
YoY Change | 19.19% | 4.16% | -8.71% |
Cost Of Revenue | $16.67M | $13.37M | $12.29M |
YoY Change | 24.68% | 9.38% | -2.17% |
Gross Profit | $20.73M | $18.01M | $15.96M |
YoY Change | 15.12% | 0.59% | -13.18% |
Gross Profit Margin | 55.42% | 57.38% | 56.49% |
Selling, General & Admin | $6.031M | $5.468M | $15.06M |
YoY Change | 10.3% | -66.63% | -12.17% |
% of Gross Profit | 29.09% | 30.37% | 94.39% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $683.0K | $752.0K | $799.0K |
YoY Change | -9.18% | -7.73% | -2.2% |
% of Gross Profit | 3.29% | 4.18% | 5.01% |
Operating Expenses | $6.031M | $5.468M | $15.06M |
YoY Change | 10.3% | -66.63% | -12.17% |
Operating Profit | $765.0K | $1.270M | $895.0K |
YoY Change | -39.76% | -16.28% | -27.29% |
Interest Expense | $193.0K | $279.0K | -$226.0K |
YoY Change | -30.82% | -250.81% | 17.71% |
% of Operating Profit | 25.23% | 21.97% | -25.25% |
Other Income/Expense, Net | $3.320M | -$242.0K | |
YoY Change | -1471.9% | ||
Pretax Income | $4.085M | $1.028M | $669.0K |
YoY Change | 297.37% | -22.82% | -35.61% |
Income Tax | $147.0K | -$4.000K | -$50.00K |
% Of Pretax Income | 3.6% | -0.39% | -7.47% |
Net Earnings | $1.564M | $780.0K | $423.0K |
YoY Change | 100.51% | 20.37% | -14.37% |
Net Earnings / Revenue | 4.18% | 2.49% | 1.5% |
Basic Earnings Per Share | $0.84 | $0.42 | |
Diluted Earnings Per Share | $841.5K | $419.7K | $227.6K |
COMMON SHARES | |||
Basic Shares Outstanding | 1.859M shares | 1.859M shares | |
Diluted Shares Outstanding | 1.859M shares |
Balance Sheet
Concept | 2022 Q1 | 2021 Q1 | 2020 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $33.60M | $31.03M | $29.92M |
YoY Change | 8.3% | 71.8% | 56.48% |
Cash & Equivalents | $33.60M | $31.03M | $29.92M |
Short-Term Investments | |||
Other Short-Term Assets | $3.718M | $2.712M | $2.281M |
YoY Change | 37.09% | 6.14% | -15.83% |
Inventory | $4.636M | $3.763M | $3.624M |
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $42.66M | $38.02M | $36.51M |
YoY Change | 12.18% | 50.15% | 36.69% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $58.20M | $73.36M | $46.98M |
YoY Change | -20.67% | -0.61% | -37.09% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $1.166M | $852.0K | $621.0K |
YoY Change | 36.85% | 255.0% | 170.0% |
Other Assets | $1.695M | $964.0K | $290.0K |
YoY Change | 75.83% | 83.97% | -25.64% |
Total Long-Term Assets | $89.03M | $75.98M | $75.98M |
YoY Change | 17.17% | 0.71% | -0.29% |
TOTAL ASSETS | |||
Total Short-Term Assets | $42.66M | $38.02M | $36.51M |
Total Long-Term Assets | $89.03M | $75.98M | $75.98M |
Total Assets | $131.7M | $114.0M | $112.5M |
YoY Change | 15.51% | 13.13% | 9.31% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $4.280M | $3.111M | $3.142M |
YoY Change | 37.58% | 41.28% | 98.23% |
Accrued Expenses | $2.132M | $1.936M | $3.116M |
YoY Change | 10.12% | -37.73% | 72.15% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $3.878M | $12.11M | $5.094M |
YoY Change | -67.97% | 386.66% | 66.58% |
Total Short-Term Liabilities | $24.94M | $28.22M | $25.36M |
YoY Change | -11.63% | 76.83% | 47.12% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $15.77M | $19.57M | $21.23M |
YoY Change | -19.42% | 30.84% | 40.94% |
Other Long-Term Liabilities | $26.62M | $19.87M | $20.34M |
YoY Change | 33.95% | -16.87% | -20.51% |
Total Long-Term Liabilities | $15.77M | $39.44M | $21.23M |
YoY Change | -60.01% | 1.5% | -47.77% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $24.94M | $28.22M | $25.36M |
Total Long-Term Liabilities | $15.77M | $39.44M | $21.23M |
Total Liabilities | $67.88M | $73.80M | $66.93M |
YoY Change | -8.02% | 20.36% | 4.43% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $52.20M | $38.85M | |
YoY Change | |||
Common Stock | $6.660M | $6.660M | |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $6.077M | $6.077M | |
YoY Change | |||
Treasury Stock Shares | 2.339M shares | 2.339M shares | |
Shareholders Equity | $52.78M | $40.21M | $39.43M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $131.7M | $114.0M | $112.5M |
YoY Change | 15.51% | 13.13% | 9.31% |
Cashflow Statement
Concept | 2022 Q1 | 2021 Q1 | 2020 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $1.564M | $780.0K | $423.0K |
YoY Change | 100.51% | 20.37% | -14.37% |
Depreciation, Depletion And Amortization | $683.0K | $752.0K | $799.0K |
YoY Change | -9.18% | -7.73% | -2.2% |
Cash From Operating Activities | $4.531M | $3.770M | $1.348M |
YoY Change | 20.19% | 380.25% | -60.68% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$1.445M | -$1.076M | -$565.0K |
YoY Change | 34.29% | 59.41% | -37.36% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$534.0K | -$492.0K | -$258.0K |
YoY Change | 8.54% | 4372.73% | -34.52% |
Cash From Investing Activities | -$1.979M | -$1.568M | -$823.0K |
YoY Change | 26.21% | 128.57% | -36.5% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | $869.0K | $794.0K | |
YoY Change | 9.45% | ||
Cash From Financing Activities | -$1.626M | -$1.096M | -1.085M |
YoY Change | 48.36% | -5.52% | -132.7% |
NET CHANGE | |||
Cash From Operating Activities | $4.531M | $3.770M | 1.348M |
Cash From Investing Activities | -$1.979M | -$1.568M | -823.0K |
Cash From Financing Activities | -$1.626M | -$1.096M | -1.085M |
Net Change In Cash | $926.0K | $1.106M | -560.0K |
YoY Change | -16.27% | -204.24% | -110.28% |
FREE CASH FLOW | |||
Cash From Operating Activities | $4.531M | $3.770M | $1.348M |
Capital Expenditures | -$1.445M | -$1.076M | -$565.0K |
Free Cash Flow | $5.976M | $4.846M | $1.913M |
YoY Change | 23.32% | 231.92% | -55.82% |
Facts In Submission
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|
11032000 | USD |
CY2021Q4 | us-gaap |
Minority Interest
MinorityInterest
|
9415000 | USD |
CY2022Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
63811000 | USD |
CY2021Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
60630000 | USD |
CY2022Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
131688000 | USD |
CY2021Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
128002000 | USD |
CY2020Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
45556000 | USD |
CY2021Q1 | us-gaap |
Profit Loss
ProfitLoss
|
1032000 | USD |
CY2021Q1 | us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
242000 | USD |
CY2021Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
46346000 | USD |
CY2021Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
60630000 | USD |
CY2022Q1 | us-gaap |
Profit Loss
ProfitLoss
|
3938000 | USD |
CY2022Q1 | us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
757000 | USD |
CY2022Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
63811000 | USD |
CY2022Q1 | us-gaap |
Profit Loss
ProfitLoss
|
3938000 | USD |
CY2021Q1 | us-gaap |
Profit Loss
ProfitLoss
|
1032000 | USD |
CY2022Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
683000 | USD |
CY2021Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
752000 | USD |
CY2022Q1 | bdl |
Amortization Of Leasehold Purchases
AmortizationOfLeaseholdPurchases
|
16000 | USD |
CY2021Q1 | bdl |
Amortization Of Leasehold Purchases
AmortizationOfLeaseholdPurchases
|
22000 | USD |
CY2022Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
USD | |
CY2021Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
119000 | USD |
CY2022Q1 | bdl |
Amortization Of Operating Lease Right Of Use Asset
AmortizationOfOperatingLeaseRightOfUseAsset
|
586000 | USD |
CY2021Q1 | bdl |
Amortization Of Operating Lease Right Of Use Asset
AmortizationOfOperatingLeaseRightOfUseAsset
|
744000 | USD |
CY2022Q1 | bdl |
Gain On Forgiveness Of Ppp Loans
GainOnForgivenessOfPppLoans
|
3488000 | USD |
CY2021Q1 | bdl |
Gain On Forgiveness Of Ppp Loans
GainOnForgivenessOfPppLoans
|
USD | |
CY2022Q1 | us-gaap |
Other Noncash Expense
OtherNoncashExpense
|
USD | |
CY2021Q1 | us-gaap |
Other Noncash Expense
OtherNoncashExpense
|
66000 | USD |
CY2022Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
11000 | USD |
CY2021Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
25000 | USD |
CY2022Q1 | us-gaap |
Assets Disposed Of By Method Other Than Sale In Period Of Disposition Gain Loss On Disposition1
AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1
|
-6000 | USD |
CY2021Q1 | us-gaap |
Assets Disposed Of By Method Other Than Sale In Period Of Disposition Gain Loss On Disposition1
AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1
|
-3000 | USD |
CY2022Q1 | bdl |
Amortization Of Deferred Loan Costs
AmortizationOfDeferredLoanCosts
|
-8000 | USD |
CY2021Q1 | bdl |
Amortization Of Deferred Loan Costs
AmortizationOfDeferredLoanCosts
|
-10000 | USD |
CY2022Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
146000 | USD |
CY2021Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-51000 | USD |
CY2022Q1 | bdl |
Income From Unconsolidated Limited Partnership
IncomeFromUnconsolidatedLimitedPartnership
|
-1000 | USD |
CY2021Q1 | bdl |
Income From Unconsolidated Limited Partnership
IncomeFromUnconsolidatedLimitedPartnership
|
USD | |
CY2022Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
964000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
USD | |
CY2022Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
249000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-161000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
|
USD | |
CY2021Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
139000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
-693000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
|
-47000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
353000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
-1013000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-299000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
4000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1934000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1698000 | USD |
CY2022Q1 | bdl |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
444000 | USD |
CY2021Q1 | bdl |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
1647000 | USD |
CY2022Q1 | bdl |
Increase Decrease In Due To Franchisees
IncreaseDecreaseInDueToFranchisees
|
-198000 | USD |
CY2021Q1 | bdl |
Increase Decrease In Due To Franchisees
IncreaseDecreaseInDueToFranchisees
|
-31000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
4531000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
3770000 | USD |
CY2022Q1 | bdl |
Payments To Acquire Property And Equipment
PaymentsToAcquirePropertyAndEquipment
|
777000 | USD |
CY2021Q1 | bdl |
Payments To Acquire Property And Equipment
PaymentsToAcquirePropertyAndEquipment
|
498000 | USD |
CY2022Q1 | bdl |
Purchase Of Construction In Progress
PurchaseOfConstructionInProgress
|
668000 | USD |
CY2021Q1 | bdl |
Purchase Of Construction In Progress
PurchaseOfConstructionInProgress
|
578000 | USD |
CY2022Q1 | us-gaap |
Payments For Other Deposits
PaymentsForOtherDeposits
|
509000 | USD |
CY2021Q1 | us-gaap |
Payments For Other Deposits
PaymentsForOtherDeposits
|
296000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
20000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
35000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
|
8000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
|
4000 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
|
53000 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
|
235000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1979000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1568000 | USD |
CY2022Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
869000 | USD |
CY2021Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
794000 | USD |
CY2022Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
USD | |
CY2021Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
60000 | USD |
CY2022Q1 | us-gaap |
Payments Of Capital Distribution
PaymentsOfCapitalDistribution
|
757000 | USD |
CY2021Q1 | us-gaap |
Payments Of Capital Distribution
PaymentsOfCapitalDistribution
|
242000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1626000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1096000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
926000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
1106000 | USD |
CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
32676000 | USD |
CY2020Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
29922000 | USD |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
33602000 | USD |
CY2021Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
31028000 | USD |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
193000 | USD |
CY2021Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
279000 | USD |
CY2022Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
USD | |
CY2021Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
61000 | USD |
CY2022Q1 | bdl |
Financing Of Insurance Contracts
FinancingOfInsuranceContracts
|
1861000 | USD |
CY2021Q1 | bdl |
Financing Of Insurance Contracts
FinancingOfInsuranceContracts
|
1365000 | USD |
CY2022Q1 | bdl |
Purchase Deposits Transferred To Property And Equipment
PurchaseDepositsTransferredToPropertyAndEquipment
|
4000 | USD |
CY2021Q1 | bdl |
Purchase Deposits Transferred To Property And Equipment
PurchaseDepositsTransferredToPropertyAndEquipment
|
11000 | USD |
CY2022Q1 | bdl |
Purchase Deposits Transferred To Cip
PurchaseDepositsTransferredToCIP
|
140000 | USD |
CY2021Q1 | bdl |
Purchase Deposits Transferred To Cip
PurchaseDepositsTransferredToCIP
|
18000 | USD |
CY2022Q1 | bdl |
Cip Transferred To Property Plant And Eqipment
CipTransferredToPropertyPlantAndEqipment
|
391000 | USD |
CY2021Q1 | bdl |
Cip Transferred To Property Plant And Eqipment
CipTransferredToPropertyPlantAndEqipment
|
USD | |
CY2022Q1 | bdl |
Cip In Accounts Payable
CipInAccountsPayable
|
422000 | USD |
CY2022Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<p id="d1e6961_anchor" style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">(1) BASIS OF PRESENTATION:</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The accompanying condensed consolidated financial information for the thirteen weeks ended January 1, 2022 and January 2, 2021 are unaudited. Financial information as of October 2, 2021 has been derived from the audited financial statements of Flanigan’s Enterprises, Inc., a Florida corporation, together with its subsidiaries, (the “Company”, “we”, “our”, “ours” and “us” as the context requires), 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 2, 2021. Operating results for interim periods are not necessarily indicative of results to be expected for a full year.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">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.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">These condensed consolidated financial statements include estimates relating to (i) performance based officers’ bonuses and (ii) loyalty reward programs. 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.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The condensed consolidated financial statements include estimates relating to the calculation of incremental borrowing rates and length of leases associated with right-of-use assets and corresponding liabilities. </p> | |
CY2022Q1 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
1879000 | USD |
CY2022Q1 | bdl |
Excluding Coverage Insurance Policies
ExcludingCoverageInsurancePolicies
|
499000 | USD |
CY2022Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
USD | |
CY2021Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
119000 | USD |
CY2022Q1 | us-gaap |
Finance Lease Interest Expense
FinanceLeaseInterestExpense
|
USD | |
CY2021Q1 | us-gaap |
Finance Lease Interest Expense
FinanceLeaseInterestExpense
|
66000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
917000 | USD |
CY2021Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
1049000 | USD |
CY2022Q1 | us-gaap |
Lease Cost
LeaseCost
|
917000 | USD |
CY2021Q1 | us-gaap |
Lease Cost
LeaseCost
|
1234000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
27973000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
28559000 | USD |
CY2022Q1 | bdl |
Right Of Use Assets Net
RightOfUseAssetsNet
|
27973000 | USD |
CY2021Q4 | bdl |
Right Of Use Assets Net
RightOfUseAssetsNet
|
28559000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
2132000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
2009000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
26616000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
27183000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P8Y7M2D | |
CY2021Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P8Y11M4D | |
CY2022Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0462 | pure |
CY2021Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0462 | pure |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
2522000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
3501000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
3544000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
3537000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
3371000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
19830000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
36305000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
7557000 | USD |
CY2022Q1 | bdl |
Income Before Corporate Expenses1
IncomeBeforeCorporateExpenses1
|
1059000 | USD |
CY2021Q1 | bdl |
Income Before Corporate Expenses1
IncomeBeforeCorporateExpenses1
|
1895000 | USD |
CY2022Q1 | bdl |
Corporate Expenses Net Of Other Revenues
CorporateExpensesNetOfOtherRevenues
|
294000 | USD |
CY2021Q1 | bdl |
Corporate Expenses Net Of Other Revenues
CorporateExpensesNetOfOtherRevenues
|
625000 | USD |
CY2022Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
765000 | USD |
CY2021Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
1270000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
28748000 | USD |
CY2022Q1 | us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<p id="d1e8126_anchor" style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:22pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">(7) CORONAVIRUS PANDEMIC</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">In March 2020, a novel strain of coronavirus was declared a global pandemic and a National Public Health Emergency. The novel coronavirus pandemic and related “shelter-in-place” orders and other governmental mandates relating thereto (collectively, “COVID-19”) adversely affected and will, in all likelihood continue to adversely affect, our restaurant operations and financial results for the foreseeable future. Throughout the first quarter of our fiscal year 2022, due to increases in new COVID-19 cases due to the Omicron variant and in accordance with guidance from health officials, we have offered both indoor and outdoor food and bar options at all of our restaurants, with, among other precautions appropriate social distancing and mask requirements for all customers and employees.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">During the second quarter of our fiscal year 2021, certain of the entities owning the limited partnership stores (the “LP’s”), as well as the store we manage but do not own (the “Managed Store”), applied for and received loans from an unrelated third party lender pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) enacted March 27, 2020, in the aggregate principal amount of approximately $3.98 million, (the “2nd PPP Loans”), of which approximately: (i) $3.35 million was loaned to 6 of the LP’s; and (ii) $0.63 million was loaned to the Managed Store. The 2nd PPP Loan to the Managed Store is not included in our consolidated financial statements. During the first quarter of our fiscal year 2022, we applied for and received forgiveness of the entire amount of principal and accrued interest for all 2nd PPP Loans, including the Managed Store.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">COVID-19 has had a material adverse effect on our access to supplies or labor and there can be no assurance that there will not be a significant adverse impact on our supply chain or access to labor in the future. We are actively monitoring our food suppliers to assess how they are managing their operations to mitigate supply flow and food safety risks. To ensure we mitigate potential supply availability risk, we are building additional inventory back stock levels when appropriate and we have also identified alternative supply sources in key product categories including but not limited to food, sanitation and safety supplies. </p> | |
CY2022Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | Segments |
CY2022Q1 | us-gaap |
Revenues
Revenues
|
37403000 | USD |
CY2021Q1 | us-gaap |
Revenues
Revenues
|
31380000 | USD |
CY2022Q1 | us-gaap |
Interest Expense
InterestExpense
|
193000 | USD |
CY2021Q1 | us-gaap |
Interest Expense
InterestExpense
|
279000 | USD |
CY2022Q1 | bdl |
Interest With Other Income
InterestWithOtherIncome
|
14000 | USD |
CY2021Q1 | bdl |
Interest With Other Income
InterestWithOtherIncome
|
12000 | USD |
CY2022Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
3488000 | USD |
CY2021Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
USD | |
CY2022Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
11000 | USD |
CY2021Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
25000 | USD |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
4085000 | USD |
CY2021Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
1028000 | USD |
CY2022Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
147000 | USD |
CY2021Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-4000 | USD |
CY2022Q1 | us-gaap |
Profit Loss
ProfitLoss
|
3938000 | USD |
CY2021Q1 | us-gaap |
Profit Loss
ProfitLoss
|
1032000 | USD |
CY2022Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
2374000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
252000 | USD |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1564000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
780000 | USD |
CY2022Q1 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
699000 | USD |
CY2021Q1 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
774000 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
2011000 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
1105000 | USD |
CY2022Q1 | us-gaap |
Assets
Assets
|
131688000 | USD |
CY2021Q4 | us-gaap |
Assets
Assets
|
128002000 | USD |