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<SEC-DOCUMENT>0000914317-01-000089.txt : 20010214
<SEC-HEADER>0000914317-01-000089.hdr.sgml : 20010214
ACCESSION NUMBER:		0000914317-01-000089
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20001231
FILED AS OF DATE:		20010213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLANIGANS ENTERPRISES INC
		CENTRAL INDEX KEY:			0000012040
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				590877638
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		
		SEC FILE NUMBER:	001-06836
		FILM NUMBER:		1537169

	BUSINESS ADDRESS:	
		STREET 1:		2841 CYPRESS CREEK RD
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33309
		BUSINESS PHONE:		3059749003

	MAIL ADDRESS:	
		STREET 1:		2841 CYPRESS CREEK ROAD
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIG DADDYS LOUNGES INC
		DATE OF NAME CHANGE:	19780309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CASTLEWOOD INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19760222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MOSAM CORP
		DATE OF NAME CHANGE:	19690415
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>FORM 10-QSB FOR FLANNIGANS
<TEXT>


                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                   FORM 10-QSB

(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

                     For the period ended December 30, 2000
                                          -----------------

                                      OR

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE OF 1934


           For the transition period from ____________ to____________


                      Commission File Number   I-6836
                                              --------


                          Flanigan's Enterprises, Inc.
       ------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Florida                                       59-0877638
- -------------------------------                     ---------------------
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                         Identification No.)


2841 Cypress Creek Road, Fort Lauderdale, Florida                33309
- ---------------------------------------------------         ---------------
  (Address of principal executive offices)                    (Zip Code)



Registrant's telephone number, including area code, (954) 974-9003
                                                   ---------------

                                       N/A
       ------------------------------------------------------------------
      (Former name, address and fiscal year, if changed from last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been the subject to such filing requirements
for the past 90 days. Yes [ X ]    No [   ]

Indicate  the number of shares  outstanding  of each of the  issuers  classes of
Common Stock as of the latest practicable date 1,896,478


                                   - Page 1 -


<PAGE>
                  FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
                  ---------------------------------------------

                              INDEX TO FORM 10-QSB

                                DECEMBER 30, 2000

PART I.  FINANCIAL INFORMATION
         ---------------------

      1. UNAUDITED CONDENSED FINANCIAL STATEMENTS

         Consolidated  Summary  of  Earnings  -- For the  Thirteen  Weeks  ended
         December 30, 2000 and January 1, 2000

         Consolidated Balance Sheets -- As of December 30, 2000 and
         September 30, 2000

         Consolidated  Statements  of Cash Flows for the  Thirteen  Weeks  ended
         December 30, 2000 and January 1, 2000.

         Notes to Consolidated Financial Statements

      2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS


PART II. OTHER INFORMATION AND SIGNATURES
         --------------------------------


         6. Exhibits and Reports on Form 8-K
            (a) Exhibits
            (b) Reports on Form 8-K

                                   - Page 2 -


<PAGE>

                          FLANIGAN'S ENTERPRISES, INC.
                          ----------------------------
                   UNAUDITED CONSOLIDATED SUMMARY OF EARNINGS
                   ------------------------------------------
                     (In Thousands Except Per Share Amounts)



                                      Thirteen Weeks
                                          Ended

                                   Dec. 30     Jan. 1
                                    2000        2000
                                   -------     ------
REVENUES:
 Restaurant food sales            $ 2,843     $ 2,674
 Restaurant bar sales                 708         708
 Package good sales                 2,573       2,651
 Franchise related revenues           283         209
 Owners fee                            63          37
 Joint venture income                 155          91
 Other operating income                30          28
                                    -----       -----
                                    6,655       6,398
                                    -----       -----

COSTS AND EXPENSES:
 Cost of merchandise sold
  restaurant and bar                1,297       1,087
 Cost of merchandise sold
  package goods                     1,929       1.979
 Payroll and related costs          1,751       1,585
 Occupancy costs                      231         285
 Selling, general and
  administrative expenses             804         893
                                    -----       -----
                                    6,012       5,829
                                    -----       -----
   Income from operations             643         569
                                    -----       -----

OTHER INCOME (EXPENSE):
 Interest expense on obligations
  under capital leases                (11)        (10)
 Interest expense on long term
  debt and damages payable            (34)        (20)
 Abandoned fixed assets               (23)          -
 Interest income                       10          16
 Recognition of deferred gains          1           1
 Other, net                            (2)          7
                                     -----       -----
                                      (59)         (6)
                                     -----       -----

 Income before taxes                  584         563


                                   - Page 3 -

<PAGE>





                  FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
                  ---------------------------------------------
                   UNAUDITED CONSOLIDATED SUMMARY OF EARNINGS
                   ------------------------------------------
                     (In Thousands Except Per Share Amounts)
                                   (Continued)



                                     Thirteen Weeks
                                          Ended

                                   Dec. 30      Jan. 1
                                    2000         2000
                                   -------      -----

PROVISION FOR INCOME TAXES        $  148       $  186
                                   -----        -----

   Net Income                     $  436       $  377
                                   =====        =====





                            For The Thirteen Weeks Ended
                   Dec. 30, 2000                    Jan. 1, 2000
               Numerator   Denominator  EPS   Numerator   Denominator   EPS
               --------------------------------------------------------------
Basic EPS       436,000     1,861,314   $.23   377,000    1,940,000    $ .19

Effective/dilutive

Stock Options                  14,392                       160,000
              ---------------------------------------------------------------
Diluted EPS     436,000     1,875.706   $.23   377,000    2,100,000    $ .18
- -----------------------------------------------------------------------------


The accompanying notes to consolidated financial statements are an integral part
of these statements.

                                   - Page 4 -

<PAGE>


                  FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
                  ---------------------------------------------
                           CONSOLIDATED BALANCE SHEETS

               JANUARY 1, 2000 (UNAUDITED) and SEPTEMBER 30, 2000
               --------------------------------------------------
                                 (In Thousands)


                               ASSETS

                                          DECEMBER 30  SEPTEMBER 30
                                            2000           2000
                                          -----------   ---------
Current Assets:
 Cash and cash equivalents               $   1,297     $    739
 Notes and mortgages receivable,
  current maturities, net                       95          119
 Due from franchisees                          182          186
 Other receivables                             126          264
 Inventories                                 1,601        1,382
 Prepaid expenses                              421          318
 Deferred tax asset                            411          411
                                           -------      -------

     Total Current Assets                    4,133        3,419
                                           -------      -------

Property and Equipment                       5,353        5,317
                                           -------     -------

Leased Property Under Capital

 Leases, net                                    52           60
                                           -------       ------

Other Assets:
 Liquor licenses, net                          270          271
 Notes and mortgages receivable, net           140          147
 Investments in joint ventures               1,470        1,530
 Deferred tax asset                            251          251
 Other                                         130          214
                                          --------        -----

     Total Other Assets                      2,261        2,413
                                          --------        -----

     Total Assets                         $ 11,799     $ 11,209
                                          ========       ======



                                   - Page 5 -


<PAGE>

                  FLANIGAN'S ENTERPRISES, INC, AND SUBSIDIARIES
                  ---------------------------------------------
                           CONSOLIDATED BALANCE SHEETS

              DECEMBER 30, 2000 (UNAUDITED) AND SEPTEMBER 30, 2000
              ----------------------------------------------------

                      LIABILITIES AND STOCKHOLDER'S EQUITY
                      ------------------------------------
                                 (In Thousands)


                                          DECEMBER 30   SEPTEMBER 30
                                            2000           2000
                                          -----------   ------------
Current Liabilities:
 Accounts payable and accrued expenses     $ 1,577        $ 1,514
 Current portion of long term debt             304            295
 Current obligations under capital leases       38             38
 Current portion of damages payable on
  terminated or rejected leases                356            289
                                            ------        -------
     Total Current Liabilities               2,275          2,136
                                            ------        -------

Long Term Debt, Net of Current

  Maturities                                 1,258          1,160
                                            ------         ------

Obligations Under Capital Leases,
 Net of Current Portion                        117            135
                                            ------         ------

Damages Payable On Terminated or Rejected

 Leases, Net of Current Portion                 44            111
                                            ------         ------

Stockholder's Equity:
 Common stock, 5,000,000 shares
  authorized, 4,197,642 shares issued          420            420
 Capital in excess of par value              6,028          6,052
 Retained earnings                           7,001          6,565
 Notes received on sale of common stock       (244)          (181)
 Less: Treasury stock, at cost

  2,301,164 shares                          (5,100)        (5,189)
                                            -------        ------
     Total Stockholder's Equity              8,105          7,667
                                            -------        ------

     Total Liabilities and

     Stockholder's Equity                $  11,799       $ 11,209
                                         ==========      =========


                See notes to consolidated financial statements.

                                   - Page 6 -
<PAGE>

                  FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
                  ---------------------------------------------
                 UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
                 ----------------------------------------------

       FOR THE THIRTEEN WEEKS ENDED DECEMBER 30, 2000 AND JANUARY 1, 2000
       ------------------------------------------------------------------
                                 (In Thousands)


                                        DECEMBER 30    JANUARY 1
                                           2000          2000
                                        -----------    ---------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                              $   436      $   377
  Adjustments to reconcile net income
   to net cash provided by operating
   activities:
     Depreciation and amortization of
     property, equipment and capital
     leases                                   183          163
  Amortization of liquor licenses               1            2
  Recognition of deferred gains and
     other deferred income                     (1)          (1)
  Joint venture income                       (155)         (91)
  Loss on abandoned store                      23

  Changes in assets and liabilities:
    (Increase) decrease in:
       Notes receivable                        24           (2)
       Due from franchisees                     4            -
       Other receivables                      138            -
       Inventories                           (219)        (131)
       Prepaid expenses                      (103)         (47)
       Deferred tax asset                      -            32
       Other assets                            84            -
    Increase (decrease) in:
       Accounts payable and accrued
         expenses                              63         176
       Due to franchises                       -            87
                                            -----        -----
        Net cash provided by operating
        activities                            478          565
                                            -----        -----


                                   (continued)


                                   - Page 7 -


<PAGE>



                  FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
                  ---------------------------------------------
                 UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
                 ----------------------------------------------

        FOR THE THIRTEEN WEEKS ENDED DECEMBER 30, 2000 AND JANUARY 1,2000
        -----------------------------------------------------------------
                                 (In Thousands)


                                         DECEMBER 30    JANUARY 1
                                             2000         2000
                                         -----------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Collections on notes and mortgages
   receivable                                 31             35
  Distribution from joint ventures           215             55
  Additions to property and equipment       (257)        (1,184)
  Purchase of treasury stock                  -             (83)
  Addition to notes receivable               (65)             -
  Receipt of rent security for long
   term lease                                175              -
                                           -----          -----

         Net cash provided by (used
         in) investing activities             99         (1,177)
                                           -----          -----


CASH FLOWS FROM FINANCING ACTIVITIES:
  Payments on long term debt                 (68)           (21)
  Payments of obligations under capital
   leases                                    (18)           (17)
  Payment on damages payable on
   terminated or rejected leases               -            (69)
  Exercise of stock option                    65              -
  Payment of notes receivable on sale
   of common stock                             2              7

                                           -----          -----
         Net cash provided by (used
         in financing activities             (19)          (100)
                                           -----          -----

NET INCREASE (DECREASE) IN CASH AND
EQUIVALENTS                                  558           (712)

CASH AND EQUIVALENTS, BEGINNING OF YEAR      739          1,752
                                           -----          -----

CASH AND EQUIVALENTS, END OF QUARTER     $ 1,297        $ 1,040
                                          ======          =====



                                   - Page 8 -


<PAGE>



              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

                                  JULY 1, 2000

(1)  PETITION IN BANKRUPTCY:
     -----------------------

     On  November  5,  1985,  Flanigan's  Enterprises,  Inc.  (Flanigan's),  not
including  any of its  subsidiaries,  filed a  voluntary  petition in the United
States  Bankruptcy  Court  for the  Southern  District  of  Florida  seeking  to
reorganize  under  Chapter 11 of the Federal  Bankruptcy  Code.  In fiscal 1986,
Flanigan's  recorded  damages of $4,278,000 for claims for losses as a result of
rejected  leases.  Because the damage  payments were to be made over nine years,
the  total  amount  due was  discounted  at a rate  of  9.25%,  Flanigan's  then
effective  borrowing  rate.  During  fiscal  years  1991  and  1992,  Flanigan's
renegotiated  the payment of this obligation to extend through fiscal 2002 which
effectively reduced the discount rate to 3.71%. Certain other bankruptcy related
liabilities  including  excise and property  taxes,  settlements and past rents,
were  fixed as to amount  and have been  paid in full  pursuant  to the terms of
Flanigan's Plan of  Reorganization,  as amended and modified  (Plan).  On May 5,
1987 the plan was  confirmed by the  Bankruptcy  Court and on December 28, 1987,
Flanigan's was officially discharged from bankruptcy.  All liabilities under the
Plan have been properly  accrued and  classified in the  accompanying  financial
statements.

(2)  BASIS OF PRESENTATION:
     ----------------------

     The  financial  information  for the period  ended  December  30,  2000 and
January 1, 2000 is unaudited. Financial information as of September 30, 2000 has
been derived from the audited financial  statements of the Company, but does not
include all disclosures required by generally accepted accounting principles. 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- KSB for
the year ended September 30, 2000. Operating results for interim periods are not
necessarily indicative of results to be expected for a full year.

(3) EARNINGS PER SHARE:

     Statements of Financial Accounting Standards ("SFAS") No. 128,
Earnings per share establishes standards for computing and
presenting earnings per share ("EPS").  This statement requires the
presentation of basic and diluted EPS.


                                   - Page 9 -


<PAGE>


     The data on Page 4 shows the amounts used in  computing  earnings per share
and the effects on income and the weighted average number of shares of potential
dilutive  common stock.  All  computations  reflect the 2 for 1 stock split paid
April 1, 1999 to shareholders of record on March 17, 1999.

(3)  RECLASSIFICATION:

     Certain  amounts  in  the  fiscal  2000  financial   statements  have  been
reclassified to conform to the fiscal 2001 presentation.

(4) FRANCHISE PROGRAM:
    ------------------

    During fiscal year 1995, the Company  completed a franchise  agreement for a
franchisee to operate a restaurant under the "Flanigan's  Seafood Bar and Grill"
servicemark  pursuant to a license from the Company. The franchise agreement was
drafted jointly with existing  franchisees with all  modifications  requested by
the  franchisees  incorporated  therein.  The franchise  agreement  provides the
Company with the ability to maintain a high level of food quality and service at
its  franchised  restaurants,  which are  essential  to a  successful  franchise
operation.  A franchise  is required  to execute a franchise  agreement  for the
balance  of the term of its lease for the  business  premises,  extended  by the
franchisee's continued occupancy of the business premises thereafter, whether by
lease or  ownership.  The  franchise  agreement  provides  for a royalty  to the
Company in an amount of approximately 3% of gross sales,  plus a contribution to
advertising in an amount of between  1-1/2% to 3% of gross sales.  In most cases
the Company does not sublease the  business  premises to the  franchisee  and in
those cases where it does, the Company no longer  receives rent in excess of the
amount paid by the Company.

     All existing  franchisees  who operate  restaurants  under the  "Flanigan's
Seafood Bar and Grill" or other authorized service marks have executed franchise
agreements.

(5) INVESTMENT IN JOINT VENTURES:
    -----------------------------

    Miami, Florida

    The Company  operates a restaurant in Miami,  Florida under the  "Flanigan's
Seafood Bar and Grill" servicemark pursuant to a limited partnership  agreement.
The  Company  acts as the  general  partner  and  owns a fifty  percent  limited
partnership interest.

    Fort Lauderdale, Florida

    The Company  has a  franchise  agreement  with a limited  partnership  which
operates a restaurant  in Fort  Lauderdale,  Florida.  The Company owns a twenty
five  percent  limited  partnership  interest in the  franchise.  Other  related
parties, including, but not limited to, officers and directors of the

                                   - Page 10 -
<PAGE>



Company and their families are also investors.

    Surfside, Florida

    The Company operates a restaurant in Surfside, Florida under the "Flanigan's
Seafood Bar and Grill" servicemark, pursuant to a limited partnership agreement.
The Company  acts as general  partner and also owns a forty two percent  limited
partnership  interest.  Other related  parties,  including,  but not limited to,
officers and directors of the Company and their families are also investors.

    Kendall, Florida

    During  fiscal  year  1999,  the  Company  made an  investment  in a limited
partnership   which   constructed  and  now  operates  a  restaurant  under  the
"Flanigan's Seafood Bar and Grill" servicemark in Kendall, Florida. Construction
began in 1999 and the restaurant  opened for business in April 2000. The Company
acts as general  partner and has a forty percent limited  partnership  interest.
Other related parties,  including,  but not limited to officers and directors of
the Company, and their families are also investors.

    West Miami, Florida

    During the third  quarter of fiscal year 2000,  the Company,  as agent for a
limited  partnership  to be formed,  entered  into a  contract  to  purchase  an
existing  restaurant  location in West Miami,  Florida to renovate and operate a
restaurant under the "Flanigan's Seafood Bar and Grill"  servicemark.  The funds
necessary for this joint  venture will be raised from a private  offering by the
limited partnership. The Company will act as general partner and own up to forty
percent of the limited partnership.  The contract is contingent upon the Company
applying for and receiving the necessary  zoning approvals and variances for the
contemplated  use. The  restaurant  is expected to open for business  during the
fourth quarter of fiscal year 2001.

(6) INCOME TAXES:
    -------------

    Financial  Accounting  Standards  Board  Statement No. 109,  Accounting  for
Income Taxes,  requires  among other things,  recognition of future tax benefits
measured at enacted  rates  attributable  to  deductible  temporary  differences
between  financial  statement and income tax bases of assets and liabilities and
to tax net  operating  loss  carryforwards  and tax  credits to the extent  that
realization of said tax benefits is more likely than not. The deferred tax asset
was $652,000 as of December 30, 2000 and as of September 30, 2000.

                                  - Page 11 -

<PAGE>


(7) COMMITMENTS AND CONTINGENCIES:
    ------------------------------

    Guarantees

    The Company  guarantees various leases for franchisees and locations sold in
prior  years.  Remaining  rental  commitments  required  under these  leases are
approximately  $1,500,000.  In  the  event  of a  default  under  any  of  these
agreements, the Company will have the right to repossess the premises.

    Litigation

    The  Company  is a party to various  litigation  matters  incidental  to its
business. Certain claims, suits and complaints arising in the ordinary course of
business have been filed or are pending against the Company.

    Certain states have "liquor  liability" laws which allow a person injured by
an  "intoxicated  person" to bring a civil suit  against the business (or social
host) who  served  intoxicating  liquors to an  already  "obviously  intoxicated
person",  known as "dram  shop"  claims.  Florida has  restricted  its dram shop
claims by  statute,  permitting  persons  injured by an  "obviously  intoxicated
person" to bring a court  action  only  against  the  business  which had served
alcoholic  beverages  to a minor  or to an  individual  known  to be  habitually
addicted  to alcohol.  The  Company is  generally  self-  insured for  liability
claims,  with major losses partially covered by third-party  insurance carriers.
The extent of this coverage  varies by year.  The Company  currently has no dram
shop  cases  pending.  For  further  discussion  see the  section  headed  Legal
Proceedings  on page 14 of the  Company's  Annual Report on Form 10- KSB for the
fiscal year ended September 30, 2000.

    The Company  accrues for  potential  uninsured  losses based upon  estimates
received from legal counsel and its historical experience, when uninsured claims
are  pending.  Such  accrual is  included in the  "Accounts  payable and accrued
expenses".  See Note 5 in the  Company's  Annual  Report on Form  10-KSB for the
fiscal year ended September 30, 2000.

    During  fiscal year 2000,  the Company  was served with  several  complaints
alleging  violations of the Americans with Disabilities Act, ("ADA"),  at all of
its  locations.   The  lawsuits  included   restaurants  owned  by  the  limited
partnerships  and  franchisees.  The  sudden  influx of  lawsuits  alleging  ADA
violations  was due to the fact it is  likely  that the ADA will be  amended  to
include a provision requiring plaintiffs to provide the potential defendant with
90 days notice of ADA  violations  prior to filing  suit,  during which time the
violations may be corrected.  As of now, the ADA has no notice provision and the
first time the Company  received  notice of any ADA  violations  was when it was
served with a copy of the complaint.

                                   - Page 12 -

<PAGE>


    The Company has retained an ADA expert,  who is in the process of inspecting
all locations,  including the limited  partnerships  and  franchisees,  and will
provide  a  report  setting  forth  the ADA  violations  which  will  need to be
corrected. It is the Company's intent to correct all ADA violations noted by its
ADA expert and then  vigorously  defend the lawsuits  arguing that all locations
are in  compliance.  The cost to correct the ADA  violations  is included in the
budget for capital improvements during fiscal year 2000- 2001.

(8) MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
    --------------------------------------------------------------
    RESULTS OF OPERATIONS:
    ----------------------

    The Company owns and/or  operates full service  restaurants,  package liquor
stores and an entertainment oriented club (collectively the "units"). As of July
1, 2000, the Company was operating 15 units.  The Company had interests in seven
additional units which have been franchised by the Company. The table below sets
out the changes, if any, in the type and number of units being operated.

                              Dec. 30   Sep. 30  Jan. 1  Note
                               2000      2000     2000   Numbers
                              -------  --------  ------  -------
Combination package

 and restaurant                 4        4         4
Restaurant only                 6        6         5     (1)(2)(3)(4)(5)
Package store only              4        4         4     (6)(7)(8)
Clubs                           1        1         1
                              ------   ------   -------

Total Company operated units   15       15        14

Franchised units                7        7         7     (3)


Notes:

(1) During the third  quarter of fiscal  year 1999,  the lease for a  restaurant
operated  by the  Company in Fort  Lauderdale,  Florida,  expired an the Company
elected not to renew the same.  The  furniture,  fixtures,  equipment and liquor
license used by the Company at this  restaurant  were sold to an unrelated third
party.

(2) During the third  quarter of fiscal  year 1998,  a limited  partnership  was
formed which raised funds through a private offering to purchase a restaurant in
Kendall,  Florida and  renovate  the same for  operation  under the  "Flanigan's
Seafood Bar & Grill" servicemark.  The Company acts as general partner and forty
percent owner of the partnership. The restaurant opened for business on April 9,
2000.

                                   - Page 13 -

<PAGE>


(3) During the first  quarter of fiscal  year 1999,  the Company  purchased  the
Management  Agreement  of a  franchise,  which  includes the right to manage the
franchised  restaurant,  effective  December 1, 1998.  The franchise  includes a
package liquor store, which is still operated exclusively by the franchisee. The
Company  retains its interest in the franchise and continues to receive the same
royalties  and rent as it  received  prior  to its  purchase  of the  Management
Agreement.

(4) During the third  quarter of fiscal year 2000,  the Company,  as agent for a
limited  partnership  to be formed,  entered  into a  contract  to  purchase  an
existing restaurant  location in West Miami,  Florida, to renovated an operate a
restaurant under the "Flanigan's Seafood Bar & Grill"  servicemark.  The Company
filed its  application  for a special  use and zoning  variance  with Miami Dade
County, Florida, during the second quarter of fiscal year 2001. Once the limited
partnership is formed,  the Company,  acting as general  partner and up to forty
percent  owner of the same,  will  raise  funds to  purchase  and  renovate  the
business  premises.  The restaurant is expected to open for business  during the
fourth quarter of fiscal year 2001 and is not included in the table of units.

(5) During fiscal year 2000, the Company received official notification from the
State  of  Florida,  Department  of  Transportation,  ("DOT"),  that the DOT was
exercising its right of eminent domain to "take" the hotel property upon which a
restaurant, operated by the Company as general partner of a limited partnership,
is located. It is anticipated that the DOT will take title to the hotel property
during the fourth quarter of fiscal year 2001, at which time the restaurant will
be forced to close.

(6) During the third quarter of fiscal year 1999,  the Company  opened a package
liquor store in Fort Lauderdale, Florida.

(7) During the fourth  quarter of fiscal year 2000,  the Company  entered into a
lease agreement for the operation of a package liquor store in Hialeah, Florida.
The  Company  plans to file its  application  for a zoning  variance  during the
second  quarter of fiscal year 2001 and expects the package  liquor  store to be
open for  business  during the third  quarter of fiscal year 2001.  This package
liquor store is not included in the table of units.

(8) The lease for one (1) package liquor store owned and operated by the Company
in Lake Worth,  Florida expired on December 31, 2000 and the Company elected not
to exercise  its five year renewal  option to extend the terms of the same.  The
store was closed  permanently  as of December 21, 2000.  The Company  realized a
loss of $23,000 as a result of the closing.  During the past five (5) years, the
store has operated at approximately  break even. The Company does not expect the
closing to have a material  effect on the Company.  The package  liquor store is
included in the table of units.

                                   - Page 13 -

<PAGE>


Liquidity and Capital Resources

    Cash Flows

    The following  table is a summary of the Company's  cash flows for the first
thirteen weeks of fiscal years 2001 and 2000.

                                        Thirteen Weeks Ended
                                         Dec. 30,      Jan. 1,
                                          2000          2000
                                         ---------------------
                                           (In Thousands)

Net cash provided by operating
 activities                              $ 478       $  565
Net cash used in investing
 activities                                 99       (1,177)
Net cash used in financing
 activities                                (19)        (100)
                                        -------       ------

Net Increase (Decrease) in Cash

and Cash Equivalents                       558         (712)

Cash and Cash Equivalents, Beginning       739        1,752
                                         -----        -----

Cash and Cash Equivalents, Ending      $ 1,297      $ 1,040
                                         =====        =====

    On February 14, 2001,  the Company  declared a cash dividend of 12 cents per
share payable on March 17, 2001 to shareholders of record on March 1, 2001.

Capital Expenditures

    The Company had  additions to fixed  assets of $234,000  during the thirteen
weeks ended  December 30, 2000 as compared to $1,184,000  for the thirteen weeks
ended  January 1, 2000 and  $1,860,000  for the fiscal year ended  September 30,
2000. The additions for the first thirteen weeks of fiscal year 2000 include the
acquisition  of a two story  office  building  in Fort  Lauderdale,  Florida for
$850,000  paid in cash.  The  Company is  planning  to re- locate its  corporate
headquarters  to this building as well as building a package liquor store on the
ground floor.

    All of the Company's units require periodic  refurbishing in order to remain
competitive.  During  fiscal  year  1992,  as cash flow  improved,  the  Company
embarked on a refurbishing program which continues through the fiscal year 2001.
The  budget for  fiscal  year 2001,  as  adjusted,  includes  $500,000  for this
program.  The Company believes that improved operations will provide the cash to
continue the refurbishing program. The budget includes the estimated costs which
will be incurred with the ADA lawsuits.

                                   - Page 14 -

<PAGE>


    Working Capital

    The table below  summarizes the current  assets,  current  liabilities,  and
working capital for the fiscal quarters ended December 30, 2000, January 1, 2000
and the fiscal year ended September 30, 2000.

                                    Dec 30,   Jan  1,    Sep 30,
    Item                             2000      2000       2000
    ----                            -------   -------    -------
                                          (In Thousands)

    Current Assets                 $ 4,133   $ 3,511    $ 3,419
    Current Liabilities              2,275     2,962      2,136
    Working Capital                  1,858       549      1,283

    In January of fiscal year 2000,  the Company  borrowed the sum of $1,000,000
from Bank of America,  d/b/a Nations Bank. The promissory note earns interest at
prime rate, payable monthly on the outstanding principal balance, with quarterly
payments of principal commencing July 1, 2000 at the rate of $50,000 per quarter
for 8 quarters,  and then at the rate of $75,000 per quarter for 8 quarters,  at
which time any outstanding  principal  balance and all accrued interest shall be
due in full. The promissory note is secured by a security interest in all assets
of the Company,  including  the office  building  purchased by the Company.  The
promissory  note may be  prepaid  at any  time,  in  whole or in part,  with any
prepayments applying against the quarterly payment or payments of principal next
due.

    The  $182,000  due from  franchisees  represents  monies  used  for  capital
expenditures of the franchised  units.  The Company expects these monies will be
repaid to the Company within the next six months.

    Bankruptcy Proceedings

    As noted in Note 1 of the unaudited  consolidated  financial statements,  on
November  4,  1985,  Flanigan's  Enterprises,  Inc.,  not  including  any of its
subsidiaries,  filed a voluntary  petition in the United States Bankruptcy Court
for the Southern  District of Florida seeking to reorganize  under Chapter 11 of
the Federal Bankruptcy Code. The primary purposes of the petition were to reject
leases  which were  significantly  above  market  rates and to reject  leases on
closed units which had been  repossessed  by or returned to the Company.  During
the  bankruptcy  proceedings,  the Company  terminated or rejected 34 leases and
renegotiated  many of the  remaining  leases.  As a result of the  rejection  of
leases,  the Company agreed to bankruptcy damages of $4,278,000 to the landlords
of such rejected  leases,  payable  pursuant to the Company's Plan. The plan was
approved by the  Bankruptcy  Court on May 5, 1987 and the Company was officially
discharged from bankruptcy on December 28, 1987.

                                   - Page 15 -

<PAGE>

    See  Item 1 and  Item 3 of Part I of the  Company's  Annual  Report  on Form
10-KSB for the year ended  September  30,  2000 for  further  discussion  of the
Company's  bankruptcy  proceedings.  See  Note 6 to the  Consolidated  Financial
Statements of the Annual Report on Form 10-KSB for the year ended  September 30,
2000 for the current payment schedule of bankruptcy charges.

    Other Legal Matters

    During  fiscal year 1996,  the  Company  was forced to continue  its lawsuit
against  the  assignee  of a store  sold in 1990  when the  assignee  failed  to
amicably  return the package  liquor store in order to regain  possession of the
business premises,  including furniture,  fixtures, equipment and liquor license
and for damages for unpaid real estate  taxes,  rent and damages to the business
premises. During the first quarter of fiscal year 1997, the parties entered into
a  Stipulation  whereby the Court entered an Agreed  Summary Final  Judgment for
Eviction,  Damages,  and  Foreclosure  of Security  Agreement,  ("Summary  Final
Judgment") through which the furniture,  fixtures,  equipment and liquor license
at this location were sold at foreclosure  sale to the Company and through which
the  Company  also  received an award of  damages.  During the first  quarter of
fiscal year 1999,  the Company  settled the damages  awarded in its favor in the
Summary  Final  Judgment  upon its receipt of a cash  payment of $15,000 and the
assignment of a liquor license with a fair market value of $35,000.

    In addition  to the above,  see  "Litigation"  on page 13 of this report and
Item 1 and Item 3 to Part 1 of the Annual  Report on Form  10-KSB for the fiscal
year ended  September  30,  2000 for a  discussion  of other  legal  proceedings
resolved in prior years.

Results of Operation

                                      Thirteen Weeks Ended
                                   Dec. 30,            Jan. 1,
                                    2000                2000
                               Amount  Percent     Amount  Percent
                               ---------------     ---------------
                                         (In Thousands)

Restaurant food sales         $ 2,843   46.4       $ 2,674   44.3
Restaurant bar sales              708   11.6           708   11.7
Package goods sales             2,573   42.0         2,651   44.0
                                ------------         ------------

Total sales                     6,124  100.0         6,033  100.0

Franchise related revenues        283                  209
Owners fee                         63                   37
Joint venture income              155                   91
Other operating income             30                   28
                                -----                -----

Total Revenue                 $ 6,655              $ 6,398
                                =====                =====


                                   - Page 15 -

<PAGE>


   Restaurant food sales  represented 46.4% of total sales in the thirteen weeks
of fiscal year 2001,  as compared to 44.3% of total sales in the thirteen  weeks
of fiscal year 2000,  respectively.  The increase  reflects the higher volume of
food sales. The weekly average of same store restaurant food sales were $218,708
and  $209,554  for the  thirteen  weeks  ended Dec.  30,  2000 and Jan.  1, 2000
respectively, an increase of 4.4%.

   Restaurant bar sales  represented  11.6% of total sales in the thirteen weeks
of fiscal year 2001,  as compared to 11.7% of total sales in the thirteen  weeks
of fiscal year 2000. The weekly average of same store  restaurant bar sales were
$54,492 and $53,801 for the thirteen  weeks ended Dec. 30, 2000 and Jan. 1, 2000
respectively, an increase of 1.3%.

   Package good sales  represented 42.0% of total sales in the thirteen weeks of
fiscal year 2001,  as compared to 44.0% of total sales in the thirteen  weeks of
fiscal year 2000,  respectively.  The decrease is  attributable to the New Years
holiday  falling in the second  quarter of fiscal  year 2001 as  compared to the
first quarter of fiscal year 2000. Additionally,  sales were higher in the first
quarter  of  fiscal  year 2000 due the  "millennium"  celebrations.  The  weekly
average of same store  package  good sales were  $197,908  and  $203,930 for the
thirteen weeks ended Dec 30, 2000 and Jan. 1, 2000  respectively,  a decrease of
3.0%.

    The gross  profit  margin for  restaurant  sales was 63.5% and 63.9% for the
thirteen weeks ended Dec 30, 2000 and Jan. 1, 2000,  respectively.  The decrease
is attributable to a higher percent of food sales as compared to total sales.

   The gross  profit  margin for package good stores was 25.0% and 27.3% for the
thirteen weeks ended Dec. 30, 2000 and Jan. 1, 2000, respectively.  The decrease
is represented by a higher percentage of wine and champagne sold in the thirteen
weeks ended Jan. 1, 2000 as compared with the thirteen  weeks ended December 30,
2000, which has a higher gross margin.

   Franchise  related revenues were $283,000 and $209,000 for the thirteen weeks
ended Dec.  30, 2000 and Jan. 1, 2000  respectively,  an increase of 35.4%.  The
increase is  attributable  to an additional  joint venture being operated by the
Company  during the  thirteen  weeks  ended Dec.  30,  2000 as  compared  to the
thirteen weeks ended Jan. 1, 2000 as well as increased  sales for both the joint
ventures and the franchised stores.

   The owners fee was $63,000 and $37,000 for the thirteen  weeks ended Dec. 30,
2000 and Jan. 1, 2000 respectively, an increase of 70.2%. The increase is due to
the increased volume of sales at the club.

                                   - Page 17 -


<PAGE>


   Joint  venture  income was $155,000 and $91,000 for the thirteen  weeks ended
Dec. 30, 2000 and Jan. 1, 2000 respectively,  an increase of 70.3%. The increase
is due to the Company  operating  one  additional  joint venture in the thirteen
weeks ended  December 30, 2000 as compared to the  thirteen  weeks ended Jan. 1,
2000. and in general, increased sales and profitably of all joint ventures.

Operating Costs and Expenses

   Operating  costs and expenses were $6,012,000 and $5,829,000 for the thirteen
weeks ended Dec. 30, 2000 and Jan. 1, 2000 respectively, an increase of 3.1% The
increase was due to higher payroll costs and higher cost of goods sold.

   Payroll and related costs, which includes workers compensation insurance were
$1,751,000 and $1,585,000 for the thirteen weeks ended Dec, 30, 2000 and Jan. 1,
2000 respectively, an increase of 10.5%. Payroll and related costs which include
workmens  compensation  and the Company's  contribution  to the employee  health
insurance.  The  increase  is  the  result  of  selective  salary  increases  to
restaurant  managers and cooks, and the addition of two field  supervisors which
the Company felt necessary in order to be competitive in the market.

   Occupancy  costs which include  rent,  common area  maintenance,  repairs and
taxes were $231,000 and $285,000 for the thirteen  weeks ended Dec. 30, 2000 and
Jan. 1, 2000 respectively, a decrease of 23.4%.

   Selling, general and administrative expenses were $804,000 and
$893,000 for the thirteen weeks ended Dec. 30, 2000 and Jan. 1,
2000 respectively, a decrease of 11.1%.  Management, has focused on
controlling expenses.

Trends

   During the next twelve  months  management  expects  continued  increases  in
restaurant  and package  sales with  increases  in income  from joint  ventures.
Management also anticipates moderate increases in expenses.

PART II, OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

a. Exhibits - None

b. Reports on Form 8-K - None

                                   - Page 18 -

<PAGE>



                                   SIGNATURES

   Pursuant to the  requirements of the Securities and Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned  thereto duly  authorized.  The information  furnished  reflects all
adjustments to the statement of the results for the interim period.

                                    FLANIGAN'S ENTERPRISES, INC.


                                    /s/ JOSEPH G. FLANIGAN
                                    -------------------------------------------
                                    JOSEPH G. FLANIGAN, Chief Executive Officer

Date 2/14/01
    --------

                                    /s/ EDWARD A. DOXEY
                                    ---------------------------------------
                                    EDWARD A. DOXEY, Chief Financial Officer

Date 2/14/01
    --------




                                   - Page 19 -

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