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<SEC-DOCUMENT>0000914317-01-500307.txt : 20010815
<SEC-HEADER>0000914317-01-500307.hdr.sgml : 20010815
ACCESSION NUMBER:		0000914317-01-500307
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010630
FILED AS OF DATE:		20010814

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:		1934 Act
		SEC FILE NUMBER:	001-06836
		FILM NUMBER:		1710924

	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>form10q40048-813.txt
<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        June 30, 2001
                                      --------------


                                       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.)


5059 N.E. 18th Avenue, Fort Lauderdale, Florida               33334
- --------------------------------------------------------------------------------
  (Address of principal executive offices)                 (Zip Code)


Registrant's telephone number, including area code,     (954) 377-1961
                                                        ---------------

2841 Cypress Creek Road, Fort Lauderdale, FL 33309 (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 1,922,478





                                   - Page 1 -


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

                              INDEX TO FORM 10-QSB
                              --------------------

                                  JUNE 30, 2001
                                  -------------


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

      1. UNAUDITED CONDENSED FINANCIAL STATEMENTS

         Consolidated Summary of Earnings -- For the Thirteen Weeks
         and Thirty Nine Weeks ended June 30, 2001 and July 1, 2000

         Consolidated Balance Sheets -- As of June 30, 2001 and
         September 30, 2000

         Consolidated Statements of Cash Flows for the Thirty Nine Weeks ended
         June 30, 2001 and July 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>
<TABLE>
<CAPTION>

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



                                         Thirteen Weeks            Thirty Nine Weeks
                                              Ended
                                     Jun. 30       Jul. 1        Jun. 30        Jul. 1
                                       2001          2000          2001          2000
                                     --------      --------      --------      --------
<S>                                  <C>           <C>           <C>           <C>
REVENUES:
 Restaurant food sales               $  3,120      $  2,916      $  9,242      $  8,630
 Restaurant bar sales                     723           700         2,211         2,162
 Package good sales                     2,069         2,028         6,993         6,952
 Franchise related revenues               243           257           847           689
 Owners fee                                50            75           208           180
 Joint venture income                     141           159           461           450
 Other operating income                   110            21           258            74
                                     --------      --------      --------      --------
                                        6,456         6,156        20,220        19,137
                                     --------      --------      --------      --------
COSTS AND EXPENSES:
 Cost of merchandise sold
  restaurant and bar                    1,467         1,349         4,279         3,869
 Cost of merchandise sold
  package goods                         1,503         1,498         5,103         5,154
 Payroll and related costs              1,924         1,751         5,365         5,093
 Occupancy costs                          294           258           783           784
 Selling, general and
  administrative expenses                 949           946         2,941         2,644
                                     --------      --------      --------      --------
                                        6,137         5,802        18,471        17,544
                                     --------      --------      --------      --------
   Income from operations                 319           354         1,749         1,593
                                     --------      --------      --------      --------

OTHER INCOME (EXPENSE):
 Interest expense on obligations
  under capital leases                    (11)          (11)          (34)          (34)
 Interest expense on long term
  debt and damages payable                (30)          (42)         (103)          (93)
 Abandoned fixed assets                  --              (1)          (60)           (1)
 Interest income                            9            14            33            44
 Recognition of deferred gains              1             3
Other, net                               --              23            (2)           55
                                     --------      --------      --------      --------
                                          (31)          (17)         (163)          (29)
                                     --------      --------      --------      --------

 Income before taxes                      288           337         1,586         1,564

</TABLE>

                                   - Page 3 -

<PAGE>
<TABLE>
<CAPTION>

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

                                   (Continued)



                                         Thirteen Weeks       Thirty Nine Weeks
                                            Ended
                                     Jun. 30     Jul. 1      Jun. 30      Jul. 1
                                       2001        2000        2001        2000
                                      ------      ------      ------      ------
<S>                                   <C>         <C>         <C>         <C>
PROVISION FOR INCOME TAXES            $   66      $   64      $  344      $  341
                                      ------      ------      ------      ------

   Net Income                         $  222      $  273      $1,242      $1,223
                                      ======      ======      ======      ======


<CAPTION>
                                               For The Thirteen Weeks Ended
                                   Jun. 30, 2001                          Jul. 1, 2000
                        Numerator   Denominator      EPS      Numerator    Denominator       EPS
                        ---------   -----------      ---      ---------    -----------       ---
<S>                      <C>         <C>            <C>        <C>         <C>           <C>
Basic EPS                222,000     1,922,478      $.12       273,000     1,856,478     $      .15

Effective/dilutive
Stock Options                           16,989                               71,768
                         -------     ---------      ----       -------     ---------     ----------
 Diluted EPS             222,000     1,939,467      $.11       273,000     1,928,246     $      .14
                         -------     ---------      ----       -------     ---------     ----------


<CAPTION>
                                              For The Thirty Nine Weeks Ended
                                   Jun. 30, 2001                          Jul. 1, 2000
                        Numerator   Denominator      EPS      Numerator    Denominator       EPS
                        ---------   -----------      ---      ---------    -----------       ---
<S>                      <C>         <C>            <C>        <C>         <C>           <C>
Basic EPS                1,242,000   1,896,097      $.66       1,223,000   1,856,478     $   .66

Effective/dilutive
Stock Options                8,238      80,870
                         ---------   ---------      ----       ---------   ---------     -------
Diluted EPS              1,242,000   1,904,335      $.65       1,223,000   1,937,348     $   .63
                         ---------   ---------      ----       ---------   ---------     -------

</TABLE>

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



                                   - Page 4 -


<PAGE>
<TABLE>
<CAPTION>

                  FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
                  ---------------------------------------------

                           CONSOLIDATED BALANCE SHEETS
                           ---------------------------

                JUNE 30, 2001 (UNAUDITED) and SEPTEMBER 30, 2000
                ------------------------------------------------
                                 (In Thousands)


                                     ASSETS


                                                         JUNE 30      SEPTEMBER 30
                                                          2001            2000
                                                         -------         -------
<S>                                                      <C>             <C>
 Cash and cash equivalents                               $   860         $   739
 Notes and mortgages receivable,
  current maturities, net                                    121             119
 Due from franchisees                                        388             186
 Other receivables                                           259             264
 Inventories                                               1,499           1,382
 Prepaid expenses                                            379             318
 Deferred tax asset                                          473             411
                                                         -------         -------

     Total Current Assets                                  3,979           3,419
                                                         -------         -------

Property and Equipment                                     5,674           5,317
                                                         -------         -------

Leased Property Under Capital
 Leases, net                                                  36              60
                                                         -------         -------

Other Assets:
 Liquor licenses, net                                        267             271
 Notes and mortgages receivable, net                         324             147
 Investments in joint ventures                             1,326           1,530
 Deferred tax asset                                          251             251
 Other                                                       137             214
                                                         -------         -------

     Total Other Assets                                    2,305           2,413
                                                         -------         -------

     Total Assets                                        $11,994         $11,209
                                                         =======         =======



</TABLE>

                                   - Page 5 -


<PAGE>
<TABLE>
<CAPTION>


                  FLANIGAN'S ENTERPRISES, INC, AND SUBSIDIARIES
                  ---------------------------------------------

                           CONSOLIDATED BALANCE SHEETS

                JUNE 30, 2001 (UNAUDITED) AND SEPTEMBER 30, 2000
                ------------------------------------------------

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



                                                       JUNE 30     SEPTEMBER 30
                                                         2001          2000
                                                       --------      --------
<S>                                                    <C>           <C>
Current Liabilities:
 Accounts payable and accrued expenses                 $  1,474        $  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                             184             289
                                                       --------        --------
     Total Current Liabilities                            2,000           2,136
                                                       --------        --------

Long Term Debt, Net of Current
  Maturities                                              1,110           1,160
                                                       --------        --------

Obligations Under Capital Leases,
 Net of Current Portion                                      83             135
                                                       --------        --------

Damages Payable On Terminated or Rejected
 Leases, Net of Current Portion                            --               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                                        7,576           6,565
 Notes received on sale of common stock                    (171)           (181)
 Less: Treasury stock, at cost
  2,341,164 shares at September 30,2000
  2,275,164 shares at June 30, 2001                      (5,052)         (5,189)
                                                       --------        --------
     Total Stockholder's Equity                           8,801           7,667
                                                       --------        --------

     Total Liabilities and
     Stockholder's Equity                              $ 11.994        $ 11,209
                                                       ========        ========
</TABLE>

                 See notes to consolidated financial statements.


                                   - Page 6 -
<PAGE>
<TABLE>
<CAPTION>

                  FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
                  ---------------------------------------------

                 UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
                 ----------------------------------------------

         FOR THE THIRTY NINE WEEKS ENDED JUNE 30, 2001 AND JULY 1, 2000
         --------------------------------------------------------------
                                 (In Thousands)


                                                        JUNE 30        JULY 1
                                                          2001          2000
                                                         -------      -------
<S>                                                      <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                             $ 1,242        $ 1,223
  Adjustments to reconcile net income
   to net cash provided by operating
   activities:
     Depreciation and amortization of
     property, equipment and capital
     leases                                                  513            520
  Amortization of liquor licenses                              4              4
  Recognition of deferred gains and
     other deferred income                                    (3)            (3)
  Joint venture income                                      (461)          (450)
  Loss on abandoned property & equipment                      60              1
  Deferred income taxes benefit                              (62)           (24)


  Changes in assets and liabilities:
    (Increase) decrease in:
       Notes receivable                                       (2)           (32)
       Inventories                                          (117)          (117)
       Prepaid expenses                                      (61)            22
       Due from franchises                                  (202)          (885)
       Other receivables                                       5
       Other assets                                           77           (139)
    Increase (decrease) in:
       Accounts payable and accrued
         expenses                                            (40)           (49)
       Due to franchises                                    --               (7)

                                                         -------        -------
        Net cash provided by operating
        activities                                           953             64
                                                         -------        -------

</TABLE>
                                   (continued)


                                   - Page 7 -
<PAGE>
<TABLE>
<CAPTION>
                  FLANIGAN'S ENTERPRISES, INC. AND SUBSIDIARIES
                  ---------------------------------------------

                 UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
                 ----------------------------------------------

         FOR THE THIRTY NINE WEEKS ENDED JUNE 30, 2001 AND JULY 1, 2000
         --------------------------------------------------------------


                                                      (In Thousands)
                                                         June 30         July 1
                                                           2001           2000
                                                         -------        -------
<S>                                                      <C>            <C>
CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to notes and mortgages
   receivable                                               (253)           (93)
  Distributions from joint ventures                          665            450
  Additions to property and equipment                       (954)        (2,053)
  Collections on notes and mortgages
   receivable                                                 76             48
  Receipt of rent security for long
   term lease                                                200           --
  Additional investment in joint ventures                   --              (87)
  Sale of liquor license                                    --               30
                                                         -------        -------

         Net cash provided by (used
         in) investing activities                           (266)        (1,705)
                                                         -------        -------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase in long term debt                                --            1,000
  Payments on long term debt                                (241)          (114)
  Payments of obligations under capital
   leases                                                    (52)           (52)
  Payment on damages payable on
   terminated or rejected leases                            (216)          (125)
  Exercise of stock option                                   146           --
  Purchase of treasury stock                                  18           (467)
  Payment of cash dividend                                  (231)          (215)
  Payment of notes receivable on sale
   of common stock                                            10           --

                                                         -------        -------
         Net cash provided by (used
         in financing activities                            (566)            27
                                                         -------        -------

NET INCREASE (DECREASE) IN CASH AND
EQUIVALENTS                                                  121         (1,614)

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

CASH AND EQUIVALENTS, END OF QUARTER                     $   860        $   138
                                                         =======        =======

</TABLE>
                                   - Page 8 -

<PAGE>

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
              ----------------------------------------------------

                                  JUNE 30, 2001
                                  -------------


(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 in 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 into 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 periods ended June 30, 2001 and July 1,
2000 are 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.

(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 franchisee 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 does not receive 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. The State of Florida, Department of Transportation, is
exercising its right of eminent domain to "take" the hotel property upon which
this restaurant is located and it anticipates the restaurant will be forced to
close during the second quarter of fiscal year 2002.





                                   - Page 10 -

<PAGE>
    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 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 invested 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 also owns 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
under the "Flanigan's Seafood Bar and Grill" servicemark. The funds necessary
for this joint venture were raised through a private offering. The Company acts
as general partner and also owns a twenty five percent limited partnership
interest. Of its twenty five percent limited partnership interest, the Company
received 6.36% of its limited partnership interest as a bonus and as
compensation for advancing funds prior to receiving zoning approval for its
intended use and advancing funds for its limited guaranty of the lease for the
business premises. Other related parties including, but not limited to officers
and directors of the Company and their families are also investors. The sale was
closed during the third quarter of fiscal year 2001. It is anticipated that the
restaurant will open for business during the first quarter of fiscal year 2002.



                                   - Page 11 -

<PAGE>
    Weston, Florida

    During the third quarter of fiscal year 2001, the Company, as general
partner of a limited partnership, entered into a letter of intent to sublease an
existing restaurant location in Weston, Florida to renovate and operate the same
under the "Flanigan's Seafood Bar and Grill" servicemark. The Company acts as
general partner and will also own up to forty percent (40%) limited partnership
interest. Other related parties, including but not limited to officers and
directors of the Company and their families, may also be investors. The funds
necessary for this joint venture will be raised through a private offering. The
Sublease Agreement was executed subsequent to the end of the third quarter of
fiscal year 2001, with the Company assuming management of the existing
restaurant under its existing servicemark. It is anticipated that the restaurant
will be renovated and open for business under the "Flanigan's Seafood Bar and
Grill" servicemark during the second quarter of fiscal year 2002.



(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 basis 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 $724,000 as of June 30, 2001 and $662,0000 as of September 30, 2000.



(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.

    During the third quarter of fiscal 2001 and in order for the Company, as
general partner of a limited partnership to close on the purchase of a
restaurant location in West Miami, Florida, the Company had to guaranty one (1)
year's minimum rent on the lease for the business premises, currently in the
amount of $80,000.



                                   - Page 12 -
<PAGE>

    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.

    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 for fiscal year 2001.


                                   - Page 13 -
<PAGE>
(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").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.


                                  Jun. 30  Sep. 30   Jul. 1   Note
                                    2001     2000     2000    Numbers
                                    ----     ----     ----    -------
Combination package
 and restaurant                       4        4         4
Restaurant only                       6        6         6  (1)(2)(3)
Package store only                    3        4         4  (4)(5)(6)
Clubs                                 1        1         1
                                 ------    -----    ------

Total Company operated units         14       15        15

Franchised units                      7        7         7



Notes:
- ------
(1) 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 & Grill" servicemark. The sale was
closed and construction commenced during the third quarter of fiscal year 2001.
The restaurant is expected to open for business during the first quarter of
fiscal year 2002 and is not included in the table of units.


(2) 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 second quarter of fiscal year 2002, at which time the restaurant will
be forced to close.

                                   - Page 14 -
<PAGE>


(3) During the third quarter of fiscal year 2001, the Company, as general
partner of a limited partnership, entered into a letter of intent to sublease an
existing restaurant location in Weston, Florida to renovate and operate the same
under the "Flanigan's Seafood Bar and Grill" servicemark. The Company acts as
general partner and will also own up to a forty percent (40%) limited
partnership interest. Other related parties, including but not limited to
officers and directors of the Company and their families, may also be investors.
The funds necessary for this joint venture will be raised through a private
offering. The Sublease Agreement was executed subsequent to the end of the third
quarter of fiscal year 2001, with the Company assuming management of the
existing restaurant under the existing servicemark. It is anticipated that the
restaurant will be renovated and open for business under the "Flanigan's Seafood
Bar and Grill " servicemark during the second quarter of fiscal year 2002.


(4) 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 received approved zoning during the second quarter of fiscal year
2001 and expects the package liquor store to be open for business during the
first quarter of fiscal year 2002. This package liquor store is not included in
the table of units.


(5) 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 term of the same. The
store was closed permanently as of December 27, 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
not included in the table of units as of June 30, 2001.


(6) During the second quarter of fiscal year 2001, the Company completed
renovations to its new corporate offices and relocated to the same. The new
corporate offices consist of a two (2) story building, with space set aside on
the ground floor for a package liquor store. The Company will be proceeding with
the application for its building permits and expects the package liquor store to
be open for business during the third quarter of fiscal year 2002. This package
liquor store is not included in the table of units.



                                   - Page 15 -

<PAGE>

Liquidity and Capital Resources
- -------------------------------

    Cash Flows
    ----------

    The following table is a summary of the Company's cash flows for the first
thirty nine weeks of fiscal years 2001 and 2000.
<TABLE>
<CAPTION>
                                                         Thirty Nine Weeks Ended
                                                        June 30,         July 1,
                                                          2001             2000
                                                        -------         -------
                                                              (In Thousands)
<S>                                                     <C>             <C>
Net cash provided by operating
 activities                                             $   953         $    64
Net cash used in investing
 activities                                                (266)         (1,705)
Net cash provided (used) in financing
 activities                                                (566)             27
                                                        -------         -------

Net Increase (Decrease) in Cash
and Cash Equivalents                                        121          (1,614)

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

Cash and Cash Equivalents, Ending                       $   860         $   138
                                                        =======         =======
</TABLE>

    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 $954,000 during the thirty nine
weeks ended June 30, 2001 as compared to $2,053,000 for the thirty nine weeks
ended July 1, 2000 and $1,860,000 for the fiscal year ended September 30, 2000.
The additions for the thirty nine weeks of ended July 1, 2000 and the fiscal
year ended September 30, 2000 included the acquisition of a two story office
building in Fort Lauderdale, Florida for $850,000 paid in cash. The Company has
re-located its corporate headquarters to this building and plans to open a
package liquor store in a portion of 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 $700,000 for this program
and $500,000 to renovate the office building. 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. The Company has in place a refurbishing plan through the end of fiscal
year 2001.


                                   - Page 16 -

<PAGE>

    Working Capital
    ---------------

    The table below summarizes the current assets, current liabilities, and
working capital for the fiscal quarters ended June 30, 2001, July 1, 2000 and
the fiscal year ended September 30, 2000.


                                    Jun. 30,  Jul. 1,    Sep. 30,
    Item                             2001      2000       2000
    ----                            -------   -------    -------
                                          (In Thousands)

    Current Assets                 $ 3,979   $ 3,497    $ 3,419
    Current Liabilities              2,022     2,826      2,136
    Working Capital                  1,957       671      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.


    Subsequent to the third quarter of fiscal year 2001, the Company borrowed
the sum of $895,000 from the Bank of America, d/b/a Nations Bank. The promissory
note earns interest at the rate of 8.62% per annum, amortized over 20 years with
principal and interest payable monthly, with the entire unpaid principal balance
and all accrued interest due on August 1, 2008. The promissory note is secured
by a mortgage on the office building purchased by the Company for its corporate
offices, which office building was released from the lien granted by the Company
to Bank of America, d/b/a Nations Bank, as collateral for the loan in January of
fiscal year 2000. In order to receive the fixed interest rate, the Company
entered into an ISDA Master Agreement with Bank of America, ("SWAP Agreement"),
and in the event the Company elects to prepay the promissory note, there may be
a prepayment penalty associated therewith.

    The $388,000 due from franchisees represents funds advanced for capital
expenditures to the franchised units. The Company expects these funds will be
repaid to the Company within the next six months.

                                   - Page 17 -

<PAGE>
    Legal Matters
    -------------

    See "Litigation" on page 12 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
- --------------------
<TABLE>
<CAPTION>

                                                  Thirteen Weeks Ended
                                            June 30,                 July 1,
                                              2001                    2000
                                       Amount     Percent     Amount       Percent
                                       ------     -------     ------       -------
                                                    (In Thousands)
<S>                                   <C>          <C>        <C>           <C>
Restaurant food sales                 $3,120       52.77      $2,916        51.67
Restaurant bar sales                     723       12.23         700        12.40
Package goods sales                    2,069       35.00       2,028        35.93
                                      ------      ------      ------       ------

Total sales                            5,912       100.0       5,644       100.0

Franchise related revenues               243                     257
Owners fee                                50                      75
Joint venture income                     141                     159
Other operating income                   110                      21
                                      ------                  ------

Total Revenue                         $6,456                  $6,156
                                      ======                  ======


<CAPTION>

                                            Thirty Nine Weeks Ended
                                     June 30,                  July 1,
                                       2001                     2000
                                Amount       Percent      Amount     Percent
                                ------       -------      ------     -------
                                              (In Thousands)
<S>                             <C>           <C>       <C>             <C>
Restaurant food sales           $ 9,242       50.10     $ 8,630         48.63
Restaurant bar sales              2,211       11.99       2,162         12.19
Package good sales                6,993       37.91       6,952         39.18
                                -------     -------     -------        ------

Total sales                      18,446      100.00      17,744        100.00

Franchise related revenues          847                     689
Owners fee                          208                     180


Joint venture income                461                     450
Other operating income              258                      74
                                -------                 -------

Total Revenue                   $20,220                 $19,137
                                =======                 =======
</TABLE>

                                   - Page 18 -

<PAGE>

   Restaurant food sales represented 52.77% and 50.10% of total sales in the
thirteen weeks and thirty nine weeks of fiscal year 2001, respectively as
compared to 51.67% and 48.63% of total sales in the thirteen weeks and thirty
nine weeks of fiscal year 2000, respectively. The weekly average of same store
restaurant food sales were $239,999 and $207,085 for the thirty nine weeks ended
June 30, 2001 and July 1, 2000 respectively, an increase of 15.9%. The weekly
average of same store restaurant food sales were $236,975 and $209,554 for the
thirteen weeks ended June 30, 2001 and July 1, 2000 respectively, an increase of
13.1%. The increase is attributed to an increase in same store customer count as
well as selective menu price increases.


   Restaurant bar sales represented 12.23% and 11.99% of total sales in the
thirteen weeks and thirty nine weeks of fiscal year 2001 respectively, as
compared to 12.40% and 12.19% of total sales in the thirteen and thirty nine
weeks of fiscal year 2000, respectively. The weekly average of same store
restaurant bar sales were $56,680 and $55,424 for the thirty nine weeks ended
June 30, 2001 and July 1, 2000 respectively, an increase of 2.3%. The weekly
average of same store bar sales were $55,560 and $53,801 for the thirteen weeks
ended June 30, 2001 and July 1, 2000 respectively, an increase of 3.3%.


   Package goods sales represented 35.00% and 37.91% of total sales in the
thirteen weeks and thirty nine weeks of fiscal year 2001, respectively, as
compared to 35.93% and 39.18% of total sales in the thirteen weeks and thirty
nine weeks of fiscal year 2000, respectively. The weekly average of same store
package goods sales were $174,289 and $160,433 for the thirty nine weeks ended
June 30, 2001 and July 1, 2000 respectively, an increase of 8.6%. The weekly
average of same store package good sales were $159,130 and $146,948 for the
thirteen weeks ended June 30, 2001 and July 1, 2000 respectively, an increase of
8.3%.


    The gross profit margin for restaurant sales was 60.4% and 62.7% for the
thirteen weeks ended June 30, 2001 and July 1, 2000, respectively. The gross
profit margin for restaurant sales was 61.6% and 63.1% for the thirty nine weeks
ended June 30, 2001 and July 1, 2000, respectively. The decrease in the gross
profit margins is attributed to higher food costs.


   The gross profit margin for package goods stores was 27.3% and
27.5% for the thirteen weeks ended June 30, 2001 and July 1, 2000, respectively.
The gross profit margin for package goods stores was 27.1% and 26.7% for the
thirty nine weeks ended June 30, 2001 and July 1, 2000, respectively.


                                   - Page 19 -
<PAGE>

   Franchise related revenues were $243,000 and $257,000 for the thirteen weeks
ended June 30, 2001 and July 1, 2000 respectively, a decrease of 5.4%. Franchise
related revenues were $847,000 and $689,000 for the thirty nine weeks ended June
30, 2001 and July 1, 2000 respectively, an increase of 22.9%.

   The owners fee was $50,000 and $75,000 for the thirteen weeks ended June 30,
2001 and July 1, 2000 respectively, a decrease of 33.3%. The owners fee was
$208,000 and $180,000 for the thirty nine weeks ended June 30, 2001 and July 1,
2000 respectively, an increase of 15.6%.

   Joint venture income was $141,000 and $159,000 for the thirteen weeks ended
June 30, 2001 and July 1, 2000 respectively, a decrease of 11.3%. Joint venture
income was $461,000 and $450,000 for the thirty nine weeks ended June 30, 2001
and July 1, 2000 respectively, an increase of 2.4%.


Operating Costs and Expenses
- ----------------------------

   Operating costs and expenses were $6,137,000 and $5,802,000 for the thirteen
weeks ended June 30, 2001 and July 1, 2000 respectively, an increase of 5.8%
Operating costs and expenses were $18,471,000 and $17,544,000 for the thirty
nine weeks ended June 30, 2001 and July 1, 2000 respectively, an increase of
5.3%.

   Payroll and related costs, which includes workers compensation insurance were
$1,924,000 and $1,751,000 for the thirteen weeks ended June 30, 2001 and July 1,
2000 respectively, an increase of 9.9%. Payroll and related costs, which
includes workers compensation insurance were $5,365,000 and $5,093,000 for the
thirty nine weeks ended June 30, 2001 and July 1, 2000 respectively, an increase
of 5.3%. Payroll and related costs include the Company's contribution to the
employee health insurance.

    Occupancy costs which include rent, common area maintenance, repairs and
taxes were $294,000 and $258,000 for the thirteen weeks ended June 30, 2001 and
July 1, 2000 respectively, an increase of 14.0%. Occupancy costs which include
rent, common area maintenance, repairs and taxes were $783,000 and $784,000 for
the thirty nine weeks ended June 30, 2001 and July 1, 2000 respectively. The
higher occupancy costs for the thirteen weeks ended June 30, 2001 as compared to
the thirteen weeks ended July 1, 2000 are directly attributed to the cost of
relocating the Company's corporate headquarters.



                                   - Page 20 -
<PAGE>

   Selling, general and administrative expenses were $949,000. and $946,000 for
the thirteen weeks ended June 30, 2001 and July 1, 2000 respectively, an
increase of .3%. Selling, general and administrative expenses were $2,941,000
and $2,644,000 for the thirty nine weeks ended June 30, 2001 and July 1, 2000
respectively, an increase of 11.2%. The increase in selling, general and
administrative expenses was attributed to an increase in promotion and
advertising expenses including the Company's television advertising.

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 a reduced food gross profit margin from restaurant
food sales and moderate increases in other expenses.


PART II, OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

a. Exhibits - None

b. Reports on Form 8-K - None




                                   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 8/13/01
     -------




<PAGE>


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

Date 8/13/01
     -------


                                   - Page 21 -





</TEXT>
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