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BUSINESS SEGMENTS | 12 Months Ended
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Sep. 28, 2024
Business Segments [Abstract] |
BUSINESS SEGMENTS | NOTE 15. BUSINESS SEGMENTS We operate in two reportable segments – package stores and restaurants. The operation of package stores consists of retail liquor sales and related items. The operation of restaurants consists of restaurant food and bar sales. Operating income is total revenue less cost of merchandise sold and operating expenses relative to each segment. In order to evaluate each of these two operating segments we also break out our Corporate entity which functions as a cost center accumulating expenses that do not directly relate to the reportable segments operations. As such, our Chief Operating Decision Maker (CODM) (our Chief Financial Officer) ensures that these expenses are separated in order to properly evaluate the two main reportable segments as presented below. We have disclosed for each reportable segment the significant expense categories that are reviewed by CODM in the tables below and there are no additional significant expenses within the expense categories presented. The key areas of focus by CODM for allocation of resources are revenues from each reportable segment, as well as their cost of merchandise sold, payroll related costs, and operating expenses (these figures are presented both pre-elimination and post-elimination with a line clearly distinguishing the elimination amounts). While CODM analyzes these categories, the area of focus is period over period fluxes to determine that the right allocation of resources is attributed to each segment in order to ensure profitability is maximized. Gross profit is not shown on the Consolidated Statements of Income but is a metric that CODM uses to assess segment performance and as such is included in the tables below. In computing operating income, none of the following items have been included: interest expense, other non-operating income and expenses and income taxes. Identifiable assets by segment are those assets that are used in our operations in each segment. Corporate assets are principally cash and real property, improvements, furniture, equipment and vehicles used at our corporate headquarters. We do not have any operations outside of the United States and transactions between restaurants and package liquor stores are not material. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. CODM analyzes each segment’s income from operations for making decisions regarding resource allocation. Information concerning the revenues and operating income for the years ended September 28, 2024 and September 30, 2023, and identifiable assets for the two reportable segments in which we operate, are shown in the following tables.
|  | Restaurant |  |  | Package |  |  | Corporate |  |  | Eliminations |  |  | Total |
REVENUES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restaurant food sales |  | $ | 114,795 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 114,795 |
Intersegment revenues |  |  | 4,141 |  |  |  | — |  |  |  | — |  |  |  | (4,141 | ) |  |  | — |
Restaurant bar sales |  |  | 30,010 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30,010 |
Package goods sales |  |  | — |  |  |  | 40,497 |  |  |  | — |  |  |  | — |  |  |  | 40,497 |
TOTAL REVENUE: |  |  | 148,946 |  |  |  | 40,497 |  |  |  | — |  |  |  | (4,141 | ) |  |  | 185,302 |
COST OF MERCHANDISE SOLD: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of merchandise sold: |  |  | 49,862 |  |  |  | 30,128 |  |  |  | — |  |  |  | — |  |  |  | 79,990 |
Intersegment cost of merchandise sold |  |  | 4,141 |  |  |  | — |  |  |  | — |  |  |  | (4,141 | ) |  |  | — |
TOTAL COST OF MERCHANDISE SOLD: |  |  | 54,003 |  |  |  | 30,128 |  |  |  | — |  |  |  | (4,141 | ) |  |  | 79,990 |
GROSS PROFIT: |  |  | 94,943 |  |  |  | 10,369 |  |  |  | — |  |  |  | — |  |  |  | 105,312 |
ADDITIONAL REVENUES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Franchise-related revenues |  |  | — |  |  |  | — |  |  |  | 1,693 |  |  |  | — |  |  |  | 1,693 |
Intersegment franchise-related revenues |  |  | — |  |  |  | — |  |  |  | 5,845 |  |  |  | (5,845 | ) |  |  | — |
Rental income |  |  | — |  |  |  | — |  |  |  | 1,105 |  |  |  | — |  |  |  | 1,105 |
Intersegment rental income |  |  | — |  |  |  | — |  |  |  | 849 |  |  |  | (849 | ) |  |  | — |
Intersegment partnership income |  |  | — |  |  |  | — |  |  |  | 1,156 |  |  |  | (1,156 | ) |  |  | — |
Other revenues |  |  | 165 |  |  |  | — |  |  |  | 56 |  |  |  | — |  |  |  | 221 |
TOTAL ADDITIONAL REVENUES: |  |  | 165 |  |  |  | — |  |  |  | 10,704 |  |  |  | (7,850 | ) |  |  | 3,019 |
ADDITIONAL EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related costs |  |  | 49,024 |  |  |  | 3,153 |  |  |  | 7,172 |  |  |  | — |  |  |  | 59,349 |
Intersegment payroll costs |  |  | — |  |  |  | (24 | ) |  |  | — |  |  |  | 24 |  |  |  | — |
Operating expenses |  |  | 20,517 |  |  |  | 2,704 |  |  |  | 1,671 |  |  |  | — |  |  |  | 24,892 |
Intersegment operating expenses |  |  | 2,431 |  |  |  | — |  |  |  | 3,173 |  |  |  | (5,604 | ) |  |  | — |
Occupancy costs |  |  | 6,534 |  |  |  | 980 |  |  |  | 572 |  |  |  | — |  |  |  | 8,086 |
Intersegment occupancy costs |  |  | 665 |  |  |  | 184 |  |  |  | — |  |  |  | (849 | ) |  |  | — |
Selling, general and administrative expenses |  |  | 1,232 |  |  |  | 170 |  |  |  | 3,938 |  |  |  | — |  |  |  | 5,340 |
Intersegment selling, general and administrative expenses |  |  | — |  |  |  | — |  |  |  | 286 |  |  |  | (286 | ) |  |  | — |
Depreciation and amortization |  |  | 3,216 |  |  |  | 499 |  |  |  | 553 |  |  |  | — |  |  |  | 4,268 |
TOTAL ADDITIONAL EXPENSES: |  |  | 83,619 |  |  |  | 7,666 |  |  |  | 17,365 |  |  |  | (6,715 | ) |  |  | 101,935 |
Income from Operations |  |  | 11,489 |  |  |  | 2,703 |  |  |  | (6,661 | ) |  |  | (1,135 | ) |  |  | 6,396 |
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | — |  |  |  | (1,019 | ) |  |  | — |  |  |  | (1,019 | )
Intersegment interest expense |  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | 8 |  |  |  | — |
Interest and other income |  |  | 22 |  |  |  | 82 |  |  |  | 103 |  |  |  | — |  |  |  | 207 |
Intersegment interest and other income |  |  | — |  |  |  | 20 |  |  |  | 8 |  |  |  | (28 | ) |  |  | — |
Gain on sale of property and equipment |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
|  |  | 22 |  |  |  | 102 |  |  |  | (914 | ) |  |  | (20 | ) |  |  | (810 | )
Income (loss) before provision for income taxes: |  |  | 11,511 |  |  |  | 2,805 |  |  |  | (7,575 | ) |  |  | (1,155 | ) |  |  | 5,586 |
Provision for income taxes |  |  | — |  |  |  | — |  |  |  | (286 | ) |  |  | — |  |  |  | (286 | )
Net Income |  |  | 11,511 |  |  |  | 2,805 |  |  |  | (7,861 | ) |  |  | (1,155 | ) |  |  | 5,300 |
Less: Net Income attributable to noncontrolling interests |  |  | (1,944 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,944 | )
Net Income Attributable to Flanigan's Enterprises, Inc. |  | $ | 9,567 |  |  | $ | 2,805 |  |  | $ | (7,861 | ) |  | $ | (1,155 | ) |  | $ | 3,356 |
|  | Restaurant |  |  | Package |  |  | Corporate |  |  | Eliminations |  |  | Total |
REVENUES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restaurant food sales |  | $ | 107,238 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 107,238 |
Intersegment revenues |  |  | 3,919 |  |  |  | — |  |  |  | — |  |  |  | (3,919 | ) |  |  | — |
Restaurant bar sales |  |  | 29,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,000 |
Package goods sales |  |  | — |  |  |  | 35,187 |  |  |  | — |  |  |  | — |  |  |  | 35,187 |
TOTAL REVENUE: |  |  | 140,157 |  |  |  | 35,187 |  |  |  | — |  |  |  | (3,919 | ) |  |  | 171,425 |
COST OF MERCHANDISE SOLD: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of merchandise sold: |  |  | 45,488 |  |  |  | 25,810 |  |  |  | — |  |  |  | — |  |  |  | 71,298 |
Intersegment cost of merchandise sold |  |  | 3,919 |  |  |  | — |  |  |  | — |  |  |  | (3,919 | ) |  |  | — |
TOTAL COST OF MERCHANDISE SOLD: |  |  | 49,407 |  |  |  | 25,810 |  |  |  | — |  |  |  | (3,919 | ) |  |  | 71,298 |
GROSS PROFIT: |  |  | 90,750 |  |  |  | 9,377 |  |  |  | — |  |  |  | — |  |  |  | 100,127 |
ADDITIONAL REVENUES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Franchise-related revenues |  |  | — |  |  |  | — |  |  |  | 1,857 |  |  |  | — |  |  |  | 1,857 |
Intersegment franchise-related revenues |  |  | — |  |  |  | — |  |  |  | 6,600 |  |  |  | (6,600 | ) |  |  | — |
Rental income |  |  | — |  |  |  | — |  |  |  | 951 |  |  |  | — |  |  |  | 951 |
Intersegment rental income |  |  | — |  |  |  | — |  |  |  | 825 |  |  |  | (825 | ) |  |  | — |
Intersegment partnership income |  |  | — |  |  |  | — |  |  |  | 1,312 |  |  |  | (1,312 | ) |  |  | — |
Other revenues |  |  | 160 |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 163 |
TOTAL ADDITIONAL REVENUES: |  |  | 160 |  |  |  | — |  |  |  | 11,548 |  |  |  | (8,737 | ) |  |  | 2,971 |
ADDITIONAL EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related costs |  |  | 46,561 |  |  |  | 2,944 |  |  |  | 7,102 |  |  |  | — |  |  |  | 56,607 |
Intersegment payroll costs |  |  | — |  |  |  | (25 | ) |  |  | — |  |  |  | 25 |  |  |  | — |
Operating expenses |  |  | 19,525 |  |  |  | 2,663 |  |  |  | 1,470 |  |  |  | — |  |  |  | 23,658 |
Intersegment operating expenses |  |  | 2,312 |  |  |  | — |  |  |  | 4,060 |  |  |  | (6,372 | ) |  |  | — |
Occupancy costs |  |  | 6,233 |  |  |  | 853 |  |  |  | 480 |  |  |  | — |  |  |  | 7,566 |
Intersegment occupancy costs |  |  | 661 |  |  |  | 164 |  |  |  | — |  |  |  | (825 | ) |  |  | — |
Selling, general and administrative expenses |  |  | 1,116 |  |  |  | 177 |  |  |  | 3,389 |  |  |  | — |  |  |  | 4,682 |
Intersegment selling, general and administrative expenses |  |  | — |  |  |  | — |  |  |  | 273 |  |  |  | (273 | ) |  |  | — |
Depreciation and amortization |  |  | 2,646 |  |  |  | 468 |  |  |  | 447 |  |  |  | — |  |  |  | 3,561 |
TOTAL ADDITIONAL EXPENSES: |  |  | 79,054 |  |  |  | 7,244 |  |  |  | 17,221 |  |  |  | (7,445 | ) |  |  | 96,074 |
Income from Operations |  |  | 11,856 |  |  |  | 2,133 |  |  |  | (5,673 | ) |  |  | (1,292 | ) |  |  | 7,024 |
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | — |  |  |  | (1,067 | ) |  |  | — |  |  |  | (1,067 | )
Intersegment interest expense |  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | 8 |  |  |  | — |
Interest and other income |  |  | 6 |  |  |  | 58 |  |  |  | 44 |  |  |  | — |  |  |  | 108 |
Intersegment interest and other income |  |  | — |  |  |  | 20 |  |  |  | 8 |  |  |  | (28 | ) |  |  | — |
|  |  | 6 |  |  |  | 78 |  |  |  | (1,023 | ) |  |  | (20 | ) |  |  | (959 | )
Income (loss) before provision for income taxes: |  |  | 11,862 |  |  |  | 2,211 |  |  |  | (6,696 | ) |  |  | (1,312 | ) |  |  | 6,065 |
Provision for income taxes |  |  | — |  |  |  | — |  |  |  | (649 | ) |  |  | — |  |  |  | (649 | )
Net Income |  |  | 11,862 |  |  |  | 2,211 |  |  |  | (7,345 | ) |  |  | (1,312 | ) |  |  | 5,416 |
Less: Net Income attributable to noncontrolling interests |  |  | (1,417 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,417 | )
Net Income Attributable to Flanigan's Enterprises, Inc. |  | $ | 10,445 |  |  | $ | 2,211 |  |  | $ | (7,345 | ) |  | $ | (1,312 | ) |  | $ | 3,999 |
|  | (in thousands) |
|  | For the Fiscal Year Ended |
|  | September 28, |  |  | September 30, |
|  | 2024 |  |  | 2023 |
Capital Expenditures: |  |  |  |  |  |  |  |
Restaurants |  | $ | 4,986 |  |  | $ | 7,440 |
Package stores |  |  | 197 |  |  |  | 3,855 |
Corporate |  |  | 864 |  |  |  | 9,279 |
Consolidated Totals |  | $ | 6,047 |  |  | $ | 20,574 |
|  | (in thousands) |
|  | September 28, |  |  | September 30, |
|  | 2024 |  |  | 2023 |
Identifiable Assets: |  |  |  |  |  |  |  |
Restaurants |  | $ | 77,613 |  |  | $ | 76,575 |
Package stores |  |  | 23,084 |  |  |  | 23,714 |
Corporate |  |  | 41,385 |  |  |  | 45,480 |
Consolidated Totals |  | $ | 142,082 |  |  | $ | 145,769 |

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- Definition The entire disclosure for reporting segments including data and tables. 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