PRESS RELEASE

 

 

FOR:               FLANIGAN'S ENTERPRISES, INC.

 

FROM:           JAMES G. FLANIGAN, PRESIDENT

(954) 377-1961

 

FOR IMMEDIATE RELEASE

 

FLANIGAN'S ANNOUNCES EARNINGS

 

FORT LAUDERDALE, FLORIDA, May 18, 2010, -  FLANIGAN'S ENTERPRISES, INC., (AMEX: BDL) owners and operators of the "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's" retail liquor stores, announced results for the 13 weeks and the 26 weeks ended April 3, 2010.  The table below sets forth the results on a comparative basis with the 13 weeks and 26 weeks ended March 28, 2009.

 

  For the 13 weeks            For the 13 weeks

                        ended April 3,               ended March 28,

      2010                                2009        

REVENUES

 

RESTAURANT FOOD AND

 BAR SALES                                                 $ 15,011,000                  $ 13,866,000

PACKAGE STORE SALES                                          3,595,000                       3,515,000

FRANCHISE RELATED REVENUES                            255,000                          282,000

OWNER'S FEE                                                                    30,000                            45,000

OTHER OPERATING INCOME                                      47,000                            49,000

------------------                          ------------------

TOTAL REVENUES                                                 $ 18,938,000                   $ 17,757,000

===========              ===========

 

NET   INCOME ATTRIBUTABLE            

TO FLANIGANšS ENTERPRISES, INC                     $     670,000                             $    684,000(1)

===========                ==========

 

NET INCOME  PER COMMON SHARE

BASIC EPS                                                     $              .36                    $            .37

===========                ==========

DILUTED EPS                                               $              .36                    $            .37

===========               ==========

 

 

 

 

 

PRESS RELEASE – May 18, 2010                                                                Page two

 

 

                                                                    (Continued)                                                                   

 

              For the 26 weeks      For the 26 weeks

              ended April 3,           ended March 28,

                    2010                           2009         _        

 

RESTAURANT FOOD AND

BAR SALES                                                   $     28,224,000           $   26,439,000

PACKAGE STORE SALES                                               7,188,000                  6,863,000

FRANCHISE RELATED REVENUES                                 536,000                     544,000

OWNERšS FEE                                                                        83,000                       89,000

OTHER OPERATING INCOME                                           71,000                       75,000

              -------------------          ------------------

TOTAL REVENUES                                        $    36,102,000             $  34,010,000             

                                                                          ============            ==========

NET INCOME ATTRIBUTABLE                                     

TO FLANIGANšS ENTERPRISES, INC.                    $       958,000              $      856,000(1)(2)

            =============            ==========

 

NET INCOME PER COMMON SHARE

 

  BASIC EPS                                                      $               .51                 $             .46

 =============            ===========

 

  DILUTED EPS                                                 $              .51                 $             .46

 =============              ==========

 

 

(1)           Includes $122,000 adjustment to deferred tax asset.

(2)           Includes after tax gain of $106,000 from payment of balance of claim in liquidation proceedings of former insurance company plus interest.