Flanigan's Enterprises (BDL) 10-Q 14 Feb 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2016	Feb. 14, 2017
Document And Entity Information
Entity Registrant Name	FLANIGANS ENTERPRISES INC
Entity Central Index Key	12,040
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,858,647
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Jan. 02, 2016
REVENUES:
Restaurant food sales	$ 16,224	$ 15,379
Restaurant bar sales	5,061	4,903
Package store sales	4,678	4,360
Franchise related revenues	378	392
Rental income	159	146
Owner's fee	38	38
Other operating income	56	60
Total	26,594	25,278
Cost of merchandise sold:
Restaurant and lounges	7,462	7,121
Package goods	3,354	3,111
Payroll and related costs	8,145	7,721
Occupancy costs	1,350	1,292
Selling, general and administrative expenses	4,810	4,682
Total	25,121	23,927
Income from Operations	1,473	1,351
OTHER INCOME (EXPENSE):
Interest expense	(133)	(146)
Interest and other income	41	26
Total other income (expense)	(92)	(120)
Income before Provision for Income Taxes	1,381	1,231
Provision for Income Taxes	(280)	(280)
Net Income	1,101	951
Less: Net income attributable to noncontrolling interests	(437)	(327)
Net Income attributable to stockholders	$ 664	$ 624
Net Income Per Common Share:
Basic and Diluted	$ 0.36	$ 0.34
Weighted Average Shares and Equivalent Shares Outstanding
Basic and Diluted	1,858,647	1,858,647

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Dec. 31, 2016	Oct. 01, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 12,119	$ 10,174
Prepaid income taxes		180
Due from franchisees	98	62
Other receivables	620	627
Inventories	2,862	2,633
Prepaid expenses	2,085	1,274
Deferred tax assets	531	381
Total Current Assets	18,315	15,331
Property and Equipment, Net	38,337	38,153
Investment in Limited Partnership	229	212
OTHER ASSETS:
Liquor licenses	630	630
Deferred tax assets	841	862
Leasehold interests, net	629	660
Other	511	553
Total Other Assets	2,611	2,705
Total Assets	59,492	56,401
CURRENT LIABILITIES:
Accounts payable and accrued expenses	8,833	7,790
Income taxes payable	66
Due to franchisees	1,801	2,098
Current portion of long term debt	1,809	1,466
Current portion of deferred rent	98	102
Total Current Liabilities	12,607	11,456
Long Term Debt, Net of Current Maturities	9,999	8,626
Deferred Rent, Net of Current Portion
Flanigan's Enterprises, Inc. Stockholders' Equity
Common stock, $.10 par value, 5,000,000 shares authorized; 4,197,642 shares issued	420	420
Capital in excess of par value	6,240	6,240
Retained earnings	29,414	28,750
Treasury stock, at cost, 2,338,995 shares at December 31, 2016 and 2,338,995 shares at October 1, 2016	(6,077)	(6,077)
Total Flanigan's Enterprises, Inc. stockholders' equity	29,997	29,333
Noncontrolling interests	6,889	6,986
Total equity	36,886	36,319
Total liabilities and equity	$ 59,492	$ 56,401

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Dec. 31, 2016	Oct. 01, 2016
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	4,197,642	4,197,642
Treasury stock, shares, at cost	2,338,995	2,338,995

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Jan. 02, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,101	$ 951
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation and amortization	631	645
Amortization of leasehold interests	31	30
Loss on abandonment of property and equipment	4	25
Amortization of deferred loan costs	7
Deferred income taxes	(129)
Deferred rent	(4)	(3)
(Income) loss from unconsolidated limited partnership	(22)	7
Changes in operating assets and liabilities: (increase) decrease in
Due from franchisees	(36)
Other receivables	7	44
Prepaid income taxes	180	(90)
Inventories	(229)	(586)
Prepaid expenses	388	135
Other assets	(6)	1
Increase (decrease) in:
Accounts payable and accrued expenses	1,043	1,151
Income taxes payable	66	(143)
Due to franchisees	(297)	(49)
Net cash and cash equivalents provided by operating activities	2,735	2,118
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(731)	(1,632)
Deposits on property and equipment	(40)	(68)
Distributions from unconsolidated limited partnership	5	10
Net cash and cash equivalents used in investing activities	(766)	(1,690)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of long term debt	(326)	(615)
Proceeds from long term debt	836
Distributions to limited partnerships' noncontrolling interests	(534)	(506)
Net cash and cash equivalents used in financing activities	(24)	(1,121)
Net Increase (Decrease) in Cash and Cash Equivalents	1,945	(693)
Beginning of Period	10,174	9,267
End of Period	12,119	8,574
Cash paid during period for:
Interest	133	146
Income taxes	163	514
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Financing of insurance contracts	1,199	914
Purchase deposits transferred to property and equipment	$ 88	$ 147

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	(1) BASIS OF PRESENTATION: The accompanying condensed consolidated financial information for the thirteen weeks ended December 31, 2016 and January 2, 2016 are unaudited. Financial information as of October 1, 2016 has been derived from the audited financial statements of the Company, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated have been included. For further information regarding the Company's accounting policies, refer to the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended October 1, 2016. Operating results for interim periods are not necessarily indicative of results to be expected for a full year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the accounts of the eight limited partnerships in which we act as general partner and have controlling interests. All intercompany balances and transactions have been eliminated. Non-controlling interest represents the limited partners’ proportionate share of the net assets and results of operations of the eight limited partnerships. These condensed consolidated financial statements include estimates relating to performance based officers’ bonuses. The estimates are reviewed periodically and the effects of any revisions are reflected in the financial statements in the period they are determined to be necessary. Although these estimates are based on management’s knowledge of current events and actions it may take in the future, they may ultimately differ from actual results.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Dec. 31, 2016
Net Income Per Common Share:
EARNINGS PER SHARE	(2) EARNINGS PER SHARE: We follow Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Section 260 - “ Earnings per Share

RECENTLY ADOPTED AND RECENTLY I

RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Dec. 31, 2016
Recent Adopted And Recent Issued Accounting Pronouncements
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	(3) RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS: Adopted In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. In February 2015, the FASB issued ASU 2015-02, “ Consolidation: Amendments to the Consolidation Analysis Issued In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments”. This ASU addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, “Statement of Cash Flows”, and other Topics. ASU 2016-15 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief. We are currently assessing the adoption date and the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers,” (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. The new standard was originally effective for interim and annual periods in fiscal years beginning after December 15, 2016. In July 2015, the FASB affirmed its proposal for a one year deferral of the effective date. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	(4) INCOME TAXES: We account for our income taxes using FASB ASC Topic 740, “ Income Taxes

DEBT

DEBT	3 Months Ended
	Dec. 31, 2016
DEBT [Abstract]
DEBT	(5) DEBT: (a) Re-Financing of Corporate Offices During the first quarter of our fiscal year 2017, we re-financed the mortgage loan encumbering our corporate offices located at 5059 N.E. 18 th (b) Financing of Office and Warehouse Space During the first quarter of our fiscal year 2017, we borrowed the sum of $822,500 from an unaffiliated third party lender (the “$822,500 Loan”). Our repayment obligations under the $822,500 Loan are secured by a first mortgage on our office located at 1290 East Commercial Boulevard, Oakland Park, Florida 33334 and our warehouse located at 4990 N.E. 12 th (c) Revolving Credit Line/Term Loan During the first quarter of our fiscal year 2017, we closed on a secured revolving line of credit from an unaffiliated third party lender which, subject to certain conditions, entitles us to borrow, from time to time through December 28, 2017, up to $5,500,000 (the “Credit Line”). From December 28, 2016 through December 28, 2017, we are obligated to pay interest only on the outstanding balance under the Credit Line, at a rate of LIBOR, Daily Floating Rate, plus 2.25%, per annum (3.027% as of February 14, 2017). As more fully discussed under Note 7 Subsequent Events (d) Financed Insurance Premiums During the thirteen weeks ended December 31, 2016, we financed the following three (3) property and general liability insurance policies, totaling approximately $1.21 million, which property and general liability insurance includes coverage for our franchises which are not included in our consolidated financial statements: (i) For the policy year beginning December 30, 2016, our general liability insurance, excluding limited partnerships, is a one (1) year policy with our insurance carriers, including automobile and excess liability coverage. The one (1) year general liability insurance premiums, including automobile and excess liability coverage, total, in the aggregate $513,000, of which $409,000 is financed through an unaffiliated third party lender (the “Third Party Lender”). The finance agreement obligates us to repay the amounts financed together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $42,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof. (ii) For the policy year beginning December 30, 2016, our general liability insurance for our limited partnerships is a one (1) year policy with our insurance carriers, including excess liability coverage. The one (1) year general liability insurance premiums, including excess liability coverage, total, in the aggregate $498,000, of which $398,000 is financed through the Third Party Lender. The finance agreement obligates us to repay the amounts financed, together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of $40,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof. (iii) For the policy year beginning December 30, 2016, our property insurance is a one (1) year policy. The one (1) year property insurance premium is in the amount of $504,000, of which $404,000 is financed through the Third Party Lender. The finance agreement provides that we are obligated to repay the amounts financed, together with interest at the rate of 2.95% per annum, over 10 months, with monthly payments of principal and interest, each in the amount of approximately $41,000. The finance agreement is secured by a first priority security interest in all insurance policies, all unearned premium, return premium, dividend payments and loss payments thereof. As of December 31, 2016, the aggregate principal balance owed from the financing of our property and general liability insurance policies is $1,199,000.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	(6) COMMITMENTS AND CONTINGENCIES: Litigation From time to time, we are a defendant in litigation arising in the ordinary course of our business, including claims resulting from “slip and fall” accidents, claims under federal and state laws governing access to public accommodations, employment-related claims and claims from guests alleging illness, injury or other food quality, health or operational concerns. To date, none of this litigation, some of which is covered by insurance, has had a material effect on us.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	(7) SUBSEQUENT EVENTS: Subsequent events have been evaluated through the date these condensed consolidated financial statements were issued and no events required disclosure, except as follows: (a) Conversion of Revolving Credit Line/Term Loan to Fixed Rate of Interest: Subsequent to the end of the first quarter of our fiscal year 2017, we entered into an interest rate swap agreement with a third party unaffiliated with the Company, which causes the variable interest rate under our Credit Line to become fixed at 4.65% per annum on December 28, 2017, the date the Credit Line converts to a term loan. (b) Termination of SWAP Agreement: Subsequent to the end of the first quarter of our fiscal year 2017, we terminated the interest rate swap agreement we entered into July, 2010 which related to the re-financed mortgage loan encumbering our corporate offices located at 5059 N.E. 18 th

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
BUSINESS SEGMENTS	(8) BUSINESS SEGMENTS: We operate principally in two reportable segments – package stores and restaurants. The operation of package stores consists of retail liquor sales and related items. Information concerning the revenues and operating income for the thirteen weeks ended December 31, 2016 and January 2, 2016, and identifiable assets for the two reportable segments in which we operate, are shown in the following table. Operating income is total revenue less cost of merchandise sold and operating expenses relative to each segment. 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. (in thousands) Thirteen Weeks December 31, 2016 Thirteen Weeks January 2, 2016 Operating Revenues: Restaurants $ 21,285 $ 20,282 Package stores 4,678 4,360 Other revenues 631 636 Total operating revenues $ 26,594 $ 25,278 Income from Operations Reconciled to Income After Income Taxes and Restaurants $ 1,673 $ 1,485 Package stores 361 338 2,034 1,823 Corporate expenses, net of other revenues (561 ) (472 ) Income from Operations 1,473 1,351 Interest expense (133 ) (146 ) Interest and Other income 41 26 Income Before Provision for Income Taxes $ 1,381 $ 1,231 Provision for Income Taxes (280 ) (280 ) Net Income 1,101 951 Net Income Attributable to Noncontrolling Interests (437 ) (327 ) Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders $ 664 $ 624 Depreciation and Amortization: Restaurants $ 504 $ 495 Package stores 52 48 556 543 Corporate 106 132 Total Depreciation and Amortization $ 662 $ 675 Capital Expenditures: Restaurants $ 275 $ 494 Package stores 17 134 292 628 Corporate 527 1,151 Total Capital Expenditures $ 819 $ 1,779 December 31, October 1, 2016 2016 Identifiable Assets: Restaurants $ 29,469 $ 28,461 Package store 4,851 4,727 34,320 33,188 Corporate 25,172 23,213 Consolidated Totals $ 59,492 $ 56,401

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Dec. 31, 2016
Business Segments Tables
Schedule of Segment Reporting	(in thousands) Thirteen Weeks December 31, 2016 Thirteen Weeks January 2, 2016 Operating Revenues: Restaurants $ 21,285 $ 20,282 Package stores 4,678 4,360 Other revenues 631 636 Total operating revenues $ 26,594 $ 25,278 Income from Operations Reconciled to Income After Income Taxes and Restaurants $ 1,673 $ 1,485 Package stores 361 338 2,034 1,823 Corporate expenses, net of other revenues (561 ) (472 ) Income from Operations 1,473 1,351 Interest expense (133 ) (146 ) Interest and Other income 41 26 Income Before Provision for Income Taxes $ 1,381 $ 1,231 Provision for Income Taxes (280 ) (280 ) Net Income 1,101 951 Net Income Attributable to Noncontrolling Interests (437 ) (327 ) Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders $ 664 $ 624 Depreciation and Amortization: Restaurants $ 504 $ 495 Package stores 52 48 556 543 Corporate 106 132 Total Depreciation and Amortization $ 662 $ 675 Capital Expenditures: Restaurants $ 275 $ 494 Package stores 17 134 292 628 Corporate 527 1,151 Total Capital Expenditures $ 819 $ 1,779 December 31, October 1, 2016 2016 Identifiable Assets: Restaurants $ 29,469 $ 28,461 Package store 4,851 4,727 34,320 33,188 Corporate 25,172 23,213 Consolidated Totals $ 59,492 $ 56,401

DEBT (Details)

DEBT (Details) - USD ($)	2 Months Ended	3 Months Ended
	Feb. 14, 2017	Dec. 31, 2016
Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member]
Debt Instrument [Line Items]
Term of financing agreement		5 years
Secured line of credit, maximum borrowing capacity		$ 5,500,000
Variable interest rate description		LIBOR, Daily Floating Rate, plus 2.25%, per annum
Secured line of credit, description of conversion to term loan		On December 28, 2017, the unpaid principal balance under the Credit Line converts to a term loan and our repayment obligations thereunder become amortizable over a five year period, payable in equal monthly installments of principal and interest at the rate of 4.65% per annum, with any outstanding principal balance and all accrued but unpaid interest due on December 28, 2022.
Variable interest rate spread		2.25%
Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Secured line of credit, remaining borrowing capacity	$ 5,500,000
Variable interest rate spread	3.027%
Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member] | Subsequent Event [Member] | New Interest Rate Swap Agreement [Member]
Debt Instrument [Line Items]
Secured line of credit, interest rate	4.65%
Financing of Office and Warehouse Space [Member] | Unaffiliated third party lender [Member]
Debt Instrument [Line Items]
Interest rate (per annum)		4.65%
Term of financing agreement		15 years
Monthly payment of principal and interest		$ 6,384
Payment frequency		Monthly
Principal amount outstanding		$ 822,500
Maturity date		Dec. 28, 2031
Re-Financing of Corporate Offices [Member] | Unaffiliated third party lender [Member]
Debt Instrument [Line Items]
Interest rate (per annum)		4.65%
Term of financing agreement		15 years
Monthly payment of principal and interest		$ 6,519
Payment frequency		Monthly
Principal amount outstanding		$ 840,000
Maturity date		Dec. 28, 2031
Financed Insurance Premiums [Member]
Debt Instrument [Line Items]
Amount of insurance premiums financed		$ 1,199,000
Principal amount outstanding		$ 1,199,000
Financed Insurance Premiums [Member] | General Liability Insurance Premium [Member]
Debt Instrument [Line Items]
Term of insurance premium		1 year
Amount of premium payable		$ 513,000
Amount of premium payable financed from third party lender		$ 409,000
Interest rate (per annum)		2.95%
Term of financing agreement		10 months
Monthly payment of principal and interest		$ 42,000
Financed Insurance Premiums [Member] | General Liability Insurance for Limited Partnership Premium [Member]
Debt Instrument [Line Items]
Term of insurance premium		1 year
Amount of premium payable		$ 498,000
Amount of premium payable financed from third party lender		$ 398,000
Interest rate (per annum)		2.95%
Term of financing agreement		10 months
Monthly payment of principal and interest		$ 40,000
Financed Insurance Premiums [Member] | Property Insurance Premium [Member]
Debt Instrument [Line Items]
Term of insurance premium		1 year
Amount of premium payable		$ 504,000
Amount of premium payable financed from third party lender		$ 404,000
Interest rate (per annum)		2.95%
Term of financing agreement		10 months
Monthly payment of principal and interest		$ 41,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	2 Months Ended
	Feb. 14, 2017USD ($)
Termination of SWAP Agreement [Member]
Fixed Rate of Interest	5.11%
Notional principal amount	$ 935,000
Interest rate swap agreement period	7 years
LIBOR, Daily Floating Rate Spread	2.25%
Pre-payment penalty	$ 8,500
New Interest Rate Swap Agreement [Member] | Revolving Credit Line/Term Loan [Member] | Unaffiliated third party lender [Member]
Secured line of credit, interest rate	4.65%

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Jan. 02, 2016	Oct. 01, 2016
Operating Revenues:
Operating revenues	$ 26,594	$ 25,278
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests
Income before corporate expenses	2,034	1,823
Corporate expenses, net of other revenue	(561)	(472)
Income from Operations	1,473	1,351
Interest expense	(133)	(146)
Interest and other income	41	26
Income Before Provision for Income Taxes	1,381	1,231
Provision for Income Taxes	(280)	(280)
Net Income	1,101	951
Net Income Attributable to Noncontrolling Interests	(437)	(327)
Net income attributable to stockholders	664	624
Depreciation and Amortization:
Depreciation and amortization	662	675
Capital Expenditures:
Capital expenditures	819	1,779
Identifiable Assets:
Assets	59,492		$ 56,401
Restaurants [Member]
Operating Revenues:
Operating revenues	21,285	20,282
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests
Income before corporate expenses	1,673	1,485
Depreciation and Amortization:
Depreciation and amortization	504	495
Capital Expenditures:
Capital expenditures	275	494
Identifiable Assets:
Assets	29,469		28,461
Package stores [Member]
Operating Revenues:
Operating revenues	4,678	4,360
Income from Operations Reconciled to Income After Income Taxes and Net Income Attributable to Noncontrolling Interests
Income before corporate expenses	361	338
Depreciation and Amortization:
Depreciation and amortization	52	48
Capital Expenditures:
Capital expenditures	17	134
Identifiable Assets:
Assets	4,851		4,727
Other [Member]
Operating Revenues:
Operating revenues	631	636
Total segments [Member]
Depreciation and Amortization:
Depreciation and amortization	556	543
Capital Expenditures:
Capital expenditures	292	628
Identifiable Assets:
Assets	34,320		33,188
Corporate [Member]
Depreciation and Amortization:
Depreciation and amortization	106	132
Capital Expenditures:
Capital expenditures	527	$ 1,151
Identifiable Assets:
Assets	$ 25,172		$ 23,213