BDLMEDIUM SIGNALFINANCIAL10-K

BDL delivered substantially higher operating cash flow and net income while significantly increasing capital expenditures, suggesting strong operational performance and active reinvestment in the business.

The company generated meaningfully higher profitability and cash generation, indicating solid underlying business fundamentals. However, the notable increase in interest expense suggests rising debt service costs that warrant monitoring, particularly as the company appears to be in an investment phase with elevated capital spending.

Comparing 2025-12-19 vs 2024-12-27View on EDGAR →
FINANCIAL ANALYSIS

BDL's financial performance strengthened considerably with operating cash flow and net income both growing substantially, while operating income expanded by 37%. The company increased capital expenditures meaningfully to $5.8M, signaling active reinvestment, though this was easily supported by the strong cash generation. Interest expense grew by 41% to $1.1M, indicating higher borrowing costs, but cash reserves remained healthy at $42.1M, up 29% year-over-year.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+69.2%
$3.4M$5.8M

Capital expenditure jumped 69.2% — major investment cycle underway; assess returns on deployment.

Share Buybacks
Cash Flow
+66.7%
$6K$10K

Share repurchases increased 66.7% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+58.5%
$6.6M$10.5M

Operating cash flow surged 58.5% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+50%
$3.4M$5.0M

Net income grew 50% — bottom-line growth signals improving overall business health.

Interest Expense
P&L
+41%
$757K$1.1M

Interest expense surged 41% — significant debt increase or rising rates materially impacting earnings.

Operating Income
P&L
+36.7%
$6.4M$8.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Cash & Equivalents
Balance Sheet
+29%
$32.7M$42.1M

Cash grew 29% — improving liquidity position supports investment and shareholder returns.

Dividends Paid
Cash Flow
+10%
$929K$1.0M

Dividend payments increased 10% — management confidence in sustained cash generation.

LANGUAGE CHANGES
NEW — 2025-12-19
PRIOR — 2024-12-27
ADDED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
As of December 18, 2025 there were 1,858,647 shares of the registrant s Common Stock, $0.10 par value, outstanding.
TYPES OF UNITS September 27, 2025 September 28, 2024 Company Owned: Combination package liquor store and restaurant 2 2 Restaurant only, including sports bar 9 9 Package liquor store only 9 9 Company Managed Restaurants Only: Limited partnerships 10 10 Franchise 1 1 Unrelated Third Party 1 1 Total Company Owned/Operated Units 32 32 Franchised Units 5 5 (1) Notes: (1) We operate a restaurant for one (1) franchisee.
By 1970, we had established a chain of Big Daddy s lounges and package liquor stores between Vero Beach and Homestead, Florida.
From 1970 to 1979, we expanded our package liquor store and lounge operations throughout Florida and opened clubs in five other Sun Belt states.
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REMOVED
See the definitions of large accelerated filer , accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
As of December 26, 2024 there were 1,858,647 shares of the registrant's Common Stock, $0.10 par value, outstanding.
September 28, 2024 September 30, 2023 TYPES OF UNITS Company Owned: Combination package liquor store and restaurant 2 3 (1) Restaurant only, including sports bar 9 8 (1) Package liquor store only 9 8 (1) Company Managed Restaurants Only : Limited partnerships 10 10 Franchise 1 1 Unrelated Third Party 1 1 Total Company Owned/Operated Units 32 31 Franchised Units 5 5 (2) Notes: (1) During the first quarter of our fiscal year 2019, our combination package liquor store and restaurant located at 2505 N.
University Drive, Hollywood, Florida (Store #19), was damaged by a fire which caused it to be closed since the first quarter of our fiscal year 2019.
During the first quarter of our fiscal year 2023, we opened our newly built stand-alone package liquor store on this site (2505 N.
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