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In a recent SEC filing, Flanigan’s Enterprises Inc., a Florida-based company operating in the restaurant industry, reported the outcomes of its Annual Meeting of Shareholders held on February 28, 2025. The meeting saw several key proposals put to vote, including the election of directors and executive compensation matters. The company, which generated revenue of $193.23 million in the last twelve months with an 8.87% growth rate, maintains a healthy financial position according to InvestingPro analysis, with a "GOOD" overall financial health score.
According to the filing, a 57.19% quorum was achieved with 1,062,878 shares represented out of the 1,858,647 shares of Common Stock outstanding and entitled to vote. All nominees for the company’s Board of Directors were elected to serve until the 2028 Annual Meeting or until their successors are elected and qualified. The elected directors are Jeffrey D. Kastner, Michael B. Flanigan, and Mary E. Bennett, with the following vote counts: Kastner received 892,695 for and 170,183 withhold votes; Michael B. Flanigan received 916,044 for and 140,694 withhold votes; and Bennett received 1,025,859 for and 36,869 withhold votes. The company operates with a moderate debt level and maintains strong liquidity, with current assets exceeding short-term obligations by 46%.
Additionally, the shareholders approved the compensation of certain executive officers on an advisory (non-binding) basis with 975,808 votes for, 85,007 against, and 1,983 abstentions. Another advisory vote approved the frequency of future advisory votes on executive compensation to occur every three years, with 939,627 votes for the three-year frequency, 118,563 for one year, and 508 for two years.
The filing, which serves as the source of this information, also noted that the terms of office for other directors, including James G. Flanigan, August Bucci, Patrick J. Flanigan, Christopher O’Neil, Christopher J. Nelms, and John P. Foster, continued after the meeting.
The Board has decided to follow the shareholders’ advisory vote and will hold an advisory vote on executive compensation every three years. This decision aligns with the company’s recommendation and the shareholders’ clear preference expressed during the voting process.
The company, known for its retail eating places, trades on the NYSE American under the symbol BDL, offering shareholders a dividend yield of 1.99%. InvestingPro subscribers can access additional insights, including detailed financial health metrics and exclusive ProTips about the company’s valuation and growth prospects. The report was signed by Jeffrey D. Kastner, the company’s Chief Financial Officer, General Counsel, and Secretary, indicating the official record of the Annual Meeting’s proceedings as per the SEC requirements.
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