Nathan's Famous, Inc. Reports Year End Results
JERICHO, N.Y., (BUSINESS WIRE) -- Nathan's Famous, Inc. (NASDAQ: NATH) today reported results for its 2010 fiscal year ended March 28, 2010, its seventh consecutive year of increased revenues and profits from continuing operations.
For the fiscal year ended March 28, 2010, income from continuing operations increased by 12.3% to $5,569,000, or $0.97 per share, based upon approximately 5.7 million diluted shares outstanding as compared to $4,958,000 or $0.80 per share, based upon approximately 6.2 million diluted shares outstanding for the fiscal year ended March 29, 2009. Total revenue from continuing operations increased by 3.4% to $50,876,000 for the fiscal year ended March 28, 2010 as compared to $49,221,000 during the fiscal year ended March 29, 2009. Net income for the fiscal year ended March 28, 2010 was $5,569,000 or $0.97 per share as compared to $7,482,000 or $1.21 per share for the fiscal year ended March 29, 2009.
During the prior fiscal year, Nathan's realized gains, net of tax, of $2,519,000 or $0.41 per share from the sale of its formerly wholly-owned subsidiary, NF Roasters Corporation and additional consideration from the sale of its formerly wholly-owned subsidiary, Miami Subs Corporation of $250,000 which was previously deemed contingent and not realized. The total of these gains before income taxes was $3,906,000.
For the thirteen weeks ended March 28, 2010, income from continuing operations was $791,000 or $0.14 per diluted share, based upon approximately 5.7 million diluted shares outstanding as compared to $887,000 or $0.15 per diluted share, based upon approximately 5.9 million diluted shares outstanding for the thirteen weeks ended March 29, 2009. During the thirteen weeks ended March 28, 2010, Nathan's recorded an impairment charge on note receivable of $250,000. Total revenue from continuing operations increased by 4.8% to $10,524,000, as compared to $10,039,000 during the thirteen weeks ended March 29, 2009. Net income for the thirteen weeks ended March 28, 2010 was $791,000 or $0.14 per share as compared to $944,000 or $0.16 per share for the thirteen weeks ended March 29, 2009.
About Nathan's Famous
Nathan's products are currently distributed in 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, the Cayman Islands and four foreign countries through its restaurant system, foodservice sales programs and retail licensing activities. The Nathan's restaurant system currently consists of 251 units, comprised of 246 franchised or licensed units and five company-owned units (including one seasonal unit).
Except for historical information contained in this news release, the matters discussed are forward looking statements that involve risks and uncertainties.Words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions identify forward-looking statements, which are based on the current belief of the Company's management, as well as assumptions made by and information currently available to the Company's management.Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; the ability to obtain an adequate supply of beef and other food products at competitive prices; capacity; the regulatory and trade environment; and the risk factors reported from time to time in the Company's SEC reports. The Company does not undertake any obligation to update such forward-looking statements.
N
athan's Famous, Inc.
F
inancial Highlights
T
hirteen weeks ended
(unaudited)
------------------------------
M M
ar. 28, 2010 ar. 29, 2009
--------------- ---------------
Total revenues $ 1 $ 1
0,524,000 0,039,000
====== ========= ====== =========
Income from continuing operations 7 887,000
91,000
Income from discontinued operations -0- 57,000
--------- ---------
Net income $ 7 $ 9
91,000 44,000
====== ========= ====== =========
Basic income per share
Income from continuing operations $ 0 $ 0
.14 .16
Income from discontinued operations 0.00 0.01
--------- ---------
Net income $ 0 $ 0
.14 .17
====== ========= ====== =========
Diluted income per share
Income from continuing operations $ 0 $ 0
.14 .15
Income from discontinued operations 0.00 0.01
--------- ---------
Net income $ 0 $ 0
.14 .16
====== ========= ====== =========
Weighted-average shares used in computing
income per share
Basic 5,618,000 5,685,000
========= =========
Diluted 5,710,000 5,915,000
========= =========
N
athan's Famous, Inc.
F
inancial Highlights
F
ifty-two weeks ended
------------------------------
(
unaudited)
M M
ar. 28, 2010 ar. 29, 2009
--------------- ---------------
Total revenues from continuing operations $ 5 $ 4
0,876,000 9,221,000
====== ========= ====== =========
Income from continuing operations 5,569,000 4,958,000
Income from discontinued operations -0- 2,524,000
--------- ---------
Net income $ 5 $ 7
,569,000 ,482,000
====== ========= ====== =========
Basic income per share
Income from continuing operations $ 1 $ 0
.00 .84
Income from discontinued operations 0.00 0.43
--------- ---------
Net income $ 1 $ 1
.00 .27
====== ========= ====== =========
Diluted income per share
Income from continuing operations $ 0 $ 0
.97 .80
Income from discontinued operations 0.00 0.41
--------- ---------
Net income $ 0 $ 1
.97 .21
====== ========= ====== =========
Weighted-average shares used in computing
income per share
Basic 5,563,000 5,898,000
========= =========
Diluted 5,716,000 6,180,000
========= =========
SOURCE: Nathan's Famous, Inc.
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