WESTBURY, N.Y.--(BUSINESS WIRE)--Aug. 8, 2008--Nathan's Famous, Inc. (NASDAQ:NATH) today reported results for the first quarter of its 2009 fiscal year that ended June 29, 2008.
Income from continuing operations was $1,355,000 or $0.21 per diluted share for the quarter ended June 29, 2008 as compared to $1,408,000 or $0.21 per diluted share for the quarter ended June 24, 2007. Total revenue from continuing operations increased by 10.2% to $14,042,000 during the quarter ended June 29, 2008 as compared to $12,739,000 during the quarter ended June 24, 2007.
Net income for the quarter ended June 29, 2008 was $3,822,000 or $0.59 per diluted share as compared to $3,152,000 or $0.48 per diluted share for the quarter ended June 24, 2007.
During the current fiscal year, Nathan's realized gains, net of tax, of $2,462,000 or $0.38 per diluted 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.
During the previous fiscal year, Nathan's realized gains, net of tax, of $1,598,000 or $0.25 per diluted share from the sale of certain leasehold interests in Florida and from the sale of its formerly wholly-owned subsidiary, Miami Subs Corporation. The total gains before income taxes were $2,489,000.
The Company also reported the following:
Nathan's products are currently distributed in 50 states, the District of Columbia and four foreign countries through its restaurant system, Branded Product Program and retail licensing activities. The Nathan's restaurant system currently consists of 236 units, comprised of 230 franchised or licensed units and six company-owned units (including one seasonal unit). For additional information about Nathan's please visit our website at www.nathansfamous.com.
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.
Nathan's Famous, Inc.
Financial Highlights
Thirteen weeks ended
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(unaudited)
June 29, June 24,
2008 2007
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Total revenues from continuing operations $14,042,000 $12,739,000
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Income from continuing operations 1,355,000 1,408,000
Income from discontinued operations 2,467,000 1,744,000
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Net income $ 3,822,000 $ 3,152,000
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Basic income per share
Income from continuing operations $ 0.22 $ 0.23
Income from discontinued operations 0.40 0.29
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Net income $ 0.62 $ 0.52
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Diluted income per share
Income from continuing operations $ 0.21 $ 0.21
Income from discontinued operations 0.38 0.27
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Net income $ 0.59 $ 0.48
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Weighted-average shares used in computing
income per share
Basic 6,165,000 6,018,000
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Diluted 6,473,000 6,499,000
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SOURCE: Nathan's Famous, Inc.
Nathan's hot dogs and crinkle cut french fries were first sold in Coney Island, New York.