Westbury, N.Y.--(BUSINESS WIRE)--Nathan's Famous, Inc. (NASDAQ:NATH) today reported results for the second quarter of its 2009 fiscal year that ended September 28, 2008.
For the quarter ended September 28, 2008, income from continuing operations increased by 5.8% to $1,859,000, as compared to $1,757,000 for the quarter ended September 23, 2007. Total revenue from continuing operations increased by 3.6% to $14,525,000, as compared to $14,021,000 during the quarter ended September 23, 2007.
Net income for the quarter was $1,859,000 or $0.29 per share, as compared to $1,774,000 or $0.27 per share for the quarter ended September 23, 2007.
For the twenty-six weeks ended September 28, 2008, ("fiscal 2009 period") income from continuing operations increased by 1.5% to $3,214,000, as compared to $3,165,000 for the twenty-six weeks ended September 23, 2007 ("fiscal 2008 period"). Total revenue from continuing operations increased by 6.8% to $28,567,000 for the fiscal 2009 period, as compared to $26,760,000 during the fiscal 2008 period.
Net income for the current twenty-six week period was $5,681,000 or $0.89 per share, as compared to $4,926,000 or $0.75 per share for the fiscal 2008 period.
During the fiscal 2009 period, Nathan's realized gains, net of tax, of $2,462,000 or $0.39 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 fiscal 2008 period, Nathan's realized gains, net of tax, of $1,598,000 or $0.24 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.
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 241 units, comprised of 235 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
-------------------------------
(unaudited)
Sept. 28, 2008 Sept. 23, 2007
-------------- --------------
Total revenues from continuing
operations $ 14,525,000 $ 14,021,000
============== ==============
Income from continuing operations 1,859,000 1,757,000
Income from discontinued operations 0 17,000
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Net income $ 1,859,000 $ 1,774,000
============== ==============
Basic income per share
Income from continuing operations $ 0.31 $ 0.29
Income from discontinued operations 0.00 0.00
-------------- --------------
Net income $ 0.31 $ 0.29
============== ==============
Diluted income per share
Income from continuing operations $ 0.29 $ 0.27
Income from discontinued operations 0.00 0.00
-------------- --------------
Net income $ 0.29 $ 0.27
============== ==============
Weighted-average shares used in
computing
income per share
Basic 5,984,000 6,119,000
============== ==============
Diluted 6,309,000 6,562,000
============== ==============
Nathan's Famous, Inc.
Financial Highlights
Twenty-six weeks ended
-------------------------------
(unaudited)
Sept. 28, 2008 Sept. 23, 2007
-------------- --------------
Total revenues from continuing
operations $ 28,567,000 $ 26,760,000
============== ==============
Income from continuing operations 3,214,000 3,165,000
Income from discontinued operations 2,467,000 1,761,000
-------------- --------------
Net income $ 5,681,000 $ 4,926,000
============== ==============
Basic income per share
Income from continuing operations $ 0.53 $ 0.52
Income from discontinued operations 0.41 0.29
-------------- --------------
Net income $ 0.94 $ 0.81
============== ==============
Diluted income per share
Income from continuing operations $ 0.50 $ 0.48
Income from discontinued operations 0.39 0.27
-------------- --------------
Net income $ 0.89 $ 0.75
============== ==============
Weighted-average shares used in
computing
income per share
Basic 6,075,000 6,069,000
============== ==============
Diluted 6,391,000 6,530,000
============== ==============
CONTACT: Nathan's Famous, Inc.
Ronald G. DeVos, 516-338-8500 ext. 229
Vice President - Finance and CFO
SOURCE: Nathan's Famous, Inc.
Nathan's hot dogs and crinkle cut french fries were first sold in Coney Island, New York.