WESTBURY, N.Y.--(BUSINESS WIRE)-- Nathan's Famous, Inc. (NASDAQ:NATH) today reported results for the first quarter of its 2010 fiscal year that ended June 28, 2009.
For the quarter ended June 28, 2009, income from continuing operations increased by 15% to $1,563,000 or $0.27 per share, as compared to $1,355,000 or $0.21 per share for the quarter ended June 29, 2008. Total revenue from continuing operations increased to $14,232,000, as compared to $14,042,000 during the quarter ended June 29, 2008.
Eric Gatoff, Chief Executive Officer, said, "Our achievement of these positive operating results, especially in such a challenging economic environment, continues to reinforce the soundness of our business model and the dedication of everyone on the Nathan's Famous team."
Net income for the quarter was $1,563,000 or $0.27 per share, as compared to $3,822,000 or $0.59 per share for the quarter ended June 29, 2008, during which, Nathan's realized one-time gains, net of tax, of $2,462,000 or $0.38 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.
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 five foreign countries through its restaurant system, foodservice sales programs and retail licensing activities. The Nathan's restaurant system currently consists of 289 units, comprised of 284 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.
Nathan's Famous, Inc.
Thirteen weeks ended
June 28, 2009 June 29, 2008
Total revenues from continuing operations $ 14,232,000 $ 14,042,000
Income from continuing operations 1,563,000 1,355,000
Income from discontinued operations - 2,467,000
Net income $ 1,563,000 $ 3,822,000
Basic income per share
Income from continuing operations $ 0.28 $ 0.22
Income from discontinued operations 0.00 0.40
Net income $ 0.28 $ 0.62
Diluted income per share
Income from continuing operations $ 0.27 $ 0.21
Income from discontinued operations 0.00 0.38
Net income $ 0.27 $ 0.59
Weighted-average shares used in computing
income per share
Basic 5,612,000 6,165,000
Diluted 5,879,000 6,473,000
SOURCE: Nathan's Famous, Inc.