JERICHO, N.Y. - March 14, 2016 // PRNewswire // - Nathan's Famous, Inc. (the "Company") (NASDAQ: NATH) announced today that on March 11, 2016, the Company's Board of Directors authorized the Company to purchase up to an additional 200,000 shares of common stock pursuant to an amendment to the Company's Sixth Securities Repurchase Plan. Purchases will be made from time to time, depending on market conditions, in open market or privately negotiated transactions, at prices deemed appropriate by management. There is no set time limit on the repurchases. After giving effect to the increase in the number of shares, an aggregate of Two Hundred Ninety One Thousand Seventy Four (291,074) shares of common stock remain available for purchase under the Company's Sixth Securities Repurchase Program. To date, pursuant to all share repurchase programs authorized by the Board of Directors, the Company has purchased a total of Five Million Ninety Six Thousand Five Hundred Fifty Seven (5,096,557) shares of Common Stock at a cost of approximately $76,022,000.
The Company has also entered into a 10b5-1 plan with Mutual Securities, Inc. ("MSI") pursuant to which MSI has been authorized on the Company's behalf to purchase shares of the Company's common stock. A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under the securities laws or because of self-imposed trading blackout periods. Because the repurchases under the plan are subject to pricing parameters, there is no guarantee as to the exact number of shares that will be repurchased under the plan, or that there will be any repurchases pursuant to the plan.
Nathan's currently distributes its products in 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, and nine foreign countries through its restaurant system, foodservice sales programs and product licensing activities. Last year, over 500 million Nathan's Famous hot dogs were sold. Nathan's was ranked #22 on the Forbes 2014 list of the Best Small Companies in America and was listed as the Best Small Company in New York State in October 2013. 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 Nathan's management, as well as assumptions made by and information currently available to Nathan's management. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the risks and factors identified from time to time in Nathan's filings with the SEC. You are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Nathan's does not undertake any obligation to update such forward-looking statements.
SOURCE Nathan's Famous, Inc.
Ronald G. DeVos
Finance and CFO
(516) 338-8500 ext. 229