Nathan's Famous Inc. has reported results for its fiscal year ended March 25.
Highlights include:
- Net income was $6.1 million, or $1.22 per diluted share, as compared to $2.2 million, or $0.40 per diluted share, for the 52 weeks ended March 27, 2011;
- Non-GAAP earnings after tax, which exclude the litigation expense from items described below, increased by 15.8 percent to $6.4 million, as compared to $5.6 million for the 52 weeks ended March 27, 2011;
- Non-GAAP earnings per share, which exclude the litigation expense from items described below, increased by 26.7 percent to $1.28 per diluted share as compared to $1.01 per diluted share for the 52 weeks ended March 27, 2011; and
- Revenues increased by 15.7 percent to $66.2 million as compared to revenues of $57.2 million during the 52 weeks ended March 27, 2011.
For the fiscal quarter ended March 25, net income was $1 million, or $0.23 per diluted share, as compared to $555,000 or $0.11 per diluted share for the 13 weeks ended March 27, 2011.
Revenues increased by 17.4 percent to $14.4 million as compared to revenues of $12.2 million during the 13 weeks ended March 27, 2011.
Additionally, the company's sales from its Branded Product Program, featuring the sale of Nathan's hot dogs to the foodservice industry, increased by 26.3 percent to $38.5 million during the fiscal year, compared to fiscal year 2011.
Gross profit was 19.6 percent of sales during the 52 weeks ended March 25, as compared to 22.6 percent of sales during the 52 weeks ended March 27, 2011, due primarily to the impact of higher beef costs on the Branded Product Program.
Forty-three Branded Menu Program units were open during the 52 weeks ended March 25, including 29 locations within K-Mart.
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