Nathan's Famous Inc. reported results for its fiscal year ended March 31, which included a net income increase of 21.3 percent.
Revenues for the year were up 8 percent, $71.5M for the 53 weeks ended March 31, as compared to $66.2M during the 52 weeks ended March 25, 2012.
For the fourth quarter, net income was up 43.7 percent, while revenues increased 3.9 percent.
Despite numbers in the black, the company was adversely affected by the October Hurricane Sandy storm, which forced the temporary closing of all of the company-owned restaurants. Seventy-eight franchised restaurants, including 18 Branded Menu locations, also closed for varying periods of time, one of which remains closed.
The flagship Coney Island restaurant incurred significant damage, and re-opened on May 20.
The company also reported the following:
- As previously disclosed, Nathan's entered into an agreement with John Morrell & Co, a subsidiary of Smithfield Foods Inc. to become Nathan's exclusive licensee to manufacture and sell branded hot dog, sausage and corned beef products at retail.
- Sales from the Branded Product Program, featuring the sale of Nathan's hot dogs to the foodservice industry, increased 12.2 percent on the year.
- Forty new franchised units were opened during the year, including the company's first two mobile trucks, first locations in Turkey and Mexico City, sixth restaurant in the Dominican Republic and 20 Branded Menu Program outlets.
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