Nathan's Famous Inc. has reported revenues were up for the second quarter ended Sept. 27. Total revenue was up 3 percent to $14.9 million, compared to $14.5 million in the same period last year. Year to date, total revenue from continuing operations was up 2 percent to $29.1 million, compared to $28.6 million last year.
For the quarter, net income was up 16 percent to $2.2 million, compared to $1.9 million in the same period last year. Year to date, net income was down 35 percent at $3.7 million, compared to $5.7 million last year. The impact on net income was due to Nathan's realizing in the prior fiscal period the one-time gains, net of tax, of $2.5 million from the sale of its formerly wholly-owned subsidiary NF Roasters Corp. and additional consideration from the sale of its formerly wholly-owned subsidiary Miami Subs Corp.
Additional stock purchase
Nathan's also announced that its board of directors has authorized the purchase of up to an additional 500,000 shares of its common stock on behalf of the company. 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. To date, pursuant to prior share repurchase programs authorized by the board of directors, Nathan's has purchased 3.1 million shares of common stock at a cost of approximately $23.8 million.
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