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Nathan's Famous Q1 rises due to sell-off
August 10, 2008
WESTBURY, N.Y. — Nathan's Famous Inc. has reported a net gain for the first quarter of fiscal year 2009 ended June 29, 2008, primarily due to the sale of its formerly wholly-owned subsidiary, NF Roasters Corp.
Revenues for the quarter were $14 million, up 10 percent from $12.7 million reported in the same period last year.
The company realized $2.5 million from the sale of NF Roasters plus $250,000 from additional consideration from the sale of its formerly wholly-owned subsidiary, Miami Subs Corp., which was previously deemed contingent and not realized. The total of these gains before income taxes was $3.9 million.
Net income for the quarter was $3.8 million, compared to $3.2 million for the same quarter last year.
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