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Nathan's Famous reports 7th straight year of revenue growth
June 10, 2010
Nathan's Famous Inc. has reported another good year, the company's seventh consecutive year of increased revenues and profits from continuing operations. The fiscal year ended March 28 and income from continuing operations increased by 12.3 percent to $5.6 million, or $0.97 per share.
During the fourth quarter, total revenue from continuing operations increased by 4.8 percent to $10.5 million, as compared to $10.04 million in the same period last year. For the year, total revenue from continuing operations was up 3.4 percent to $50.9 million for the year compared to $49.2 million last year.
Net income for the quarter was down 16 percent at $791,000, or $0.14 per share, compared to $944,000, or $0.16 per share, in the same period last year. For the year, net income was down 25 percent at $5.6 million, or $0.97 per share, compared to $7.5 million, $1.21 per share, last year due to the prior fiscal year's realization of gains of $2.5 million, or $0.41 per share, 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. of $250,000, which was previously deemed contingent and not realized. The total of these gains before income taxes was $3.9 million.
Nathan's Famous did not report same-store sales results.
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