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Nathan's Famous reports year-end results
June 8, 2008
Westbury, N.Y. — Nathan's Famous Inc. has reported its fifth consecutive year of increased revenues and profits from continuing operations. The company's results for its fiscal year ended March 30, 2008, included an 11.7 percent increase in revenue from continuing operations to $4,849,000, or $0.75 per share, as compared to $4,341,000, or $0.68 per share, for last year.
Total revenue from continuing operations increased by 10.3 percent to $47,395,000 for the year ended March 30 as compared to $42,969,000 last year.Nathan's net income for the fiscal year increased by 18.3 percent to $6,555,000, or $1.01 per share, as compared to $5,543,000, or $0.87 per share, for 2007. During the current fiscal year, Nathan's realized gains from the sale of certain leasehold interests in Florida and from the sale of its formerly wholly-owned subsidiary, Miami Subs Corporation.
However, income from continuing operations for the final 14 weeks of the fiscal year was $774,000, or $.12 per share, as compared to $824,000, or $0.13 per share, in 2007. Net income during that same period was $752,000, or $0.12 per share, down from $1,242,000, or $0.19 per share, a year ago.
The company also reported that its Branded Product Program, featuring the sale of Nathan's hot dogs to the foodservice industry, has continued to grow over the prior fiscal year. Sales increased by 10.0 percent to $20,647,000 for the year ended March 30, 2008, as compared to sales of $18,774,000 for 2007.
Nathan's also created a new limited-menu "Frank & Fry" franchise program to enable qualified foodservice operators the ability to offer Nathan's hot dogs, crinkle-cut French fries and other Nathan's proprietary menu items. Nathan's opened 28 of these units during the fiscal year.
The Board of Directors authorized management to enter into a 10b5-1 trading plan to purchase shares of its common stock in order to effect Nathan's previously-announced stock buy-back program.
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