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Sale of NF Roasters boosts Nathan's Famous annual net
June 11, 2009
WESTBURY, N.Y. — Nathan's Famous Inc. has reported its sixth consecutive year of increased revenues and profits from continuing operations for its fiscal year ended March 29.
Revenue for the fourth quarter was $10 million, down 2 percent compared to $10.2 million in the same period last year. For the year, revenue increased by 4.2 percent to $49.2 million as compared to $47.2 million the prior year.
Net income for the quarter was $944,000, up 25.5 percent compared to $752,000 in the same period last year. For the year, net income was up 14.1 percent to $7.5 million compared to $6.6 million in the prior year.
During the year, Nathan's realized gains 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., of $250,000, which was previously deemed contingent and not realized. The total of these gains before income taxes was $3.9 million.
During the previous year, Nathan's realized gains, net of tax, of $1.6 million from the sale of certain leasehold interests in Florida and from the sale of its formerly wholly-owned subsidiary, Miami Subs Corp. The total gain before income taxes was $2.5 million.
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