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"The acquisition of Miami Subs has fueled unsurpassed first quarter results for Nathan's," said Wayne Norbitz, president and COO. "We've realized quarterly revenues of over $13 million and achieved net income of $745,000 making this our most profitable first quarter since going public in 1993."
Total revenues increased by 62.3% to $13,104,000 in the first quarter fiscal 2001 as compared to $8,074,000 in the first quarter fiscal 2000. Systemwide sales of our brands, including supermarket sales by the Company's hot dog licensee, increased by 99.3% to $77,430,000 for the thirteen weeks ended June 25, 2000, as compared to $38,850,000 for the thirteen weeks ended June 27, 1999.
Earnings before income taxes for the quarter ended June 25, 2000 increased by 54.4% to $1,251,000 as compared to $810,000 for the quarter ended June 27, 1999. Net earnings for the fiscal 2001 quarter were $745,000 or $0.11 per diluted share as compared to $469,000 or $0.10 per diluted share in the prior fiscal year.
Mr. Norbitz added, "We have continued integrating Miami Subs and Kenny Rogers Roasters into our company, as we initiated actions designed to improve our entire system's performance by capitalizing on our new economies of scale. We have begun to realize the benefits from our co-branding strategy within our company-owned restaurants and have begun making these opportunities available to our entire franchise community."
"It is also noteworthy to recognize that our Branded Product Program has rekindled its expansion, generating sales of approximately $1,184,000 during the first fiscal quarter as compared to $864,000 during last year's first fiscal quarter," concluded Norbitz. "Sales of our Nathan's products sold in supermarkets and club stores continue to result in year over year increases."
Today Nathan's Famous, Inc. consists of 29 company-owned units, 401 franchised or licensed units, and more than 1,000 Branded Product points of sale, located throughout forty-four states, the District of Columbia and sixteen foreign countries featuring the Nathan's, Miami Subs and Kenny Rogers Roasters brands.