Nathan’s Famous, Inc. (NASDAQ:NATH – News) today reported results for the first quarter of its 2009 fiscal year that ended June 29, 2008.
Income from continuing operations was $1,355,000 or $0.21 per diluted share for the quarter ended June 29 as compared to $1,408,000 or $0.21 per diluted share for the quarter ended June 24, 2007. Total revenue from continuing operations increased by 10.2 percent to $14,042,000 during the quarter ended June 29 as compared to $12,739,000 during the quarter ended June 24, 2007.
Net income for the quarter ended June 29 was $3,822,000 or $0.59 per diluted share as compared to $3,152,000 or $0.48 per diluted share for the quarter ended June 24, 2007.
During the current fiscal year, Nathan’s realized gains, net of tax, of $2,462,000 or $0.38 per diluted share from the sale of its formerly wholly-owned subsidiary, NF Roasters Corporation and additional consideration from the sale of its formerly wholly-owned subsidiary, Miami Subs Corporation of $250,000 which was previously deemed contingent and not realized. The total of these gains before income taxes was $3,906,000.
During the previous fiscal year, Nathan’s realized gains, net of tax, of $1,598,000 or $0.25 per diluted share from the sale of certain leasehold interests in Florida and from the sale of its formerly wholly-owned subsidiary, Miami Subs Corporation. The total gains before income taxes were $2,489,000.
The company also reported the following:
* The Branded Product Program, featuring the sale of Nathan’s hot dogs to the foodservice industry, has continued to grow. Sales increased by 11.7 percent to $6,618,000 for the first quarter fiscal 2009 as compared to sales of $5,925,000 in the first quarter fiscal 2008.
* Revenues and operating profits from Nathan’s company-owned restaurants, restaurant franchising, retail licensing and sales to our television marketer, increased by $599,000 or 9.1 percent and $133,000 or 3.9 percent, respectively, compared to the first quarter fiscal 2008.
* Nathan’s repurchased 189,688 shares of its common stock through July 31, 2008, pursuant to the authorization granted by its board of directors’ on November 5, 2007.
