Nathan’s Famous, Inc. (NASDAQ: NATH) today released financial information for the first half of fiscal 2003 covering the twenty-six weeks ended September 29, 2002.
Total revenues were $21,626,000, down 8.6% from the same period in 2001. Net loss for the period was $11,882,000, or $1.91 per share, as compared to net income of $1,616,000, or $0.23 per share, in the comparable prior period. Systemwide sales including supermarket sales of Nathan’s branded hot dogs were down 9.57% at $130,183,000.
Income was affected by a change in accounting resulting from Nathan’s adopting SFAS No. 142 “Accounting for Goodwill and Other Intangibles” in the first quarter of fiscal 2003. Income before the cumulative effect of the change was $456,000 or $0.07 per share for the twenty-six weeks ended September 29, 2002.
Fewer company-owned restaurants operating during fiscal 2003 led to lower revenues by approximately $1,661,000 and lower restaurant operating profits by approximately $74,000.
On the up side, the branded product program, featuring the sale of Nathan’s hot dogs to the foodservice industry, has continued to grow, generating sales of approximately $3,482,000 during the fiscal 2003 period as compared to $2,491,000 during the fiscal 2002 period.