"The acquisition of Miami Subs continues to contribute to unparalleled performance for Nathan's," says Wayne Norbitz, president and COO. "It's resulted in our highest semi-annual revenues of almost $26 million.''
Total revenues increased by 59.4% to $25,971,000 for the twenty-six weeks ended September 24, 2000 as compared to $16,293,000 for the twenty-six weeks ended September 26, 1999. Systemwide sales of our brands, including supermarket sales by the Company's hot dog licensee, increased by 117.7% to $142,898,000 for the twenty-six weeks ended September 24, 2000, as compared to $65,653,000 for the twenty-six weeks ended September 26, 1999.
Earnings before income taxes for the two quarters ended September 24, 2000 increased by 53.2% to $2,782,000 as compared to $1,816,000 for the two quarters ended September 26, 1999. Net earnings for the fiscal 2001 period were $1,678,000 or $0.24 per diluted share as compared to $1,085,000 or $0.23 per diluted share in the prior fiscal year.
During the second quarter of fiscal 2001, total revenues increased by 56.6% to $12,867,000 as compared to $8,219,000 during the second quarter of fiscal 2000. Earnings before income taxes for the quarter ended September 24, 2000 increased by 52.2% to $1,531,000 as compared to $1,006,000 for the quarter ended September 26, 1999. Net earnings for the fiscal 2001 quarter were $933,000 or $0.13 per diluted share as compared to $616,000 or $0.13 per diluted share in the prior fiscal year.
"We are continuing to integrate Miami Subs and Kenny Rogers Roasters into our company, and take actions designed to improve our entire system's performance by capitalizing on our new economies of scale," Norbitz added. "We are also continuing to realize the benefits from our co-branding strategy within our company-owned restaurants and to make these opportunities available to our entire franchise community.''
Mr. Norbitz concluded, "It is also noteworthy to recognize that our Branded Product Program has rekindled its expansion, generating sales of approximately $2,513,000 during the fiscal 2001 period as compared to $1,622,000 during last year's same fiscal period and that 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 28 company-owned units, 395 franchised or licensed units, and more than 1,100 Branded Product points of sale, located throughout forty-two states, the District of Columbia and sixteen foreign countries featuring the Nathan's, Miami Subs and Kenny Rogers Roasters brands.