Nathan’s Famous, Inc. (NASDAQ:NATH – News) today reported results for the third quarter of its 2009 fiscal year that ended Dec. 28, 2008.

For the quarter that ended Dec. 28, 2008, income from continuing operations was $857,000, as compared to $862,000 for the quarter that ended Dec. 23, 2007. Total revenue from continuing operations increased to $10,620,000, as compared to $10,241,000 during the quarter that ended Dec. 23, 2007. Net income for the quarter was $857,000 or $0.14 per share, as compared to $877,000 or $0.14 per share for the quarter ended Dec. 23, 2007.

For the thirty-nine weeks that ended Dec. 28, 2008, income from continuing operations was $4,071,000, as compared to $4,027,000 for the thirty-nine weeks that ended Dec. 23, 2007. Total revenue from continuing operations increased to $39,187,000 for the fiscal 2009 period, as compared to $37,001,000 during the fiscal 2008 period. Net income for the current thirty-nine week period was $6,538,000, or $1.04 per share, as compared to $5,803,000 or $0.89 per share for the fiscal 2008 period.

During the fiscal 2009 period, Nathan’s realized gains, net of tax, of $2,462,000 or $0.39 per diluted share from the sale of its formerly wholly-owned subsidiary, NF Roasters Corporation and from 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 at the time of sale. The total of these gains before income taxes was $3,906,000.

During the fiscal 2008 period, 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.

During the fiscal 2009 period, Nathan’s repurchased 589,793 shares of its common stock pursuant the stock buy-back programs adopted by its Board of Directors on Nov. 5, 2007 and November 13, 2008. Additionally, Nathan’s completed the 10b-5 trading plan adopted on June 11, 2008 for the purpose of effecting the November 2007 stock buy-back program.

There are 410,207 shares remaining to be repurchased under the November 2008 stock buy-back program. In connection with this plan, Nathan’s adopted and entered into a new 10b-5 trading plan on Feb. 5, 2009.