Nathan's Famous, Inc. Reports Second Quarter Results
http://www.businesswire.com/news/home/20091104006391/en
Authorizes 500,000 Share Buy-Back
WESTBURY, N.Y.--(Business Wire)--
Nathan's Famous, Inc. (NASDAQ:NATH) today reported results for the second
quarter of its 2010 fiscal year that ended September 27, 2009.
For the quarter ended September 27, 2009, net income increased by 16.4% to
$2,163,000 or $0.39 per share, as compared to $1,859,000 or $0.29 per share for
the quarter ended September 28, 2008. Total revenue increased to $14,896,000, as
compared to $14,525,000 during the quarter ended September 28, 2008.
For the twenty-six weeks ended September 27, 2009, income from continuing
operations increased by 15.9% to $3,726,000 or $0.65 per share, as compared to
$3,214,000 or $0.50 per share for the twenty-six weeks ended September 28, 2008.
Total revenue from continuing operations increased to $29,128,000, as compared
to $28,567,000 during the twenty-six weeks ended September 28, 2008.
Net income for the twenty-six weeks ended September 27, 2009, was $3,726,000 or
$0.65 per share, as compared to $5,681,000 or $0.89 per share for the twenty-six
weeks ended September 28, 2008. During the prior fiscal period, Nathan`s
realized one-time gains, net of tax, of $2,462,000 or $0.39 per 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.
Nathan`s also announced that its Board of Directors has authorized the purchase
of up to an additional 500,000 shares of its common stock on behalf of the
Company. Purchases will be made from time to time, depending on market
conditions, in open market or privately negotiated transactions, at prices
deemed appropriate by management. There is no set time limit on the repurchases.
To date, pursuant to prior share repurchase programs authorized by the Board of
Directors, Nathan`s has purchased a total of 3,084,302 shares of common stock at
a cost of approximately $23,817,000.
About Nathan`s Famous
Nathan`s products are currently distributed in 50 states, the District of
Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, the Cayman Islands and
four foreign countries through its restaurant system, foodservice sales programs
and retail licensing activities. The Nathan`s restaurant system currently
consists of 287 units, comprised of 280 franchised or licensed units and seven
company-owned units (including one seasonal unit). For additional information
about Nathan`s please visit our website at www.nathansfamous.com.
Except for historical information contained in this news release, the matters
discussed are forward looking statements that involve risks and
uncertainties.Words such as "anticipate", "believe", "estimate", "expect",
"intend", and similar expressions identify forward-looking statements, which are
based on the current belief of the Company`s management, as well as assumptions
made by and information currently available to the Company`s management.Among
the factors that could cause actual results to differ materially are the
following: the effect of business and economic conditions; the impact of
competitive products and pricing; the ability to obtain an adequate supply of
beef and other food products at competitive prices; capacity; the regulatory and
trade environment; and the risk factors reported from time to time in the
Company`s SEC reports. The Company does not undertake any obligation to update
such forward-looking statements.
Nathan's Famous, Inc.
Financial Highlights
Thirteen weeks ended
(unaudited)
Sept. 27, 2009 Sept. 28, 2008
Total revenues $ 14,896,000 $ 14,525,000
Net income $ 2,163,000 $ 1,859,000
Basic income per share
Net income $ 0.40 $ 0.31
Diluted income per share
Net income $ 0.39 $ 0.29
Weighted-average shares used in computing
income per share
Basic 5,420,000 5,984,000
Diluted 5,594,000 6,309,000
Nathan's Famous, Inc.
Financial Highlights
Twenty-six weeks ended
(unaudited)
Sept. 27, 2009 Sept. 28, 2008
Total revenues from continuing operations $ 29,128,000 $ 28,567,000
Income from continuing operations 3,726,000 3,214,000
Income from discontinued operations -0- 2,467,000
Net income $ 3,726,000 $ 5,681,000
Basic income per share
Income from continuing operations $ 0.68 $ 0.53
Income from discontinued operations 0.00 0.41
Net income $ 0.68 $ 0.94
Diluted income per share
Income from continuing operations $ 0.65 $ 0.50
Income from discontinued operations 0.00 0.39
Net income $ 0.65 $ 0.89
Weighted-average shares used in computing
income per share
Basic 5,516,000 6,075,000
Diluted 5,737,000 6,391,000
Nathan's Famous, Inc.
Ronald G. DeVos, 516-338-8500 ext. 229
Vice President - Finance and CFO
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