Financial Press Release
| Nathan's Famous, Inc. Reports Third Quarter Results |
WESTBURY, N.Y.--(BUSINESS WIRE)--Feb. 1, 2008--Nathan's Famous, Inc. (NASDAQ:NATH) today reported results for the thirteen and thirty-nine week periods ended December 23, 2007. For the quarter ended December 23, 2007, income from continuing operations increased by 7.0% to $877,000, or $.014 per share as compared to $820,000 or $0.13 per share for the quarter ended December 24, 2006. This represents Nathan's nineteenth consecutive quarter of increased profits from continuing operations, as compared to the same period for the prior year. Total revenue from continuing operations increased by 4.1% to $10,280,000, as compared to $9,876,000 during the quarter ended December 24, 2006. Net income for the quarter was $877,000 or $0.14 per share, as compared to $1,061,000 or $0.17 per share for the quarter ended December 24, 2006. Discontinued operations for the quarter ended December 24, 2006 was $241,000 or $0.04 per share. For the thirty-nine weeks ended December 23, 2007, income from continuing operations increased by 15.8% to $4,075,000, as compared to $3,518,000 for the thirty-nine weeks ended December 24, 2006. Total revenue from continuing operations increased by 9.2% to $37,121,000, as compared to $34,008,000 during the thirty-nine weeks ended December 24, 2006. Net income for the current thirty-nine week period was $5,803,000 or $0.89 per share, as compared to $4,301,000 or $0.68 per share for the thirty-nine weeks ended December 24, 2006. During the current year's period, Nathan's realized gains from the sale of certain leasehold interests in Florida and from the sale of its formerly wholly-owned subsidiary, Miami Subs Corporation. These gains amounted to $2,489,000 before tax and $1,598,000 after tax. During the thirty-nine weeks ended December 24, 2006, Nathan's realized a one-time gain relating to the sale of a leasehold interest in the amount of $400,000 before tax and $239,000 after tax or $0.04 per share.
About Nathan's Famous Nathan's products are distributed in 50 states, the District of Columbia and 14 foreign countries through its restaurant system, Branded Product Program and retail licensing activities. At December 23, 2007, the Nathan's restaurant system consisted of 324 units, consisting of 318 franchised or licensed units and six company-owned units (including one seasonal unit) featuring the Nathan's and Kenny Rogers Roasters brands. For additional information about Nathan's or Kenny Rogers Roasters please visit our Web site 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
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(unaudited)
Dec. 23, 2007 Dec. 24, 2006
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Total revenues from continuing operations $ 10,280,000 $ 9,876,000
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Income from continuing operations 877,000 820,000
Income from discontinued operations 0 241,000
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Net income $ 877,000 $ 1,061,000
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Basic income per share
Income from continuing operations $ 0.14 $ 0.14
Income from discontinued operations 0.00 0.04
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Net income $ 0.14 $ 0.18
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Diluted income per share
Income from continuing operations $ 0.14 $ 0.13
Income from discontinued operations 0.00 0.04
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Net income $ 0.14 $ 0.17
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Weighted-average shares used in computing
income per share
Basic 6,092,000 5,892,000
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Diluted 6,492,000 6,401,000
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Nathan's Famous, Inc.
Financial Highlights
Thirty-nine weeks ended
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(unaudited)
Dec. 23, 2007 Dec. 24, 2006
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Total revenues from continuing operations $ 37,121,000 $ 34,008,000
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Income from continuing operations 4,075,000 3,518,000
Income from discontinued operations 1,728,000 783,000
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Net income $ 5,803,000 $ 4,301,000
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Basic income per share
Income from continuing operations $ 0.67 $ 0.61
Income from discontinued operations 0.29 0.13
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Net income $ 0.96 $ 0.74
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Diluted income per share
Income from continuing operations $ 0.63 $ 0.56
Income from discontinued operations 0.26 0.12
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Net income $ 0.89 $ 0.68
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Weighted-average shares used in computing
income per share
Basic 6,076,000 5,799,000
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Diluted 6,518,000 6,311,000
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CONTACT: Nathan's Famous, Inc. SOURCE: Nathan's Famous, Inc. |