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Nathan's Famous, Inc. Reports Year End Results |
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Net income for the fifty-two weeks ended March 25, 2007 was $5,543,000 or $0.87 per diluted share as compared to $5,677,000 or $0.87 per diluted share for the fifty-two weeks ended March 26, 2006. |
Nathan's realized gains of $400,000 and $2,919,000, during the 2007 and 2006 periods, respectively, from the sale of a previously owned vacant parcel of land and adjacent leasehold interest. The effects of these gains, net of tax, were $239,000 or $0.04 per diluted share, during the fifty-two weeks ended March 25, 2007 and $1,785,000 or $0.27 per diluted share, respectively, during the fifty-two weeks ended March 26, 2006.
Earnings from continuing operations increased by 34.2% to $5,208,000 or $0.82 per diluted share for the fifty-two weeks ended March 25, 2007 as compared to $3,881,000 or $0.59 per diluted share for the fifty-two weeks ended March 26, 2006. Total revenue from continuing operations increased by 10.9% to $45,730,000 during the fifty-two weeks ended March 25, 2007 as compared to $41,249,000 during the fifty-two weeks ended March 26, 2006.
Net income for the thirteen weeks ended March 25, 2007 was $1,242,000 or $0.19 per diluted share as compared to $630,000 or $0.10 per diluted share for the thirteen weeks ended March 26, 2006.
Earnings from continuing operations increased by 111.0% to $1,226,000 or $0.19 per diluted share for the thirteen weeks ended March 25, 2007 as compared to $581,000 or $0.09 per diluted share for the thirteen weeks ended March 26, 2006. Total revenue from continuing operations increased by 12.2% to $9,868,000 during the thirteen weeks ended March 25, 2007 as compared to $8,794,000 during the thirteen weeks ended March 26, 2006.
The Company also reported the following:
-- During the fiscal year ended March 25, 2007, profits from continuing operations have been the highest since the Company's 1993 Initial Public Offering. The quarter ended March 25, 2007 was the sixteenth consecutive quarter in which quarterly profits from continuing operations have increased as compared to the same period of the prior year.
-- The Branded Product Program, featuring the sale of Nathan's hot dogs to the foodservice industry, has continued its growth. Sales increased by 13.9% to $18,774,000 during the fifty-two weeks ended March 25, 2007 as compared to sales of $16,476,000 during the fifty-two weeks ended March 26, 2006. Sales increased by 11.3% to $4,054,000 during the thirteen weeks ended March 25, 2007 as compared to sales of $3,644,000 during the thirteen weeks ended March 26, 2006.
-- Revenues from all other Nathan's operating profit centers, including company-owned restaurants, restaurant franchising, retail licensing, and sales to its television marketer, increased by a total of $2,387,000 or 10.1% during the fifty-two weeks ended March 25, 2007 as compared to the fifty-two weeks ended March 26, 2006 and $725,000 or 15.0% during the thirteen weeks ended March 25, 2007 as compared to the thirteen weeks ended March 26, 2006.
-- Nathan's incurred new administrative expenses during the fifty-two weeks ended March 25, 2007 of $295,000 in connection with the adoption of a new accounting standard requiring that the fair value of options granted be charged against earnings, $172,000 in connection with professional services associated with its preparations to comply with the Sarbanes-Oxley Section 404 requirements and severance expense of $73,000.
About Nathan's Famous
Nathan's products are distributed in 49 states, the District of Columbia and 14 foreign countries through its restaurant system, Branded Product Program and retail licensing activities. At June 21, 2007, the Nathan's restaurant system consisted of 293 franchised or licensed units and six company-owned units (including one seasonal unit) featuring the Nathan's and Kenny Rogers Roasters brands.
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