Nathan's Famous, Inc. Announces Additional Stock Purchase Program for 500,000 Shares
Nathan's Famous, Inc. (NASDAQ:NATH) today announced that its Board of Directors authorized the purchase of up to 500,000 shares of its common stock on behalf of the Company.
Nathan's separately announced that it entered into an agreement pursuant to which it acquired 238,129 of the shares authorized to be purchased under the stock purchase program. Additional 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, Nathan's has acquired an aggregate approximately 2,930,000 shares of common stock at a cost of approximately $21,806,000 under all of its stock repurchase programs.
Nathan's products are currently distributed in 50 states, the District of Columbia and four foreign countries through its restaurant system, Branded Product Program and retail licensing activities. The Nathan's restaurant system currently consists of 253 units, comprised of 248 franchised or licensed units and five company-owned units (including one seasonal unit).
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