Nathan's Famous, Inc. Reports Second Quarter Results

Nathan's Famous, Inc. (NASDAQ:NATH) 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.

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