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Nathan's Famous, Inc. Reports First Quarter Results

Stocks in this article: NATH

Nathan's Famous, Inc. (NASDAQ:NATH) today reported results for the first quarter of its 2012 fiscal year that ended June 26, 2011.

For the fiscal quarter ended June 26, 2011:

  • Net income was $1,596,000 or $0.31 per diluted share as compared to $1,660,000 or $0.29 per diluted share for the thirteen weeks ended June 27, 2010;
  • Earnings before income taxes increased by 2.9% to $2,591,000 as compared to $2,517,000 for the thirteen weeks June 27, 2010;
  • Non-GAAP earnings, which exclude the litigation expense items described below, were $1,666,000 or $0.32 per diluted share; and
  • Revenues increased by 14.5% to $17,897,000, as compared to $15,626,000 during the thirteen weeks ended June 27, 2010.

The Company also reported the following:

  • Sales from the Branded Product Program, featuring the sale of Nathan’s hot dogs to the foodservice industry, increased by 29.2% to $10,140,000 during the thirteen weeks ended June 26, 2011 as compared to sales of $7,850,000 during the thirteen weeks ended June 27, 2010.
  • Retail license royalties increased by 9.3% or $168,000 to $1,967,000 during the thirteen weeks ended June 26, 2011 as compared to $1,799,000 during the thirteen weeks ended June 27, 2010.
  • Revenues from franchise operations increased by 14.3% or $180,000 to $1,435,000 during the thirteen weeks ended June 26, 2011 as compared to $1,255,000 during the thirteen weeks ended June 27, 2010. Fourteen new franchised units were opened during the thirteen weeks ended June 26, 2011, including our first restaurant in Alberta, Canada, third restaurant in Beijing, China, fourth restaurant in the Dominican Republic and fifteenth restaurant in Kuwait.
  • Gross profit was 18.7% of sales as compared to 23.2% of sales during the thirteen weeks ended June 27, 2010 due primarily to unusually high beef costs.
  • The effective tax rate of 38.4% is approximately 4.4% higher than for the thirteen weeks ended June 27, 2010 when we resolved uncertain tax positions, reversing $79,000 of prior period accruals.
  • During the thirteen weeks ended June 26, 2011, we continued our stock repurchase programs, acquiring 31,569 shares at a total cost of approximately $573,000.

As previously described with respect to our litigation with SMG, on April 7, 2011, the Court entered a stipulation and order which granted a stay of enforcement of the final judgment which is in the amount of approximately $4,910,000.

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