MIAMI ( TheStreet) --- It looks like the King fell off his throne a bit in its fiscal first quarter. Burger King Holdings ( BKC), the nation's second-ranked burger joint behind McDonald's ( MCD - Get Report), said the economic recession took a big bite out of its top and bottom lines. Net income fell to $46.6 million, or 34 cents a share, from $49.8 million, or 36 cents a share, in the year-earlier quarter. Sales dropped 5% to $636.9 million from $673.5 million. Wall Street expected the company to produce earnings of 37 cents a share on the back of $652.8 million in revenue, according to Thomson Reuters. Looking ahead, Burger King Chairman and CEO John Chidsey said in a statement that the company will continue on its strategic plan, though it anticipates that "the unpredictable consumer environment will persist" in the 2010 fiscal year. -- Written by Sung Moss in New York Follow TheStreet.com on Twitter and become a fan on Facebook.