Nathan's Famous second-quarter net income, sales up

by Bryan Salvage
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WESTBURY, N.Y.— Nathan's Famous Inc. announced for the second quarter of its 2010 fiscal year that ended Sept. 27, 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 Sept. 28, 2008. Total revenue increased to $14,896,000, as compared to $14,525,000 during the quarter ended Sept. 28, 2008.

For the 26 weeks ended Sept. 27, 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 26 weeks ended Sept. 28, 2008. Total revenue from continuing operations increased to $29,128,000, as compared to $28,567,000 during the 26 weeks ended Sept. 28, 2008.

Net income for the 26 weeks ended Sep. 27 was $3,726,000 or $0.65 per share, as compared to $5,681,000 or $0.89 per share for the 26 weeks ended Sept. 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 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.

To date, 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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