Nathan's Famous net income, sales up in third quarter

by Bryan Salvage
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WESTBURY, N.Y. — Nathan's Famous Inc. announced for the third quarter of its 2010 fiscal year ending Dec. 27 that net income increased by 22.8% to $1,052,000 or $0.19 per diluted share, as compared to $857,000 or $0.14 per diluted share for the same quarter ending one year earlier.

Total revenue increased to $11,224,000, compared to $10,620,000 during the same year-earlier quarter.

Net income for the thirty-nine weeks ended Dec. 27, was $4,778,000 or $0.84 per diluted share, as compared to $6,538,000 or $1.04 per diluted share for the 39 weeks ended Dec. 28, 2008. During the prior fiscal period, Nathan’s realized one-time gains, net of tax, of $2,462,000 or $0.39 per diluted 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.

For the thirty-nine weeks ended Dec. 27, 2009, income from continuing operations increased by 17.4% to $4,778,000 or $0.84 per diluted share, as compared to $4,071,000 or $0.65 per diluted share for the thirty-nine weeks ended Dec. 28, 2008. Total revenue from continuing operations increased to $40,352,000, as compared to $39,187,000 during the thirty-nine weeks ended Dec. 28, 2008.

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