Nathan's Famous bounces back from Hurricane Sandy
JERICHO, NY – Nathan's Famous Inc. reported income of $1.56 million, or 34 cents per share, for the quarter ended March 31, 2013. This represents an increase from $1.08 million, or 23 cents per share in the comparable year-ago quarter.
Revenues improved 3.9 percent to $14.98 million compared to $14.41 million in 2012.
Net income for the year advanced 21.3 percent to $7,468,000 compared to $6,158,000 for the fifty-two weeks ended March 25, 2012.
“On Oct. 29, 2012, Hurricane Sandy struck the Northeastern United States, which forced the temporary closing of all of the company-owned restaurants,” the company said. “Seventy-eight franchised restaurants, including 18 branded menu locations, also closed for varying periods of time, one of which remains closed. Our company-owned restaurant in Oceanside, NY was closed for approximately two weeks. The new Coney Island Boardwalk restaurant sustained minor damage and re-opened on March 18, 2013. Our flagship Coney Island restaurant incurred significant damage, and re-opened on May 20, 2013.
“On Nov. 25, 2012, we closed the company-owned restaurant in Yonkers, NY which was demolished as a part of a redevelopment of the property which will include a new Nathan's company-owned restaurant that we anticipate opening in Dec. 2013.”
Sales from the company’s Branded Product Program to the foodservice industry increased 12.2 percent to $43,214,000 during the year ended March 31, 2013, compared to sales of $38,507,000 during the comparable period in 2012.
Five company-owned restaurants reported sales of $13,403,000 for the year, compared to $13,208,000 during 2012.
Revenues from franchise operations climbed to $5,782,000 for the year compared to $5,586,000 during 2012. In 2013, 40 new franchised units opened, including the company’s first two mobile trucks, two new locations in Turkey and Mexico City, a sixth restaurant in the Dominican Republic and 20 Branded Menu Program outlets.