Revenues for the fourth quarter increased to $19,286,000, as compared to $19,053,000 during the 13 weeks ended March 27, 2016.
For the full year, net income increased 22.8 percent to $7,485,000, compared to $6,096,000 for the 52 weeks ended March 27, 2016. Earnings per diluted share for the full year increased to $1.78 per share, compared to $1.37 per share a year ago.
Revenue for the full year declined to$96,652,000, from $100,890,000 during the prior 52-week period.
Sales from Nathan’s Famous company-operated restaurants were $15,042,000 during the full year down from $16,664,000 reported for the comparable year-ago period. The company attributed the result primarily to lower sales at both Coney Island locations due to bad weather conditions during the fiscal 2017 period compared to the weather conditions during the fiscal 2016 period when the company reported record sales at both locations.
In the Branded Product Program, which includes sales of Nathan’s hot dogs to the foodservice industry, sales were $55,960,000 during fiscal 2017 compared to sales of $58,545,000 during fiscal 2016. “Income from operations of the Branded Product Program increased by approximately $1.9 million for the fiscal 2017 period over the fiscal 2016 period,” the company said. “During the period, the volume of hotdogs sold increased 4.6 percent but our average selling price declined by approximately 8.2 percent due to the impact of lower beef markets on that portion of our business sold using formula pricing.”
Fiscal 2017 revenue from franchise operations were $5,068,000 compared to $5,044,000 during fiscal 2016, Nathan’s reported. Total royalties were $4,290,000 in the fiscal 2017 period compared to $4,293,000 in the fiscal 2016 period. Total franchise fee income was $778,000 during fiscal 2017 compared to $751,000 during fiscal 2016.
Nathan’s Famous said 53 new franchised outlets opened during fiscal 2017, including 20 international locations and 26 Branded Menu Program outlets. Internationally, new Nathan’s restaurants opened in Australia, Panama, the Philippines, Malaysia, Turkey, Russia, Kazakhstan and Kyrgyzstan.