For the 26 weeks ended Sept. 25, net income was $3,865,000 or $0.75 per diluted share as compared to $1,811,000 or $0.32 per diluted share for the 26 weeks ended Sept. 26. Revenues increased by 16.0 percent to $37,015,000, as compared to revenues of $31,908,000 during the 26 weeks ended Sept. 26, 2010.
Sales from the Branded Product Program, featuring the sale of Nathan’s hot dogs to the foodservice industry, increased by 36.4 percent to $20,706,000 during the 26 weeks ended Sept. 25, as compared to sales of $15,184,000 during the 26 weeks ended Sept. 26, 2010.
Retail license royalties increased by 5.6 percent or $195,000 to $3,673,000 during the 26 weeks ended Sept. 25, 2011 as compared to $3,478,000 during the 26 weeks ended Sept. 26, 2010.
Tropical Storm Irene forced the closure of five company-owned restaurants for two days and negatively affected sales at franchised restaurants in the Northeast.
Thirty-five new franchised units were opened during the 26 weeks ended Sept. 25, including its first restaurant in Canada, third and fourth restaurants in China, fourth restaurant in the Dominican Republic and a fifteenth restaurant in Kuwait.
Nathan’s products are currently distributed in 50 states, the District of Columbia, Puerto Rico, the US Virgin Islands, Guam, the Cayman Islands and six foreign countries through its restaurant system, foodservice sales programs and product licensing activities. The Nathan’s restaurant system currently consists of 287 units, comprised of 282 franchised units and five company-owned units (including one seasonal unit).