Net income for the quarter ended June 24, 2007 was $3,152,000 or $0.48 per diluted share as compared to $1,396,000 or $0.22 per diluted share for the quarter ended June 25, 2006.
Nathan's realized gains, net of tax, of $1,598,000 or $0.25 per diluted share during the fiscal 2008 period from the sale of certain leasehold interests in Florida and from the sale of its formerly wholly-owned subsidiary, Miami Subs Corporation. The total gains before income taxes were $2,489,000.
Income from continuing operations increased by $202,000 or 16.5% to $1,424,000 or $0.22 per diluted share for the quarter ended June 24, 2007 as compared to $1,222,000 or $0.19 per diluted share for the quarter ended June 25, 2006. Total revenue from continuing operations increased by 10.2% to $12,779,000 during the quarter ended June 24, 2007 as compared to $11,598,000 during the quarter ended June 25, 2006.
The Company also reported the following:
* The quarter ended June 24, 2007 was the 17th consecutive quarter in which quarterly profits from continuing operations have increased as compared to the same period of the prior year.
* The Branded Product Program, featuring the sale of Nathan's hot dogs to the foodservice industry, has continued to grow. Sales increased by 16.8% to $5,925,000 for the first quarter fiscal 2008 as compared to sales of $5,073,000 in the first quarter fiscal 2007.
* Revenues and operating profits from Nathan's company-owned restaurants, restaurant franchising, retail licensing and sales to our television marketer, increased by $203,000 or 3.2% and $475,000 or 16.0%, respectively, compared to the first quarter fiscal 2007.
Nathan's Famous, Inc.
Financial Highlights
Thirteen weeks ended
------------------------------
(unaudited)
June 24, 2007 June 25, 2006
-------------- --------------
Total revenues from continuing
operations $ 12,779,000 $ 11,598,000
============== ==============
Income from continuing operations 1,424,000 1,222,000
Income from discontinued operations 1,728,000 174,000
-------------- --------------
Net income $ 3,152,000 $ 1,396,000
============== ==============
Basic income per share
Income from continuing operations $ 0.24 $ 0.21
Income from discontinued operations 0.28 0.03
-------------- --------------
Net income $ 0.52 $ 0.24
============== ==============
Diluted income per share
Income from continuing operations $ 0.22 $ 0.19
Income from discontinued operations 0.26 0.03
-------------- --------------
Net income $ 0.48 $ 0.22
============== ==============
Weighted-average shares used in
computing
income per share
Basic 6,018,000 5,733,000
============== ==============
Diluted 6,499,000 6,316,000
============== ==============
