Business
Nathan's Famous, Inc. Reports First Quarter Results and Declares Quarterly Cash Dividend of $0.45 Per Share
JERICHO, N.Y., Aug. 05, 2022 (GLOBE NEWSWIRE) -- Nathan's Famous, Inc. (“Nathan’s”, the “Company”, “we”, “us” or “our”) (NASDAQ:NATH) today reported results
About this update from Nathan's Famous, Inc.
[{"type":"text","content":"JERICHO, N.Y., Aug. 05, 2022 (GLOBE NEWSWIRE) -- Nathan's Famous, Inc. (“Nathan’s”, the “Company”, “we”, “us” or “our”) (NASDAQ:NATH) today reported results for its first fiscal quarter ended June 26, 2022. For the thirteen-week period ended June 26, 2022 (“first quarter fiscal 2023”): Revenues were $39,720,000, as compared to $31,319,000 during the thirteen weeks ended June 27, 2021;Income from operations was $11,780,000, as compared to $10,702,000 during the thirteen weeks ended June 27, 2021;Adjusted EBITDA1, a non-GAAP financial measure, was $12,065,000, as compared to $11,061,000 during the thirteen weeks ended June 27, 2021;Income before provision for income taxes was $9,880,000, as compared to $8,104,000 during the thirteen weeks ended June 27, 2021;Net income was $7,137,000, as compared to $5,763,000 during the thirteen weeks ended June 27, 2021; andEarnings per diluted share was $1.74 per share, as compared to $1.40 per share during the thirteen weeks ended June 27, 2021. The Company also reported the following: License royalties increased to $11,314,000 during the first quarter fiscal 2023, as compared to $10,682,000 during the thirteen weeks ended June 27, 2021. During the first quarter fiscal 2023, royalties earned under the retail agreement, including the foodservice program, with John Morrell & Co., increased 6% to $10,450,000, as compared to $9,880,000 of royalties earned during the thirteen weeks ended June 27, 2021.In the Branded Product Program, which features the sale of Nathan’s hot dogs to the foodservice industry, sales increased by approximately $7,175,000 to $23,171,000 during the first quarter fiscal 2023, as compared to $15,996,000 for the thirteen weeks ended June 27, 2021. The volume of hot dogs sold by the Company increased by 29%. As the economy continues to reopen and travel continues to increase, our Branded Product Program customers, including professional sports arenas, amusement parks, shopping malls and movie theaters have experienced stronger attendance contributing to an increase in sales over the prior year comparable period. Our average selling price, which is partially correlated to the beef markets, increased by approximately 14% compared to the prior year period. Income from operations decreased by approximately $187,000 to $2,067,000 during the first quarter fiscal 2023, as compared to...