Business
Nathan's Famous, Inc. Reports Third Quarter Results and Increases its Quarterly Cash Dividend to $0.50 Per Share
JERICHO, N.Y., Feb. 02, 2023 (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., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Nathan's Famous, Inc. (“Nathan’s”, the “Company”, “we”, “us” or “our”) (NASDAQ:NATH) today reported results for its third fiscal quarter ended December 25, 2022. For the fiscal quarter ended December 25, 2022: Revenues increased by 1% to $26,154,000 as compared to $25,913,000 during the thirteen weeks ended December 26, 2021;Income from operations was $6,332,000 as compared to $5,613,000 during the thirteen weeks ended December 26, 2021;Adjusted EBITDA1, a non-GAAP financial measure, was $6,899,000 as compared to $5,907,000 during the thirteen weeks ended December 26, 2021;Income before provision for income taxes was $4,486,000 as compared to $2,990,000 during the thirteen weeks ended December 26, 2021;Net income was $3,263,000 as compared to $2,130,000 during the thirteen weeks ended December 26, 2021; andEarnings per diluted share was $0.79 per share as compared to $0.52 per share during the thirteen weeks ended December 26, 2021. For the thirty-nine weeks ended December 25, 2022: Revenues increased by 15% to $103,371,000 as compared to $90,110,000 during the thirty-nine weeks ended December 26, 2021;Income from operations was $28,026,000 as compared to $23,754,000 during the thirty-nine weeks ended December 26, 2021;Adjusted EBITDA1, a non-GAAP financial measure, was $29,287,000 as compared to $24,739,000 during the thirty-nine weeks ended December 26, 2021;Income before provision for income taxes was $22,451,000 as compared to $15,915,000 during the thirty-nine weeks ended December 26, 2021;Net income was $16,358,000 as compared to $11,438,000 during the thirty-nine weeks ended December 26, 2021; andEarnings per diluted share was $3.99 per share as compared to $2.78 per share during the thirty-nine weeks ended December 26, 2021. The Company also reported the following: During the fiscal 2023 period, the Board of Directors declared three quarterly cash dividends of $0.45 per share totaling $5,524,000. Effective February 2, 2023, the Board of Directors increased the quarterly cash dividend by 11% and declared a quarterly cash dividend of $0.50 per share payable on March 3, 2023 to shareholders of record at the close of business on February 21, 2023. License royalties were $26,064,000 during the thirty-nine weeks ended December 25, 2022, (“fiscal 2023 period”) as compared to $24,...