Nathan's Famous, Inc. Reports Year End And Fourth Quarter Results And Declares Quarterly Cash Dividend Of $0.45 Per Share

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[{"type":"text","content":"JERICHO, N.Y., June 10, 2022 (GLOBE NEWSWIRE) -- Nathan's Famous, Inc. (NASDAQ:NATH) today reported results for its fiscal year and fourth quarter ended March 27, 2022. Effective June 10, 2022, the Board of Directors declared its first quarterly cash dividend for fiscal 2023 of $0.45 per share, which is payable on June 24, 2022 to shareholders of record at the close of business on June 20, 2022. For the fiscal year ended March 27, 2022: Revenues were $114,882,000 for the fifty-two weeks ended March 27, 2022 (“fiscal 2022”), as compared to $75,839,000 for the fifty-two weeks ended March 28, 2021 (“fiscal 2021”);Income from operations was $29,863,000 for fiscal 2022, as compared to $25,515,000 for fiscal 2021;Adjusted EBITDA1 for fiscal 2022, a non-GAAP financial measure, was $31,153,000, as compared to $27,225,000 for fiscal 2021;In connection with the redemption of $40,000,000 in aggregate principal amount of our 6.625% Senior Secured Notes due 2025, the Company recorded a loss on debt extinguishment of $1,354,000, or $993,000, net of tax, or $0.24 per diluted share. As a result of such redemption, the Company expects to reduce its future cash interest expense by $2,650,000 per annum.Income before provision for income taxes was $18,536,000 for fiscal 2022, as compared to $15,325,000 for fiscal 2021;Net income was $13,596,000 for fiscal 2022, as compared to $11,075,000 for fiscal 2021; andEarnings per diluted share was $3.30 per share for fiscal 2022, as compared to $2.69 per share for fiscal 2021. For the thirteen weeks ended March 27, 2022: Revenues were $24,772,000 for the thirteen weeks ended March 27, 2022 (“fourth quarter fiscal 2022”), as compared to $18,284,000 for the thirteen weeks ended March 28, 2021 (“fourth quarter fiscal 2021”);Income from operations was $6,109,000 for the fourth quarter fiscal 2022, as compared to $5,434,000 for the fourth quarter fiscal 2021;Adjusted EBITDA1 for the fourth quarter fiscal 2022, a non-GAAP financial measure, was $6,414,000, as compared to $5,817,000 for the fourth quarter fiscal 2021;Income before provision for income taxes was $2,621,000 for the fourth quarter fiscal 2022, as compared to $2,855,000 for the fourth quarter fiscal 2021;Net income was $2,158,000 for the fourth quarter fiscal 2022, as compared to $2,061,000 for the fourth quarter fiscal 2021; andEarnings per diluted sh...

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