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Nathan's Famous, Inc. reports developments tied to its branded hot dog and restaurant business, including quarterly results, cash dividends, licensed retail products, foodservice sales programs, and franchise restaurant openings. The company distributes Nathan's Famous products through product licensing activities, foodservice sales programs, and its restaurant system across the United States, U.S. territories, and foreign markets.
Recurring updates also cover menu and packaged-food launches such as beef franks, restaurant locations featuring hot dogs and crinkle-cut fries, and corporate actions involving material agreements, governance matters, operating results, and capital-structure disclosures.
Nathan's Famous, Inc. (NASDAQ:NATH) announced its fiscal year and fourth quarter results for the period ending March 31, 2024. The company declared a quarterly cash dividend of $0.50 per share, payable on July 2, 2024. Annual revenues rose to $138.61 million from $130.79 million, but operating income decreased from $34.45 million to $32.51 million. Adjusted EBITDA declined to $34.84 million from $36.38 million. Net income remained stable at $19.62 million, and earnings per diluted share were $4.80.
Q4 revenues increased to $28.99 million from $27.41 million, with operating income rising to $6.80 million from $6.42 million. Net income for Q4 was $3.91 million, up from $3.27 million, and EPS was $0.96 compared to $0.80. License royalties slightly increased to $33.58 million, and the Branded Product Program saw a sales rise of $7.61 million.
However, company-owned restaurant sales dropped slightly to $12.10 million due to unfavorable weather, while franchise operations saw a modest revenue increase to $4.36 million. The average selling price of hot dogs rose by 7% despite a 10% increase in beef costs.
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Nathan's Famous reported a 1% increase in revenues for the third quarter of fiscal 2023, totaling $26,154,000. Income from operations rose to $6,332,000, up from $5,613,000 in the previous year. Adjusted EBITDA increased to $6,899,000 compared to $5,907,000 in 2022. Net income rose to $3,263,000, bringing earnings per diluted share to $0.79. For the thirty-nine weeks, revenues surged by 15% to $103,371,000. The Board declared an 11% increase in quarterly cash dividends, now at $0.50 per share. Strong sales in the Branded Product Program contributed to these figures, supported by increased attendance at customer venues.
Nathan's Famous has launched a new franchise sales initiative targeting struggling restaurant owners impacted by the COVID pandemic. This program allows these owners to convert their existing or closed restaurants into Nathan's Famous locations. A limited-time offer reduces the franchise fee by 50%, providing flexibility in design and equipment usage to minimize costs. Additionally, franchisees can capitalize on revenue opportunities from Nathan's ghost kitchen brands like Arthur Treacher’s and Wings of New York.
Nathan's Famous reported a strong fiscal Q2 2023 with revenues reaching $37.5 million, up from $32.9 million in Q2 2022. Income from operations increased to $9.9 million compared to $7.4 million, and net income rose to $6.0 million from $3.5 million. Earnings per diluted share improved to $1.46, up from $0.86. For the first half of the fiscal year, revenues were $77.2 million, reflecting a 20% increase year-over-year. The Board declared a quarterly cash dividend of $0.45 per share.
Nathan's Famous, Inc. (NASDAQ:NATH) reported a robust performance for its first fiscal quarter ending June 26, 2022. Revenues surged to $39.72 million, a significant rise from $31.32 million in the previous year. Income from operations also increased to $11.78 million compared to $10.70 million in Q1 2022. Net income rose to $7.14 million, translating to earnings per diluted share of $1.74, up from $1.40. License royalties grew to $11.31 million, driven largely by a 29% increase in hot dog sales to foodservice customers, despite challenges from commodity inflation.
Nathan's Famous (NASDAQ:NATH) announced its fiscal 2022 results, reporting revenues of $114.88 million, up from $75.84 million in fiscal 2021. Net income rose to $13.60 million from $11.08 million, translating to earnings per diluted share of $3.30. The Board declared a quarterly cash dividend of $0.45 per share, payable on June 24, 2022. Effective June 10, 2022, the Company redeemed $40 million in Senior Secured Notes, expecting to save $2.65 million annually in cash interest. License royalties also increased to $31.82 million.