JERICHO, N.Y., Aug. 5, 2014 /PRNewswire/ -- Nathan's Famous, Inc. (NASDAQ: NATH) today reported results for the first quarter of its 2015 fiscal year that ended June 29, 2014.
For the fiscal quarter ended June 29, 2014:
- Net income increased by 21.4% to $4,071,000 as compared to $3,354,000 for the thirteen weeks ended June 30, 2013;
- Earnings per diluted share increased by 21.9% to $0.89 as compared to $0.73 for the thirteen weeks ended June 30, 2013;
- Earnings before income taxes increased by 119.5% to $6,862,000 as compared to $3,126,000 for the thirteen weeks ended June 30, 2013 (excluding non-routine items in 2013 relating to an insurance gain of $2,801,000 offset by an impairment charge of$400,000); and
- Revenues increased by 18.2% to $27,668,000, as compared to $23,401,000 during the thirteen weeks ended June 30, 2013.
Effective March 1, 2014, Nathan's commenced its new License Agreement with John Morrell & Co. replacing its prior licensee for the exclusive right and obligation to manufacture, distribute, market and sell "Nathan's Famous" branded hot dogs, through retail channels (e.g., supermarkets, groceries, mass merchandisers and club stores) within the United States. For the quarter, which is the first full quarter with the new agreement in effect, royalties earned pursuant to the new agreement, increased by 217.6% to $4,656,000 as compared to $1,466,000 earned under the prior agreement during the thirteen weeks ended June 30, 2013. Full report.
