Nathan's Famous, Inc. reported results for its fiscal year ended March 31, 2013. The company’s net income increased 21.3 percent to $7,468,000 for the fifty-three weeks ended March 31, 2013, as compared to $6,158,000 for the fifty-two weeks ended March 25, 2012. Earnings per diluted share increased 33.6 percent to $1.63 for the fifty-three weeks ended March 31, 2013, as compared to $1.22 for the fifty-two weeks ended March 25, 2012. The company’s non-generally accepted accounting principles (GAAP) earnings, which exclude litigation expense items, were $7,749,000 or $1.69 per diluted share for the fifty-three weeks ended March 31, 2013, as compared to $6,445,000 or $1.28 per diluted share for the fifty-two weeks ended March 25, 2012. Revenues increased 8.0 percent to $71,543,000 for the fifty-three weeks ended March 31, 2013, as compared to $66,222,000 during the fifty-two weeks ended March 25, 2012.
For the fiscal quarter ended March 31, 2013, Nathan’s Famous reported a net income increase of 43.7percent to $1,555,000 for the fourteen weeks ended March 31, 2013, as compared to $1,082,000 for the thirteen weeks ended March 25, 2012. Earnings per diluted share increased by 47.8 percent to $0.34 for the fourteen weeks ended March 31, 2013, as compared to $0.23 for the thirteen weeks ended March 25, 2012. The company’s non-GAAP earnings, which exclude the litigation expense items described below, were $1,634,000 or $0.35 per diluted share for the fourteen weeks ended March 31, 2013, as compared to$1,153,000 or $0.24 per diluted share for the thirteen weeks ended March 25, 2012. Revenues increased 3.9 percent to $14,976,000 for the fourteen weeks ended March 31, 2013, as compared to $14,407,000 for the thirteen weeks ended March 25, 2012.
On October 29, 2012, Hurricane Sandy struck the Northeastern U.S., which forced the temporary closing of all of the company-owned restaurants. Seventy-eight franchised restaurants, including 18 branded menu locations, also closed for varying periods of time, one of which remains closed.
