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Nathans Famous Inc (NATH) SEC Filing 10-K Annual report for the fiscal year ending Sunday, March 25, 2012

Nathans Famous Inc

CIK: 69733 Ticker: NATH
Exhibit 99.1
 

Nathan’s Famous, Inc. Reports Year-End and Fourth Quarter Results
 
JERICHO, N.Y., June 4, 2012 /PRNewswire/ -- Nathan’s Famous, Inc. (NASDAQ: NATH) today reported results for its fiscal year ended March 25, 2012.
 
For the fiscal year ended March 25, 2012:
 
 
·
Net income was $6,158,000 or $1.22 per diluted share as compared to $2,213,000 or $0.40 per diluted share for the fifty-two weeks ended March 27, 2011;
 
·
Non-GAAP earnings after tax, which exclude the litigation expense items described below, increased by 15.8% to $6,445,000 as compared to $5,566,000 for the fifty-two weeks ended March 27, 2011;
 
·
Non-GAAP  earnings per share, which exclude the litigation expense items described below, increased by 26.7% to $1.28 per diluted share as compared to $1.01 per diluted share for the fifty-two weeks ended March 27, 2011; and
 
·
Revenues increased by 15.7% to $66,222,000, as compared to revenues of $57,255,000 during the fifty-two weeks ended March 27, 2011.

For the fiscal quarter ended March 25, 2012:
 
 
·
Net income was $1,082,000 or $0.23 per diluted share as compared to $555,000 or $0.11 per diluted share for the thirteen weeks ended March 27, 2011;
 
·
Non-GAAP earnings after tax, which exclude the litigation expense items described below, increased by 93.1% to $1,153,000 as compared to $597,000 for the thirteen weeks ended March 27, 2011;
 
·
Non-GAAP  earnings per share, which exclude the litigation expense items described below, increased by 100.0% to $0.24 per diluted share as compared to $0.12 per diluted share for the thirteen weeks ended March 27, 2011; and
 
·
Revenues increased by 17.4% to $14,407,000, as compared to revenues of $12,268,000 during the thirteen weeks ended March 27, 2011.

The Company also reported the following:
 
 
·
Sales from the Branded Product Program, featuring the sale of Nathan’s hot dogs to the foodservice industry, increased by 26.3% to $38,506,000 during the fifty-two weeks ended March 25, 2012 as compared to sales of $30,497,000 during the fifty-two weeks ended March 27, 2011.
 
·
Gross profit was 19.6% of sales during the fifty-two weeks ended March 25, 2012 as compared to 22.6% of sales during the fifty-two weeks ended March 27, 2011 due primarily to the impact of higher beef costs on our Branded Product Program.
 
·
Retail license royalties increased by 11.8% or $799,000 to $7,586,000 during the fifty-two weeks ended March 25, 2012 as compared to $6,787,000 during the fifty-two weeks ended March 27, 2011.
 
·
Revenues from franchise operations increased by 12.0% or $597,000 to $5,586,000 during the fifty-two weeks ended March 25, 2012 as compared to $4,989,000 during the fifty-two weeks ended March 27, 2011.  Sixty-seven new franchised units were opened during the fifty-two weeks ended March 25, 2012, including two restaurants in Canada, China, Jamaica, Kuwait and the Dominican Republic.
 
·
We opened 43 Branded Menu Program units during the fifty-two weeks ended March 25, 2012, including 29 locations within K-Mart.  Our Branded Menu Program was created to provide qualified operators of existing locations with the ability to become a Nathan’s franchisee, adding our signature products along with a limited-menu of other Nathan’s products to their current operations.
 
·
Sales and pre-tax profits from the five comparable company-owned restaurants were $13,209,000 and $2,024,000, respectively during the fifty-two weeks ended March 25, 2012 as compared to $13,007,000 and $1,923,000, respectively during the fifty-two weeks ended March 27, 2011.
 
·
The effective tax rate of 38.5% for the fifty-two weeks ended March 25, 2012 is approximately 5.2% higher than for the fifty-two weeks ended March 27, 2011 when earnings from tax-exempt interest income represented a higher portion of earnings before income taxes.
 
·
During the fifty-two weeks ended March 27, 2011, we recorded a litigation accrual of $4,910,000, or $2,939,000, net of tax, as a result of the unfavorable SMG ruling.
 
·
During the fifty-two weeks ended March 25, 2012, we continued returning capital to our shareholders through the repurchase of our stock, acquiring 736,208 shares at a total cost of approximately $15,867,000, including the 598,989 shares described below.
 
·
We completed a modified dutch tender offer in January 2012 by acquiring 598,989 shares, at a cost of approximately $13,294,000, including fees and expenses.
 
 
 

The following information was filed by Nathans Famous Inc (NATH) on Monday, June 4, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: NATH
CIK: 69733
Form Type: 10-K Annual Report
Accession Number: 0001437749-12-005931
Submitted to the SEC: Thu Jun 07 2012 6:11:28 AM EST
Accepted by the SEC: Thu Jun 07 2012
Period: Sunday, March 25, 2012
Industry: Retail Eating Places

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