WESTBURY, NY - Nathan's Famous Inc. (NASDAQ:NATH - news) reported results for the period ended Sept. 28, 1997.
Net earnings for the twenty-six weeks ended Sept. 28, 1997, were $1,083,000 or $0.23 per share, compared to $875,000 or $0.19 per share, for the same period ended Sept. 29, 1996. Total revenues were $15,460,000, compared to revenues of $14,334,000 in the prior fiscal period. Total systemwide sales, including supermarket sales by the company's licensee, during the twenty-six week period ended Sept. 28, 1997 were $60,539,000 as compared to $61,990,000 in the prior fiscal period.
Net earnings for the quarter ended Sept. 28, 1997 were $609,000, or $0.13 per share, compared to $480,000, or $0.10 per share for the quarter ended Sept. 29, 1996. Total revenues for the second quarter were $8,098,000, compared to revenues of $7,362,000 in the prior fiscal period.
The 53 franchised Caldor units which were closed between November 1996 and February 1997 generated franchise royalties of approximately $155,000 and $70,000 on sales of approximately $3,869,000 and $1,736,000 for the twenty-six and thirteen week periods of the prior fiscal period, respectively. Results for the twenty-six weeks ended Sept. 29, 1997 include a gain from the sale of an unprofitable restaurant in June 1997 of approximately $78,000, net of tax.
Wayne Norbitz, president and chief operating officer said, "Nathan's is focused on a brand marketing and points-of-distribution strategy. Our recently introduced Branded Product Program now includes over 300 points-of-distribution featuring the superior quality of our signature products and the marketing of our valued brand. Additionally, the Company continues to emphasize development of smaller restaurant units within non-traditional captive markets and increased sales of Nathan's products in supermarkets."
Norbitz added, "We have recently opened our eighth Company-owned Home Depot restaurant in Staten Island, NY. In addition, earlier this year, our Yonkers, NY restaurant was renovated and operates as a co-branded Nathan's/Pizza Hut/TCBY."
The Nathan's Famous retail system currently is comprised of 154 franchised or licensed units, 25 company-owned units and over 300 Branded Product points-of-distribution located in twenty-five states and the District of Columbia featuring its world famous all-beef hot dogs.
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