SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): June 10, 2009
NATHAN'S FAMOUS,
INC.
(Exact Name
of Registrant as Specified in its Charter)
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Delaware
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1-3189
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11-3166443
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(State
of Incorporation)
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(Commission
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(I.R.S.
Employer
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File
Number)
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Identification
No.)
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1400 Old Country Road, Westbury, New
York
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11590
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(Address of Principal Executive
Offices)
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(Zip Code)
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| Registrant's telephone number including area code | (516) 338-8500 |
N/A
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-14(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02
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Results
of Operations and Financial
Condition.
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On June 10, 2009, Nathan’s Famous,
Inc. (the “Company”) issued a press release announcing the Company’s financial
results for the fiscal year ended March 29, 2009. A copy of the
Company’s press release is attached hereto as Exhibit 99.1.
As provided in General Instruction B.2
to Form 8-K, the information contained in Item 2.02 and Exhibit 99.1 of this
Current Report on Form 8-K is being furnished to the Securities and Exchange
Commission and shall not be deemed to be “filed” for purposes of Section 18 of
the Exchange Act or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference into a filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such a filing.
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Item
9.01.
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Financial
Statements and Exhibits.
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(d)
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Exhibits.
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The following exhibits are filed
herewith:
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Exhibit No.
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Description
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99.1
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Press
release dated June 10,
2009
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunder duly authorized.
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NATHAN'S
FAMOUS, INC.
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By:
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/s/
Ronald DeVos
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Ronald
DeVos
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Vice-President
Finance
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and
Chief Financial Officer
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(Principal
Financial and Accounting Officer)
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Dated: June
10, 2009
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FOR:
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NATHAN'S
FAMOUS, INC.
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COMPANY
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Ronald
G. DeVos, Vice President - Finance and CFO
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CONTACT:
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(516)
338-8500 ext. 229
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FOR IMMEDIATE
RELEASE
NATHAN'S
FAMOUS, INC.
REPORTS
YEAR END RESULTS
WESTBURY,
N.Y., June 10, 2009 -- Nathan's Famous, Inc. (NASDAQ:NATH) today reported
results for its fiscal year ended March 29, 2009.
For the
fifty-two weeks ended March 29, 2009, income from continuing operations was
$4,958,000, or $0.80 per share as compared to $4,781,000 or $0.74 per share for
the fifty-three weeks ended March 30, 2008. Total revenue from continuing
operations increased by 4.2% to $49,221,000 for the fifty-two weeks ended March
29, 2009 as compared to $47,225,000 during fifty-three weeks ended March 30,
2008. Net income for the fifty-two weeks ended March 29, 2009 increased by 14.1%
to $7,482,000 or $1.21 per share as compared to $6,555,000 or $1.01 per share
for the fifty-three weeks ended March 30, 2008.
These
results represent Nathan’s sixth consecutive year of increased revenues and
profits from continuing operations.
During
the current fiscal year, Nathan’s realized gains, net of tax, of $2,519,000 or
$0.41 per share from the sale of its formerly wholly-owned subsidiary, NF
Roasters Corporation and additional consideration from the sale of its formerly
wholly-owned subsidiary, Miami Subs Corporation of $250,000 which was previously
deemed contingent and not realized. The total of these gains before income taxes
was $3,906,000.
During
the previous fiscal year, Nathan’s realized gains, net of tax, of $1,568,000 or
$0.24 per diluted share from the sale of certain leasehold interests in Florida
and from the sale of its formerly wholly-owned subsidiary, Miami Subs
Corporation. The total gains before income taxes were $2,489,000.
For the
thirteen weeks ended March 29, 2009, income from continuing operations was
$887,000, or $.15 per share as compared to $754,000 or $0.12 per share for the
fourteen weeks ended March 30, 2008. Total revenue from continuing
operations was $10,039,000, as compared to $10,229,000 during the fourteen weeks
ended March 30, 2008. Net income for the thirteen weeks ended March 29, 2009 was
$944,000 or $0.16 per share, as compared to $752,000 or $0.12 per share for the
fourteen weeks ended March 30, 2008.
NATHAN’S
REPORTS/2
During
the fiscal 2009 period, Nathan’s repurchased 693,806 shares of its common stock
pursuant the stock buy-back programs adopted by its Board of Directors on
November 5, 2007 and November 13, 2008. Additionally, Nathan’s completed the
10b-5 trading plan adopted on June 11, 2008 for the purpose of effecting the
November 2007 stock buy-back program.
There are
306,194 shares remaining to be repurchased under the November 2008 stock
buy-back program. In connection with this plan, Nathan’s adopted and entered
into a new 10b-5 trading plan on February 5, 2009.
About
Nathan’s Famous
Nathan’s
products are currently distributed in 50 states, the District of Columbia and
four foreign countries through its restaurant system, Branded Product Program
and retail licensing activities. The Nathan’s restaurant system
currently consists of 254 units, comprised of 249 franchised or licensed units
and five company-owned units (including one seasonal unit). For additional
information about Nathan’s please visit our website at
www.nathansfamous.com.
Except
for historical information contained in this news release, the matters discussed
are forward looking statements that involve risks and
uncertainties. Words such as “anticipate”, “believe”, “estimate”,
“expect”, “intend”, and similar expressions identify forward-looking statements,
which are based on the current belief of the Company’s management, as well as
assumptions made by and information currently available to the Company’s
management. Among the factors that could cause actual results to
differ materially are the following: the effect of business and economic
conditions; the impact of competitive products and pricing; the ability to
obtain an adequate supply of beef and other food products at competitive prices;
capacity; the regulatory and trade environment; and the risk factors reported
from time to time in the Company’s SEC reports. The Company does not undertake
any obligation to update such forward-looking statements.
NATHAN’S
REPORTS/3
Nathan's
Famous, Inc.
Financial
Highlights
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Thirteen
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Fourteen
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|||||||
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weeks
ended
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weeks
ended
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|||||||
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(unaudited)
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||||||||
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Mar.
29, 2009
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Mar.
30, 2008
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Total
revenues from continuing operations
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$ | 10,039,000 | $ | 10,229,000 | ||||
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Income
from continuing operations
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887,000 | 754,000 | ||||||
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Income
(loss) from discontinued operations
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57,000 | (2,000 | ) | |||||
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Net
income
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$ | 944,000 | $ | 752,000 | ||||
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Basic
income per share
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||||||||
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Income
from continuing operations
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$ | 0.16 | $ | 0.12 | ||||
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Income
(loss) from discontinued operations
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0.01 | (0.00 | ) | |||||
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Net
income
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$ | 0.17 | $ | 0.12 | ||||
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Diluted
income per share
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||||||||
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Income
from continuing operations
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$ | 0.15 | $ | 0.12 | ||||
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Income
(loss) from discontinued operations
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0.01 | (0.00 | ) | |||||
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Net
income
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$ | 0.16 | $ | 0.12 | ||||
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Weighted-average
shares used in computing
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||||||||
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income
per share
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||||||||
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Basic
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5,685,000 | 6,109,000 | ||||||
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Diluted
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5,915,000 | 6,457,000 | ||||||
NATHAN’S
REPORTS/4
Nathan's
Famous, Inc.
Financial
Highlights
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Fifty-two
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Fifty-three
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|||||||
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weeks
ended
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weeks
ended
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(unaudited)
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Mar.
29, 2009
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Mar.
30, 2008
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Total
revenues from continuing operations
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$ | 49,221,000 | $ | 47,225,000 | ||||
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Income
from continuing operations
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4,958,000 | 4,781,000 | ||||||
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Income
from discontinued operations
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2,524,000 | 1,774,000 | ||||||
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Net
income
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$ | 7,482,000 | $ | 6,555,000 | ||||
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Basic
income per share
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||||||||
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Income
from continuing operations
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$ | 0.84 | $ | 0.79 | ||||
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Income
from discontinued operations
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0.43 | 0.29 | ||||||
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Net
income
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$ | 1.27 | $ | 1.08 | ||||
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Diluted
income per share
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||||||||
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Income
from continuing operations
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$ | 0.80 | $ | 0.74 | ||||
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Income
from discontinued operations
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0.41 | 0.27 | ||||||
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Net
income
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$ | 1.21 | $ | 1.01 | ||||
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Weighted-average
shares used in computing
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||||||||
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income
per share
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||||||||
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Basic
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5,898,000 | 6,085,000 | ||||||
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Diluted
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6,180,000 | 6,502,000 | ||||||