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): November 04, 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
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(516)
338-8500
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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 November 04, 2009, Nathan’s
Famous, Inc. (the “Company”) issued a press release announcing the Company’s
financial results for the fiscal quarter ended September 27, 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
8.01.
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Other
Events.
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On
November 04, 2009, the Company issued a press release that also announced that
its Board of Directors authorized the purchase of up to 500,000 shares of the
Company’s common stock on behalf of the Company.
A copy of
the press release is attached as Exhibit 99.1 hereto.
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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 November 04, 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: November
04, 2009
EXHIBIT
99.1
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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 SECOND
QUARTER RESULTS
Authorizes
500,000 Share Buy-Back
WESTBURY,
N.Y., November 04, 2009 -- Nathan's Famous, Inc. (NASDAQ:NATH) today reported
results for the second quarter of its 2010 fiscal year that ended September 27,
2009.
For the
quarter ended September 27, 2009, net income increased by 16.4% to $2,163,000 or
$0.39 per share, as compared to $1,859,000 or $0.29 per share for the quarter
ended September 28, 2008. Total revenue increased to $14,896,000, as
compared to $14,525,000 during the quarter ended September 28,
2008.
For the
twenty-six weeks ended September 27, 2009, income from continuing operations
increased by 15.9% to $3,726,000 or $0.65 per share, as compared to $3,214,000
or $0.50 per share for the twenty-six weeks ended September 28,
2008. Total revenue from continuing operations increased to
$29,128,000, as compared to $28,567,000 during the twenty-six weeks ended
September 28, 2008.
Net
income for the twenty-six weeks ended September 27, 2009, was $3,726,000 or
$0.65 per share, as compared to $5,681,000 or $0.89 per share for the twenty-six
weeks ended September 28, 2008. During the prior fiscal period, Nathan’s
realized one-time gains, net of tax, of $2,462,000 or $0.39 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.
Nathan’s
also announced that its Board of Directors has authorized the purchase of up to
an additional 500,000 shares of its common stock on behalf of the
Company. Purchases will be made from time to time, depending on
market conditions, in open market or privately negotiated transactions, at
prices deemed appropriate by management. There is no set time limit on the
repurchases. To date, pursuant to prior share repurchase programs authorized by
the Board of Directors, Nathan’s has purchased a total of 3,084,302 shares of
common stock at a cost of approximately $23,817,000.
About
Nathan’s Famous
Nathan’s
products are currently distributed in 50 states, the District of Columbia,
Puerto Rico, the U.S. Virgin Islands, Guam, the Cayman Islands and four foreign
countries through its restaurant system, foodservice sales programs and retail
licensing activities. The Nathan’s restaurant system currently consists of 287
units, comprised of 280 franchised or licensed units and seven 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/2
Nathan's
Famous, Inc.
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Financial
Highlights
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||||||||
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Thirteen
weeks ended
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||||||||
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(unaudited)
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||||||||
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Sept.
27, 2009
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Sept.
28, 2008
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Total
revenues
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$ | 14,896,000 | $ | 14,525,000 | ||||
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Net
income
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$ | 2,163,000 | $ | 1,859,000 | ||||
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Basic
income per share
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||||||||
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Net
income
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$ | 0.40 | $ | 0.31 | ||||
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Diluted
income per share
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||||||||
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Net
income
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$ | 0.39 | $ | 0.29 | ||||
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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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5,420,000 | 5,984,000 | ||||||
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Diluted
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5,594,000 | 6,309,000 | ||||||
NATHAN’S
REPORTS/3
Nathan's
Famous, Inc.
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Financial
Highlights
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||||||||
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Twenty-six
weeks ended
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||||||||
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(unaudited)
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||||||||
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Sept.
27, 2009
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Sept.
28, 2008
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Total
revenues from continuing operations
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$ | 29,128,000 | $ | 28,567,000 | ||||
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Income
from continuing operations
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3,726,000 | 3,214,000 | ||||||
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Income
from discontinued operations
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-0- | 2,467,000 | ||||||
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Net
income
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$ | 3,726,000 | $ | 5,681,000 | ||||
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Basic
income per share
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||||||||
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Income
from continuing operations
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$ | 0.68 | $ | 0.53 | ||||
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Income
from discontinued operations
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0.00 | 0.41 | ||||||
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Net
income
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$ | 0.68 | $ | 0.94 | ||||
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Diluted
income per share
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||||||||
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Income
from continuing operations
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$ | 0.65 | $ | 0.50 | ||||
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Income
from discontinued operations
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0.00 | 0.39 | ||||||
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Net
income
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$ | 0.65 | $ | 0.89 | ||||
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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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5,516,000 | 6,075,000 | ||||||
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Diluted
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5,737,000 | 6,391,000 | ||||||