x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For
the quarterly period ended September 26,
2010.
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of
1934
|
|
For
the transition period from
to
.
|
Delaware
|
11-3166443
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(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
Large
accelerated filer ¨
|
Accelerated
filer x
|
|
Non-accelerated
filer ¨
|
Smaller
reporting company ¨
|
|
(Do
not check if a smaller reporting company)
|
Page
|
||
Number
|
||
PART
I.
|
FINANCIAL
INFORMATION
|
|
Item
1.
|
Financial
Statements.
|
3
|
Consolidated
Financial Statements
|
||
Consolidated
Balance Sheets – September 26, 2010 (Unaudited) and
|
||
March
28, 2010
|
3
|
|
Consolidated
Statements of Earnings (Unaudited) - Thirteen Weeks
|
||
Ended
September 26, 2010 and September 27, 2009
|
4
|
|
Consolidated
Statements of Earnings (Unaudited) – Twenty-six Weeks
|
||
Ended
September 26, 2010 and September 27, 2009
|
5
|
|
Consolidated
Statement of Stockholders’ Equity (Unaudited) –
|
||
Twenty-six
Weeks Ended September 26, 2010
|
6
|
|
Consolidated
Statements of Cash Flows (Unaudited) –
|
||
Twenty-six
Weeks Ended September 26, 2010 and September 27, 2009
|
7
|
|
Notes
to Consolidated Financial Statements
|
8
|
|
Item
2.
|
Management's
Discussion and Analysis of Financial
|
|
Condition
and Results of Operations.
|
14
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk.
|
22
|
Item
4.
|
Controls
and Procedures.
|
23
|
PART
II.
|
OTHER
INFORMATION
|
|
Item
1.
|
Legal
Proceedings.
|
24
|
Item
1A.
|
Risk
Factors.
|
24
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds.
|
26
|
Item
5.
|
Other
Information
|
27
|
Item
6.
|
Exhibits.
|
28
|
SIGNATURES
|
29
|
|
Exhibit
Index
|
30
|
|
Sept. 26, 2010
|
March 28, 2010
|
||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash and cash
equivalents
|
$ | 14,881 | $ | 11,609 | ||||
Marketable
securities
|
23,971 | 24,317 | ||||||
Accounts and other receivables,
net
|
5,144 | 5,225 | ||||||
Note
receivable – current portion
|
104 | 115 | ||||||
Inventories
|
973 | 1,018 | ||||||
Prepaid expenses and other current
assets
|
1,815 | 1,428 | ||||||
Deferred
income taxes
|
112 | 111 | ||||||
Total
current assets
|
47,000 | 43,823 | ||||||
Note receivable
|
1,122 | 1,175 | ||||||
Property and equipment,
net
|
5,665 | 5,467 | ||||||
Goodwill
|
95 | 95 | ||||||
Intangible assets,
net
|
1,353 | 1,353 | ||||||
Deferred income
taxes
|
1,100 | 1,093 | ||||||
Other
assets
|
408 | 368 | ||||||
$ | 56,743 | $ | 53,374 | |||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts payable
|
$ | 2,689 | $ | 3,069 | ||||
Accrued expenses and other current
liabilities
|
6,332 | 3,771 | ||||||
Deferred
franchise fees
|
285 | 315 | ||||||
Total
current liabilities
|
9,306 | 7,155 | ||||||
Other liabilities
|
1,984 | 1,907 | ||||||
Total
liabilities
|
11,290 | 9,062 | ||||||
COMMITMENTS
AND CONTINGENCIES (Note J)
|
||||||||
STOCKHOLDERS’
EQUITY
|
||||||||
Common stock, $.01 par value;
30,000,000 shares authorized; 8,773,241 shares issued; and
5,530,113 and 5,594,448 shares outstanding at September 26, 2010 and
March 28, 2010, respectively
|
88 | 88 | ||||||
Additional paid-in
capital
|
52,217 | 52,003 | ||||||
Retained
earnings
|
18,608 | 16,797 | ||||||
Accumulated
other comprehensive income
|
734 | 616 | ||||||
71,647 | 69,504 | |||||||
Treasury
stock, at cost, 3,243,128 and 3,178,793 shares at September 26,
2010 and March 28, 2010, respectively.
|
(26,194 | ) | (25,192 | ) | ||||
Total
stockholders’ equity
|
45,453 | 44,312 | ||||||
$ | 56,743 | $ | 53,374 |
Sept. 26, 2010
|
Sept. 27, 2009
|
|||||||
REVENUES
|
||||||||
Sales
|
$ | 12,956 | $ | 11,758 | ||||
Franchise fees and
royalties
|
1,428 | 1,312 | ||||||
License royalties
|
1,679 | 1,568 | ||||||
Interest income
|
217 | 240 | ||||||
Other income
|
2 | 18 | ||||||
Total
revenues
|
16,282 | 14,896 | ||||||
COSTS
AND EXPENSES
|
||||||||
Cost of sales
|
9,415 | 8,093 | ||||||
Restaurant operating
expenses
|
967 | 973 | ||||||
Depreciation and
amortization
|
225 | 201 | ||||||
General
and administrative expenses
|
2,632 | 2,239 | ||||||
Litigation
accrual (Note J)
|
2,914 | - | ||||||
Total
costs and expenses
|
16,153 | 11,506 | ||||||
Income
before provision for income taxes
|
129 | 3,390 | ||||||
(Benefit)
provision for income taxes
|
(22 | ) | 1,227 | |||||
Net
income
|
$ | 151 | $ | 2,163 | ||||
PER
SHARE INFORMATION
|
||||||||
Basic
income per share:
|
||||||||
Net
income
|
$ | .03 | $ | .40 | ||||
Diluted
income per share:
|
||||||||
Net
income
|
$ | .03 | $ | .39 | ||||
Weighted
average shares used in computing income per
share
|
||||||||
Basic
|
5,573,000 | 5,420,000 | ||||||
Diluted
|
5,677,000 | 5,594,000 |
Sept. 26, 2010
|
Sept. 27, 2009
|
|||||||
REVENUES
|
||||||||
Sales
|
$ | 25,306 | $ | 22,773 | ||||
Franchise fees and
royalties
|
2,683 | 2,466 | ||||||
License royalties
|
3,478 | 3,375 | ||||||
Interest income
|
425 | 480 | ||||||
Other income
|
16 | 34 | ||||||
Total
revenues
|
31,908 | 29,128 | ||||||
COSTS
AND EXPENSES
|
||||||||
Cost of sales
|
18,903 | 16,202 | ||||||
Restaurant operating
expenses
|
1,792 | 1,796 | ||||||
Depreciation
and amortization
|
457 | 400 | ||||||
General
and administrative expenses
|
5,196 | 4,867 | ||||||
Litigation
accrual (Note J)
|
2,914 | - | ||||||
Total
costs and expenses
|
29,262 | 23,265 | ||||||
Income
before provision for income taxes
|
2,646 | 5,863 | ||||||
Provision
for income taxes
|
835 | 2,137 | ||||||
Net
income
|
$ | 1,811 | $ | 3,726 | ||||
PER
SHARE INFORMATION
|
||||||||
Basic
income per share:
|
||||||||
Net
income
|
$ | .32 | $ | .68 | ||||
Diluted
income per share:
|
||||||||
Net
income
|
$ | .32 | $ | .65 | ||||
Weighted
average shares used in computing income per
share
|
||||||||
Basic
|
5,584,000 | 5,516,000 | ||||||
Diluted
|
5,685,000 | 5,737,000 |
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Common
|
Common
|
Paid-in
|
Retained
|
Comprehensive
|
Treasury Stock, at Cost
|
Stockholders’
|
||||||||||||||||||||||||||
Shares
|
Stock
|
Capital
|
Earnings
|
Income
|
Shares
|
Amount
|
Equity
|
|||||||||||||||||||||||||
Balance,
March 28, 2010
|
8,773,241 | $ | 88 | $ | 52,003 | $ | 16,797 | $ | 616 | 3,178,793 | $ | (25,192 | ) | $ | 44,312 | |||||||||||||||||
Repurchase
of common stock
|
- | - | - | - | - | 64,335 | (1,002 | ) | (1,002 | ) | ||||||||||||||||||||||
Share-based
compensation
|
- | - | 214 | - | - | - | - | 214 | ||||||||||||||||||||||||
Unrealized
gains on available for sale securities, net of deferred income taxes of
$77
|
- | - | - | - | 118 | - | - | 118 | ||||||||||||||||||||||||
Net
income
|
- | - | - | 1,811 | - | - | - | 1,811 | ||||||||||||||||||||||||
Balance,
September 26, 2010
|
8,773,241 | $ | 88 | $ | 52,217 | $ | 18,608 | $ | 734 | 3,243,128 | $ | (26,194 | ) | $ | 45,453 |
Sept. 26, 2010
|
Sept. 27, 2009
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net income
|
$ | 1,811 | $ | 3,726 | ||||
Adjustments to reconcile net
income to net cash provided
by operating activities
|
||||||||
Depreciation
and amortization
|
457 | 400 | ||||||
Amortization
of bond premium
|
141 | 140 | ||||||
Share
based compensation expense
|
214 | 214 | ||||||
Provision
for doubtful accounts
|
- | 181 | ||||||
Deferred
income taxes
|
(85 | ) | (85 | ) | ||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
and other receivables, net
|
81 | (1,331 | ) | |||||
Inventories
|
45 | (171 | ) | |||||
Prepaid
expenses and other current assets
|
(387 | ) | 634 | |||||
Other
assets
|
(40 | ) | - | |||||
Accounts
payable, accrued expenses and other current liabilities
|
2,181 | (930 | ) | |||||
Deferred
franchise fees
|
(30 | ) | 118 | |||||
Other
liabilities
|
77 | 317 | ||||||
Net cash provided by operating
activities
|
4,465 | 3,213 | ||||||
Cash
flows from investing activities:
|
||||||||
Proceeds from sale of
available-for-sale securities
|
400 | 435 | ||||||
Purchase
of property and equipment
|
(655 | ) | (317 | ) | ||||
Payments
received on note receivable
|
64 | 142 | ||||||
Net cash (used in) provided by
investing activities
|
(191 | ) | 260 | |||||
Cash
flows from financing activities:
|
||||||||
Repurchase
of treasury stock
|
(1,002 | ) | (5,019 | ) | ||||
Proceeds
from the exercise of stock options
|
- | 696 | ||||||
Income
tax benefits on stock option exercises
|
- | 862 | ||||||
Net
cash used in financing activities
|
(1,002 | ) | (3,461 | ) | ||||
Net
increase in cash and cash equivalents
|
3,272 | 12 | ||||||
Cash
and cash equivalents, beginning of period
|
11,609 | 8,679 | ||||||
Cash
and cash equivalents, end of period
|
$ | 14,881 | $ | 8,691 | ||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | - | $ | - | ||||
Income taxes
|
$ | 1,732 | $ | 1,119 |
Level 1
|
Level 2
|
Level 3
|
Carrying Value
|
|||||||||||||
Marketable
securities
|
$ | - | $ | 23,971 | $ | - | $ |
23,971
|
||||||||
Total
assets at fair value
|
$ | - | $ | 23,971 | $ | - | $ | 23,971 |
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Market
Value
|
|||||||||||||
September
26, 2010
|
$ | 22,768 | $ | 1,203 | $ | - | $ | 23,971 | ||||||||
March
28, 2010
|
$ | 23,308 | $ | 1,009 | $ | - | $ | 24,317 |
Fair value of Municipal Bonds
|
Total
|
Less than
1 Year
|
1 – 5 Years
|
5 – 10 Years
|
After
10 Years
|
|||||||||||||||
September
26, 2010
|
$ | 23,971 | $ | 4,636 | $ | 12,517 | $ | 6,818 | $ | - | ||||||||||
March
28, 2010
|
$ | 24,317 | $ | 2,984 | $ | 12,354 | $ | 8,979 | $ | - |
Twenty-six weeks ended
|
||||||||
Sept. 26,
2010
|
Sept. 27,
2009
|
|||||||
Available-for-sale
securities:
|
||||||||
Proceeds
|
$ | 400 | $ | 435 | ||||
Gross
realized gains
|
$ | - | $ | - |
Net Income
|
||||||||||||||||||||||||
Net Income
|
Number of Shares
|
Per Share
|
||||||||||||||||||||||
2010
|
2009
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||||
(in
thousands)
|
(in
thousands)
|
|||||||||||||||||||||||
Basic EPS
|
||||||||||||||||||||||||
Basic
calculation
|
$ | 151 | $ | 2,163 | 5,573 | 5,420 | $ | 0.03 | $ | 0.40 | ||||||||||||||
Effect
of dilutive employee stock options
|
- | - | 104 | 174 | - | (0.01 | ) | |||||||||||||||||
Diluted EPS
|
||||||||||||||||||||||||
Diluted
calculation
|
$ | 151 | $ | 2,163 | 5,677 | 5,594 | $ | 0.03 | $ | 0.39 |
Net Income
|
||||||||||||||||||||||||
Net Income
|
Number of Shares
|
Per Share
|
||||||||||||||||||||||
2010
|
2009
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||||
(in
thousands)
|
(in
thousands)
|
|||||||||||||||||||||||
Basic EPS
|
||||||||||||||||||||||||
Basic
calculation
|
$ | 1,811 | $ | 3,726 | 5,584 | 5,516 | $ | 0.32 | $ | 0.68 | ||||||||||||||
Effect
of dilutive employee stock options
|
- | - | 101 | 221 | - | (0.03 | ) | |||||||||||||||||
Diluted EPS
|
||||||||||||||||||||||||
Diluted
calculation
|
$ | 1,811 | $ | 3,726 | 5,685 | 5,737 | $ | 0.32 | $ | 0.65 |
Weighted-
|
Weighted-
|
|||||||||||||||
Average
|
Average
|
Aggregate
|
||||||||||||||
Exercise
|
Remaining
|
Intrinsic
|
||||||||||||||
Shares
|
Price
|
Contractual Life
|
Value
|
|||||||||||||
Options
outstanding at March 28, 2010
|
534,750 | $ | 10.31 | 4.12 | $ | 2,879,000 | ||||||||||
Granted
|
- | - | - | - | ||||||||||||
Expired
|
- | - | - | - | ||||||||||||
Exercised
|
- | - | - | - | ||||||||||||
Options
outstanding at September 26, 2010
|
534,750 | $ | 10.31 | 3.62 | $ | 3,092,000 | ||||||||||
Options
exercisable at September 26, 2010
|
480,250 | $ | 9.86 | 3.50 | $ | 2,986,000 |
Thirteen
weeks ended
September 26,
2010
|
Thirteen
weeks ended
September 27,
2009
|
Twenty-six
weeks ended
September 26,
2010
|
Twenty-six
weeks ended
September 27,
2009
|
|||||||||||||
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|||||||||||||
Net income
|
$ | 151 | $ | 2,163 | $ | 1,811 | $ | 3,726 | ||||||||
Unrealized
gain on available-for-sale securities, net of tax provision of $43, $237,
$77, and
$277, respectively
|
68 | 356 | 118 | 417 | ||||||||||||
Comprehensive
income
|
$ | 219 | $ | 2,519 | $ | 1,929 | $ | 4,143 |
1.
|
Commitments
|
Payments Due by Period
|
||||||||||||||||||||
Less
than
|
More
than
|
|||||||||||||||||||
Cash Contractual
Obligations
|
Total
|
1 Year
|
1 - 3 Years
|
3-5 Years
|
5 Years
|
|||||||||||||||
Employment
Agreements
|
$ | 2,383 | $ | 1,148 | $ | 635 | $ | 400 | $ | 200 | ||||||||||
Operating
Leases
|
18,104 | 1,273 | 2,684 | 2,757 | 11,390 | |||||||||||||||
Gross
Cash Contractual Obligations
|
20,487 | 2,421 | 3,319 | 3,157 | 11,590 | |||||||||||||||
Sublease
Income
|
557 | 197 | 240 | 58 | 62 | |||||||||||||||
Net
Cash Contractual Obligations
|
$ | 19,930 | $ | 2,224 | $ | 3,079 | $ | 3,099 | $ | 11,528 |
Valuation of securities
|
Valuation of securities
|
|||||||||||||||||||||||||||
Given an interest rate
|
Given an interest rate
|
|||||||||||||||||||||||||||
Decrease of X Basis points
|
Fair
|
Increase of X Basis points
|
||||||||||||||||||||||||||
(150BPS)
|
(100BPS)
|
(50BPS)
|
Value
|
+50BPS
|
+100BPS
|
+150BPS
|
||||||||||||||||||||||
Municipal
bonds
|
$ | 24,335 | $ | 24,314 | $ | 24,197 | $ | 23,971 | $ | 23,683 | $ | 23,388 | $ | 23,097 |
|
·
|
our
ability to attract new franchisees;
|
|
·
|
the
availability of site locations for new
restaurants;
|
|
·
|
the
ability of potential restaurant owners to obtain financing, which has
become more difficult due to current market conditions and operating
results;
|
|
·
|
the
ability of restaurant owners to hire, train and retain qualified operating
personnel;
|
|
·
|
construction
and development costs of new restaurants, particularly in
highly-competitive markets;
|
|
·
|
the
ability of restaurant owners to secure required governmental approvals and
permits in a timely manner, or at all;
and
|
|
·
|
adverse
weather conditions.
|
Period (A)
|
(a) Total Number of
Shares Purchased
|
(b) Average Price
Paid per Share
|
(c) Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
|
(d) Maximum
Number of Shares
that May Yet Be
Purchased Under the
Plans
|
||||||||||||
June
28, 2010
|
||||||||||||||||
July
25, 2010
|
-0- | $ | -0- | -0- | 821,207 | |||||||||||
July
26, 2010
|
||||||||||||||||
August
22, 2010
|
8,470 | $ | 15.4837 | 8,470 | 812,737 | |||||||||||
August
23, 2010
|
||||||||||||||||
September
26, 2010
|
55,865 | $ | 15.5908 | 55,865 | 756,872 | |||||||||||
Total
|
64,335 | $ | 15.5456 | 64,335 | 756,872 |
3.1
|
Certificate
of Incorporation. (Incorporated by reference to Exhibit 3.1 to
Registration Statement on Form S-1 No. 33- 56976.)
|
|
3.2
|
Amendment
to the Certificate of Incorporation, filed December 15, 1992.
(Incorporated by reference to Exhibit 3.2 to Registration Statement on
Form S-1 No. 33-56976.)
|
|
3.3
|
By-Laws,
as amended. (Incorporated by reference to Exhibit 3.1 to Form 8-K dated
November 1, 2006.)
|
|
4.1
|
Specimen
Stock Certificate. (Incorporated by reference to Exhibit 4.1 to
Registration Statement on
|
|
Form
S-1 No. 33-56976.)
|
||
4.2
|
Rights
Agreement dated as of June 4, 2008 between Nathan’s Famous, Inc. and
American Stock Transfer and Trust Company. (Incorporated by reference to
Exhibit 4.2 to Current Report filed on Form 8-K dated June 6,
2008.)
|
|
10.1
|
Amendment
to Employment Agreement with Eric Gatoff dated August 3, 2010.
(Incorporated by reference to Exhibit 10.1 to Form 10-Q for the fiscal
quarter ended June 27, 2010.)
|
|
10.2
|
Line
of Credit Agreement dated August 3, 2010 (Incorporated by reference to
Exhibit 10.2 to Form 10-Q for the fiscal quarter ended June 27,
2010.)
|
|
10.3
|
2010 Stock Incentive Plan (Incorporated by reference to Exhibit A to the Registrant's Proxy Statement on Schedule 14A dated July 23, 2010) | |
31.1
|
*Certification
of the Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
31.2
|
*Certification
of the Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
32.1
|
*Certification
by Eric Gatoff, CEO, Nathan’s Famous, Inc., pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
|
32.2
|
*Certification
by Ronald G. DeVos, CFO, Nathan’s Famous, Inc., pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
|
|
NATHAN'S
FAMOUS, INC.
|
|
Date:
November 5, 2010
|
By:
|
/s/ Eric Gatoff
|
Eric
Gatoff
|
||
Chief
Executive Officer
|
||
(Principal
Executive Officer)
|
||
Date:
November 5, 2010
|
By:
|
/s/ Ronald G. DeVos
|
Ronald
G. DeVos
|
||
Vice
President - Finance
|
||
and
Chief Financial Officer
|
||
(Principal
Financial and Accounting
Officer)
|
3.1
|
Certificate
of Incorporation. (Incorporated by reference to Exhibit 3.1 to
Registration Statement on Form S-1 No. 33-
56976.)
|
3.2
|
Amendment
to the Certificate of Incorporation, filed December 15, 1992.
(Incorporated by reference to Exhibit 3.2 to Registration Statement on
Form S-1 No. 33-56976.)
|
3.3
|
By-Laws,
as amended. (Incorporated by reference to Exhibit 3.1 to Form 8-K dated
November 1, 2006.)
|
4.1
|
Specimen
Stock Certificate. (Incorporated by reference to Exhibit 4.1 to
Registration Statement on Form S-1 No.
33-56976.)
|
4.2
|
Rights
Agreement dated as of June 4, 2008 between Nathan’s Famous, Inc. and
American Stock Transfer and Trust Company. (Incorporated by reference to
Exhibit 4.2 to Current Report filed on Form 8-K dated June 6,
2008.)
|
10.1
|
Amendment
to Employment Agreement with Eric Gatoff dated August 3, 2010.
(Incorporated by reference to Exhibit 10.1 to Form 10-Q for the fiscal
quarter ended June 27, 2010.)
|
10.2
|
Line
of Credit Agreement dated August 3, 2010 (Incorporated by reference to
Exhibit 10.2 to Form 10-Q for the fiscal quarter ended June 27,
2010.)
|
10.3
|
2010 Stock Incentive Plan (Incorporated by reference to Exhibit A to the Registrant's Proxy Statement on Schedule 14A dated July 23, 2010) |
31.1
|
*Certification
of the Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
31.2
|
*Certification
of the Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
32.1
|
*Certification
by Eric Gatoff, CEO, Nathan’s Famous, Inc., pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
32.2
|
*Certification
by Ronald G. DeVos, CFO, Nathan’s Famous, Inc., pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
|
1.
|
I
have reviewed this quarterly report on Form 10-Q for the quarter ended
September 26, 2010 of Nathan’s Famous,
Inc.;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and
have:
|
5.
|
The
registrant's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent
functions):
|
Date:
November 5, 2010
|
/s/ Eric Gatoff
|
|
Eric
Gatoff
|
||
Chief
Executive Officer
|
1.
|
I
have reviewed this quarterly report on Form 10-Q for the quarter ended
September 26, 2010 of Nathan’s Famous,
Inc.;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and
have:
|
5.
|
The
registrant's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent
functions):
|
Date:
November 5, 2010
|
/s/ Ronald G. DeVos
|
|
Ronald
G. DeVos
|
||
Chief
Financial Officer
|
/s/ Eric Gatoff
|
||
Name:
Eric Gatoff
|
||
Date:
November 5, 2010
|
/s/ Ronald G. DeVos
|
||
Name:
Ronald G. DeVos
|
||
Date:
November 5, 2010
|