NATHAN’S FAMOUS, INC.
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(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 or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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One Jericho Plaza, Jericho, New York
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11753
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(Address of principal executive offices)
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(Zip Code)
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N/A
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(Former name or former address, if changed since last report.)
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statement and Financial Exhibits.
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(d)
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Exhibits
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Exhibit No.
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Description
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99.1
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Press Release dated August 5, 2014.
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Dated: August 5, 2014
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NATHAN’S FAMOUS, INC.
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By:
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/s/ Ronald DeVos
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Name:
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Ronald DeVos
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Title:
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Vice President Finance and Chief Financial Officer (Principal Financial Officer and Accounting Officer)
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Exhibit No.
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Description
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99.1
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Press Release dated August 5, 2014.
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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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·
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Net income increased by 21.4% to $4,071,000 as compared to $3,354,000 for the thirteen weeks ended June 30, 2013;
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·
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Earnings per diluted share increased by 21.9% to $0.89 as compared to $0.73 for the thirteen weeks ended June 30, 2013;
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Earnings before income taxes increased by 119.5% to $6,862,000 as compared to $3,126,000 for the thirteen weeks ended June 30, 2013 (excluding non-routine items in 2013 relating to an insurance gain of $2,801,000 offset by an impairment charge of $400,000); and
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·
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Revenues increased by 18.2% to $27,668,000, as compared to $23,401,000 during the thirteen weeks ended June 30, 2013.
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·
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Sales from the Branded Product Program, featuring the sale of Nathan’s hot dogs to the foodservice industry, increased by 14.6% to $15,064,000 during the thirteen weeks ended June 29, 2014, as compared to sales of $13,141,000 during the thirteen weeks ended June 30, 2013.
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·
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Sales from the Company-owned restaurants were $5,291,000 during the thirteen weeks ended June 29, 2014 as compared to $3,726,000 during the thirteen weeks ended June 30, 2013. The increase in sales was due to the following: (1) Our Flagship Coney Island restaurant, which was severely damaged by Superstorm Sandy, operated for thirteen weeks during the current year as compared to operating for only five weeks of the quarter last year; and (2) Our Yonkers restaurant, which was renovated last year, operated for thirteen weeks this year and was closed during the entire quarter last year.
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License royalties increased by 146.7% to $5,568,000 during the thirteen weeks ended June 29, 2014, as compared to $2,257,000 during the thirteen weeks ended June 30, 2013. In addition to the increased royalties earned pursuant to the new John Morrell license agreement, all other license royalties increased by $118,000, or 14.9%.
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·
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Revenues from franchise operations were $1,489,000 during the thirteen weeks ended June 29, 2014, as compared to $1,355,000 during the thirteen weeks ended June 30, 2013. Nine new franchised units were opened during the thirteen weeks ended June 29, 2014, including five Branded Menu Program outlets and our first location in Costa Rica.
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·
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During the thirteen weeks ended June 30, 2013, Nathan’s realized a gain of $2,801,000 in connection with the settlement of its flood damage and contents loss insurance claims relating to Superstorm Sandy and recognized an impairment charge of $400,000 in connection with a long-term investment.
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Thirteen weeks ended | ||||||||
June 29, 2014 |
June 30, 2013
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( unaudited) | ||||||||
Total revenues
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$ | 27,668,000 | $ | 23,401,000 | ||||
Earnings before income taxes
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$ | 6,862,000 | $ | 5,527,000 | ||||
Net income
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$ | 4,071,000 | $ | 3,354,000 | ||||
Income per share:
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Basic
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$ | 0.91 | $ | 0.76 | ||||
Diluted
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$ | 0.89 | $ | 0.73 | ||||
Weighted-average shares used in computing income per share
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Basic
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4,471,000 | 4,415,000 | ||||||
Diluted
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4,593,000 | 4,588,000 |