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Business

Nathan’s earnings jump as cost of beef drops

Nathan's Famous restaurant in Coney Island on May

Nathan's Famous restaurant in Coney Island on May 22, 2009. The Jericho-based frankfurter maker reported Friday, June 9, 2017, its net income rose in its most recent fiscal year, as its selling costs dropped. Photo Credit: Yana Paskova

Nathan’s Famous Inc. reported Friday its net income rose by 43.8 percent in the most recent quarter.

The Jericho-based frankfurter maker, which celebrated its 100th birthday last year, had net income of $729,000 for the three-month period ending March 26, compared with $507,000 in the same period a year earlier.

Its revenue for the quarter was almost $19.3 million, a year-over-year uptick of 1.2 percent.

Nathan’s has been headquartered on Long Island since 1989. The company got its start in Coney Island in 1916, when Polish immigrant Nathan Handwerker invested $300 in a small hot dog stand.

In the fiscal year ending March 26, the company’s net income was almost $7.49 million, an increase of 22.8 percent compared with the previous fiscal year.

Its revenue was nearly $96.7 million in the fiscal year, down 4.2 percent from a year earlier. The decline in revenue was offset by lower selling costs due to the falling costs of beef.

Nathan’s Famous reported that its cost of sales was $52 million for the year, down 10.3 percent from the previous year.

Earnings per diluted share were $1.78, up 41 cents from the previous 12-month period.

The company’s shares rose 10 cents, or 0.16 percent, to close at $61.95 on Friday. In the last 12 months, they are up 43 percent.

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