Nathan’s Famous Inc., the Jericho restaurant operator and hot dog maker, Friday reported that first quarter revenue edged higher, but net income fell 17.7 percent due in part to more favorable tax benefits in the year-earlier period.
Revenue was $30.9 million compared to $29.4 million in the quarter ended June 26, 2016. Net income for the most recent quarter was $2.9 million, or 69 cents per diluted share, versus $3.6 million, or 85 cents per diluted share.
In its report before Friday’s market open, the company said that tax benefits of $78,000 increased earnings per share by 2 cents in the recent quarter, compared to benefits of $621,000, which increased earnings per share by 15 cents in the prior year’s period.
Nathan’s said foul weather, especially at its two Coney Island locations, affected sales at company operated restaurants, which posted revenue of $4.4 million compared to $4.8 million in the 2016 quarter.
Shares of Nathan’s fell 10 cents to close at $60.50 on the Nasdaq Stock Market. Nathan’s shares have risen about 25 percent in the past 12 months.