Nathan's posts higher profit after trimming interest expenses
Nathan's Famous Inc. Friday posted lower second quarter sales, but higher profits. Credit: Diana Colapietro
Nathan's Famous Inc. Friday posted lower second quarter sales, but higher profit as the hot dog maker cut its interest expenses.
In the quarter ended Sept. 23, revenue was $29.3 million versus $31.5 million in the 2017 period.
But net income was $4.5 million, or $1.06 per diluted share, compared to $3.1 million, or 74 cents per diluted share in the prior year's quarter.
The Jericho-based distributor of hot dogs and other food products through its restaurants, food-service sales and product licensing cited a November 2017 debt refinancing that trimmed interest expenses. For the second quarter, interest expense was $2.7 million, down $1 million from the 2017 quarter.
Nathan's shares closed down 3 percent to $72.01. Twelve months ago, the stock was trading at $75.66.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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