Nathan’s Famous posts mixed results in its latest quarter
The Nathan's Famous location in Oceanside is shown Saturday, May 14, 2016. Credit: Chuck Fadely
Jericho-based Nathan’s Famous Inc. reported mixed results Friday for its fiscal third quarter because of costs associated with debt refinancing.
Revenue in the quarter ended Dec. 24 rose 10.8 percent from a year earlier to $22.1 million. License royalties increased as did the branded products program, which includes the sale of Nathan’s hot dogs to the food service industry, the company said in a statement released Friday.
Meanwhile, the frankfurter maker posted a loss of $3.8 million primarily related to the refinancing of $8.9 million in debt. In the year-earlier quarter the company earned $699,000. Because of the refinancing, Nathan’s expects to cut its future annual interest expense by more than $3 million.
Earnings per share tumbled to a loss of 90 cents, from the 17 cents the company earned a year earlier.
In 2014, Nathan’s Famous signed an agreement with John Morrell, a division of meat industry giant Smithfield Foods. Morrell now manufactures, sells and markets Nathan’s products for stores and food-service venues such as movie theaters and ballparks.
The company’s stock closed at $70.10, down 2 percent, or $1.45, in Nasdaq trading That compares with a year earlier closing of $64.95.
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