Nathan's Famous, Inc. Reports Year End and Fourth Quarter Results
2024年6月12日 - 7:30PM
Nathan's Famous, Inc. (NASDAQ:NATH) today reported results for its
fiscal year and fourth quarter ended March 31, 2024.
Effective June 12, 2024, the Board of Directors
declared its first quarterly cash dividend for fiscal 2025 of $0.50
per share, which is payable on July 2, 2024 to shareholders of
record at the close of business on June 24, 2024.
For the fiscal year ended March 31, 2024:
- Revenues were $138,610,000 for the fifty-three weeks ended
March 31, 2024 (“fiscal 2024”) as compared to $130,785,000 for the
fifty-two weeks ended March 26, 2023 (“fiscal 2023”);
- Income from operations was $32,506,000 for fiscal 2024 as
compared to $34,445,000 for fiscal 2023;
- Adjusted EBITDA1 for fiscal 2024, a non-GAAP financial measure,
was $34,843,000 as compared to $36,383,000 for fiscal 2023;
- Income before provision for income taxes was $27,451,000 for
fiscal 2024 as compared to $26,804,000 for fiscal 2023;
- Net income was $19,616,000 for fiscal 2024 as compared to
$19,623,000 for fiscal 2023; and
- Earnings per diluted share was $4.80 per share for fiscal 2024
which was comparable to $4.80 per share for fiscal 2023.
For the fourteen weeks ended March 31, 2024:
- Revenues were $28,991,000 for the fourteen weeks ended March
31, 2024 (“fourth quarter fiscal 2024”) as compared to $27,414,000
for the thirteen weeks ended March 26, 2023 (“fourth quarter fiscal
2023”);
- Income from operations was $6,802,000 for the fourth quarter
fiscal 2024 as compared to $6,419,000 for the fourth quarter fiscal
2023;
- Adjusted EBITDA1 for the fourth quarter fiscal 2024, a non-GAAP
financial measure, was $7,282,000 as compared to $7,096,000 for the
fourth quarter fiscal 2023;
- Income before provision for income taxes was $5,720,000 for the
fourth quarter fiscal 2024 as compared to $4,353,000 for the fourth
quarter fiscal 2023;
- Net income was $3,910,000 for the fourth quarter fiscal 2024 as
compared to $3,265,000 for the fourth quarter fiscal 2023; and
- Earnings per diluted share was $0.96 per share for the fourth
quarter fiscal 2024 as compared to $0.80 per share for the fourth
quarter fiscal 2023.
The Company also reported the following:
- License royalties increased to
$33,581,000 during fiscal 2024 as compared to $33,455,000 during
fiscal 2023. During fiscal 2024, royalties earned under the retail
agreement, including the foodservice program, from Smithfield
Foods, Inc., were $30,068,000 as compared to $29,998,000 during
fiscal 2023.
- In the Branded Product Program,
which features the sale of Nathan’s hot dogs to the foodservice
industry, sales increased by $7,605,000 to $86,489,000 during
fiscal 2024 as compared to $78,884,000 during fiscal 2023. The
volume of hot dogs sold by the Company increased by approximately
2%. Our average selling price, which is partially correlated to the
beef markets, increased by approximately 7% compared to the prior
year period. Income from operations decreased by $692,000 to
$8,284,000 during fiscal 2024 as compared to $8,976,000 during
fiscal 2023 due primarily to a 10% increase in the cost of beef and
beef trimmings.
- Sales from Company-owned
restaurants were $12,103,000 during fiscal 2024 as compared to
$12,161,000 during fiscal 2023. Sales were negatively impacted by
reduced traffic as a result of unfavorable weather conditions
during the summer season.
- Revenues from franchise operations
were $4,356,000 during fiscal 2024 as compared to $4,292,000 during
fiscal 2023. Total royalties were $3,886,000 during fiscal 2024 as
compared to $3,636,000 during fiscal 2023. The increase in
franchise royalties during fiscal 2024 was primarily due to an
increase in franchise restaurant sales of $4,678,000 to $68,417,000
as compared to $63,739,000 during fiscal 2023.2 Total
franchise fee income, including cancellations fees, was $470,000
during fiscal 2024 as compared to $656,000 during fiscal 2023.
Seventeen new franchised locations opened during fiscal 2024.
- Advertising revenue was $2,081,000
during fiscal 2024 as compared to $1,993,000 during fiscal
2023.
- On March 1, 2024, the Company paid
the $0.50 per share regular cash dividend that was declared by the
Board of Directors effective February 1, 2024 to shareholders of
record at the close of business of February 20, 2024.
Certain Non-GAAP Financial
Information:
In addition to disclosing results that are
determined in accordance with Generally Accepted Accounting
Principles in the United States of America ("US GAAP"), the Company
is disclosing EBITDA, a non-GAAP financial measure which is defined
as net income, excluding (i) interest expense; (ii) provision for
income taxes and (iii) depreciation and amortization expense. The
Company is also disclosing Adjusted EBITDA, a non-GAAP financial
measure which is defined as EBITDA, excluding (i) loss on debt
extinguishment, (ii) loss on disposal of property and equipment and
(iii) share-based compensation that the Company believes will
impact the comparability of its results of operations.
The Company
believes that EBITDA and Adjusted EBITDA are useful to investors to
assist in assessing and understanding the Company's operating
performance and underlying trends in the Company's business because
EBITDA and Adjusted EBITDA are (i) among the measures used by
management in evaluating performance and (ii) are frequently used
by securities analysts, investors and other interested parties as a
common performance measure.
EBITDA and Adjusted EBITDA are not recognized
terms under US GAAP and should not be viewed as alternatives to net
income or other measures of financial performance or liquidity in
conformity with US GAAP. Additionally, our definitions of EBITDA
and Adjusted EBITDA may differ from other companies. Analysis of
results and outlook on a non-US GAAP basis should be used as a
complement to, and in conjunction with, data presented in
accordance with US GAAP. Please see the table at the end of this
press release for a reconciliation of EBITDA and Adjusted EBITDA to
net income.
About Nathan’s
Famous
Nathan’s is a Russell 2000 Company that currently distributes its
products in 50 states, the District of Columbia, Puerto Rico, the
U.S. Virgin Islands, Guam, and eighteen foreign countries through
its restaurant system, foodservice sales programs and product
licensing activities. For additional information about Nathan’s
Famous, please visit our website at www.nathansfamous.com.
__________________________
1 EBITDA and Adjusted EBITDA are non-GAAP
financial measures. Please see the definitions of EBITDA and
Adjusted EBITDA on page 3 of this release and the reconciliation of
EBITDA and Adjusted EBITDA to net income in the table at the end of
this release. 2 Franchise restaurant sales are not revenues of the
Company and are not included in the Company’s Consolidated
Financial Statements.
Except for historical information contained in
this news release, the matters discussed are forward looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, that involve risks and uncertainties. Words
such as “anticipate”, “believe”, “estimate”, “expect”, “intend”,
and similar expressions identify forward-looking statements, which
are based on the current belief of the Company’s management, as
well as assumptions made by and information currently available to
the Company’s management. Among the factors that could cause actual
results to differ materially include but are not limited to: the
impact of disease epidemics such as the COVID-19 pandemic;
increases in the cost of food and paper products; the impact of
price increases on customer visits; the status of our licensing and
supply agreements, including our licensing revenue and overall
profitability being substantially dependent on our agreement with
Smithfield Foods, Inc.; the impact of our debt service and
repayment obligations under the 2025 Notes, including the effect on
our ability to fund working capital, operations and make new
investments; economic (including inflationary pressures like those
currently being experienced); weather (including the impact on
sales at our restaurants particularly during the summer months),
and changes in the price of beef trimmings; our ability to pass on
the cost of any price increases in beef and beef trimmings;
legislative and business conditions; the collectability of
receivables; changes in consumer tastes; the continued viability of
Coney Island as a destination location for visitors; the ability to
attract franchisees; the impact of the minimum wage legislation on
labor costs in New York State or other changes in labor laws,
including regulations which could render a franchisor as a “joint
employee” or the impact of our union contracts; our ability to
attract competent restaurant and managerial personnel; the
enforceability of international franchising agreements; the future
effects of any food borne illness, such as bovine spongiform
encephalopathy, BSE and e coli; and the risk factors reported from
time to time in the Company’s SEC reports. The Company does not
undertake any obligation to update such forward-looking
statements.
COMPANY Robert
Steinberg, Vice President - Finance and CFO CONTACT:
(516) 338-8500 ext. 229
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Nathan's Famous, Inc. and Subsidiaries |
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Fourteen |
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Thirteen |
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Fifty-three |
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Fifty-two |
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weeks ended |
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weeks ended |
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weeks ended |
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weeks ended |
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Mar. 31, 2024 |
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Mar. 26, 2023 |
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Mar. 31, 2024 |
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Mar. 26, 2023 |
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Financial Highlights |
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|
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|
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|
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Total revenues |
$ |
28,991,000 |
|
$ |
27,414,000 |
|
$ |
138,610,000 |
|
$ |
130,785,000 |
|
|
|
|
|
|
|
|
|
|
Income from operations (a) |
$ |
6,802,000 |
|
$ |
6,419,000 |
|
$ |
32,506,000 |
|
$ |
34,445,000 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
3,910,000 |
|
$ |
3,265,000 |
|
$ |
19,616,000 |
|
$ |
19,623,000 |
|
|
|
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|
Income per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.96 |
|
$ |
0.80 |
|
$ |
4.81 |
|
$ |
4.80 |
|
Diluted |
$ |
0.96 |
|
$ |
0.80 |
|
$ |
4.80 |
|
$ |
4.80 |
|
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|
|
|
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Weighted-average shares used in |
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computing income per share: |
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|
|
|
Basic |
|
4,085,000 |
|
|
4,080,000 |
|
|
4,081,000 |
|
|
4,089,000 |
|
Diluted |
|
4,088,000 |
|
|
4,086,000 |
|
|
4,087,000 |
|
|
4,090,000 |
|
Select Segment Information |
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Revenues |
|
|
|
|
|
|
|
|
Branded product program |
$18,279,000 |
|
$17,022,000 |
|
$86,489,000 |
|
$78,884,000 |
|
Product licensing |
|
7,506,000 |
|
|
7,391,000 |
|
|
33,581,000 |
|
|
33,455,000 |
|
Restaurant operations |
|
2,626,000 |
|
|
2,512,000 |
|
|
16,459,000 |
|
|
16,453,000 |
|
Corporate (b) |
|
580,000 |
|
|
489,000 |
|
|
2,081,000 |
|
|
1,993,000 |
|
Total Revenues |
|
$28,991,000 |
|
|
$27,414,000 |
|
|
$138,610,000 |
|
|
$130,785,000 |
|
|
|
|
|
|
|
|
|
|
|
Income from operations (c) |
|
|
|
|
|
|
|
|
|
Branded product program |
$2,515,000 |
|
$1,973,000 |
|
$8,284,000 |
|
$8,976,000 |
|
Product licensing |
|
7,460,000 |
|
|
7,345,000 |
|
|
33,399,000 |
|
|
33,273,000 |
|
Restaurant operations |
|
(339,000) |
|
|
(195,000) |
|
|
1,661,000 |
|
|
1,684,000 |
|
Corporate (d) |
|
(2,834,000) |
|
|
(2,704,000) |
|
|
(10,838,000) |
|
|
(9,488,000) |
|
Income from operations (c) |
|
$6,802,000 |
|
|
$6,419,000 |
|
|
$32,506,000 |
|
|
$34,445,000 |
|
|
(a) |
|
Excludes loss on debt extinguishment, interest expense, interest
income, and other income, net. |
| |
(b) |
|
Represents Advertising Fund
revenue. |
| |
(c) |
|
Excludes loss on debt
extinguishment, interest expense, interest income, and other
income, net which are managed centrally at the corporate level,
and, accordingly, such items are not presented by segment since
they are excluded from the measure of profitability reviewed by the
Chief Operating Decision Maker. |
| |
(d) |
|
Consists principally of
administrative expenses not allocated to the operating segments
such as executive management, finance, information technology,
legal, insurance, corporate office costs, incentive compensation,
compliance costs, and the operating results of the advertising
fund. |
|
Nathan's Famous, Inc. and Subsidiaries |
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Reconciliation of Net Income to EBITDA and Adjusted
EBITDA |
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Fourteen |
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Thirteen |
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Fifty-three |
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Fifty-two |
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weeks ended |
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weeks ended |
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weeks ended |
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weeks ended |
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Mar. 31, 2024 |
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Mar. 26, 2023 |
|
Mar. 31, 2024 |
|
Mar. 26, 2023 |
|
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|
|
EBITDA |
|
|
|
|
|
|
|
|
Net Income |
$ |
3,910,000 |
|
$ |
3,265,000 |
|
$ |
19,616,000 |
|
$ |
19,623,000 |
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
1,136,000 |
|
|
1,911,000 |
|
|
5,355,000 |
|
|
7,742,000 |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
1,810,000 |
|
|
1,088,000 |
|
|
7,835,000 |
|
|
7,181,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
239,000 |
|
|
298,000 |
|
|
1,135,000 |
|
|
1,135,000 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
$ |
7,095,000 |
|
$ |
6,562,000 |
|
$ |
33,941,000 |
|
$ |
35,681,000 |
|
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Adjusted EBITDA |
|
|
|
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|
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EBITDA |
$ |
7,095,000 |
|
$ |
6,562,000 |
|
$ |
33,941,000 |
|
$ |
35,681,000 |
|
|
|
|
|
|
|
|
|
|
Loss on debt extinguishment |
|
- |
|
|
357,000 |
|
|
169,000 |
|
|
357,000 |
|
|
|
|
|
|
|
|
|
|
Loss on disposal of property and equipment |
|
- |
|
|
- |
|
|
- |
|
|
87,000 |
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
187,000 |
|
|
177,000 |
|
|
733,000 |
|
|
258,000 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
7,282,000 |
|
$ |
7,096,000 |
|
$ |
34,843,000 |
|
$ |
36,383,000 |
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Nathans Famous (NASDAQ:NATH)
過去 株価チャート
から 12 2024 まで 1 2025
Nathans Famous (NASDAQ:NATH)
過去 株価チャート
から 1 2024 まで 1 2025
