Westbury, NY-based Nathan's Famous has reported a net loss of US$11.99m, or US$1.89 per basic and diluted share, for its Q1 2003 ended 30 June, as compared to net income of US$962,000, or US$0.14 per basic and diluted share, in the comparable prior period. The company explained that it adopted SFAS No. 142, "Accounting for Goodwill and Other Intangibles" in its Q1 period. Q1 earnings before cumulative effect of this change in accounting principle were US$346,000, or US$0.05 per share, compared to US$962,000, or US$0.14 per share, year on year. Operating income for the Q1 2003 was US$587,000, compared to US$1.67m for the Q1 2002.