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.
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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.
During the Q1 2003, Nathan’s realised a gain of US$135,000 from the early termination of a sales agreement for its Branded Product Programme. The Programme, featuring the sale of Nathan’s hot dogs to the foodservice industry, has continued to grow however, generating sales of about US$1.6m during the Q1 2003 as compared to US$1.24m year on year.
Total revenues were US$10.9m in the Q1 2003 as compared to US$11.8m in the Q1 2002. Sales of Nathan’s products sold in supermarkets and club stores continue to result in year over year increases in royalties, increasing 15.5% year on year for the Q1 2003.
At 30 June 2002, Nathan’s consisted of 354 franchised or licensed units, 22 company-owned units and more than 1,600 Branded Product points of sale, located throughout 39 states, the District of Columbia and 13 foreign countries featuring the Nathan’s, Miami Subs and Kenny Rogers Roasters brands.
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