Nathan's Famous, Inc. Reports Year End and Fourth Quarter Results

Core Viewpoint - Nathan's Famous, Inc. reported its financial results for fiscal year 2024, showing a slight increase in revenues but a decrease in income from operations compared to the previous fiscal year [4][5]. Financial Performance - Revenues for fiscal 2024 were $138.61 million, up from $130.79 million in fiscal 2023, representing a growth of approximately 6.3% [5]. - Income from operations decreased to $32.51 million in fiscal 2024 from $34.45 million in fiscal 2023, a decline of about 5.6% [5]. - Adjusted EBITDA for fiscal 2024 was $34.84 million, down from $36.38 million in fiscal 2023, reflecting a decrease of approximately 4.3% [5][16]. - Net income for fiscal 2024 was $19.62 million, slightly down from $19.62 million in fiscal 2023, indicating a marginal decline [5]. Quarterly Highlights - For the fourteen weeks ended March 31, 2024, total revenues were $28.99 million, compared to $27.41 million for the thirteen weeks ended March 26, 2023, marking an increase of about 5.8% [11]. - Income from operations for the fourth quarter of fiscal 2024 was $6.80 million, up from $6.42 million in the same quarter of the previous year, an increase of approximately 5.9% [11]. - Net income for the fourth quarter of fiscal 2024 was $3.91 million, compared to $3.27 million in the fourth quarter of fiscal 2023, reflecting an increase of about 19.5% [11]. Segment Performance - Revenues from the Branded Product Program increased to $86.49 million in fiscal 2024 from $78.88 million in fiscal 2023, a growth of approximately 9.5% [15]. - Product licensing revenues were $33.58 million in fiscal 2024, slightly up from $33.46 million in fiscal 2023 [15]. - Sales from Company-owned restaurants were $12.10 million in fiscal 2024, down from $12.16 million in fiscal 2023, impacted by reduced traffic due to unfavorable weather [15]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.50 per share, effective June 12, 2024, payable on July 2, 2024, to shareholders of record as of June 24, 2024 [1].