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

Core Points - Nathan's Famous, Inc. declared its first quarterly cash dividend of $0.50 per share for fiscal 2025, payable on July 2, 2024, to shareholders of record on June 24, 2024 [1] - The company reported revenues of $138.61 million for fiscal 2024, an increase from $130.79 million in fiscal 2023 [2] - Net income for fiscal 2024 was $19.62 million, slightly down from $19.63 million in fiscal 2023, with earnings per diluted share remaining stable at $4.80 [2] - For the fourth quarter of fiscal 2024, revenues were $28.99 million, up from $27.41 million in the same quarter of fiscal 2023 [3] - The company experienced a 10% increase in the cost of beef and beef trimmings, impacting income from operations, which decreased to $8.28 million in fiscal 2024 from $8.98 million in fiscal 2023 [4] - Franchise restaurant sales increased by $4.68 million to $68.42 million in fiscal 2024 compared to $63.74 million in fiscal 2023 [4] Financial Performance - Total revenues for the fourteen weeks ended March 31, 2024, were $28.99 million compared to $27.41 million for the thirteen weeks ended March 26, 2023 [9] - Income from operations for the fourth quarter of fiscal 2024 was $6.80 million, an increase from $6.42 million in the fourth quarter of fiscal 2023 [9] - Adjusted EBITDA for the fourth quarter of fiscal 2024 was $7.28 million, compared to $7.10 million in the fourth quarter of fiscal 2023 [9] - Net income for the fourth quarter of fiscal 2024 was $3.91 million, up from $3.27 million in the fourth quarter of fiscal 2023 [9] Segment Information - Revenues from the Branded Product Program for fiscal 2024 were $86.49 million, an increase from $78.88 million in fiscal 2023 [4] - License royalties increased to $33.58 million in fiscal 2024 from $33.46 million in fiscal 2023 [4] - Sales from company-owned restaurants were $12.10 million in fiscal 2024, slightly down from $12.16 million in fiscal 2023 due to reduced traffic from unfavorable weather [4]