Nathan's Famous, Inc. Reports Third Quarter Results And Declares Quarterly Cash Dividend Of $.25 Per Share
JERICHO, N.Y., Feb. 1, 2019 /PRNewswire/ -- Nathan's Famous, Inc. (NASDAQ: NATH) today reported results for the third quarter of its 2019 fiscal year that ended December 23, 2018.
For the fiscal quarter ended December 23, 2018:
Revenues were $20,222,000, as compared to $22,021,000 during the thirteen weeks ended December 24, 2017;
Adjusted EBITDA, as subsequently defined, was $16,306,000, as compared to $5,855,000 for the thirteen weeks ended December 24, 2017;
Income before provision for income taxes was $13,349,000, as compared to a loss before benefit for income taxes of $7,086,000 for the thirteen weeks ended December 24, 2017;
Net income was $9,722,000, as compared to a net loss of $3,779,000 for the thirteen weeks ended December 24, 2017;
Earnings per diluted share were $2.30 per share, as compared to a loss per diluted share of $0.90 per share for the thirteen weeks ended December 24, 2017;
On October 23, 2018, we sold our restaurant in Bay Ridge, Brooklyn and recognized a gain of $10,821,000 or $7,881,000, net of tax, or $1.87 per diluted share;
In connection with our November 2017 refinancing of the 10.000% Senior Secured Notes due 2020, we recorded a loss on debt extinguishment of $8,872,000, or $5,266,000, net of tax, or $1.25 per diluted share;
Benefit for income taxes for the thirteen weeks ended December 24, 2017 was increased by $436,000 or $0.10 per diluted share resulting from the revaluation of its deferred tax liabilities resulting from the effects of tax reform; and
Excluding the gain from the sale of restaurant, loss on debt extinguishment and revaluation of deferred tax liabilities, net income would have been $1,841,000 or $0.44 per diluted share as compared to net income of $1,051,000 or $0.25 per diluted share.
Nathan's Famous, Inc. Reports Third Quarter Results And Declares Quarterly Cash Dividend Of $.25 Per Share | Nathan's Famous, Inc.
