Create a free Manufacturing.net account to continue

Nathan’s Famous 3Q Hurt by Superstorm Sandy

Hot dog and burger chain Nathan's Famous said Friday that its fiscal third-quarter net income fell 8 percent, hampered by restaurant closings due to Superstorm Sandy. The company earned $1.1 million, or 23 cents per share, for the period ended Dec. 23. That compares with $1.2 million, or 24 cents per share, a year earlier.

JERICHO, N.Y. (AP) — Hot dog and burger chain Nathan's Famous said Friday that its fiscal third-quarter net income fell 8 percent, hampered by restaurant closings due to Superstorm Sandy.

The company earned $1.1 million, or 23 cents per share, for the period ended Dec. 23. That compares with $1.2 million, or 24 cents per share, a year earlier.

Stripping out a litigation-related expense, earnings were 24 cents per share.

The per-share results in the recent quarter were boosted by a 10 percent drop in the number of outstanding shares.

Nathan's Famous Inc. said that all of its company-owned restaurants were forced to close when Sandy struck in October. The company said 78 of its franchised restaurants closed for various amounts of time and that two of those locations remain shuttered.

Nathan's has 308 restaurants, which includes five company-owned locations and 303 franchised restaurants.

Quarterly revenue for the Jericho, N.Y., company climbed 1 percent to $15 million from $14.8 million.

In afternoon trading, shares of Nathan's Famous declined 38 cents to $40.89.