Nathan's(NATH) - 2024 Q4 - Annual Results

Financial Performance - Revenues for fiscal 2024 were $138,610,000, an increase of 6.0% compared to $130,785,000 for fiscal 2023[5] - Net income for fiscal 2024 was $19,616,000, slightly down from $19,623,000 in fiscal 2023, resulting in earnings per diluted share of $4.80, unchanged from the previous year[5] - Adjusted EBITDA for fiscal 2024 was $34,843,000, a decrease of 4.2% from $36,383,000 in fiscal 2023[5] - Income from operations for fiscal 2024 was $32,506,000, down from $34,445,000 in fiscal 2023, primarily due to increased costs[5] - The total net income for the thirteen weeks ended March 31, 2024, was $19,616,000, slightly down from $19,623,000 for the same period in 2023, a decrease of about 0.04%[21] - The total adjusted EBITDA for the thirteen weeks ended March 31, 2024, was $34,843,000, down from $36,383,000 in the same period of 2023, a decline of approximately 4.2%[21] Sales and Revenue Growth - Franchise restaurant sales increased by $4,678,000 to $68,417,000 during fiscal 2024 compared to $63,739,000 in fiscal 2023[7] - Sales from the Branded Product Program rose by $7,605,000 to $86,489,000 in fiscal 2024, with a 2% increase in volume sold and a 7% increase in average selling price[7] - License royalties for fiscal 2024 were $33,581,000, up from $33,455,000 in fiscal 2023[7] - Advertising revenue increased to $2,081,000 during fiscal 2024, compared to $1,993,000 in fiscal 2023[12] - Seventeen new franchised locations opened during fiscal 2024, contributing to the growth in franchise royalties[7] Weekly Financial Highlights - Net income for the week ended March 31, 2024, was $3,910,000, an increase from $3,265,000 for the same period in 2023, reflecting a growth of approximately 19.6%[21] - EBITDA for the week ended March 31, 2024, reached $7,095,000, compared to $6,562,000 for the same week in 2023, indicating an increase of about 8.1%[21] - Adjusted EBITDA for the week ended March 31, 2024, was $7,282,000, up from $7,096,000 in the prior year, representing a growth of approximately 2.6%[21] Expense Management - Interest expense decreased significantly to $1,136,000 for the week ended March 31, 2024, down from $1,911,000 in the same week of 2023, a reduction of about 40.5%[21] - Provision for income taxes increased to $1,810,000 for the week ended March 31, 2024, compared to $1,088,000 for the same period in 2023, reflecting an increase of approximately 66.2%[21] - Depreciation and amortization expenses decreased slightly to $239,000 for the week ended March 31, 2024, from $298,000 in the same week of 2023, a decline of about 19.7%[21] - The loss on debt extinguishment was recorded at $0 for the week ended March 31, 2024, compared to a loss of $357,000 in the same week of 2023[21] - Share-based compensation increased to $187,000 for the week ended March 31, 2024, from $177,000 in the same week of 2023, an increase of approximately 5.7%[21] Dividends - The company declared a quarterly cash dividend of $0.50 per share, payable on July 2, 2024[3]