# EDGAR Filing Document

**Accession Number:** 0000069733
**File Stem:** 0001437749-25-019915
**Filing Date:** 2025-6
**Character Count:** 18389
**Document Hash:** 4924b651ce64f07e00c16d3cc8fc0383
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-019915.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001437749-25-019915

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250610

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATHANS FAMOUS, INC.
- **CENTRAL INDEX KEY:** 0000069733
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 113166443
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0330

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35962
- **FILM NUMBER:** 251035905

**BUSINESS ADDRESS:**
- **STREET 1:** ONE JERICHO PLAZA
- **CITY:** JERICHO
- **STATE:** NY
- **ZIP:** 11753
- **BUSINESS PHONE:** 516-338-8500

**MAIL ADDRESS:**
- **STREET 1:** ONE JERICHO PLAZA
- **CITY:** JERICHO
- **STATE:** NY
- **ZIP:** 11753

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATHANS FAMOUS INC
- **DATE OF NAME CHANGE:** 19940808

?xml version='1.0' encoding='ASCII'? nath20250528_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported) June 10, 2025**

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| | | |
|:---|:---|:---|
| NATHAN'S FAMOUS, INC. | NATHAN'S FAMOUS, INC. | NATHAN'S FAMOUS, INC. |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| Delaware | 1-35962 | 11-3166443 |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |
| One Jericho Plaza, Jericho, New York | One Jericho Plaza, Jericho, New York | 11753 |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone Number, Including Area Code: <u>(516) 338-8500</u>

---

| |
|:---|
| N/A |
| (Former Name or Former Address, If Changed Since Last Report) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| &nbsp;&nbsp;&nbsp; Common Stock, par value $.01 per share | NATH | The NASDAQ Global Market |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Results of Operations and Financial Condition.**

On June 10, 2025, Nathan's Famous, Inc. issued a press release announcing financial results for its fourth fiscal quarter and fiscal year ended March 30, 2025. The entire text of the press release is attached as Exhibit 99.1 and is incorporated by reference herein.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| 99.1 | [Nathan's Famous, Inc. Press Release, dated June 10, 2025](ex_824249.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

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<u>SIGNATURES</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| Dated: June 10, 2025 | NATHAN'S FAMOUS, INC. | NATHAN'S FAMOUS, INC. | NATHAN'S FAMOUS, INC. |
|  | By: | /s/ Eric Gatoff | /s/ Eric Gatoff |
|  |  | Name: | Eric Gatoff |
|  |  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| FOR: | NATHAN'S FAMOUS, INC. |
| COMPANY | Robert Steinberg, Vice President - Finance and CFO |
| CONTACT: | (516) 338-8500 ext. 229 |

---

**<u>FOR IMMEDIATE RELEASE</u>**

**NATHAN'S FAMOUS, INC.**<br> **REPORTS YEAR END AND FOURTH QUARTER RESULTS**

**Declares Quarterly Cash Dividend Of $0.50 Per Share** 

**JERICHO, N.Y., June 10, 2025** -- Nathan's Famous, Inc. ("Nathan's", the "Company", "we", "us" or "our") (NASDAQ:NATH) today reported results for its fiscal year and fourth quarter ended March 30, 2025.

Effective June 10, 2025, the Board of Directors declared its first quarterly cash dividend for fiscal 2026 of $0.50 per share, which is payable on July 1, 2025 to shareholders of record at the close of business on June 23, 2025.

For the fiscal year ended March 30, 2025:

● Revenues were $148,182,000 for the fifty-two weeks ended March 30, 2025 ("fiscal 2025") as compared to $138,610,000 for the fifty-three weeks ended March 31, 2024 ("fiscal 2024");

● Income from operations was $36,497,000 for fiscal 2025 as compared to $32,506,000 for fiscal 2024;

● Adjusted EBITDA<sup>1</sup> for fiscal 2025, a non-GAAP financial measure, was $39,206,000 as compared to $34,843,000 for fiscal 2024;

● Income before provision for income taxes was $32,761,000 for fiscal 2025 as compared to $27,451,000 for fiscal 2024;

● Net income was $24,026,000 for fiscal 2025 as compared to $19,616,000 for fiscal 2024; and

● Earnings per diluted share was $5.87 per share for fiscal 2025 as compared to $4.80 per share for fiscal 2024.

For the quarter ended March 30, 2025:

● Revenues were $30,787,000 for the thirteen weeks ended March 30, 2025 ("fourth quarter fiscal 2025") as compared to $28,991,000 for the fourteen weeks ended March 31, 2024 ("fourth quarter fiscal 2024");

● Income from operations was $6,368,000 for the fourth quarter fiscal 2025 as compared to $6,802,000 for the fourth quarter fiscal 2024;

● Adjusted EBITDA<sup>1</sup> for the fourth quarter fiscal 2025, a non-GAAP financial measure, was $7,096,000 as compared to $7,282,000 for the fourth quarter fiscal 2024;

● Income before provision for income taxes was $5,819,000 for the fourth quarter fiscal 2025 as compared to $5,720,000 for the fourth quarter fiscal 2024;

● Net income was $4,235,000 for the fourth quarter fiscal 2025 as compared to $3,910,000 for the fourth quarter fiscal 2024; and

● Earnings per diluted share was $1.03 per share for the fourth quarter fiscal 2025 as compared to $0.96 per share for the fourth quarter fiscal 2024.

------

<sup>1</sup> EBITDA and Adjusted EBITDA are non-GAAP financial measures. Please see the definitions of EBITDA and Adjusted EBITDA on page 2 of this release and the reconciliation of EBITDA and Adjusted EBITDA to net income in the table at the end of this release.

------

**NATHAN**'**S REPORTS/2**

The Company also reported the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● License royalties increased to $37,418,000 during fiscal 2025 as compared to $33,581,000 during fiscal 2024. During fiscal 2025, royalties earned under the retail agreement, including the foodservice program, from Smithfield Foods, Inc., increased 12% to $33,589,000 as compared to $30,068,000 during fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In the Branded Product Program, which features the sale of Nathan's hot dogs to the foodservice industry, sales increased by $5,339,000 to $91,828,000 during fiscal 2025 as compared to $86,489,000 during fiscal 2024. The volume of hot dogs sold by the Company increased by approximately 1.2%. Our average selling price, which is partially correlated to the beef markets, increased by approximately 5% compared to the prior year period. Income from operations decreased by $1,148,000 to $7,136,000 during fiscal 2025 as compared to $8,284,000 during fiscal 2024 due primarily to a 7% increase in the cost of beef and beef trimmings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sales from Company-owned restaurants were $12,714,000 during fiscal 2025 as compared to $12,103,000 during fiscal 2024. Restaurant sales were primarily impacted by higher sales at our Coney Island locations due to an increase in our average check.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Revenues from franchise operations were $4,148,000 during fiscal 2025 as compared to $4,356,000 during fiscal 2024. Total royalties were $3,767,000 during fiscal 2025 as compared to $3,886,000 during fiscal 2024. Total franchise fee income, including cancellations fees, was $381,000 during fiscal 2025 as compared to $470,000 during fiscal 2024. Twenty-five franchised locations opened during fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Advertising revenue was $2,074,000 during fiscal 2025 as compared to $2,081,000 during fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● On February 28, 2025, the Company paid the $0.50 per share regular cash dividend that was declared by the Board of Directors effective February 6, 2025 to shareholders of record at the close of business of February 18, 2025.

**Certain Non-GAAP Financial Information:**

In addition to disclosing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America ("US GAAP"), the Company is disclosing EBITDA, a non-GAAP financial measure which is defined as net income, excluding (i) interest expense; (ii) provision for income taxes and (iii) depreciation and amortization expense. The Company is also disclosing Adjusted EBITDA, a non-GAAP financial measure which is defined as EBITDA, excluding (i) loss on debt extinguishment, and (ii) share-based compensation that the Company believes will impact the comparability of its results of operations.

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**NATHAN**'**S REPORTS/3**

The Company believes that EBITDA and Adjusted EBITDA are useful to investors to assist in assessing and understanding the Company's operating performance and underlying trends in the Company's business because EBITDA and Adjusted EBITDA are (i) among the measures used by management in evaluating performance and (ii) are frequently used by securities analysts, investors and other interested parties as a common performance measure.

EBITDA and Adjusted EBITDA are not recognized terms under US GAAP and should not be viewed as alternatives to net income or other measures of financial performance or liquidity in conformity with US GAAP. Additionally, our definitions of EBITDA and Adjusted EBITDA may differ from other companies. Analysis of results and outlook on a non-US GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with US GAAP. Please see the table at the end of this press release for a reconciliation of EBITDA and Adjusted EBITDA to net income.

**About Nathan**'**s Famous**

Nathan's is a Russell 2000 Company that currently distributes its products in 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, and twenty foreign countries through its product licensing activities, foodservice sales programs, and restaurant system. For additional information about Nathan's Famous, please visit our website at <u>www.nathansfamous.com</u>.

*Except for historical information contained in this news release, the matters discussed are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. Words such as* "*anticipate*"*,* "*believe*"*,* "*estimate*"*,* "*expect*"*,* "*intend*"*, and similar expressions identify forward-looking statements, which are based on the current belief of the Company*'*s management, as well as assumptions made by and information currently available to the Company*'*s management. Among the factors that could cause actual results to differ materially include but are not limited to: the impact of disease epidemics such as the COVID-19 pandemic; increases in the cost of food and paper products; the impact of price increases on customer visits; the status of our licensing and supply agreements, including our licensing revenue and overall profitability being substantially dependent on our agreement with Smithfield Foods, Inc.; the impact of our debt service and repayment obligations under our credit facility, including the effect on our ability to fund working capital, operations and make new investments; economic (including inflationary pressures like those currently being experienced); weather (including the impact on sales at our restaurants particularly during the summer months), and changes in the price of beef trimmings; our ability to pass on the cost of any price increases in beef and beef trimmings; legislative and business conditions; potential changes in U.S. income tax or tariff policies; the collectability of receivables; changes in consumer tastes; the continued viability of Coney Island as a destination location for visitors; the ability to attract franchisees; the impact of the minimum wage legislation on labor costs in New York State or other changes in labor laws, including regulations which could render a franchisor as a* "*joint employer*" *or the impact of our union contracts; our ability to attract competent restaurant and managerial personnel; the enforceability of international franchising agreements; the future effects of any food borne illness, such as bovine spongiform encephalopathy, BSE and e coli; and the risk factors reported from time to time in the Company*'*s SEC reports. The Company does not undertake any obligation to update such forward-looking statements.*

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**NATHAN**'**S REPORTS/4**

**Nathan's Famous, Inc. and Subsidiaries**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen weeks ended | Fourteen<br> weeks ended | Fifty-two<br> weeks ended | Fifty-three<br> weeks ended |
|  | Mar. 30, 2025 | Mar. 31, 2024 | Mar. 30, 2025 | Mar. 31, 2024 |
| <u>**Financial Highlights**</u> |  |  |  |  |
| Total revenues | $30787000 | $28991000 | $148182000 | $138610000 |
| Income from operations (a) | $6368000 | $6802000 | $36497000 | $32506000 |
| Net income | $4235000 | $3910000 | $24026000 | $19616000 |
| Net income per share: |  |  |  |  |
| Basic | $1.04 | $0.96 | $5.88 | $4.81 |
| Diluted | $1.03 | $0.96 | $5.87 | $4.80 |
| Weighted-average shares used in |  |  |  |  |
| Computing net income per share: |  |  |  |  |
| Basic | 4089000 | 4085000 | 4086000 | 4081000 |
| Diluted | 4102000 | 4088000 | 4095000 | 4087000 |
| **<u>Select Segment Information</u>** |  |  |  |  |
| <u>Revenues</u> |  |  |  |  |
| Branded product program | $20047000 | $18279000 | $91828000 | $86489000 |
| Product licensing | 7901000 | 7506000 | 37418000 | 33581000 |
| Restaurant operations | 2273000 | 2626000 | 16862000 | 16459000 |
| Advertising fund revenue | 566000 | 580000 | 2074000 | 2081000 |
| Total Revenues | $30787000 | $28991000 | $148182000 | $138610000 |
| <u>Income from operations (b)</u> |  |  |  |  |
| Branded product program | $1730000 | $2515000 | $7136000 | $8284000 |
| Product licensing | 7856000 | 7460000 | 37236000 | 33399000 |
| Restaurant operations | (310000) | (339000) | 2431000 | 1661000 |
| Corporate (c) | (2908000) | (2834000) | (10306000) | (10838000) |
| Income from operations (b) | $6368000 | $6802000 | $36497000 | $32506000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes loss on debt extinguishment, interest expense, interest and dividend income, and other income, net.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Excludes loss on debt extinguishment, interest expense, interest and dividend income, and other income, net which are managed centrally at the corporate level, and, accordingly, such items are not presented by segment since they are excluded from the measure of profitability reviewed by the Chief Operating Decision Maker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consists principally of administrative expenses not allocated to the operating segments such as executive management, finance, information technology, legal, insurance, corporate office costs, incentive compensation, share-based compensation, compliance costs, and the operating results of the Advertising Fund.

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**NATHAN**'**S REPORTS/5**

**Nathan's Famous, Inc. and Subsidiaries**

**Reconciliation of Net Income to EBITDA and Adjusted EBITDA**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Thirteen weeks ended | Fourteen<br> weeks ended | Fifty-two<br> weeks ended | Fifty-three<br> weeks ended |
|  | Mar. 30, 2025 | Mar. 31, 2024 | Mar. 30, 2025 | Mar. 31, 2024 |
| <u>EBITDA</u> |  |  |  |  |
| Net Income | $4235000 | $3910000 | $24026000 | $19616000 |
| Interest Expense | 763000 | 1136000 | 4106000 | 5355000 |
| Provision for income taxes | 1584000 | 1810000 | 8735000 | 7835000 |
| Depreciation and amortization | 226000 | 239000 | 957000 | 1135000 |
| EBITDA | $6808000 | $7095000 | $37824000 | $33941000 |
| <u>Adjusted EBITDA</u> |  |  |  |  |
| EBITDA | $6808000 | $7095000 | $37824000 | $33941000 |
| Loss on debt extinguishment |  |  | 389000 | 169000 |
| Share-based compensation | 288000 | 187000 | 993000 | 733000 |
| Adjusted EBITDA | $7096000 | $7282000 | $39206000 | $34843000 |

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