 And Declares Quarterly Cash Dividend Of 0.35 Per Share.JERICHO, N.Y., Aug. 07, 2020 GLOBE NEWSWIRE -- Nathans Famous, Inc. Nathans, the Company, we, us or our NASDAQ:NATH today reported results for its first fiscal quarter ended June 28, 2020. For the thirteen-week period ended June 28, 2020 first quarter fiscal 2021: Revenues were 17,686,000, as compared to 30,518,000 during the thirteen weeks ended June 30, 2019; Income from operations was 8,094,000, as compared to 9,448,000 during the thirteen weeks ended June 30, 2019; Adjusted EBITDA1, a non-GAAP financial measure, was 8,550,000 as compared to 10,173,000 during the thirteen weeks ended June 30, 2019; Income before provision for income taxes was 5,561,000, as compared to 7,185,000 during the thirteen weeks ended June 30, 2019; Net income was 4,000,000, as compared to 5,369,000 during the thirteen weeks ended June 30, 2019; and Earnings per diluted share was 0.97 per share, as compared to 1.28 per share during the thirteen weeks ended June 30, 2019.___ 1 EBITDA and Adjusted EDITDA 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. The Company also reported the following: License royalties increased to 10,523,000 during the first quarter fiscal 2021, as compared to 8,722,000 during the thirteen weeks ended June 30, 2019. During the first quarter fiscal 2021, royalties earned under the retail agreement, including the foodservice program, with John Morrell Co., increased 19.5 to 9,744,000, as compared to 8,157,000 of royalties earned during the thirteen weeks ended June 30, 2019. As consumers shelter at home, our licensing business continues to show strong consumer demand. In the Branded Product Program, which features the sale of Nathans hot dogs to the foodservice industry, income from operations declined by approximately 1,931,000 to 272,000 during the first quarter fiscal 2021, as compared to 2,203,000 for the thirteen weeks ended June 30, 2019. Sales were 4,749,000 in the first quarter fiscal 2021, compared to sales of 16,113,000 during the prior-year period, while the volume of hot dogs sold by the Company decreased 71. As a result of the COVID-19 pandemic, sales and income from operations for the Branded Product Program have been impacted as many of our customers operated in venues that are currently closed and may be slow to reopen, such as professional sports venues, amusement parks, shopping malls and movie theaters. Our average selling price, which is partially correlated to the beef markets, increased by approximately 7.0 compared to the prior-year period. Sales from Company-operated restaurants were 1,934,000 during the first quarter fiscal 2021 compared to 4,124,000 during the thirteen weeks ended June 30, 2019. The decrease was primarily due to a decline in customer traffic related to the impact of the COVID-19 pandemic. Due to governmental restrictions, our Company-operated restaurants were only offering food through take-out and delivery services. Revenues from franchise operations were 191,000 during the first quarter fiscal 2021, compared to 1,077,000 during the thirteen weeks ended June 30, 2019. Total royalties were 110,000 in the first quarter fiscal 2021 period as compared to 980,000 during the thirteen weeks ended June 30, 2019. Total franchise fee income was 81,000 during the first quarter fiscal 2021 compared to 97,000 during the thirteen weeks ended June 30, 2019. As a result of the COVID-19 pandemic, a number of our franchised locations have been temporarily closed due to their locations in venues being closed such as shopping malls and movie theaters or venues operating at reduced traffic such as airport and highway travel plazas. Despite the challenging operating environment, two new franchised outlets opened during the first quarter fiscal 2021. During the first quarter fiscal 2021, we recorded Advertising Fund revenue and expense in the amount of 289,000 as compared to 482,000 during the thirteen weeks ended June 30, 2019. On June 26, 2020, we paid the 0.35 per share regular cash dividend that was declared by the Board of Directors on June 12, 2020 to shareholders of record at the close of business on June 22, 2020. Effective August 7, 2020, the Board of Directors declared its quarterly cash dividend of 0.35 per share payable on September 4, 2020 to shareholders of record at the close of business on August 24, 2020. 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 stock-based compensation that the Company believes will impact the comparability of its results of operations. The Company believes that EBITDA and Adjusted EBITDA are useful to investors to assist in assessing and understanding the Companys operating performance and underlying trends in the Companys 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 Nathans Famous Nathans 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 eleven foreign countries through its restaurant system, foodservice sales programs and product licensing activities. Last year, over 700 million Nathans Famous hot dogs were sold. Nathans was ranked 22 on the Forbes 2014 list of the Best Small Companies in America and was listed as the Best Small Company in New York State in October 2013. For additional information about Nathans please visit our website at 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 Companys management, as well as assumptions made by and information currently available to the Companys management. Among the factors that could cause actual results to differ materially include but are not limited to: the impact of the COVID-19 pandemic; the status of our licensing and supply agreements, including the impact of our supply agreement for hot dogs with John Morrell Co.; the impact of our indebtedness, including the effect on our ability to fund working capital, operations and make new investments; economic; weather including the impact on the supply of cattle and the impact on sales at our restaurants particularly during the summer months, and change 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; the collectability of receivables; changes in consumer tastes; 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 employee or the impact of our new 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 Companys SEC reports. The Company does not undertake any obligation to update such forward-looking statements. Nathans Famous, Inc. and Subsidiariesunaudited Thirteen weeks ended June 28, 2020 June 30, 2019 Financial Highlights Total revenues 17,686,000 30,518,000 Income from operations a 8,094,000 9,448,000 Income before provision for income taxes 5,561,000 7,185,000 Net income 4,000,000 5,369,000 Income per share: Basic 0.97 1.28 Diluted 0.97 1. 