July 1, 2009 (FinancialWire) — Hot dog maker Nathan’s Famous, Inc. (NASDAQ: NATH) (Current Market Cap: $74,68) said that its board has authorized the purchase of up to 500,000 shares of Nathan’s common stock.

The company also said it has entered into an agreement under which it acquired 238,129 of the shares authorized to be purchased under the buyback program.

There is no set time limit on the remaining repurchases, according to Nathan’s. To date, Nathan’s has acquired around 2.93 million shares of common stock at a cost of around $21.806 million under all of its stock repurchase programs.

Westbury, New York-based Nathan’s products are currently distributed in 50 states, the District of Columbia and four foreign countries through its restaurant system, branded product program and retail licensing activities.

The Nathan’s restaurant system currently consists of 253 units, comprised of 248 franchised or licensed units and five company-owned units.

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