Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 24, 2017 | Nov. 03, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | NATHANS FAMOUS INC | |
Entity Central Index Key | 69,733 | |
Trading Symbol | nath | |
Current Fiscal Year End Date | --03-25 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 4,184,549 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 24, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 24, 2017 | Mar. 26, 2017 |
CURRENT ASSETS | ||
Cash | $ 61,677 | $ 56,915 |
Accounts and other receivables, net | 11,527 | 8,948 |
Inventories | 604 | 579 |
Prepaid expenses and other current assets (Note G) | 473 | 1,093 |
Total current assets | 74,281 | 67,535 |
Property and equipment, net of accumulated depreciation of $8,204 and $7,522, respectively | 8,466 | 8,844 |
Goodwill | 95 | 95 |
Intangible asset | 1,353 | 1,353 |
Other assets | 293 | 298 |
Total assets | 84,488 | 78,125 |
CURRENT LIABILITIES | ||
Accounts payable | 5,128 | 4,809 |
Accrued expenses and other current liabilities (Note H) | 5,184 | 5,865 |
Total current liabilities | 10,512 | 10,772 |
Long-term debt, net of unamortized debt issuance costs of $2,926 and $3,525, respectively (Note N) | 132,074 | 131,475 |
Other liabilities (Note H) | 1,455 | 1,555 |
Deferred income taxes | 854 | 814 |
Total liabilities | 144,895 | 144,616 |
COMMITMENTS AND CONTINGENCIES (Note O) | ||
STOCKHOLDERS’ (DEFICIT) | ||
Common stock, $.01 par value; 30,000,000 shares authorized; 9,311,922 and 9,303,870 shares issued; and 4,184,549 and 4,176,497 shares outstanding at September 24, 2017 and March 26, 2017, respectively | 93 | 93 |
Additional paid-in capital | 60,624 | 60,582 |
(Accumulated deficit) | (43,821) | (49,863) |
Stockholders’ equity before treasury stock | 16,896 | 10,812 |
Treasury stock, at cost, 5,127,373 shares at September 24, 2017 and March 26, 2017, respectively | (77,303) | (77,303) |
Total stockholders’ (deficit) | (60,407) | (66,491) |
Total liabilities and stockholders’ (deficit) | 84,488 | 78,125 |
Deferred Franchise Fees [Member] | ||
CURRENT LIABILITIES | ||
Deferred franchise fees | $ 200 | $ 98 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 24, 2017 | Mar. 26, 2017 |
Property and equipment accumulated depreciation | $ 8,204 | $ 7,522 |
Long-term debt, unamortized debt costs | $ 2,926 | $ 3,525 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 9,311,922 | 9,303,870 |
Common stock, shares outstanding (in shares) | 4,184,549 | 4,176,497 |
Treasury stock, shares (in shares) | 5,127,373 | 5,127,373 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
REVENUES | ||||
Sales | $ 24,527 | $ 21,891 | $ 46,872 | $ 43,153 |
License royalties | 5,764 | 4,788 | 13,165 | 11,612 |
Franchise fees and royalties | 1,315 | 1,334 | 2,487 | 2,664 |
Total revenues | 31,606 | 28,013 | 62,524 | 57,429 |
COSTS AND EXPENSES | ||||
Cost of sales | 18,041 | 15,489 | 35,566 | 30,947 |
Restaurant operating expenses | 1,105 | 1,078 | 2,009 | 2,016 |
Depreciation and amortization | 367 | 349 | 735 | 696 |
General and administrative expenses | 3,359 | 3,066 | 7,030 | 6,915 |
Total costs and expenses | 22,872 | 19,982 | 45,340 | 40,574 |
Income from operations | 8,734 | 8,031 | 17,184 | 16,855 |
Interest expense | (3,663) | (3,663) | (7,326) | (7,339) |
Interest income | 35 | 36 | 70 | 36 |
Other income, net | 21 | 21 | 42 | 43 |
Income before provision for income taxes | 5,127 | 4,425 | 9,970 | 9,595 |
Provision for income taxes | 2,007 | 1,918 | 3,928 | 3,538 |
Net income | $ 3,120 | $ 2,507 | $ 6,042 | $ 6,057 |
Income per share: | ||||
Basic (in dollars per share) | $ 0.75 | $ 0.60 | $ 1.45 | $ 1.45 |
Diluted (in dollars per share) | $ 0.74 | $ 0.60 | $ 1.43 | $ 1.44 |
Weighted average shares used in computing income per share: | ||||
Basic (in shares) | 4,179,000 | 4,172,000 | 4,178,000 | 4,169,000 |
Diluted (in shares) | 4,212,000 | 4,207,000 | 4,213,000 | 4,199,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' (Deficit) (Unaudited) - 6 months ended Sep. 24, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Mar. 26, 2017 | 9,303,870 | 5,127,373 | |||
Balance at Mar. 26, 2017 | $ 93 | $ 60,582 | $ (49,863) | $ (77,303) | $ (66,491) |
Shares issued in connection with share-based compensation plans (in shares) | 8,052 | ||||
Withholding tax on net share settlement of share-based compensation plans | (157) | (157) | |||
Share-based compensation | 199 | 199 | |||
Net income | 6,042 | 6,042 | |||
Balance (in shares) at Sep. 24, 2017 | 9,311,922 | 5,127,373 | |||
Balance at Sep. 24, 2017 | $ 93 | $ 60,624 | $ (43,821) | $ (77,303) | $ (60,407) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 24, 2017 | Sep. 25, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 6,042,000 | $ 6,057,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 735,000 | 696,000 |
Amortization of debt issuance costs | 599,000 | 611,000 |
Share-based compensation expense | 199,000 | 346,000 |
Income tax benefit on stock option exercise | 194,000 | 621,000 |
Provision for doubtful accounts | 57,000 | 21,000 |
Deferred income taxes | 40,000 | 27,000 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables, net | (2,636,000) | (403,000) |
Inventories | (25,000) | 180,000 |
Prepaid expenses and other current assets | 620,000 | 894,000 |
Other assets | 5,000 | 15,000 |
Accounts payable, accrued expenses and other current liabilities | (431,000) | (1,401,000) |
Deferred franchise fees | 102,000 | (36,000) |
Other liabilities | (100,000) | (67,000) |
Net cash provided by operating activities | 5,401,000 | 7,561,000 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (357,000) | (606,000) |
Net cash (used in) investing activities | (357,000) | (606,000) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 44,000 | |
Dividends paid upon vesting of restricted stock | (125,000) | (125,000) |
Payments of withholding tax on net share settlement of share-based compensation plans | (157,000) | (705,000) |
Repurchase of treasury stock | (1,272,000) | |
Net cash (used in) financing activities | (282,000) | (2,058,000) |
Net increase in cash and cash equivalents | 4,762,000 | 4,897,000 |
Cash and cash equivalents, beginning of period | 56,915,000 | 50,228,000 |
Cash and cash equivalents, end of period | 61,677,000 | 55,125,000 |
Cash paid during the period for: | ||
Interest | 6,750,000 | 6,750,000 |
Income taxes paid | $ 3,400,000 | $ 2,099,000 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - BASIS OF PRESENTATION The accompanying consolidated financial statements of Nathan's Famous, Inc. and subsidiaries (collectively “Nathan ’s,” the “Company,” “we,” “us” or “our”) as of and for the thirteen twenty-six September 24, 2017 September 25, 2016 not Certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the requirements of the Securities and Exchange Commission. Management believes that the disclosures included in the accompanying consolidated interim financial statements and footnotes are adequate to make the information not 10 March 26, 2017. A summary of the Company ’s significant accounting policies is identified in Note B of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10 March 26, 2017. no March 26, 2017. |
Note B - Adoption of New Accoun
Note B - Adoption of New Accounting Pronouncements | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE B – ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS In July 2015, Financial Accounting Standards Board (“FASB”) updated U.S. accounting guidance to simplify the ways businesses measure inventory. Companies that use the first first no first 2018 not |
Note C - New Accounting Pronoun
Note C - New Accounting Pronouncements Not yet Adopted | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE C – NEW ACCOUNTING PRONOUNCEMENTS NOT In May 2014, revenue to virtually all industries’ financial statements, under U.S. GAAP as further amended during 2016. five There are two – full retrospective, or modified retrospective transition methods. Early adoption is prohibited. Public companies were originally expected to apply the new standard for annual periods beginning after December 15, 2016, first 2018, March 27, 2017. July 9, 2015, December 15, 2017 first June 2018) March 31, 2019. The Company has assigned internal resources to evaluate and implement the new standard, and will continue to provide updates during fiscal year 2018. The Company is continuing its evaluation of the impact of the new standard, but currently does not November 2016 may may may third March 26, 2017, third $2,572,000, may first 2019, March 26, 2018, In February 2016, The new standard, among other changes, will require lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases. The lease liability will be measured at the present value of the lease payments over the lease term. The right-of-use asset will be measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and the lessee’s initial direct costs (e.g. commissions). The new standard is effective for annual reporting periods beginning after December 15, 2018, first June 2019) March 29, 2020. In January 2017, second ’s carrying amount exceeds its fair value, not December 15, 2019. first June 2020) March 28, 2021. not The Company does not not |
Note D - Income Per Share
Note D - Income Per Share | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | N OTE D – INCOME PER SHARE Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result s from the assumed exercise of stock options and warrants, as determined using the treasury stock method. The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen and twenty-six September 24, 2017 September 25, 2016, Thirteen weeks Net Income Net Income Number of Shares Per Share 201 7 2016 201 7 201 6 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ 3,120 $ 2,507 4,179 4,172 $ 0.75 $ 0.60 Effect of dilutive employee stock options - - 33 35 (0.01 ) - Diluted EPS Diluted calculation $ 3,120 $ 2,507 4,212 4,207 $ 0.74 $ 0.60 Twenty-six weeks Net Income Net Income Number of Shares Per Share 201 7 2016 201 7 2016 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ 6,042 $ 6,057 4,178 4,169 $ 1.45 $ 1.45 Effect of dilutive employee stock options - - 35 30 (0.02 ) (0.01 ) Diluted EPS Diluted calculation $ 6,042 $ 6,057 4,213 4,199 $ 1.43 $ 1.44 There were no for the thirteen twenty-six September 24, 2017 September 25, 2016, |
Note E - Fair Value Measurement
Note E - Fair Value Measurements | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE E – FAIR VALUE MEASUREMENTS Nathan ’s follows a three three ● Level 1 ● Level 2 ● Level 3 The Company ’s long-term debt had a face value of $135,000,000 September 24, 2017 $142,088,000 September 24, 2017. 2. The carrying amounts of accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. Certain non-financial assets and liabilities are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not September 24, 2017, no |
Note F - Accounts and Other Rec
Note F - Accounts and Other Receivables, Net | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE F – ACCOUNTS AND OTHER RECEIVABLES, NET Accounts and other receivables, net, consist of the following (in thousands): September 24 , March 26 , 201 7 2017 Branded product sales $ 8,249 $ 6,037 Franchise and license royalties 2,345 2,746 Other 1,432 622 12,026 9,405 Less: allowance for doubtful accounts 499 457 Accounts and other receivables, net $ 11,527 $ 8,948 Accounts receivable are due within 30 ed at amounts due from franchisees, retail licensees and Branded Product Program customers, net of an allowance for doubtful accounts. Accounts that are outstanding longer than the contractual payment terms are generally considered past due. The Company does not not The Company individually reviews each past due account and determines its allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current and expected future ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings. After the Company has used reasonable collection efforts it writes off accounts receivable through a charge to the allowance for doubtful accounts. Changes in the Company ’s allowance for doubtful accounts for the twenty-six September 24, 2017 March 26, 2017 September 24 , 20 17 March 26 , 2017 Beginning balance $ 457 $ 471 Bad debt expense 57 53 Accounts written off (15 ) (67 ) Ending balance $ 499 $ 457 |
Note G - Prepaid Expenses and O
Note G - Prepaid Expenses and Other Current Assets | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE G – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (in thousands): September 2 4 , March 26, 201 7 2017 Insurance 117 $ 319 Other 356 774 Total prepaid expenses and other current assets $ 473 $ 1,093 |
Note H - Accrued Expenses, Othe
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | N OTE H – ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): September 24 , March 26, 201 7 2017 Payroll and other benefits $ 1,771 $ 2,708 Accrued rebates 1,271 1,050 Rent and occupancy costs 233 215 Deferred revenue 200 723 Construction costs 106 160 Interest 441 463 Professional fees 70 109 Income taxes 718 143 Dividend payable 125 125 Other 249 169 Total accrued expenses and other current liabilities $ 5,184 $ 5,865 Other liabilities consist of the following (in thousands): September 2 4 , March 26, 201 7 201 7 Deferred development fees $ 110 $ 67 Reserve for uncertain tax positions 404 366 Deferred rental liability 729 786 Dividend payable - 125 Other 212 211 Total other liabilities $ 1,455 $ 1,555 |
Note I - Sales
Note I - Sales | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Sales [Text Block] | N OTE I – SALES The Company ’s sales for the thirteen twenty-six September 24, 2017 September 25, 2016 Thirteen weeks ended Twenty-six weeks ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Branded products $ 18,130 $ 15,227 $ 36,067 $ 31,481 Company-operated restaurants 6,397 6,615 10,805 11,458 Other - 49 - 214 Total sales $ 24,527 $ 21,891 $ 46,872 $ 43,153 |
Note J - Income Taxes
Note J - Income Taxes | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE J – INCOME TAXES The income tax provisions for the t wenty- six September 24, 2017 September 25, 2016 39.4% 36.9%, twenty-six September 24, 2017 September 25, 2016 1.9% 6.4%, twenty-six September 24, 2017 September 25, 2016, $194,000 $621,000, The amount of unrecognized tax benefits at September 24, 2017 $201,000, September 24, 2017, $208,000 During the fiscal year ending March 25, 2018, ’s will seek to settle additional uncertain tax positions with the tax authorities. As a result, it is reasonably possible the amount of unrecognized tax benefits, excluding the related accrued interest and penalties, could be reduced by up to $5,000, no Nathan ’s estimates that its annual tax rate for the fiscal year ending March 25, 2018 40.8% 42.3%, |
Note K - Segment Information
Note K - Segment Information | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE K – SEGMENT INFORMATION Nathan ’s considers itself to be a brand marketer of the Nathan’s Famous signature products to the foodservice industry pursuant to its various business structures. Nathan’s sells its products directly to consumers through its restaurant system of Company-operated and franchised restaurants, to distributors that resell our products to the foodservice industry through the Branded Product Program (“BPP”) and by third not Branded Product Program – This segment derives revenue principally from the sale of hot dog products either directly to foodservice operators or to various foodservice distributors who resell the products to foodservice operators. Product licensing – This segment derives revenue, primarily in the form of royalties, from licensing a broad variety of Nathan’s Famous branded products, including our hotdogs, sausage and corned beef products, frozen French fries and additional products through retail grocery channels and club stores throughout the United States. Restaurant operations – This segment derives revenue from the sale of our products at Company-owned restaurants and earns fees and royalties from its franchised restaurants. Revenues from operating segments are from transactions with unaffiliated third not Income f rom operations attributable to corporate consists principally of administrative expenses not Int erest expense, interest income and other income, net are managed centrally at the corporate level, and, accordingly, such items are not Operating segment information is as follows (in thousands): Thirteen weeks ended T wenty-six weeks ended Sept . 2 4 , 2017 Sept . 25, 2016 Sept . 2 4 , 2017 Sept . 25, 2016 Revenues Branded Product Program $ 18,130 $ 15,277 $ 36,067 $ 31,696 Product licensing 5,764 4,788 13,165 11,612 Restaurant operations 7,712 7,948 13,292 14,121 Corporate - - - - Total revenues $ 31,606 $ 28,013 $ 62,524 $ 57,429 Income from operations Branded Product Program $ 2,692 $ 2,496 $ 4,964 $ 5,449 Product licensing 5,719 4,743 13,075 11,521 Restaurant operations 2,335 2,602 3,230 4,035 Corporate (2,012 ) (1,810 ) (4,085 ) (4,150 ) Income from operations $ 8,734 $ 8,031 $ 17,184 $ 16,855 Interest expense (3,663 ) (3,663 ) (7,326 ) (7,339 ) Interest income 35 36 70 36 Other income, net 21 21 42 43 Income before provision for income taxes $ 5,127 $ 4,425 $ 9,970 $ 9,595 |
Note L - Share-based Compensati
Note L - Share-based Compensation | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE L – SHARE-BASED COMPENSATION Total share-based compensation during the thirteen September 24, 2017 September 25, 2016 $100,000 $173,000, twenty-six September 24, 2017 September 25, 2016 $199,000 $346,000, September 24, 2017, $300,000 ten There were no new share-based awards granted during the twenty-six September 24, 2017. The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows (in thousands): Thirteen weeks ended Twenty-six weeks ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Stock options $ 38 $ 38 $ 76 $ 76 Restricted stock 62 135 123 270 Total compensation cost $ 100 $ 173 $ 199 $ 346 Stock options outstanding: During the fiscal year ended March 29, 2015, 50,000 $53.89 five All such stock options vest ratably over a four August 6, 2015 . In connection with the Company ’s special cash dividend, paid on March 27, 2015, March 20, 2015, 2010 75,745 $35.576 March 29, 2015. March 27, 2015 $73.56 $48.56 $25.00 No Transactions with respect to stock options for the twenty-six September 24, 2017 Weighted- Weighted- Aggregate Average Average Intrinsic Exercise Remaining Value Shares Price Contractual Life (in thousands) Options outstanding at the beginning of the fiscal year (A) 75,745 $ 35.58 2.36 $ 1,899 Granted - - - - Expired - - - - Exercised (11,361 ) $ 35.58 - $ 379 Options outstanding at September 24, 2017 64,384 $ 35.58 1.86 $ 2,306 Options exercisable at September 24, 2017 45,444 $ 35.58 1.86 $ 1,628 A- Represents outstanding options after giving effect to the replacement options issued in connection with the Company ’s special dividend. Restricted stock: Transactions with respect to restricted stock for the twenty-six September 24, 2017 Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 26, 2017 10,000 $ 49.80 Granted - - Vested (5,000 ) $ 49.80 Unvested restricted stock at September 24, 2017 5,000 $ 49.80 |
Note M - Stockholders' Equity
Note M - Stockholders' Equity | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE M – STOCKHOLDERS’ EQUITY 1. Dividends On March 10, 2015, ’s Board of Directors declared a special cash dividend of $25.00 March 20, 2015 $115,100,000 March 27, 2015 $1,000,000 $875,000 $125,000 March 31, 2019. On November 1, 2017 $5.00 December 22, 2017 $20,900,000, January 4, 2018 25,000 2 . Common Stock Purchase Rights O n June 5, 2013, “2013 June 17, 2013 “2013 The 2013 2013 ’s common stock. Subject to the terms, conditions and limitations of the 2013 2013 15% $100.00 “2013 2013 one 2013 2013 The Company ’s Board of Directors may 2013 2013 10,188,600 2013 2013 June 17, 2018 At September 2 4, 2017, 6,271,192 2013 June 5, 2013. 3. Stock Repurchase Programs During the period from October 2001 September 2 4, 2017, 5,127,373 $77,303,000 twenty-six September 24, 2017, not As of September 24, 2017, 260,258 Purchases may no |
Note N - Long-term Debt
Note N - Long-term Debt | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE N – LONG-TERM DEBT Long-term debt consists of the following (in thousands): September 24, March 26, 2017 2017 10.000% Senior secured notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (2,926 ) (3,525 ) Long-term debt, net of issuance costs $ 132,074 $ 131,475 On March 10, 2015, $135,000,000 10.000% 2020 2020 144A 2020 March 10, 2015 ( $116,100,000 M.1 $5,985,000 5 2020 The 2020 10.000% March 15 th September 15 th $6,750,000 September 14, 2017. 2020 no March 10, 2020. On November 1, 2017, $150,000,000 6.625% 2025 "2025 144A 1933, 2025 2020 2020 $5.00 $144,000,000. 2020 November 16, 2017. November 1, 2017, $5.00 January 4, 2018 December 22, 2017 The 2025 no November 1, 2025. At the time of Redemption, the Company will incur expenses in connection with the refinancing, including a 5% $6,750,000 $2,725,000 2020 $562,500 2025 November 1, 2017 November 16, 2017. The 2025 6.625% May 1st November 1 st May 1, 2018. $4,968,750. $3,562,500 The terms and conditions of the 2025 2020 There are no either the 2020 2025 September 24, 2017, 2020 The Indenture for both the 2020 2025 may may Fixed Charge Coverage Ratio : the ratio of the Consolidated Cash Flow to the Fixed Charges for the relevant period, currently set at 2.0 1.0 2020 2025 may may may Priority Secured Leverage Ratio : the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Priority Lien to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate; currently set at 0.40 1.00 2020 2025 Secured Leverage Ratio : the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Lien on any property of Nathan’s or any Guarantor to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate. The Secured Leverage Ratio under the Indenture for both the 2020 2025 3.75 1.00 2020 2025 may The Indenture for the 2020 2025 25% 2020 2025 may 2020 2025 may The 2025 pari passu not not 2025 2025 Pursuant to the terms of a collateral trust agreement, the liens securing the 2025 The 2025 ● senior in right of payment to all of the Company and the guarantors ’ future subordinated indebtedness; ● effectively senior to all unsecured senior indebtedness to the extent of the value of the collateral securing the Notes and the guarantees; ● pari passu with all of the Company and the guarantors’ other senior indebtedness; ● effectively junior to any future credit facility to the extent of the value of the collateral securing any future credit facility and the Notes and the guarantees and certain other assets; ● effectively junior to any of the Company and the guarantors ’ existing and future indebtedness that is secured by assets other than the collateral securing the Notes and the guarantees to the extent of the value of any such assets; and ● structurally subordinated to the indebtedness of any of the Company ’s current and future subsidiaries that do not The Company may 2025 November 1, 2020, 100% 2025 1% 2025 2025 November 1, 2020 November 1, 2020 ( 50 Prior to November 1, 2020, 35% 2025 106.625% 2025 On or after November 1, 2020, may 2025 YEAR PERCENTAGE On or after November 1, 2020 and prior to November 1, 2021 103.313 % On or after November 1, 2021 and prior to November 1, 2022 101.656 % On or after November 1, 2022 100.000 % In certain circumstances involving a change of control, the Company will be required to make an offer to repurchase all or, at the holder ’s option, any part, of each holder’s 2025 101% 2025 If the Company sells certain assets and does not 2025 100% The 2025 may 144A 1933. 2025 no 2025 |
Note O - Commitments and Contin
Note O - Commitments and Contingencies | 6 Months Ended |
Sep. 24, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE O – COMMITMENTS AND CONTINGENCIES 1. On February 27, 2017, Company is obligated to make payments under the Brooklyn Guaranty in the event of a default by the tenant/franchisee. The Brooklyn Guaranty has an initial term of 10 one 5 24 first three $204,000 not not 12 2. The Company and its subsidiaries are from time to time involved in ordinary and routine litigation. Management presently believes that the ultimate outcome of these proceedings, individually or in the aggregate, will not ’s financial position, cash flows or results of operations. Nevertheless, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include money damages and, in such event, could result in a material adverse impact on the Company’s results of operations for the period in which the ruling occurs. On May 19, 2017, 200,000 ’s hot dogs, after a small number of consumers reported seeing visible metal flakes between the hot dogs and the packaging film. The amount represents a miniscule percentage of the billions of pounds of products annually produced by John Morrell and Co. John Morrell and Co. has communicated with their customers and consumers asking anyone that purchased the affected product to discard it and contact John Morrell and Co. for a refund. John Morrell and Co. notified the United States Department of Agriculture which has designated the recall as a Class II Recall. After reviewing the sales and royalties earned subsequent to this event, management believes that this recall did not |
Note D - Income Per Share (Tabl
Note D - Income Per Share (Tables) | 6 Months Ended |
Sep. 24, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks Net Income Net Income Number of Shares Per Share 201 7 2016 201 7 201 6 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ 3,120 $ 2,507 4,179 4,172 $ 0.75 $ 0.60 Effect of dilutive employee stock options - - 33 35 (0.01 ) - Diluted EPS Diluted calculation $ 3,120 $ 2,507 4,212 4,207 $ 0.74 $ 0.60 Twenty-six weeks Net Income Net Income Number of Shares Per Share 201 7 2016 201 7 2016 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ 6,042 $ 6,057 4,178 4,169 $ 1.45 $ 1.45 Effect of dilutive employee stock options - - 35 30 (0.02 ) (0.01 ) Diluted EPS Diluted calculation $ 6,042 $ 6,057 4,213 4,199 $ 1.43 $ 1.44 |
Note F - Accounts and Other R23
Note F - Accounts and Other Receivables, Net (Tables) | 6 Months Ended |
Sep. 24, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 24 , March 26 , 201 7 2017 Branded product sales $ 8,249 $ 6,037 Franchise and license royalties 2,345 2,746 Other 1,432 622 12,026 9,405 Less: allowance for doubtful accounts 499 457 Accounts and other receivables, net $ 11,527 $ 8,948 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | September 24 , 20 17 March 26 , 2017 Beginning balance $ 457 $ 471 Bad debt expense 57 53 Accounts written off (15 ) (67 ) Ending balance $ 499 $ 457 |
Note G - Prepaid Expenses and24
Note G - Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Sep. 24, 2017 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | September 2 4 , March 26, 201 7 2017 Insurance 117 $ 319 Other 356 774 Total prepaid expenses and other current assets $ 473 $ 1,093 |
Note H - Accrued Expenses, Ot25
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables) | 6 Months Ended |
Sep. 24, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 24 , March 26, 201 7 2017 Payroll and other benefits $ 1,771 $ 2,708 Accrued rebates 1,271 1,050 Rent and occupancy costs 233 215 Deferred revenue 200 723 Construction costs 106 160 Interest 441 463 Professional fees 70 109 Income taxes 718 143 Dividend payable 125 125 Other 249 169 Total accrued expenses and other current liabilities $ 5,184 $ 5,865 |
Schedule of Other Assets and Other Liabilities [Table Text Block] | September 2 4 , March 26, 201 7 201 7 Deferred development fees $ 110 $ 67 Reserve for uncertain tax positions 404 366 Deferred rental liability 729 786 Dividend payable - 125 Other 212 211 Total other liabilities $ 1,455 $ 1,555 |
Note I - Sales (Tables)
Note I - Sales (Tables) | 6 Months Ended |
Sep. 24, 2017 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Branded products $ 18,130 $ 15,227 $ 36,067 $ 31,481 Company-operated restaurants 6,397 6,615 10,805 11,458 Other - 49 - 214 Total sales $ 24,527 $ 21,891 $ 46,872 $ 43,153 |
Note K - Segment Information (T
Note K - Segment Information (Tables) | 6 Months Ended |
Sep. 24, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen weeks ended T wenty-six weeks ended Sept . 2 4 , 2017 Sept . 25, 2016 Sept . 2 4 , 2017 Sept . 25, 2016 Revenues Branded Product Program $ 18,130 $ 15,277 $ 36,067 $ 31,696 Product licensing 5,764 4,788 13,165 11,612 Restaurant operations 7,712 7,948 13,292 14,121 Corporate - - - - Total revenues $ 31,606 $ 28,013 $ 62,524 $ 57,429 Income from operations Branded Product Program $ 2,692 $ 2,496 $ 4,964 $ 5,449 Product licensing 5,719 4,743 13,075 11,521 Restaurant operations 2,335 2,602 3,230 4,035 Corporate (2,012 ) (1,810 ) (4,085 ) (4,150 ) Income from operations $ 8,734 $ 8,031 $ 17,184 $ 16,855 Interest expense (3,663 ) (3,663 ) (7,326 ) (7,339 ) Interest income 35 36 70 36 Other income, net 21 21 42 43 Income before provision for income taxes $ 5,127 $ 4,425 $ 9,970 $ 9,595 |
Note L - Share-based Compensa28
Note L - Share-based Compensation (Tables) | 6 Months Ended |
Sep. 24, 2017 | |
Notes Tables | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Thirteen weeks ended Twenty-six weeks ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Stock options $ 38 $ 38 $ 76 $ 76 Restricted stock 62 135 123 270 Total compensation cost $ 100 $ 173 $ 199 $ 346 |
Share-based Compensation, Activity [Table Text Block] | Weighted- Weighted- Aggregate Average Average Intrinsic Exercise Remaining Value Shares Price Contractual Life (in thousands) Options outstanding at the beginning of the fiscal year (A) 75,745 $ 35.58 2.36 $ 1,899 Granted - - - - Expired - - - - Exercised (11,361 ) $ 35.58 - $ 379 Options outstanding at September 24, 2017 64,384 $ 35.58 1.86 $ 2,306 Options exercisable at September 24, 2017 45,444 $ 35.58 1.86 $ 1,628 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 26, 2017 10,000 $ 49.80 Granted - - Vested (5,000 ) $ 49.80 Unvested restricted stock at September 24, 2017 5,000 $ 49.80 |
Note N - Long-term Debt (Tables
Note N - Long-term Debt (Tables) | 6 Months Ended |
Sep. 24, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 24, March 26, 2017 2017 10.000% Senior secured notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (2,926 ) (3,525 ) Long-term debt, net of issuance costs $ 132,074 $ 131,475 |
Debt Instrument Redemption [Table Text Block] | YEAR PERCENTAGE On or after November 1, 2020 and prior to November 1, 2021 103.313 % On or after November 1, 2021 and prior to November 1, 2022 101.656 % On or after November 1, 2022 100.000 % |
Note C - New Accounting Prono30
Note C - New Accounting Pronouncements Not yet Adopted (Details Textual) | 12 Months Ended |
Mar. 26, 2017USD ($) | |
Advertising Fund Contributions From Franchises and Other Third Parties | $ 2,572,000 |
Note D - Income Per Share (Deta
Note D - Income Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Note D - Income Per Share - Ear
Note D - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Net income, basic calculation | $ 3,120 | $ 2,507 | $ 6,042 | $ 6,057 |
Number of shares, basic calculation (in shares) | 4,179,000 | 4,172,000 | 4,178,000 | 4,169,000 |
Net income per share, basic calculation (in dollars per share) | $ 0.75 | $ 0.60 | $ 1.45 | $ 1.45 |
Effect of dilutive employee stock options (in shares) | 33,000 | 35,000 | 35,000 | 30,000 |
Effect of dilutive employee stock option (in dollars per share) | $ (0.01) | $ (0.02) | $ (0.01) | |
Net income, diluted calculation | $ 3,120 | $ 2,507 | $ 6,042 | $ 6,057 |
Number of shares, diluted calculation (in shares) | 4,212,000 | 4,207,000 | 4,213,000 | 4,199,000 |
Net income per share, diluted calculation (in dollars per share) | $ 0.74 | $ 0.60 | $ 1.43 | $ 1.44 |
Note E - Fair Value Measureme33
Note E - Fair Value Measurements (Details Textual) - USD ($) | Sep. 24, 2017 | Mar. 26, 2017 |
Long-term Debt, Gross | $ 135,000,000 | $ 135,000,000 |
Long-term Debt, Fair Value | $ 142,088,000 |
Note F - Accounts and Other R34
Note F - Accounts and Other Receivables, Net (Details Textual) | 6 Months Ended |
Sep. 24, 2017 | |
Accounts Receivable Payment Terms | 30 days |
Note F - Accounts and Other R35
Note F - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Mar. 26, 2017 | Mar. 27, 2016 |
Accounts receivable, gross, current | $ 12,026 | $ 9,405 | |
Less: allowance for doubtful accounts | 499 | 457 | $ 471 |
Accounts and other receivables, net | 11,527 | 8,948 | |
Branded Product Sales [Member] | |||
Accounts receivable, gross, current | 8,249 | 6,037 | |
Franchise and License Royalties [Member] | |||
Accounts receivable, gross, current | 2,345 | 2,746 | |
Other Receivables [Member] | |||
Accounts receivable, gross, current | $ 1,432 | $ 622 |
Note F - Accounts and Other R36
Note F - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Sep. 24, 2017 | Sep. 25, 2016 | Mar. 26, 2017 | |
Beginning balance | $ 457 | $ 471 | $ 471 |
Bad debt expense | 57 | $ 21 | 53 |
Accounts written off | (15) | (67) | |
Ending balance | $ 499 | $ 457 |
Note G - Prepaid Expenses and37
Note G - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Mar. 26, 2017 |
Insurance | $ 117 | $ 319 |
Other | 356 | 774 |
Total prepaid expenses and other current assets | $ 473 | $ 1,093 |
Note H - Accrued Expenses, Ot38
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Mar. 26, 2017 |
Payroll and other benefits | $ 1,771 | $ 2,708 |
Accrued rebates | 1,271 | 1,050 |
Rent and occupancy costs | 233 | 215 |
Construction costs | 106 | 160 |
Interest | 441 | 463 |
Professional fees | 70 | 109 |
Income taxes | 718 | 143 |
Dividend payable | 125 | 125 |
Other | 249 | 169 |
Total accrued expenses and other current liabilities | 5,184 | 5,865 |
Deferred Franchise Fees And Other Deferred Revenue [Member] | ||
Deferred revenue | $ 200 | $ 723 |
Note H - Accrued Expenses, Ot39
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Mar. 26, 2017 |
Deferred development fees | $ 110 | $ 67 |
Reserve for uncertain tax positions | 404 | 366 |
Deferred rental liability | 729 | 786 |
Dividend payable | 125 | |
Other | 212 | 211 |
Total other liabilities | $ 1,455 | $ 1,555 |
Note I - Sales - Summary of Sal
Note I - Sales - Summary of Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Sales | $ 24,527 | $ 21,891 | $ 46,872 | $ 43,153 |
Branded Product Sales [Member] | ||||
Sales | 18,130 | 15,227 | 36,067 | 31,481 |
Company Operated Restaurants [Member] | ||||
Sales | 6,397 | 6,615 | 10,805 | 11,458 |
Other Products [Member] | ||||
Sales | $ 49 | $ 214 |
Note J - Income Taxes (Details
Note J - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 24, 2017 | Sep. 25, 2016 | Mar. 25, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 39.40% | 36.90% | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent | 1.90% | 6.40% | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 194,000 | $ 621,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 201,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 208,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 5,000 | ||
Scenario, Forecast [Member] | Minimum [Member] | |||
Effective Income Tax Rate Reconciliation, Percent | 40.80% | ||
Scenario, Forecast [Member] | Maximum [Member] | |||
Effective Income Tax Rate Reconciliation, Percent | 42.30% |
Note K - Segment Information -
Note K - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Revenues | $ 31,606 | $ 28,013 | $ 62,524 | $ 57,429 |
Income from operations | 8,734 | 8,031 | 17,184 | 16,855 |
Interest expense | (3,663) | (3,663) | (7,326) | (7,339) |
Interest income | 35 | 36 | 70 | 36 |
Other income, net | 21 | 21 | 42 | 43 |
Income before provision for income taxes | 5,127 | 4,425 | 9,970 | 9,595 |
Corporate, Non-Segment [Member] | ||||
Revenues | ||||
Income from operations | (2,012) | (1,810) | (4,085) | (4,150) |
Income before provision for income taxes | 5,127 | 4,425 | 9,970 | 9,595 |
Branded Product Program [Member] | Operating Segments [Member] | ||||
Revenues | 18,130 | 15,277 | 36,067 | 31,696 |
Income from operations | 2,692 | 2,496 | 4,964 | 5,449 |
Interest income | 35 | 36 | 70 | 36 |
Product Licensing [Member] | Operating Segments [Member] | ||||
Revenues | 5,764 | 4,788 | 13,165 | 11,612 |
Income from operations | 5,719 | 4,743 | 13,075 | 11,521 |
Restaurant Operations [Member] | Operating Segments [Member] | ||||
Revenues | 7,712 | 7,948 | 13,292 | 14,121 |
Income from operations | 2,335 | 2,602 | 3,230 | 4,035 |
Other income, net | $ 21 | $ 21 | $ 42 | $ 43 |
Note L - Share-based Compensa43
Note L - Share-based Compensation (Details Textual) - USD ($) | Mar. 29, 2015 | Mar. 27, 2015 | Mar. 10, 2015 | Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | Mar. 29, 2015 |
Allocated Share-based Compensation Expense | $ 100,000 | $ 173,000 | $ 199,000 | $ 346,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 300,000 | $ 300,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 300 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |||||||
Share Price | $ 73.56 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 25 | |||||||
Special Cash Dividend [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared | 25 | |||||||
Excluding Dividend [Member] | ||||||||
Share Price | $ 48.56 | |||||||
Employee Stock Option [Member] | ||||||||
Allocated Share-based Compensation Expense | $ 38,000 | $ 38,000 | $ 76,000 | $ 76,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 53.89 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Employee Stock Option [Member] | The 2010 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 75,745 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 35.576 |
Note L - Share-based Compensa44
Note L - Share-based Compensation - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Share-based compensation expense | $ 100,000 | $ 173,000 | $ 199,000 | $ 346,000 |
Employee Stock Option [Member] | ||||
Share-based compensation expense | 38,000 | 38,000 | 76,000 | 76,000 |
Restricted Stock [Member] | ||||
Share-based compensation expense | $ 62,000 | $ 135,000 | $ 123,000 | $ 270,000 |
Note L - Share-based Compensa45
Note L - Share-based Compensation - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Sep. 24, 2017 | Mar. 26, 2016 | [1] | ||
Options outstanding, beginning balance (in shares) | [1] | 75,745 | ||
Options outstanding, weighted average exercise price, beginning balance (in dollars per share) | [1] | $ 35.58 | ||
Options outstanding, weighted average remaining contractual life, beginning balance (Year) | 1 year 313 days | 2 years 131 days | ||
Options outstanding, aggregate intrinsic value, beginning balance | $ 2,306 | $ 1,899 | ||
Options granted (in shares) | 0 | |||
Granted, weighted average exercise price (in dollars per share) | $ 0 | |||
Granted, aggregate intrinsic value (in dollars per share) | $ 0 | |||
Options expired (in shares) | 0 | |||
Expired, weighted average exercise price (in dollars per share) | $ 0 | |||
Expired, aggregate intrinsic value (in dollars per share) | $ 0 | |||
Options exercised (in shares) | (11,361) | |||
Exercised, weighted average exercise price (in dollars per share) | $ 35.58 | |||
Options exercised, aggregate intrinsic value | $ 379 | |||
Options outstanding, ending balance (in shares) | 64,384 | |||
Options outstanding, weighted average exercise price, ending balance (in dollars per share) | $ 35.58 | |||
Options exercisable (in shares) | 45,444 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 35.58 | |||
Options exercisable, weighted average remaining contractual life (Year) | 1 year 313 days | |||
Options exercisable, aggregate intrinsic value | $ 1,628 | |||
[1] | Represents outstanding options after giving effect to the replacement options issued in connection with the Company's special dividend. |
Note L - Share-based Compensa46
Note L - Share-based Compensation - Transactions With Respect to Restricted Stock (Details) | 6 Months Ended |
Sep. 24, 2017$ / sharesshares | |
Unvested restricted stock, beginning balance (in shares) | shares | 10,000 |
Unvested restricted stock, weighted average grant date fair value per share, beginning balance (in dollars per share) | $ / shares | $ 49.80 |
Vested (in shares) | shares | (5,000) |
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 49.80 |
Unvested restricted stock, ending balance (in shares) | shares | 5,000 |
Unvested restricted stock, weighted average grant date fair value per share, ending balance (in dollars per share) | $ / shares | $ 49.80 |
Note M - Stockholders' Equity (
Note M - Stockholders' Equity (Details Textual) - USD ($) | Nov. 01, 2017 | Mar. 27, 2015 | Mar. 10, 2015 | Sep. 24, 2017 | Sep. 25, 2016 | Mar. 31, 2019 | Sep. 24, 2017 | Sep. 25, 2016 | Jan. 04, 2018 | Jun. 05, 2013 |
Common Stock, Dividends, Per Share, Declared | $ 25 | |||||||||
Payments of Ordinary Dividends, Common Stock | $ 115,100,000 | $ 125,000 | $ 125,000 | $ 875,000 | ||||||
Dividends Payable | $ 1,000,000 | |||||||||
Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights | 15.00% | |||||||||
New Right Purchase Price | $ 100 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,271,192 | 6,271,192 | 10,188,600 | |||||||
Treasury Stock, Shares, Acquired | 0 | 5,127,373 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 77,303,000 | |||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 260,258 | 260,258 | ||||||||
Dividends Payable, Date of Record | Mar. 20, 2015 | |||||||||
Subsequent Event [Member] | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 5 | |||||||||
Dividends, Common Stock, Cash | $ 20,900,000 | |||||||||
Dividends Payable, Date of Record | Dec. 22, 2017 | |||||||||
Dividends Payable, Date to be Paid | Jan. 4, 2018 | |||||||||
Scenario, Forecast [Member] | ||||||||||
Payments of Ordinary Dividends, Common Stock | $ 125,000 | |||||||||
Dividends Payable | $ 25,000 |
Note N - Long-term Debt (Detail
Note N - Long-term Debt (Details Textual) - USD ($) | Nov. 16, 2017 | Nov. 01, 2017 | Sep. 14, 2017 | Mar. 27, 2015 | Mar. 10, 2015 | Nov. 16, 2017 | Sep. 24, 2017 | Sep. 25, 2016 | Sep. 30, 2017 |
Interest Paid | $ 6,750,000 | $ 6,750,000 | |||||||
Dividends Payable, Amount Per Share | $ 5 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 25 | ||||||||
Dividends Payable, Date of Record | Mar. 20, 2015 | ||||||||
Subsequent Event [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 5 | ||||||||
Increase (Decrease) in Annual Interest Expense | $ (3,562,500) | ||||||||
Dividends Payable, Date to be Paid | Jan. 4, 2018 | ||||||||
Dividends Payable, Date of Record | Dec. 22, 2017 | ||||||||
Special Cash Dividend [Member] | |||||||||
Dividends, Cash | $ 116,100,000 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 25 | ||||||||
Senior Notes [Member] | |||||||||
Debt Instrument, Fixed Charge Coverage Ratio | 2 | ||||||||
Debt Instrument, Priority Secured Leverage Ratio | 0.4 | ||||||||
Debt Instrument Secured Leverage Ratio | 3.75 | ||||||||
Debt Instrument, Event of Default, Percentage Ownership Enabling the Declaration of Due and Payable | 25.00% | ||||||||
Senior Notes [Member] | In The Event of Certain Equity Offerings [Member] | |||||||||
Debt Instrument, Redemption Price, Percentage | 106.625% | ||||||||
Senior Notes [Member] | In the Event of Chang of Control Offer [Member] | |||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||||||
Senior Notes [Member] | In the Event the Company Sells Certain Assets and Fails to Use the Proceeds as Required [Member] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Senior Notes [Member] | Senior Secured 2020 Notes [Member] | |||||||||
Debt Instrument, Face Amount | $ 135,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||
Debt Issuance Costs, Gross | $ 5,985,000 | ||||||||
Debt Instrument, Term | 5 years | ||||||||
Interest Paid | $ 6,750,000 | ||||||||
Senior Notes [Member] | Senior Secured 2020 Notes [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument, Redemption, Call Premium, Percent | 5.00% | 5.00% | |||||||
Debt Instrument, Redemption, Call Premium, Amount | $ 6,750,000 | $ 6,750,000 | |||||||
Write off of Deferred Debt Issuance Cost | 2,725,000 | ||||||||
Senior Notes [Member] | Senior Secured 2025 Notes [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | ||||||||
Proceeds from Issuance of Debt | $ 150,000,000 | ||||||||
Repayments of Debt | $ 144,000,000 | ||||||||
Interest Expense, Debt | $ 562,500 | ||||||||
Debt Instrument, Periodic Payment, Interest | $ 4,968,750 | ||||||||
Senior Notes [Member] | Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Senior Notes [Member] | Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] | Applicable Premium if Percentage of Principal Amount is Greater than Treasury Rate Basis Spread [Member] | |||||||||
Debt Instrument, Applicable Premium, Percentage of Principal Amount | 1.00% | ||||||||
Senior Notes [Member] | Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] | Applicable Premium if Treasury Rate Basis Spread is Greater than Percentage of Principal Amount [Member] | Treasury Rate [Member] | |||||||||
Debt Instrument, Applicable Premium, Treasury Rate Basis Spread | 0.50% | ||||||||
Senior Notes [Member] | Option to Redeem at Redemption Price Equal to Percentage of Principal Amount [Member] | In The Event of Certain Equity Offerings [Member] | Maximum [Member] | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% |
Note N - Long-term Debt - Summa
Note N - Long-term Debt - Summary of Debt (Details) - USD ($) | Sep. 24, 2017 | Mar. 26, 2017 |
10.000% Senior secured notes due 2020 | $ 135,000,000 | $ 135,000,000 |
Less: unamortized debt issuance costs | (2,926,000) | (3,525,000) |
Long-term debt, net of issuance costs | $ 132,074,000 | $ 131,475,000 |
Note N - Long-term Debt - Sum50
Note N - Long-term Debt - Summary of Redemption Features (Details) | 6 Months Ended |
Sep. 24, 2017 | |
Debt Instrument, Redemption, Period One [Member] | |
Debt instrument, redemption price, percentage | 103.313% |
Debt Instrument, Redemption, Period Two [Member] | |
Debt instrument, redemption price, percentage | 101.656% |
Debt Instrument, Redemption, Period Three [Member] | |
Debt instrument, redemption price, percentage | 100.00% |
Note O - Commitments and Cont51
Note O - Commitments and Contingencies (Details Textual) | Feb. 27, 2017USD ($) |
Guaranty Liabilities | $ 204,000 |