Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 24, 2017 | Feb. 02, 2018 | |
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 | Dec. 24, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 24, 2017 | Mar. 26, 2017 |
CURRENT ASSETS | ||
Cash | $ 67,288 | $ 56,915 |
Accounts and other receivables, net | 11,873 | 8,948 |
Inventories | 406 | 579 |
Prepaid expenses and other current assets (Note G) | 3,352 | 1,093 |
Total current assets | 82,919 | 67,535 |
Property and equipment, net of accumulated depreciation of $8,525 and $7,522, respectively | 8,276 | 8,844 |
Goodwill | 95 | 95 |
Intangible asset | 1,353 | 1,353 |
Other assets | 293 | 298 |
Total assets | 92,936 | 78,125 |
CURRENT LIABILITIES | ||
Accounts payable | 4,268 | 4,809 |
Accrued expenses and other current liabilities (Note H) | 26,644 | 5,865 |
Total current liabilities | 31,110 | 10,772 |
Long-term debt, net of unamortized debt issuance costs of $5,374 and $3,525, respectively (Note N) | 144,626 | 131,475 |
Other liabilities | 1,484 | 1,555 |
Deferred income taxes | 751 | 814 |
Total liabilities | 177,971 | 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 December 24, 2017 and March 26, 2017, respectively | 93 | 93 |
Additional paid-in capital | 60,723 | 60,582 |
(Accumulated deficit) | (68,548) | (49,863) |
Stockholders’ (deficit) equity before treasury stock | (7,732) | 10,812 |
Treasury stock, at cost, 5,127,373 shares at December 24, 2017 and March 26, 2017, respectively | (77,303) | (77,303) |
Total stockholders’ (deficit) | (85,035) | (66,491) |
Total liabilities and stockholders’ (deficit) | 92,936 | 78,125 |
Deferred Franchise Fees [Member] | ||
CURRENT LIABILITIES | ||
Deferred franchise fees | $ 198 | $ 98 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 24, 2017 | Mar. 26, 2017 |
Property and equipment accumulated depreciation | $ 8,525 | $ 7,522 |
Long-term debt, unamortized debt costs | $ 5,374 | $ 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 ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2017 | Dec. 25, 2016 | Dec. 24, 2017 | Dec. 25, 2016 | |
REVENUES | ||||
Sales | $ 16,767,000 | $ 14,859,000 | $ 63,639,000 | $ 58,012,000 |
License royalties | 4,228,000 | 3,990,000 | 17,393,000 | 15,602,000 |
Franchise fees and royalties | 1,088,000 | 1,088,000 | 3,575,000 | 3,752,000 |
Total revenues | 22,083,000 | 19,937,000 | 84,607,000 | 77,366,000 |
COSTS AND EXPENSES | ||||
Cost of sales | 12,599,000 | 10,785,000 | 48,165,000 | 41,732,000 |
Restaurant operating expenses | 760,000 | 695,000 | 2,769,000 | 2,711,000 |
Depreciation and amortization | 320,000 | 309,000 | 1,055,000 | 1,005,000 |
General and administrative expenses | 3,034,000 | 3,394,000 | 10,064,000 | 10,309,000 |
Total costs and expenses | 16,713,000 | 15,183,000 | 62,053,000 | 55,757,000 |
Income from operations | 5,370,000 | 4,754,000 | 22,554,000 | 21,609,000 |
Loss on debt extinguishment | (8,872,000) | (8,872,000) | ||
Interest expense | (3,650,000) | (3,663,000) | (10,976,000) | (11,002,000) |
Interest income | 44,000 | 35,000 | 114,000 | 71,000 |
Other income, net | 22,000 | 21,000 | 64,000 | 64,000 |
(Loss) income before provision for income taxes | (7,086,000) | 1,147,000 | 2,884,000 | 10,742,000 |
(Benefit) provision for income taxes | (3,307,000) | 448,000 | 621,000 | 3,986,000 |
Net (loss) income | $ (3,779,000) | $ 699,000 | $ 2,263,000 | $ 6,756,000 |
(Loss) income per share: | ||||
Basic (in dollars per share) | $ (0.90) | $ 0.17 | $ 0.54 | $ 1.62 |
Diluted (in dollars per share) | $ (0.90) | $ 0.17 | $ 0.54 | $ 1.61 |
Weighted average shares used in computing (loss) income per share: | ||||
Basic (in shares) | 4,185,000 | 4,175,000 | 4,180,000 | 4,171,000 |
Diluted (in shares) | 4,185,000 | 4,209,000 | 4,219,000 | 4,202,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' (Deficit) (Unaudited) - 9 months ended Dec. 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 | 298 | 298 | |||
Cash dividends declared on common stock and restricted stock | (20,948) | (20,948) | |||
Net income | 2,263 | 2,263 | |||
Balance (in shares) at Dec. 24, 2017 | 9,311,922 | 5,127,373 | |||
Balance at Dec. 24, 2017 | $ 93 | $ 60,723 | $ (68,548) | $ (77,303) | $ (85,035) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | Mar. 27, 2015 | Dec. 24, 2017 | Dec. 25, 2016 | Dec. 24, 2017 | Dec. 25, 2016 | Mar. 26, 2017 | Dec. 24, 2017 |
Cash flows from operating activities: | |||||||
Net income | $ (3,779,000) | $ 699,000 | $ 2,263,000 | $ 6,756,000 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Loss on debt extinguishment | 8,872,000 | 8,872,000 | |||||
Depreciation and amortization | 320,000 | 309,000 | 1,055,000 | 1,005,000 | |||
Amortization of debt issuance costs | 932,000 | 910,000 | |||||
Share-based compensation expense | 298,000 | 482,000 | |||||
Income tax benefit on stock option exercises | 194,000 | 659,000 | |||||
Provision for doubtful accounts | 42,000 | 34,000 | $ 53,000 | ||||
Deferred income taxes | (63,000) | 92,000 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts and other receivables, net | (2,967,000) | (1,523,000) | |||||
Inventories | 173,000 | 293,000 | |||||
Prepaid expenses and other current assets | (2,259,000) | 643,000 | |||||
Other assets | 5,000 | 15,000 | |||||
Accounts payable, accrued expenses and other current liabilities | (779,000) | 545,000 | |||||
Deferred franchise fees | 100,000 | 4,000 | |||||
Other liabilities | (71,000) | (142,000) | |||||
Net cash provided by operating activities | 7,795,000 | 9,773,000 | |||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (488,000) | (1,001,000) | |||||
Net cash (used in) investing activities | (488,000) | (1,001,000) | |||||
Cash flows from financing activities: | |||||||
Proceeds from issuance of long-term debt | 150,000,000 | ||||||
Cash payments for extinguishment of debt | (135,000,000) | ||||||
Premium paid on extinguishment of debt | (6,750,000) | ||||||
Debt issuance costs | (4,902,000) | ||||||
Proceeds from exercise of stock options | 44,000 | ||||||
Dividends paid upon vesting of restricted stock | $ (115,100,000) | (125,000) | (375,000) | $ (875,000) | |||
Payments of withholding tax on net share settlement of share-based compensation plans | (157,000) | (994,000) | |||||
Repurchase of treasury stock | (1,272,000) | ||||||
Net cash provided by (used in) financing activities | 3,066,000 | (2,597,000) | |||||
Net increase in cash | 10,373,000 | 6,175,000 | |||||
Cash, beginning of period | 56,915,000 | 50,228,000 | 50,228,000 | ||||
Cash, end of period | 67,288,000 | 56,403,000 | 67,288,000 | 56,403,000 | $ 56,915,000 | 67,288,000 | |
Cash paid during the period for: | |||||||
Interest | 9,038,000 | 6,750,000 | |||||
Income taxes paid | 3,447,000 | 2,976,000 | |||||
Noncash financing activity: | |||||||
Dividends declared | $ 1,000,000 | $ 20,948,000 | $ 20,948,000 | $ 20,948,000 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 9 Months Ended |
Dec. 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 thirty-nine December 24, 2017 December 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 | 9 Months Ended |
Dec. 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 June 25, 2017 not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight 230. 2016 15 December 15, 2017. 2016 15 December 24, 2017. not |
Note C - New Accounting Pronoun
Note C - New Accounting Pronouncements Not yet Adopted | 9 Months Ended |
Dec. 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. 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 | 9 Months Ended |
Dec. 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 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 thirty-nine December 24, 2017 December 25, 2016, Thirteen weeks Net (Loss) Income Net (Loss) Income Number of Shares Per Share 201 7 2016 201 7 2016 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ (3,779 ) $ 699 4,185 4,175 $ (0.90 ) $ 0.17 Effect of dilutive employee stock options - - - 34 - - Diluted EPS Diluted calculation $ (3,779 ) $ 699 4,185 4,209 $ (0.90 ) $ 0.17 T hirty - nine 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 $ 2,263 $ 6,756 4,180 4,171 $ 0.54 $ 1.62 Effect of dilutive employee stock options - - 39 31 - (0.01 ) Diluted EPS Diluted calculation $ 2,263 $ 6,756 4,219 4,202 $ 0.54 $ 1.61 No thirty-nine December 2 4, 2017 December 25, 2016 thirteen December 25, 2016 thirteen December 24, 2017, 47,000 |
Note E - Fair Value Measurement
Note E - Fair Value Measurements | 9 Months Ended |
Dec. 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 $150,000,000 December 24, 2017 $155,625,000 December 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 December 2 4, 2017, no |
Note F - Accounts and Other Rec
Note F - Accounts and Other Receivables, Net | 9 Months Ended |
Dec. 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): December 24, March 26 , 201 7 2017 Branded product sales $ 8,726 $ 6,037 Franchise and license royalties 2,534 2,746 Other 1,093 622 12,353 9,405 Less: allowance for doubtful accounts 480 457 Accounts and other receivables, net $ 11,873 $ 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 thirty-nine December 24, 2017 March 26, 2017 December 2 4 , 20 1 7 March 26 , 2017 Beginning balance $ 457 $ 471 Bad debt expense 42 53 Accounts written off (19 ) (67 ) Ending balance $ 480 $ 457 |
Note G - Prepaid Expenses and O
Note G - Prepaid Expenses and Other Current Assets | 9 Months Ended |
Dec. 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): December 24 , March 26, 201 7 2017 Income taxes $ 2,751 $ - Insurance 247 319 Other 354 774 Total prepaid expenses and other current assets $ 3,352 $ 1,093 |
Note H - Accrued Expenses, Othe
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities | 9 Months Ended |
Dec. 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): December 24 , March 26, 201 7 2017 Payroll and other benefits $ 2,087 $ 2,708 Accrued rebates 1,245 1,050 Rent and occupancy costs 207 215 Deferred revenue 17 723 Construction costs 70 160 Interest 1,470 463 Professional fees 168 109 Income taxes 33 143 Dividend payable 21,073 125 Other 274 169 Total accrued expenses and other current liabilities $ 26,644 $ 5,865 Other liabilities consist of the following (in thousands): December 24, March 26 , 2017 2017 Deferred development fees $ 154 $ 67 Reserve for uncertain tax positions 419 366 Deferred rental liability 700 786 Dividend payable - 125 Other 211 211 Total other liabilities $ 1,484 $ 1,555 |
Note I - Sales
Note I - Sales | 9 Months Ended |
Dec. 24, 2017 | |
Notes to Financial Statements | |
Sales [Text Block] | N OTE I – SALES The Company ’s sales for the thirteen thirty-nine December 24, 2017 December 25, 2016 Thirteen weeks ended Thirty-nine weeks ended December 24, 2017 December 25, 2016 December 24, 2017 December 25, 2016 Branded Products $ 14,674 $ 12,868 $ 50,741 $ 44,349 Company-operated restaurants 2,093 1,991 12,898 13,449 Other - - - 214 Total sales $ 16,767 $ 14,859 $ 63,639 $ 58,012 |
Note J - Income Taxes
Note J - Income Taxes | 9 Months Ended |
Dec. 24, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE J – INCOME TAXES The income tax provisions for the thirty-nine December 24, 2017 December 25, 2016 21.5% 37.1%, thirty-nine December 24, 2017 December 25, 2016 670 610 thirty-nine December 24, 2017 December 25, 2016, $194,000 $659,000, The amount of unrecognized tax benefits at December 24, 2017 $207,000, December 24, 2017, $212,000 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 On December 22, 2017 , the Enactment Date, President Trump signed the Tax Cuts and Jobs Act (“Act”) into law which among other provisions, permanently reduces the top corporate tax rate from 35 21 January 1, 2018 30 $1.0 Pursuant to Staff Accounting Bulletin #118, ’s has determined reasonable estimates to its deferred assets and liabilities and pursuant to ASC 740, December 24, 2017. $436,000 1510 thirty-nine December 24, 2017. Nathan ’s estimates that its blended federal tax rate will be 31% March 25, 2018 March 25, 2018 40.8% 43.1%, |
Note K - Segment Information
Note K - Segment Information | 9 Months Ended |
Dec. 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 hirty-nine weeks ended Dec. 2 4 , 2017 Dec. 25, 2016 Dec. 2 4 , 2017 Dec. 25, 2016 Revenues Branded Product Program $ 14,674 $ 12,868 $ 50,741 $ 44,563 Product licensing 4,228 3,990 17,393 15,602 Restaurant operations 3,181 3,079 16,473 17,201 Corporate - - - - Total revenues $ 22,083 $ 19,937 $ 84,607 $ 77,366 Income from operations Branded Product Program $ 2,924 $ 2,886 $ 7,888 $ 8,336 Product licensing 4,182 3,944 17,257 15,465 Restaurant operations (21 ) 48 3,209 4,083 Corporate (1,715 ) (2,124 ) (5,800 ) (6,275 ) Income from operations $ 5,370 $ 4,754 $ 22,554 $ 21,609 Loss on debt extinguishment (8,872 ) - (8,872 ) - Interest expense (3,650 ) (3,663 ) (10,976 ) (11,002 ) Interest income 44 35 114 71 Other income, net 22 21 64 64 (Loss) i ncome before provision for income taxes $ (7,086 ) $ 1,147 $ 2,884 $ 10,742 |
Note L - Share-based Compensati
Note L - Share-based Compensation | 9 Months Ended |
Dec. 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 December 24, 2017 December 25, 2016 $99,000 $136,000, thirty-nine December 24, 2017 December 25, 2016 $298,000 $482,000, December 24, 2017, $200,000 seven , 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 Thirty-nine weeks ended December 2 4, 2017 December 25, 2016 December 24, 2017 December 25, 2016 Stock options $ 38 $ 38 $ 114 $ 114 Restricted stock 61 98 184 368 Total compensation cost $ 99 $ 136 $ 298 $ 482 Stock options outstanding: There were no thirty-nine December 24, 2017. In connection with the Company ’s special cash dividend, paid on January 4, 2018, December 22, 2017, 2010 “2010 68,498 $33.438 December 22, 2017, 64,384 $35.58 December 20, 2017, $83.20 $78.20 $5.00 No 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 $35.58 March 29, 2015, 50,000 $53.89. March 27, 2015 $73.56 $48.56 $25.00 No Transactions with respect to stock options for the thirty-nine December 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 75,745 $ 35.58 2.36 $ 1,899 Granted - - - - Replacement options issued ( A) 68,498 $ 33.438 1.61 $ 3,093 Expired - - - - Cancellation of outstanding options (A) (64,384 ) $ 35.58 1.61 $ 3,093 Exercised (11,361 ) $ 35.58 - 379 Options Outstanding at December 24, 2017 ( A) 68,498 $ 33.438 1.61 $ 3,093 Options exercisable at December 24, 2017 ( A) 48,348 $ 33.438 1.61 $ 2,183 A- Represents the effects on outstanding options after giving effect to the replacement options issued in connection with the Company ’s special dividend to shareholders of record on December 22, 2017. Restricted stock: Transactions with respect to restricted stock for the thirty-nine December 24, 2017 Shares Weighted- Average Grant-date Fair value Per share Unvested restricted stock at March 26, 2017 10,000 $ 49.80 Granted - - Vested (5,000 ) $ 49.80 Unvested restricted stock at December 24, 2017 5,000 $ 49.80 |
Note M - Stockholders' Equity
Note M - Stockholders' Equity | 9 Months Ended |
Dec. 24, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE M – STOCKHOLDERS’ EQUITY 1. Dividend s On November 1, 2017, ’s Board of Directors declared a special cash dividend of $5.00 December 22, 2017 $20,923,000 January 4, 2018 $25,000 $25,000 March 31, 2019. 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. 2. 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 Dec ember 24, 2017, 5,696,732 June 5, 2013. 3. Stock Repurchase Programs During the period from October 2001 December 24, 2017, 5,127,373 $77,303,000 thirty-nine December 24, 2017, not As of December 24, 2017, 260,258 Purchase s may no |
Note N - Long-term Debt
Note N - Long-term Debt | 9 Months Ended |
Dec. 24, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE N – LONG-TERM DEBT Long-term debt consists of the following (in thousands): December 2 4 , March 26, 201 7 2017 6.625% Senior secured notes due 2025 $ 150,000 - 10.000% Senior secured notes due 2020 - $ 135,000 Less: unamortized debt issuance costs (5,374 ) (3,525 ) Total long-term debt $ 144,626 $ 131,475 On November 1, 2017, $150,000,000 6.625% 2025 "2025 144A 1933, 2025 November 1, 2017, ( 2025 2020 2020 $5.00 M.1 November 16, 2017. 2020 $8,872,000 2020 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 ore interest at 10.000% March 15 th September 15 th $6,750,000 September 14, 2017. 2020 no March 10, 2020. The 2025 will have no November 1, 2025. The Company paid a 5% $6,750,000 Redemption and incurred debt issuance costs of $4,902,000 2025 $562,500 2025 November 1, 2017 November 16, 2017. The 2025 6.625% May 1 st November 1 st May 1, 2018. $4,968,750. $3,562,500 The terms and conditions of the 2025 as follows: There are no 2025 December 24, 2017, 2025 The Indenture contain s certain covenants limiting the Company’s ability and the ability of its restricted subsidiaries (as defined in the Indenture) to, subject to certain exceptions and qualifications: (i) incur additional indebtedness; (ii) pay dividends or make other distributions on, redeem or repurchase, capital stock; (iii) make investments or other restricted payments; (iv) create or incur certain liens; (v) incur restrictions on the payment of dividends or other distributions from its restricted subsidiaries; (vi) enter into certain transactions with affiliates; (vii) sell assets; or (viii) effect a consolidation or merger. Certain Restricted Payments which 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 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 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 is 3.75 1.00 2025 The Indenture also contain s customary events of default, including, among other things, failure to pay interest, failure to comply with agreements related to the Indenture, failure to pay at maturity or acceleration of other indebtedness, failure to pay certain judgments, and certain events of insolvency or bankruptcy. Generally, if any event of default occurs, the Trustee or the holders of at least 25% 2025 may 2025 2025 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 2025 ● 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 2025 ● 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 2025 ● structurally subordinated to the indebtedness of any of the Company ’s current and future subsidiaries that do not 2025 The Company may 2025 November 1, 2020, 100% 2025 1% 2025 2025 November 1, 2020 2025 November 1, 2020 ( 50 2025 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 2025 |
Note O - Commitments and Contin
Note O - Commitments and Contingencies | 9 Months Ended |
Dec. 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 On December 6, 2017, December 31, 2017 December 31, 2022 $1,000,000 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. |
Note D - Income Per Share (Tabl
Note D - Income Per Share (Tables) | 9 Months Ended |
Dec. 24, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks Net (Loss) Income Net (Loss) Income Number of Shares Per Share 201 7 2016 201 7 2016 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ (3,779 ) $ 699 4,185 4,175 $ (0.90 ) $ 0.17 Effect of dilutive employee stock options - - - 34 - - Diluted EPS Diluted calculation $ (3,779 ) $ 699 4,185 4,209 $ (0.90 ) $ 0.17 T hirty - nine 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 $ 2,263 $ 6,756 4,180 4,171 $ 0.54 $ 1.62 Effect of dilutive employee stock options - - 39 31 - (0.01 ) Diluted EPS Diluted calculation $ 2,263 $ 6,756 4,219 4,202 $ 0.54 $ 1.61 |
Note F - Accounts and Other R23
Note F - Accounts and Other Receivables, Net (Tables) | 9 Months Ended |
Dec. 24, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 24, March 26 , 201 7 2017 Branded product sales $ 8,726 $ 6,037 Franchise and license royalties 2,534 2,746 Other 1,093 622 12,353 9,405 Less: allowance for doubtful accounts 480 457 Accounts and other receivables, net $ 11,873 $ 8,948 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | December 2 4 , 20 1 7 March 26 , 2017 Beginning balance $ 457 $ 471 Bad debt expense 42 53 Accounts written off (19 ) (67 ) Ending balance $ 480 $ 457 |
Note G - Prepaid Expenses and24
Note G - Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Dec. 24, 2017 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | December 24 , March 26, 201 7 2017 Income taxes $ 2,751 $ - Insurance 247 319 Other 354 774 Total prepaid expenses and other current assets $ 3,352 $ 1,093 |
Note H - Accrued Expenses, Ot25
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables) | 9 Months Ended |
Dec. 24, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 24 , March 26, 201 7 2017 Payroll and other benefits $ 2,087 $ 2,708 Accrued rebates 1,245 1,050 Rent and occupancy costs 207 215 Deferred revenue 17 723 Construction costs 70 160 Interest 1,470 463 Professional fees 168 109 Income taxes 33 143 Dividend payable 21,073 125 Other 274 169 Total accrued expenses and other current liabilities $ 26,644 $ 5,865 |
Schedule of Other Assets and Other Liabilities [Table Text Block] | December 24, March 26 , 2017 2017 Deferred development fees $ 154 $ 67 Reserve for uncertain tax positions 419 366 Deferred rental liability 700 786 Dividend payable - 125 Other 211 211 Total other liabilities $ 1,484 $ 1,555 |
Note I - Sales (Tables)
Note I - Sales (Tables) | 9 Months Ended |
Dec. 24, 2017 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended December 24, 2017 December 25, 2016 December 24, 2017 December 25, 2016 Branded Products $ 14,674 $ 12,868 $ 50,741 $ 44,349 Company-operated restaurants 2,093 1,991 12,898 13,449 Other - - - 214 Total sales $ 16,767 $ 14,859 $ 63,639 $ 58,012 |
Note K - Segment Information (T
Note K - Segment Information (Tables) | 9 Months Ended |
Dec. 24, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen weeks ended T hirty-nine weeks ended Dec. 2 4 , 2017 Dec. 25, 2016 Dec. 2 4 , 2017 Dec. 25, 2016 Revenues Branded Product Program $ 14,674 $ 12,868 $ 50,741 $ 44,563 Product licensing 4,228 3,990 17,393 15,602 Restaurant operations 3,181 3,079 16,473 17,201 Corporate - - - - Total revenues $ 22,083 $ 19,937 $ 84,607 $ 77,366 Income from operations Branded Product Program $ 2,924 $ 2,886 $ 7,888 $ 8,336 Product licensing 4,182 3,944 17,257 15,465 Restaurant operations (21 ) 48 3,209 4,083 Corporate (1,715 ) (2,124 ) (5,800 ) (6,275 ) Income from operations $ 5,370 $ 4,754 $ 22,554 $ 21,609 Loss on debt extinguishment (8,872 ) - (8,872 ) - Interest expense (3,650 ) (3,663 ) (10,976 ) (11,002 ) Interest income 44 35 114 71 Other income, net 22 21 64 64 (Loss) i ncome before provision for income taxes $ (7,086 ) $ 1,147 $ 2,884 $ 10,742 |
Note L - Share-based Compensa28
Note L - Share-based Compensation (Tables) | 9 Months Ended |
Dec. 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 Thirty-nine weeks ended December 2 4, 2017 December 25, 2016 December 24, 2017 December 25, 2016 Stock options $ 38 $ 38 $ 114 $ 114 Restricted stock 61 98 184 368 Total compensation cost $ 99 $ 136 $ 298 $ 482 |
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 75,745 $ 35.58 2.36 $ 1,899 Granted - - - - Replacement options issued ( A) 68,498 $ 33.438 1.61 $ 3,093 Expired - - - - Cancellation of outstanding options (A) (64,384 ) $ 35.58 1.61 $ 3,093 Exercised (11,361 ) $ 35.58 - 379 Options Outstanding at December 24, 2017 ( A) 68,498 $ 33.438 1.61 $ 3,093 Options exercisable at December 24, 2017 ( A) 48,348 $ 33.438 1.61 $ 2,183 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted- Average Grant-date Fair value Per share Unvested restricted stock at March 26, 2017 10,000 $ 49.80 Granted - - Vested (5,000 ) $ 49.80 Unvested restricted stock at December 24, 2017 5,000 $ 49.80 |
Note N - Long-term Debt (Tables
Note N - Long-term Debt (Tables) | 9 Months Ended |
Dec. 24, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 2 4 , March 26, 201 7 2017 6.625% Senior secured notes due 2025 $ 150,000 - 10.000% Senior secured notes due 2020 - $ 135,000 Less: unamortized debt issuance costs (5,374 ) (3,525 ) Total long-term debt $ 144,626 $ 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 | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2017 | Dec. 25, 2016 | Dec. 24, 2017 | Dec. 25, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 47,000 | 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 | 9 Months Ended | ||
Dec. 24, 2017 | Dec. 25, 2016 | Dec. 24, 2017 | Dec. 25, 2016 | |
Net income, basic calculation | $ (3,779) | $ 699 | $ 2,263 | $ 6,756 |
Number of shares, basic calculation (in shares) | 4,185,000 | 4,175,000 | 4,180,000 | 4,171,000 |
Net income per share, basic calculation (in dollars per share) | $ (0.90) | $ 0.17 | $ 0.54 | $ 1.62 |
Effect of dilutive employee stock options (in shares) | 34,000 | 39,000 | 31,000 | |
Effect of dilutive employee stock option (in dollars per share) | $ (0.01) | |||
Net income, diluted calculation | $ (3,779) | $ 699 | $ 2,263 | $ 6,756 |
Number of shares, diluted calculation (in shares) | 4,185,000 | 4,209,000 | 4,219,000 | 4,202,000 |
Net income per share, diluted calculation (in dollars per share) | $ (0.90) | $ 0.17 | $ 0.54 | $ 1.61 |
Note E - Fair Value Measureme33
Note E - Fair Value Measurements (Details Textual) | Dec. 24, 2017USD ($) |
Long-term Debt, Gross | $ 150,000,000 |
Long-term Debt, Fair Value | $ 155,625,000 |
Note F - Accounts and Other R34
Note F - Accounts and Other Receivables, Net (Details Textual) | 9 Months Ended |
Dec. 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 | Dec. 24, 2017 | Mar. 26, 2017 | Mar. 27, 2016 |
Accounts receivable, gross, current | $ 12,353 | $ 9,405 | |
Less: allowance for doubtful accounts | 480 | 457 | $ 471 |
Accounts and other receivables, net | 11,873 | 8,948 | |
Branded Product Sales [Member] | |||
Accounts receivable, gross, current | 8,726 | 6,037 | |
Franchise and License Royalties [Member] | |||
Accounts receivable, gross, current | 2,534 | 2,746 | |
Other Receivables [Member] | |||
Accounts receivable, gross, current | $ 1,093 | $ 622 |
Note F - Accounts and Other R36
Note F - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 24, 2017 | Dec. 25, 2016 | Mar. 26, 2017 | |
Beginning balance | $ 457 | $ 471 | $ 471 |
Bad debt expense | 42 | $ 34 | 53 |
Accounts written off | (19) | (67) | |
Ending balance | $ 480 | $ 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 | Dec. 24, 2017 | Mar. 26, 2017 |
Income taxes | $ 2,751 | |
Insurance | 247 | 319 |
Other | 354 | 774 |
Total prepaid expenses and other current assets | $ 3,352 | $ 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 | Dec. 24, 2017 | Mar. 26, 2017 |
Payroll and other benefits | $ 2,087 | $ 2,708 |
Accrued rebates | 1,245 | 1,050 |
Rent and occupancy costs | 207 | 215 |
Construction costs | 70 | 160 |
Interest | 1,470 | 463 |
Professional fees | 168 | 109 |
Income taxes | 33 | 143 |
Dividend payable | 21,073 | 125 |
Other | 274 | 169 |
Total accrued expenses and other current liabilities | 26,644 | 5,865 |
Deferred Franchise Fees And Other Deferred Revenue [Member] | ||
Deferred revenue | $ 17 | $ 723 |
Note H - Accrued Expenses, Ot39
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 24, 2017 | Mar. 26, 2017 |
Deferred development fees | $ 154 | $ 67 |
Reserve for uncertain tax positions | 419 | 366 |
Deferred rental liability | 700 | 786 |
Dividend payable | 125 | |
Other | 211 | 211 |
Total other liabilities | $ 1,484 | $ 1,555 |
Note I - Sales - Summary of Sal
Note I - Sales - Summary of Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2017 | Dec. 25, 2016 | Dec. 24, 2017 | Dec. 25, 2016 | |
Sales | $ 16,767 | $ 14,859 | $ 63,639 | $ 58,012 |
Branded Product Sales [Member] | ||||
Sales | 14,674 | 12,868 | 50,741 | 44,349 |
Company Operated Restaurants [Member] | ||||
Sales | 2,093 | 1,991 | 12,898 | 13,449 |
Other Products [Member] | ||||
Sales | $ 214 |
Note J - Income Taxes (Details
Note J - Income Taxes (Details Textual) - USD ($) | Jan. 01, 2018 | Dec. 24, 2017 | Dec. 25, 2016 | Mar. 25, 2018 |
Effective Income Tax Rate Reconciliation, Percent | 21.50% | 37.10% | ||
Effective Income Tax Rate, Effect of Stock Compensation | 6.70% | 6.10% | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 194,000 | $ 659,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 207,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 212,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 5,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (436,000) | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability, Percent | (15.10%) | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 31.00% | |||
Scenario, Forecast [Member] | Minimum [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent | 40.80% | |||
Scenario, Forecast [Member] | Maximum [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent | 43.10% | |||
Subsequent Event [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note K - Segment Information -
Note K - Segment Information - Operating Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2017 | Dec. 25, 2016 | Dec. 24, 2017 | Dec. 25, 2016 | |
Revenues | $ 22,083,000 | $ 19,937,000 | $ 84,607,000 | $ 77,366,000 |
Income from operations | 5,370,000 | 4,754,000 | 22,554,000 | 21,609,000 |
Loss on debt extinguishment | (8,872,000) | (8,872,000) | ||
Interest expense | (3,650,000) | (3,663,000) | (10,976,000) | (11,002,000) |
Interest income | 44,000 | 35,000 | 114,000 | 71,000 |
Other income, net | 22,000 | 21,000 | 64,000 | 64,000 |
(Loss) income before provision for income taxes | (7,086,000) | 1,147,000 | 2,884,000 | 10,742,000 |
Corporate, Non-Segment [Member] | ||||
Revenues | ||||
Income from operations | (1,715,000) | (2,124,000) | (5,800,000) | (6,275,000) |
Branded Product Program [Member] | Operating Segments [Member] | ||||
Revenues | 14,674,000 | 12,868,000 | 50,741,000 | 44,563,000 |
Income from operations | 2,924,000 | 2,886,000 | 7,888,000 | 8,336,000 |
Product Licensing [Member] | Operating Segments [Member] | ||||
Revenues | 4,228,000 | 3,990,000 | 17,393,000 | 15,602,000 |
Income from operations | 4,182,000 | 3,944,000 | 17,257,000 | 15,465,000 |
Restaurant Operations [Member] | Operating Segments [Member] | ||||
Revenues | 3,181,000 | 3,079,000 | 16,473,000 | 17,201,000 |
Income from operations | $ (21,000) | $ 48,000 | $ 3,209,000 | $ 4,083,000 |
Note L - Share-based Compensa43
Note L - Share-based Compensation (Details Textual) - USD ($) | Dec. 20, 2017 | Nov. 01, 2017 | Mar. 29, 2015 | Mar. 27, 2015 | Mar. 10, 2015 | Dec. 24, 2017 | Dec. 25, 2016 | Dec. 24, 2017 | Dec. 25, 2016 | Mar. 29, 2015 | |
Allocated Share-based Compensation Expense | $ 99,000 | $ 136,000 | $ 298,000 | $ 482,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 200,000 | $ 200,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 210 days | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Replacement Issued | [1] | 68,498 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Replacement Issued , Weighted Average Exercise Price | [1] | $ 33.438 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | [1] | 64,384 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | [1] | $ 35.58 | |||||||||
Share Price | $ 83.20 | $ 73.56 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 5 | $ 25 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||||||||||
Employee Stock Option [Member] | |||||||||||
Allocated Share-based Compensation Expense | $ 38,000 | $ 38,000 | $ 114,000 | $ 114,000 | |||||||
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 Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 50,000 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 53.89 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 35.58 | ||||||||||
Special Cash Dividend [Member] | |||||||||||
Common Stock, Dividends, Per Share, Declared | 5 | 25 | |||||||||
Excluding Dividend [Member] | |||||||||||
Share Price | $ 78.20 | $ 48.56 | |||||||||
[1] | Represents the effects on outstanding options after giving effect to the replacement options issued in connection with the Company's special dividend to shareholders of record on December 22, 2017. |
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 | 9 Months Ended | ||
Dec. 24, 2017 | Dec. 25, 2016 | Dec. 24, 2017 | Dec. 25, 2016 | |
Share-based compensation expense | $ 99,000 | $ 136,000 | $ 298,000 | $ 482,000 |
Employee Stock Option [Member] | ||||
Share-based compensation expense | 38,000 | 38,000 | 114,000 | 114,000 |
Restricted Stock [Member] | ||||
Share-based compensation expense | $ 61,000 | $ 98,000 | $ 184,000 | $ 368,000 |
Note L - Share-based Compensa45
Note L - Share-based Compensation - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||
Dec. 24, 2017 | Mar. 26, 2016 | [1] | Dec. 23, 2017 | [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 222 days | [2] | 2 years 131 days | ||||
Options outstanding, aggregate intrinsic value, beginning balance | $ 3,093 | [2] | $ 1,899 | ||||
Options granted (in shares) | 0 | ||||||
Granted, weighted average exercise price (in dollars per share) | $ 0 | ||||||
Replacement options issued (in shares) | [2] | 68,498 | |||||
Replacement options issued, weighted average exercise price (in dollars per share) | [2] | $ 33.438 | |||||
Replacement options issued, weighted average remaining contractual life (Year) | [2] | 1 year 222 days | |||||
Replacement options issued, aggregate intrinsic value | [2] | $ 3,093 | |||||
Options expired (in shares) | 0 | ||||||
Expired, weighted average exercise price (in dollars per share) | $ 0 | ||||||
Cancellation of outstanding options (in shares) | [2] | (64,384) | |||||
Cancellation of outstanding options, weighted average exercise price (in dollars per share) | [2] | $ 35.58 | |||||
Cancellation of outstanding options, weighted average remaining contractual life (Year) | [2] | 1 year 222 days | |||||
Cancellation of outstanding options, aggregate intrinsic value | [2] | $ 3,093 | |||||
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) | [2] | 68,498 | |||||
Options outstanding, weighted average exercise price, ending balance (in dollars per share) | [2] | $ 33.438 | |||||
Options exercisable (in shares) | [2] | 48,348 | |||||
Options exercisable, weighted average exercise price (in dollars per share) | [2] | $ 33.438 | |||||
Options exercisable, weighted average remaining contractual life (Year) | [2] | 1 year 222 days | |||||
Options exercisable, aggregate intrinsic value | [2] | $ 2,183 | |||||
[1] | Represents outstanding options after giving effect to the replacement options issued in connection with the Company's special March 2015 dividend. | ||||||
[2] | Represents the effects on outstanding options after giving effect to the replacement options issued in connection with the Company's special dividend to shareholders of record on December 22, 2017. |
Note L - Share-based Compensa46
Note L - Share-based Compensation - Transactions With Respect to Restricted Stock (Details) - Restricted Stock [Member] | 9 Months Ended |
Dec. 24, 2017$ / sharesshares | |
Unvested restricted stock, Shares (in shares) | shares | 10,000 |
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 49.80 |
Vested, Shares (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 (in dollars per share) | $ / shares | $ 49.80 |
Note M - Stockholders' Equity (
Note M - Stockholders' Equity (Details Textual) - USD ($) | Jan. 04, 2018 | Nov. 01, 2017 | Mar. 27, 2015 | Mar. 10, 2015 | Dec. 24, 2017 | Dec. 25, 2016 | Mar. 31, 2019 | Dec. 24, 2017 | Dec. 24, 2017 | Jun. 05, 2013 |
Common Stock, Dividends, Per Share, Declared | $ 5 | $ 25 | ||||||||
Payments of Ordinary Dividends, Common Stock | $ 115,100,000 | $ 125,000 | $ 375,000 | $ 875,000 | ||||||
Dividends Payable | $ 1,000,000 | $ 20,948,000 | $ 20,948,000 | $ 20,948,000 | ||||||
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 | 5,696,732 | 5,696,732 | 5,696,732 | 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 | 260,258 | |||||||
Dividends Payable, Date of Record | Dec. 22, 2017 | Mar. 20, 2015 | ||||||||
Scenario, Forecast [Member] | ||||||||||
Payments of Ordinary Dividends, Common Stock | $ 125,000 | |||||||||
Dividends on Unvested Restricted Stock [Member] | ||||||||||
Dividends Payable | $ 25,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Payments of Ordinary Dividends, Common Stock | $ 20,923,000 |
Note N - Long-term Debt (Detail
Note N - Long-term Debt (Details Textual) - USD ($) | Nov. 16, 2017 | Nov. 01, 2017 | Sep. 14, 2017 | Mar. 10, 2015 | Nov. 16, 2017 | Dec. 24, 2017 | Dec. 25, 2016 | Dec. 24, 2017 | Dec. 25, 2016 | Mar. 26, 2017 |
Proceeds from Issuance of Long-term Debt | $ 150,000,000 | |||||||||
Dividends Payable, Amount Per Share | $ 5 | $ 5 | ||||||||
Gain (Loss) on Extinguishment of Debt | $ (8,872,000) | $ (8,872,000) | ||||||||
Debt Issuance Costs, Gross | $ 5,374,000 | 5,374,000 | $ 3,525,000 | |||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 6,750,000 | |||||||||
Payments of Debt Issuance Costs | $ 4,902,000 | |||||||||
Increase (Decrease) in Annual Interest Expense | $ (3,562,500) | |||||||||
Special Cash Dividend [Member] | ||||||||||
Dividends, Cash | $ 116,100,000 | |||||||||
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 2025 Notes [Member] | ||||||||||
Proceeds from Issuance of Long-term Debt | $ 150,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | 6.625% | 6.625% | |||||||
Interest Expense, Debt | $ 562,500 | |||||||||
Debt Instrument, Periodic Payment, Interest | $ 4,968,750 | |||||||||
Senior Notes [Member] | Senior Secured 2020 Notes [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||||||
Debt Instrument, Face Amount | $ 135,000,000 | |||||||||
Debt Issuance Costs, Gross | $ 5,985,000 | |||||||||
Debt Instrument, Term | 5 years | |||||||||
Interest Paid | $ 6,750,000 | |||||||||
Debt Instrument, Redemption, Call Premium, Percent | 5.00% | 5.00% | ||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 6,750,000 | |||||||||
Payments of Debt Issuance Costs | $ 4,902,000 | |||||||||
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 ($) | Dec. 24, 2017 | Mar. 26, 2017 | Mar. 10, 2015 |
Senior secured notes | $ 150,000,000 | ||
Less: unamortized debt issuance costs | (5,374,000) | $ (3,525,000) | |
Total long-term debt | 144,626,000 | 131,475,000 | |
Senior Secured 2025 Notes [Member] | Senior Notes [Member] | |||
Senior secured notes | 150,000,000 | ||
Senior Secured 2020 Notes [Member] | Senior Notes [Member] | |||
Senior secured notes | $ 135,000,000 | ||
Less: unamortized debt issuance costs | $ (5,985,000) |
Note N - Long-term Debt - Sum50
Note N - Long-term Debt - Summary of Debt (Details) (Parentheticals) - Senior Notes [Member] | Dec. 24, 2017 | Nov. 01, 2017 | Mar. 26, 2017 | Mar. 10, 2015 |
Senior Secured 2025 Notes [Member] | ||||
Interest Rate | 6.625% | 6.625% | ||
Senior Secured 2020 Notes [Member] | ||||
Interest Rate | 10.00% | 10.00% |
Note N - Long-term Debt - Sum51
Note N - Long-term Debt - Summary of Redemption Features (Details) | 9 Months Ended |
Dec. 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 Cont52
Note O - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 06, 2017 | Feb. 27, 2017 |
Guaranty Liabilities | $ 204,000 | |
Executive Chairman of the Board [Member] | Base Salary [Member] | ||
Contractual Obligation | $ 1,000,000 |