Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 28, 2021 | Jun. 04, 2021 | Sep. 25, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000069733 | ||
Entity Registrant Name | NATHANS FAMOUS INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-28 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 28, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-35962 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 11-3166443 | ||
Entity Address, Address Line One | One Jericho Plaza | ||
Entity Address, City or Town | Jericho | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11753 | ||
City Area Code | 516 | ||
Local Phone Number | 338-8500 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | NATH | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 147,783,000 | ||
Entity Common Stock, Shares Outstanding | 4,114,934 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 81,064 | $ 77,117 |
Accounts and other receivables, net (Note D) | 11,652 | 11,108 |
Inventories | 624 | 378 |
Prepaid expenses and other current assets (Note E) | 1,325 | 1,181 |
Total current assets | 94,665 | 89,784 |
Property and equipment, net of accumulated depreciation of $9,779 and $9,468, respectively | 4,090 | 4,610 |
Operating lease assets (Note K) | 8,337 | 9,181 |
Goodwill | 95 | 95 |
Intangible asset, net | 1,156 | 1,269 |
Deferred income taxes | 138 | 0 |
Other assets | 328 | 343 |
Total assets | 108,809 | 105,282 |
CURRENT LIABILITIES | ||
Accounts payable | 4,041 | 3,509 |
Accrued expenses and other current liabilities (Note G) | 8,478 | 9,297 |
Current portion of operating lease liabilities (Note K) | 1,837 | 1,583 |
Deferred franchise fees | 237 | 230 |
Total current liabilities | 14,593 | 14,619 |
Long-term debt, net of unamortized debt issuance costs of $3,169 and $3,860, respectively (Note J) | 146,831 | 146,140 |
Operating lease liabilities (Note K) | 7,553 | 8,532 |
Other liabilities (Note G) | 774 | 696 |
Deferred franchise fees | 1,536 | 1,687 |
Deferred income taxes | 0 | 9 |
Total liabilities | 171,287 | 171,683 |
COMMITMENTS AND CONTINGENCIES (Note M) | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock, $.01 par value; 30,000,000 shares authorized; 9,369,015 and 9,368,792 shares issued; and 4,114,934 and 4,141,387 shares outstanding at March 28, 2021 and March 29, 2020, respectively | 94 | 94 |
Additional paid-in capital | 62,240 | 62,130 |
Accumulated deficit | (40,042) | (45,356) |
Stockholders’ equity before treasury stock | 22,292 | 16,868 |
Treasury stock, at cost, 5,254,081 and 5,227,405 shares at March 28, 2021 and March 29, 2020 | (84,770) | (83,269) |
Total stockholders’ deficit | (62,478) | (66,401) |
Total liabilities and stockholders’ deficit | $ 108,809 | $ 105,282 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 |
Property and equipment accumulated depreciation | $ 9,779 | $ 9,468 |
Long-term debt, unamortized debt costs | $ 3,169 | $ 3,860 |
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) | 9,369,015 | 9,368,792 |
Common stock, shares outstanding (in shares) | 4,114,934 | 4,141,387 |
Treasury stock, shares (in shares) | 5,254,081 | 5,227,405 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
REVENUES | ||
Revenues | $ 75,839 | $ 103,325 |
COSTS AND EXPENSES | ||
Cost of sales | 32,536 | 54,488 |
Restaurant operating expenses | 3,268 | 3,476 |
Depreciation and amortization | 1,183 | 1,233 |
General and administrative expenses | 12,041 | 14,779 |
Advertising fund expense | 1,296 | 2,177 |
Total costs and expenses | 50,324 | 76,153 |
Income from operations | 25,515 | 27,172 |
Interest expense | (10,601) | (10,601) |
Interest income | 364 | 1,357 |
Other income, net | 47 | 86 |
Income before provision for income taxes | 15,325 | 18,014 |
Provision for income taxes | 4,250 | 4,579 |
Net income | $ 11,075 | $ 13,435 |
Weighted average shares used in computing income per share: | ||
Basic (in shares) | 4,116,000 | 4,216,000 |
Diluted (in shares) | 4,116,000 | 4,216,000 |
Income per share: | ||
Basic (in dollars per share) | $ 2.69 | $ 3.19 |
Diluted (in dollars per share) | 2.69 | 3.19 |
Dividends declared per share (in dollars per share) | $ 1.40 | $ 1.40 |
Product [Member] | ||
REVENUES | ||
Revenues | $ 41,326 | $ 70,559 |
License [Member] | ||
REVENUES | ||
Revenues | 31,368 | 25,859 |
Franchise Fees and Royalties [Member] | ||
REVENUES | ||
Revenues | 1,601 | 4,572 |
Advertising Fund Revenue [Member] | ||
REVENUES | ||
Revenues | $ 1,544 | $ 2,335 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Mar. 31, 2019 | 9,336,338 | 5,141,763 | |||
Balance at Mar. 31, 2019 | $ 93 | $ 60,945 | $ (52,879) | $ (78,303) | $ (70,144) |
Shares issued in connection with share-based compensation plans (in shares) | 32,454 | 0 | |||
Shares issued in connection with share-based compensation plans | $ 1 | 1,077 | 0 | $ 0 | 1,078 |
Withholding tax on net share settlement of share-based compensation plans | $ 0 | (8) | 0 | $ 0 | (8) |
Repurchase of common stock (in shares) | 0 | 85,642 | |||
Repurchase of common stock | $ 0 | 0 | 0 | $ (4,966) | (4,966) |
Dividends on common stock | 0 | 0 | (5,912) | 0 | (5,912) |
Share-based compensation | 0 | 116 | 0 | 0 | 116 |
Net income | $ 0 | 0 | 13,435 | $ 0 | $ 13,435 |
Balance (in shares) at Mar. 29, 2020 | 9,368,792 | 5,227,405 | 4,141,387 | ||
Balance at Mar. 29, 2020 | $ 94 | 62,130 | (45,356) | $ (83,269) | $ (66,401) |
Shares issued in connection with share-based compensation plans (in shares) | 223 | 0 | |||
Shares issued in connection with share-based compensation plans | $ 0 | 0 | 0 | $ 0 | 0 |
Withholding tax on net share settlement of share-based compensation plans | $ 0 | (6) | 0 | $ 0 | (6) |
Repurchase of common stock (in shares) | 0 | 26,676 | |||
Repurchase of common stock | $ 0 | 0 | 0 | $ (1,501) | (1,501) |
Dividends on common stock | 0 | 0 | (5,761) | 0 | (5,761) |
Share-based compensation | 0 | 116 | 0 | 0 | 116 |
Net income | $ 0 | 0 | 11,075 | $ 0 | $ 11,075 |
Balance (in shares) at Mar. 28, 2021 | 9,369,015 | 5,254,081 | 4,114,934 | ||
Balance at Mar. 28, 2021 | $ 94 | $ 62,240 | $ (40,042) | $ (84,770) | $ (62,478) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 11,075,000 | $ 13,435,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 1,183,000 | 1,233,000 |
Non cash rental expense | 120,000 | 232,000 |
Amortization of debt issuance costs | 691,000 | 691,000 |
Share-based compensation expense | 116,000 | 116,000 |
Income tax benefit on stock option exercises | 0 | 228,000 |
Provision for doubtful accounts | 101,000 | 71,000 |
Deferred income taxes | (147,000) | 352,000 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables, net | (645,000) | (1,006,000) |
Inventories | (246,000) | 157,000 |
Prepaid expenses and other current assets | (144,000) | (174,000) |
Other assets | 15,000 | 122,000 |
Accounts payable, accrued expenses and other current liabilities | (287,000) | (2,028,000) |
Deferred franchise fees | (144,000) | (1,088,000) |
Other liabilities | 78,000 | 8,000 |
Net cash provided by operating activities | 11,766,000 | 12,349,000 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (551,000) | (870,000) |
Net cash used in investing activities | (551,000) | (870,000) |
Cash flows from financing activities: | ||
Dividends paid to stockholders | (5,761,000) | (5,912,000) |
Repurchase of treasury stock | (1,501,000) | (4,966,000) |
Proceeds from the exercise of stock options | 0 | 1,078,000 |
Payments of withholding tax on net share settlement of share-based compensation plans | (6,000) | (8,000) |
Net cash used in financing activities | (7,268,000) | (9,808,000) |
Net increase in cash and cash equivalents | 3,947,000 | 1,671,000 |
Cash and cash equivalents, beginning of year | 77,117 | 75,446 |
Cash and cash equivalents, end of year | 81,064 | 77,117 |
Cash paid during the year for: | ||
Interest | 9,938,000 | 9,938,000 |
Income taxes | $ 4,768 | $ 3,874 |
Noncash financing activity: | ||
Dividends declared per share (in dollars per share) | $ 1.40 | $ 1.40 |
Note A - Description and Organi
Note A - Description and Organization of Business | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - DESCRIPTION AND ORGANIZATION OF BUSINESS Nathan’s Famous, Inc. and subsidiaries (collectively the “Company” or “Nathan’s”) has historically operated or franchised a chain of retail fast food restaurants featuring the “Nathan’s World Famous Beef Hot Dog”, crinkle-cut French-fried potatoes and a variety of other menu offerings. Nathan’s has also established a Branded Product Program, which enables foodservice retailers to sell select Nathan’s proprietary products outside of the realm of a traditional franchise relationship. Nathan’s also licenses the manufacture and sale of “Nathan’s Famous” packaged hot dogs, crinkle-cut French fries and a number of other products to a variety of third At March 28, 2021, four nineteen eight Covid- 19 In March 2020, 19 19 March 28, 2021 2022. 19 19 may |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies have been applied in the preparation of the consolidated financial statements: 1. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. 2. Fiscal Year The Company’s fiscal year ends on the last Sunday in March, 52 53 March 28, 2021 March 29, 2020 52 3. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management in preparing the consolidated financial statements include revenue recognition, the allowance for doubtful accounts, valuation of stock-based compensation, accounting for income taxes, and the valuation of goodwill, intangible assets and other long-lived assets. 4. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three not March 28, 2021 March 29, 2020. At March 28, 2021 March 29, 2020, not 5. Inventories Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food items and supplies. Cost is determined using the first first 6. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows: Building and improvements (years) 5 – 25 Machinery, equipment, furniture and fixtures (years) 3 – 15 Leasehold improvements (years) 5 – 20 7. Goodwill and Intangible Assets Goodwill and intangible assets consist of (i) goodwill of $95 resulting from the acquisition of Nathan’s in 1987; As of March 28, 2021, first 2021 B.22 March 28, 2021 March 29, 2020. During the fiscal year ended March 29, 2020, twelve March 28, 2021 March 29, 2020, The Company reviews its definite-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying value may not 19 may not no March 28, 2021 March 29, 2020. Annual amortization of the intangible asset for the next five Estimate for fiscal year 2022 $ 113 2023 113 2024 113 2025 113 2026 113 Thereafter 591 Total $ 1,156 8. Long-lived Assets Long-lived assets on a restaurant-by-restaurant basis are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not . Long-lived assets include property, equipment and right of use assets for operating leases with finite useful lives. Assets are grouped at the individual restaurant level which represents the lowest level for which cash flows can be identified largely independent of the cash flows of other assets and liabilities. The Company generally considers a history of restaurant operating losses to be its primary indicator of potential impairment for individual restaurant locations. As a result of the impact of the COVID- 19 March 28, 2021. The Company tests for recoverability based on the projected undiscounted cash flows to be derived from such assets. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record on a restaurant-by-restaurant basis, an impairment loss, if any, based on the difference between the estimated fair value and the carrying value of the asset. The Company generally measures fair value by considering discounted estimated future cash flows from such assets. Cash flow projections and fair value estimates require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company may No March 28, 2021 March 29, 2020. 9. Leases Determination of Whether a Contract Contains a Lease We determine if an arrangement is a lease at inception or modification of a contract, and classify each lease as either an operating or finance lease at commencement. The Company only reassesses lease classifications subsequent to commencement upon a change to the expected lease term or the contract being modified. Operating leases represent the Company’s right to use an underlying asset as lessee for the lease term, and lease obligations represent the Company’s obligation to make lease payments arising from the lease. ROU Model and Determination of Lease Term The Company uses the right-of-use (“ROU”) model to account for leases where the Company is the lessee, which requires an entity to recognize a lease liability and ROU asset on the lease commencement date. A lease liability is measured equal to the present value of the remaining lease payments over the lease term and is discounted using the incremental borrowing rate, as the rate implicit in the Company’s leases is not Operating Leases For operating leases, minimum lease payments or receipts, including minimum scheduled rent increases, are recognized as rent expense where the Company is a lessee, or income where the Company is a lessor, as applicable, on a straight-line basis (“Straight-Line Rent”) over the applicable lease terms. There is a period under certain lease agreements referred to as a rent holiday (“Rent Holiday”) that generally begins on the possession date and ends on the rent commencement date. During a Rent Holiday, no March 28, 2021 March 29, 2020, Lease cost for operating leases is recognized on a straight-line basis and includes the amortization of the ROU asset and interest expense relating to the operating lease liability. Variable lease cost for operating leases include Contingent Rent and payments for executory costs such as real estate taxes, insurance and common area maintenance, which are excluded from the measurement of the lease liability. Short-term lease cost for operating leases includes rental expense for leases with a term of less than 12 12 not 1 2 3 Rental income for operating leases on properties subleased to franchisees is recorded net of associated lease costs to “Other income, net.” At March 28, 2021, one April 2027 Significant Assumptions and Judgement Management makes certain estimates and assumptions regarding each new lease and sublease agreement, renewal and amendment, including, but not 1 2 3 4 In April 2020, 19 19 not March 28, 2021, not not March 28, 2021. 10. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy, as outlined in the applicable accounting guidance, is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three ● Level 1 ● Level 2 ● Level 3 The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level 1 may At March 28, 2021 March 29, 2020, not The Company’s long-term debt had a face value of $150,000 as of March 28, 2021 March 28, 2021. 2. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. The majority of the Company’s non-financial assets and liabilities are not 3 11. Start-up Costs Pre-opening and similar restaurant costs are expensed as incurred. 12. Revenue Recognition - Branded Product Program The Company recognizes sales from the Branded Product Program and certain products sold from the Branded Menu Program upon delivery to Nathan’s customers via third 13. Revenue Recognition - Company-owned Restaurants Sales by Company-owned restaurants, which are typically paid in cash or credit card by the customer, are recognized at the point of sale. Sales are presented net of sales tax. 14. Revenue Recognition License Royalties The Company earns revenue from royalties on the licensing of the use of its intellectual property in connection with certain products produced and sold by outside vendors. The use of the Company’s intellectual property must be approved by the Company prior to each specific application to ensure proper quality and a consistent image. Revenue from license royalties is generally based on a percentage of sales, subject to certain annual minimum royalties, recognized on a monthly basis when it is earned and deemed collectible. 15. Revenue Recognition - Franchising Operations In connection with its franchising operations, the Company receives initial franchise fees, international development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees. The following services are typically provided by the Company prior to the opening of a franchised restaurant. ● Approval of all site selections to be developed. ● Provision of architectural plans suitable for restaurants to be developed. ● Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant. ● Provision of appropriate menus to coordinate with the restaurant design and locations to be developed. ● Provision of management training for the new franchisee and selected staff. ● Assistance with the initial operations of restaurants being developed. The services provided in exchange for these upfront restaurant franchise fees do not The services provided in exchange for these international development fees do not The Company recognizes franchise royalties on a monthly basis, which are generally based upon a percentage of sales made by the Company’s franchisees, when they are earned and deemed collectible. The Company recognizes royalty revenue from its Branded Menu Program directly from the sale of Nathan’s products by its primary distributor or directly from the manufacturers. Franchise fees and royalties that are subsequently deemed to be not The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended March 28, 2021 March 29, 2020: March 28, March 29, 2021 2020 Franchised restaurants operating at the beginning of the period 216 255 New franchised restaurants opened during the period 7 16 Franchised restaurants closed during the period (10 ) (55 ) Franchised restaurants operating at the end of the period 213 216 Contract balances The following table provides information about contract liabilities (Deferred franchise fees) from contracts with customers: March 28, 2021 March 29, 2020 Deferred franchise fees (a) $ 1,773 $ 1,917 (a) Deferred franchise fees of $237 March 28, 2021, March 29, 2020, Significant changes in Deferred franchise fees for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Deferred franchise fees at beginning of period $ 1,917 $ 3,005 New deferrals due to cash received and other 140 157 Revenue recognized during the period (284 ) (1,245 ) Deferred franchise fees at end of period $ 1,773 $ 1,917 Anticipated Future Recognition of Deferred Franchise Fees The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period: Estimate for fiscal year 2022 237 2023 213 2024 198 2025 183 2026 159 Thereafter 783 Total $ 1,773 We have applied the optional exemption, as provided for under Topic 606, not 16. Revenue Recognition National Advertising Fund The Company maintains a national advertising fund (the “Advertising Fund”) established to collect and administer funds contributed for use in advertising and promotional programs for Company-owned and franchised restaurants. The revenue, expenses and cash flows of the Advertising Fund are fully consolidated into the Company’s Consolidated Statements of Earnings and Statements of Cash Flows. While this treatment impacts the gross amount of reported advertising fund revenue and related expenses, the impact is expected to approximately offset the increase to both revenue and expense, with minimal impact to income from operations or net income because the Company attempts to manage the Advertising Fund to breakeven over the course of the fiscal year. However, any surplus or deficit in the Advertising Fund will impact income from operations and net income. 17. Business Concentrations and Geographical Information The Company’s accounts receivable consists principally of receivables from franchisees for royalties and advertising contributions, from sales under the Branded Product Program, and from royalties from retail licensees. At March 28, 2021, March 29, 2020, March 28, 2021 March 29, 2020, March 28, 2021 March 29, 2020, The Company’s primary supplier of hot dogs represented 92% of product purchases for each of the fiscal years ended March 28, 2021 March 29, 2020. March 28, 2021 March 29, 2020, The Company’s revenues for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Domestic (United States) $ 74,737 $ 98,453 Non-domestic 1,102 4,872 $ 75,839 $ 103,325 The Company’s sales for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Branded Products $ 33,617 $ 57,586 Company-owned restaurants 7,709 12,973 Total sales $ 41,326 $ 70,559 License royalties $ 31,368 $ 25,859 Royalties 1,317 3,327 Franchise fees 284 1,245 Total franchise fees and royalties 1,601 4,572 Advertising fund revenue 1,544 2,335 Total revenues $ 75,839 $ 103,325 18. Advertising The Company administers an advertising fund on behalf of its restaurant system to coordinate the marketing efforts of the Company. Under this arrangement, the Company collects and disburses fees paid by manufacturers, franchisees and Company-owned stores for national and regional advertising, promotional and public relations programs. Contributions to the advertising fund are based on specified percentages of net sales, generally ranging up to 2%. Company-owned store advertising expense, which is expensed as incurred, was $72 and $145, for the fiscal years ended March 28, 2021 March 29, 2020, 19. Stock-Based Compensation At March 28, 2021, one L.2. The cost of all share-based payments, including grants of restricted stock and stock options, is recognized in the consolidated financial statements based on their fair values measured at the grant date, or the date of any later modification, over the requisite service period. The Company recognizes compensation cost for unvested stock awards on a straight-line basis over the requisite vesting period. 20. Classification of Operating Expenses Cost of sales consists of the following: o The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels. o The cost of labor and associated costs of in-store restaurant management and crew. o The cost of paper products used in Company-operated restaurants. o Other direct costs such as fulfillment, commissions, freight and samples. Restaurant operating expenses consist of the following: o Occupancy costs of Company-operated restaurants. o Utility costs of Company-operated restaurants. o Repair and maintenance expenses of Company-operated restaurant facilities. o Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants. o Insurance costs directly related to Company-operated restaurants. 21. Income Taxes The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes and income tax benefits from share-based payments. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any operating loss or tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than not not Uncertain Tax Positions The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may not fifty See Note H for a further discussion of our income taxes. 22. Adoption of New Accounting Standard In January 2017, second not March 30, 2020. not 23. New Accounting Standards Not In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 November 2019, December 15, 2022. first June 2023) March 31, 2024. In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 2019 12 December 15, 2020. first June 2021) March 27, 2022. The Company does not not |
Note C - Income Per Share
Note C - Income Per Share | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE C - 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 fiscal years ended March 28, 2021 March 29, 2020, Net Income Shares Net income per share 2021 2020 2021 2020 2021 2020 Basic EPS Basic calculation $ 11,075 $ 13,435 4,116,000 4,216,000 $ 2.69 $ 3.19 Effect of dilutive employee stock options - - - - - - Diluted EPS Diluted calculation $ 11,075 $ 13,435 4,116,000 4,216,000 $ 2.69 $ 3.19 Options to purchase 10,000 shares of common stock for the fiscal years ended March 28, 2021 March 29, 2020 |
Note D - Accounts and Other Rec
Note D - Accounts and Other Receivables, Net | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE D - ACCOUNTS AND OTHER RECEIVABLES, NET Accounts and other receivables, net, consist of the following: March 28, March 29, 2021 2020 Branded product sales $ 6,480 $ 6,789 Franchise and license royalties 5,224 4,299 Other 293 257 11,997 11,345 Less: allowance for doubtful accounts 345 237 Accounts and other receivables, net $ 11,652 $ 11,108 Accounts receivable are due within 30 days and are stated 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 fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Beginning balance $ 237 $ 585 Bad debt expense 101 71 Write offs and other 7 (419 ) Ending balance $ 345 $ 237 |
Note E - Prepaid Expenses and O
Note E - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE E - PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: March 28, March 29, 2021 2020 Income taxes $ 280 $ - Real estate taxes 87 75 Insurance 388 263 Marketing 196 369 Other 374 474 Total prepaid expenses and other current assets $ 1,325 $ 1,181 |
Note F - Property and Equipment
Note F - Property and Equipment, Net | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE F - PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: March 28, March 29, 2021 2020 Land $ 123 $ 123 Building and improvements 1,398 1,456 Machinery, equipment, furniture and fixtures 5,292 5,529 Leasehold improvements 7,044 6,891 Construction-in-progress 12 79 Total property and equipment 13,869 14,078 Less: accumulated depreciation and amortization 9,779 9,468 Property and equipment, net $ 4,090 $ 4,610 Depreciation and amortization expense related to properties was $1,070 and $1,149 for the fiscal years ended March 28, 2021 March 29, 2020, |
Note G - Accrued Expenses, Othe
Note G - Accrued Expenses, Other Current Liabilities and Other Liabilities | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE G ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES Accrued expenses and other current liabilities consist of the following: March 28, March 29, 2021 2020 Payroll and other benefits $ 2,793 $ 3,075 Accrued rebates 132 514 Rent and occupancy costs 73 84 Deferred revenue 841 797 Construction costs 60 105 Interest 4,057 4,084 Professional fees 200 194 Corporate income taxes - 176 Sales, use and other taxes 60 17 Other 262 251 Total accrued expenses and other current liabilities $ 8,478 $ 9,297 Other liabilities consist of the following: March 28, March 29, 2021 2020 Reserve for uncertain tax positions (Note H) 653 567 Other 121 129 Total other liabilities $ 774 $ 696 |
Note H - Income Taxes
Note H - Income Taxes | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE H INCOME TAXES The income tax provision consists of the following for the fiscal years ended March 28, 2021 March 29, 2020: March 28, 2021 March 29, 2020 Federal Current $ 3,146 $ 2,904 Deferred (92 ) 322 Total Federal income tax 3,054 3,226 State and local Current 1,251 1,323 Deferred (55 ) 30 Total State and local income tax 1,196 1,353 Total provision for income taxes $ 4,250 $ 4,579 On March 27, 2020, 30 50 January 1, 2019 2020. January 1, 2018. The income tax provisions for the fiscal years ended March 28, 2021 March 29, 2020 The total income tax provision for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Computed tax expense $ 3,218 $ 3,783 State and local income taxes, net of Federal income tax benefit 936 1,028 Change in uncertain tax positions, net 68 60 Nondeductible meals and entertainment and other (35 ) (95 ) Nondeductible compensation 63 31 Tax benefit share based payments - (228 ) Total provision for income taxes $ 4,250 $ 4,579 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: March 28, March 29, 2021 2020 Deferred tax assets Accrued expenses $ 339 $ 394 Allowance for doubtful accounts 87 57 Deferred revenue 445 485 Deferred stock compensation 58 45 Operating lease liability 2,190 2,321 Other 120 94 Total deferred tax assets $ 3,239 $ 3,396 Deferred tax liabilities Deductible prepaid expense 223 246 Operating lease right-of-use asset 1,954 2,116 Depreciation expense 634 720 Amortization 290 323 Total deferred tax liabilities 3,101 3,405 Net deferred tax asset (liability) $ 138 $ (9 ) A valuation allowance is provided when it is more likely than not not not The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended March 28, 2021 March 29, 2020. March 28, 2021 March 29, 2020 Unrecognized tax benefits, beginning of year $ 311 $ 253 Decreases of tax positions taken in prior years (16 ) (10 ) Increases based on tax positions taken in current year 102 52 Settlements of tax positions taken in prior years - 16 Unrecognized tax benefits, end of year $ 397 $ 311 The amount of unrecognized tax benefits at March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020, March 28, 2021 March 29, 2020 During the fiscal year ending March 27, 2022, no In November 2019, March 27, 2016, March 26, 2017 March 25, 2018 November 2020, no The earliest tax years that are subject to examination by taxing authorities by major jurisdictions are as follows: Jurisdiction Fiscal Year Federal 2018 New York State 2018 New York City 2018 New Jersey 2017 California 2017 |
Note I - Segment Information
Note I - Segment Information | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE I 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 operations segment consisting 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 Product licensing Restaurant operations Revenues from operating segments are from transactions with unaffiliated third not Income from operations attributable to Corporate consists principally of administrative expenses not Interest expense, interest income and other income, net are managed centrally at the corporate level, and, accordingly, such items are not Corporate assets consist primarily of cash and cash equivalents, and long-lived assets. Operating segment information for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Revenues Branded Product Program $ 33,617 $ 57,586 Product licensing 31,368 25,859 Restaurant operations 9,310 17,545 Corporate (1) 1,544 2,335 Total revenues $ 75,839 $ 103,325 Income from operations Branded Product Program $ 4,635 $ 7,688 Product licensing 31,186 25,677 Restaurant operations (2,856 ) 1,637 Corporate (7,450 ) (7,830 ) Income from operations $ 25,515 $ 27,172 Interest expense $ (10,601 ) $ (10,601 ) Interest income 364 1,357 Other income, net 47 86 Income before provision for income taxes $ 15,325 $ 18,014 Total assets Branded Product Program $ 7,037 $ 7,352 Product licensing 4,775 3,906 Restaurant operations 11,662 12,915 Corporate 85,335 81,109 Total assets $ 108,809 $ 105,282 Depreciation & amortization expense Branded Product Program $ 247 $ 312 Restaurant operations 613 641 Corporate 323 280 Total depreciation & amortization expense $ 1,183 $ 1,233 ( 1 Represents advertising fund revenue |
Note J - Long-term Debt
Note J - Long-term Debt | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE J LONG-TERM DEBT Long-term debt consists of the following: March 28, March 29, 2021 2020 6.625% $ 150,000 $ 150,000 Less: unamortized debt issuance costs (3,169 ) (3,860 ) Long-term debt, net $ 146,831 $ 146,140 On November 1, 2017, 6.625% 2025 "2025 144A 1933, 2025 November 1, 2017 2025 10.000% 2020 2020 $5.00 November 16, 2017. The 2025 6.625% May 1 st November 1 st May 1, 2020 November 1, 2020. May 1, 2021, first 2022. The 2025 no November 1, 2025. The terms and conditions of the 2025 not There are no 2025 March 28, 2021, 2025 The Indenture contains 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 1.0 may may may Priority Secured Leverage Ratio 1.00 Secured Leverage Ratio 1.00 2025 The Indenture also contains 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% in principal amount of the 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 ● 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, 2025 2025 2025 November 1, 2020 2025 November 1, 2020 ( 2025 Prior to November 1, 2020, 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 2025 If the Company sells certain collateralized assets and does not 2025 The 2025 may 144A 2025 Effective June 1, 2020, 2025 no |
Note K - Leases
Note K - Leases | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Leases, Disclosure [Text Block] | NOTE K LEASES The Company is party as lessee to various leases for its Company-operated restaurants and lessee/sublessor to one Company as lessee The components of the net lease cost for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Statement of Earnings Operating lease cost $ 1,444 $ 1,238 Short term lease cost - 17 Variable lease cost 1,194 1,517 Less: Sublease income, net (47 ) (85 ) Total net lease cost (a) $ 2,591 $ 2,687 (a) The fiscal years ended March 28, 2021 March 29, 2020 Cash paid for amounts included in the measurement of lease liabilities for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Operating cash flows from operating leases $727 $375 The weighted average remaining lease term and weighted-average discount rate for operating leases for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Weighted average remaining lease term (years): 7.2 8.1 Weighted average discount rate: 8.870 % 8.869 % Future lease commitments to be paid and received by the Company as of March 28, 2021 Payments Receipts Operating Leases Subleases Net Leases Fiscal year: 2022 $ 1,837 $ 247 $ 1,590 2023 1,849 168 1,681 2024 1,774 169 1,605 2025 1,678 169 1,509 2026 1,712 169 1,543 Thereafter 3,761 183 3,578 Total lease commitments $ 12,611 $ 1,105 $ 11,506 Less: Amount representing interest 3,221 Present value of lease liabilities (a) $ 9,390 (a) The present value of minimum operating lease payments of $1,837 and $7,553 Company as lessor The components of lease income for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Operating lease income, net $47 $84 |
Note L - Stockholders' Equity,
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE L STOCKHOLDERS EQUITY, STOCK PLANS AND OTHER EMPLOYEE BENEFIT PLANS 1. Dividends Effective June 14, 2019, first 2020. March 29, 2020, four Effective June 12, 2020, first 2021. March 28, 2021, four Effective June 11, 2021, first 2022 June 25, 2021 June 21, 2021. Our ability to pay future dividends is limited by the terms of the Indenture with U.S. Bank National Association, as trustee and collateral trustee. In addition to the terms of the Indenture, the declaration and payment of any cash dividends in the future are subject to final determination of the Board and will be dependent upon our earnings and financial requirements. 2. Stock Incentive Plans On September 13, 2012, 2010 “2010 2010 On September 18, 2019, 2019 “2019 2019 July 1, 2020 ( no 2010 2010 2010 2019 2019 As of the Effective Date, we were able to issue up to: (a) 369,584 shares of common stock under the 2019 not 2010 March 28, 2021, 2019 In general, options granted under the Company’s stock incentive plans have terms of five ten three five 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 for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Stock options $ 85 $ 85 Restricted stock 31 31 $ 116 $ 116 The tax benefit on stock-based compensation expense was $32 and $29 for the fiscal years ended March 28, 2021 March 29, 2020, March 28, 2021, five A summary of the status of the Company’s stock options at March 28, 2021 March 29, 2020 2021 2020 Weighted- Weighted- Average Average Exercise Exercise Shares Price Shares Price Options outstanding – beginning of year 10,000 $ 89.90 42,234 $ 46.807 Granted - - - - Expired - - - - Exercised - - (32,234 ) 33.438 Options outstanding - end of year 10,000 $ 89.90 10,000 $ 89.90 Options exercisable - end of year 6,667 $ 89.90 3,333 $ 89.90 There were no March 28, 2021. March 29, 2020, March 29, 2020 The following table summarizes information about outstanding stock options at March 28, 2021: Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Options outstanding at March 28, 2021 10,000 $ 89.90 2.46 $ - Options exercisable at March 28, 2021 6,667 $ 89.90 2.46 $ - Restricted stock: Transactions with respect to restricted stock for the fiscal year ended March 28, 2021 Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 29, 2020 667 $ 89.90 Granted - $ - Vested 334 $ 89.90 Unvested restricted stock at March 28, 2021 333 $ 89.90 The aggregate fair value of restricted stock vested during the fiscal years ended March 28, 2021 March 29, 2020 3. Stock Repurchase Programs On March 13, 2020, 10b5 1 "10b5 1 August 12, 2020. March 28, 2021, 10b5 1 In 2016, sixth March 28, 2021, sixth March 28, 2021, sixth not may no 4. Employment Agreements Effective January 1, 2007, In connection with the foregoing, the Company entered into an employment agreement with each of Messrs. Lorber (as amended, the “Lorber Employment Agreement”) and Gatoff (as amended, the “Gatoff Employment Agreement”). Under the terms of the Lorber Employment Agreement, Mr. Lorber would serve as Executive Chairman of the Board from January 1, 2007 December 31, 2012, November 1, 2012, December 31, 2017 not December 6, 2017, December 31, 2017 December 31, 2022 three no 15 not 50 The Lorber Employment Agreement provides Mr. Lorber with the right to participate in employment benefits offered to other Nathan’s executives. During and after the contract term, Mr. Lorber is subject to certain confidentiality, non-solicitation and non-competition provisions in favor of the Company. In the event that Mr. Lorber’s employment is terminated without cause, he is entitled to receive his salary and bonus for the remainder of the contract term. The Lorber Employment Agreement further provides that in the event there is a change in control, as defined in the agreement, Mr. Lorber has the option, exercisable within one three In the event of termination due to Mr. Lorber’s death or disability, he is entitled to receive an amount equal to his salary and annual bonuses for a three three Under the terms of the Gatoff Employment Agreement, Mr. Gatoff initially served as Chief Executive Officer from January 1, 2007 December 31, 2008, one no 180 December 31, 2022, no Pursuant to the agreement, Mr. Gatoff will receive a base salary, currently $500 effective June 1, 2016, one June 4, 2013, five Each employment agreement terminates upon death or voluntary termination by the respective employee or may 30 5. Defined Contribution and Union Pension Plans The Company has a defined contribution retirement plan under Section 401 21, one may March 28, 2021 March 29, 2020 The Company participates in a noncontributory, multi-employer, defined benefit pension plan (the “Union Plan”) covering substantially all of the Company’s union-represented employees. The risks of participating in the Union Plan are different from a single-employer plan in the following aspects: (a) assets contributed to the Union Plan by one may may may December 31, 2020. no March 28, 2021 not March 28, 2021 March 29, 2020, 6. Other Benefits The Company provides, on a contributory basis, medical benefits to active employees. The Company does not |
Note M - Guaranty and Other Com
Note M - Guaranty and Other Commitments and Contingencies | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE M GUARANTY AND OTHER COMMITMENTS AND CONTINGENCIES 1. Guaranty On February 27, 2017, 10 one 5 24 first three not not 12 2. Legal Proceedings 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 |
Note N - Related Party Transact
Note N - Related Party Transactions | 12 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE N - RELATED PARTY TRANSACTIONS A firm to which the Company’s Executive Chairman of the Board is as an investor (and, prior to January 2012, March 28, 2021 March 29, 2020, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 28, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | 2. Fiscal Year The Company’s fiscal year ends on the last Sunday in March, 52 53 March 28, 2021 March 29, 2020 52 |
Use of Estimates, Policy [Policy Text Block] | 3. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management in preparing the consolidated financial statements include revenue recognition, the allowance for doubtful accounts, valuation of stock-based compensation, accounting for income taxes, and the valuation of goodwill, intangible assets and other long-lived assets. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 4. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three not March 28, 2021 March 29, 2020. At March 28, 2021 March 29, 2020, not |
Inventory, Policy [Policy Text Block] | 5. Inventories Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food items and supplies. Cost is determined using the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | 6. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows: Building and improvements (years) 5 – 25 Machinery, equipment, furniture and fixtures (years) 3 – 15 Leasehold improvements (years) 5 – 20 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 7. Goodwill and Intangible Assets Goodwill and intangible assets consist of (i) goodwill of $95 resulting from the acquisition of Nathan’s in 1987; As of March 28, 2021, first 2021 B.22 March 28, 2021 March 29, 2020. During the fiscal year ended March 29, 2020, twelve March 28, 2021 March 29, 2020, The Company reviews its definite-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying value may not 19 may not no March 28, 2021 March 29, 2020. Annual amortization of the intangible asset for the next five Estimate for fiscal year 2022 $ 113 2023 113 2024 113 2025 113 2026 113 Thereafter 591 Total $ 1,156 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 8. Long-lived Assets Long-lived assets on a restaurant-by-restaurant basis are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not . Long-lived assets include property, equipment and right of use assets for operating leases with finite useful lives. Assets are grouped at the individual restaurant level which represents the lowest level for which cash flows can be identified largely independent of the cash flows of other assets and liabilities. The Company generally considers a history of restaurant operating losses to be its primary indicator of potential impairment for individual restaurant locations. As a result of the impact of the COVID- 19 March 28, 2021. The Company tests for recoverability based on the projected undiscounted cash flows to be derived from such assets. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record on a restaurant-by-restaurant basis, an impairment loss, if any, based on the difference between the estimated fair value and the carrying value of the asset. The Company generally measures fair value by considering discounted estimated future cash flows from such assets. Cash flow projections and fair value estimates require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company may No March 28, 2021 March 29, 2020. |
Lessee, Leases [Policy Text Block] | 9. Leases Determination of Whether a Contract Contains a Lease We determine if an arrangement is a lease at inception or modification of a contract, and classify each lease as either an operating or finance lease at commencement. The Company only reassesses lease classifications subsequent to commencement upon a change to the expected lease term or the contract being modified. Operating leases represent the Company’s right to use an underlying asset as lessee for the lease term, and lease obligations represent the Company’s obligation to make lease payments arising from the lease. ROU Model and Determination of Lease Term The Company uses the right-of-use (“ROU”) model to account for leases where the Company is the lessee, which requires an entity to recognize a lease liability and ROU asset on the lease commencement date. A lease liability is measured equal to the present value of the remaining lease payments over the lease term and is discounted using the incremental borrowing rate, as the rate implicit in the Company’s leases is not Operating Leases For operating leases, minimum lease payments or receipts, including minimum scheduled rent increases, are recognized as rent expense where the Company is a lessee, or income where the Company is a lessor, as applicable, on a straight-line basis (“Straight-Line Rent”) over the applicable lease terms. There is a period under certain lease agreements referred to as a rent holiday (“Rent Holiday”) that generally begins on the possession date and ends on the rent commencement date. During a Rent Holiday, no March 28, 2021 March 29, 2020, Lease cost for operating leases is recognized on a straight-line basis and includes the amortization of the ROU asset and interest expense relating to the operating lease liability. Variable lease cost for operating leases include Contingent Rent and payments for executory costs such as real estate taxes, insurance and common area maintenance, which are excluded from the measurement of the lease liability. Short-term lease cost for operating leases includes rental expense for leases with a term of less than 12 12 not 1 2 3 Rental income for operating leases on properties subleased to franchisees is recorded net of associated lease costs to “Other income, net.” At March 28, 2021, one April 2027 Significant Assumptions and Judgement Management makes certain estimates and assumptions regarding each new lease and sublease agreement, renewal and amendment, including, but not 1 2 3 4 In April 2020, 19 19 not March 28, 2021, not not March 28, 2021. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 10. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy, as outlined in the applicable accounting guidance, is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three ● Level 1 ● Level 2 ● Level 3 The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level 1 may At March 28, 2021 March 29, 2020, not The Company’s long-term debt had a face value of $150,000 as of March 28, 2021 March 28, 2021. 2. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. The majority of the Company’s non-financial assets and liabilities are not 3 |
Start-up Activities, Cost Policy [Policy Text Block] | 11. Start-up Costs Pre-opening and similar restaurant costs are expensed as incurred. |
Revenue from Contract with Customer [Policy Text Block] | 12. Revenue Recognition - Branded Product Program The Company recognizes sales from the Branded Product Program and certain products sold from the Branded Menu Program upon delivery to Nathan’s customers via third 13. Revenue Recognition - Company-owned Restaurants Sales by Company-owned restaurants, which are typically paid in cash or credit card by the customer, are recognized at the point of sale. Sales are presented net of sales tax. 14. Revenue Recognition License Royalties The Company earns revenue from royalties on the licensing of the use of its intellectual property in connection with certain products produced and sold by outside vendors. The use of the Company’s intellectual property must be approved by the Company prior to each specific application to ensure proper quality and a consistent image. Revenue from license royalties is generally based on a percentage of sales, subject to certain annual minimum royalties, recognized on a monthly basis when it is earned and deemed collectible. 15. Revenue Recognition - Franchising Operations In connection with its franchising operations, the Company receives initial franchise fees, international development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees. The following services are typically provided by the Company prior to the opening of a franchised restaurant. ● Approval of all site selections to be developed. ● Provision of architectural plans suitable for restaurants to be developed. ● Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant. ● Provision of appropriate menus to coordinate with the restaurant design and locations to be developed. ● Provision of management training for the new franchisee and selected staff. ● Assistance with the initial operations of restaurants being developed. The services provided in exchange for these upfront restaurant franchise fees do not The services provided in exchange for these international development fees do not The Company recognizes franchise royalties on a monthly basis, which are generally based upon a percentage of sales made by the Company’s franchisees, when they are earned and deemed collectible. The Company recognizes royalty revenue from its Branded Menu Program directly from the sale of Nathan’s products by its primary distributor or directly from the manufacturers. Franchise fees and royalties that are subsequently deemed to be not The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended March 28, 2021 March 29, 2020: March 28, March 29, 2021 2020 Franchised restaurants operating at the beginning of the period 216 255 New franchised restaurants opened during the period 7 16 Franchised restaurants closed during the period (10 ) (55 ) Franchised restaurants operating at the end of the period 213 216 Contract balances The following table provides information about contract liabilities (Deferred franchise fees) from contracts with customers: March 28, 2021 March 29, 2020 Deferred franchise fees (a) $ 1,773 $ 1,917 (a) Deferred franchise fees of $237 March 28, 2021, March 29, 2020, Significant changes in Deferred franchise fees for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Deferred franchise fees at beginning of period $ 1,917 $ 3,005 New deferrals due to cash received and other 140 157 Revenue recognized during the period (284 ) (1,245 ) Deferred franchise fees at end of period $ 1,773 $ 1,917 Anticipated Future Recognition of Deferred Franchise Fees The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period: Estimate for fiscal year 2022 237 2023 213 2024 198 2025 183 2026 159 Thereafter 783 Total $ 1,773 We have applied the optional exemption, as provided for under Topic 606, not 16. Revenue Recognition National Advertising Fund The Company maintains a national advertising fund (the “Advertising Fund”) established to collect and administer funds contributed for use in advertising and promotional programs for Company-owned and franchised restaurants. The revenue, expenses and cash flows of the Advertising Fund are fully consolidated into the Company’s Consolidated Statements of Earnings and Statements of Cash Flows. While this treatment impacts the gross amount of reported advertising fund revenue and related expenses, the impact is expected to approximately offset the increase to both revenue and expense, with minimal impact to income from operations or net income because the Company attempts to manage the Advertising Fund to breakeven over the course of the fiscal year. However, any surplus or deficit in the Advertising Fund will impact income from operations and net income. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 17. Business Concentrations and Geographical Information The Company’s accounts receivable consists principally of receivables from franchisees for royalties and advertising contributions, from sales under the Branded Product Program, and from royalties from retail licensees. At March 28, 2021, March 29, 2020, March 28, 2021 March 29, 2020, March 28, 2021 March 29, 2020, The Company’s primary supplier of hot dogs represented 92% of product purchases for each of the fiscal years ended March 28, 2021 March 29, 2020. March 28, 2021 March 29, 2020, The Company’s revenues for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Domestic (United States) $ 74,737 $ 98,453 Non-domestic 1,102 4,872 $ 75,839 $ 103,325 The Company’s sales for the fiscal years ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Branded Products $ 33,617 $ 57,586 Company-owned restaurants 7,709 12,973 Total sales $ 41,326 $ 70,559 License royalties $ 31,368 $ 25,859 Royalties 1,317 3,327 Franchise fees 284 1,245 Total franchise fees and royalties 1,601 4,572 Advertising fund revenue 1,544 2,335 Total revenues $ 75,839 $ 103,325 |
Advertising Cost [Policy Text Block] | 18. Advertising The Company administers an advertising fund on behalf of its restaurant system to coordinate the marketing efforts of the Company. Under this arrangement, the Company collects and disburses fees paid by manufacturers, franchisees and Company-owned stores for national and regional advertising, promotional and public relations programs. Contributions to the advertising fund are based on specified percentages of net sales, generally ranging up to 2%. Company-owned store advertising expense, which is expensed as incurred, was $72 and $145, for the fiscal years ended March 28, 2021 March 29, 2020, |
Share-based Payment Arrangement [Policy Text Block] | 19. Stock-Based Compensation At March 28, 2021, one L.2. The cost of all share-based payments, including grants of restricted stock and stock options, is recognized in the consolidated financial statements based on their fair values measured at the grant date, or the date of any later modification, over the requisite service period. The Company recognizes compensation cost for unvested stock awards on a straight-line basis over the requisite vesting period. |
Cost of Goods and Service [Policy Text Block] | 20. Classification of Operating Expenses Cost of sales consists of the following: o The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels. o The cost of labor and associated costs of in-store restaurant management and crew. o The cost of paper products used in Company-operated restaurants. o Other direct costs such as fulfillment, commissions, freight and samples. Restaurant operating expenses consist of the following: o Occupancy costs of Company-operated restaurants. o Utility costs of Company-operated restaurants. o Repair and maintenance expenses of Company-operated restaurant facilities. o Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants. o Insurance costs directly related to Company-operated restaurants. |
Income Tax, Policy [Policy Text Block] | 21. Income Taxes The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes and income tax benefits from share-based payments. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any operating loss or tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than not not Uncertain Tax Positions The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may not fifty See Note H for a further discussion of our income taxes. |
New Accounting Pronouncements, Policy [Policy Text Block] | 22. Adoption of New Accounting Standard In January 2017, second not March 30, 2020. not 23. New Accounting Standards Not In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 November 2019, December 15, 2022. first June 2023) March 31, 2024. In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 2019 12 December 15, 2020. first June 2021) March 27, 2022. The Company does not not |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Building and improvements (years) 5 – 25 Machinery, equipment, furniture and fixtures (years) 3 – 15 Leasehold improvements (years) 5 – 20 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimate for fiscal year 2022 $ 113 2023 113 2024 113 2025 113 2026 113 Thereafter 591 Total $ 1,156 |
Schedule of Franchisor Disclosure [Table Text Block] | March 28, March 29, 2021 2020 Franchised restaurants operating at the beginning of the period 216 255 New franchised restaurants opened during the period 7 16 Franchised restaurants closed during the period (10 ) (55 ) Franchised restaurants operating at the end of the period 213 216 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 28, 2021 March 29, 2020 Deferred franchise fees (a) $ 1,773 $ 1,917 |
Contract with Customer, Deferred Franchise Fees [Table Text Block] | March 28, 2021 March 29, 2020 Deferred franchise fees at beginning of period $ 1,917 $ 3,005 New deferrals due to cash received and other 140 157 Revenue recognized during the period (284 ) (1,245 ) Deferred franchise fees at end of period $ 1,773 $ 1,917 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Estimate for fiscal year 2022 237 2023 213 2024 198 2025 183 2026 159 Thereafter 783 Total $ 1,773 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | March 28, 2021 March 29, 2020 Domestic (United States) $ 74,737 $ 98,453 Non-domestic 1,102 4,872 $ 75,839 $ 103,325 |
Disaggregation of Revenue [Table Text Block] | March 28, 2021 March 29, 2020 Branded Products $ 33,617 $ 57,586 Company-owned restaurants 7,709 12,973 Total sales $ 41,326 $ 70,559 License royalties $ 31,368 $ 25,859 Royalties 1,317 3,327 Franchise fees 284 1,245 Total franchise fees and royalties 1,601 4,572 Advertising fund revenue 1,544 2,335 Total revenues $ 75,839 $ 103,325 |
Note C - Income Per Share (Tabl
Note C - Income Per Share (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income Shares Net income per share 2021 2020 2021 2020 2021 2020 Basic EPS Basic calculation $ 11,075 $ 13,435 4,116,000 4,216,000 $ 2.69 $ 3.19 Effect of dilutive employee stock options - - - - - - Diluted EPS Diluted calculation $ 11,075 $ 13,435 4,116,000 4,216,000 $ 2.69 $ 3.19 |
Note D - Accounts and Other R_2
Note D - Accounts and Other Receivables, Net (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 28, March 29, 2021 2020 Branded product sales $ 6,480 $ 6,789 Franchise and license royalties 5,224 4,299 Other 293 257 11,997 11,345 Less: allowance for doubtful accounts 345 237 Accounts and other receivables, net $ 11,652 $ 11,108 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | March 28, 2021 March 29, 2020 Beginning balance $ 237 $ 585 Bad debt expense 101 71 Write offs and other 7 (419 ) Ending balance $ 345 $ 237 |
Note E - Prepaid Expenses and_2
Note E - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | March 28, March 29, 2021 2020 Income taxes $ 280 $ - Real estate taxes 87 75 Insurance 388 263 Marketing 196 369 Other 374 474 Total prepaid expenses and other current assets $ 1,325 $ 1,181 |
Note F - Property and Equipme_2
Note F - Property and Equipment, Net (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Property, Plant, and Equipment, Carrying Value [Table Text Block] | March 28, March 29, 2021 2020 Land $ 123 $ 123 Building and improvements 1,398 1,456 Machinery, equipment, furniture and fixtures 5,292 5,529 Leasehold improvements 7,044 6,891 Construction-in-progress 12 79 Total property and equipment 13,869 14,078 Less: accumulated depreciation and amortization 9,779 9,468 Property and equipment, net $ 4,090 $ 4,610 |
Note G - Accrued Expenses, Ot_2
Note G - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 28, March 29, 2021 2020 Payroll and other benefits $ 2,793 $ 3,075 Accrued rebates 132 514 Rent and occupancy costs 73 84 Deferred revenue 841 797 Construction costs 60 105 Interest 4,057 4,084 Professional fees 200 194 Corporate income taxes - 176 Sales, use and other taxes 60 17 Other 262 251 Total accrued expenses and other current liabilities $ 8,478 $ 9,297 |
Schedule of Other Assets and Other Liabilities [Table Text Block] | March 28, March 29, 2021 2020 Reserve for uncertain tax positions (Note H) 653 567 Other 121 129 Total other liabilities $ 774 $ 696 |
Note H - Income Taxes (Tables)
Note H - Income Taxes (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | March 28, 2021 March 29, 2020 Federal Current $ 3,146 $ 2,904 Deferred (92 ) 322 Total Federal income tax 3,054 3,226 State and local Current 1,251 1,323 Deferred (55 ) 30 Total State and local income tax 1,196 1,353 Total provision for income taxes $ 4,250 $ 4,579 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | March 28, 2021 March 29, 2020 Computed tax expense $ 3,218 $ 3,783 State and local income taxes, net of Federal income tax benefit 936 1,028 Change in uncertain tax positions, net 68 60 Nondeductible meals and entertainment and other (35 ) (95 ) Nondeductible compensation 63 31 Tax benefit share based payments - (228 ) Total provision for income taxes $ 4,250 $ 4,579 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 28, March 29, 2021 2020 Deferred tax assets Accrued expenses $ 339 $ 394 Allowance for doubtful accounts 87 57 Deferred revenue 445 485 Deferred stock compensation 58 45 Operating lease liability 2,190 2,321 Other 120 94 Total deferred tax assets $ 3,239 $ 3,396 Deferred tax liabilities Deductible prepaid expense 223 246 Operating lease right-of-use asset 1,954 2,116 Depreciation expense 634 720 Amortization 290 323 Total deferred tax liabilities 3,101 3,405 Net deferred tax asset (liability) $ 138 $ (9 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | March 28, 2021 March 29, 2020 Unrecognized tax benefits, beginning of year $ 311 $ 253 Decreases of tax positions taken in prior years (16 ) (10 ) Increases based on tax positions taken in current year 102 52 Settlements of tax positions taken in prior years - 16 Unrecognized tax benefits, end of year $ 397 $ 311 |
Summary of Income Tax Contingencies [Table Text Block] | Jurisdiction Fiscal Year Federal 2018 New York State 2018 New York City 2018 New Jersey 2017 California 2017 |
Note I - Segment Information (T
Note I - Segment Information (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | March 28, 2021 March 29, 2020 Revenues Branded Product Program $ 33,617 $ 57,586 Product licensing 31,368 25,859 Restaurant operations 9,310 17,545 Corporate (1) 1,544 2,335 Total revenues $ 75,839 $ 103,325 Income from operations Branded Product Program $ 4,635 $ 7,688 Product licensing 31,186 25,677 Restaurant operations (2,856 ) 1,637 Corporate (7,450 ) (7,830 ) Income from operations $ 25,515 $ 27,172 Interest expense $ (10,601 ) $ (10,601 ) Interest income 364 1,357 Other income, net 47 86 Income before provision for income taxes $ 15,325 $ 18,014 Total assets Branded Product Program $ 7,037 $ 7,352 Product licensing 4,775 3,906 Restaurant operations 11,662 12,915 Corporate 85,335 81,109 Total assets $ 108,809 $ 105,282 Depreciation & amortization expense Branded Product Program $ 247 $ 312 Restaurant operations 613 641 Corporate 323 280 Total depreciation & amortization expense $ 1,183 $ 1,233 |
Note J - Long-term Debt (Tables
Note J - Long-term Debt (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 28, March 29, 2021 2020 6.625% $ 150,000 $ 150,000 Less: unamortized debt issuance costs (3,169 ) (3,860 ) Long-term debt, net $ 146,831 $ 146,140 |
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 K - Leases (Tables)
Note K - Leases (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 28, 2021 March 29, 2020 Statement of Earnings Operating lease cost $ 1,444 $ 1,238 Short term lease cost - 17 Variable lease cost 1,194 1,517 Less: Sublease income, net (47 ) (85 ) Total net lease cost (a) $ 2,591 $ 2,687 |
Leases, Cash Flows [Table Text Block] | March 28, 2021 March 29, 2020 Operating cash flows from operating leases $727 $375 |
Lessee, Operating Leases, Weighted Average Remaining Lease Term and Discount Rate [Table Text Block] | March 28, 2021 March 29, 2020 Weighted average remaining lease term (years): 7.2 8.1 Weighted average discount rate: 8.870 % 8.869 % |
Operating Lease, Maturity [Table Text Block] | Payments Receipts Operating Leases Subleases Net Leases Fiscal year: 2022 $ 1,837 $ 247 $ 1,590 2023 1,849 168 1,681 2024 1,774 169 1,605 2025 1,678 169 1,509 2026 1,712 169 1,543 Thereafter 3,761 183 3,578 Total lease commitments $ 12,611 $ 1,105 $ 11,506 Less: Amount representing interest 3,221 Present value of lease liabilities (a) $ 9,390 |
Operating Lease, Lease Income [Table Text Block] | March 28, 2021 March 29, 2020 Operating lease income, net $47 $84 |
Note L - Stockholders' Equity_2
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | March 28, 2021 March 29, 2020 Stock options $ 85 $ 85 Restricted stock 31 31 $ 116 $ 116 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2021 2020 Weighted- Weighted- Average Average Exercise Exercise Shares Price Shares Price Options outstanding – beginning of year 10,000 $ 89.90 42,234 $ 46.807 Granted - - - - Expired - - - - Exercised - - (32,234 ) 33.438 Options outstanding - end of year 10,000 $ 89.90 10,000 $ 89.90 Options exercisable - end of year 6,667 $ 89.90 3,333 $ 89.90 |
Share-based Payment Arrangement, Activity [Table Text Block] | Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Options outstanding at March 28, 2021 10,000 $ 89.90 2.46 $ - Options exercisable at March 28, 2021 6,667 $ 89.90 2.46 $ - |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 29, 2020 667 $ 89.90 Granted - $ - Vested 334 $ 89.90 Unvested restricted stock at March 28, 2021 333 $ 89.90 |
Note A - Description and Orga_2
Note A - Description and Organization of Business (Details Textual) | Mar. 28, 2021 | Mar. 29, 2020 | Mar. 31, 2019 |
Number of States in which Entity Operates | 19 | ||
Number of Countries in which Entity Operates | 8 | ||
Entity Operated Units [Member] | |||
Number of Restaurants | 4 | ||
Franchised Units [Member] | |||
Number of Restaurants | 213 | 216 | 255 |
Note B - Summary of Significa_3
Note B - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2021USD ($) | Mar. 29, 2020USD ($) | ||
Cash Equivalents, at Carrying Value, Total | $ 0 | $ 0 | |
Goodwill, Ending Balance | 95 | 95 | |
Intangible Assets, Net (Excluding Goodwill), Total | 1,156 | 1,269 | |
Goodwill, Impairment Loss | 0 | 0 | |
Amortization of Intangible Assets, Total | 113 | 84 | |
Long-term Debt, Total | 146,831 | 146,140 | |
Long-term Debt, Fair Value | 154,420 | ||
Contract with Customer, Liability, Excluding Cash Received | [1] | $ 1,773 | $ 1,917 |
Number of Major Branded Customer | 3 | 3 | |
Maximum Contributions to Advertising Fund Percentage of Net Sales | 2.00% | ||
Advertising Expense | $ 1,296 | $ 2,177 | |
Entity Operated Units [Member] | |||
Advertising Expense | $ 72 | $ 145 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member] | |||
Concentration Risk, Percentage | 19.00% | 24.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer B [Member] | |||
Concentration Risk, Percentage | 13.00% | 11.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer C [Member] | |||
Concentration Risk, Percentage | 7.00% | 10.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member] | |||
Concentration Risk, Percentage | 9.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Branded Product Customer B [Member] | |||
Concentration Risk, Percentage | 12.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Retail Licensee [Member] | |||
Concentration Risk, Percentage | 39.00% | 24.00% | |
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Primary Supplier of Hot Dogs [Member] | |||
Concentration Risk, Percentage | 92.00% | 92.00% | |
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Distributor of Product to Company-owned Restaurants [Member] | |||
Concentration Risk, Percentage | 6.00% | 5.00% | |
Other Assets [Member] | |||
Deferred Rent Receivables, Net, Noncurrent, Total | $ 34 | $ 32 | |
Deferred Franchise Fees [Member] | |||
Contract with Customer, Liability, Excluding Cash Received | 237 | 230 | |
Other Liabilities [Member] | |||
Contract with Customer, Liability, Excluding Cash Received | $ 1,536 | $ 1,687 | |
[1] | Deferred franchise fees of $237 and $1,536 are included in Deferred franchise fees – current and long term as of March 28, 2021, respectively and $230 and $1,687 as of March 29, 2020, respectively. |
Note B - Summary of Significa_4
Note B - Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Mar. 28, 2021 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property and equipment useful life (Year) | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property and equipment useful life (Year) | 25 years |
Machinery, Equipment, Furniture, and Fixtures [Member] | Minimum [Member] | |
Property and equipment useful life (Year) | 3 years |
Machinery, Equipment, Furniture, and Fixtures [Member] | Maximum [Member] | |
Property and equipment useful life (Year) | 15 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property and equipment useful life (Year) | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property and equipment useful life (Year) | 20 years |
Note B - Summary of Significa_5
Note B - Summary of Significant Accounting Policies - Annual Amortization of the Intangible Asset (Details) $ in Thousands | Mar. 28, 2021USD ($) |
2022 | $ 113 |
2023 | 113 |
2024 | 113 |
2025 | 113 |
2026 | 113 |
Thereafter | 591 |
Total | $ 1,156 |
Note B - Summary of Significa_6
Note B - Summary of Significant Accounting Policies - Summary of Franchise Openings and Closings for the Nathan's Franchise Restaurant System (Details) - Franchised Units [Member] | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Franchised restaurants operating at the beginning of the period | 216 | 255 |
New franchised restaurants opened during the period | 7 | 16 |
Franchised restaurants closed during the period | (10) | (55) |
Franchised restaurants operating at the end of the period | 213 | 216 |
Note B - Summary of Significa_7
Note B - Summary of Significant Accounting Policies - Receivables and Contract Liabilities From Contracts With Customers (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 | |
Deferred franchise fees (a) | [1] | $ 1,773 | $ 1,917 |
[1] | Deferred franchise fees of $237 and $1,536 are included in Deferred franchise fees – current and long term as of March 28, 2021, respectively and $230 and $1,687 as of March 29, 2020, respectively. |
Note B - Summary of Significa_8
Note B - Summary of Significant Accounting Policies - Significant Changes in Deferred Franchise Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Deferred franchise fees at beginning of period | $ 1,917 | $ 3,005 |
New deferrals due to cash received and other | 140 | 157 |
Revenue recognized during the period | (284) | (1,245) |
Deferred franchise fees at end of period | $ 1,773 | $ 1,917 |
Note B - Summary of Significa_9
Note B - Summary of Significant Accounting Policies - Remaining Performance Obligations (Details) $ in Thousands | Mar. 28, 2021USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 1,773 |
Note B - Summary of Signific_10
Note B - Summary of Significant Accounting Policies - Remaining Performance Obligations 2 (Details) $ in Thousands | Mar. 28, 2021USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 1,773 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Amount | 237 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Amount | 213 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Amount | 198 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Amount | 183 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Amount | 159 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 783 |
Note B - Summary of Signific_11
Note B - Summary of Significant Accounting Policies - Remaining Performance Obligations (Details) (Parentheticals) | Mar. 28, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note B - Summary of Signific_12
Note B - Summary of Significant Accounting Policies - The Company's Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Revenues | $ 75,839 | $ 103,325 |
UNITED STATES | ||
Revenues | 74,737 | 98,453 |
Non-US [Member] | ||
Revenues | $ 1,102 | $ 4,872 |
Note B - Summary of Signific_13
Note B - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Revenues | $ 75,839 | $ 103,325 |
Branded Products [Member] | ||
Revenues | 33,617 | 57,586 |
Company-operated Restaurants [Member] | ||
Revenues | 7,709 | 12,973 |
Product [Member] | ||
Revenues | 41,326 | 70,559 |
License [Member] | ||
Revenues | 31,368 | 25,859 |
Royalty [Member] | ||
Revenues | 1,317 | 3,327 |
Franchise [Member] | ||
Revenues | 284 | 1,245 |
Franchise Fees and Royalties [Member] | ||
Revenues | 1,601 | 4,572 |
Advertising Fund Revenue [Member] | ||
Revenues | $ 1,544 | $ 2,335 |
Note C - Income Per Share (Deta
Note C - Income Per Share (Details Textual) - shares | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 10,000 | 10,000 |
Note C - Income Per Share - Ear
Note C - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Net income, basic calculation | $ 11,075 | $ 13,435 |
Number of shares, basic calculation (in shares) | 4,116,000 | 4,216,000 |
Net income per share, basic calculation (in dollars per share) | $ 2.69 | $ 3.19 |
Effect of dilutive employee stock options (in shares) | 0 | 0 |
Effect of dilutive employee stock options (in dollars per share) | $ 0 | $ 0 |
Net income, diluted calculation | $ 11,075 | $ 13,435 |
Number of shares, diluted calculation (in shares) | 4,116,000 | 4,216,000 |
Net income per share, diluted calculation (in dollars per share) | $ 2.69 | $ 3.19 |
Note D - Accounts and Other R_3
Note D - Accounts and Other Receivables, Net (Details Textual) | 12 Months Ended |
Mar. 28, 2021 | |
Accounts Receivable Payment Terms (Day) | 30 days |
Note D - Accounts and Other R_4
Note D - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 | Mar. 31, 2019 |
Accounts receivable, gross, current | $ 11,997 | $ 11,345 | |
Less: allowance for doubtful accounts | 345 | 237 | $ 585 |
Accounts and other receivables, net | 11,652 | 11,108 | |
Branded Product Sales [Member] | |||
Accounts receivable, gross, current | 6,480 | 6,789 | |
Franchise and License Royalties [Member] | |||
Accounts receivable, gross, current | 5,224 | 4,299 | |
Other Receivables [Member] | |||
Accounts receivable, gross, current | $ 293 | $ 257 |
Note D - Accounts and Other R_5
Note D - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Beginning balance | $ 237 | $ 585 |
Bad debt expense | 101 | 71 |
Write offs and other | 7 | (419) |
Ending balance | $ 345 | $ 237 |
Note E - Prepaid Expenses and_3
Note E - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 |
Income taxes | $ 280 | $ 0 |
Real estate taxes | 87 | 75 |
Insurance | 388 | 263 |
Marketing | 196 | 369 |
Other | 374 | 474 |
Total prepaid expenses and other current assets | $ 1,325 | $ 1,181 |
Note F - Property and Equipme_3
Note F - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Property Depreciation and Amortization | $ 1,070 | $ 1,149 |
Note F - Property and Equipme_4
Note F - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 |
Land | $ 123 | $ 123 |
Building and improvements | 1,398 | 1,456 |
Machinery, equipment, furniture and fixtures | 5,292 | 5,529 |
Leasehold improvements | 7,044 | 6,891 |
Construction-in-progress | 12 | 79 |
Total property and equipment | 13,869 | 14,078 |
Property and equipment accumulated depreciation | 9,779 | 9,468 |
Property and equipment, net | $ 4,090 | $ 4,610 |
Note G - Accrued Expenses, Ot_3
Note G - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 |
Payroll and other benefits | $ 2,793 | $ 3,075 |
Accrued rebates | 132 | 514 |
Rent and occupancy costs | 73 | 84 |
Construction costs | 60 | 105 |
Interest | 4,057 | 4,084 |
Professional fees | 200 | 194 |
Corporate income taxes | 0 | 176 |
Sales, use and other taxes | 60 | 17 |
Other | 262 | 251 |
Total accrued expenses and other current liabilities | 8,478 | 9,297 |
Deferred Franchise Fees And Other Deferred Revenue [Member] | ||
Deferred revenue | $ 841 | $ 797 |
Note G - Accrued Expenses, Ot_4
Note G - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 |
Reserve for uncertain tax positions (Note H) | $ 653 | $ 567 |
Other | 121 | 129 |
Total other liabilities | $ 774 | $ 696 |
Note H - Income Taxes (Details
Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.70% | 25.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 397 | $ 311 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 256 | 259 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 3 | $ 32 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 19 |
Note H - Income Taxes - Income
Note H - Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Current | $ 3,146 | $ 2,904 |
Deferred | (92) | 322 |
Total Federal income tax | 3,054 | 3,226 |
Current | 1,251 | 1,323 |
Deferred | (55) | 30 |
Total State and local income tax | 1,196 | 1,353 |
Total provision for income taxes | $ 4,250 | $ 4,579 |
Note H - Income Taxes - Effecti
Note H - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Computed tax expense | $ 3,218 | $ 3,783 |
State and local income taxes, net of Federal income tax benefit | 936 | 1,028 |
Change in uncertain tax positions, net | 68 | 60 |
Nondeductible meals and entertainment and other | (35) | (95) |
Nondeductible compensation | 63 | 31 |
Tax benefit share based payments | 0 | (228) |
Total provision for income taxes | $ 4,250 | $ 4,579 |
Note H - Income Taxes - Deferre
Note H - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 |
Accrued expenses | $ 339 | $ 394 |
Allowance for doubtful accounts | 87 | 57 |
Deferred revenue | 445 | 485 |
Deferred stock compensation | 58 | 45 |
Operating lease liability | 2,190 | 2,321 |
Other | 120 | 94 |
Total deferred tax assets | 3,239 | 3,396 |
Deductible prepaid expense | 223 | 246 |
Operating lease right-of-use asset | 1,954 | 2,116 |
Depreciation expense | 634 | 720 |
Amortization | 290 | 323 |
Total deferred tax liabilities | 3,101 | 3,405 |
Net deferred liability | $ 138 | |
Net deferred tax asset | $ (9) |
Note H - Income Taxes - Reconci
Note H - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Unrecognized tax benefits, beginning of year | $ 311 | $ 253 |
Decreases of tax positions taken in prior years | (16) | (10) |
Increases based on tax positions taken in current year | 102 | 52 |
Settlements of tax positions taken in prior years | 0 | 16 |
Unrecognized tax benefits, end of year | $ 397 | $ 311 |
Note H - Income Taxes - Summary
Note H - Income Taxes - Summary of Income Tax Examinations (Details) - Earliest Tax Year [Member] | 12 Months Ended |
Mar. 28, 2021 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open Tax Year | 2018 2019 2020 |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |
Open Tax Year | 2018 2019 2020 |
State and Local Jurisdiction [Member] | New York City Tax Commission [Member] | |
Open Tax Year | 2018 2019 2020 |
State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member] | |
Open Tax Year | 2017 2018 2019 2020 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Open Tax Year | 2017 2018 2019 2020 |
Note I - Segment Information -
Note I - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | ||
Revenues | $ 75,839 | $ 103,325 | |
Income from operations | 25,515 | 27,172 | |
Interest expense | (10,601) | (10,601) | |
Interest income | 364 | 1,357 | |
Other income, net | 47 | 86 | |
Income before provision for income taxes | 15,325 | 18,014 | |
Assets | 108,809 | 105,282 | |
Depreciation and amortization | 1,183 | 1,233 | |
Corporate, Non-Segment [Member] | |||
Revenues | [1] | 1,544 | 2,335 |
Income from operations | (7,450) | (7,830) | |
Assets | 85,335 | 81,109 | |
Depreciation and amortization | 323 | 280 | |
Branded Product Program [Member] | Operating Segments [Member] | |||
Revenues | 33,617 | 57,586 | |
Income from operations | 4,635 | 7,688 | |
Assets | 7,037 | 7,352 | |
Depreciation and amortization | 247 | 312 | |
Product Licensing [Member] | Operating Segments [Member] | |||
Revenues | 31,368 | 25,859 | |
Income from operations | 31,186 | 25,677 | |
Assets | 4,775 | 3,906 | |
Restaurant Operations [Member] | Operating Segments [Member] | |||
Revenues | 9,310 | 17,545 | |
Income from operations | (2,856) | 1,637 | |
Assets | 11,662 | 12,915 | |
Depreciation and amortization | $ 613 | $ 641 | |
[1] | Represents advertising fund revenue |
Note J - Long-term Debt (Detail
Note J - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 01, 2020 | May 01, 2020 | Nov. 01, 2017 | Mar. 28, 2021 | Jun. 01, 2020 | Mar. 29, 2020 |
Dividends Payable, Amount Per Share (in dollars per share) | $ 5 | |||||
Senior Notes [Member] | ||||||
Debt Instrument, Fixed Charge Coverage Ratio | 2 | |||||
Debt Instrument, Priority Secured Leverage Ratio | 0.40 | |||||
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, Total | $ 150,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | 6.625% | 6.625% | |||
Debt Instrument, Periodic Payment, Interest | $ 4,969 | $ 4,969 | ||||
Debt Instrument, Repurchased Face Amount | $ 10,000 | |||||
Senior Notes [Member] | Senior Secured 2020 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||
Debt Instrument, Face Amount | $ 135,000 | |||||
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 J - Long-term Debt - Summa
Note J - Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Mar. 29, 2020 |
Less: unamortized debt issuance costs | $ (3,169) | $ (3,860) |
Long-term debt, net | 146,831 | 146,140 |
Senior Secured 2025 Notes [Member] | Senior Notes [Member] | ||
Senior secured notes | $ 150,000 | $ 150,000 |
Note J - Long-term Debt - Sum_2
Note J - Long-term Debt - Summary of Debt (Details) (Parentheticals) | Mar. 28, 2021 | Mar. 29, 2020 | Nov. 01, 2017 |
Senior Secured 2025 Notes [Member] | Senior Notes [Member] | |||
Interest Rate | 6.625% | 6.625% | 6.625% |
Note J - Long-term Debt - Sum_3
Note J - Long-term Debt - Summary of Redemption Features (Details) | 12 Months Ended |
Mar. 28, 2021 | |
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 K - Leases (Details Textua
Note K - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Operating Lease, Cost | $ 1,444 | $ 1,238 |
Operating Lease, Liability, Current | 1,837 | 1,583 |
Operating Lease, Liability, Noncurrent | 7,553 | 8,532 |
Restaurant Operating Expense [Member] | ||
Operating Lease, Cost | 1,981 | 2,137 |
General and Administrative Expense [Member] | ||
Operating Lease, Cost | 657 | 635 |
Other Income [Member] | ||
Operating Lease, Cost | $ 47 | $ 85 |
Note K - Leases - Components of
Note K - Leases - Components of Net Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | ||
Operating lease cost | $ 1,444 | $ 1,238 | |
Short term lease cost | 0 | 17 | |
Variable lease cost | 1,194 | 1,517 | |
Less: Sublease income, net | (47) | (85) | |
Total net lease cost (a) | [1] | $ 2,591 | $ 2,687 |
[1] | The fiscal years ended March 28, 2021 and March 29, 2020 include $1,981, net and $2,137, net, respectively, recorded to “Restaurant Operating Expenses” for leases for Company-operated restaurants; $657 and $635, respectively, recorded to “General and administrative expenses” for leases for corporate offices and equipment; and $47 and $85, respectively, recorded to “Other income, net” for leased properties that are leased to franchisees: |
Note K - Leases - Cash Paid for
Note K - Leases - Cash Paid for Amounts Included in the Measurement of Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Operating cash flows from operating leases | $ 727 | $ 375 |
Note K - Leases - Weighted Aver
Note K - Leases - Weighted Average Remaining Lease Term and Weighted-average Discount Rate (Details) | Mar. 28, 2021 | Mar. 29, 2020 |
Weighted average remaining lease term (years): (Year) | 7 years 2 months 12 days | 8 years 1 month 6 days |
Weighted average discount rate: | 8.87% | 8.869% |
Note K - Leases - Future Lease
Note K - Leases - Future Lease Commitments to Be Paid and Received (Details) $ in Thousands | Mar. 28, 2021USD ($) | |
2022, payments operating leases | $ 1,837 | |
2022, receipts subleases | 247 | |
2022, net leases | 1,590 | |
2023, payments operating leases | 1,849 | |
2023, receipts subleases | 168 | |
2023, net leases | 1,681 | |
2024, payments operating leases | 1,774 | |
2024, receipts subleases | 169 | |
2024, net leases | 1,605 | |
2025, payments operating leases | 1,678 | |
2025, receipts subleases | 169 | |
2025, net leases | 1,509 | |
2026, payments operating leases | 1,712 | |
2026, receipts subleases | 169 | |
2026, net leases | 1,543 | |
Thereafter, payments operating leases | 3,761 | |
Thereafter receipts subleases | 183 | |
Thereafter, net leases | 3,578 | |
Total lease commitments, payments operating leases | 12,611 | |
Total lease commitments, receipts subleases | 1,105 | |
Total lease commitments, net leases | 11,506 | |
Less: Amount representing interest, payments operating leases | 3,221 | |
Present value of lease liabilities, payments operating leases | $ 9,390 | [1] |
[1] | The present value of minimum operating lease payments of $1,833 and $7,722 are included in "Current portion of operating lease liabilities" and "Long-term operating lease liabilities," respectively. |
Note K - Leases - Components _2
Note K - Leases - Components of Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Operating lease income, net | $ 47 | $ 84 |
Note L - Stockholders' Equity_3
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details Textual) | Jun. 11, 2021$ / shares | Jun. 12, 2020$ / shares | Jun. 14, 2019$ / shares | Jun. 01, 2016USD ($) | Jun. 04, 2013USD ($)$ / sharesshares | Nov. 01, 2012USD ($)shares | Mar. 28, 2021USD ($)$ / sharesshares | Mar. 28, 2021USD ($)$ / sharesshares | Mar. 29, 2020USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Mar. 28, 2021USD ($)shares | Dec. 31, 2020USD ($) | Sep. 18, 2019shares | Mar. 11, 2016shares | Sep. 13, 2012shares |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.35 | $ 0.35 | $ 0.35 | $ 1.40 | $ 1.40 | ||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.35 | ||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ 5,761,000 | $ 5,912,000 | |||||||||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 32,000 | $ 29,000 | |||||||||||||
Share Based Compensation Total Unamortized Compensation Expense | $ 54,000 | $ 54,000 | $ 54,000 | ||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 5 years | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | shares | 0 | 32,234 | |||||||||||||
Proceeds from Stock Options Exercised | $ 0 | $ 1,078,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1,134,000 | ||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | 1,501,000 | $ 4,966,000 | |||||||||||||
Number of Times of Salary and Bonus Lump Sum Cash Payment | 2.99 | ||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 36,000 | $ 44,000 | |||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 20.00% | ||||||||||||||
Defined Contribution Plan, Employer Matching Contribution Rate Per Dollar (in dollars per share) | $ / shares | $ 25 | ||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||||||||||||||
Multiemployer Plans, Withdrawal Obligation | $ 384,000 | ||||||||||||||
Multiemployer Plan, Employer Contribution, Cost, Total | $ 5,000 | $ 6,000 | |||||||||||||
Executive Chairman of the Board [Member] | |||||||||||||||
Term of Consulting Period Pursuant to the Lorber Employment [Agreement] (Year) | 3 years | ||||||||||||||
Base Salary [Member] | Executive Chairman of the Board [Member] | |||||||||||||||
Contractual Obligation, Total | $ 600,000 | ||||||||||||||
Base Salary [Member] | Chief Executive Officer [Member] | |||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 500,000 | ||||||||||||||
Consulting Fee [Member] | Executive Chairman of the Board [Member] | |||||||||||||||
Contractual Obligation, Total | $ 200,000 | ||||||||||||||
Repurchase Program [Member] | |||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 26,676 | ||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 56.26 | ||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 1,501 | ||||||||||||||
Sixth Stock Repurchase Plan [Member] | |||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 1,066,450 | ||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 37,108 | ||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 1,200,000 | ||||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares | 133,550 | 133,550 | 133,550 | ||||||||||||
Special Cash Dividend [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 17,000 | $ 23,000 | |||||||||||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||||||||||
Restricted Stock [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 0 | ||||||||||||||
Restricted Stock [Member] | Executive Chairman of the Board [Member] | |||||||||||||||
Contractual Obligation, Total | $ 1,000,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 50,000 | ||||||||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 5 years | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 25,000 | ||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 49.80 | ||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,245,000 | ||||||||||||||
The 2010 Stock Incentive Plan [Member] | |||||||||||||||
Increased Number of Shares Available for Issuance Due to Plan Amendment (in shares) | shares | 250,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 208,584 | ||||||||||||||
The 2019 Stock Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 369,584 | ||||||||||||||
The 2019 Stock Incentive Plan [Member] | Shares Expired or Forfeited up to 100000 Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 11,000 | ||||||||||||||
The 2019 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 208,584 | 208,584 | 208,584 | ||||||||||||
The 2019 Stock Incentive Plan [Member] | Restricted Stock [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 184,808 | 184,808 | 184,808 | ||||||||||||
Subsequent Event [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.35 |
Note L - Stockholders' Equity_4
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Share-based Compensation Expense | $ 116 | $ 116 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Expense | 85 | 85 |
Restricted Stock [Member] | ||
Share-based Compensation Expense | $ 31 | $ 31 |
Note L - Stockholders' Equity_5
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - A Summary of the Status of the Company's Stock Options (Details) - $ / shares | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Options outstanding – beginning of year (in shares) | 10,000 | 42,234 |
Options outstanding – beginning of year (in dollars per share) | $ 89.90 | $ 46.807 |
Granted (in shares) | 0 | 0 |
Granted (in dollars per share) | $ 0 | $ 0 |
Expired (in shares) | 0 | 0 |
Expired (in dollars per share) | $ 0 | $ 0 |
Exercised (in shares) | 0 | (32,234) |
Exercised (in dollars per share) | $ 0 | $ 33.438 |
Options outstanding - end of year (in shares) | 10,000 | 10,000 |
Options outstanding - end of year (in dollars per share) | $ 89.90 | $ 89.90 |
Options exercisable (in shares) | 6,667 | 3,333 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 89.90 | $ 89.90 |
Note L - Stockholders' Equity_6
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | Mar. 31, 2019 | |
Options outstanding (in shares) | 10,000 | 10,000 | 42,234 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 89.90 | $ 89.90 | $ 46.807 |
Options outstanding, weighted average remaining contractual life (Year) | 2 years 5 months 15 days | ||
Options outstanding, aggregate intrinsic value | $ 0 | ||
Options exercisable (in shares) | 6,667 | 3,333 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 89.90 | $ 89.90 | |
Options exercisable, weighted average remaining contractual life (Year) | 2 years 5 months 15 days | ||
Options exercisable, aggregate intrinsic value | $ 0 |
Note L - Stockholders' Equity_7
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Transactions With Respect to Restricted Stock (Details) - Restricted Stock [Member] | 12 Months Ended |
Mar. 28, 2021$ / sharesshares | |
Unvested restricted stock, Shares (in shares) | shares | 667 |
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 89.90 |
Granted, Shares (in shares) | shares | 0 |
Granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 0 |
Vested, Shares (in shares) | shares | 334 |
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 89.90 |
Unvested restricted stock, Shares (in shares) | shares | 333 |
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 89.90 |
Note M - Guaranty and Other C_2
Note M - Guaranty and Other Commitments and Contingencies (Details Textual) $ in Thousands | Mar. 28, 2021USD ($) |
Guaranty Liabilities | $ 113 |
Note N - Related Party Transa_2
Note N - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Firm where Lorber Serves as Consultant [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 19 | $ 29 |