Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Jun. 06, 2014 | Sep. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'NATHANS FAMOUS INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--03-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 4,464,321 | ' |
Entity Public Float | ' | ' | $172,753,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000069733 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $22,077 | $13,403 |
Marketable securities | 11,187 | 12,307 |
Restricted cash | 0 | 5,874 |
Accounts and other receivables, net | 7,823 | 6,917 |
Inventories | 947 | 1,046 |
Prepaid expenses and other current assets (Note F) | 3,129 | 1,096 |
Deferred income taxes | 26 | 345 |
Total current assets | 45,189 | 40,988 |
Property and equipment, net | 8,970 | 5,788 |
Long-term investment (Note G) | 100 | 500 |
Goodwill | 95 | 95 |
Intangible asset | 1,353 | 1,353 |
Deferred income taxes | 0 | 480 |
Other assets | 428 | 458 |
56,135 | 49,662 | |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 4,826 | 2,991 |
Litigation accrual (Note L.2) | 0 | 5,874 |
Accrued expenses and other current liabilities | 4,751 | 4,320 |
Total current liabilities | 9,811 | 13,463 |
Other liabilities | 1,693 | 2,051 |
Deferred income taxes | 734 | 0 |
Total liabilities | 12,238 | 15,514 |
COMMITMENTS AND CONTINGENCIES (Note L) | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Common stock, $.01 par value; 30,000,000 shares authorized; 9,092,183 and 8,958,181 shares issued; and 4,482,157 and 4,378,618 shares outstanding at March 30, 2014 and March 31, 2013, respectively | 91 | 90 |
Additional paid-in capital | 57,578 | 54,491 |
Retained earnings | 40,963 | 32,636 |
Accumulated other comprehensive income | 149 | 329 |
98,781 | 87,546 | |
Treasury stock, at cost, 4,610,026 and 4,579,563 shares at March 30, 2014 and March 31, 2013, respectively | -54,884 | -53,398 |
Total stockholders’ equity | 43,897 | 34,148 |
56,135 | 49,662 | |
Deferred Franchise Fees [Member] | ' | ' |
CURRENT LIABILITIES | ' | ' |
Deferred franchise fees | $234 | $278 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 9,092,183 | 8,958,181 |
Common stock, shares outstanding | 4,482,157 | 4,378,618 |
Treasury stock, shares | 4,610,026 | 4,579,563 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
REVENUES | ' | ' | ' |
Sales | $65,521 | $56,656 | $52,369 |
Franchise fees and royalties | 5,718 | 5,842 | 5,646 |
License royalties | 8,513 | 8,571 | 7,526 |
Interest income | 325 | 392 | 573 |
Insurance gain (Note L.4) | 2,774 | 0 | 0 |
Other income, net | 76 | 82 | 108 |
Total revenues | 82,927 | 71,543 | 66,222 |
COSTS AND EXPENSES | ' | ' | ' |
Cost of sales | 53,072 | 44,874 | 42,106 |
Restaurant operating expenses | 3,142 | 2,700 | 3,115 |
Depreciation and amortization | 1,157 | 940 | 965 |
General and administrative expenses | 11,460 | 10,437 | 9,552 |
Impairment charge – long-term investment (Note G) | 400 | 0 | 0 |
Interest expense | 135 | 453 | 477 |
Total costs and expenses | 69,366 | 59,404 | 56,215 |
Income from operations before provision for income taxes | 13,561 | 12,139 | 10,007 |
Provision for income taxes | 5,234 | 4,671 | 3,849 |
Net income | $8,327 | $7,468 | $6,158 |
Income per share: | ' | ' | ' |
Basic (in Dollars per share) | $1.87 | $1.70 | $1.26 |
Diluted (in Dollars per share) | $1.81 | $1.63 | $1.22 |
Weighted average shares used in computing income per share: | ' | ' | ' |
Basic (in Shares) | 4,450,000 | 4,400,000 | 4,906,000 |
Diluted (in Shares) | 4,605,000 | 4,588,000 | 5,049,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Net income | $8,327 | $7,468 | $6,158 |
Other comprehensive income (loss), net of deferred income taxes: | ' | ' | ' |
Unrealized gains (losses) on marketable securities | -180 | -168 | 16 |
Other comprehensive income (loss) | -180 | -168 | 16 |
Comprehensive income | $8,147 | $7,300 | $6,174 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Mar. 27, 2011 | $88 | $52,945 | $19,010 | $481 | ($34,446) | $38,078 |
Balance (in Shares) at Mar. 27, 2011 | 8,837,991 | ' | ' | ' | 3,755,278 | ' |
Shares issued in connection with share-based compensation plans | 1 | 64 | ' | ' | ' | 65 |
Shares issued in connection with share-based compensation plans (in Shares) | 17,272 | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | -15,867 | -15,867 |
Repurchase of common stock (in Shares) | ' | ' | ' | ' | 736,208 | ' |
Income tax benefit on stock option exercises | ' | 113 | ' | ' | ' | 113 |
Share-based compensation | ' | 274 | ' | ' | ' | 274 |
Unrealized gains on marketable securities, net of deferred income taxes | ' | ' | ' | 16 | ' | 16 |
Net income | ' | ' | 6,158 | ' | ' | 6,158 |
Balance at Mar. 25, 2012 | 89 | 53,396 | 25,168 | 497 | -50,313 | 28,837 |
Balance (in Shares) at Mar. 25, 2012 | 8,855,263 | ' | ' | ' | 4,491,486 | ' |
Shares issued in connection with share-based compensation plans | 1 | 388 | ' | ' | ' | 389 |
Shares issued in connection with share-based compensation plans (in Shares) | 102,918 | ' | ' | ' | ' | ' |
Withholding tax on net share settlement of employee stock options | ' | -982 | ' | ' | ' | -982 |
Repurchase of common stock | ' | ' | ' | ' | -3,085 | -3,085 |
Repurchase of common stock (in Shares) | ' | ' | ' | ' | 88,077 | ' |
Income tax benefit on stock option exercises | ' | 1,062 | ' | ' | ' | 1,062 |
Share-based compensation | ' | 627 | ' | ' | ' | 627 |
Unrealized gains on marketable securities, net of deferred income taxes | ' | ' | ' | -168 | ' | -168 |
Net income | ' | ' | 7,468 | ' | ' | 7,468 |
Balance at Mar. 31, 2013 | 90 | 54,491 | 32,636 | 329 | -53,398 | 34,148 |
Balance (in Shares) at Mar. 31, 2013 | 8,958,181 | ' | ' | ' | 4,579,563 | ' |
Shares issued in connection with share-based compensation plans | 1 | 943 | ' | ' | ' | 944 |
Shares issued in connection with share-based compensation plans (in Shares) | 134,002 | ' | ' | ' | ' | ' |
Withholding tax on net share settlement of employee stock options | ' | -772 | ' | ' | ' | -772 |
Repurchase of common stock | ' | ' | ' | ' | -1,486 | -1,486 |
Repurchase of common stock (in Shares) | ' | ' | ' | ' | 30,463 | 30,463 |
Income tax benefit on stock option exercises | ' | 2,195 | ' | ' | ' | 2,195 |
Share-based compensation | ' | 721 | ' | ' | ' | 721 |
Unrealized gains on marketable securities, net of deferred income taxes | ' | ' | ' | -180 | ' | -180 |
Net income | ' | ' | 8,327 | ' | ' | 8,327 |
Balance at Mar. 30, 2014 | $91 | $57,578 | $40,963 | $149 | ($54,884) | $43,897 |
Balance (in Shares) at Mar. 30, 2014 | 9,092,183 | ' | ' | ' | 4,610,026 | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Deferred income taxes/ tax benefit | ($119) | ($105) | $11 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $8,327 | $7,468 | $6,158 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 1,157 | 940 | 965 |
Insurance gain | -2,774 | 0 | 0 |
Amortization of bond premium | 150 | 130 | 193 |
Share-based compensation expense | 721 | 627 | 274 |
Provision for doubtful accounts | 21 | 15 | 86 |
Impairment charge – long-term investment | 400 | 0 | 0 |
Deferred income taxes | 1,652 | 497 | 2,041 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts and other receivables, net | -927 | -397 | -501 |
Inventories | 99 | 79 | 14 |
Prepaid expenses and other current assets | -2,033 | 298 | -329 |
Other assets | 30 | 7 | -72 |
Accrued litigation | -5,874 | 455 | 447 |
Accounts payable, accrued expenses and other current liabilities | 2,329 | -838 | 347 |
Advances of insurance proceeds | 0 | 130 | 0 |
Deferred franchise fees | -44 | 155 | -218 |
Other liabilities | -358 | -72 | 207 |
Net cash provided by operating activities | 2,876 | 9,494 | 9,612 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales and maturities of marketable securities | 2,890 | 2,000 | 4,050 |
Insurance proceeds received for property and equipment (Note L.4) | 2,711 | 449 | 0 |
Purchase of long-term investment | 0 | -500 | 0 |
Change in restricted cash | -135 | -455 | -447 |
Purchase of property and equipment | -4,339 | -998 | -1,358 |
Purchase of available for sale securities | -2,219 | 0 | 0 |
Payments received on sale of note receivable | 0 | 0 | 900 |
Litigation settlement (Note L.2) | 6,009 | 0 | 0 |
Payments received on note receivable | 0 | 0 | 21 |
Net cash provided by investing activities | 4,917 | 496 | 3,166 |
Cash flows from financing activities: | ' | ' | ' |
Repurchase of treasury stock | -1,486 | -3,085 | -15,867 |
Proceeds from the exercise of stock options | 944 | 389 | 65 |
Income tax benefit on stock option exercises | 2,195 | 1,062 | 113 |
Payments of withholding tax on net share settlement of employee stock options | -772 | -982 | 0 |
Net cash provided by (used in) financing activities | 881 | -2,616 | -15,689 |
Net increase (decrease) in cash and cash equivalents | 8,674 | 7,374 | -2,911 |
Cash and cash equivalents, beginning of year | 13,403 | 6,029 | 8,940 |
Cash and cash equivalents, end of year | 22,077 | 13,403 | 6,029 |
Cash paid during the year for: | ' | ' | ' |
Interest | 1,099 | 0 | 0 |
Income taxes | $3,457 | $2,548 | $1,944 |
Note_1_Description_and_Organiz
Note 1 - Description and Organization of Business | 12 Months Ended |
Mar. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
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 parties for sale to supermarkets, club stores and grocery stores. The Company is also the owner of the Arthur Treacher’s brand. Arthur Treacher’s main product is its "Original Fish & Chips" product consisting of fish fillets coated with a special batter prepared under a proprietary formula, deep-fried golden brown, and served with English-style chips and corn meal "hush puppies." The Company considers itself to be in the foodservice industry, and has pursued co-branding and co-hosting initiatives. | |
At March 30, 2014, the Company’s restaurant system included five Company-owned units in the New York City metropolitan area and 324 franchised or licensed units, located in 28 states, the Cayman Islands and eight foreign countries. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
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, which results in a 52 or 53-week reporting period. The results of operations and cash flows for the fiscal year ended March 30, 2014 contained 52 weeks. The results of operations and cash flows for the fiscal years ended March 31, 2013 contained 53 weeks and March 28, 2012 contained 52 weeks. | |||||||||||||||||
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 months or less to be cash equivalents. Cash equivalents amounted to $330 and $172 at March 30, 2014 and March 31, 2013, respectively. Substantially all of the Company’s cash and cash equivalents are in excess of government insurance. | |||||||||||||||||
Restricted cash, at March 31, 2013, represents amount held on deposit to secure Nathan’s obligation related to its litigation accrual (Note L.). | |||||||||||||||||
5. Inventories | |||||||||||||||||
Inventories, which are stated at the lower of cost or market value, consist primarily of food items and supplies. Cost is determined using the first-in, first-out method. | |||||||||||||||||
6. Marketable Securities | |||||||||||||||||
The Company determines the appropriate classification of securities at the time of purchase and reassesses the appropriateness of the classification at each reporting date. At March 30, 2014 and March 31, 2013, all marketable securities held by the Company have been classified as available-for-sale and, as a result, are stated at fair value, based upon quoted market prices for similar assets as determined in active markets or model-derived valuations in which all significant inputs are observable for substantially the full-term of the asset, with unrealized gains and losses included as a component of accumulated other comprehensive income. Realized gains and losses on the sale of securities are determined on a specific identification basis. Interest income is recorded when it is earned and deemed realizable by the Company. | |||||||||||||||||
7. 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 (in years) | 25-May | ||||||||||||||||
Machinery, equipment, furniture and fixtures (in years) | 15-Mar | ||||||||||||||||
Leasehold improvements (in years) | 20-May | ||||||||||||||||
8. Goodwill and Intangible Assets | |||||||||||||||||
Goodwill and intangible assets consist of (i) goodwill of $95 resulting from the acquisition of Nathan’s in 1987; and (ii) trademarks, trade names and other intellectual property of $1,353 in connection with Arthur Treacher’s. | |||||||||||||||||
The Company’s goodwill and intangible assets are deemed to have indefinite lives and, accordingly, are not amortized, but are evaluated for impairment at least annually, but more often whenever changes in facts and circumstances occur which may indicate that the carrying value may not be recoverable. As of March 30, 2014 and March 31, 2013, the Company performed its required annual impairment test of goodwill and intangible assets and has determined no impairment is deemed to exist. | |||||||||||||||||
9. Long-lived Assets | |||||||||||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment is measured by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. In instances where impairment is determined to exist, the Company writes down the asset to its fair value based on the present value of estimated future cash flows. | |||||||||||||||||
Impairment losses are recorded on long-lived assets on a restaurant-by-restaurant basis whenever impairment factors are determined to be present. The Company considers a history of restaurant operating losses to be its primary indicator of potential impairment for individual restaurant locations. As a result of Hurricane Sandy, our Coney Island restaurant sustained significant damage which resulted in the write-off of $449 related to destroyed property (Note L.4). The restaurant was fully repaired and re-opened on May 20, 2013. No long-lived assets were deemed impaired during the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012. | |||||||||||||||||
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 levels: | |||||||||||||||||
● | Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market | ||||||||||||||||
● | Level 2 - inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability | ||||||||||||||||
● | Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability | ||||||||||||||||
The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level 1 quoted prices to measure fair value are required whenever possible. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures quarterly and based on various factors, it is possible that an asset or liability may be classified differently from year to year. | |||||||||||||||||
The following table presents assets and liabilities measured at fair value on a recurring basis as of March 30, 2014 and March 31, 2013 based upon the valuation hierarchy: | |||||||||||||||||
30-Mar-14 | Level 1 | Level 2 | Level 3 | Carrying Value | |||||||||||||
Marketable securities | $ | - | $ | 11,187 | $ | - | $ | 11,187 | |||||||||
Total assets at fair value | $ | - | $ | 11,187 | $ | - | $ | 11,187 | |||||||||
31-Mar-13 | Level 1 | Level 2 | Level 3 | Carrying | |||||||||||||
Value | |||||||||||||||||
Marketable securities | $ | - | $ | 12,307 | $ | - | $ | 12,307 | |||||||||
Total assets at fair value | $ | - | $ | 12,307 | $ | - | $ | 12,307 | |||||||||
Nathan’s marketable securities, which consist primarily of municipal bonds, are not actively traded. The valuation of such bonds is based upon quoted market prices for similar bonds currently trading in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset. | |||||||||||||||||
The carrying amounts of 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 required to be carried at fair value on a recurring basis. However, the Company is required on a non-recurring basis to use fair value measurements when analyzing asset impairment as it relates to goodwill and other indefinite-lived intangible assets and long-lived assets. The Company utilized the income approach (Level 3 inputs) which utilized cash flow forecasts for future income and were discounted to present value in performing its annual impairment testing of intangible assets. | |||||||||||||||||
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 party common carrier. Rebates provided to customers are classified as a reduction to sales. | |||||||||||||||||
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 - Franchising Operations | |||||||||||||||||
In connection with its franchising operations, the Company receives initial franchise fees, area development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees. | |||||||||||||||||
Franchise and area development fees, which are typically received prior to completion of the revenue recognition process, are initially recorded as deferred revenue. Initial franchise fees, which are non-refundable, are recognized as income when substantially all services to be performed by Nathan’s and conditions relating to the sale of the franchise have been performed or satisfied, which generally occurs when the franchised restaurant commences operations. | |||||||||||||||||
The following services are typically provided by the Company prior to the opening of a franchised restaurant: | |||||||||||||||||
o | Approval of all site selections to be developed. | ||||||||||||||||
o | Provision of architectural plans suitable for restaurants to be developed. | ||||||||||||||||
o | Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant. | ||||||||||||||||
o | Provision of appropriate menus to coordinate with the restaurant design and location to be developed. | ||||||||||||||||
o | Provision of management training for the new franchisee and selected staff. | ||||||||||||||||
o | Assistance with the initial operations of restaurants being developed. | ||||||||||||||||
At March 30, 2014 and March 31, 2013, $234 and $278, respectively, of deferred franchise fees are included in the accompanying consolidated balance sheets. For the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, the Company earned franchise fees of $863, $852, and $920, respectively, from new unit openings, transfers, co-branding and forfeitures. | |||||||||||||||||
Development fees are nonrefundable and the related agreements require the franchisee to open a specified number of restaurants in the development area within a specified time period or the agreements may be canceled by the Company. Revenue from development agreements is deferred and shall be recognized, with an appropriate provision for estimated uncollectable amounts, when all material services or conditions to the sale have been substantially performed by the franchisor. | |||||||||||||||||
If substantial obligations under the development agreement are not dependent on the number of individual franchise locations to be opened, substantial performance shall be determined using the same criteria applicable to an individual franchise, which is generally the opening of the first location pursuant to the development agreement. If substantial performance is dependent on the number of locations, then the development fee is deferred and recognized ratably over the term of the agreement, as restaurants in the development area commence operations on a pro rata basis to the minimum number of restaurants required to be open, or at the time the development agreement is effectively canceled. At March 30, 2014 and March 31, 2013, $200 and $401, respectively, of deferred development fee revenue is included in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||
The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012: | |||||||||||||||||
March 30, | 31-Mar | March 25, | |||||||||||||||
2014 | ,2013 | 2012 | |||||||||||||||
Franchised restaurants operating at the beginning of the period | 303 | 299 | 264 | ||||||||||||||
New franchised restaurants opened during the period | 56 | 40 | 67 | ||||||||||||||
Franchised restaurants closed during the period | (35 | ) | (36 | ) | (32 | ) | |||||||||||
Franchised restaurants operating at the end of the period | 324 | 303 | 299 | ||||||||||||||
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 not deemed to be collectible are not recognized as revenue until paid by the franchisee or until collectibility is deemed to be reasonably assured. | |||||||||||||||||
Revenue from sub-leasing properties is recognized in income as the revenue is earned and deemed collectible. Sub-lease rental income is presented net of associated lease costs in the accompanying consolidated statements of earnings. | |||||||||||||||||
15. 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 recognized on a monthly basis when it is earned and deemed collectible. | |||||||||||||||||
16. Business Concentrations and Geographical Information | |||||||||||||||||
The Company’s accounts receivable consist 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 30, 2014, three Branded Product customers represented 23%, 13% and 11%, of accounts receivable. At March 31, 2013, one retail licensee and three Branded Product customers each represented 18%, 16%, 11% and 10%, respectively, of accounts receivable. One Branded Products customer accounted for 17% and 12% of total revenue for the years ended March 30, 2014 and March 31, 2013, respectively. No franchisee, retail licensee or Branded Product customer accounted for 10% or more of total revenues during the fiscal year ended March 25, 2012. | |||||||||||||||||
The Company’s primary supplier of hot dogs represented 75%, 82% and 79% of product purchases for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. The Company’s distributor of products to its Company-owned restaurants represented 5%, 7% and 8% of product purchases for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. | |||||||||||||||||
The Company’s revenues for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 were derived from the following geographic areas: | |||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Domestic (United States) | $ | 79,396 | $ | 68,499 | $ | 64,534 | |||||||||||
Non-domestic | 3,531 | 3,044 | 1,688 | ||||||||||||||
$ | 82,927 | $ | 71,543 | $ | 66,222 | ||||||||||||
The Company’s sales for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 were derived from the following: | |||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Branded Products | $ | 51,877 | $ | 43,214 | $ | 38,506 | |||||||||||
Company-owned restaurants | 13,231 | 13,403 | 13,209 | ||||||||||||||
Other | 413 | 39 | 654 | ||||||||||||||
$ | 65,521 | $ | 56,656 | $ | 52,369 | ||||||||||||
17. Advertising | |||||||||||||||||
The Company administers an advertising fund on behalf of its franchisees 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 $147, $144, and $227, for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively, and have been included within restaurant operating expenses in the accompanying consolidated statements of earnings. | |||||||||||||||||
18. Stock-Based Compensation | |||||||||||||||||
At March 30, 2014, the Company had one stock-based compensation plan in effect which is more fully described in Note K. | |||||||||||||||||
The cost of all share-based payments, including grants of restricted stock and stock options, is recognized in the 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. | |||||||||||||||||
19. 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. | ||||||||||||||||
20. 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. 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 that some portion of the deferred tax assets will not be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made. | |||||||||||||||||
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 recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Nathan’s recognizes accrued interest and penalties associated with unrecognized tax benefits as part of the income tax provision. | |||||||||||||||||
21. Reclassifications | |||||||||||||||||
Certain prior year balances have been reclassified to conform with current year presentation. | |||||||||||||||||
22. Adoption of New Accounting Pronouncements | |||||||||||||||||
In April 2014, the FASB issued new accounting guidance changing the criteria for reporting discontinued operations. The revised definition of a discontinued operation includes those components of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The guidance eliminates the current requirement to assess continuing cash flow and continuing involvement with the disposal group. The revised definition also includes a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale. A disposal meeting the new definition is required to be reported as discontinued operations when the component of an entity or group of components of an entity meets the held for sale criteria, is actually disposed of by sales, or is disposed of through means other than a sale. The guidance is effective for Nathan’s for annual periods beginning on or after December 15, 2014 and interim periods within those years, which for Nathan’s will be the first quarter fiscal 2016 beginning March 30, 2015. Early adoption is permitted for disposals that have not been previously reported in the financial statements. Nathan’s does not expect the adoption of this new guidance to have a material impact on the results of operations or financial position. | |||||||||||||||||
In July 2012, the FASB issued new accounting guidance on testing indefinite-lived intangible assets for impairment. The new guidance provides the entity with the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived asset is less than its carrying value. If it is not, then no further analysis is required otherwise then the previously required quantitative testing is required. Nathan’s adopted the new guidance beginning with its first quarter of fiscal 2014. The adoption of this new guidance did not have a material impact on the results of operations or financial position. | |||||||||||||||||
The Company does not believe that any other recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying financial statements. |
Note_3_Income_Per_Share
Note 3 - Income Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
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 effects 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 restricted stock, 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 30, 2014, March 31, 2013 and March 25, 2012, respectively: | |||||||||||||||||||||||||||||||||||||
Net Income | Shares | Net income per share | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||||||
Basic calculation | $ | 8,327 | $ | 7,468 | $ | 6,158 | 4,450,000 | 4,400,000 | 4,906,000 | $ | 1.87 | $ | 1.7 | $ | 1.26 | ||||||||||||||||||||||
Effect of dilutive employee stock options | - | - | - | 155,000 | 188,000 | 143,000 | (.06 | ) | (.07 | ) | (.04 | ) | |||||||||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||||||||||||||||
Diluted calculation | $ | 8,327 | $ | 7,468 | $ | 6,158 | 4,605,000 | 4,588,000 | 5,049,000 | $ | 1.81 | $ | 1.63 | $ | 1.22 | ||||||||||||||||||||||
There were no options to purchase shares of common stock for the years ended March 30, 2014, March 31, 2013 and March 25, 2012 that were excluded from the computation of diluted earnings per share. |
Note_4_Marketable_Securities
Note 4 - Marketable Securities | 12 Months Ended | ||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||
Marketable Securities Disclosure [Abstract] | ' | ||||||||||||||||||||
Marketable Securities Disclosure [Text Block] | ' | ||||||||||||||||||||
NOTE D – MARKETABLE SECURITIES | |||||||||||||||||||||
The cost, gross unrealized gains, gross unrealized losses and fair market value for marketable securities, which consist entirely of municipal bonds that are classified as available-for-sale securities are as follows: | |||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||
Unrealized | Unrealized | Market | |||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||
30-Mar-14 | $ | 10,947 | $ | 240 | $ | - | $ | 11,187 | |||||||||||||
31-Mar-13 | $ | 11,768 | $ | 539 | $ | - | $ | 12,307 | |||||||||||||
As of March 30, 2014, the municipal bonds mature at various dates between April 2014 and October 2019. The following represents the bond maturities by period: | |||||||||||||||||||||
Fair value of Municipal Bonds | Total | Less than | 1 – 5 Years | 5 – 10 Years | After | ||||||||||||||||
1 Year | 10 Years | ||||||||||||||||||||
30-Mar-14 | $ | 11,187 | $ | 5,214 | $ | 4,792 | $ | 1,181 | $ | - | |||||||||||
Proceeds from the sale of available-for-sale securities and the resulting gross realized gains included in the determination of net income are as follows: | |||||||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Proceeds | $ | 2,890 | $ | 2,000 | $ | 4,050 | |||||||||||||||
Gross realized gains | $ | - | $ | - | $ | - | |||||||||||||||
The change in net unrealized (losses) gains on available-for-sale securities for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, of $(180), $(168) and $16, respectively, which is net of deferred income taxes, has been included as a component of comprehensive income. Accumulated other comprehensive income is comprised entirely of the net unrealized gains on available-for-sale securities as of March 30, 2014 and March 31, 2013. |
Note_5_Accounts_and_Other_Rece
Note 5 - Accounts and Other Receivables, Net | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||
NOTE E - ACCOUNTS AND OTHER RECEIVABLES, NET | |||||||||||||
Accounts and other receivables, net, consist of the following: | |||||||||||||
March 30, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Franchise and license royalties | $ | 1,658 | $ | 2,355 | |||||||||
Branded product sales | 5,141 | 4,071 | |||||||||||
Other | 1,457 | 621 | |||||||||||
8,256 | 7,047 | ||||||||||||
Less: allowance for doubtful accounts | 433 | 130 | |||||||||||
Accounts and other receivables, net | $ | 7,823 | $ | 6,917 | |||||||||
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 outstanding longer than the contractual payment terms are generally considered past due. | |||||||||||||
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 uncollectable amounts through a charge to earnings. The Company writes off accounts receivable when they are deemed to be uncollectible against the allowance for doubtful accounts. | |||||||||||||
Changes in the Company’s allowance for doubtful accounts for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 are as follows: | |||||||||||||
March 30, | March 31, | March 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 130 | $ | 138 | $ | 62 | |||||||
Bad debt expense | 21 | 15 | 86 | ||||||||||
Uncollectible marketing fund contributions | 320 | 5 | - | ||||||||||
Accounts written off | (38 | ) | (28 | ) | (10 | ) | |||||||
Ending balance | $ | 433 | $ | 130 | $ | 138 | |||||||
Note_6_Prepaid_Expenses_and_Ot
Note 6 - Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Other Current Assets [Text Block] | ' | ||||||||
NOTE F – PREPAID EXPENSES AND OTHER CURRENT ASSETS | |||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
March 30, | March 31, | ||||||||
2014 | 2013 | ||||||||
Income taxes | $ | 2,059 | $ | - | |||||
Insurance | 506 | 359 | |||||||
Other | 564 | 737 | |||||||
$ | 3,129 | $ | 1,096 | ||||||
Note_7_LongTerm_Investment
Note 7 - Long-Term Investment | 12 Months Ended |
Mar. 30, 2014 | |
Investments, All Other Investments [Abstract] | ' |
Cost-method Investments, Description [Text Block] | ' |
NOTE G – LONG-TERM INVESTMENT | |
In September 2012, Nathan’s purchased 351,550 shares of Series A Preferred Stock in a privately-owned corporation for $500. Nathan’s investment originally represented a 2.5% equity ownership in the entity and Nathan’s does not have the ability to exercise significant influence over the investee. The shares have voting rights on the same basis as the common shareholders and have certain dividend rights, if declared. Nathan’s accounts for this investment pursuant to the cost method and recognizes dividends distributed by the investee as income to the extent that dividends are distributed from net accumulated earnings of the investee. There were no dividends declared by the investee during the fifty-two week period ended March 30, 2014. Each reporting period, management reviews the carrying value of this investment based upon the financial information provided by the investment’s management and considers whether indicators of impairment exist. If an impairment indicator exists, management evaluates the fair value of its investment to determine if an, other-than-temporary impairment in value has occurred. We are required to recognize an impairment on the investment if such impairment is considered to be other-than-temporary. We have performed our evaluation of whether indicators of impairment existed, and determined that an other-than-temporary impairment has occurred and recorded an impairment charge of $400 on this investment during the fifty-two week period ended March 30, 2014. |
Note_8_Property_and_Equipment_
Note 8 - Property and Equipment, Net | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE H - PROPERTY AND EQUIPMENT, NET | |||||||||
Property and equipment consists of the following: | |||||||||
March 30, | March 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 1,197 | $ | 1,197 | |||||
Building and improvements | 2,161 | 2,045 | |||||||
Machinery, equipment, furniture and fixtures | 6,349 | 5,460 | |||||||
Leasehold improvements | 6,792 | 3,878 | |||||||
Construction-in-progress | 25 | 569 | |||||||
16,524 | 13,149 | ||||||||
Less: accumulated depreciation and amortization | 7,554 | 7,361 | |||||||
$ | 8,970 | $ | 5,788 | ||||||
Note_9_Accrued_Expenses_Other_
Note 9 - Accrued Expenses, Other Current Liabilities and Other Liabilities | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | ||||||||
NOTE I – ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES | |||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
March 30, | March 31, | ||||||||
2014 | 2013 | ||||||||
Payroll and other benefits | $ | 2,433 | $ | 2,248 | |||||
Accrued rebates | 855 | 648 | |||||||
Rent and occupancy costs | 163 | 197 | |||||||
Deferred revenue | 734 | 581 | |||||||
Construction costs | 281 | 25 | |||||||
Unexpended advertising funds | 52 | 181 | |||||||
Other | $ | 233 | $ | 440 | |||||
4,751 | 4,320 | ||||||||
Other liabilities consist of the following: | |||||||||
March 30, | March 31, | ||||||||
2014 | 2013 | ||||||||
Deferred development fees | $ | 200 | $ | 401 | |||||
Reserve for uncertain tax positions (Note J) | 620 | 639 | |||||||
Deferred rental liability | 661 | 764 | |||||||
Other | 212 | 247 | |||||||
$ | 1,693 | $ | 2,051 | ||||||
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
NOTE J - INCOME TAXES | |||||||||||||
The income tax provision consists of the following for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012: | |||||||||||||
March 30, | March 31, | March 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal | |||||||||||||
Current | $ | 2,664 | $ | 3,237 | $ | 1,274 | |||||||
Deferred | 1,421 | 377 | 1,566 | ||||||||||
4,085 | 3,614 | 2,840 | |||||||||||
State and local | |||||||||||||
Current | 918 | 937 | 534 | ||||||||||
Deferred | 231 | 120 | 475 | ||||||||||
1,149 | 1,057 | 1,009 | |||||||||||
$ | 5,234 | $ | 4,671 | $ | 3,849 | ||||||||
The total income tax provision for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 differs from the amounts computed by applying the United States Federal income tax rate of 34% to income before income taxes as a result of the following: | |||||||||||||
March 30, | March 31, | March 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Computed “expected” tax expense | $ | 4,611 | $ | 4,127 | $ | 3,412 | |||||||
State and local income taxes, net of Federal income tax benefit | 773 | 633 | 682 | ||||||||||
Tax-exempt investment earnings | (110 | ) | (133 | ) | (178 | ) | |||||||
Change in uncertain tax positions, net | (22 | ) | 22 | (24 | ) | ||||||||
Nondeductible meals and entertainment and other | (18 | ) | 22 | (43 | ) | ||||||||
$ | 5,234 | $ | 4,671 | $ | 3,849 | ||||||||
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 30, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
Accrued expenses | $ | 162 | $ | 166 | |||||||||
Allowance for doubtful accounts | 49 | 49 | |||||||||||
Deferred revenue | 569 | 510 | |||||||||||
Deferred stock compensation | 594 | 646 | |||||||||||
Excess of straight line over actual rent | 289 | 316 | |||||||||||
Investment | 157 | - | |||||||||||
Other | 129 | 127 | |||||||||||
Total gross deferred tax assets | $ | 1,949 | $ | 1,814 | |||||||||
Deferred tax liabilities | |||||||||||||
Deductible prepaid expense | 302 | 223 | |||||||||||
Unrealized gain on marketable securities | 83 | 202 | |||||||||||
Depreciation expense | 1,692 | 321 | |||||||||||
Deductible business interruption expenses | 293 | - | |||||||||||
Amortization | 287 | 243 | |||||||||||
Total gross deferred tax liabilities | 2,657 | 989 | |||||||||||
Net deferred tax (liability) asset | (708 | ) | 825 | ||||||||||
Less current portion | (26 | ) | (345 | ) | |||||||||
Long-term portion | $ | (734 | ) | $ | 480 | ||||||||
A valuation allowance is provided when it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. We consider the level of historical taxable income, scheduled reversal of temporary differences, tax planning strategies and projected future taxable income in determining whether a valuation allowance is warranted. Based upon these considerations, management believes that it is more likely than not that the Company will realize the benefit of its gross deferred tax asset. | |||||||||||||
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012. | |||||||||||||
March 30, | March 31, | March 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefits, beginning of year | $ | 296 | $ | 422 | $ | 318 | |||||||
Decreases of tax positions taken in prior years | (34 | ) | (50 | ) | (41 | ) | |||||||
Increase based on tax positions taken in current year | 21 | 34 | 26 | ||||||||||
Settlements of tax positions taken in prior years | - | (110 | ) | - | |||||||||
Increase based on tax positions taken in prior years | - | - | 119 | ||||||||||
Unrecognized tax benefits, end of year | $ | 283 | $ | 296 | $ | 422 | |||||||
The amount of unrecognized tax benefits at March 30, 2014, March 31, 2013 and March 25, 2012 were $283, $296 and $422, respectively, all of which would impact Nathan’s effective tax rate, if recognized. As of March 30, 2014 and March 31, 2013, the Company had $329 and $337, respectively, accrued for the payment of interest and penalties. For the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 Nathan’s recognized interest and penalties in the amounts of $43, $46, and $47, respectively. The Company believes that it is reasonably possible that decreases in unrecognized tax benefits of up to $64 may be recorded within the next year. | |||||||||||||
In May 2014, Nathan’s received notification from the Internal Revenue Service that it is seeking to review its tax return for the year ended March 31, 2013. The earliest tax years’ that are subject to examination by taxing authorities by major jurisdictions are as follows: | |||||||||||||
Jurisdiction | Fiscal Year | ||||||||||||
Federal | 2011 | ||||||||||||
New York State | 2011 | ||||||||||||
New York City | 2011 | ||||||||||||
Note_11_Stockholders_Equity_St
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||
NOTE K – STOCKHOLDERS’ EQUITY, STOCK PLANS AND OTHER EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||||
1 | Stock Incentive Plans | ||||||||||||||||||||||||
On September 14, 2010, the Company’s shareholders approved the Nathan’s Famous, Inc. 2010 Stock Incentive Plan (the “2010 Plan”), which provides for the issuance of nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards to directors, officers and key employees. The Company was initially authorized to issue up to 150,000 shares of common stock under the 2010 Plan, together with any shares which had not been previously issued under the Company’s previous stock option plans as of July 19, 2010 (171,000 shares), plus any shares subject to any outstanding options or restricted stock grants under the Company’s previous stock option plans that were outstanding as of July 19, 2010 and that subsequently expire unexercised, or are otherwise forfeited, up to a maximum of an additional 100,000 shares. On September 13, 2012, the Company amended the 2010 Plan increasing the number of shares available for issuance by 250,000 shares. Shares to be issued under the 2010 Plan may be made available from authorized but unissued stock, common stock held by the Company in its treasury, or common stock purchased by the Company on the open market or otherwise. The number of shares issuable and the grant, purchase or exercise price of outstanding awards are subject to adjustment in the amount that the Company’s Compensation Committee considers appropriate upon the occurrence of certain events, including stock dividends, stock splits, mergers, consolidations, reorganizations, recapitalizations, or other capital adjustments. In the event that the Company issues restricted stock awards pursuant to the 2010 Plan, each share of restricted stock would reduce the amount of available shares for issuance by either 3.2 shares for each share of restricted stock granted or 1 share for each share of restricted stock granted. As of March 30, 2014, there were up to 318,500 shares available to be issued for future option grants or up to 219,844 shares of restricted stock that may be granted under the 2010 Plan. | |||||||||||||||||||||||||
In general, options granted under the Company’s stock incentive plans have terms of five or ten years and vest over periods of between three and five years. The Company has historically issued new shares of common stock for options that have been exercised and used the Black-Scholes option valuation model to determine the fair value of options granted at the grant date. | |||||||||||||||||||||||||
During the fiscal year ended March 30, 2014, the Company granted 25,000 shares of restricted stock at a fair value of $49.80 per share representing the closing price on the date of grant, which will be fully vested five years from the date of grant. The restrictions on the shares lapse ratably over a five-year period on the annual anniversary of the date of grant. The compensation expense related to this restricted stock award is expected to be $1,245 and will be recognized, commencing on the grant date, over the next five years. | |||||||||||||||||||||||||
During the fiscal year ended March 31, 2013, the Company granted 50,000 shares of restricted stock at a fair value of $29.29 per share representing the closing price on the date of grant, which will be fully vested four years from the date of grant. Upon grant, 10,000 shares vested immediately, and the restrictions on the remaining 40,000 shares lapse ratably over a four-year period on the annual anniversary of the date of grant. | |||||||||||||||||||||||||
During the fiscal ended March 25, 2012, the Company granted options to purchase 177,500 shares at an exercise price of $17.75 per share, all of which expire five years from the date of grant. All such stock options vest ratably over a four-year period commencing June 6, 2011. | |||||||||||||||||||||||||
The weighted-average option fair values, as determined using the Black-Scholes option valuation model, and the assumptions used to estimate these values for stock options granted were as follows: | |||||||||||||||||||||||||
March 25, | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Weighted-average option fair values | $ | 5.039 | |||||||||||||||||||||||
Expected life (years) | 5 | ||||||||||||||||||||||||
Interest rate | 1.6 | % | |||||||||||||||||||||||
Volatility | 28.9 | % | |||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||
The expected dividend yield is based on historical and projected dividend yields. The Company estimates volatility based primarily on historical monthly price changes of the Company’s stock equal to the expected life of the option. The risk free interest rate is based on the U.S. Treasury yield in effect at the time of the grant. The expected option term is the number of years the Company estimates the options will be outstanding prior to exercise based on expected employment termination behavior. The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows: | |||||||||||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Stock options | $ | 224 | $ | 224 | $ | 274 | |||||||||||||||||||
Restricted stock | 497 | 403 | - | ||||||||||||||||||||||
$ | 721 | $ | 627 | $ | 274 | ||||||||||||||||||||
The tax benefit on stock-based compensation expense was $286, $251 and $101 for the years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. As of March 30, 2014, there was $2,075 of unamortized compensation expense related to stock-based incentive awards. The Company expects to recognize this expense over approximately one year and nine months, which represents the weighted average remaining requisite service periods for such awards. | |||||||||||||||||||||||||
A summary of the status of the Company’s stock options at March 30, 2014, March 31, 2013 and March 25, 2012 and changes during the fiscal years then ended is presented in the tables below: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||||||
Options outstanding – beginning of year | 429,500 | $ | 13.29 | 622,000 | $ | 13.21 | 470,000 | $ | 11.29 | ||||||||||||||||
Granted | - | - | - | - | 177,500 | 17.75 | |||||||||||||||||||
Expired | - | - | - | - | - | - | |||||||||||||||||||
Exercised | (150,000 | ) | 9.71 | (192,500 | ) | 13.04 | (25,500 | ) | 9.36 | ||||||||||||||||
Options outstanding - end of year | 279,500 | $ | 15.22 | 429,500 | $ | 13.29 | 622,000 | $ | 13.21 | ||||||||||||||||
Options exercisable - end of year | 190,750 | $ | 14.04 | 296,375 | $ | 11.29 | 444,500 | $ | 11.4 | ||||||||||||||||
Weighted-average fair value of options granted | 177,500 | $ | 5.04 | ||||||||||||||||||||||
During the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, options to purchase 150,000, 192,500 and 25,500 shares were exercised which aggregated proceeds of $944, $389 and $65, respectively, to the Company. The aggregate intrinsic values of the stock options exercised during the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 was $6,038, $3,523 and $289 respectively. | |||||||||||||||||||||||||
The following table summarizes information about outstanding stock options at March 30, 2014: | |||||||||||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||||||||||
Average | Average | Aggregate | |||||||||||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||||||||||
Shares | Price | Contractual Life | Value | ||||||||||||||||||||||
Options outstanding at March 30, 2014 | 279,500 | $ | 15.22 | 2.07 | $ | 9,381 | |||||||||||||||||||
Options exercisable at March 30, 2014 | 190,750 | $ | 14.04 | 2.02 | $ | 6,627 | |||||||||||||||||||
Exercise prices range from $5.62 to $17.75 | |||||||||||||||||||||||||
Restricted stock: | |||||||||||||||||||||||||
Transactions with respect to restricted stock for the fiscal year ended March 30, 2014 are as follows: | |||||||||||||||||||||||||
Shares | Average | ||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||
Per share | |||||||||||||||||||||||||
Unvested restricted stock at March 31, 2013 | 40,000 | $ | 29.29 | ||||||||||||||||||||||
Granted | 25,000 | $ | 49.8 | ||||||||||||||||||||||
Vested | (10,000 | ) | $ | 29.29 | |||||||||||||||||||||
Unvested restricted stock at March 30, 2014 | 55,000 | $ | 38.61 | ||||||||||||||||||||||
The aggregate fair value of restricted stock vested during the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 was $533, $293 and $0, respectively. | |||||||||||||||||||||||||
2. Common Stock Purchase Rights | |||||||||||||||||||||||||
On June 5, 2013, Nathan’s adopted a new stockholder rights plan (the “2013 Rights Plan”) under which all stockholders of record as of June 17, 2013 received rights to purchase shares of common stock (the “2013 Rights”) and the previously existing “New Rights Plan” was terminated. | |||||||||||||||||||||||||
The 2013 Rights were distributed as a dividend. Initially, the 2013 Rights will attach to, and trade with, the Company’s common stock. Subject to the terms, conditions and limitations of the 2013 Rights Plan, the 2013 Rights will become exercisable if (among other things) a person or group acquires 15% or more of the Company’s common stock (“triggering event”). Upon such triggering event and payment of the purchase price of $100.00 (the “2013 Right Purchase Price”), each 2013 Right (except those held by the acquiring person or group) will entitle the holder to acquire one share of the Company’s common stock (or the economic equivalent thereof) or, if the then-current market price is less than the then current 2013 Right Purchase Price, a number of shares of the Company’s common stock which at the time of the transaction has a market value equal to the then current 2013 Right Purchase Price [at a purchase price per share equal to the then current market price of the Company’s Common Stock]. | |||||||||||||||||||||||||
The Company’s Board of Directors may redeem the 2013 Rights prior to the time they are triggered. Upon adoption of the 2013 Rights Plan, the Company reserved 10,188,600 shares of common stock for issuance upon exercise of the 2013 Rights. The 2013 Rights will expire on June 17, 2018 unless earlier redeemed or exchanged by the Company. | |||||||||||||||||||||||||
At March 30, 2014, the Company has reserved 10,522,052 shares of common stock for issuance upon exercise of the Common Stock Purchase Rights approved by the Board of Directors on June 5, 2013. | |||||||||||||||||||||||||
3. Stock Repurchase Programs | |||||||||||||||||||||||||
On December 13, 2013, the Company and Mutual Securities, Inc. (“MSI”) entered into an agreement pursuant to which MSI has been authorized on the Company’s behalf to purchase shares of the Company’s common stock, $.01 par value having a value of up to an aggregate of five million dollars ($5,000), which purchases could commence on December 23, 2013. The agreement with MSI was adopted under the safe harbor provided by Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended in order to assist the Company in implementing its previously announced stock purchase plans described below and provides for the purchase of up to an aggregate of 800,000 shares. | |||||||||||||||||||||||||
Through March 30, 2014, Nathan’s purchased a total of 4,610,026 shares of common stock at a cost of approximately $54,884 pursuant to the various stock repurchase plans previously authorized by the Board of Directors. Of these repurchased shares, 30,463 shares were repurchased at a cost of $1,486 during the year ended March 30, 2014. | |||||||||||||||||||||||||
On November 9, 2009, Nathan’s Board of Directors authorized its sixth stock repurchase plan for the purchase of up to 500,000 shares of its common stock on behalf of the Company. On February 1, 2011, Nathan’s Board of Directors increased the authorization to purchase its common stock by an additional 300,000 shares. The Company has repurchased 511,067 shares at a cost of $11,279 under the sixth stock repurchase plan through March 30, 2014, an aggregate of 288,933 shares are available to be purchased. Purchases under the existing stock repurchase plan may be made from time to time, depending on market conditions, in open market or privately-negotiated transactions, at prices deemed appropriate by management. There is no set time limit on the repurchases to be made under the stock repurchase plan. | |||||||||||||||||||||||||
On December 1, 2011, the Company’s Board of Directors authorized the commencement of a modified dutch tender offer to repurchase up to 500,000 shares of its common stock at a price of not less than $20.00 nor greater than $22.00 per share. The tender offer expired on January 12, 2012. | |||||||||||||||||||||||||
4. Employment Agreements | |||||||||||||||||||||||||
Effective January 1, 2007, Howard M. Lorber, previously Chairman of the Board and Chief Executive Officer, assumed the newly-created position of Executive Chairman of the Board of Nathan’s and Eric Gatoff, previously Vice President and Corporate Counsel, became Chief Executive Officer of Nathan’s. | |||||||||||||||||||||||||
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 will serve as Executive Chairman of the Board from January 1, 2007 until December 31, 2012, unless his employment is terminated in accordance with the terms of the Lorber Employment Agreement. On November 1, 2012, the Company amended its employment agreement with Mr. Lorber, extending the term of the employment agreement to December 31, 2017 and increasing the base compensation of Mr. Lorber to $600 per annum. In addition, Mr. Lorber received a grant of 50,000 shares of restricted stock subject to vesting as provided in a Restricted Stock Agreement between Mr. Lorber and the Company. Mr. Lorber will not receive a contractually-required bonus. The Lorber Employment Agreement provides for a three-year consulting period after the termination of employment during which Mr. Lorber will receive a consulting fee of $200 per year in exchange for his agreement to provide no less than 15 days of consulting services per year, provided, Mr. Lorber is not required to provide more than 50 days of consulting services per year. | |||||||||||||||||||||||||
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 year after such event, to terminate the agreement. Upon such termination, he has the right to receive a lump sum cash payment equal to the greater of (A) his salary and annual bonuses for the remainder of the employment term (including a prorated bonus for any partial fiscal year), which bonus shall be equal to the average of the annual bonuses awarded to him during the three fiscal years preceding the fiscal year of termination; or (B) 2.99 times his salary and annual bonus for the fiscal year immediately preceding the fiscal year of termination, in each case together with a lump sum cash payment equal to the difference between the exercise price of any exercisable options having an exercise price of less than the then current market price of the Company’s common stock and such then current market price. In addition, Nathan’s will provide Mr. Lorber with a tax gross-up payment to cover any excise tax due. | |||||||||||||||||||||||||
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-year period, which bonus shall be equal to the average of the annual bonuses awarded to him during the three fiscal years preceding the fiscal year of termination. | |||||||||||||||||||||||||
Under the terms of the Gatoff Employment Agreement, Mr. Gatoff initially served as Chief Executive Officer from January 1, 2007 until December 31, 2008, which period automatically extends for additional one-year periods unless either party delivers notice of non-renewal no less than 180 days prior to the end of the term then in effect. Consequently, the Gatoff Employment Agreement is expected to be extended through December 31, 2014, based on the original terms, and no non-renewal notice has been given. | |||||||||||||||||||||||||
Pursuant to the agreement, Mr. Gatoff will receive a base salary, currently $350, and an annual bonus based on his performance measured against the Company’s financial, strategic and operating objectives as determined by the Compensation Committee. The Gatoff Employment Agreement provides for an automobile allowance and the right of Mr. Gatoff to participate in employment benefits offered to other Nathan’s executives. During and after the contract term, Mr. Gatoff is subject to certain confidentiality, non-solicitation and non-competition provisions in favor of the Company. On June 4, 2013, Mr. Gatoff received a grant of 25,000 shares of restricted stock at a fair value of $49.80 per share representing the closing price on the date of grant, subject to vesting as provided in a Restricted Stock Agreement between Mr. Gatoff and the Company. The compensation expense related to this restricted stock award is expected to be $1,245 and will be recognized, commencing of the grant date, over the next five years. | |||||||||||||||||||||||||
The Company and its President and Chief Operating Officer entered into an employment agreement on December 28, 1992 for a period commencing on January 1, 1993 and ending on December 31, 1996. The employment agreement automatically extends for successive one-year periods unless notice of non-renewal is provided in accordance with the agreement. Consequently, the employment agreement has been extended annually through December 31, 2014, based on the original terms, and no non-renewal notice is expected to be given. The agreement provides for annual compensation, currently $289, plus certain other benefits. In November 1993, the Company amended this agreement to include a provision under which the officer has the right to terminate the agreement and receive payment equal to approximately three times annual compensation upon a change in control, as defined. | |||||||||||||||||||||||||
Effective May 31, 2007, the Company and its Executive Vice President entered into a new employment agreement which provided for annual compensation of $210 plus certain other benefits and automatically renews annually unless 180 days prior written notice is given to the employee. In connection with the contemplated retirement of the Executive Vice President, effective February 12, 2013, the Company and the Executive Vice President agreed to amend the employment contract to extend the expiration of the employment term from September 30, 2013 until February 12, 2014 and the Company purchased his 67,619 shares of the Company’s common stock, $.01 par value at a purchase price of $36.87 per share which was the closing price of the Company’s common stock as reported on the Nasdaq Global Market on February 13, 2013. The amendment to the Employment Agreement further provided that he will serve as a consultant to the Company from February 13, 2014 until February 12, 2015 and thereafter, at the discretion of the Company, he may serve as a consultant for an additional one year. | |||||||||||||||||||||||||
The Company and one employee of Nathan’s entered into a change of control agreement effective May 31, 2007 for annual compensation of $136 per year. The agreement additionally includes a provision under which the employee has the right to terminate the agreement and receive payment equal to approximately three times his annual compensation upon a change in control, as defined. | |||||||||||||||||||||||||
Each employment agreement terminates upon death or voluntary termination by the respective employee or may be terminated by the Company on up to 30-days’ prior written notice by the Company in the event of disability or “cause,” as defined in each agreement. | |||||||||||||||||||||||||
5. Defined Contribution and Union Pension Plans | |||||||||||||||||||||||||
The Company has a defined contribution retirement plan under Section 401(k) of the Internal Revenue Code covering all nonunion employees over age 21, who have been employed by the Company for at least one year. Employees may contribute to the plan, on a tax-deferred basis, up to 20% of their total annual salary. Historically, the Company has matched contributions at a rate of $.25 per dollar contributed by the employee on up to a maximum of 3% of the employee’s total annual salary. Employer contributions for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 were $34, $31 and $30, respectively. | |||||||||||||||||||||||||
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 employer may be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and (c) if the Company chooses to stop participating in the Union Plan, the Company may be required to pay the Union Plan an amount based on the underfunded status of the Union Plan, referred to as a withdrawal liability. The Company has no plans or intentions to stop participating in the plan as of March 30, 2014 and does not believe that there is a reasonable possibility that a withdrawal liability will be incurred. Contributions to the Union Plan were $10, $16 and $19 for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. | |||||||||||||||||||||||||
6. Other Benefits | |||||||||||||||||||||||||
The Company provides, on a contributory basis, medical benefits to active employees. The Company does not provide medical benefits to retirees. |
Note_12_Commitments_and_Contin
Note 12 - Commitments and Contingencies | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||
NOTE L - COMMITMENTS AND CONTINGENCIES | |||||||||||||
1. Commitments | |||||||||||||
The Company’s operations are principally conducted in leased premises. The leases generally have initial terms ranging from 5 to 20 years and usually provide for renewal options ranging from 5 to 20 years. Most of the leases contain escalation clauses and common area maintenance charges (including taxes and insurance). | |||||||||||||
As of March 30, 2014, the Company had non-cancelable operating lease commitments, net of certain sublease rental income, as follows: | |||||||||||||
Lease | Sublease | Net lease | |||||||||||
commitments | income | commitments | |||||||||||
2015 | $ | 1,785 | $ | 404 | $ | 1,381 | |||||||
2016 | 1,657 | 270 | 1,387 | ||||||||||
2017 | 1,682 | 254 | 1,428 | ||||||||||
2018 | 1,711 | 262 | 1,449 | ||||||||||
2019 | 1,692 | 266 | 1,426 | ||||||||||
Thereafter | 7,760 | 1,617 | 6,143 | ||||||||||
$ | 16,287 | $ | 3,073 | $ | 13,214 | ||||||||
Aggregate rental expense, net of sublease income, under all current leases amounted to $1,391, $1,102 and $1,248 for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. Sublease rental income was $265, $353 and $229 for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. | |||||||||||||
Contingent rental payments on building leases are typically made based on the percentage of gross sales of the individual restaurants that exceed predetermined levels. The percentage of gross sales to be paid and related gross sales level vary by unit. Contingent rental expense, which is inclusive of common area maintenance charges, was approximately $454, $399 and $151 for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. | |||||||||||||
At March 30, 2014, the Company leases three sites which it in turn subleases to franchisees, which expire on various dates through 2027 exclusive of renewal options. The Company remains liable for all lease costs when properties are subleased to franchisees. | |||||||||||||
At March 31, 2013, Nathan’s had open purchase commitments for hot dogs at a total cost of $5,000 which have been purchased between April and July 2013. The hot dogs purchased represented approximately 13.4% of Nathan’s actual usage during the fiscal 2014 period. At March 30, 2014, Nathan’s fulfilled its obligation pursuant to this purchase commitment and has not entered into any new purchase commitments during the fiscal 2014 period. However, Nathan’s may enter into additional purchase commitments in the future as favorable market conditions become available. | |||||||||||||
At March 31, 2013, Nathan’s had open construction contracts of approximately $2,000 in connection with the rebuilding of the Coney Island restaurant. At March 30, 2014, all open construction contacts had been completed and all of these contracts had been paid or have been accrued to be paid. | |||||||||||||
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 have a material adverse effect on the Company’s financial position, cash flows or results of operations. Nevertheless, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include money damages and, in such event, could result in a material adverse impact on the Company’s results of operations for the period in which the ruling occurs. | |||||||||||||
The Company was also involved in the following legal proceeding: | |||||||||||||
The Company was a party to a License Agreement with SMG, Inc. (“SMG”) dated as of February 28, 1994, as amended (the “License Agreement”) pursuant to which: (i) SMG acts as the Company’s exclusive licensee for the manufacture, distribution, marketing and sale of packaged Nathan’s Famous frankfurter product at supermarkets, club stores and other retail outlets in the United States; and (ii) the Company has the right, but not the obligation, to require SMG to produce frankfurters for the Nathan’s Famous restaurant system and Branded Product Program. | |||||||||||||
On July 31, 2007, the Company provided notice to SMG that the Company has elected to terminate the License Agreement, effective July 31, 2008 (the “Termination Date”), due to SMG’s breach of certain provisions of the License Agreement. SMG has disputed that a breach has occurred and has commenced, together with certain of its affiliates, an action in state court in Illinois seeking, among other things, a declaratory judgment that SMG did not breach the License Agreement. The Company filed its own action on August 2, 2007, in New York State court seeking a declaratory judgment that SMG has breached the License Agreement and that the Company has properly terminated the License Agreement. On January 23, 2008, the New York court granted SMG’s motion to dismiss the Company’s case in New York on the basis that the dispute was already the subject of a pending lawsuit in Illinois. The Company answered SMG’s complaint in Illinois and asserted its own counterclaims which seek, among other things, a declaratory judgment that SMG did breach the License Agreement and that the Company has properly terminated the License Agreement. On July 31, 2008, SMG and Nathan’s entered into a Stipulation pursuant to which Nathan’s agreed that it would not effectuate the termination of the License Agreement on the grounds alleged in the present litigation until such litigation has been successfully adjudicated, and SMG agreed that in such event, Nathan’s shall have the option to require SMG to continue to perform under the License Agreement for an additional period of up to six months to ensure an orderly transition of the business to a new licensee/supplier. On June 30, 2009, SMG and Nathan’s each filed motions for summary judgment. Both motions for summary judgment were ultimately denied on February 25, 2010. | |||||||||||||
On January 28, 2010, SMG filed a motion for leave to file a Second Amended Complaint and Amended Answer, which sought to assert new claims and affirmative defenses based on Nathan’s alleged breach of the parties’ License Agreement in connection with the manner in which Nathan’s profits from the sale of its proprietary seasonings to SMG. On February 25, 2010, the court granted SMG’s motion for leave, and its Second Amended Complaint and Amended Answer were filed with the court. On March 29, 2010, Nathan’s filed an answer to SMG’s Second Amended Complaint, which denied substantially all of the allegations in the complaint. On September 17, 2010, SMG filed a motion for summary judgment with respect to the claims relating to the sale of Nathan’s proprietary seasonings to SMG. On October 5, 2010, Nathan’s filed an opposition to SMG’s motion for summary judgment, and itself cross-moved for summary judgment. A trial on the claims relating to Nathan’s termination of the License Agreement took place between October 6 and October 13, 2010. Oral argument on the claims relating to the sale of Nathan’s proprietary seasonings took place prior to the start of the trial. On October 13, 2010, an Order was entered with the Court denying Nathan’s cross-motion and granting SMG’s motion for summary judgment with respect to SMG’s claims relating to the sale of Nathan’s proprietary seasonings to SMG. On December 17, 2010, the Court ruled that Nathan’s was not entitled to terminate the License Agreement. On January 19, 2011, the parties submitted an agreed upon order which, among other things, assessed damages against Nathan’s of approximately $4.9 million inclusive of pre-judgment interest, which has been accrued in the accompanying consolidated financial statements. The final judgment was entered on February 4, 2011. On March 4, 2011, Nathan's filed a notice of appeal seeking to appeal the final judgment. In order to secure the final judgment pending an appeal, on March 31, 2011, Nathan's entered into a Security Agreement with SMG and Blocked Deposit Account Agreement with SMG and Citibank, N.A. On April 7, 2011, the Court entered a stipulation and order which granted a stay of enforcement of the Judgment. | |||||||||||||
Nathan’s filed an appellate brief with the Appellate Court of Illinois, First Judicial District, on August 8, 2011. In response, SMG filed an opposition appellate brief on October 21, 2011. Nathan’s filed a reply brief on November 14, 2011. On December 11, 2012, the Court heard oral arguments. On January 25, 2013, the Appellate Court affirmed the trial court’s ruling. On February 15, 2013, Nathan’s filed a Petition for Re-hearing which was denied on February 27, 2013. On April 3, 2013, Nathan’s filed a Petition for Leave to Appeal with the Illinois Supreme Court. Subsequently, we were advised that the Illinois Supreme Court denied the Petition for Leave of Appeal. On July 24, 2013, $6,009, inclusive of all post-judgment interest, was withdrawn by SMG from the blocked account, in full satisfaction of this matter. | |||||||||||||
3 | Guaranty | ||||||||||||
On December 1, 2009, a wholly-owned subsidiary of the Company executed a Guaranty of Lease (the “Guaranty”) in connection with its re-franchising of a restaurant located in West Nyack, New York. The Guaranty could be called upon in the event of a default by the tenant/franchisee. The Guaranty extends through the fifth Lease Year, as defined in the lease, and shall not exceed an amount equal to the highest amount of the annual minimum rent, percentage rent and any additional rent payable pursuant to the lease and reasonable attorney’s fees and other costs. Nathan’s has recorded a liability of $193 in connection with the Guaranty, which does not include potential real estate tax increases and attorney’s fees and other costs as these amounts are not reasonably determinable at this time. In connection with the Nathan’s Franchise Agreement, Nathan’s has received a personal guaranty from the franchisee for all obligations under the Guaranty. To date, Nathan’s has not been required to make any payments pursuant to the Guaranty. | |||||||||||||
4 | Hurricane Sandy | ||||||||||||
On October 29, 2012, Superstorm Sandy struck the Northeastern United States, which forced the closing of all of the Company-owned restaurants. Seventy-eight franchised restaurants, including 18 Branded Menu locations, were closed for varying periods of time, one of which remains closed. Our Company-owned restaurant in Oceanside, New York was closed for approximately two weeks. Our flagship Coney Island restaurant and our Coney Island Boardwalk restaurant were closed as a result of the storm. The Coney Island Boardwalk restaurant sustained minor damage and re-opened on March 18, 2013. The Coney Island restaurant incurred significant damage and re-opened on May 20, 2013. As a result of these damages, the Company incurred actual losses through March 31, 2013, of approximately $1,340, inclusive of amounts written off of $449 related to destroyed or damaged property and equipment and $42 of unsalable inventories. | |||||||||||||
As of March 30, 2014, the Company settled the property damage claim with its insurers and received payments of approximately $3,400, net of fees, from our insurer and used these proceeds towards the rebuilding of the Coney Island restaurant. In connection with the settlement of the property and casualty loss, the Company recognized a gain of approximately $2,774 during the quarter ended June 30, 2013. | |||||||||||||
As of March 30, 2014, the Company had an outstanding claim under our business interruption insurance policy which exceeded the amounts that had initially been recorded, which are included in accounts and other receivables in the accompanying balance sheet, for reimbursable on-going business expenses incurred while the restaurant was closed. In April 2014, Nathan’s settled and received payment on its business interruption claim for $718, net of fees, which fully satisfied the accounts and other receivables recorded as of March 30, 2014. |
Note_13_Related_Party_Transact
Note 13 - Related Party Transactions | 12 Months Ended |
Mar. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE M - RELATED PARTY TRANSACTIONS | |
An accounting firm of which Charles Raich, who serves on Nathan’s Board of Directors, serves as Managing Partner, received ordinary tax preparation and other consulting fees of $130, $136 and $127 for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. | |
A firm to which Mr. Lorber is as an investor (and, prior to January 2012, a consultant), and the firm’s affiliates, received ordinary and customary insurance commissions aggregating approximately $24, $25 and $26 for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. |
Note_14_Quarterly_Financial_In
Note 14 - Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
NOTE N - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year 2014 | |||||||||||||||||
Total revenues | $ | 23,401 | $ | 23,662 | $ | 18,533 | $ | 17,331 | |||||||||
Gross profit (a) | 3,475 | 4,513 | 2,457 | 2,004 | |||||||||||||
Net income | 3,354 | 2,648 | 1,107 | 1,218 | |||||||||||||
Per share information | |||||||||||||||||
Net income per share | |||||||||||||||||
Basic (b) | $ | 0.76 | $ | 0.59 | $ | 0.25 | $ | 0.27 | |||||||||
Diluted (b) | $ | 0.73 | $ | 0.57 | $ | 0.24 | $ | 0.27 | |||||||||
Shares used in computation of net income per share | |||||||||||||||||
Basic (b) | 4,415,000 | 4,460,000 | 4,466,000 | 4,459,000 | |||||||||||||
Diluted (b) | 4,588,000 | 4,625,000 | 4,622,000 | 4,594,000 | |||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year 2013 | |||||||||||||||||
Total revenues | $ | 20,182 | $ | 21,360 | $ | 15,025 | $ | 14,976 | |||||||||
Gross profit (a) | 3,420 | 4,695 | 2,044 | 1,623 | |||||||||||||
Net income | 2,006 | 2,845 | 1,062 | 1,555 | |||||||||||||
Per share information | |||||||||||||||||
Net income per share | |||||||||||||||||
Basic (b) | $ | 0.46 | $ | 0.65 | $ | 0.24 | $ | 0.35 | |||||||||
Diluted (b) | $ | 0.44 | $ | 0.62 | $ | 0.23 | $ | 0.34 | |||||||||
Shares used in computation of net incomeper share | |||||||||||||||||
Basic (b) | 4,368,000 | 4,407,000 | 4,414,000 | 4,411,000 | |||||||||||||
Diluted (b) | 4,531,000 | 4,604,000 | 4,612,000 | 4,603,000 | |||||||||||||
(a) | Gross profit represents the difference between sales and cost of sales. | ||||||||||||||||
(b) | The sum of the quarters may not equal the full year per share amounts included in the accompanying consolidated statements of earnings due to the effect of the weighted average number of shares outstanding during the fiscal years as compared to the quarters. | ||||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
Nathan’s Famous, Inc. and Subsidiaries | |||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
March 30, 2014, March 31, 2013, and March 25, 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
COL. A | COL. B | COL. C | COL. D | COL. E | |||||||||||||||||
Description | Balance at | Additions | Additions | Deductions | Balance at | ||||||||||||||||
beginning | charged to | charged to | end of period | ||||||||||||||||||
of period | costs and | other accounts | |||||||||||||||||||
expenses | |||||||||||||||||||||
Fifty-two weeks ended March 30, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts - accounts receivable | $ | 130 | $ | 21 | $ | 320 (a) | $ | 38 (b) | $ | 433 | |||||||||||
Fifty-three weeks ended March 31, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts - accounts receivable | $ | 138 | $ | 15 | $ | 5 (a) | $ | 28 (b) | $ | 130 | |||||||||||
Fifty-two weeks ended March 25, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts - accounts receivable | $ | 62 | $ | 86 | $ | - | $ | 10 (b) | $ | 138 | |||||||||||
(a) | Uncollectible marketing fund contributions. | ||||||||||||||||||||
(b) | Uncollectible amounts written off. | ||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||||
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] | ' | ||||||||||||||||
Fiscal Year | |||||||||||||||||
The Company’s fiscal year ends on the last Sunday in March, which results in a 52 or 53-week reporting period. The results of operations and cash flows for the fiscal year ended March 30, 2014 contained 52 weeks. The results of operations and cash flows for the fiscal years ended March 31, 2013 contained 53 weeks and March 28, 2012 contained 52 weeks. | |||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||||||
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] | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents amounted to $330 and $172 at March 30, 2014 and March 31, 2013, respectively. Substantially all of the Company’s cash and cash equivalents are in excess of government insurance. | |||||||||||||||||
Restricted cash, at March 31, 2013, represents amount held on deposit to secure Nathan’s obligation related to its litigation accrual (Note L.). | |||||||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||||||
Inventories | |||||||||||||||||
Inventories, which are stated at the lower of cost or market value, consist primarily of food items and supplies. Cost is determined using the first-in, first-out method. | |||||||||||||||||
Marketable Securities, Policy [Policy Text Block] | ' | ||||||||||||||||
Marketable Securities | |||||||||||||||||
The Company determines the appropriate classification of securities at the time of purchase and reassesses the appropriateness of the classification at each reporting date. At March 30, 2014 and March 31, 2013, all marketable securities held by the Company have been classified as available-for-sale and, as a result, are stated at fair value, based upon quoted market prices for similar assets as determined in active markets or model-derived valuations in which all significant inputs are observable for substantially the full-term of the asset, with unrealized gains and losses included as a component of accumulated other comprehensive income. Realized gains and losses on the sale of securities are determined on a specific identification basis. Interest income is recorded when it is earned and deemed realizable by the Company. | |||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||||||
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 (in years) | 25-May | ||||||||||||||||
Machinery, equipment, furniture and fixtures (in years) | 15-Mar | ||||||||||||||||
Leasehold improvements (in years) | 20-May | ||||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||
Goodwill and intangible assets consist of (i) goodwill of $95 resulting from the acquisition of Nathan’s in 1987; and (ii) trademarks, trade names and other intellectual property of $1,353 in connection with Arthur Treacher’s. | |||||||||||||||||
The Company’s goodwill and intangible assets are deemed to have indefinite lives and, accordingly, are not amortized, but are evaluated for impairment at least annually, but more often whenever changes in facts and circumstances occur which may indicate that the carrying value may not be recoverable. As of March 30, 2014 and March 31, 2013, the Company performed its required annual impairment test of goodwill and intangible assets and has determined no impairment is deemed to exist. | |||||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||||||
Long-lived Assets | |||||||||||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment is measured by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. In instances where impairment is determined to exist, the Company writes down the asset to its fair value based on the present value of estimated future cash flows. | |||||||||||||||||
Impairment losses are recorded on long-lived assets on a restaurant-by-restaurant basis whenever impairment factors are determined to be present. The Company considers a history of restaurant operating losses to be its primary indicator of potential impairment for individual restaurant locations. As a result of Hurricane Sandy, our Coney Island restaurant sustained significant damage which resulted in the write-off of $449 related to destroyed property (Note L.4). The restaurant was fully repaired and re-opened on May 20, 2013. No long-lived assets were deemed impaired during the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012. | |||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||||||
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 levels: | |||||||||||||||||
● | Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market | ||||||||||||||||
● | Level 2 - inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability | ||||||||||||||||
● | Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability | ||||||||||||||||
The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level 1 quoted prices to measure fair value are required whenever possible. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures quarterly and based on various factors, it is possible that an asset or liability may be classified differently from year to year. | |||||||||||||||||
The following table presents assets and liabilities measured at fair value on a recurring basis as of March 30, 2014 and March 31, 2013 based upon the valuation hierarchy: | |||||||||||||||||
30-Mar-14 | Level 1 | Level 2 | Level 3 | Carrying Value | |||||||||||||
Marketable securities | $ | - | $ | 11,187 | $ | - | $ | 11,187 | |||||||||
Total assets at fair value | $ | - | $ | 11,187 | $ | - | $ | 11,187 | |||||||||
31-Mar-13 | Level 1 | Level 2 | Level 3 | Carrying | |||||||||||||
Value | |||||||||||||||||
Marketable securities | $ | - | $ | 12,307 | $ | - | $ | 12,307 | |||||||||
Total assets at fair value | $ | - | $ | 12,307 | $ | - | $ | 12,307 | |||||||||
Nathan’s marketable securities, which consist primarily of municipal bonds, are not actively traded. The valuation of such bonds is based upon quoted market prices for similar bonds currently trading in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset. | |||||||||||||||||
The carrying amounts of 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 required to be carried at fair value on a recurring basis. However, the Company is required on a non-recurring basis to use fair value measurements when analyzing asset impairment as it relates to goodwill and other indefinite-lived intangible assets and long-lived assets. The Company utilized the income approach (Level 3 inputs) which utilized cash flow forecasts for future income and were discounted to present value in performing its annual impairment testing of intangible assets. | |||||||||||||||||
Start-up Activities, Cost Policy [Policy Text Block] | ' | ||||||||||||||||
Start-up Costs | |||||||||||||||||
Pre-opening and similar restaurant costs are expensed as incurred. | |||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||||||
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 party common carrier. Rebates provided to customers are classified as a reduction to sales. | |||||||||||||||||
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 - Franchising Operations | |||||||||||||||||
In connection with its franchising operations, the Company receives initial franchise fees, area development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees. | |||||||||||||||||
Franchise and area development fees, which are typically received prior to completion of the revenue recognition process, are initially recorded as deferred revenue. Initial franchise fees, which are non-refundable, are recognized as income when substantially all services to be performed by Nathan’s and conditions relating to the sale of the franchise have been performed or satisfied, which generally occurs when the franchised restaurant commences operations. | |||||||||||||||||
The following services are typically provided by the Company prior to the opening of a franchised restaurant: | |||||||||||||||||
o | Approval of all site selections to be developed. | ||||||||||||||||
o | Provision of architectural plans suitable for restaurants to be developed. | ||||||||||||||||
o | Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant. | ||||||||||||||||
o | Provision of appropriate menus to coordinate with the restaurant design and location to be developed. | ||||||||||||||||
o | Provision of management training for the new franchisee and selected staff. | ||||||||||||||||
o | Assistance with the initial operations of restaurants being developed. | ||||||||||||||||
At March 30, 2014 and March 31, 2013, $234 and $278, respectively, of deferred franchise fees are included in the accompanying consolidated balance sheets. For the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, the Company earned franchise fees of $863, $852, and $920, respectively, from new unit openings, transfers, co-branding and forfeitures. | |||||||||||||||||
Development fees are nonrefundable and the related agreements require the franchisee to open a specified number of restaurants in the development area within a specified time period or the agreements may be canceled by the Company. Revenue from development agreements is deferred and shall be recognized, with an appropriate provision for estimated uncollectable amounts, when all material services or conditions to the sale have been substantially performed by the franchisor. | |||||||||||||||||
If substantial obligations under the development agreement are not dependent on the number of individual franchise locations to be opened, substantial performance shall be determined using the same criteria applicable to an individual franchise, which is generally the opening of the first location pursuant to the development agreement. If substantial performance is dependent on the number of locations, then the development fee is deferred and recognized ratably over the term of the agreement, as restaurants in the development area commence operations on a pro rata basis to the minimum number of restaurants required to be open, or at the time the development agreement is effectively canceled. At March 30, 2014 and March 31, 2013, $200 and $401, respectively, of deferred development fee revenue is included in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||
The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012: | |||||||||||||||||
March 30, | 31-Mar | March 25, | |||||||||||||||
2014 | ,2013 | 2012 | |||||||||||||||
Franchised restaurants operating at the beginning of the period | 303 | 299 | 264 | ||||||||||||||
New franchised restaurants opened during the period | 56 | 40 | 67 | ||||||||||||||
Franchised restaurants closed during the period | (35 | ) | (36 | ) | (32 | ) | |||||||||||
Franchised restaurants operating at the end of the period | 324 | 303 | 299 | ||||||||||||||
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 not deemed to be collectible are not recognized as revenue until paid by the franchisee or until collectibility is deemed to be reasonably assured. | |||||||||||||||||
Revenue from sub-leasing properties is recognized in income as the revenue is earned and deemed collectible. Sub-lease rental income is presented net of associated lease costs in the accompanying consolidated statements of earnings. | |||||||||||||||||
15. 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 recognized on a monthly basis when it is earned and deemed collectible. | |||||||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||||||
Business Concentrations and Geographical Information | |||||||||||||||||
The Company’s accounts receivable consist 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 30, 2014, three Branded Product customers represented 23%, 13% and 11%, of accounts receivable. At March 31, 2013, one retail licensee and three Branded Product customers each represented 18%, 16%, 11% and 10%, respectively, of accounts receivable. One Branded Products customer accounted for 17% and 12% of total revenue for the years ended March 30, 2014 and March 31, 2013, respectively. No franchisee, retail licensee or Branded Product customer accounted for 10% or more of total revenues during the fiscal year ended March 25, 2012. | |||||||||||||||||
The Company’s primary supplier of hot dogs represented 75%, 82% and 79% of product purchases for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. The Company’s distributor of products to its Company-owned restaurants represented 5%, 7% and 8% of product purchases for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively. | |||||||||||||||||
The Company’s revenues for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 were derived from the following geographic areas: | |||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Domestic (United States) | $ | 79,396 | $ | 68,499 | $ | 64,534 | |||||||||||
Non-domestic | 3,531 | 3,044 | 1,688 | ||||||||||||||
$ | 82,927 | $ | 71,543 | $ | 66,222 | ||||||||||||
The Company’s sales for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012 were derived from the following: | |||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Branded Products | $ | 51,877 | $ | 43,214 | $ | 38,506 | |||||||||||
Company-owned restaurants | 13,231 | 13,403 | 13,209 | ||||||||||||||
Other | 413 | 39 | 654 | ||||||||||||||
$ | 65,521 | $ | 56,656 | $ | 52,369 | ||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||||||||||
Advertising | |||||||||||||||||
The Company administers an advertising fund on behalf of its franchisees 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 $147, $144, and $227, for the fiscal years ended March 30, 2014, March 31, 2013 and March 25, 2012, respectively, and have been included within restaurant operating expenses in the accompanying consolidated statements of earnings. | |||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
At March 30, 2014, the Company had one stock-based compensation plan in effect which is more fully described in Note K. | |||||||||||||||||
The cost of all share-based payments, including grants of restricted stock and stock options, is recognized in the 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 Sales, Policy [Policy Text Block] | ' | ||||||||||||||||
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] | ' | ||||||||||||||||
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. 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 that some portion of the deferred tax assets will not be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made. | |||||||||||||||||
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 recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Nathan’s recognizes accrued interest and penalties associated with unrecognized tax benefits as part of the income tax provision. | |||||||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||||||
Reclassifications | |||||||||||||||||
Certain prior year balances have been reclassified to conform with current year presentation. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||||
Adoption of New Accounting Pronouncements | |||||||||||||||||
In April 2014, the FASB issued new accounting guidance changing the criteria for reporting discontinued operations. The revised definition of a discontinued operation includes those components of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The guidance eliminates the current requirement to assess continuing cash flow and continuing involvement with the disposal group. The revised definition also includes a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale. A disposal meeting the new definition is required to be reported as discontinued operations when the component of an entity or group of components of an entity meets the held for sale criteria, is actually disposed of by sales, or is disposed of through means other than a sale. The guidance is effective for Nathan’s for annual periods beginning on or after December 15, 2014 and interim periods within those years, which for Nathan’s will be the first quarter fiscal 2016 beginning March 30, 2015. Early adoption is permitted for disposals that have not been previously reported in the financial statements. Nathan’s does not expect the adoption of this new guidance to have a material impact on the results of operations or financial position. | |||||||||||||||||
In July 2012, the FASB issued new accounting guidance on testing indefinite-lived intangible assets for impairment. The new guidance provides the entity with the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived asset is less than its carrying value. If it is not, then no further analysis is required otherwise then the previously required quantitative testing is required. Nathan’s adopted the new guidance beginning with its first quarter of fiscal 2014. The adoption of this new guidance did not have a material impact on the results of operations or financial position. | |||||||||||||||||
The Company does not believe that any other recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||||||
Building and improvements (in years) | 25-May | ||||||||||||||||
Machinery, equipment, furniture and fixtures (in years) | 15-Mar | ||||||||||||||||
Leasehold improvements (in years) | 20-May | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
30-Mar-14 | Level 1 | Level 2 | Level 3 | Carrying Value | |||||||||||||
Marketable securities | $ | - | $ | 11,187 | $ | - | $ | 11,187 | |||||||||
Total assets at fair value | $ | - | $ | 11,187 | $ | - | $ | 11,187 | |||||||||
31-Mar-13 | Level 1 | Level 2 | Level 3 | Carrying | |||||||||||||
Value | |||||||||||||||||
Marketable securities | $ | - | $ | 12,307 | $ | - | $ | 12,307 | |||||||||
Total assets at fair value | $ | - | $ | 12,307 | $ | - | $ | 12,307 | |||||||||
Schedule of Franchisor Disclosure [Table Text Block] | ' | ||||||||||||||||
March 30, | 31-Mar | March 25, | |||||||||||||||
2014 | ,2013 | 2012 | |||||||||||||||
Franchised restaurants operating at the beginning of the period | 303 | 299 | 264 | ||||||||||||||
New franchised restaurants opened during the period | 56 | 40 | 67 | ||||||||||||||
Franchised restaurants closed during the period | (35 | ) | (36 | ) | (32 | ) | |||||||||||
Franchised restaurants operating at the end of the period | 324 | 303 | 299 | ||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Domestic (United States) | $ | 79,396 | $ | 68,499 | $ | 64,534 | |||||||||||
Non-domestic | 3,531 | 3,044 | 1,688 | ||||||||||||||
$ | 82,927 | $ | 71,543 | $ | 66,222 | ||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Branded Products | $ | 51,877 | $ | 43,214 | $ | 38,506 | |||||||||||
Company-owned restaurants | 13,231 | 13,403 | 13,209 | ||||||||||||||
Other | 413 | 39 | 654 | ||||||||||||||
$ | 65,521 | $ | 56,656 | $ | 52,369 |
Note_3_Income_Per_Share_Tables
Note 3 - Income Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Net Income | Shares | Net income per share | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||||||
Basic calculation | $ | 8,327 | $ | 7,468 | $ | 6,158 | 4,450,000 | 4,400,000 | 4,906,000 | $ | 1.87 | $ | 1.7 | $ | 1.26 | ||||||||||||||||||||||
Effect of dilutive employee stock options | - | - | - | 155,000 | 188,000 | 143,000 | (.06 | ) | (.07 | ) | (.04 | ) | |||||||||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||||||||||||||||
Diluted calculation | $ | 8,327 | $ | 7,468 | $ | 6,158 | 4,605,000 | 4,588,000 | 5,049,000 | $ | 1.81 | $ | 1.63 | $ | 1.22 |
Note_4_Marketable_Securities_T
Note 4 - Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||
Marketable Securities Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||
Unrealized | Unrealized | Market | |||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||
30-Mar-14 | $ | 10,947 | $ | 240 | $ | - | $ | 11,187 | |||||||||||||
31-Mar-13 | $ | 11,768 | $ | 539 | $ | - | $ | 12,307 | |||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||
Fair value of Municipal Bonds | Total | Less than | 1 – 5 Years | 5 – 10 Years | After | ||||||||||||||||
1 Year | 10 Years | ||||||||||||||||||||
30-Mar-14 | $ | 11,187 | $ | 5,214 | $ | 4,792 | $ | 1,181 | $ | - | |||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Proceeds | $ | 2,890 | $ | 2,000 | $ | 4,050 | |||||||||||||||
Gross realized gains | $ | - | $ | - | $ | - |
Note_5_Accounts_and_Other_Rece1
Note 5 - Accounts and Other Receivables, Net (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||
March 30, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Franchise and license royalties | $ | 1,658 | $ | 2,355 | |||||||||
Branded product sales | 5,141 | 4,071 | |||||||||||
Other | 1,457 | 621 | |||||||||||
8,256 | 7,047 | ||||||||||||
Less: allowance for doubtful accounts | 433 | 130 | |||||||||||
Accounts and other receivables, net | $ | 7,823 | $ | 6,917 | |||||||||
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | ' | ||||||||||||
March 30, | March 31, | March 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 130 | $ | 138 | $ | 62 | |||||||
Bad debt expense | 21 | 15 | 86 | ||||||||||
Uncollectible marketing fund contributions | 320 | 5 | - | ||||||||||
Accounts written off | (38 | ) | (28 | ) | (10 | ) | |||||||
Ending balance | $ | 433 | $ | 130 | $ | 138 |
Note_6_Prepaid_Expenses_and_Ot1
Note 6 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Other Current Assets [Table Text Block] | ' | ||||||||
March 30, | March 31, | ||||||||
2014 | 2013 | ||||||||
Income taxes | $ | 2,059 | $ | - | |||||
Insurance | 506 | 359 | |||||||
Other | 564 | 737 | |||||||
$ | 3,129 | $ | 1,096 |
Note_8_Property_and_Equipment_1
Note 8 - Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment Carrying Value [Table Text Block] | ' | ||||||||
March 30, | March 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 1,197 | $ | 1,197 | |||||
Building and improvements | 2,161 | 2,045 | |||||||
Machinery, equipment, furniture and fixtures | 6,349 | 5,460 | |||||||
Leasehold improvements | 6,792 | 3,878 | |||||||
Construction-in-progress | 25 | 569 | |||||||
16,524 | 13,149 | ||||||||
Less: accumulated depreciation and amortization | 7,554 | 7,361 | |||||||
$ | 8,970 | $ | 5,788 |
Note_9_Accrued_Expenses_Other_1
Note 9 - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
March 30, | March 31, | ||||||||
2014 | 2013 | ||||||||
Payroll and other benefits | $ | 2,433 | $ | 2,248 | |||||
Accrued rebates | 855 | 648 | |||||||
Rent and occupancy costs | 163 | 197 | |||||||
Deferred revenue | 734 | 581 | |||||||
Construction costs | 281 | 25 | |||||||
Unexpended advertising funds | 52 | 181 | |||||||
Other | $ | 233 | $ | 440 | |||||
4,751 | 4,320 | ||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | ||||||||
March 30, | March 31, | ||||||||
2014 | 2013 | ||||||||
Deferred development fees | $ | 200 | $ | 401 | |||||
Reserve for uncertain tax positions (Note J) | 620 | 639 | |||||||
Deferred rental liability | 661 | 764 | |||||||
Other | 212 | 247 | |||||||
$ | 1,693 | $ | 2,051 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
March 30, | March 31, | March 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal | |||||||||||||
Current | $ | 2,664 | $ | 3,237 | $ | 1,274 | |||||||
Deferred | 1,421 | 377 | 1,566 | ||||||||||
4,085 | 3,614 | 2,840 | |||||||||||
State and local | |||||||||||||
Current | 918 | 937 | 534 | ||||||||||
Deferred | 231 | 120 | 475 | ||||||||||
1,149 | 1,057 | 1,009 | |||||||||||
$ | 5,234 | $ | 4,671 | $ | 3,849 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
March 30, | March 31, | March 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Computed “expected” tax expense | $ | 4,611 | $ | 4,127 | $ | 3,412 | |||||||
State and local income taxes, net of Federal income tax benefit | 773 | 633 | 682 | ||||||||||
Tax-exempt investment earnings | (110 | ) | (133 | ) | (178 | ) | |||||||
Change in uncertain tax positions, net | (22 | ) | 22 | (24 | ) | ||||||||
Nondeductible meals and entertainment and other | (18 | ) | 22 | (43 | ) | ||||||||
$ | 5,234 | $ | 4,671 | $ | 3,849 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
March 30, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
Accrued expenses | $ | 162 | $ | 166 | |||||||||
Allowance for doubtful accounts | 49 | 49 | |||||||||||
Deferred revenue | 569 | 510 | |||||||||||
Deferred stock compensation | 594 | 646 | |||||||||||
Excess of straight line over actual rent | 289 | 316 | |||||||||||
Investment | 157 | - | |||||||||||
Other | 129 | 127 | |||||||||||
Total gross deferred tax assets | $ | 1,949 | $ | 1,814 | |||||||||
Deferred tax liabilities | |||||||||||||
Deductible prepaid expense | 302 | 223 | |||||||||||
Unrealized gain on marketable securities | 83 | 202 | |||||||||||
Depreciation expense | 1,692 | 321 | |||||||||||
Deductible business interruption expenses | 293 | - | |||||||||||
Amortization | 287 | 243 | |||||||||||
Total gross deferred tax liabilities | 2,657 | 989 | |||||||||||
Net deferred tax (liability) asset | (708 | ) | 825 | ||||||||||
Less current portion | (26 | ) | (345 | ) | |||||||||
Long-term portion | $ | (734 | ) | $ | 480 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
March 30, | March 31, | March 25, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefits, beginning of year | $ | 296 | $ | 422 | $ | 318 | |||||||
Decreases of tax positions taken in prior years | (34 | ) | (50 | ) | (41 | ) | |||||||
Increase based on tax positions taken in current year | 21 | 34 | 26 | ||||||||||
Settlements of tax positions taken in prior years | - | (110 | ) | - | |||||||||
Increase based on tax positions taken in prior years | - | - | 119 | ||||||||||
Unrecognized tax benefits, end of year | $ | 283 | $ | 296 | $ | 422 | |||||||
Summary of Income Tax Examinations [Table Text Block] | ' | ||||||||||||
Jurisdiction | Fiscal Year | ||||||||||||
Federal | 2011 | ||||||||||||
New York State | 2011 | ||||||||||||
New York City | 2011 |
Note_11_Stockholders_Equity_St1
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||
March 25, | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Weighted-average option fair values | $ | 5.039 | |||||||||||||||||||||||
Expected life (years) | 5 | ||||||||||||||||||||||||
Interest rate | 1.6 | % | |||||||||||||||||||||||
Volatility | 28.9 | % | |||||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||||||||||||||||||||
March 30, | March 31, | March 25, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Stock options | $ | 224 | $ | 224 | $ | 274 | |||||||||||||||||||
Restricted stock | 497 | 403 | - | ||||||||||||||||||||||
$ | 721 | $ | 627 | $ | 274 | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||||||
Options outstanding – beginning of year | 429,500 | $ | 13.29 | 622,000 | $ | 13.21 | 470,000 | $ | 11.29 | ||||||||||||||||
Granted | - | - | - | - | 177,500 | 17.75 | |||||||||||||||||||
Expired | - | - | - | - | - | - | |||||||||||||||||||
Exercised | (150,000 | ) | 9.71 | (192,500 | ) | 13.04 | (25,500 | ) | 9.36 | ||||||||||||||||
Options outstanding - end of year | 279,500 | $ | 15.22 | 429,500 | $ | 13.29 | 622,000 | $ | 13.21 | ||||||||||||||||
Options exercisable - end of year | 190,750 | $ | 14.04 | 296,375 | $ | 11.29 | 444,500 | $ | 11.4 | ||||||||||||||||
Weighted-average fair value of options granted | 177,500 | $ | 5.04 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||||||||||
Average | Average | Aggregate | |||||||||||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||||||||||
Shares | Price | Contractual Life | Value | ||||||||||||||||||||||
Options outstanding at March 30, 2014 | 279,500 | $ | 15.22 | 2.07 | $ | 9,381 | |||||||||||||||||||
Options exercisable at March 30, 2014 | 190,750 | $ | 14.04 | 2.02 | $ | 6,627 | |||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||||||
Shares | Average | ||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||
Per share | |||||||||||||||||||||||||
Unvested restricted stock at March 31, 2013 | 40,000 | $ | 29.29 | ||||||||||||||||||||||
Granted | 25,000 | $ | 49.8 | ||||||||||||||||||||||
Vested | (10,000 | ) | $ | 29.29 | |||||||||||||||||||||
Unvested restricted stock at March 30, 2014 | 55,000 | $ | 38.61 |
Note_12_Commitments_and_Contin1
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||
Lease | Sublease | Net lease | |||||||||||
commitments | income | commitments | |||||||||||
2015 | $ | 1,785 | $ | 404 | $ | 1,381 | |||||||
2016 | 1,657 | 270 | 1,387 | ||||||||||
2017 | 1,682 | 254 | 1,428 | ||||||||||
2018 | 1,711 | 262 | 1,449 | ||||||||||
2019 | 1,692 | 266 | 1,426 | ||||||||||
Thereafter | 7,760 | 1,617 | 6,143 | ||||||||||
$ | 16,287 | $ | 3,073 | $ | 13,214 |
Note_14_Quarterly_Financial_In1
Note 14 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year 2014 | |||||||||||||||||
Total revenues | $ | 23,401 | $ | 23,662 | $ | 18,533 | $ | 17,331 | |||||||||
Gross profit (a) | 3,475 | 4,513 | 2,457 | 2,004 | |||||||||||||
Net income | 3,354 | 2,648 | 1,107 | 1,218 | |||||||||||||
Per share information | |||||||||||||||||
Net income per share | |||||||||||||||||
Basic (b) | $ | 0.76 | $ | 0.59 | $ | 0.25 | $ | 0.27 | |||||||||
Diluted (b) | $ | 0.73 | $ | 0.57 | $ | 0.24 | $ | 0.27 | |||||||||
Shares used in computation of net income per share | |||||||||||||||||
Basic (b) | 4,415,000 | 4,460,000 | 4,466,000 | 4,459,000 | |||||||||||||
Diluted (b) | 4,588,000 | 4,625,000 | 4,622,000 | 4,594,000 | |||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year 2013 | |||||||||||||||||
Total revenues | $ | 20,182 | $ | 21,360 | $ | 15,025 | $ | 14,976 | |||||||||
Gross profit (a) | 3,420 | 4,695 | 2,044 | 1,623 | |||||||||||||
Net income | 2,006 | 2,845 | 1,062 | 1,555 | |||||||||||||
Per share information | |||||||||||||||||
Net income per share | |||||||||||||||||
Basic (b) | $ | 0.46 | $ | 0.65 | $ | 0.24 | $ | 0.35 | |||||||||
Diluted (b) | $ | 0.44 | $ | 0.62 | $ | 0.23 | $ | 0.34 | |||||||||
Shares used in computation of net incomeper share | |||||||||||||||||
Basic (b) | 4,368,000 | 4,407,000 | 4,414,000 | 4,411,000 | |||||||||||||
Diluted (b) | 4,531,000 | 4,604,000 | 4,612,000 | 4,603,000 |
Note_1_Description_and_Organiz1
Note 1 - Description and Organization of Business (Details) | Mar. 30, 2014 |
Entity Operated Units [Member] | ' |
Note 1 - Description and Organization of Business (Details) [Line Items] | ' |
Number of Restaurants | 5 |
Franchised Units [Member] | ' |
Note 1 - Description and Organization of Business (Details) [Line Items] | ' |
Number of Restaurants | 324 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 5 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 5 Months Ended | ||||||||||||||||||||
Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Mar. 31, 2013 | |
Branded Product Customer A [Member] | Branded Product Customer A [Member] | Branded Product Customer A [Member] | Branded Product Customer A [Member] | Branded Product Customer B [Member] | Branded Product Customer B [Member] | Branded Product Customer C [Member] | Branded Product Customer C [Member] | One Retail Licensee [Member] | Deferred Franchise Fees [Member] | Deferred Franchise Fees [Member] | Deferred Development Fee [Member] | Deferred Development Fee [Member] | New Unit Openings, Transfers, Co-branding and Forfeitures [Member] | New Unit Openings, Transfers, Co-branding and Forfeitures [Member] | New Unit Openings, Transfers, Co-branding and Forfeitures [Member] | Primary Supplier of Hot Dogs [Member] | Primary Supplier of Hot Dogs [Member] | Primary Supplier of Hot Dogs [Member] | Distributor of Product to Company-owned Restaurants [Member] | Distributor of Product to Company-owned Restaurants [Member] | Distributor of Product to Company-owned Restaurants [Member] | Write-off of Property and Equipment [Member] | |||||
Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | |||||||||||||||||||
Accounts Receivable [Member] | Accounts Receivable [Member] | Sales [Member] | Sales [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | |||||||||||||||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Equivalents, at Carrying Value | $172,000 | $330,000 | $172,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 95,000 | 95,000 | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 1,353,000 | 1,353,000 | 1,353,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from Catastrophes | 1,340,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 449,000 |
Impairment of Long-Lived Assets Held-for-use | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,000 | 278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Franchise Revenue | ' | 5,718,000 | 5,842,000 | 5,646,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 863,000 | 852,000 | 920,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 401,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | 23.00% | 16.00% | 17.00% | 12.00% | 13.00% | 11.00% | 11.00% | 10.00% | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Product Purchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 82.00% | 79.00% | ' | ' | ' | ' |
Percent of Product Purchases Company-Owned Restaurants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 7.00% | 8.00% | ' |
Maximum Contributions to Advertising Fund, Percentage of Net Sales | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Expense | ' | $147,000 | $144,000 | $227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Property and Equipment | 12 Months Ended |
Mar. 31, 2014 | |
Building and Building Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Life | '5 years |
Building and Building Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Life | '25 years |
Machinery, Equipment, Furniture and Fixtures [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Life | '3 years |
Machinery, Equipment, Furniture and Fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Life | '15 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Life | '5 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Life | '20 years |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable Securities | $11,187 | $12,307 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable Securities | 11,187 | 12,307 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable Securities | $0 | $0 |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies (Details) - Summary of Franchise Openings and Closings for the Nathan’s Franchise Restaurant System | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Franchised Restaurants Operating Beginning of Period [Member] | ' | ' | ' |
Franchisor Disclosure [Line Items] | ' | ' | ' |
Restaurants | 303 | 299 | 264 |
New Franchised Restaurants Opened During Period [Member] | ' | ' | ' |
Franchisor Disclosure [Line Items] | ' | ' | ' |
Restaurants | 56 | 40 | 67 |
Franchised Restaurants Closed During Period [Member] | ' | ' | ' |
Franchisor Disclosure [Line Items] | ' | ' | ' |
Restaurants | -35 | -36 | -32 |
Franchised Restaurants Operating End of Period [Member] | ' | ' | ' |
Franchisor Disclosure [Line Items] | ' | ' | ' |
Restaurants | 324 | 303 | 299 |
Note_2_Summary_of_Significant_6
Note 2 - Summary of Significant Accounting Policies (Details) - The Company’s Revenues (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 23, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Note 2 - Summary of Significant Accounting Policies (Details) - The Company’s Revenues [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $17,331 | $18,533 | $23,662 | $23,401 | $14,976 | $15,025 | $21,360 | $20,182 | $82,927 | $71,543 | $66,222 |
Domestic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) - The Company’s Revenues [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 79,396 | 68,499 | 64,534 |
Non-Domestic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) - The Company’s Revenues [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $3,531 | $3,044 | $1,688 |
Note_2_Summary_of_Significant_7
Note 2 - Summary of Significant Accounting Policies (Details) - The Company’s Sales (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Revenue from External Customer [Line Items] | ' | ' | ' |
Sales | $65,521 | $56,656 | $52,369 |
Branded Product Sales [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Sales | 51,877 | 43,214 | 38,506 |
Company-Operated Restaurants [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Sales | 13,231 | 13,403 | 13,209 |
Other Products [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Sales | $413 | $39 | $654 |
Note_3_Income_Per_Share_Detail
Note 3 - Income Per Share (Details) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 |
Note_3_Income_Per_Share_Detail1
Note 3 - Income Per Share (Details) - Table of Earnings per Share Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 23, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | ||||||||
Table of Earnings per Share Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic calculation | ' | ' | ' | ' | ' | ' | ' | ' | $8,327 | $7,468 | $6,158 | ||||||||
Basic calculation | 4,459,000 | [1] | 4,466,000 | [1] | 4,460,000 | [1] | 4,415,000 | [1] | 4,411,000 | [1] | 4,414,000 | [1] | 4,407,000 | [1] | 4,368,000 | [1] | 4,450,000 | 4,400,000 | 4,906,000 |
Basic calculation | $0.27 | [1] | $0.25 | [1] | $0.59 | [1] | $0.76 | [1] | $0.35 | [1] | $0.24 | [1] | $0.65 | [1] | $0.46 | [1] | $1.87 | $1.70 | $1.26 |
Effect of dilutive employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | 155,000 | 188,000 | 143,000 | ||||||||
Effect of dilutive employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | ($0.06) | ($0.07) | ($0.04) | ||||||||
Diluted calculation | ' | ' | ' | ' | ' | ' | ' | ' | $8,327 | $7,468 | $6,158 | ||||||||
Diluted calculation | 4,594,000 | [1] | 4,622,000 | [1] | 4,625,000 | [1] | 4,588,000 | [1] | 4,603,000 | [1] | 4,612,000 | [1] | 4,604,000 | [1] | 4,531,000 | [1] | 4,605,000 | 4,588,000 | 5,049,000 |
Diluted calculation | $0.27 | [1] | $0.24 | [1] | $0.57 | [1] | $0.73 | [1] | $0.34 | [1] | $0.23 | [1] | $0.62 | [1] | $0.44 | [1] | $1.81 | $1.63 | $1.22 |
[1] | The sum of the quarters may not equal the full year per share amounts included in the accompanying consolidated statements of earnings due to the effect of the weighted average number of shares outstanding during the fiscal years as compared to the quarters. |
Note_4_Marketable_Securities_D
Note 4 - Marketable Securities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Marketable Securities Disclosure [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ($180) | ($168) | $16 |
Note_4_Marketable_Securities_D1
Note 4 - Marketable Securities (Details) - Marketable Securities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Marketable Securities [Abstract] | ' | ' |
Cost | $10,947 | $11,768 |
Gross Unrealized Gains | 240 | 539 |
Gross Unrealized Losses | 0 | 0 |
Fair Market Value | $11,187 | $12,307 |
Note_4_Marketable_Securities_D2
Note 4 - Marketable Securities (Details) - Bond Maturities by Period (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Bond Maturities by Period [Abstract] | ' | ' |
30-Mar-14 | $11,187 | $12,307 |
30-Mar-14 | 5,214 | ' |
30-Mar-14 | 4,792 | ' |
30-Mar-14 | 1,181 | ' |
30-Mar-14 | $0 | ' |
Note_4_Marketable_Securities_D3
Note 4 - Marketable Securities (Details) - Proceeds from Sale of Available-for-Sale Securities and the Resulting Gross Realized Gains (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Available-for-sale securities: | ' | ' | ' |
Proceeds | $2,890 | $2,000 | $4,050 |
Gross realized gains | $0 | $0 | $0 |
Note_5_Accounts_and_Other_Rece2
Note 5 - Accounts and Other Receivables, Net (Details) | 12 Months Ended |
Mar. 30, 2014 | |
Receivables [Abstract] | ' |
Accounts Receivable Payment Terms | '30 days |
Note_5_Accounts_and_Other_Rece3
Note 5 - Accounts and Other Receivables, Net (Details) - Accounts and Other Receivables, Net (USD $) | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Mar. 27, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Account Receivable, Gross, Current | $8,256 | $7,047 | ' | ' |
Less: allowance for doubtful accounts | 433 | 130 | 138 | 62 |
Accounts and other receivables, net | 7,823 | 6,917 | ' | ' |
Franchise and License Royalties [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Account Receivable, Gross, Current | 1,658 | 2,355 | ' | ' |
Branded Product Sales [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Account Receivable, Gross, Current | 5,141 | 4,071 | ' | ' |
Other Receivables [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Account Receivable, Gross, Current | $1,457 | $621 | ' | ' |
Note_5_Accounts_and_Other_Rece4
Note 5 - Accounts and Other Receivables, Net (Details) - Changes in Allowance for Doubtful Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Changes in Allowance for Doubtful Accounts [Abstract] | ' | ' | ' |
Beginning balance | $130 | $138 | $62 |
Bad debt expense | 21 | 15 | 86 |
Uncollectible marketing fund contributions | 320 | 5 | 0 |
Accounts written off | -38 | -28 | -10 |
Ending balance | $433 | $130 | $138 |
Note_6_Prepaid_Expenses_and_Ot2
Note 6 - Prepaid Expenses and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Abstract] | ' | ' |
Income taxes | $2,059 | $0 |
Insurance | 506 | 359 |
Other | 564 | 737 |
$3,129 | $1,096 |
Note_7_LongTerm_Investment_Det
Note 7 - Long-Term Investment (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Sep. 23, 2012 |
Investments, All Other Investments [Abstract] | ' | ' | ' | ' |
Investment Owned, Balance, Shares (in Shares) | ' | ' | ' | 351,550 |
Long-term Investments | $100 | $500 | ' | $500 |
Cost Method Investment Ownership Percentage | ' | ' | ' | 2.50% |
Cost-method Investments, Other than Temporary Impairment | $400 | $0 | $0 | ' |
Note_8_Property_and_Equipment_2
Note 8 - Property and Equipment, Net (Details) - Property and Equipment (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and Equipment [Abstract]0 | ' | ' |
Land | $1,197 | $1,197 |
Building and improvements | 2,161 | 2,045 |
Machinery, equipment, furniture and fixtures | 6,349 | 5,460 |
Leasehold improvements | 6,792 | 3,878 |
Construction-in-progress | 25 | 569 |
16,524 | 13,149 | |
Less: accumulated depreciation and amortization | 7,554 | 7,361 |
$8,970 | $5,788 |
Note_9_Accrued_Expenses_Other_2
Note 9 - Accrued Expenses, Other Current Liabilities and Other Liabilities (Details) - Accrued Expenses and Other Current Liabilities (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 9 - Accrued Expenses, Other Current Liabilities and Other Liabilities (Details) - Accrued Expenses and Other Current Liabilities [Line Items] | ' | ' |
Payroll and other benefits | $2,433 | $2,248 |
Accrued rebates | 855 | 648 |
Rent and occupancy costs | 163 | 197 |
Construction costs | 281 | 25 |
Unexpended advertising funds | 52 | 181 |
Other | 233 | 440 |
4,751 | 4,320 | |
Deferred Franchise Fees and Other Deferred Revenue [Member] | ' | ' |
Note 9 - Accrued Expenses, Other Current Liabilities and Other Liabilities (Details) - Accrued Expenses and Other Current Liabilities [Line Items] | ' | ' |
Deferred revenue | $734 | $581 |
Note_9_Accrued_Expenses_Other_3
Note 9 - Accrued Expenses, Other Current Liabilities and Other Liabilities (Details) - Other Liabilities (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities [Abstract] | ' | ' |
Deferred development fees | $200 | $401 |
Reserve for uncertain tax positions (Note J) | 620 | 639 |
Deferred rental liability | 661 | 764 |
Other | 212 | 247 |
$1,693 | $2,051 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $283 | $296 | $422 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 329 | 337 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 43 | 46 | 47 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | ($64) | ' | ' |
Note_10_Income_Taxes_Details_I
Note 10 - Income Taxes (Details) - Income Tax Provision (Benefit) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Federal | ' | ' | ' |
Current | $2,664 | $3,237 | $1,274 |
Deferred | 1,421 | 377 | 1,566 |
4,085 | 3,614 | 2,840 | |
State and local | ' | ' | ' |
Current | 918 | 937 | 534 |
Deferred | 231 | 120 | 475 |
1,149 | 1,057 | 1,009 | |
$5,234 | $4,671 | $3,849 |
Note_10_Income_Taxes_Details_E
Note 10 - Income Taxes (Details) - Effective Inome Tax Rate Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Effective Inome Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Computed “expected†tax expense | $4,611 | $4,127 | $3,412 |
State and local income taxes, net of Federal income tax benefit | 773 | 633 | 682 |
Tax-exempt investment earnings | -110 | -133 | -178 |
Change in uncertain tax positions, net | -22 | 22 | -24 |
Nondeductible meals and entertainment and other | -18 | 22 | -43 |
$5,234 | $4,671 | $3,849 |
Note_10_Income_Taxes_Details_D
Note 10 - Income Taxes (Details) - Deferred Tax Assets and Deferred Tax Liabilities (USD $) | Mar. 30, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Accrued expenses | $162 | $166 |
Allowance for doubtful accounts | 49 | 49 |
Deferred revenue | 569 | 510 |
Deferred stock compensation | 594 | 646 |
Excess of straight line over actual rent | 289 | 316 |
Investment | 157 | 0 |
Other | 129 | 127 |
Total gross deferred tax assets | 1,949 | 1,814 |
Deferred tax liabilities | ' | ' |
Deductible prepaid expense | 302 | 223 |
Unrealized gain on marketable securities | 83 | 202 |
Depreciation expense | 1,692 | 321 |
Deductible business interruption expenses | 293 | 0 |
Amortization | 287 | 243 |
Total gross deferred tax liabilities | 2,657 | 989 |
Net deferred tax (liability) asset | -708 | 825 |
Less current portion | -26 | -345 |
Long-term portion | ($734) | $480 |
Note_10_Income_Taxes_Details_R
Note 10 - Income Taxes (Details) - Reconciliation of Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Reconciliation of Unrecognized Tax Benefits [Abstract] | ' | ' | ' |
Unrecognized tax benefits, beginning of year | $296 | $422 | $318 |
Decreases of tax positions taken in prior years | -34 | -50 | -41 |
Increase based on tax positions taken in current year | 21 | 34 | 26 |
Settlements of tax positions taken in prior years | 0 | -110 | 0 |
Increase based on tax positions taken in prior years | 0 | 0 | 119 |
Unrecognized tax benefits, end of year | $283 | $296 | $422 |
Note_10_Income_Taxes_Details_T
Note 10 - Income Taxes (Details) - The Earliest Tax Years Subject to Examination by Taxing Authorities | 12 Months Ended |
Mar. 30, 2014 | |
Domestic Tax Authority [Member] | ' |
Income Tax Examination [Line Items] | ' |
The Earliest Tax Years Subject to Examination | '2011 |
New York State [Member] | ' |
Income Tax Examination [Line Items] | ' |
The Earliest Tax Years Subject to Examination | '2011 |
New York City [Member] | ' |
Income Tax Examination [Line Items] | ' |
The Earliest Tax Years Subject to Examination | '2011 |
Note_11_Stockholders_Equity_St2
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | 150 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 53 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||
Feb. 13, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Mar. 30, 2014 | Dec. 13, 2013 | Jun. 05, 2013 | Sep. 13, 2012 | Dec. 31, 2011 | Sep. 14, 2010 | Sep. 14, 2010 | Sep. 14, 2010 | Mar. 30, 2014 | Mar. 30, 2014 | Jun. 04, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Jun. 05, 2013 | Mar. 30, 2014 | Dec. 13, 2013 | Mar. 30, 2014 | Feb. 01, 2011 | Nov. 03, 2009 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 31, 2011 | Dec. 31, 2011 | |
Newly Authorized Additional Shares Pursuant to 2010 Plan [Member] | Shares Not Issued Under 2001 Plan and 2002 Plan [Member] | Shares Expired or Forfeited Up to 100000 Shares [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | The 2010 Plan [Member] | Options Granted Before The 2010 Plan [Member] | Stock Incentive Plans [Member] | Stock Incentive Plans [Member] | The 2013 Rights [Member] | Common Stock Purchase Rights [Member] | MSI Agreement [Member] | Sixth Stock Repurchase Plan [Member] | Sixth Stock Repurchase Plan [Member] | Sixth Stock Repurchase Plan [Member] | Executive Chairman of the Board [Member] | Executive Chairman of the Board [Member] | Executive Chairman of the Board [Member] | Chief Executive Officer [Member] | Chief Operating Officer [Member] | Executive Vice President [Member] | One Employee [Member] | Minimum [Member] | Maximum [Member] | ||||||||||
Executive Chairman of the Board [Member] | Chief Executive Officer [Member] | Minimum [Member] | Maximum [Member] | Base Salary [Member] | Consulting Fee [Member] | Base Salary [Member] | Base Salary [Member] | Base Salary [Member] | Base Salary [Member] | ||||||||||||||||||||||||||||
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | 171,000 | 100,000 | 318,500 | ' | ' | 219,844 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increased Number of Shares Available for Issuance Due to Plan Amendment (in Shares) | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Available Common Shares Reduced by Each Share of Restricted Stock Granted (in Shares) | ' | ' | ' | ' | ' | ' | ' | 3.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award Option Life | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '4 years | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 25,000 | 25,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | $49.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49.80 | $29.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,245,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | ' | 55,000 | 40,000 | ' | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | ' | 0 | 0 | 177,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | $0 | $0 | $17.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | ' | 286,000 | 251,000 | 101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Total Unamortized Compensation Expense | ' | 2,075,000 | ' | ' | 2,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | '1 year 9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Options Exercised During Period (in Shares) | ' | 150,000 | 192,500 | 25,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | ' | 944,000 | 389,000 | 65,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | 6,038,000 | 3,523,000 | 289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | ' | $5.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | ' | $17.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 533 | 293 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New Right Purchase Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,188,600 | 10,522,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired (in Shares) | ' | 30,463 | ' | ' | 4,610,026 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 511,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | 1,486,000 | 3,085,000 | 15,867,000 | 54,884,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,279,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program Number of Additional Shares Authorized to be Repurchased (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 288,933 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Modified Dutch Tender Offer Stock Repurchase Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20 | $22 |
Contractual Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 200,000 | ' | 350,000 | 289,000 | 210,000 | 136,000 | ' | ' |
Term of Consulting Period Pursuant to the Lorber Employment Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Number of Times of Salary and Bonus, Lump Sum Cash Payment | ' | 2.99 | ' | ' | 2.99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | $36.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,245,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares (in Shares) | 67,619 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan Employer Matching Contribution Rate Per Dollar | ' | 0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | ' | 34,000 | 31,000 | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multiemployer Plans, Plan Contributions | ' | $10,000 | $16,000 | $19,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_11_Stockholders_Equity_St3
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) - Fair Values Option Valuation Assumptions (USD $) | 12 Months Ended |
Mar. 25, 2012 | |
Fair Values Option Valuation Assumptions [Abstract] | ' |
Weighted-average option fair values (in Dollars per share) | $5.04 |
Expected life (years) | '5 years |
Interest rate | 1.60% |
Volatility | 28.90% |
Dividend yield | 0.00% |
Note_11_Stockholders_Equity_St4
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) - Compensation Cost Charged to Expense under All Stock-based Incentive Awards (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) - Compensation Cost Charged to Expense under All Stock-based Incentive Awards [Line Items] | ' | ' | ' |
Share-based Compensation Expense | $721 | $627 | $274 |
Employee Stock Option [Member] | ' | ' | ' |
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) - Compensation Cost Charged to Expense under All Stock-based Incentive Awards [Line Items] | ' | ' | ' |
Share-based Compensation Expense | 224 | 224 | 274 |
Restricted Stock [Member] | ' | ' | ' |
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) - Compensation Cost Charged to Expense under All Stock-based Incentive Awards [Line Items] | ' | ' | ' |
Share-based Compensation Expense | $497 | $403 | $0 |
Note_11_Stockholders_Equity_St5
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) - A Summary of the Status of the Company’s Stock Options (USD $) | 12 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | |
A Summary of the Status of the Company’s Stock Options [Abstract] | ' | ' | ' |
Options outstanding – beginning of year | 429,500 | 622,000 | 470,000 |
Options outstanding – beginning of year | $13.29 | $13.21 | $11.29 |
Granted | 0 | 0 | 177,500 |
Granted | $0 | $0 | $17.75 |
Expired | 0 | 0 | 0 |
Expired | $0 | $0 | $0 |
Exercised | -150,000 | -192,500 | -25,500 |
Exercised | $9.71 | $13.04 | $9.36 |
Options outstanding - end of year | 279,500 | 429,500 | 622,000 |
Options outstanding - end of year | $15.22 | $13.29 | $13.21 |
Options exercisable - end of year | 190,750 | 296,375 | 444,500 |
Options exercisable - end of year | $14.04 | $11.29 | $11.40 |
Weighted-average fair value of options granted | 0 | 0 | 177,500 |
Weighted-average fair value of options granted | ' | ' | $5.04 |
Note_11_Stockholders_Equity_St6
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) - Outstanding Stock Options (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Mar. 27, 2011 |
Outstanding Stock Options [Abstract] | ' | ' | ' | ' |
Options outstanding at March 30, 2014 | 279,500 | 429,500 | 622,000 | 470,000 |
Options outstanding at March 30, 2014 | $15.22 | $13.29 | $13.21 | $11.29 |
Options outstanding at March 30, 2014 | '2 years 25 days | ' | ' | ' |
Options outstanding at March 30, 2014 | $9,381 | ' | ' | ' |
Options exercisable at March 30, 2014 | 190,750 | 296,375 | 444,500 | ' |
Options exercisable at March 30, 2014 | $14.04 | $11.29 | $11.40 | ' |
Options exercisable at March 30, 2014 | '2 years 7 days | ' | ' | ' |
Options exercisable at March 30, 2014 | $6,627 | ' | ' | ' |
Note_11_Stockholders_Equity_St7
Note 11 - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details) - Transactions with Respect to Restricted Stock (USD $) | 12 Months Ended |
Mar. 30, 2014 | |
Transactions with Respect to Restricted Stock [Abstract] | ' |
Unvested restricted stock at March 31, 2013 | 40,000 |
Unvested restricted stock at March 31, 2013 | $29.29 |
Granted | 25,000 |
Granted | $49.80 |
Vested | -10,000 |
Vested | $29.29 |
Unvested restricted stock at March 30, 2014 | 55,000 |
Unvested restricted stock at March 30, 2014 | $38.61 |
Note_12_Commitments_and_Contin2
Note 12 - Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 5 Months Ended | 12 Months Ended | 1 Months Ended | 5 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 24, 2013 | Jan. 19, 2011 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | Dec. 01, 2009 | Apr. 30, 2014 | Mar. 31, 2013 | Oct. 29, 2012 | Oct. 29, 2012 | Oct. 29, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | |
Subsequent Event [Member] | Coney Island Restaurant [Member] | Closed for Varying Periods of Time [Member] | Closed for Varying Periods of Time [Member] | Remain Closed [Member] | Write-off of Property and Equipment [Member] | Unsalable Inventories [Member] | Unutilized Insurance Advance [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Business Interruption Claim, Net of Fees [Member] | Branded Menu Location [Member] | Branded Menu Location [Member] | |||||||||||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '20 years |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '20 years |
Operating Leases, Rent Expense, Net | ' | ' | ' | $1,391,000 | $1,102,000 | $1,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense, Sublease Rentals | ' | ' | ' | 265,000 | 353,000 | 229,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense, Contingent Rentals | ' | ' | ' | 454,000 | 399,000 | 151,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease, Number of Units | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | ' | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Estimated Hot Dogs Usage | ' | ' | ' | 13.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Awarded, Value | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation Settlement, Amount | 6,009,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Current Carrying Value | ' | ' | ' | ' | ' | ' | 193,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Restaurants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 78 | 1 | ' | ' | ' | ' | ' |
Loss from Catastrophes | ' | ' | 1,340,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 449,000 | 42,000 | ' | ' | ' |
Proceeds from Insurance Settlement, Investing Activities | ' | ' | ' | 3,400,000 | ' | ' | ' | 718,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insured Event, Gain (Loss) | ' | ' | ' | $2,774,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $2,774,000 | ' | ' |
Note_12_Commitments_and_Contin3
Note 12 - Commitments and Contingencies (Details) - Non-cancelable Operating Lease Commitments (USD $) | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |
Non-cancelable Operating Lease Commitments [Abstract] | ' |
2015 | $1,785 |
2015 | 404 |
2015 | 1,381 |
2016 | 1,657 |
2016 | 270 |
2016 | 1,387 |
2017 | 1,682 |
2017 | 254 |
2017 | 1,428 |
2018 | 1,711 |
2018 | 262 |
2018 | 1,449 |
2019 | 1,692 |
2019 | 266 |
2019 | 1,426 |
Thereafter | 7,760 |
Thereafter | 1,617 |
Thereafter | 6,143 |
16,287 | |
3,073 | |
$13,214 |
Note_13_Related_Party_Transact1
Note 13 - Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 |
Accounting Firm where Charles Raich Served as Managing Partner [Member] | ' | ' | ' |
Note 13 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $130 | $136 | $127 |
Fim where Lorber Serves as Consultant [Member] | ' | ' | ' |
Note 13 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $24 | $25 | $26 |
Note_14_Quarterly_Financial_In2
Note 14 - Quarterly Financial Information (Unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 23, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | ||||||||
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenues | $17,331 | $18,533 | $23,662 | $23,401 | $14,976 | $15,025 | $21,360 | $20,182 | $82,927 | $71,543 | $66,222 | ||||||||
Gross profit (a) | 2,004 | [1] | 2,457 | [1] | 4,513 | [1] | 3,475 | [1] | 1,623 | [1] | 2,044 | [1] | 4,695 | [1] | 3,420 | [1] | ' | ' | ' |
Net income | $1,218 | $1,107 | $2,648 | $3,354 | $1,555 | $1,062 | $2,845 | $2,006 | $8,327 | $7,468 | $6,158 | ||||||||
Net income per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic (b) (in Dollars per share) | $0.27 | [2] | $0.25 | [2] | $0.59 | [2] | $0.76 | [2] | $0.35 | [2] | $0.24 | [2] | $0.65 | [2] | $0.46 | [2] | $1.87 | $1.70 | $1.26 |
Diluted (b) (in Dollars per share) | $0.27 | [2] | $0.24 | [2] | $0.57 | [2] | $0.73 | [2] | $0.34 | [2] | $0.23 | [2] | $0.62 | [2] | $0.44 | [2] | $1.81 | $1.63 | $1.22 |
Shares used in computation of net income per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic (b) (in Shares) | 4,459,000 | [2] | 4,466,000 | [2] | 4,460,000 | [2] | 4,415,000 | [2] | 4,411,000 | [2] | 4,414,000 | [2] | 4,407,000 | [2] | 4,368,000 | [2] | 4,450,000 | 4,400,000 | 4,906,000 |
Diluted (b) (in Shares) | 4,594,000 | [2] | 4,622,000 | [2] | 4,625,000 | [2] | 4,588,000 | [2] | 4,603,000 | [2] | 4,612,000 | [2] | 4,604,000 | [2] | 4,531,000 | [2] | 4,605,000 | 4,588,000 | 5,049,000 |
[1] | Gross profit represents the difference between sales and cost of sales. | ||||||||||||||||||
[2] | The sum of the quarters may not equal the full year per share amounts included in the accompanying consolidated statements of earnings due to the effect of the weighted average number of shares outstanding during the fiscal years as compared to the quarters. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 25, 2012 | |||
Valuation and Qualifying Accounts [Abstract] | ' | ' | ' | |||
Balance at beginning of period | $130 | [1] | $138 | $62 | ||
Additions charged to costs and expenses | 21 | 15 | 86 | |||
Additions charged to other accounts | 320 | [2] | 5 | [2] | ' | |
Deductions | 38 | [1] | 28 | [1] | 10 | [1] |
Balance at end of period | $433 | [1] | $130 | [1] | $138 | |
[1] | Uncollectible amounts written off. | |||||
[2] | Uncollectible marketing fund contributions. |