Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2015 | Jun. 09, 2015 | Sep. 26, 2014 |
Entity Registrant Name | NATHANS FAMOUS INC | ||
Entity Central Index Key | 69733 | ||
Current Fiscal Year End Date | -26 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,583,498 | ||
Entity Public Float | $208,235 | ||
Document Type | 10-K | ||
Document Period End Date | 29-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $51,393,000 | $22,077,000 |
Fair Market Value | 7,091,000 | 11,187,000 |
Accounts and other receivables, net | 9,499,000 | 7,823,000 |
Inventories | 822,000 | 947,000 |
Prepaid expenses and other current assets (Note F) | 4,532,000 | 3,129,000 |
Deferred income taxes | 277,000 | 26,000 |
Total current assets | 73,614,000 | 45,189,000 |
Property and equipment, net of accumulated depreciation of $6,946,000 and $7,554,000, respectively | 9,257,000 | 8,970,000 |
Goodwill | 95,000 | 95,000 |
Intangible asset | 1,353,000 | 1,353,000 |
Other assets | 347,000 | 528,000 |
84,666,000 | 56,135,000 | |
CURRENT LIABILITIES | ||
Accounts payable | 5,319,000 | 4,826,000 |
Accrued expenses and other current liabilities | 6,412,000 | 4,751,000 |
Total current liabilities | 12,009,000 | 9,811,000 |
Long-term debt, net of unamortized debt discounts and issuance costs of $5,860,000 (Note K) | 129,140,000 | |
Other liabilities | 2,397,000 | 1,693,000 |
Deferred income taxes | 1,028,000 | 734,000 |
Total liabilities | 144,574,000 | 12,238,000 |
COMMITMENTS AND CONTINGENCIES (Note M) | ||
STOCKHOLDERS’ (DEFICIT) EQUITY | ||
Common stock, $.01 par value; 30,000,000 shares authorized; 9,252,097 and 9,092,183 shares issued; and 4,604,410 and 4,482,157 shares outstanding at March 29, 2015 and March 30, 2014, respectively | 93,000 | 91,000 |
Additional paid-in capital | 60,196,000 | 57,578,000 |
(Accumulated deficit) retained earnings | -63,444,000 | 40,963,000 |
Accumulated other comprehensive income | 47,000 | 149,000 |
-3,108,000 | 98,781,000 | |
Treasury stock, at cost, 4,647,687 and 4,610,026 shares at March 29, 2015 and March 30, 2014, respectively | -56,800,000 | -54,884,000 |
Total stockholders’ (deficit) equity | -59,908,000 | 43,897,000 |
84,666,000 | 56,135,000 | |
Deferred Franchise Fees [Member] | ||
CURRENT LIABILITIES | ||
Deferred Revenue, Current | $278,000 | $234,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accumulated depreciation | $6,946 | $7,554 |
Unamortized debt issuance costs | $5,860 | |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, issued (in shares) | 9,252,097 | 9,092,183 |
Common stock, outstanding (in shares) | 4,604,410 | 4,482,157 |
Treasury stock, shares (in shares) | 4,647,687 | 4,610,026 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
REVENUES | |||
Sales | $75,520,000 | $65,521,000 | $56,656,000 |
License royalties | 18,011,000 | 8,513,000 | 8,571,000 |
Franchise fees and royalties | 5,581,000 | 5,718,000 | 5,842,000 |
Total revenues | 99,112,000 | 79,752,000 | 71,069,000 |
COSTS AND EXPENSES | |||
Cost of sales | 61,951,000 | 53,072,000 | 44,874,000 |
Restaurant operating expenses | 3,747,000 | 3,142,000 | 2,700,000 |
Depreciation and amortization | 1,253,000 | 1,157,000 | 940,000 |
General and administrative expenses | 12,203,000 | 11,460,000 | 10,437,000 |
Total costs and expenses | 79,154,000 | 68,831,000 | 58,951,000 |
Income from operations | 19,958,000 | 10,921,000 | 12,118,000 |
Interest expense | -816,000 | -135,000 | -453,000 |
Interest income | 176,000 | 325,000 | 392,000 |
Insurance gain (Note M.4) | 0 | 2,774,000 | 0 |
Impairment charge b long-term investment (Note G) | 0 | -400,000 | 0 |
Other income, net | 87,000 | 76,000 | 82,000 |
Income before provision for income taxes | 19,405,000 | 13,561,000 | 12,139,000 |
Provision for income taxes | 7,702,000 | 5,234,000 | 4,671,000 |
Net income | $11,703,000 | $8,327,000 | $7,468,000 |
Income per share: | |||
Basic (in dollars per share) | $2.61 | $1.87 | $1.70 |
Diluted (in dollars per share) | $2.55 | $1.81 | $1.63 |
Cash dividends declared per share (in dollars per share) | $25 | $0 | $0 |
Weighted average shares used in computing income per share: | |||
Basic (in shares) | 4,486,000 | 4,450,000 | 4,400,000 |
Diluted (in shares) | 4,588,000 | 4,605,000 | 4,588,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Net income | $11,703,000 | $8,327,000 | $7,468,000 |
Other comprehensive loss, net of deferred income taxes: | |||
Unrealized losses on marketable securities | -102,000 | -180,000 | -168,000 |
Other comprehensive loss | -102,000 | -180,000 | -168,000 |
Comprehensive income | $11,601,000 | $8,147,000 | $7,300,000 |
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 |
Balance at Mar. 25, 2012 | $89,000 | $53,396,000 | $25,168,000 | $497,000 | ($50,313,000) | $28,837,000 |
Balance (in shares) at Mar. 25, 2012 | 8,855,263 | 4,491,486 | ||||
Shares issued in connection with share-based compensation plans (in shares) | 102,918 | |||||
Shares issued in connection with share-based compensation plans | 1,000 | 388,000 | 389,000 | |||
Withholding tax on net share settlement of share-based compensation plans | -982,000 | -982,000 | ||||
Repurchase of common stock (in shares) | 88,077 | |||||
Repurchase of common stock | -3,085,000 | -3,085,000 | ||||
Income tax benefit on stock option exercises | 1,062,000 | 1,062,000 | ||||
Share-based compensation | 627,000 | 627,000 | ||||
Unrealized losses on available-for-sale securities, net of deferred income tax benefit | -168,000 | -168,000 | ||||
Net income | 7,468,000 | 7,468,000 | ||||
Balance at Mar. 31, 2013 | 90,000 | 54,491,000 | 32,636,000 | 329,000 | -53,398,000 | 34,148,000 |
Balance (in shares) at Mar. 31, 2013 | 8,958,181 | 4,579,563 | ||||
Shares issued in connection with share-based compensation plans (in shares) | 134,002 | |||||
Shares issued in connection with share-based compensation plans | 1,000 | 943,000 | 944,000 | |||
Withholding tax on net share settlement of share-based compensation plans | -772,000 | -772,000 | ||||
Repurchase of common stock (in shares) | 30,463 | |||||
Repurchase of common stock | -1,486,000 | -1,486,000 | ||||
Income tax benefit on stock option exercises | 2,195,000 | 2,195,000 | ||||
Share-based compensation | 721,000 | 721,000 | ||||
Unrealized losses on available-for-sale securities, net of deferred income tax benefit | -180,000 | -180,000 | ||||
Net income | 8,327,000 | 8,327,000 | ||||
Balance at Mar. 30, 2014 | 91,000 | 57,578,000 | 40,963,000 | 149,000 | -54,884,000 | 43,897,000 |
Balance (in shares) at Mar. 30, 2014 | 9,092,183 | 4,610,026 | ||||
Shares issued in connection with share-based compensation plans (in shares) | 159,914 | |||||
Shares issued in connection with share-based compensation plans | 2,000 | 880,000 | 882,000 | |||
Withholding tax on net share settlement of share-based compensation plans | -3,693,000 | -3,693,000 | ||||
Repurchase of common stock (in shares) | 37,661 | 37,661 | ||||
Repurchase of common stock | -1,916,000 | -1,916,000 | ||||
Income tax benefit on stock option exercises | 4,572,000 | 4,572,000 | ||||
Share-based compensation | 859,000 | 859,000 | ||||
Unrealized losses on available-for-sale securities, net of deferred income tax benefit | -102,000 | -102,000 | ||||
Net income | 11,703,000 | 11,703,000 | ||||
Dividends declared | -116,110,000 | -116,110,000 | ||||
Balance at Mar. 29, 2015 | $93,000 | $60,196,000 | ($63,444,000) | $47,000 | ($56,800,000) | ($59,908,000) |
Balance (in shares) at Mar. 29, 2015 | 9,252,097 | 4,647,687 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parentheticals) (Accumulated Other Comprehensive Income (Loss) [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ($66) | ($119) | ($105) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $11,703,000 | $8,327,000 | $7,468,000 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,253,000 | 1,157,000 | 940,000 |
Insurance gain | 0 | -2,774,000 | 0 |
Amortization of bond premium | 164,000 | 150,000 | 130,000 |
Amortization of debt discounts and issuance costs | 66,000 | ||
Share-based compensation expense | 859,000 | 721,000 | 627,000 |
Provision for doubtful accounts | 23,000 | 21,000 | 15,000 |
Cost-method Investments, Other than Temporary Impairment | 0 | 400,000 | 0 |
Deferred income taxes | 111,000 | 1,652,000 | 497,000 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables, net | -2,417,000 | -927,000 | -397,000 |
Insurance proceeds received for business interruption claim | 718,000 | 0 | 0 |
Inventories | 125,000 | 99,000 | 79,000 |
Prepaid expenses and other current assets | -1,403,000 | -2,033,000 | 298,000 |
Other assets | 181,000 | 30,000 | 7,000 |
Accrued litigation | 0 | -5,874,000 | 455,000 |
Accounts payable, accrued expenses and other current liabilities | 1,779,000 | 2,329,000 | -838,000 |
Advances of insurance proceeds | 130,000 | ||
Deferred franchise fees | 44,000 | -44,000 | 155,000 |
Other liabilities | 79,000 | -358,000 | -72,000 |
Net cash provided by operating activities | 13,285,000 | 2,876,000 | 9,494,000 |
Cash flows from investing activities: | |||
Proceeds from sales and maturities of available-for-sale securities | 8,020,000 | 2,890,000 | 2,000,000 |
Insurance proceeds received for property and equipment (Note M.4) | 0 | 2,711,000 | 449,000 |
Purchase of long-term investment | -500,000 | ||
Change in restricted cash | 0 | -135,000 | -455,000 |
Purchase of property and equipment | -1,538,000 | -4,339,000 | -998,000 |
Purchase of available-for-sale securities | -4,258,000 | -2,219,000 | |
Litigation settlement | 0 | 6,009,000 | |
Net cash provided by investing activities | 2,224,000 | 4,917,000 | 496,000 |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 135,000,000 | ||
Debt discounts and issuance costs | -5,926,000 | ||
Dividends paid to stockholders | -115,110,000 | ||
Repurchase of treasury stock | -1,916,000 | -1,486,000 | -3,085,000 |
Proceeds from the exercise of stock options | 880,000 | 944,000 | 389,000 |
Income tax benefit on stock option exercises | 4,572,000 | 2,195,000 | 1,062,000 |
Payments of withholding tax on net share settlement of share-based compensation plans | -3,693,000 | -772,000 | -982,000 |
Net cash provided by (used in) financing activities | 13,807,000 | 881,000 | -2,616,000 |
Net increase in cash and cash equivalents | 29,316,000 | 8,674,000 | 7,374,000 |
Cash and cash equivalents, beginning of year | 22,077,000 | 13,403,000 | 6,029,000 |
Cash and cash equivalents, end of year | 51,393,000 | 22,077,000 | 13,403,000 |
Cash paid during the year for: | |||
Interest | 0 | 1,099,000 | |
Income taxes | $4,545,000 | $3,457,000 | $2,548,000 |
Note_A_Description_and_Organiz
Note A - Description and Organization of Business | 12 Months Ended |
Mar. 29, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - DESCRIPTION AND ORGANIZATION OF BUSINESS |
Nathan’s Famous, Inc. and subsidiaries (collectively the “Company” or “Nathan’s”) has historically operated or franchised a chain of retail fast food restaurants featuring the “Nathan’s World Famous Beef Hot Dog”, crinkle-cut French-fried potatoes and a variety of other menu offerings. Nathan’s has also established a Branded Product Program, which enables foodservice retailers to sell select Nathan’s proprietary products outside of the realm of a traditional franchise relationship. Nathan’s also licenses the manufacture and sale of “Nathan’s Famous” packaged hot dogs, crinkle-cut French fries and a number of other products to a variety of third 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 29, 2015, the Company’s restaurant system included five Company-owned units in the New York City metropolitan area and 296 franchised or licensed units, located in 27 | |
states, the Cayman Islands and | |
ten | |
foreign countries. |
Note_B_Summary_of_Significant_
Note B - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Significant Accounting Policies [Text Block] | NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
The following significant accounting policies have been applied in the preparation of the consolidated financial statements: | |||||||||||||||||
1. Principles of Consolidation | |||||||||||||||||
The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. | |||||||||||||||||
2. Fiscal Year | |||||||||||||||||
The Company’s fiscal year ends on the last Sunday in March, which results in a 52 or 53-week reporting period. The results of operations and cash flows for the fiscal year ended March 29, 2015 contained 52 weeks. The results of operations and cash flows for the fiscal years ended March 30, 2014 contained 52 weeks and March 31, 2013 contained 53 weeks. | |||||||||||||||||
3. Reclassifications | |||||||||||||||||
As of March 29, 2015, Nathan’s has adopted a new income statement format that it believes will better present its results of operations. The Company concluded that it was appropriate to separately present its non-operating revenue and expenses. Accordingly, interest expense, impairment charge-long-term investment, insurance gain, interest income and other income, net, have been removed from total revenues and total costs and expenses. These prior year balances have been reclassified to conform with the current year presentation. | |||||||||||||||||
4. 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. | |||||||||||||||||
5. 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 | |||||||||||||||||
$1,754 and | |||||||||||||||||
$330 at March 29, 2015 and March 30, 2014, respectively. Substantially all of the Company’s cash and cash equivalents are in excess of government insurance. | |||||||||||||||||
6. | |||||||||||||||||
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. | |||||||||||||||||
7. 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 29, 2015 and March 30, 2014, 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. | |||||||||||||||||
8. Property and Equipment | |||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows: | |||||||||||||||||
Building and improvements (years) | 5 | – | 25 | ||||||||||||||
Machinery, equipment, furniture and fixtures (years) | 3 | – | 15 | ||||||||||||||
Leasehold improvements (years) | 5 | – | 20 | ||||||||||||||
9. 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 29, 2015 and March 30, 2014, the Company performed its required annual impairment test of goodwill and intangible assets and has determined no impairment is deemed to exist. | |||||||||||||||||
10. 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 M.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 29, 2015, March 30, 2014 and March 31, 2013. | |||||||||||||||||
11. 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 29, 2015 and March 30, 2014 based upon the valuation hierarchy: | |||||||||||||||||
29-Mar-15 | Level 1 | Level 2 | Level 3 | Carrying Value | |||||||||||||
Marketable securities | $ | - | $ | 7,091 | $ | - | $ | 7,091 | |||||||||
Total assets at fair value | $ | - | $ | 7,091 | $ | - | $ | 7,091 | |||||||||
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 | |||||||||
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 Company’s long-term debt had a carrying value of $135,000 as of March 29, 2015 and a fair value of $141,835 as of March 29, 2015. The Company estimates the fair value of its long-term debt based upon review of observable pricing in secondary markets as of the last trading day of the fiscal period. Accordingly, the Company classifies its long-term debt as Level 2. | |||||||||||||||||
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. | |||||||||||||||||
12. | |||||||||||||||||
Start-up Costs | |||||||||||||||||
Pre-opening and similar restaurant costs are expensed as incurred. | |||||||||||||||||
13. 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. | |||||||||||||||||
14. 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. | |||||||||||||||||
15. 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 29, 2015 and March 30, 2014, | |||||||||||||||||
$278 | |||||||||||||||||
and $234, respectively, of deferred franchise fees are included in the accompanying consolidated balance sheets. For the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, the Company earned franchise fees of $1,043, $863, and $852, respectively, from new unit openings, transfers, co-branding and forfeitures. | |||||||||||||||||
Development fees are non-refundable 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 uncollectible 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 29, 2015 and March 30, 2014, | |||||||||||||||||
$214 and $200, 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 29, 2015, March 30, 2014 and March 31, 2013: | |||||||||||||||||
March | March 30, | March 31, | |||||||||||||||
29 | |||||||||||||||||
, | |||||||||||||||||
201 | 2014 | 2013 | |||||||||||||||
5 | |||||||||||||||||
Franchised restaurants operating at the beginning of the period | 324 | 303 | 299 | ||||||||||||||
New franchised restaurants opened during the period | 36 | 56 | 40 | ||||||||||||||
Franchised restaurants closed during the period | (64 | ) | (35 | ) | (36 | ) | |||||||||||
Franchised restaurants operating at the end of the period | 296 | 324 | 303 | ||||||||||||||
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. | |||||||||||||||||
16. 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. | |||||||||||||||||
17. 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 29, 2015, three Branded Product customers represented 20%, 17% and 10%, of accounts receivable. 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%, 17% and 12% of total revenue for the years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. One retail licensee accounted for 17% of total revenue for the year ended March 29, 2015. | |||||||||||||||||
The Company’s primary supplier of hot dogs represented | |||||||||||||||||
83%, | |||||||||||||||||
75% and | |||||||||||||||||
82% of product purchases for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. The Company’s distributor of products to its Company-owned restaurants represented | |||||||||||||||||
5%, | |||||||||||||||||
5% and 7% of product purchases for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. | |||||||||||||||||
The Company’s revenues for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 were derived from the following geographic areas: | |||||||||||||||||
March 29, | 30-Mar-14 | 31-Mar-13 | |||||||||||||||
2015 | |||||||||||||||||
Domestic (United States) | $ | 95,682 | $ | 76,221 | $ | 68,025 | |||||||||||
Non-domestic | 3,430 | 3,531 | 3,044 | ||||||||||||||
$ | 99,112 | $ | 79,752 | $ | 71,069 | ||||||||||||
The Company’s sales for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 were derived from the following: | |||||||||||||||||
March 29, | 30-Mar-14 | 31-Mar-13 | |||||||||||||||
2015 | |||||||||||||||||
Branded Products | $ | 58,948 | $ | 51,877 | $ | 43,214 | |||||||||||
Company-owned restaurants | 15,874 | 13,231 | 13,403 | ||||||||||||||
Other | 698 | 413 | 39 | ||||||||||||||
$ | 75,520 | $ | 65,521 | $ | 56,656 | ||||||||||||
18. 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 $175, $147 and $144, for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively, and have been included within restaurant operating expenses in the accompanying consolidated statements of earnings. | |||||||||||||||||
19. Stock-Based Compensation | |||||||||||||||||
At March 29, 2015, the Company had one stock-based compensation plan in effect which is more fully described in Note L. | |||||||||||||||||
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. | |||||||||||||||||
20. Classification of Operating Expenses | |||||||||||||||||
Cost of sales consists of the following: | |||||||||||||||||
o | The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels. | ||||||||||||||||
o | The cost of labor and associated costs of in-store restaurant management and crew. | ||||||||||||||||
o | The cost of paper products used in Company-operated restaurants. | ||||||||||||||||
o | Other direct costs such as fulfillment, commissions, freight and samples. | ||||||||||||||||
Restaurant operating expenses consist of the following: | |||||||||||||||||
o | Occupancy costs of Company-operated restaurants. | ||||||||||||||||
o | Utility costs of Company-operated restaurants. | ||||||||||||||||
o | Repair and maintenance expenses of Company-operated restaurant facilities. | ||||||||||||||||
o | Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants. | ||||||||||||||||
o | Insurance costs directly related to Company-operated restaurants. | ||||||||||||||||
21. Income Taxes | |||||||||||||||||
The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes. 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. | |||||||||||||||||
2 | |||||||||||||||||
2 | |||||||||||||||||
. | |||||||||||||||||
Adoption of New Accounting Pronouncements | |||||||||||||||||
In April 2014, the Financial Accounting Standards Board (“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 of fiscal 2016 beginning on 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 its results of operations or financial position. | |||||||||||||||||
In May 2014, the FASB issued a new accounting standard that attempts to establish a uniform basis for recording revenue to virtually all industries’ financial statements, under U.S. GAAP. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. In order to accomplish this objective, companies must evaluate the following five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. There are three basic transition methods that are available – full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the third alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. Prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP. Early adoption is prohibited under U.S. GAAP. Public companies must apply the new standard for annual periods beginning after December 15, 2016, including interim periods therein, which for Nathan’s will be its first quarter of fiscal 2018, beginning on March 27, 2017. | |||||||||||||||||
On April 29, 2015, the FASB issued a proposal to defer the standard's effective date until 2018. On May 12, 2015, the FASB issued a second proposed update to the standard clarifying the distinction between revenue from licenses of intellectual property that represent a promise to deliver a good or service over time versus a promise to be satisfied at a point in time. The Company continues to monitor these proposals and currently expects to use the modified retrospective method, recognizing a cumulative effect adjustment to retained earnings when adopted, and is currently evaluating the impact of this new accounting standard on its consolidated financial position and results of operations. | |||||||||||||||||
In August 2014, the FASB issued new guidance that requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. If such conditions exist, management will be required to include disclosures enabling users to understand those conditions and management’s plans to alleviate or mitigate those conditions. This new standard is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 16, 2016. This standard will take effect in Nathan’s fourth quarter of our fiscal year ending March 26, 2017. | |||||||||||||||||
In January 2015, the FASB issued new guidance to simplify the income statement presentation requirements by eliminating the seldom-used concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies the income statement presentation by no longer segregating such extraordinary items from the ordinary results of operations and separately stating the amount, net of tax along with the effect on earnings per share. This new standard is effective for annual periods beginning after December 15, 2015, including interim periods therein, which for Nathan’s would be its first quarter of fiscal 2017 beginning March 28, 2016. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. Nathan’s expects to early adopt this standard in the first quarter of our fiscal year ending March 27, 2016 that begins on March 30, 2015. Nathan’s does not expect the adoption of this new guidance to have a material impact on its results of operations or financial position. | |||||||||||||||||
In April 2015, the FASB issued new guidance to simplify the presentation of debt issuance costs. Under the new standard, debt issuance costs related to a recognized debt liability shall be presented in the balance sheet as a direct deduction to the carrying value of the debt and not as an asset. The amendment is effective for public entities with fiscal years beginning after December 15, 2015 and interim periods within those periods and will be applied retroactively. Early adoption of the amendment is permitted for financial statements that have not been previously issued. Nathan’s has early adopted this new standard in its financial statements beginning with the period ended March 29, 2015. The adoption of this new guidance did not have a material impact on its 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_C_Income_Per_Share
Note C - Income Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | NOTE C - INCOME PER SHARE | ||||||||||||||||||||||||||||||||||||
Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive 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 29, 2015, March 30, 2014 and March 31, 2013, respectively: | |||||||||||||||||||||||||||||||||||||
Net Income | Shares | Net income per share | |||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||||||
Basic calculation | $ | 11,703 | $ | 8,327 | $ | 7,468 | 4,486,000 | 4,450,000 | 4,400,000 | $ | 2.61 | $ | 1.87 | $ | 1.7 | ||||||||||||||||||||||
Effect of dilutive | - | - | - | 102,000 | 155,000 | 188,000 | (.06 | ) | (.06 | ) | (.07 | ) | |||||||||||||||||||||||||
employee stock | |||||||||||||||||||||||||||||||||||||
options | |||||||||||||||||||||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||||||||||||||||
Diluted calculation | $ | 11,703 | $ | 8,327 | $ | 7,468 | 4,588,000 | 4,605,000 | 4,588,000 | $ | 2.55 | $ | 1.81 | $ | 1.63 | ||||||||||||||||||||||
There were no options to purchase shares of common stock for the years ended March 29, 2015, March 30, 2014 and March 31, 2013 that were excluded from the computation of diluted earnings per share. |
Note_D_Marketable_Securities
Note D - Marketable Securities | 12 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||
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 | |||||||||||||||||||
March | $ | 7,019 | $ | 72 | $ | - | $ | 7,091 | |||||||||||||
29 | |||||||||||||||||||||
, | |||||||||||||||||||||
2015 | |||||||||||||||||||||
30-Mar-14 | $ | 10,947 | $ | 240 | $ | - | $ | 11,187 | |||||||||||||
As of March 29, 2015, the municipal bonds mature at various dates between April 2015 and January 2017. | |||||||||||||||||||||
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 | ||||||||||||||||||||
March | $ | 7,091 | $ | 4,650 | $ | 2,441 | $ | - | $ | - | |||||||||||
29 | |||||||||||||||||||||
, 201 | |||||||||||||||||||||
5 | |||||||||||||||||||||
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-Mar-14 | 31-Mar-13 | |||||||||||||||||||
29 | |||||||||||||||||||||
, 201 | |||||||||||||||||||||
5 | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Proceeds | $ | 8,020 | $ | 2,890 | $ | 2,000 | |||||||||||||||
Gross realized gains | $ | - | $ | - | $ | - | |||||||||||||||
The change in net unrealized losses on available-for-sale securities for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, of $(102), | |||||||||||||||||||||
$(180) and $(168), 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 29, 2015 and March 30, 2014. |
Note_E_Accounts_and_Other_Rece
Note E - Accounts and Other Receivables, Net | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Notes to Financial Statements | |||||||||||||
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 | March 30, | ||||||||||||
29 | |||||||||||||
, | |||||||||||||
201 | 2014 | ||||||||||||
5 | |||||||||||||
Branded product sales | $ | 6,317 | $ | 5,141 | |||||||||
Franchise and license royalties | 2,570 | 1,658 | |||||||||||
Other | 1,055 | 1,457 | |||||||||||
9,942 | 8,256 | ||||||||||||
Less: allowance for doubtful accounts | 443 | 433 | |||||||||||
Accounts and other receivables, net | $ | 9,499 | $ | 7,823 | |||||||||
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 does not recognize franchise and license royalties that are not deemed to be realizable. | |||||||||||||
The Company individually reviews each past due account and determines its allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current and expected future ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings. 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 29, 2015, March 30, 2014 and March 31, 2013 are as follows: | |||||||||||||
March 29, | 30-Mar-14 | 31-Mar-13 | |||||||||||
2015 | |||||||||||||
Beginning balance | $ | 433 | $ | 130 | $ | 138 | |||||||
Bad debt expense | 23 | 21 | 15 | ||||||||||
Uncollectible marketing fund contributions | - | 320 | 5 | ||||||||||
Accounts written off | (13 | ) | (38 | ) | (28 | ) | |||||||
Ending balance | $ | 443 | $ | 433 | $ | 130 |
Note_F_Prepaid_Expenses_and_Ot
Note F - Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Other Current Assets [Text Block] | NOTE F – PREPAID EXPENSES AND OTHER CURRENT ASSETS | ||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Income taxes | $ | 3,525 | $ | 2,059 | |||||
Insurance | 497 | 506 | |||||||
Other | 510 | 564 | |||||||
$ | 4,532 | $ | 3,129 |
Note_G_LongTerm_Investment
Note G - Long-Term Investment | 12 Months Ended |
Mar. 29, 2015 | |
Notes to Financial Statements | |
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 currently represents 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 periods ended March 29, 2015 or 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_H_Property_and_Equipment_
Note H - Property and Equipment, Net | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE H - PROPERTY AND EQUIPMENT, NET | ||||||||
Property and equipment consists of the following: | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 1,197 | $ | 1,197 | |||||
Building and improvements | 2,067 | 2,161 | |||||||
Machinery, equipment, furniture and fixtures | 5,594 | 6,349 | |||||||
Leasehold improvements | 6,120 | 6,792 | |||||||
Construction-in-progress | 1,225 | 25 | |||||||
16,203 | 16,524 | ||||||||
Less: accumulated depreciation and amortization | 6,946 | 7,554 | |||||||
$ | 9,257 | $ | 8,970 |
Note_I_Accrued_Expenses_Other_
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Notes to Financial Statements | |||||||||
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 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Payroll and other benefits | $ | 2,847 | $ | 2,433 | |||||
Accrued rebates | 815 | 855 | |||||||
Rent and occupancy costs | 206 | 163 | |||||||
Deferred revenue | 601 | 734 | |||||||
Construction costs | 269 | 281 | |||||||
Unexpended advertising funds | - | 52 | |||||||
Interest | 750 | - | |||||||
Professional fees | 329 | 81 | |||||||
Dividend payable | 375 | - | |||||||
Other | 220 | 152 | |||||||
$ | 6,412 | $ | 4,751 | ||||||
Other liabilities consist of the following: | |||||||||
March 29, | March 30, | ||||||||
2015 | 2014 | ||||||||
Deferred development fees | $ | 214 | $ | 200 | |||||
Reserve for uncertain tax positions (Note J) | 555 | 620 | |||||||
Deferred rental liability | 991 | 661 | |||||||
Dividend payable | 625 | - | |||||||
Other | 12 | 212 | |||||||
$ | 2,397 | $ | 1,693 |
Note_J_Income_Taxes
Note J - Income Taxes | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Notes to Financial Statements | |||||||||||||
Income Tax Disclosure [Text Block] | NOTE J - INCOME TAXES | ||||||||||||
The income tax provision consists of the following for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013: | |||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | |||||||||||
Federal | |||||||||||||
Current | $ | 5,992 | $ | 2,664 | $ | 3,237 | |||||||
Deferred | 60 | 1,421 | 377 | ||||||||||
6,052 | 4,085 | 3,614 | |||||||||||
State and local | |||||||||||||
Current | 1,599 | 918 | 937 | ||||||||||
Deferred | 51 | 231 | 120 | ||||||||||
1,650 | 1,149 | 1,057 | |||||||||||
$ | 7,702 | $ | 5,234 | $ | 4,671 | ||||||||
The total income tax provision for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 differs from the amounts computed by applying the United States Federal income tax rates of 35%, | |||||||||||||
34% and 34%, respectively, to income before income taxes as a result of the following: | |||||||||||||
March | 30-Mar-14 | 31-Mar-13 | |||||||||||
29 | |||||||||||||
, 201 | |||||||||||||
5 | |||||||||||||
Computed “expected” tax expense | $ | 6,792 | $ | 4,611 | $ | 4,127 | |||||||
State and local income taxes, net of Federal income tax benefit | 1,112 | 773 | 633 | ||||||||||
Tax-exempt investment earnings | (63 | ) | (110 | ) | (133 | ) | |||||||
Change in uncertain tax positions, net | (62 | ) | (22 | ) | 22 | ||||||||
Nondeductible meals and entertainment and other | (77 | ) | (18 | ) | 22 | ||||||||
$ | 7,702 | $ | 5,234 | $ | 4,671 | ||||||||
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 | March 30, | ||||||||||||
29 | |||||||||||||
, | |||||||||||||
201 | 2014 | ||||||||||||
5 | |||||||||||||
Deferred tax assets | |||||||||||||
Accrued expenses | $ | 145 | $ | 162 | |||||||||
Allowance for doubtful accounts | 52 | 49 | |||||||||||
Deferred revenue | 432 | 569 | |||||||||||
Deferred stock compensation | 223 | 594 | |||||||||||
Excess of straight line over actual rent | 412 | 289 | |||||||||||
Investment | 152 | 157 | |||||||||||
Other | 140 | 129 | |||||||||||
Total gross deferred tax assets | $ | 1,556 | $ | 1,949 | |||||||||
Deferred tax liabilities | |||||||||||||
Deductible prepaid expense | 288 | 302 | |||||||||||
Unrealized gain on marketable securities | 16 | 83 | |||||||||||
Depreciation expense | 1,692 | 1,692 | |||||||||||
Deductible business interruption expenses | - | 293 | |||||||||||
Amortization | 311 | 287 | |||||||||||
Total gross deferred tax liabilities | 2,307 | 2,657 | |||||||||||
Net deferred tax (liability) | (751 | ) | (708 | ) | |||||||||
Less current portion | (277 | ) | (26 | ) | |||||||||
Long-term portion | $ | (1,028 | ) | $ | (734 | ) | |||||||
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 29, 2015, March 30, 2014 and March 31, 2013. | |||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | |||||||||||
Unrecognized tax benefits, beginning of year | $ | 283 | $ | 296 | $ | 422 | |||||||
Decreases of tax positions taken in prior years | (64 | ) | (34 | ) | (50 | ) | |||||||
Increases based on tax positions taken in current year | 47 | 21 | 34 | ||||||||||
Settlements of tax positions taken in prior years | - | - | (110 | ) | |||||||||
Unrecognized tax benefits, end of year | $ | 266 | $ | 283 | $ | 296 | |||||||
The amount of unrecognized tax benefits at March 29, 2015, March 30, 2014 and March 31, 2013 were $266, $283 and $296, respectively, all of which would impact Nathan’s effective tax rate, if recognized. As of March 29, 2015 and March 30, 2014, the Company had $289 | |||||||||||||
and $329, respectively, accrued for the payment of interest and penalties. For the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 Nathan’s recognized interest and penalties in the amounts of $44, $43, and $46, respectively. The Company believes that it is reasonably possible that decreases in unrecognized tax benefits of up to | |||||||||||||
$ | |||||||||||||
98 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 | 2012 | ||||||||||||
New York State | 2012 | ||||||||||||
New York City | 2012 |
Note_K_Longterm_Debt
Note K - Long-term Debt | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Notes to Financial Statements | |||||
Debt Disclosure [Text Block] | NOTE K – | ||||
LONG-TERM DEBT | |||||
Long-term debt consists of the following: | |||||
March 29, | |||||
2015 | |||||
10.000% Senior secured notes due 2020 | $ | 135,000 | |||
Less: current maturities of long-term debt | - | ||||
Less: unamortized debt discounts and issuance costs | (5,860 | ) | |||
$ | 129,140 | ||||
On March 10, 2015, the Company completed the issuance of $135,000 of 10.000% Senior Secured | |||||
Notes due 2020 (“The Notes”) in a Rule 144A transaction. The Company used the proceeds to pay a special cash dividend of approximately $116,100 (see Note L.1) with the remaining net proceeds for general corporate purposes, including working capital. Debt discounts and issuance costs are presented net of the long-term debt of approximately $5,926 which will be amortized into interest expense over the 5-year term of the Notes. | |||||
The notes bear interest at 10.000% per annum, payable semi-annually on March 15 | |||||
th | |||||
and September 15 | |||||
th | |||||
with the first payment due on September 15, 2015. The Notes have no scheduled principal amortization payments prior to its final maturity on March 10, 2020. | |||||
There are no financial maintenance covenants associated with the Notes. | |||||
The Indenture contains certain covenants limiting the Company’s ability and the ability of its restricted subsidiaries (as defined in the Indenture) to, subject to certain exceptions and qualifications: (i) incur additional indebtedness; (ii) pay dividends or make other distributions on, redeem or repurchase, capital stock; (iii) make investments or other restricted payments; (iv) create or incur certain liens; (v) incur restrictions on the payment of dividends or other distributions from its restricted subsidiaries; (vi) enter into certain transactions with affiliates; (vii) sell assets; or (viii) effect a consolidation or merger. | |||||
Certain Restricted Payments which may be made or indebtedness incurred by Nathan’s or its Restricted Subsidiaries may require compliance with certain financial ratios. | |||||
The Indenture also contains customary events of default, including, among other things, failure to pay interest, failure to comply with agreements related to the indenture, failure to pay at maturity or acceleration of other indebtedness, failure to pay certain judgments, and certain events of insolvency or bankruptcy. Generally, if any event of default occurs, the Trustee or the holders of at least 25% in principal amount of the Notes may declare the Notes due and payable by providing notice to the Company. In case of default arising from certain events of bankruptcy or insolvency, the Notes will become immediately due and payable. | |||||
As of March 29, 2015, Nathan’s was in compliance with all covenants associated with the Notes. | |||||
The finacial ratios are as follows: | |||||
Fixed Charge Coverage Ratio | |||||
: the ratio of the Consolidated Cash Flow to the Fixed Charges for the relevant period, currently set at 2.0 to 1.0 in the Indenture. | |||||
The Fixed Charge Coverage Ratio applies to determining whether additional Restricted Payments may be made, certain additional debt may be incurred and acquisitions may be made. | |||||
Priority Secured Leverage Ratio | |||||
: the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Priority Lien to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate; currently set at 0.40 to 1.00 in the Indenture. | |||||
Secured Leverage Ratio | |||||
: the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Lien on any property of Nathan’s or any Guarantor to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate. The Secured Leverage Ratio under the Indenture is 3.75 to 1.00 and applies if Nathan’s wants to incur additional debt on the same terms as the Notes. | |||||
The Notes are general senior secured obligations, are guaranteed by the substantially all of the Company’s wholly-owned subsidiaries and rank | |||||
pari passu | |||||
in right of payment with all of the Company’s existing and future indebtedness that is not subordinated, are senior in right of payment to any of the Company’s existing and future subordinated indebtedness, are structurally subordinated to any existing and future indebtedness and other liabilities of the Company’s subsidiaries that do not guarantee the Notes, and are effectively junior to all existing and future indebtedness that is secured by assets other than the collateral securing the Notes. | |||||
Prior to September 15, 2017, the Company has the option to redeem up to 35% of the aggregate principal amount of the Notes at a redemption price equal to 110% of the principal amount of the Notes redeemed, plus accrued and unpaid interest and any additional interest, with the net cash proceeds of certain equity offerings. | |||||
The Company may redeem the Notes in whole or in part prior to September 15, 2017, at a redemption price of 100% of the principal amount of the Notes plus the Applicable Premium, plus accrued and unpaid interest. An Applicable Premium is the greater of 1% of the principal amount of the Notes; or the excess of the present value at such redemption date of (i) the redemption price of the Notes at September 15, 2017 plus (ii) all required interest payments due on the Notes through September 15, 2017 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over the then outstanding principal amount of the Notes. On or after September 15, 2017, the Company may redeem some or all of the Notes at a decreasing premium over time, plus accrued and unpaid interest as follows: | |||||
YEAR | PERCENTAGE | ||||
On or after September 15, 2017 and prior to March 15, 2018 | 105.00% | ||||
On or after March 15, 2018 and prior to March 15, 2019 | 102.50% | ||||
On and after March 15, 2019 | 100.00% | ||||
In certain circumstances involving a change of control, the Company will be required to make an offer to repurchase all or, at the holder’s option, any part, of each holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, to the date of purchase. | |||||
If the Company sells certain assets and does not use the net proceeds as required, the Company will be required to use such net proceeds to repurchase the Notes at 100% of the principal amount thereof, plus accrued and unpaid interest and additional interest penalty, if any, to the date of repurchase. | |||||
The Notes may be traded between qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933. We have recorded the Notes at cost. As of March 29, 2015, the fair value of the long-term debt was $141,835, as determined based upon review of observable pricing in secondary markets as of the last trading day of the fiscal period. Accordingly, the long-term debt is categorized as Level 2 for purposes of the fair value measurement hierarchy. |
Note_L_Stockholders_Equity_Sto
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE | ||||||||||||||||||||||||
L | |||||||||||||||||||||||||
– STOCKHOLDERS’ EQUITY, STOCK PLANS AND OTHER EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||||
1 | Dividend | ||||||||||||||||||||||||
On March 10, 2015, the Company’s Board of Directors declared a special cash dividend of $25.00 per share payable to shareholders of record as of March 20, 2015. On March 27, 2015, the Company paid cash dividends of approximately $115,100 to the shareholders of our outstanding common stock. The Company also accrued $1,000 for the expected dividends payable on unvested shares pursuant to the terms of the restricted stock agreements. As certain restricted stock grants vest beginning in June 2015, the declared dividend will be paid. We estimate that approximately $375 will be paid during the next fiscal year. The ex-date for the distribution was March 30, 2015 pursuant to NASDAQ regulations for dividend distributions that are greater than 25% of the Company’s market capitalization. | |||||||||||||||||||||||||
2 | 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 29, 2015, there were up to 268,500 shares available to be issued for future option grants | |||||||||||||||||||||||||
or up to 204,219 | |||||||||||||||||||||||||
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 29, 2015, the Company granted options to purchase 50,000 shares at an exercise price of $53.89 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 August 6, 2015. | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
Weighted-average option fair values | $ | 11.97 | |||||||||||||||||||||||
Expected life (years) | 4.5 | ||||||||||||||||||||||||
Interest rate | 1.66 | % | |||||||||||||||||||||||
Volatility | 22.77 | % | |||||||||||||||||||||||
Dividend Yield | 0 | % | |||||||||||||||||||||||
The expected dividend yield is based on historical and projected yields for regular dividends. The Company estimates expected 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. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
29-Mar-15 | 30-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
Stock options | $ | 318 | $ | 224 | $ | 224 | |||||||||||||||||||
Restricted stock | 541 | 497 | 403 | ||||||||||||||||||||||
$ | 859 | $ | 721 | $ | 627 | ||||||||||||||||||||
The tax benefit on stock-based compensation expense was $350 | |||||||||||||||||||||||||
, | |||||||||||||||||||||||||
$286 and $251 for the years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. As of March 29, 2015, there was | |||||||||||||||||||||||||
$1,815 of unamortized compensation expense related to stock-based incentive awards. The Company expects to recognize this expense over approximately one | |||||||||||||||||||||||||
year and one month, 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 29, 2015, March 30, 2014 and March 31, 2013 and changes during the fiscal years then ended is presented in the tables below: | |||||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||||||
Options outstanding – beginning of year | 279,500 | $ | 15.22 | 429,500 | $ | 13.29 | 622,000 | $ | 13.21 | ||||||||||||||||
Granted | 50,000 | $ | 53.89 | - | - | - | - | ||||||||||||||||||
Expired | - | - | - | - | - | - | |||||||||||||||||||
Exercised | (235,125 | ) | 14.74 | (150,000 | ) | 9.71 | (192,500 | ) | 13.04 | ||||||||||||||||
Options outstanding - end of year | 94,375 | $ | 36.9 | 279,500 | $ | 15.22 | 429,500 | $ | 13.29 | ||||||||||||||||
Options exercisable - end of year | - | $ | - | 190,750 | $ | 14.04 | 296,375 | $ | 11.29 | ||||||||||||||||
Weighted-average fair value of | 50,000 | $ | 11.97 | - | - | - | - | ||||||||||||||||||
options granted | |||||||||||||||||||||||||
During the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, options to purchase 235,125, 150,000 and 192,500 shares were exercised which aggregated proceeds of $880, $944 and $389, respectively, to the Company. The aggregate intrinsic values of the stock options exercised during the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 was $13,040, $6,038 and $3,523, respectively. | |||||||||||||||||||||||||
The following table summarizes information about outstanding stock options at March 29, 2015: | |||||||||||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||||||||||
Average | Average | Aggregate | |||||||||||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||||||||||
Shares | Price | Contractual Life | Value | ||||||||||||||||||||||
Options outstanding at March 29, 2015 | 94,375 | $ | 36.9 | 2.87 | $ | 3,460 | |||||||||||||||||||
Options exercisable at March 29, 2015 | - | $ | - | - | - | ||||||||||||||||||||
Exercise prices range from | |||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
17 | |||||||||||||||||||||||||
. | |||||||||||||||||||||||||
75 | |||||||||||||||||||||||||
to $ | |||||||||||||||||||||||||
53 | |||||||||||||||||||||||||
. | |||||||||||||||||||||||||
89 | |||||||||||||||||||||||||
R | |||||||||||||||||||||||||
eplacement | |||||||||||||||||||||||||
stock | |||||||||||||||||||||||||
options: | |||||||||||||||||||||||||
March 30, 2015, was the ex-dividend date for the Nathan’s dividend distribution that was paid on March 27, 2015. Pursuant to the mandatory anti-dilution provisions of the option plan, the Company will issue replacement options for the unvested stock options that were outstanding as of March 29, 2015. Nathan’s performed its evaluation based on the closing price of its common stock on Friday March 27, 2015 of $73.56 per share, or $48.56 per share excluding the dividend of $25.00 per share. No other terms or conditions of the outstanding options were modified. The anti-dilution provisions of the original award were structured to equalize the award’s fair value before and after the modification and as a result there will be no resulting incremental fair value after the modification to equalize value. | |||||||||||||||||||||||||
The following table summarizes information about the replacement stock options outstanding after the conversion, effective March 30, 2015: | |||||||||||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||||||||||
Average | Average | Aggregate | |||||||||||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||||||||||
Shares | Price | Contractual Life | Value | ||||||||||||||||||||||
Options outstanding at March 30, 2015 | 142,964 | $ | 24.36 | 2.87 | $ | 3,460 | |||||||||||||||||||
Options exercisable at March 30, 2015 | - | $ | - | - | $ | - | |||||||||||||||||||
Exercise prices range from | |||||||||||||||||||||||||
$11.72 to $35.576 | |||||||||||||||||||||||||
Diluted Earnings Per Share for the fiscal year ended March 29, 2015 would have been $2.53 per share, based upon 4,621,000 weighted average shares outstanding after giving effect to the issuance of the replacement options. | |||||||||||||||||||||||||
Restricted stock: | |||||||||||||||||||||||||
Transactions with respect to restricted stock for the fiscal year ended March 29, 2015 are as follows: | |||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant-date | |||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||
Shares | Per share | ||||||||||||||||||||||||
Unvested restricted stock at March 30, 2014 | 55,000 | $ | 38.61 | ||||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||||
Vested | (15,000 | ) | $ | 36.13 | |||||||||||||||||||||
Unvested restricted stock at March 29, 2015 | 40,000 | $ | 39.54 | ||||||||||||||||||||||
The aggregate fair value of restricted stock vested during the fiscal years ended March 29, 2015 | |||||||||||||||||||||||||
March 30, 2014 and March 31, 2013 was $965, $533 and $293, respectively. | |||||||||||||||||||||||||
3 | |||||||||||||||||||||||||
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 29, 2015, the Company has reserved 10,311,542 shares of common stock for issuance upon exercise of the Common Stock Purchase Rights approved by the Board of Directors on June 5, 2013. | |||||||||||||||||||||||||
4. 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. | |||||||||||||||||||||||||
On September 11, 2014, the Company and MSI amended its existing agreement pursuant to which MSI was 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 additional $6,000, which purchases could commence on September 24, 2014. 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 to assist the Company in implementing its previously announced stock purchase plans. | |||||||||||||||||||||||||
Through March 29, 2015, Nathan’s purchased a total of 4,647,687 shares of common stock at a cost of approximately | |||||||||||||||||||||||||
$56,800 pursuant to the various stock repurchase plans previously authorized by the Board of Directors. Of these repurchased shares, 37,661 shares were repurchased at a cost of | |||||||||||||||||||||||||
$1,916 during the year ended March 29, 2015. | |||||||||||||||||||||||||
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 548,728 shares at a cost of $13,194 under the sixth stock repurchase plan through March 29, 2015, an aggregate of 251,272 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. | |||||||||||||||||||||||||
5. 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, 2016, 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 $375, 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. The employment agreement automatically extends for successive one-year periods unless notice of non-renewal is provided in accordance with the agreement. 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. 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. 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, at which time the consulting agreement terminated. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
6. | |||||||||||||||||||||||||
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 29, 2015, March 30, 2014 and March 31, 2013 were $30, $34 and $31, 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 29, 2015 and does not believe that there is a reasonable possibility that a withdrawal liability will be incurred. Contributions to the Union Plan were $10, $10 and $16 for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. | |||||||||||||||||||||||||
7. Other Benefits | |||||||||||||||||||||||||
The Company provides, on a contributory basis, medical benefits to active employees. The Company does not provide medical benefits to retirees. |
Note_M_Commitments_and_Conting
Note M - Commitments and Contingencies | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Notes to Financial Statements | |||||||||||||
Commitments and Contingencies Disclosure [Text Block] | NOTE M - 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 29, 2015 | |||||||||||||
, | |||||||||||||
the Company had non-cancelable operating lease commitments, net of certain sublease rental income, as follows: | |||||||||||||
Lease | Sublease | Net lease | |||||||||||
commitments | income | commitments | |||||||||||
2016 | $ | 1,641 | $ | 270 | $ | 1,371 | |||||||
2017 | 1,658 | 254 | 1,404 | ||||||||||
2018 | 1,685 | 262 | 1,423 | ||||||||||
2019 | 1,658 | 266 | 1,392 | ||||||||||
2020 | 1,545 | 267 | 1,278 | ||||||||||
Thereafter | 8,022 | 1,357 | 6,665 | ||||||||||
$ | 16,209 | $ | 2,676 | $ | 13,533 | ||||||||
Aggregate rental expense, net of sublease income, under all current leases amounted to $1,617, $1,391 and $1,102 for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. Sublease rental income was $267, $265 and $353 for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, 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 $489, $454 and $399 for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. | |||||||||||||
At March 29, 2015, the Company leases two 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. | |||||||||||||
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. | |||||||||||||
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. The guaranty expired as of March 29, 2015 and the Company has reversed all previously recorded liabilities in connection with this guaranty. In connection with the Nathan’s Franchise Agreement, Nathan’s has received a personal guaranty from the franchisee for all obligations under the Guaranty. 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 Coney Island Boardwalk restaurant sustained minor damage and re-opened on March 18, 2013. Our flagship Coney Island restaurant incurred significant damage and re-opened on May 20, 2013. As a result of these damages, the Company incurred actual losses during the fiscal year ended 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 fiscal ended March 30, 2014. | |||||||||||||
In April 2014, the Company settled its claim for reimbursable on-going business expenses while the restaurant was closed of approximately $718, net of fees, that was included in accounts and other receivables in the accompanying balance sheet as of March 30, 2014. |
Note_N_Related_Party_Transacti
Note N - Related Party Transactions | 12 Months Ended |
Mar. 29, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE N - RELATED PARTY TRANSACTIONS |
An accounting firm of which Charles Raich, who serves on Nathan’s Board of Directors, has been The Founding Partner, received ordinary tax preparation and other consulting fees of $160, $130 and $136 for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, 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, $24 and $25 for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. |
Note_O_Quarterly_Financial_Inf
Note O - Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Quarterly Financial Information [Text Block] | NOTE O - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year 201 | |||||||||||||||||
5 | |||||||||||||||||
Total revenues | $ | 27,668 | $ | 28,953 | $ | 22,353 | $ | 20,401 | |||||||||
Gross profit (a) | 4,240 | 4,716 | 2,594 | 2,019 | |||||||||||||
Net income | 4,071 | 3,854 | 2,241 | 1,537 | |||||||||||||
Per share information | |||||||||||||||||
Net income per share | |||||||||||||||||
Basic (b) | $ | 0.91 | $ | 0.86 | $ | 0.5 | $ | 0.34 | |||||||||
Diluted (b) | $ | 0.89 | $ | 0.84 | $ | 0.49 | $ | 0.34 | |||||||||
Shares used in computation of net income | |||||||||||||||||
per share | |||||||||||||||||
Basic (b) | 4,471,000 | 4,472,000 | 4,482,000 | 4,521,000 | |||||||||||||
Diluted (b) | 4,593,000 | 4,593,000 | 4,603,000 | 4,562,000 | |||||||||||||
After giving effect to the issuance of the replacement options, Diluted Earnings Per Share would have been $0.34 per share based upon 4,576,000 weighted average shares outstanding for the fourth quarter ended March 29, 2015. | |||||||||||||||||
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 | |||||||||||||
(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. |
Note_P_Subsequent_Event
Note P - Subsequent Event | 12 Months Ended |
Mar. 29, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE P - SUBSEQUENT EVENT |
On June 10, 2015, the Company and Wayne Norbitz entered into a Transition Agreement (the “Transition Agreement”) relating to the retirement of Mr. Norbitz as President and Chief Operating Officer of the Company. Under the Transition Agreement, Mr. Norbitz will continue to serve as President and Chief Operating Officer of the Company through August 7, 2015 at which time he will become a Consultant to the Company pursuant to the terms of a one year Consulting Agreement between him and the Company (the “Consulting Agreement”). The Consulting Agreement provides that Mr. Norbitz will receive a consulting fee of $16,291 per month. The Transition Agreement further provides that Mr. Norbitz will receive a severance payment of $288,750 and under the terms of the Transition Agreement the Company purchased from Mr. Norbitz 56,933 shares of the Company’s common stock, $.01 par value (the “Common Stock”) at a purchase price of $40.28 which was the closing price of the Common Stock as reported on the Nasdaq Global Market on June 10,2015. Mr. Norbitz will also be included as a nominee on management’s slate of Directors at the Company’s upcoming annual meeting of stockholders | |
. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
March 29, 2015, March 30, 2014 and March 31, 2013 | |||||||||||||||||||||
(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 | |||||||||||||||||||
expenses | accounts | ||||||||||||||||||||
Fifty-two weeks ended March 29, 2015 | |||||||||||||||||||||
Allowance for doubtful accounts - | $ | 433 | $ | 23 | $ | - | $ | $13 | $ | 443 | |||||||||||
accounts receivable | (b) | ||||||||||||||||||||
Fifty-two weeks ended March 30, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts - | $ | 130 | $ | 21 | $ | 320 | (a) | $ | 38 | (b) | $ | 433 | |||||||||
accounts receivable | |||||||||||||||||||||
Fifty-three weeks ended March 31, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts - | $ | 138 | $ | 15 | $ | 5 | (a) | $ | 28 | (b) | $ | 130 | |||||||||
accounts receivable | |||||||||||||||||||||
(a) | |||||||||||||||||||||
Uncollectible marketing fund contributions. | |||||||||||||||||||||
(b) | |||||||||||||||||||||
Uncollectible amounts written off. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Consolidation, Policy [Policy Text Block] | 1. Principles of Consolidation | ||||||||||||||||
The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Fiscal Period, Policy [Policy Text Block] | 2. Fiscal Year | ||||||||||||||||
The Company’s fiscal year ends on the last Sunday in March, which results in a 52 or 53-week reporting period. The results of operations and cash flows for the fiscal year ended March 29, 2015 contained 52 weeks. The results of operations and cash flows for the fiscal years ended March 30, 2014 contained 52 weeks and March 31, 2013 contained 53 weeks. | |||||||||||||||||
Reclassification, Policy [Policy Text Block] | 3. Reclassifications | ||||||||||||||||
As of March 29, 2015, Nathan’s has adopted a new income statement format that it believes will better present its results of operations. The Company concluded that it was appropriate to separately present its non-operating revenue and expenses. Accordingly, interest expense, impairment charge-long-term investment, insurance gain, interest income and other income, net, have been removed from total revenues and total costs and expenses. These prior year balances have been reclassified to conform with the current year presentation. | |||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | 4. 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] | 5. 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 | |||||||||||||||||
$1,754 and | |||||||||||||||||
$330 at March 29, 2015 and March 30, 2014, respectively. Substantially all of the Company’s cash and cash equivalents are in excess of government insurance. | |||||||||||||||||
Inventory, Policy [Policy Text Block] | 6. | ||||||||||||||||
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] | 7. 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 29, 2015 and March 30, 2014, 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] | 8. Property and Equipment | ||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows: | |||||||||||||||||
Building and improvements (years) | 5 | – | 25 | ||||||||||||||
Machinery, equipment, furniture and fixtures (years) | 3 | – | 15 | ||||||||||||||
Leasehold improvements (years) | 5 | – | 20 | ||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | 9. 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 29, 2015 and March 30, 2014, 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] | 10. 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 M.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 29, 2015, March 30, 2014 and March 31, 2013. | |||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | 11. 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 29, 2015 and March 30, 2014 based upon the valuation hierarchy: | |||||||||||||||||
29-Mar-15 | Level 1 | Level 2 | Level 3 | Carrying Value | |||||||||||||
Marketable securities | $ | - | $ | 7,091 | $ | - | $ | 7,091 | |||||||||
Total assets at fair value | $ | - | $ | 7,091 | $ | - | $ | 7,091 | |||||||||
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 | |||||||||
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 Company’s long-term debt had a carrying value of $135,000 as of March 29, 2015 and a fair value of $141,835 as of March 29, 2015. The Company estimates the fair value of its long-term debt based upon review of observable pricing in secondary markets as of the last trading day of the fiscal period. Accordingly, the Company classifies its long-term debt as Level 2. | |||||||||||||||||
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] | 12. | ||||||||||||||||
Start-up Costs | |||||||||||||||||
Pre-opening and similar restaurant costs are expensed as incurred. | |||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | 13. 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. | |||||||||||||||||
14. 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. | |||||||||||||||||
15. 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 29, 2015 and March 30, 2014, | |||||||||||||||||
$278 | |||||||||||||||||
and $234, respectively, of deferred franchise fees are included in the accompanying consolidated balance sheets. For the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, the Company earned franchise fees of $1,043, $863, and $852, respectively, from new unit openings, transfers, co-branding and forfeitures. | |||||||||||||||||
Development fees are non-refundable 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 uncollectible 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 29, 2015 and March 30, 2014, | |||||||||||||||||
$214 and $200, 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 29, 2015, March 30, 2014 and March 31, 2013: | |||||||||||||||||
March | March 30, | March 31, | |||||||||||||||
29 | |||||||||||||||||
, | |||||||||||||||||
201 | 2014 | 2013 | |||||||||||||||
5 | |||||||||||||||||
Franchised restaurants operating at the beginning of the period | 324 | 303 | 299 | ||||||||||||||
New franchised restaurants opened during the period | 36 | 56 | 40 | ||||||||||||||
Franchised restaurants closed during the period | (64 | ) | (35 | ) | (36 | ) | |||||||||||
Franchised restaurants operating at the end of the period | 296 | 324 | 303 | ||||||||||||||
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. | |||||||||||||||||
16. 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] | 17. 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 29, 2015, three Branded Product customers represented 20%, 17% and 10%, of accounts receivable. 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%, 17% and 12% of total revenue for the years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. One retail licensee accounted for 17% of total revenue for the year ended March 29, 2015. | |||||||||||||||||
The Company’s primary supplier of hot dogs represented | |||||||||||||||||
83%, | |||||||||||||||||
75% and | |||||||||||||||||
82% of product purchases for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. The Company’s distributor of products to its Company-owned restaurants represented | |||||||||||||||||
5%, | |||||||||||||||||
5% and 7% of product purchases for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, respectively. | |||||||||||||||||
The Company’s revenues for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 were derived from the following geographic areas: | |||||||||||||||||
March 29, | 30-Mar-14 | 31-Mar-13 | |||||||||||||||
2015 | |||||||||||||||||
Domestic (United States) | $ | 95,682 | $ | 76,221 | $ | 68,025 | |||||||||||
Non-domestic | 3,430 | 3,531 | 3,044 | ||||||||||||||
$ | 99,112 | $ | 79,752 | $ | 71,069 | ||||||||||||
The Company’s sales for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013 were derived from the following: | |||||||||||||||||
March 29, | 30-Mar-14 | 31-Mar-13 | |||||||||||||||
2015 | |||||||||||||||||
Branded Products | $ | 58,948 | $ | 51,877 | $ | 43,214 | |||||||||||
Company-owned restaurants | 15,874 | 13,231 | 13,403 | ||||||||||||||
Other | 698 | 413 | 39 | ||||||||||||||
$ | 75,520 | $ | 65,521 | $ | 56,656 | ||||||||||||
Advertising Costs, Policy [Policy Text Block] | 18. 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 $175, $147 and $144, for the fiscal years ended March 29, 2015, March 30, 2014 and March 31, 2013, 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] | 19. Stock-Based Compensation | ||||||||||||||||
At March 29, 2015, the Company had one stock-based compensation plan in effect which is more fully described in Note L. | |||||||||||||||||
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] | 20. Classification of Operating Expenses | ||||||||||||||||
Cost of sales consists of the following: | |||||||||||||||||
o | The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels. | ||||||||||||||||
o | The cost of labor and associated costs of in-store restaurant management and crew. | ||||||||||||||||
o | The cost of paper products used in Company-operated restaurants. | ||||||||||||||||
o | Other direct costs such as fulfillment, commissions, freight and samples. | ||||||||||||||||
Restaurant operating expenses consist of the following: | |||||||||||||||||
o | Occupancy costs of Company-operated restaurants. | ||||||||||||||||
o | Utility costs of Company-operated restaurants. | ||||||||||||||||
o | Repair and maintenance expenses of Company-operated restaurant facilities. | ||||||||||||||||
o | Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants. | ||||||||||||||||
o | Insurance costs directly related to Company-operated restaurants. | ||||||||||||||||
Income Tax, Policy [Policy Text Block] | 21. Income Taxes | ||||||||||||||||
The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes. 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. | |||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | 2 | ||||||||||||||||
2 | |||||||||||||||||
. | |||||||||||||||||
Adoption of New Accounting Pronouncements | |||||||||||||||||
In April 2014, the Financial Accounting Standards Board (“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 of fiscal 2016 beginning on 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 its results of operations or financial position. | |||||||||||||||||
In May 2014, the FASB issued a new accounting standard that attempts to establish a uniform basis for recording revenue to virtually all industries’ financial statements, under U.S. GAAP. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. In order to accomplish this objective, companies must evaluate the following five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. There are three basic transition methods that are available – full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the third alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. Prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP. Early adoption is prohibited under U.S. GAAP. Public companies must apply the new standard for annual periods beginning after December 15, 2016, including interim periods therein, which for Nathan’s will be its first quarter of fiscal 2018, beginning on March 27, 2017. | |||||||||||||||||
On April 29, 2015, the FASB issued a proposal to defer the standard's effective date until 2018. On May 12, 2015, the FASB issued a second proposed update to the standard clarifying the distinction between revenue from licenses of intellectual property that represent a promise to deliver a good or service over time versus a promise to be satisfied at a point in time. The Company continues to monitor these proposals and currently expects to use the modified retrospective method, recognizing a cumulative effect adjustment to retained earnings when adopted, and is currently evaluating the impact of this new accounting standard on its consolidated financial position and results of operations. | |||||||||||||||||
In August 2014, the FASB issued new guidance that requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. If such conditions exist, management will be required to include disclosures enabling users to understand those conditions and management’s plans to alleviate or mitigate those conditions. This new standard is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 16, 2016. This standard will take effect in Nathan’s fourth quarter of our fiscal year ending March 26, 2017. | |||||||||||||||||
In January 2015, the FASB issued new guidance to simplify the income statement presentation requirements by eliminating the seldom-used concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies the income statement presentation by no longer segregating such extraordinary items from the ordinary results of operations and separately stating the amount, net of tax along with the effect on earnings per share. This new standard is effective for annual periods beginning after December 15, 2015, including interim periods therein, which for Nathan’s would be its first quarter of fiscal 2017 beginning March 28, 2016. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. Nathan’s expects to early adopt this standard in the first quarter of our fiscal year ending March 27, 2016 that begins on March 30, 2015. Nathan’s does not expect the adoption of this new guidance to have a material impact on its results of operations or financial position. | |||||||||||||||||
In April 2015, the FASB issued new guidance to simplify the presentation of debt issuance costs. Under the new standard, debt issuance costs related to a recognized debt liability shall be presented in the balance sheet as a direct deduction to the carrying value of the debt and not as an asset. The amendment is effective for public entities with fiscal years beginning after December 15, 2015 and interim periods within those periods and will be applied retroactively. Early adoption of the amendment is permitted for financial statements that have not been previously issued. Nathan’s has early adopted this new standard in its financial statements beginning with the period ended March 29, 2015. The adoption of this new guidance did not have a material impact on its 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_B_Summary_of_Significant_1
Note B - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Building and improvements (years) | 5 | – | 25 | |||||||||||||
Machinery, equipment, furniture and fixtures (years) | 3 | – | 15 | ||||||||||||||
Leasehold improvements (years) | 5 | – | 20 | ||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 29-Mar-15 | Level 1 | Level 2 | Level 3 | Carrying Value | ||||||||||||
Marketable securities | $ | - | $ | 7,091 | $ | - | $ | 7,091 | |||||||||
Total assets at fair value | $ | - | $ | 7,091 | $ | - | $ | 7,091 | |||||||||
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 | |||||||||
Schedule of Franchisor Disclosure [Table Text Block] | March | March 30, | March 31, | ||||||||||||||
29 | |||||||||||||||||
, | |||||||||||||||||
201 | 2014 | 2013 | |||||||||||||||
5 | |||||||||||||||||
Franchised restaurants operating at the beginning of the period | 324 | 303 | 299 | ||||||||||||||
New franchised restaurants opened during the period | 36 | 56 | 40 | ||||||||||||||
Franchised restaurants closed during the period | (64 | ) | (35 | ) | (36 | ) | |||||||||||
Franchised restaurants operating at the end of the period | 296 | 324 | 303 | ||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | March 29, | 30-Mar-14 | 31-Mar-13 | ||||||||||||||
2015 | |||||||||||||||||
Domestic (United States) | $ | 95,682 | $ | 76,221 | $ | 68,025 | |||||||||||
Non-domestic | 3,430 | 3,531 | 3,044 | ||||||||||||||
$ | 99,112 | $ | 79,752 | $ | 71,069 | ||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | March 29, | 30-Mar-14 | 31-Mar-13 | ||||||||||||||
2015 | |||||||||||||||||
Branded Products | $ | 58,948 | $ | 51,877 | $ | 43,214 | |||||||||||
Company-owned restaurants | 15,874 | 13,231 | 13,403 | ||||||||||||||
Other | 698 | 413 | 39 | ||||||||||||||
$ | 75,520 | $ | 65,521 | $ | 56,656 |
Note_C_Income_Per_Share_Tables
Note C - Income Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income | Shares | Net income per share | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||
Basic EPS | |||||||||||||||||||||||||||||||||||||
Basic calculation | $ | 11,703 | $ | 8,327 | $ | 7,468 | 4,486,000 | 4,450,000 | 4,400,000 | $ | 2.61 | $ | 1.87 | $ | 1.7 | ||||||||||||||||||||||
Effect of dilutive | - | - | - | 102,000 | 155,000 | 188,000 | (.06 | ) | (.06 | ) | (.07 | ) | |||||||||||||||||||||||||
employee stock | |||||||||||||||||||||||||||||||||||||
options | |||||||||||||||||||||||||||||||||||||
Diluted EPS | |||||||||||||||||||||||||||||||||||||
Diluted calculation | $ | 11,703 | $ | 8,327 | $ | 7,468 | 4,588,000 | 4,605,000 | 4,588,000 | $ | 2.55 | $ | 1.81 | $ | 1.63 |
Note_D_Marketable_Securities_T
Note D - Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
Notes Tables | |||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost | Gross | Gross | Fair | |||||||||||||||||
Unrealized | Unrealized | Market | |||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||
March | $ | 7,019 | $ | 72 | $ | - | $ | 7,091 | |||||||||||||
29 | |||||||||||||||||||||
, | |||||||||||||||||||||
2015 | |||||||||||||||||||||
30-Mar-14 | $ | 10,947 | $ | 240 | $ | - | $ | 11,187 | |||||||||||||
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 | ||||||||||||||||||||
March | $ | 7,091 | $ | 4,650 | $ | 2,441 | $ | - | $ | - | |||||||||||
29 | |||||||||||||||||||||
, 201 | |||||||||||||||||||||
5 | |||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | March | 30-Mar-14 | 31-Mar-13 | ||||||||||||||||||
29 | |||||||||||||||||||||
, 201 | |||||||||||||||||||||
5 | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Proceeds | $ | 8,020 | $ | 2,890 | $ | 2,000 | |||||||||||||||
Gross realized gains | $ | - | $ | - | $ | - |
Note_E_Accounts_and_Other_Rece1
Note E - Accounts and Other Receivables, Net (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Notes Tables | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March | March 30, | |||||||||||
29 | |||||||||||||
, | |||||||||||||
201 | 2014 | ||||||||||||
5 | |||||||||||||
Branded product sales | $ | 6,317 | $ | 5,141 | |||||||||
Franchise and license royalties | 2,570 | 1,658 | |||||||||||
Other | 1,055 | 1,457 | |||||||||||
9,942 | 8,256 | ||||||||||||
Less: allowance for doubtful accounts | 443 | 433 | |||||||||||
Accounts and other receivables, net | $ | 9,499 | $ | 7,823 | |||||||||
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | March 29, | 30-Mar-14 | 31-Mar-13 | ||||||||||
2015 | |||||||||||||
Beginning balance | $ | 433 | $ | 130 | $ | 138 | |||||||
Bad debt expense | 23 | 21 | 15 | ||||||||||
Uncollectible marketing fund contributions | - | 320 | 5 | ||||||||||
Accounts written off | (13 | ) | (38 | ) | (28 | ) | |||||||
Ending balance | $ | 443 | $ | 433 | $ | 130 |
Note_F_Prepaid_Expenses_and_Ot1
Note F - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Other Current Assets [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Income taxes | $ | 3,525 | $ | 2,059 | |||||
Insurance | 497 | 506 | |||||||
Other | 510 | 564 | |||||||
$ | 4,532 | $ | 3,129 |
Note_H_Property_and_Equipment_1
Note H - Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Property, Plant, and Equipment, Carrying Value [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Land | $ | 1,197 | $ | 1,197 | |||||
Building and improvements | 2,067 | 2,161 | |||||||
Machinery, equipment, furniture and fixtures | 5,594 | 6,349 | |||||||
Leasehold improvements | 6,120 | 6,792 | |||||||
Construction-in-progress | 1,225 | 25 | |||||||
16,203 | 16,524 | ||||||||
Less: accumulated depreciation and amortization | 6,946 | 7,554 | |||||||
$ | 9,257 | $ | 8,970 |
Note_I_Accrued_Expenses_Other_1
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Payroll and other benefits | $ | 2,847 | $ | 2,433 | |||||
Accrued rebates | 815 | 855 | |||||||
Rent and occupancy costs | 206 | 163 | |||||||
Deferred revenue | 601 | 734 | |||||||
Construction costs | 269 | 281 | |||||||
Unexpended advertising funds | - | 52 | |||||||
Interest | 750 | - | |||||||
Professional fees | 329 | 81 | |||||||
Dividend payable | 375 | - | |||||||
Other | 220 | 152 | |||||||
$ | 6,412 | $ | 4,751 | ||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | March 29, | March 30, | |||||||
2015 | 2014 | ||||||||
Deferred development fees | $ | 214 | $ | 200 | |||||
Reserve for uncertain tax positions (Note J) | 555 | 620 | |||||||
Deferred rental liability | 991 | 661 | |||||||
Dividend payable | 625 | - | |||||||
Other | 12 | 212 | |||||||
$ | 2,397 | $ | 1,693 |
Note_J_Income_Taxes_Tables
Note J - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Notes Tables | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 29-Mar-15 | 30-Mar-14 | 31-Mar-13 | ||||||||||
Federal | |||||||||||||
Current | $ | 5,992 | $ | 2,664 | $ | 3,237 | |||||||
Deferred | 60 | 1,421 | 377 | ||||||||||
6,052 | 4,085 | 3,614 | |||||||||||
State and local | |||||||||||||
Current | 1,599 | 918 | 937 | ||||||||||
Deferred | 51 | 231 | 120 | ||||||||||
1,650 | 1,149 | 1,057 | |||||||||||
$ | 7,702 | $ | 5,234 | $ | 4,671 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | March | 30-Mar-14 | 31-Mar-13 | ||||||||||
29 | |||||||||||||
, 201 | |||||||||||||
5 | |||||||||||||
Computed “expected” tax expense | $ | 6,792 | $ | 4,611 | $ | 4,127 | |||||||
State and local income taxes, net of Federal income tax benefit | 1,112 | 773 | 633 | ||||||||||
Tax-exempt investment earnings | (63 | ) | (110 | ) | (133 | ) | |||||||
Change in uncertain tax positions, net | (62 | ) | (22 | ) | 22 | ||||||||
Nondeductible meals and entertainment and other | (77 | ) | (18 | ) | 22 | ||||||||
$ | 7,702 | $ | 5,234 | $ | 4,671 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March | March 30, | |||||||||||
29 | |||||||||||||
, | |||||||||||||
201 | 2014 | ||||||||||||
5 | |||||||||||||
Deferred tax assets | |||||||||||||
Accrued expenses | $ | 145 | $ | 162 | |||||||||
Allowance for doubtful accounts | 52 | 49 | |||||||||||
Deferred revenue | 432 | 569 | |||||||||||
Deferred stock compensation | 223 | 594 | |||||||||||
Excess of straight line over actual rent | 412 | 289 | |||||||||||
Investment | 152 | 157 | |||||||||||
Other | 140 | 129 | |||||||||||
Total gross deferred tax assets | $ | 1,556 | $ | 1,949 | |||||||||
Deferred tax liabilities | |||||||||||||
Deductible prepaid expense | 288 | 302 | |||||||||||
Unrealized gain on marketable securities | 16 | 83 | |||||||||||
Depreciation expense | 1,692 | 1,692 | |||||||||||
Deductible business interruption expenses | - | 293 | |||||||||||
Amortization | 311 | 287 | |||||||||||
Total gross deferred tax liabilities | 2,307 | 2,657 | |||||||||||
Net deferred tax (liability) | (751 | ) | (708 | ) | |||||||||
Less current portion | (277 | ) | (26 | ) | |||||||||
Long-term portion | $ | (1,028 | ) | $ | (734 | ) | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 29-Mar-15 | 30-Mar-14 | 31-Mar-13 | ||||||||||
Unrecognized tax benefits, beginning of year | $ | 283 | $ | 296 | $ | 422 | |||||||
Decreases of tax positions taken in prior years | (64 | ) | (34 | ) | (50 | ) | |||||||
Increases based on tax positions taken in current year | 47 | 21 | 34 | ||||||||||
Settlements of tax positions taken in prior years | - | - | (110 | ) | |||||||||
Unrecognized tax benefits, end of year | $ | 266 | $ | 283 | $ | 296 | |||||||
Summary of Income Tax Examinations [Table Text Block] | Jurisdiction | Fiscal Year | |||||||||||
Federal | 2012 | ||||||||||||
New York State | 2012 | ||||||||||||
New York City | 2012 |
Note_K_Longterm_Debt_Tables
Note K - Long-term Debt (Tables) | 12 Months Ended | ||||
Mar. 29, 2015 | |||||
Notes Tables | |||||
Schedule of Debt [Table Text Block] | March 29, | ||||
2015 | |||||
10.000% Senior secured notes due 2020 | $ | 135,000 | |||
Less: current maturities of long-term debt | - | ||||
Less: unamortized debt discounts and issuance costs | (5,860 | ) | |||
$ | 129,140 | ||||
Debt Instrument Redemption [Table Text Block] | YEAR | PERCENTAGE | |||
On or after September 15, 2017 and prior to March 15, 2018 | 105.00% | ||||
On or after March 15, 2018 and prior to March 15, 2019 | 102.50% | ||||
On and after March 15, 2019 | 100.00% |
Note_L_Stockholders_Equity_Sto1
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted-average option fair values | $ | 11.97 | ||||||||||||||||||||||
Expected life (years) | 4.5 | ||||||||||||||||||||||||
Interest rate | 1.66 | % | |||||||||||||||||||||||
Volatility | 22.77 | % | |||||||||||||||||||||||
Dividend Yield | 0 | % | |||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | 29-Mar-15 | 30-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||
Stock options | $ | 318 | $ | 224 | $ | 224 | |||||||||||||||||||
Restricted stock | 541 | 497 | 403 | ||||||||||||||||||||||
$ | 859 | $ | 721 | $ | 627 | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 2015 | 2014 | 2013 | ||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||||||
Options outstanding – beginning of year | 279,500 | $ | 15.22 | 429,500 | $ | 13.29 | 622,000 | $ | 13.21 | ||||||||||||||||
Granted | 50,000 | $ | 53.89 | - | - | - | - | ||||||||||||||||||
Expired | - | - | - | - | - | - | |||||||||||||||||||
Exercised | (235,125 | ) | 14.74 | (150,000 | ) | 9.71 | (192,500 | ) | 13.04 | ||||||||||||||||
Options outstanding - end of year | 94,375 | $ | 36.9 | 279,500 | $ | 15.22 | 429,500 | $ | 13.29 | ||||||||||||||||
Options exercisable - end of year | - | $ | - | 190,750 | $ | 14.04 | 296,375 | $ | 11.29 | ||||||||||||||||
Weighted-average fair value of | 50,000 | $ | 11.97 | - | - | - | - | ||||||||||||||||||
options granted | |||||||||||||||||||||||||
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 29, 2015 | 94,375 | $ | 36.9 | 2.87 | $ | 3,460 | |||||||||||||||||||
Options exercisable at March 29, 2015 | - | $ | - | - | - | ||||||||||||||||||||
Exercise prices range from | |||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
17 | |||||||||||||||||||||||||
. | |||||||||||||||||||||||||
75 | |||||||||||||||||||||||||
to $ | |||||||||||||||||||||||||
53 | |||||||||||||||||||||||||
. | |||||||||||||||||||||||||
89 | |||||||||||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||||||||||
Average | Average | Aggregate | |||||||||||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||||||||||
Shares | Price | Contractual Life | Value | ||||||||||||||||||||||
Options outstanding at March 30, 2015 | 142,964 | $ | 24.36 | 2.87 | $ | 3,460 | |||||||||||||||||||
Options exercisable at March 30, 2015 | - | $ | - | - | $ | - | |||||||||||||||||||
Exercise prices range from | |||||||||||||||||||||||||
$11.72 to $35.576 | |||||||||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted- | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant-date | |||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||
Shares | Per share | ||||||||||||||||||||||||
Unvested restricted stock at March 30, 2014 | 55,000 | $ | 38.61 | ||||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||||
Vested | (15,000 | ) | $ | 36.13 | |||||||||||||||||||||
Unvested restricted stock at March 29, 2015 | 40,000 | $ | 39.54 |
Note_M_Commitments_and_Conting1
Note M - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Notes Tables | |||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Lease | Sublease | Net lease | ||||||||||
commitments | income | commitments | |||||||||||
2016 | $ | 1,641 | $ | 270 | $ | 1,371 | |||||||
2017 | 1,658 | 254 | 1,404 | ||||||||||
2018 | 1,685 | 262 | 1,423 | ||||||||||
2019 | 1,658 | 266 | 1,392 | ||||||||||
2020 | 1,545 | 267 | 1,278 | ||||||||||
Thereafter | 8,022 | 1,357 | 6,665 | ||||||||||
$ | 16,209 | $ | 2,676 | $ | 13,533 |
Note_O_Quarterly_Financial_Inf1
Note O - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year 201 | |||||||||||||||||
5 | |||||||||||||||||
Total revenues | $ | 27,668 | $ | 28,953 | $ | 22,353 | $ | 20,401 | |||||||||
Gross profit (a) | 4,240 | 4,716 | 2,594 | 2,019 | |||||||||||||
Net income | 4,071 | 3,854 | 2,241 | 1,537 | |||||||||||||
Per share information | |||||||||||||||||
Net income per share | |||||||||||||||||
Basic (b) | $ | 0.91 | $ | 0.86 | $ | 0.5 | $ | 0.34 | |||||||||
Diluted (b) | $ | 0.89 | $ | 0.84 | $ | 0.49 | $ | 0.34 | |||||||||
Shares used in computation of net income | |||||||||||||||||
per share | |||||||||||||||||
Basic (b) | 4,471,000 | 4,472,000 | 4,482,000 | 4,521,000 | |||||||||||||
Diluted (b) | 4,593,000 | 4,593,000 | 4,603,000 | 4,562,000 | |||||||||||||
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 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
Notes Tables | |||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 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 | |||||||||||||||||||
expenses | accounts | ||||||||||||||||||||
Fifty-two weeks ended March 29, 2015 | |||||||||||||||||||||
Allowance for doubtful accounts - | $ | 433 | $ | 23 | $ | - | $ | $13 | $ | 443 | |||||||||||
accounts receivable | (b) | ||||||||||||||||||||
Fifty-two weeks ended March 30, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts - | $ | 130 | $ | 21 | $ | 320 | (a) | $ | 38 | (b) | $ | 433 | |||||||||
accounts receivable | |||||||||||||||||||||
Fifty-three weeks ended March 31, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts - | $ | 138 | $ | 15 | $ | 5 | (a) | $ | 28 | (b) | $ | 130 | |||||||||
accounts receivable | |||||||||||||||||||||
Note_A_Description_and_Organiz1
Note A - Description and Organization of Business (Details Textual) | Mar. 29, 2015 |
Number of Countries in which Entity Operates | 10 |
Number of States in which Entity Operates | 27 |
Entity Operated Units [Member] | |
Number of Restaurants | 5 |
Franchised Units [Member] | |
Number of Restaurants | 296 |
Note_B_Summary_of_Significant_2
Note B - Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | 5 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | |
Goodwill and Intangible Asset Impairment | $0 | $0 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | |
Cash Equivalents, at Carrying Value | 1,754,000 | 330,000 | ||
Goodwill | 95,000 | 95,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 1,353,000 | 1,353,000 | ||
Loss from Catastrophes | 1,340,000 | |||
Long-term Debt, Gross | 135,000,000 | |||
Long-term Debt, Fair Value | 141,835,000 | |||
Franchise Revenue | 5,581,000 | 5,718,000 | 5,842,000 | |
Maximum Contributions to Advertising Fund Percentage of Net Sales | 2.00% | |||
Advertising Expense | 175,000 | 147,000 | 144,000 | |
Write Off of Property and Equipment [Member] | ||||
Loss from Catastrophes | 449,000 | 449,000 | ||
Deferred Franchise Fees [Member] | ||||
Deferred Revenue, Current | 278,000 | 234,000 | ||
Deferred Development Fee [Member] | ||||
Deferred Revenue | 214,000 | 200,000 | ||
New Unit Openings, Transfers, Co-branding, and Forfeitures [Member] | ||||
Franchise Revenue | $1,043,000 | $863,000 | $852,000 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member] | ||||
Concentration Risk, Percentage | 20.00% | 23.00% | 16.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer B [Member] | ||||
Concentration Risk, Percentage | 17.00% | 13.00% | 11.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer C [Member] | ||||
Concentration Risk, Percentage | 10.00% | 11.00% | 10.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Retail Licensee [Member] | ||||
Concentration Risk, Percentage | 18.00% | |||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member] | ||||
Concentration Risk, Percentage | 17.00% | 17.00% | 12.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | One Retail Licensee [Member] | ||||
Concentration Risk, Percentage | 17.00% | |||
Cost of Goods, Product Line [Member] | Supplier Concentration Risk [Member] | Primary Supplier of Hot Dogs [Member] | ||||
Concentration Risk, Percentage | 83.00% | 75.00% | 82.00% | |
Cost of Goods, Product Line [Member] | Supplier Concentration Risk [Member] | Distributor of Product to Company-owned Restaurants [Member] | ||||
Concentration Risk, Percentage | 5.00% | 5.00% | 7.00% |
Note_B_Summary_of_Significant_3
Note B - Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Mar. 29, 2015 | |
Minimum [Member] | Building [Member] | |
Estimated useful life | 5 years |
Minimum [Member] | Machinery, Equipment, Furniture, and Fixtures [Member] | |
Estimated useful life | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Estimated useful life | 5 years |
Maximum [Member] | Building [Member] | |
Estimated useful life | 25 years |
Maximum [Member] | Machinery, Equipment, Furniture, and Fixtures [Member] | |
Estimated useful life | 15 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Estimated useful life | 20 years |
Note_B_Summary_of_Significant_4
Note B - Summary of Significant Accounting Policies - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Market Value | $7,091 | $11,187 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Market Value | $7,091 | $11,187 |
Note_B_Summary_of_Significant_5
Note B - Summary of Significant Accounting Policies - Summary of Franchise Openings and Closings for the Nathan's Franchise Restaurant System (Details) | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Franchised Restaurants Operating Beginning of Period [Member] | |||
Restaurants | 324 | 303 | 299 |
New Franchised Restaurants Opened During Period [Member] | |||
Restaurants | 36 | 56 | 40 |
Franchised Restaurants Closed During Period [Member] | |||
Restaurants | -64 | -35 | -36 |
Franchised Restaurants Operating End of Period [Member] | |||
Restaurants | 296 | 324 | 303 |
Note_B_Summary_of_Significant_6
Note B - Summary of Significant Accounting Policies - The Company's Revenues (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Revenues | $99,112 | $79,752 | $71,069 |
Domestic [Member] | |||
Revenues | 95,682 | 76,221 | 68,025 |
Non-domestic [Member] | |||
Revenues | $3,430 | $3,531 | $3,044 |
Note_B_Summary_of_Significant_7
Note B - Summary of Significant Accounting Policies - The Company's Sales (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Sales | $75,520 | $65,521 | $56,656 |
Branded Product Sales [Member] | |||
Sales | 58,948 | 51,877 | 43,214 |
Company Operated Restaurants [Member] | |||
Sales | 15,874 | 13,231 | 13,403 |
Other Products [Member] | |||
Sales | $698 | $413 | $39 |
Note_C_Income_Per_Share_Detail
Note C - Income Per Share (Details Textual) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 |
Note_C_Income_Per_Share_Table_
Note C - Income Per Share - Table of Earnings Per Share Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Basic EPS | |||
Basic calculation | $11,703 | $8,327 | $7,468 |
Basic calculation (in shares) | 4,486,000 | 4,450,000 | 4,400,000 |
Basic calculation (in dollars per share) | $2.61 | $1.87 | $1.70 |
Effect of dilutive employee stock options (in shares) | 102,000 | 155,000 | 188,000 |
Effect of dilutive employee stock options (in dollars per share) | ($0.06) | ($0.06) | ($0.07) |
Diluted EPS | |||
Diluted calculation | $11,703 | $8,327 | $7,468 |
Weighted Average Number of Shares Outstanding, Diluted | 4,588,000 | 4,605,000 | 4,588,000 |
Diluted calculation (in dollars per share) | $2.55 | $1.81 | $1.63 |
Note_D_Marketable_Securities_D
Note D - Marketable Securities (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ($102) | ($180) | ($168) |
Note_D_Marketable_Securities_M
Note D - Marketable Securities - Marketable Securities (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Cost | $7,019 | $10,947 |
Gross Unrealized Gains | 72 | 240 |
Fair Market Value | $7,091 | $11,187 |
Note_D_Marketable_Securities_B
Note D - Marketable Securities - Bond Maturities by Period (Details) (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
Fair Market Value | $7,091 |
Less than 1 year | 4,650 |
1 - 5 years | $2,441 |
Note_D_Marketable_Securities_P
Note D - Marketable Securities - Proceeds from Sale of Available-for-Sale Securities and the Resulting Gross Realized Gains (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Available-for-sale securities: | |||
Proceeds | $8,020,000 | $2,890,000 | $2,000,000 |
Gross realized gains | $0 | $0 | $0 |
Note_E_Accounts_and_Other_Rece2
Note E - Accounts and Other Receivables, Net (Details Textual) | 12 Months Ended |
Mar. 29, 2015 | |
Accounts Receivable Payment Terms | 30 days |
Note_E_Accounts_and_Other_Rece3
Note E - Accounts and Other Receivables, Net - Accounts and Other Receivables, Net (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
Accounts Receivable, Gross, Current | $9,942,000 | $8,256,000 |
Less: allowance for doubtful accounts | 443,000 | 433,000 |
Accounts and other receivables, net | 9,499,000 | 7,823,000 |
Branded Product Sales [Member] | ||
Accounts Receivable, Gross, Current | 6,317,000 | 5,141,000 |
Franchise and License Royalties [Member] | ||
Accounts Receivable, Gross, Current | 2,570,000 | 1,658,000 |
Other Receivables [Member] | ||
Accounts Receivable, Gross, Current | $1,055,000 | $1,457,000 |
Note_E_Accounts_and_Other_Rece4
Note E - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Beginning balance | $433,000 | $130,000 | $138,000 |
Bad debt expense | 23,000 | 21,000 | 15,000 |
Uncollectible marketing fund contributions | 0 | 320,000 | 5,000 |
Accounts written off | -13,000 | -38,000 | -28,000 |
Ending balance | $443,000 | $433,000 | $130,000 |
Note_F_Prepaid_Expenses_and_Ot2
Note F - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Income taxes | $3,525 | $2,059 |
Insurance | 497 | 506 |
Other | 510 | 564 |
$4,532 | $3,129 |
Note_G_LongTerm_Investment_Det
Note G - Long-Term Investment (Details Textual) (USD $) | 12 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Sep. 23, 2012 | |
Investment Owned, Balance, Shares | 351,550 | |||
Long-term Investments | $500,000 | |||
Cost Method Investment Ownership Percentage | 2.50% | |||
Cost-method Investments, Other than Temporary Impairment | $0 | $400,000 | $0 |
Note_H_Property_and_Equipment_2
Note H - Property and Equipment, Net - Property and Equipment (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | ||
Land | $1,197 | $1,197 |
Building and improvements | 2,067 | 2,161 |
Machinery, equipment, furniture and fixtures | 5,594 | 6,349 |
Leasehold improvements | 6,120 | 6,792 |
Construction-in-progress | 1,225 | 25 |
16,203 | 16,524 | |
Accumulated depreciation | 6,946 | 7,554 |
$9,257 | $8,970 |
Note_I_Accrued_Expenses_Other_2
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
Payroll and other benefits | $2,847,000 | $2,433,000 |
Accrued rebates | 815,000 | 855,000 |
Rent and occupancy costs | 206,000 | 163,000 |
Construction costs | 269,000 | 281,000 |
Unexpended advertising funds | 52,000 | |
Interest | 750,000 | |
Professional fees | 329,000 | 81,000 |
Dividend payable | 375,000 | |
Other | 220,000 | 152,000 |
6,412,000 | 4,751,000 | |
Deferred Franchise Fees And Other Deferred Revenue [Member] | ||
Deferred Revenue, Current | $601,000 | $734,000 |
Note_I_Accrued_Expenses_Other_3
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
Deferred development fees | $214,000 | $200,000 |
Reserve for uncertain tax positions (Note J) | 555,000 | 620,000 |
Deferred rental liability | 991,000 | 661,000 |
Dividend payable | 625,000 | 0 |
Other | 12,000 | 212,000 |
$2,397,000 | $1,693,000 |
Note_J_Income_Taxes_Details_Te
Note J - Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 34.00% | 34.00% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $266 | $283 | $296 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 289 | 329 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 44 | 43 | 46 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | ($98) |
Note_J_Income_Taxes_Income_Tax
Note J - Income Taxes - Income Tax Provision (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Federal | |||
Current | $5,992 | $2,664 | $3,237 |
Deferred | 60 | 1,421 | 377 |
6,052 | 4,085 | 3,614 | |
State and local | |||
Current | 1,599 | 918 | 937 |
Deferred | 51 | 231 | 120 |
1,650 | 1,149 | 1,057 | |
$7,702 | $5,234 | $4,671 |
Note_J_Income_Taxes_Effective_
Note J - Income Taxes - Effective Inome Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Computed bexpectedb tax expense | $6,792 | $4,611 | $4,127 |
State and local income taxes, net of Federal income tax benefit | 1,112 | 773 | 633 |
Tax-exempt investment earnings | -63 | -110 | -133 |
Change in uncertain tax positions, net | -62 | -22 | 22 |
Nondeductible meals and entertainment and other | -77 | -18 | 22 |
$7,702 | $5,234 | $4,671 |
Note_J_Income_Taxes_Deferred_T
Note J - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 |
Deferred tax assets | ||
Accrued expenses | $145,000 | $162,000 |
Allowance for doubtful accounts | 52,000 | 49,000 |
Deferred revenue | 432,000 | 569,000 |
Deferred stock compensation | 223,000 | 594,000 |
Excess of straight line over actual rent | 412,000 | 289,000 |
Investment | 152,000 | 157,000 |
Other | 140,000 | 129,000 |
Total gross deferred tax assets | 1,556,000 | 1,949,000 |
Deferred tax liabilities | ||
Deductible prepaid expense | 288,000 | 302,000 |
Unrealized gain on marketable securities | 16,000 | 83,000 |
Depreciation expense | 1,692,000 | 1,692,000 |
Deductible business interruption expenses | 0 | 293,000 |
Amortization | 311,000 | 287,000 |
Total gross deferred tax liabilities | 2,307,000 | 2,657,000 |
Net deferred tax (liability) | -751,000 | -708,000 |
Less current portion | -277,000 | -26,000 |
Long-term portion | ($1,028,000) | ($734,000) |
Note_J_Income_Taxes_Reconcilia
Note J - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Unrecognized tax benefits, beginning of year | $283,000 | $296,000 | $422,000 |
Decreases of tax positions taken in prior years | -64,000 | -34,000 | -50,000 |
Increases based on tax positions taken in current year | 47,000 | 21,000 | 34,000 |
Settlements of tax positions taken in prior years | 0 | 0 | -110,000 |
Unrecognized tax benefits, end of year | $266,000 | $283,000 | $296,000 |
Note_J_Income_Taxes_The_Earlie
Note J - Income Taxes - The Earliest Tax Years Subject to Examination by Taxing Authorities (Details) (Earliest Tax Year [Member]) | 12 Months Ended |
Mar. 29, 2015 | |
Domestic Tax Authority [Member] | |
Earliest tax year subject to examination | 2012 |
New York State [Member] | |
Earliest tax year subject to examination | 2012 |
New York City [Member] | |
Earliest tax year subject to examination | 2012 |
Note_K_Longterm_Debt_Details_T
Note K - Long-term Debt (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended |
Mar. 10, 2015 | Mar. 29, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Payments of Ordinary Dividends, Common Stock | $116,100,000 | $115,110,000 |
Long-term Debt, Fair Value | 141,835,000 | |
Secured Debt [Member] | Maximum [Member] | Option to Redeem at Redemption Price Equal to Percentage of Principal Amount [Member] | ||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | |
Secured Debt [Member] | Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] | Applicable Premium if Percentage of Principal Amount is Greater than Treasury Rate Basis Spread [Member] | ||
Debt Instrument, Applicable Premium, Percentage of Principal Amount | 1.00% | |
Secured Debt [Member] | Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] | Applicable Premium if Treasury Rate Basis Spread is Greater than Percentage of Principal Amount [Member] | Treasury Rate [Member] | ||
Debt Instrument, Applicable Premium, Treasury Rate Basis Spread | 0.50% | |
Secured Debt [Member] | Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Secured Debt [Member] | In the Event of Chang of Control Offer [Member] | ||
Debt Instrument, Redemption Price, Percentage | 101.00% | |
Secured Debt [Member] | In the Event the Company Sells Certain Assets and Fails to Use the Proceeds as Required [Member] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Secured Debt [Member] | ||
Debt Instrument, Face Amount | 135,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Issuance Cost | 5,926,000 | |
Debt Instrument, Term | 5 years | |
Debt Instrument, Fixed Charge Coverage Ratio | 2 | |
Debt Instrument, Priority Secured Leverage Ratio | 0.4 | |
Debt Instrument Secured Leverage Ratio | 3.75 | |
Debt Instrument, Redemption Price, Percentage | 110.00% | |
Long-term Debt, Fair Value | $141,835,000 |
Note_K_Longterm_Debt_Summary_o
Note K - Long-term Debt - Summary of Debt (Details) (USD $) | Mar. 29, 2015 |
10.000% Senior secured notes due 2020 | $135,000,000 |
Less: current maturities of long-term debt | 0 |
Less: unamortized debt discounts and issuance costs | -5,860,000 |
$129,140,000 |
Note_K_Longterm_Debt_Summary_o1
Note K - Long-term Debt - Summary of Debt (Details) (Parentheticals) | Mar. 29, 2015 |
Interest rate | 10.00% |
Note_K_Longterm_Debt_Summary_o2
Note K - Long-term Debt - Summary of Redemption Features (Details) | 12 Months Ended |
Mar. 29, 2015 | |
Debt Instrument, Redemption, Period One [Member] | |
Redemption percentage | 105.00% |
Debt Instrument, Redemption, Period Two [Member] | |
Redemption percentage | 102.50% |
Debt Instrument, Redemption, Period Three [Member] | |
Redemption percentage | 100.00% |
Note_L_Stockholders_Equity_Sto2
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 162 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 65 Months Ended | ||||||||||||||||||||||||||
Mar. 10, 2015 | Feb. 13, 2013 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 29, 2015 | Mar. 27, 2016 | Mar. 27, 2015 | Jun. 04, 2013 | Mar. 29, 2015 | Sep. 11, 2014 | Dec. 13, 2013 | Jun. 05, 2013 | Sep. 13, 2012 | Sep. 14, 2010 | Feb. 01, 2011 | Nov. 09, 2009 | Mar. 29, 2014 | |||||||||
Common Stock, Dividends, Per Share, Declared | $25 | $0 | $0 | |||||||||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $116,100,000 | $115,110,000 | ||||||||||||||||||||||||||||||||
Increased Number of Shares Available for Issuance Due to Plan Amendment | 250,000 | |||||||||||||||||||||||||||||||||
Amount of Available Common Shares Reduced by Each Share of Restricted Stock Granted | 3.2 | |||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award Option Life | 5 years | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | 0 | 0 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $53.89 | $0 | $0 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 30 days | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 15,000 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 40,000 | 55,000 | 40,000 | 55,000 | 40,000 | 40,000 | ||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 350,000 | 286,000 | 251,000 | |||||||||||||||||||||||||||||||
Share Based Compensation Total Unamortized Compensation Expense | 1,815,000 | 1,815,000 | 1,815,000 | 1,815,000 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 235,125 | 150,000 | 192,500 | |||||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | 880,000 | 944,000 | 389,000 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 13,040,000 | 6,038,000 | 3,523,000 | |||||||||||||||||||||||||||||||
Share Price | $36.87 | $73.56 | ||||||||||||||||||||||||||||||||
Earnings Per Share, Diluted | $0.34 | [1] | $0.49 | [1] | $0.84 | [1] | $0.89 | [1] | $0.27 | [1] | $0.24 | [1] | $0.57 | [1] | $0.73 | [1] | $2.55 | $1.81 | $1.63 | |||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 4,562,000 | [1] | 4,603,000 | [1] | 4,593,000 | [1] | 4,593,000 | [1] | 4,594,000 | [1] | 4,622,000 | [1] | 4,625,000 | [1] | 4,588,000 | [1] | 4,588,000 | 4,605,000 | 4,588,000 | |||||||||||||||
Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights | 15.00% | |||||||||||||||||||||||||||||||||
New Right Purchase Price | $100 | |||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | |||||||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | 6,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 800,000 | |||||||||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | 37,661 | 4,647,687 | ||||||||||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | 1,916,000 | 1,486,000 | 3,085,000 | 56,800,000 | ||||||||||||||||||||||||||||||
Stock Repurchased During Period, 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 | 30,000 | 34,000 | 31,000 | |||||||||||||||||||||||||||||||
Multiemployer Plans, Plan Contributions | 10,000 | 10,000 | 16,000 | |||||||||||||||||||||||||||||||
Special Cash Dividend [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | 375,000 | |||||||||||||||||||||||||||||||||
Special Cash Dividend [Member] | ||||||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $25 | |||||||||||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | 115,100,000 | |||||||||||||||||||||||||||||||||
Dividends Payable | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||||||||||||||
Excluding Dividend [Member] | ||||||||||||||||||||||||||||||||||
Share Price | $48.56 | |||||||||||||||||||||||||||||||||
Earnings Per Share if Replacement Options had been Issued [Member] | ||||||||||||||||||||||||||||||||||
Earnings Per Share, Diluted | $0.34 | $2.53 | ||||||||||||||||||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 4,576,000 | 4,621,000 | ||||||||||||||||||||||||||||||||
Newly Authorized Additional Shares Pursuant to 2010 Plan [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 150,000 | |||||||||||||||||||||||||||||||||
Shares Not Issued Under 2001 Plan and 2002 Plan [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 171,000 | |||||||||||||||||||||||||||||||||
Shares Expired or Forfeited up to 100000 Shares [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 100,000 | |||||||||||||||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 268,500 | 268,500 | 268,500 | 268,500 | ||||||||||||||||||||||||||||||
Restricted Stock [Member] | Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 50,000 | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 25,000 | |||||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | |||||||||||||||||||||||||||||||||
Share Price | $49.80 | |||||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,245,000 | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 204,219 | 204,219 | 204,219 | 204,219 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 4 years | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 4 years | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 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 | $49.80 | $29.29 | ||||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 1,245,000 | 1,245,000 | 1,245,000 | 1,245,000 | ||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 10,000 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 40,000 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 965,000 | 533,000 | 293,000 | |||||||||||||||||||||||||||||||
The 2010 Plan [Member] | ||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award Option Life | 5 years | |||||||||||||||||||||||||||||||||
Options Granted before the 2010 Plan [Member] | ||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award Option Life | 10 years | |||||||||||||||||||||||||||||||||
Stock Incentive Plans [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||||||||||
Stock Incentive Plans [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||||||||||
The 2013 Rights [Member] | ||||||||||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 10,188,600 | |||||||||||||||||||||||||||||||||
Common Stock Purchase Rights [Member] | ||||||||||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 10,311,542 | 10,311,542 | 10,311,542 | 10,311,542 | ||||||||||||||||||||||||||||||
Sixth Stock Repurchase Plan [Member] | ||||||||||||||||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | |||||||||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | 548,728 | |||||||||||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | 13,194,000 | |||||||||||||||||||||||||||||||||
Stock Repurchase Program Number of Additional Shares Authorized to be Repurchased | 300,000 | |||||||||||||||||||||||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 251,272 | 251,272 | 251,272 | 251,272 | ||||||||||||||||||||||||||||||
Base Salary [Member] | Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||||||||||
Contractual Obligation | 600,000 | 600,000 | 600,000 | 600,000 | ||||||||||||||||||||||||||||||
Base Salary [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||
Contractual Obligation | 375,000 | 375,000 | 375,000 | 375,000 | ||||||||||||||||||||||||||||||
Base Salary [Member] | Chief Operating Officer [Member] | ||||||||||||||||||||||||||||||||||
Contractual Obligation | 289,000 | 289,000 | 289,000 | 289,000 | ||||||||||||||||||||||||||||||
Base Salary [Member] | Executive Vice President [Member] | ||||||||||||||||||||||||||||||||||
Contractual Obligation | 210,000 | 210,000 | 210,000 | 210,000 | ||||||||||||||||||||||||||||||
Base Salary [Member] | One Employee [Member] | ||||||||||||||||||||||||||||||||||
Contractual Obligation | 136,000 | |||||||||||||||||||||||||||||||||
Consulting Fee [Member] | Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||||||||||
Contractual Obligation | $200,000 | $200,000 | $200,000 | $200,000 | ||||||||||||||||||||||||||||||
Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||||||||||
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 | 2.99 | 2.99 | ||||||||||||||||||||||||||||||
[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_L_Stockholders_Equity_Sto3
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Fair Value Option Valuation Assumptions (Details) (USD $) | 12 Months Ended |
Mar. 29, 2015 | |
Rate | |
Weighted-average option fair values (in dollars per share) | $11.97 |
Expected life (years) | 4 years 182 days |
Interest rate | 1.66% |
Volatility | 22.77% |
Dividend Yield | 0.00% |
Note_L_Stockholders_Equity_Sto4
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Compensation Cost Charged to Expense under All Stock-based Incentive Awards (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Share-based Compensation Expense | $859 | $721 | $627 |
Employee Stock Option [Member] | |||
Share-based Compensation Expense | 318 | 224 | 224 |
Restricted Stock [Member] | |||
Share-based Compensation Expense | $541 | $497 | $403 |
Note_L_Stockholders_Equity_Sto5
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - A Summary of the Status of the Company's Stock Options (Details) (USD $) | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Options outstanding b beginning of year (in shares) | 279,500 | 429,500 | 622,000 |
Options outstanding b beginning of year (in dollars per share) | $15.22 | $13.29 | $13.21 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | 0 | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $53.89 | $0 | $0 |
Expired (in shares) | 0 | 0 | 0 |
Expired (in dollars per share) | $0 | $0 | $0 |
Exercised (in shares) | -235,125 | -150,000 | -192,500 |
Exercised (in dollars per share) | $14.74 | $9.71 | $13.04 |
Options outstanding - end of year (in shares) | 94,375 | 279,500 | 429,500 |
Options outstanding - end of year (in dollars per share) | $36.90 | $15.22 | $13.29 |
Options exercisable - end of year (in shares) | 0 | 190,750 | 296,375 |
Options exercisable - end of year (in dollars per share) | $0 | $14.04 | $11.29 |
Weighted-average option fair values (in dollars per share) | $11.97 |
Note_L_Stockholders_Equity_Sto6
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Outstanding Stock Options (Details) (USD $) | 12 Months Ended | 0 Months Ended |
Mar. 29, 2015 | Mar. 30, 2015 | |
Options outstanding (in shares) | 94,375 | |
Options outstanding, weighted average exercise price (in dollars per share) | $36.90 | |
Options outstanding, weighted average remaining contractual life | 2 years 317 days | |
Options outstanding, aggregate intrinsic value | $3,460,000 | |
Options exercisable (in shares) | 0 | |
Options exercisable, weighted average exercise price (in dollars per share) | $0 | |
Options exercisable, weighted average remaining contractual life | 0 years | |
Options exercisable, aggregate intrinsic value | 0 | |
Subsequent Event [Member] | ||
Options outstanding (in shares) | 142,964 | |
Options outstanding, weighted average exercise price (in dollars per share) | $24.36 | |
Options outstanding, weighted average remaining contractual life | 2 years 317 days | |
Options outstanding, aggregate intrinsic value | 3,460,000 | |
Options exercisable (in shares) | 0 | |
Options exercisable, weighted average exercise price (in dollars per share) | $0 | |
Options exercisable, weighted average remaining contractual life | 0 years | |
Options exercisable, aggregate intrinsic value | $0 |
Note_L_Stockholders_Equity_Sto7
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Outstanding Stock Options (Details) (Parentheticals) (USD $) | 12 Months Ended | 0 Months Ended |
Mar. 29, 2015 | Mar. 30, 2015 | |
Exercise price range, lower limit (in dollars per share) | $17.75 | |
Exercise price range, upper limit (in dollars per share) | $53.89 | |
Subsequent Event [Member] | ||
Exercise price range, lower limit (in dollars per share) | $11.72 | |
Exercise price range, upper limit (in dollars per share) | $35.58 |
Note_L_Stockholders_Equity_Sto8
Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Transactions with Respect to Restricted Stock (Details) (USD $) | 12 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Unvested restricted stock at March 30, 2014 (in shares) | 40,000 | 55,000 |
Unvested restricted stock at March 30, 2014 (in dollars per share) | $39.54 | $38.61 |
Vested (in shares) | -15,000 | |
Vested (in dollars per share) | $36.13 |
Note_M_Commitments_and_Conting2
Note M - Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | 5 Months Ended | 1 Months Ended | |||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Apr. 30, 2014 | Oct. 29, 2012 | |
Operating Leases, Rent Expense, Net | $1,617,000 | $1,391,000 | $1,102,000 | |||
Operating Leases, Rent Expense, Sublease Rentals | 267,000 | 265,000 | 353,000 | |||
Operating Leases, Rent Expense, Contingent Rentals | 489,000 | 454,000 | 399,000 | |||
Property Subject to or Available for Operating Lease, Number of Units | 2 | |||||
Loss from Catastrophes | 1,340,000 | |||||
Proceeds from Insurance Settlement, Investing Activities | 3,400,000 | |||||
Insured Event, Gain (Loss) | 0 | 2,774,000 | 0 | |||
Proceeds from Insurance Settlement, Operating Activities | 718,000 | 0 | 0 | |||
Closed for Varying Periods of Time [Member] | Branded Menu Location [Member] | ||||||
Number of Restaurants | 18 | |||||
Closed for Varying Periods of Time [Member] | ||||||
Number of Restaurants | 78 | |||||
Remain Closed [Member] | Branded Menu Location [Member] | ||||||
Number of Restaurants | 1 | |||||
Write Off of Property and Equipment [Member] | ||||||
Loss from Catastrophes | 449,000 | 449,000 | ||||
Unsalable Inventories [Member] | ||||||
Loss from Catastrophes | 42,000 | |||||
Business Interruption Claim, Net of Fees [Member] | ||||||
Proceeds from Insurance Settlement, Operating Activities | $718,000 | |||||
Minimum [Member] | ||||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years | |||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||||
Maximum [Member] | ||||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 20 years | |||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 20 years |
Note_M_Commitments_and_Conting3
Note M - Commitments and Contingencies - Non-cancelable Operating Lease Commitments (Details) (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
2016 | $1,641 |
2016 | 270 |
2016 | 1,371 |
2017 | 1,658 |
2017 | 254 |
2017 | 1,404 |
2018 | 1,685 |
2018 | 262 |
2018 | 1,423 |
2019 | 1,658 |
2019 | 266 |
2019 | 1,392 |
2020 | 1,545 |
2020 | 267 |
2020 | 1,278 |
Thereafter | 8,022 |
Thereafter | 1,357 |
Thereafter | 6,665 |
16,209 | |
2,676 | |
$13,533 |
Note_N_Related_Party_Transacti1
Note N - Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 |
Accounting Firm where Charles Raich Served as Managing Partner [Member] | |||
Related Party Transaction, Amounts of Transaction | $160 | $130 | $136 |
Fim where Lorber Serves as Consultant [Member] | |||
Related Party Transaction, Amounts of Transaction | $24 | $24 | $25 |
Note_O_Quarterly_Financial_Inf2
Note O - Quarterly Financial Information (Unaudited) (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |||||||||
Earnings Per Share, Diluted | $0.34 | [1] | $0.49 | [1] | $0.84 | [1] | $0.89 | [1] | $0.27 | [1] | $0.24 | [1] | $0.57 | [1] | $0.73 | [1] | $2.55 | $1.81 | $1.63 |
Weighted Average Number of Shares Outstanding, Diluted | 4,562,000 | [1] | 4,603,000 | [1] | 4,593,000 | [1] | 4,593,000 | [1] | 4,594,000 | [1] | 4,622,000 | [1] | 4,625,000 | [1] | 4,588,000 | [1] | 4,588,000 | 4,605,000 | 4,588,000 |
Earnings Per Share if Replacement Options had been Issued [Member] | |||||||||||||||||||
Earnings Per Share, Diluted | $0.34 | $2.53 | |||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 4,576,000 | 4,621,000 | |||||||||||||||||
[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_O_Quarterly_Financial_Inf3
Note O - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) (USD $) | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | |||||||||
Total revenues | $20,401,000 | $22,353,000 | $28,953,000 | $27,668,000 | $17,331,000 | $18,533,000 | $23,662,000 | $23,401,000 | ||||||||
Gross profit (a) | 2,019,000 | [1] | 2,594,000 | [1] | 4,716,000 | [1] | 4,240,000 | [1] | 2,004,000 | [1] | 2,457,000 | [1] | 4,513,000 | [1] | 3,475,000 | [1] |
Net income | 1,537,000 | 2,241,000 | 3,854,000 | 4,071,000 | 1,218,000 | 1,107,000 | 2,648,000 | 3,354,000 | ||||||||
Net income per share | ||||||||||||||||
Basic calculation (in dollars per share) | $0.34 | [2] | $0.50 | [2] | $0.86 | [2] | $0.91 | [2] | $0.27 | [2] | $0.25 | [2] | $0.59 | [2] | $0.76 | [2] |
Diluted calculation (in dollars per share) | $0.34 | [2] | $0.49 | [2] | $0.84 | [2] | $0.89 | [2] | $0.27 | [2] | $0.24 | [2] | $0.57 | [2] | $0.73 | [2] |
Shares used in computation of net income per share | ||||||||||||||||
Basic (b) (in shares) | 4,521,000 | [2] | 4,482,000 | [2] | 4,472,000 | [2] | 4,471,000 | [2] | 4,459,000 | [2] | 4,466,000 | [2] | 4,460,000 | [2] | 4,415,000 | [2] |
Diluted (b) (in shares) | 4,562,000 | [2] | 4,603,000 | [2] | 4,593,000 | [2] | 4,593,000 | [2] | 4,594,000 | [2] | 4,622,000 | [2] | 4,625,000 | [2] | 4,588,000 | [2] |
Total revenues | 20,401,000 | 22,353,000 | 28,953,000 | 27,668,000 | 17,331,000 | 18,533,000 | 23,662,000 | 23,401,000 | ||||||||
Gross profit (a) | 2,019,000 | [1] | 2,594,000 | [1] | 4,716,000 | [1] | 4,240,000 | [1] | 2,004,000 | [1] | 2,457,000 | [1] | 4,513,000 | [1] | 3,475,000 | [1] |
Net income | $1,537,000 | $2,241,000 | $3,854,000 | $4,071,000 | $1,218,000 | $1,107,000 | $2,648,000 | $3,354,000 | ||||||||
[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. |
Note_P_Subsequent_Event_Detail
Note P - Subsequent Event (Details Textual) (USD $) | 12 Months Ended | 162 Months Ended | 0 Months Ended | ||||||
Mar. 29, 2015 | Mar. 29, 2015 | Jun. 10, 2015 | Aug. 07, 2015 | Mar. 27, 2015 | Sep. 11, 2014 | Mar. 30, 2014 | Dec. 13, 2013 | Feb. 13, 2013 | |
Treasury Stock, Shares, Acquired | 37,661 | 4,647,687 | |||||||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | |||
Share Price | $73.56 | $36.87 | |||||||
Chief Operating Officer [Member] | Subsequent Event [Member] | |||||||||
Consulting Agreement Term | 1 year | ||||||||
Treasury Stock, Shares, Acquired | 56,933 | ||||||||
Chief Operating Officer [Member] | Scenario, Forecast [Member] | |||||||||
Consulting Fee Per Month | $16,291 | ||||||||
Severance Costs | $288,750 | ||||||||
Subsequent Event [Member] | |||||||||
Common Stock, Par or Stated Value Per Share | 0.01 | ||||||||
Share Price | 40.28 |
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | ||||
Balance at beginning of period | $433,000 | $130,000 | $138,000 | |||
Additions charged to costs and expenses | 23,000 | 21,000 | 15,000 | |||
Additions charged to other accounts | 0 | 320,000 | [1] | 5,000 | [1] | |
Deductions | 13,000 | [2] | 38,000 | [2] | 28,000 | [2] |
Balance at end of period | $443,000 | $433,000 | $130,000 | |||
[1] | Uncollectible marketing fund contributions. | |||||
[2] | Uncollectible amounts written off. |