Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 25, 2016 | Feb. 03, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | NATHANS FAMOUS INC | |
Entity Central Index Key | 69,733 | |
Trading Symbol | nath | |
Current Fiscal Year End Date | --03-26 | |
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) | 4,176,497 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 25, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 25, 2016 | Mar. 27, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 56,403 | $ 50,228 |
Accounts and other receivables, net | 10,210 | 8,721 |
Inventories | 394 | 687 |
Prepaid expenses and other current assets (Note G) | 700 | 1,343 |
Total current assets | 67,707 | 60,979 |
Property and equipment, net of accumulated depreciation of $8,195 and $7,190, respectively | 9,009 | 9,013 |
Goodwill | 95 | 95 |
Intangible asset | 1,353 | 1,353 |
Other assets | 94 | 109 |
Total assets | 78,258 | 71,549 |
CURRENT LIABILITIES | ||
Accounts payable | 2,774 | 4,887 |
Total accrued expenses, other current liabilities and other liabilities | 9,118 | 6,176 |
Total current liabilities | 12,033 | 11,200 |
Long-term debt, net of unamortized debt issuance costs of $3,824 and $4,734, respectively (Note M) | 131,176 | 130,266 |
Other liabilities | 1,564 | 1,706 |
Deferred income taxes | 805 | 713 |
Total liabilities | 145,578 | 143,885 |
COMMITMENTS AND CONTINGENCIES (Note N) | ||
STOCKHOLDERS’ (DEFICIT) | ||
Common stock, $.01 par value; 30,000,000 shares authorized; 9,303,870 and 9,274,066 shares issued; and 4,176,497 and 4,177,309 shares outstanding at December 25, 2016 and March 27, 2016, respectively | 93 | 93 |
Additional paid-in capital | 60,482 | 60,950 |
(Accumulated deficit) | (50,592) | (57,348) |
Treasury stock, at cost, 5,127,373 and 5,096,757 shares at December 25, 2016 and March 27, 2016, respectively | (77,303) | (76,031) |
Total stockholders’ (deficit) | (67,320) | (72,336) |
Total liabilities and stockholders’ (deficit) | 78,258 | 71,549 |
Deferred Franchise Fees [Member] | ||
CURRENT LIABILITIES | ||
Deferred revenue | $ 141 | $ 137 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 25, 2016 | Mar. 27, 2016 |
Property and equipment, accumulated depreciation | $ 8,195 | $ 7,190 |
Long-term debt, unamortized debt discounts and issuance costs | $ 3,824 | $ 4,734 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 9,303,870 | 9,274,066 |
Common stock, shares outstanding (in shares) | 4,176,497 | 4,177,309 |
Treasury stock, shares (in shares) | 5,127,373 | 5,096,757 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
REVENUES | ||||
Sales | $ 14,859 | $ 15,763 | $ 58,012 | $ 62,627 |
License royalties | 3,990 | 3,614 | 15,602 | 15,406 |
Franchise fees and royalties | 1,088 | 1,187 | 3,752 | 3,804 |
Total revenues | 19,937 | 20,564 | 77,366 | 81,837 |
COSTS AND EXPENSES | ||||
Cost of sales | 10,785 | 12,082 | 41,732 | 47,848 |
Restaurant operating expenses | 695 | 699 | 2,711 | 2,890 |
Depreciation and amortization | 309 | 303 | 1,005 | 975 |
General and administrative expenses | 3,394 | 3,045 | 10,309 | 9,647 |
Total costs and expenses | 15,183 | 16,129 | 55,757 | 61,360 |
Income from operations | 4,754 | 4,435 | 21,609 | 20,477 |
Interest expense | (3,663) | (3,708) | (11,002) | (11,126) |
Interest income | 35 | 71 | 52 | |
Other income, net | 21 | 21 | 64 | 72 |
Income before provision for income taxes | 1,147 | 748 | 10,742 | 9,475 |
Provision for income taxes | 448 | 316 | 3,986 | 3,886 |
Net income | $ 699 | $ 432 | $ 6,756 | $ 5,589 |
Income per share: | ||||
Basic (in dollars per share) | $ 0.17 | $ 0.10 | $ 1.62 | $ 1.25 |
Diluted (in dollars per share) | $ 0.17 | $ 0.10 | $ 1.61 | $ 1.24 |
Weighted average shares used in computing income per share: | ||||
Basic (in shares) | 4,175,000 | 4,408,000 | 4,171,000 | 4,474,000 |
Diluted (in shares) | 4,209,000 | 4,444,000 | 4,202,000 | 4,504,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Net income | $ 699 | $ 432 | $ 6,756 | $ 5,589 |
Other comprehensive loss, net of deferred income taxes: | ||||
Less: Reclassification adjustment for gains included in net income | 47 | |||
Other comprehensive loss | (47) | |||
Comprehensive income | $ 699 | $ 432 | $ 6,756 | $ 5,542 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' (Deficit) (Unaudited) - 9 months ended Dec. 25, 2016 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Mar. 27, 2016 | 9,274,066 | 5,096,757 | |||
Balance at Mar. 27, 2016 | $ 93,000 | $ 60,950,000 | $ (57,348,000) | $ (76,031,000) | $ (72,336,000) |
Shares issued in connection with share-based compensation plans (in shares) | 29,804 | ||||
Shares issued in connection with share-based compensation plans | 44,000 | 44,000 | |||
Withholding tax on net share settlement of share-based compensation plans | (994,000) | $ (994,000) | |||
Repurchase of common stock (in shares) | 30,616 | 30,616 | |||
Repurchase of common stock | $ (1,272,000) | $ (1,272,000) | |||
Share-based compensation | 482,000 | 482,000 | |||
Net income | 6,756,000 | 6,756,000 | |||
Balance (in shares) at Dec. 25, 2016 | 9,303,870 | 5,127,373 | |||
Balance at Dec. 25, 2016 | $ 93,000 | $ 60,482,000 | $ (50,592,000) | $ (77,303,000) | $ (67,320,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 6,756 | $ 5,589 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 1,005 | 975 |
Amortization of bond premium | 64 | |
Gain on sale of marketable equity securities | (26) | |
Amortization of debt issuance costs | 910 | 889 |
Share-based compensation expense | 482 | 549 |
Income tax benefit on stock option exercises | 659 | |
Provision for doubtful accounts | 34 | 23 |
Deferred income taxes | 92 | 15 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables, net | (1,523) | 441 |
Inventories | 293 | 253 |
Prepaid expenses and other current assets | 643 | 3,618 |
Other assets | 15 | 134 |
Accounts payable, accrued expenses and other current liabilities | 545 | 1,575 |
Deferred franchise fees | 4 | (81) |
Other liabilities | (142) | (355) |
Net cash provided by operating activities | 9,773 | 13,663 |
Cash flows from investing activities: | ||
Proceeds from sales and maturities of available-for-sale securities | 10,868 | |
Purchase of property and equipment | (1,001) | (550) |
Purchase of available-for-sale securities | (3,887) | |
Net cash (used in) provided by investing activities | (1,001) | 6,431 |
Cash flows from financing activities: | ||
Debt issuance costs | (60) | |
Income tax benefit on stock option exercises | 142 | |
Proceeds from exercise of stock options | 44 | 44 |
Dividends paid upon vesting of restricted stock | (375) | (375) |
Payments of withholding tax on net share settlement of share-based compensation plans | (994) | (260) |
Repurchase of treasury stock | (1,272) | (11,270) |
Net cash (used in) financing activities | (2,597) | (11,779) |
Net increase in cash and cash equivalents | 6,175 | 8,315 |
Cash and cash equivalents, beginning of period | 50,228 | 51,393 |
Cash and cash equivalents, end of period | 56,403 | 59,708 |
Cash paid (refunded) during the period for: | ||
Interest | 6,750 | 6,938 |
Income taxes paid / (refunded) | $ 2,976 | $ (95) |
Note A - Basis of Presentation
Note A - Basis of Presentation | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - BASIS OF PRESENTATION The accompanying consolidated financial statements of Nathan's Famous, Inc. and subsidiaries (collectively “Nathan’s,” the “Company,” “we,” “us” or “our”) as of and for the thirteen thirty nine December 25, 2016 December 27, 2015 Certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the requirements of the Securities and Exchange Commission. Management believes that the disclosures included in the accompanying consolidated interim financial statements and footnotes are adequate to make the information not misleading, but should be read in conjunction with the consolidated financial statements and notes thereto included in Nathan’s Annual Report on Form 10 March 27, 2016. A summary of the Company’s significant accounting policies is identified in Note B of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10 March 27, 2016. March 27, 2016. |
Note B - Adoption of New Accoun
Note B - Adoption of New Accounting Pronouncements | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE B– ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS In March 2016, December 15, 2016 first (June 2017) March 25, 2018. The Company elected to early adopt this standard in the quarter ended June 26, 2016. $38,000 $659,000 thirteen thirty nine December 25, 2016, The excess tax benefits for the thirteen thirty nine December 27, 2015 $77,000 $142,000, The Company accounts for forfeitures as they occur. Under the new guidance, excess tax benefits related to employee share-based payments of $659,000 thirty nine December 25, 2016. thirteen thirty nine December 25, 2016. |
Note C - New Accounting Pronoun
Note C - New Accounting Pronouncements Not yet Adopted | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE C – NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED In May 2014, March 2016 April 2016. two five three third December 15, 2016, first 2018, March 27, 2017. May 12, 2015, second July 9, 2015, December 15, 2017 first (June 2018) March 31, 2019. In August 2014, one December 15, 2016 December 16, 2016. fourth March 26, 2017. In July 2015, first first December 15, 2016 first (June 2017) March 25, 2018. In February 2016, December 15, 2018, first (June 2019) March 29, 2020. 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 D - Income Per Share
Note D - Income Per Share | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE D – INCOME PER SHARE Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method. The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen thirty nine December 25, 2016 December 27, 2015, Thirteen weeks Net Income Net Income Number of Shares Per Share 2016 2015 2016 2015 2016 2015 (in thousands) (in thousands) Basic EPS Basic calculation $ 699 $ 432 4,175 4,408 $ 0.17 $ 0.10 Effect of dilutive employee stock options - - 34 36 - - Diluted EPS Diluted calculation $ 699 $ 432 4,209 4,444 $ 0.17 $ 0.10 Thirty-nine weeks Net Income Net Income Number of Shares Per Share 2016 2015 2016 2015 2016 2015 (in thousands) (in thousands) Basic EPS Basic calculation $ 6,756 $ 5,589 4,171 4,474 $ 1.62 $ 1.25 Effect of dilutive employee stock options - - 31 30 (0.01 ) (0.01 ) Diluted EPS Diluted calculation $ 6,756 $ 5,589 4,202 4,504 $ 1.61 $ 1.24 No thirteen thirty nine December 25, 2016 December 27, 2015 |
Note E - Fair Value Measurement
Note E - Fair Value Measurements | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE E– FAIR VALUE MEASUREMENTS Nathan’s follows a three three ● Level 1 ● Level 2 ● Level 3 At December 25, 2016 March 27, 2016, The Company’s long-term debt had a face value of $135,000,000 December 25, 2016 $146,981,000 December 25, 2016. secondary 2. The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. Certain non-financial assets and liabilities are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when evidence of impairment exists. At December 25, 2016, |
Note F - Accounts and Other Rec
Note F - Accounts and Other Receivables, Net | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE F – ACCOUNTS AND OTHER RECEIVABLES, NET Accounts and other receivables, net, consist of the following (in thousands): December 25 , March 27, 2016 2016 Branded product sales $ 6,545 $ 5,689 Franchise and license royalties 2,866 2,592 Other 1,299 911 10,710 9,192 Less: allowance for doubtful accounts 500 471 Accounts and other receivables, net $ 10,210 $ 8,721 Accounts receivable are due within 30 The Company individually reviews each past due account and determines its allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current and expected future ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings. After the Company has used reasonable collection efforts it writes off accounts receivable through a charge to the allowance for doubtful accounts. Changes in the Company’s allowance for doubtful accounts for the thirty nine December 25, 2016 March 27, 2016 December 25 , 2016 March 27, 2016 Beginning balance $ 471 $ 433 Bad debt expense 34 38 Accounts written off (5 ) (10 ) Ending balance $ 500 $ 471 |
Note G - Prepaid Expenses and O
Note G - Prepaid Expenses and Other Current Assets | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE G – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (in thousands): December 25 , March 27, 2016 2016 Income taxes $ - $ 211 Insurance 225 488 Other 475 644 Total prepaid expenses and other current assets $ 700 $ 1,343 |
Note H - Accrued Expenses, Othe
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE H – ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): December 25 , March 27, 2016 2016 Payroll and other benefits $ 2,114 $ 2,919 Income taxes 823 82 Accrued rebates 1,236 940 Rent and occupancy costs 203 218 Deferred revenue 79 679 Construction costs 216 183 Interest 3,849 507 Professional fees 204 101 Dividend payable 125 375 Other 269 172 Total accrued expenses, other current liabilities and other liabilities $ 9,118 $ 6,176 Other liabilities consist of the following (in thousands): December 25, March 27, 2016 2016 Deferred development fees $ 174 $ 129 Reserve for uncertain tax positions 436 427 Deferred rental liability 822 893 Dividend payable 125 250 Other 7 7 Total other liabilities $ 1,564 $ 1,706 |
Note I - Sales
Note I - Sales | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Sales [Text Block] | NOTE I – SALES The Company’s sales for the thirteen thirty nine December 25, 2016 December 27, 2015 Thirteen weeks ended Thirty-nine weeks ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Branded Products $ 12,868 $ 13,565 $ 44,349 $ 47,160 Company-operated restaurants 1,991 2,030 13,449 14,872 Other - 168 214 595 Total sales $ 14,859 $ 15,763 $ 58,012 $ 62,627 |
Note J - Income Taxes
Note J - Income Taxes | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE J – INCOME TAXES The income tax provisions for the thirty nine December 25, 2016 December 27, 2015 37.1% 41.0%, 6.1% 2017 2017 1.1%. 2016 1.0% 0.2% 0.1% 2016 thirty nine December 25, 2016, $659,000 In June 2016, April 1, 2014 March 31, 2015. The amount of unrecognized tax benefits at December 25, 2016 $ 207,000, December 25, 2016, $228,000 During the fiscal year ending March 26, 2017, $31,000, Nathan’s estimates that its annual effective tax rate for the fiscal year ending March 26, 2017 42.0% 44.0%, |
Note K - Share-based Compensati
Note K - Share-based Compensation | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE K – SHARE-BASED COMPENSATION Total share-based compensation during the thirteen December 25, 2016 December 27, 2015 $136,000 $173,000, thirty nine December 25, 2016 December 27, 2015 $482,000 $549,000, December 25, 2016, $599,000 one seven There were no thirty nine December 25, 2016. The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows (in thousands): Thirteen weeks ended Thirty-nine weeks ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Stock options $ 38 $ 38 $ 114 $ 144 Restricted stock 98 135 368 405 Total compensation cost $ 136 $ 173 $ 482 $ 549 Stock options outstanding: During the fiscal year ended March 29, 2015, 50,000 $53.89 five four August 6, 2015. In connection with the Company’s special cash dividend, which was paid on March 27, 2015, March 20, 2015, 2010 75,745 $35.576 March 29, 2015. March 27, 2015 $73.56 $48.56 $25.00 Transactions with respect to stock options for the thirty nine December 25, 2016 Weighted- Weighted- Aggregate Average Average Intrinsic Exercise Remaining Value Shares Price Contractual Life (in thousands) Options outstanding at the beginning of the fiscal year (A) 124,030 $ 26.29 2.13 $ 1,952 Granted - - - - Expired - - - - Exercised (48,285 ) $ 11.72 - 1,555 Options outstanding at December 25, 2016 75,745 $ 35.58 2.61 $ 2,164 Options exercisable at December 25, 2016 37,873 $ 35.58 2.61 $ 1,082 A- Represents outstanding options after giving effect to the replacement options issued in connection with the Company’s special dividend. Restricted stock: Transactions with respect to restricted stock for the thirty nine December 25, 2016 Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 27, 2016 25,000 $ 41.59 Granted - - Vested (15,000 ) $ 36.13 Unvested restricted stock at December 25, 2016 10,000 $ 49.80 |
Note L - Stockholders' Equity
Note L - Stockholders' Equity | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE L – STOCKHOLDERS’ EQUITY 1. Dividend On March 10, 2015, $25.00 March 20, 2015 $115,100,000 March 27, 2015 $1,000,000 $750,000 $125,000 March 25, 2018 March 24, 2019. 2. On June 5, 2013, “2013 June 17, 2013 “2013 The 2013 2013 2013 2013 15% $100.00 “2013 2013 one 2013 2013 The Company’s Board of Directors may 2013 2013 10,188,600 2013 2013 June 17, 2018 At December 25, 2016, 6,992,892 June 5, 2013. 3. Stock Repurchase Programs During the period from October 2001 December 25, 2016, 5,127,373 $77,303,000 thirty nine December 25, 2016, 30,616 $1,272,000. On March 11, 2016, 175,000 March 21, 2016. 10b5 1 10b 18 1934, August 2016. On September 9, 2016, 100,000 September 19, 2016. 10b5 1 10b 18 1934, As of December 25, 2016, 260,258 Purchases may |
Note M - Long-term Debt
Note M - Long-term Debt | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE M – LONG-TERM DEBT Long-term debt consists of the following (in thousands): December 25 , March 27, 2016 2016 10.000% Senior secured notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (3,824 ) (4,734 ) Total long-term debt $ 131,176 $ 130,266 On March 10, 2015, $135,000,000 10.000% 2020 144A March 10, 2015 $116,100,000 $5,985,000 5 The Notes bear interest at 10.000% March 15 th September 15 th $6,750,000 September 15, 2016. March 10, 2020. There are no financial maintenance covenants associated with the Notes. As of December 25, 2016, The Indenture contains certain covenants limiting the Company’s ability and the ability of its restricted subsidiaries (as defined in the Indenture) to, subject to certain exceptions and qualifications: (i) incur additional indebtedness; (ii) pay dividends or make other distributions on, redeem or repurchase, capital stock; (iii) make investments or other restricted payments; (iv) create or incur certain liens; (v) incur restrictions on the payment of dividends or other distributions from its restricted subsidiaries; (vi) enter into certain transactions with affiliates; (vii) sell assets; or (viii) effect a consolidation or merger. Certain Restricted Payments which may may Fixed Charge Coverage Ratio 2.0 1.0 may may may Priority Secured Leverage Ratio 0.40 1.00 Secured Leverage Ratio 3.75 1.00 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% may The Notes are general senior secured obligations, are fully and unconditionally guaranteed by substantially all of the Company’s wholly-owned subsidiaries and rank pari passu Pursuant to the terms of a collateral trust agreement, the liens securing the Notes and the guarantees will be contractually subordinated to the liens securing any future credit facility. The Notes and the guarantees will be the Company and the guarantors’ senior secured obligations and will rank: ● senior in right of payment to all of the Company and the guarantors’ future subordinated indebtedness; ● effectively senior to all unsecured senior indebtedness to the extent of the value of the collateral securing the Notes and the guarantees; ● pari passu ● effectively junior to any future credit facility to the extent of the value of the collateral securing any future credit facility and the Notes and the guarantees and certain other assets; ● effectively junior to any of the Company and the guarantors’ existing and future indebtedness that is secured by assets other than the collateral securing the Notes and the guarantees to the extent of the value of any such assets; and ● structurally subordinated to the indebtedness of any of the Company’s current and future subsidiaries that do not guarantee the Notes. The Company may September 15, 2017, 100% 1% September 15, 2017 September 15, 2017 50 Prior to September 15, 2017, 35% 110% On or after September 15, 2017, may YEAR PERCENTAGE On or after September 15, 2017 and prior to March 15, 2018 105.000 % On or after March 15, 2018 and prior to March 15, 2019 102.500 % On or after March 15, 2019 100.000 % In certain circumstances involving a change of control, the Company will be required to make an offer to repurchase all or, at the holder’s option, any part, of each holder’s 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% 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% The Notes may 144A 1933. |
Note N - Commitments and Contin
Note N - Commitments and Contingencies | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE N – COMMITMENTS AND CONTINGENCIES 1. 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. |
Note O - Reclassifications
Note O - Reclassifications | 9 Months Ended |
Dec. 25, 2016 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | NOTE O – RECLASSIFICATIONS Prior period amounts on the Consolidated Statement of Cash Flows have been reclassified to conform to the current period presentation. |
Note D - Income Per Share (Tabl
Note D - Income Per Share (Tables) | 9 Months Ended |
Dec. 25, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks Net Income Net Income Number of Shares Per Share 2016 2015 2016 2015 2016 2015 (in thousands) (in thousands) Basic EPS Basic calculation $ 699 $ 432 4,175 4,408 $ 0.17 $ 0.10 Effect of dilutive employee stock options - - 34 36 - - Diluted EPS Diluted calculation $ 699 $ 432 4,209 4,444 $ 0.17 $ 0.10 Thirty-nine weeks Net Income Net Income Number of Shares Per Share 2016 2015 2016 2015 2016 2015 (in thousands) (in thousands) Basic EPS Basic calculation $ 6,756 $ 5,589 4,171 4,474 $ 1.62 $ 1.25 Effect of dilutive employee stock options - - 31 30 (0.01 ) (0.01 ) Diluted EPS Diluted calculation $ 6,756 $ 5,589 4,202 4,504 $ 1.61 $ 1.24 |
Note F - Accounts and Other R24
Note F - Accounts and Other Receivables, Net (Tables) | 9 Months Ended |
Dec. 25, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 25 , March 27, 2016 2016 Branded product sales $ 6,545 $ 5,689 Franchise and license royalties 2,866 2,592 Other 1,299 911 10,710 9,192 Less: allowance for doubtful accounts 500 471 Accounts and other receivables, net $ 10,210 $ 8,721 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | December 25 , 2016 March 27, 2016 Beginning balance $ 471 $ 433 Bad debt expense 34 38 Accounts written off (5 ) (10 ) Ending balance $ 500 $ 471 |
Note G - Prepaid Expenses and25
Note G - Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Dec. 25, 2016 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | December 25 , March 27, 2016 2016 Income taxes $ - $ 211 Insurance 225 488 Other 475 644 Total prepaid expenses and other current assets $ 700 $ 1,343 |
Note H - Accrued Expenses, Ot26
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables) | 9 Months Ended |
Dec. 25, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 25 , March 27, 2016 2016 Payroll and other benefits $ 2,114 $ 2,919 Income taxes 823 82 Accrued rebates 1,236 940 Rent and occupancy costs 203 218 Deferred revenue 79 679 Construction costs 216 183 Interest 3,849 507 Professional fees 204 101 Dividend payable 125 375 Other 269 172 Total accrued expenses, other current liabilities and other liabilities $ 9,118 $ 6,176 |
Schedule of Other Assets and Other Liabilities [Table Text Block] | December 25, March 27, 2016 2016 Deferred development fees $ 174 $ 129 Reserve for uncertain tax positions 436 427 Deferred rental liability 822 893 Dividend payable 125 250 Other 7 7 Total other liabilities $ 1,564 $ 1,706 |
Note I - Sales (Tables)
Note I - Sales (Tables) | 9 Months Ended |
Dec. 25, 2016 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Branded Products $ 12,868 $ 13,565 $ 44,349 $ 47,160 Company-operated restaurants 1,991 2,030 13,449 14,872 Other - 168 214 595 Total sales $ 14,859 $ 15,763 $ 58,012 $ 62,627 |
Note K - Share-based Compensa28
Note K - Share-based Compensation (Tables) | 9 Months Ended |
Dec. 25, 2016 | |
Notes Tables | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Thirteen weeks ended Thirty-nine weeks ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Stock options $ 38 $ 38 $ 114 $ 144 Restricted stock 98 135 368 405 Total compensation cost $ 136 $ 173 $ 482 $ 549 |
Schedule of Share-based Compensation, Activity [Table Text Block] | Weighted- Weighted- Aggregate Average Average Intrinsic Exercise Remaining Value Shares Price Contractual Life (in thousands) Options outstanding at the beginning of the fiscal year (A) 124,030 $ 26.29 2.13 $ 1,952 Granted - - - - Expired - - - - Exercised (48,285 ) $ 11.72 - 1,555 Options outstanding at December 25, 2016 75,745 $ 35.58 2.61 $ 2,164 Options exercisable at December 25, 2016 37,873 $ 35.58 2.61 $ 1,082 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 27, 2016 25,000 $ 41.59 Granted - - Vested (15,000 ) $ 36.13 Unvested restricted stock at December 25, 2016 10,000 $ 49.80 |
Note M - Long-term Debt (Tables
Note M - Long-term Debt (Tables) | 9 Months Ended |
Dec. 25, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 25 , March 27, 2016 2016 10.000% Senior secured notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (3,824 ) (4,734 ) Total long-term debt $ 131,176 $ 130,266 |
Debt Instrument Redemption [Table Text Block] | YEAR PERCENTAGE On or after September 15, 2017 and prior to March 15, 2018 105.000 % On or after March 15, 2018 and prior to March 15, 2019 102.500 % On or after March 15, 2019 100.000 % |
Note B - Adoption of New Acco30
Note B - Adoption of New Accounting Pronouncements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Tax Expense (Benefit) | $ 448,000 | $ 316,000 | $ 3,986,000 | $ 3,886,000 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 77,000 | $ 142,000 | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit) | $ (38,000) | $ (659,000) |
Note D - Income Per Share (Deta
Note D - Income Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Note D - Income Per Share - Ear
Note D - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Net income, basic calculation | $ 699 | $ 432 | $ 6,756 | $ 5,589 |
Number of shares, basic calculation (in shares) | 4,175,000 | 4,408,000 | 4,171,000 | 4,474,000 |
Net income per share, basic calculation (in dollars per share) | $ 0.17 | $ 0.10 | $ 1.62 | $ 1.25 |
Number of shares, effect of dilutive employee stock options (in shares) | 34,000 | 36,000 | 31,000 | 30,000 |
Net income per share, effect of dilutive employee stock options (in dollars per share) | $ (0.01) | $ (0.01) | ||
Net income, diluted calculation | $ 699 | $ 432 | $ 6,756 | $ 5,589 |
Number of shares, diluted calculation (in shares) | 4,209,000 | 4,444,000 | 4,202,000 | 4,504,000 |
Net income, diluted calculation (in dollars per share) | $ 0.17 | $ 0.10 | $ 1.61 | $ 1.24 |
Note E - Fair Value Measureme33
Note E - Fair Value Measurements (Details Textual) - USD ($) | Dec. 25, 2016 | Mar. 27, 2016 |
Long-term Debt, Gross | $ 135,000,000 | $ 135,000,000 |
Long-term Debt, Fair Value | $ 146,981,000 |
Note F - Accounts and Other R34
Note F - Accounts and Other Receivables, Net (Details Textual) | 9 Months Ended |
Dec. 25, 2016 | |
Accounts Receivable Payment Terms | 30 days |
Note F - Accounts and Other R35
Note F - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Mar. 27, 2016 | Mar. 29, 2015 |
Accounts receivable, gross, current | $ 10,710 | $ 9,192 | |
Less: allowance for doubtful accounts | 500 | 471 | $ 433 |
Accounts and other receivables, net | 10,210 | 8,721 | |
Branded Product Sales [Member] | |||
Accounts receivable, gross, current | 6,545 | 5,689 | |
Franchise and License Royalties [Member] | |||
Accounts receivable, gross, current | 2,866 | 2,592 | |
Other Receivables [Member] | |||
Accounts receivable, gross, current | $ 1,299 | $ 911 |
Note F - Accounts and Other R36
Note F - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 25, 2016 | Dec. 27, 2015 | Mar. 27, 2016 | |
Beginning balance | $ 471 | $ 433 | $ 433 |
Provision for doubtful accounts | 34 | $ 23 | 38 |
Accounts written off | (5) | (10) | |
Ending balance | $ 500 | $ 471 |
Note G - Prepaid Expenses and37
Note G - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Mar. 27, 2016 |
Income taxes | $ 211 | |
Insurance | 225 | 488 |
Other | 475 | 644 |
Total prepaid expenses and other current assets | $ 700 | $ 1,343 |
Note H - Accrued Expenses, Ot38
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Mar. 27, 2016 |
Payroll and other benefits | $ 2,114 | $ 2,919 |
Income taxes | 823 | 82 |
Accrued rebates | 1,236 | 940 |
Rent and occupancy costs | 203 | 218 |
Construction costs | 216 | 183 |
Interest | 3,849 | 507 |
Professional fees | 204 | 101 |
Dividend payable | 125 | 375 |
Other | 269 | 172 |
Total accrued expenses, other current liabilities and other liabilities | 9,118 | 6,176 |
Deferred Franchise Fees And Other Deferred Revenue [Member] | ||
Deferred revenue | $ 79 | $ 679 |
Note H - Accrued Expenses, Ot39
Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 25, 2016 | Mar. 27, 2016 |
Deferred development fees | $ 174 | $ 129 |
Reserve for uncertain tax positions | 436 | 427 |
Deferred rental liability | 822 | 893 |
Dividend payable | 125 | 250 |
Other | 7 | 7 |
Total other liabilities | $ 1,564 | $ 1,706 |
Note I - Sales - Summary of Sal
Note I - Sales - Summary of Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Sales | $ 14,859 | $ 15,763 | $ 58,012 | $ 62,627 |
Branded Product Sales [Member] | ||||
Sales | 12,868 | 13,565 | 44,349 | 47,160 |
Company Operated Restaurants [Member] | ||||
Sales | 1,991 | 2,030 | 13,449 | 14,872 |
Other Products [Member] | ||||
Sales | $ 168 | $ 214 | $ 595 |
Note J - Income Taxes (Details
Note J - Income Taxes (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Mar. 26, 2017 | Mar. 27, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 37.10% | 41.00% | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent | 6.10% | |||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | 1.10% | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Investments, Percent | 1.00% | |||
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | 0.20% | |||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | 0.10% | |||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ (659,000) | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 207,000 | |||
Income Tax Examination, Penalties and Interest Accrued | 228,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | (31,000) | |||
Scenario, Forecast [Member] | Minimum [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 42.00% | |||
Scenario, Forecast [Member] | Maximum [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 44.00% | |||
Provision for Income Taxes [Member] | ||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 659,000 |
Note K - Share-based Compensa42
Note K - Share-based Compensation (Details Textual) - USD ($) | Aug. 06, 2015 | Mar. 29, 2015 | Mar. 27, 2015 | Mar. 10, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Mar. 29, 2015 |
Allocated Share-based Compensation Expense | $ 136,000 | $ 173,000 | $ 482,000 | $ 549,000 | |||||
Share Based Compensation Total Unamortized Compensation Expense | 599,000 | $ 599,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 75,745 | 0 | 50,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 35.576 | $ 53.89 | |||||||
Share Price | $ 73.56 | ||||||||
Special Cash Dividend [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | 25 | $ 25 | |||||||
Excluding Dividend [Member] | |||||||||
Share Price | $ 48.56 | ||||||||
Employee Stock Option [Member] | |||||||||
Allocated Share-based Compensation Expense | $ 38,000 | $ 38,000 | $ 114,000 | $ 144,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
Note K - Share-based Compensa43
Note K - Share-based Compensation - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | |
Share-based compensation expense | $ 136,000 | $ 173,000 | $ 482,000 | $ 549,000 |
Employee Stock Option [Member] | ||||
Share-based compensation expense | 38,000 | 38,000 | 114,000 | 144,000 |
Restricted Stock [Member] | ||||
Share-based compensation expense | $ 98,000 | $ 135,000 | $ 368,000 | $ 405,000 |
Note K - Share-based Compensa44
Note K - Share-based Compensation - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Dec. 25, 2016 | Mar. 27, 2016 | [1] | ||
Options outstanding, beginning balance (in shares) | [1] | 124,030 | ||
Options outstanding, weighted average exercise price, beginning balance (in dollars per share) | [1] | $ 26.29 | ||
Options outstanding, weighted average remaining contractual life, beginning balance (Year) | 2 years 222 days | 2 years 47 days | ||
Options outstanding, aggregate intrinsic value, beginning balance | $ 2,164 | $ 1,952 | ||
Options exercised (in shares) | (48,285) | |||
Exercised, weighted average exercise price (in dollars per share) | $ 11.72 | |||
Options exercised, aggregate intrinsic value | $ 1,555 | |||
Options outstanding, ending balance (in shares) | 75,745 | 124,030 | ||
Options outstanding, weighted average exercise price, ending balance (in dollars per share) | $ 35.58 | $ 26.29 | ||
Options exercisable (in shares) | 37,873 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 35.58 | |||
Options exercisable, weighted average remaining contractual life (Year) | 2 years 222 days | |||
Options exercisable, aggregate intrinsic value | $ 1,082 | |||
[1] | Represents outstanding options after giving effect to the replacement options issued in connection with the Company's special dividend. |
Note K - Share-based Compensa45
Note K - Share-based Compensation - Transactions With Respect to Restricted Stock (Details) | 9 Months Ended |
Dec. 25, 2016$ / sharesshares | |
Unvested restricted stock, beginning balance (in shares) | shares | 25,000 |
Unvested restricted stock, weighted average grant date fair value per share, beginning balance (in dollars per share) | $ / shares | $ 41.59 |
Vested (in shares) | shares | (15,000) |
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 36.13 |
Unvested restricted stock, ending balance (in shares) | shares | 10,000 |
Unvested restricted stock, weighted average grant date fair value per share, ending balance (in dollars per share) | $ / shares | $ 49.80 |
Note L - Stockholders' Equity (
Note L - Stockholders' Equity (Details Textual) - USD ($) | Mar. 27, 2015 | Mar. 10, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Mar. 25, 2018 | Dec. 25, 2016 | Sep. 09, 2016 | Mar. 11, 2016 | Jun. 05, 2013 |
Payments of Ordinary Dividends, Common Stock | $ 375,000 | $ 375,000 | |||||||
Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights | 15.00% | ||||||||
New Right Purchase Price | $ 100 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,992,892 | 6,992,892 | 10,188,600 | ||||||
Treasury Stock, Shares, Acquired | 30,616 | 5,127,373 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 1,272,000 | $ 77,303,000 | |||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 260,258 | 260,258 | |||||||
MSI Agreement [Member] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100,000 | 175,000 | |||||||
Special Cash Dividend [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 25 | $ 25 | |||||||
Payments of Ordinary Dividends, Common Stock | $ 115,100,000 | $ 750,000 | |||||||
Dividends Payable | $ 1,000,000 | ||||||||
Special Cash Dividend [Member] | Scenario, Forecast [Member] | |||||||||
Payments of Ordinary Dividends, Common Stock | $ 125,000 |
Note M - Long-term Debt (Detail
Note M - Long-term Debt (Details Textual) - USD ($) | Sep. 15, 2016 | Mar. 10, 2015 | Dec. 25, 2016 | Dec. 27, 2015 | Mar. 27, 2016 |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | |||
Interest Paid | $ 6,750,000 | $ 6,938,000 | |||
Special Cash Dividend [Member] | |||||
Dividends, Cash | $ 116,100,000 | ||||
Secured Debt [Member] | |||||
Debt Instrument, Face Amount | $ 135,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||
Debt Issuance Costs, Gross | $ 5,985,000 | ||||
Debt Instrument, Term | 5 years | ||||
Interest Paid | $ 6,750,000 | ||||
Debt Instrument, Fixed Charge Coverage Ratio | 2 | ||||
Debt Instrument, Priority Secured Leverage Ratio | 0.4 | ||||
Debt Instrument Secured Leverage Ratio | 3.75 | ||||
Debt Instrument, Event of Default, Percentage Ownership Enabling the Declaration of Due and Payable | 25.00% | ||||
Secured Debt [Member] | In The Event of Certain Equity Offerings [Member] | |||||
Debt Instrument, Redemption Price, Percentage | 110.00% | ||||
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] | 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] | 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 at Redemption Price Equal to Percentage of Principal Amount [Member] | In The Event of Certain Equity Offerings [Member] | Maximum [Member] | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% |
Note M - Long-term Debt - Summa
Note M - Long-term Debt - Summary of Debt (Details) - USD ($) | Dec. 25, 2016 | Mar. 27, 2016 |
10.000% Senior secured notes due 2020 | $ 135,000,000 | $ 135,000,000 |
Less: unamortized debt issuance costs | (3,824,000) | (4,734,000) |
Total long-term debt | $ 131,176,000 | $ 130,266,000 |
Note M - Long-term Debt - Sum49
Note M - Long-term Debt - Summary of Debt (Details) (Parentheticals) | Dec. 25, 2016 | Mar. 27, 2016 |
Interest Rate | 10.00% | 10.00% |
Note M - Long-term Debt - Sum50
Note M - Long-term Debt - Summary of Redemption Features (Details) | 9 Months Ended |
Dec. 25, 2016 | |
Debt Instrument, Redemption, Period One [Member] | |
Debt instrument, redemption price, percentage | 105.00% |
Debt Instrument, Redemption, Period Two [Member] | |
Debt instrument, redemption price, percentage | 102.50% |
Debt Instrument, Redemption, Period Three [Member] | |
Debt instrument, redemption price, percentage | 100.00% |