Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Jun. 06, 2017 | Sep. 25, 2016 | |
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) | 4,179,050 | ||
Entity Public Float | $ 143,198 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 26, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 26, 2017 | Mar. 27, 2016 |
CURRENT ASSETS | ||
Cash | $ 56,915 | $ 50,228 |
Accounts and other receivables, net | 8,948 | 8,721 |
Inventories | 579 | 687 |
Prepaid expenses and other current assets (Note F) | 1,093 | 1,343 |
Total current assets | 67,535 | 60,979 |
Property and equipment, net of accumulated depreciation of $7,522 and $7,190, respectively | 8,844 | 9,013 |
Goodwill | 95 | 95 |
Intangible asset | 1,353 | 1,353 |
Other assets | 298 | 109 |
Total assets | 78,125 | 71,549 |
CURRENT LIABILITIES | ||
Accounts payable | 4,809 | 4,887 |
Accrued expenses and other current liabilities (Note I) | 5,865 | 6,176 |
Total current liabilities | 10,772 | 11,200 |
Long-term debt, net of unamortized debt issuance costs of $3,525 and $4,734, respectively (Note L) | 131,475 | 130,266 |
Other liabilities (Note I) | 1,555 | 1,706 |
Deferred income taxes | 814 | 713 |
Total liabilities | 144,616 | 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 March 26, 2017 and March 27, 2016, respectively | 93 | 93 |
Additional paid-in capital | 60,582 | 60,950 |
(Accumulated deficit) | (49,863) | (57,348) |
Stockholders’ equity before treasury stock | 10,812 | 3,695 |
Treasury stock, at cost, 5,127,373 and 5,096,757 shares at March 26, 2017 and March 27, 2016, respectively | (77,303) | (76,031) |
Total stockholders’ (deficit) | (66,491) | (72,336) |
Total liabilities and stockholders’ (deficit) | 78,125 | 71,549 |
Deferred Franchise Fees [Member] | ||
CURRENT LIABILITIES | ||
Deferred franchise fees | $ 98 | $ 137 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 26, 2017 | Mar. 27, 2016 |
Property and equipment, accumulated depreciation | $ 7,522 | $ 7,190 |
Long-term debt, unamortized debt issuance costs | $ 3,525 | $ 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 - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
REVENUES | |||
Sales | $ 71,216 | $ 76,031 | $ 75,520 |
License royalties | 20,368 | 19,815 | 18,011 |
Franchise fees and royalties | 5,068 | 5,044 | 5,581 |
Total revenues | 96,652 | 100,890 | 99,112 |
COSTS AND EXPENSES | |||
Cost of sales | 52,030 | 57,998 | 61,951 |
Restaurant operating expenses | 3,386 | 3,557 | 3,747 |
Depreciation and amortization | 1,297 | 1,255 | 1,253 |
General and administrative expenses | 13,659 | 13,117 | 12,203 |
Total costs and expenses | 70,372 | 75,927 | 79,154 |
Income from operations | 26,280 | 24,963 | 19,958 |
Interest expense | (14,665) | (14,630) | (816) |
Interest income | 104 | 52 | 176 |
Impairment charge – long-term investment (Note G) | (100) | ||
Other income, net | 85 | 99 | 87 |
Income before provision for income taxes | 11,804 | 10,384 | 19,405 |
Provision for income taxes | 4,319 | 4,288 | 7,702 |
Net income | $ 7,485 | $ 6,096 | $ 11,703 |
Income per share: | |||
Basic (in dollars per share) | $ 1.79 | $ 1.38 | $ 2.61 |
Diluted (in dollars per share) | 1.78 | 1.37 | 2.55 |
Cash dividends declared per share (in dollars per share) | $ 25 | ||
Weighted average shares used in computing income per share: | |||
Basic (in shares) | 4,172,000 | 4,430,000 | 4,486,000 |
Diluted (in shares) | 4,206,000 | 4,463,000 | 4,588,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Net income | $ 7,485 | $ 6,096 | $ 11,703 |
Other comprehensive loss, net of deferred income taxes: | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (102) | ||
Less: Reclassification adjustment for gains included in net income | 47 | ||
Other comprehensive loss | (47) | (102) | |
Comprehensive income | $ 7,485 | $ 6,049 | $ 11,601 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' (Deficit) Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
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. 30, 2014 | 9,092,183 | 4,610,026 | ||||
Balance at Mar. 30, 2014 | $ 91,000 | 57,578,000 | 40,963,000 | 149,000 | $ (54,884,000) | 43,897,000 |
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 | |||||
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 | ||||
Reclassification adjustment for gains included in net income, net of deferred income tax benefit of $25 | ||||||
Unrealized losses on available-for-sale securities, net of deferred income tax benefit | (102,000) | (102,000) | ||||
Dividends declared | (116,110,000) | (116,110,000) | ||||
Net income | 11,703,000 | 11,703,000 | ||||
Balance (in shares) at Mar. 29, 2015 | 9,252,097 | 4,647,687 | ||||
Balance at Mar. 27, 2016 | $ 93,000 | 60,950,000 | (57,348,000) | 0 | $ (76,031,000) | (72,336,000) |
Balance at Mar. 29, 2015 | $ 93,000 | 60,196,000 | (63,444,000) | 47,000 | $ (56,800,000) | (59,908,000) |
Shares issued in connection with share-based compensation plans (in shares) | 21,969 | |||||
Shares issued in connection with share-based compensation plans | 89,000 | 89,000 | ||||
Withholding tax on net share settlement of share-based compensation plans | (285,000) | (285,000) | ||||
Repurchase of common stock (in shares) | 449,070 | |||||
Repurchase of common stock | $ (19,231,000) | (19,231,000) | ||||
Income tax benefit on stock option exercises | 228,000 | 228,000 | ||||
Share-based compensation | 722,000 | 722,000 | ||||
Reclassification adjustment for gains included in net income, net of deferred income tax benefit of $25 | (47,000) | (47,000) | ||||
Unrealized losses on available-for-sale securities, net of deferred income tax benefit | ||||||
Net income | 6,096,000 | 6,096,000 | ||||
Balance (in shares) at Mar. 27, 2016 | 9,274,066 | 5,096,757 | ||||
Balance at Mar. 26, 2017 | $ 93,000 | 60,582,000 | (49,863,000) | $ (77,303,000) | (66,491,000) | |
Balance at Mar. 27, 2016 | $ 93,000 | 60,950,000 | (57,348,000) | 0 | (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 | 582,000 | 582,000 | ||||
Reclassification adjustment for gains included in net income, net of deferred income tax benefit of $25 | ||||||
Unrealized losses on available-for-sale securities, net of deferred income tax benefit | ||||||
Net income | $ 7,485,000 | $ 7,485,000 | ||||
Balance (in shares) at Mar. 26, 2017 | 9,303,870 | 5,127,373 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' (Deficit) Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 27, 2016 | Mar. 29, 2015 | |
AOCI Attributable to Parent [Member] | ||
Unrealized losses on available-for-sale securities, deferred income tax benefit | $ 25 | $ 66 |
Unrealized losses on available-for-sale securities, deferred income tax benefit | $ 25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 7,485,000 | $ 6,096,000 | $ 11,703,000 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 1,297,000 | 1,255,000 | 1,253,000 |
Amortization of bond premium | 64,000 | 164,000 | |
Gain on sale of marketable equity securities | (26,000) | ||
Gain on sale of property and equipment | (18,000) | ||
Amortization of debt issuance costs | 1,209,000 | 1,185,000 | 66,000 |
Share-based compensation expense | 582,000 | 722,000 | 859,000 |
Income tax benefit on stock option exercises | 659,000 | ||
Provision for doubtful accounts | 53,000 | 38,000 | 23,000 |
Impairment charge – long-term investment | 100,000 | ||
Deferred income taxes | 101,000 | (13,000) | 111,000 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables, net | (280,000) | 740,000 | (2,417,000) |
Insurance proceeds received for business interruption claim | 718,000 | ||
Inventories | 108,000 | 135,000 | 125,000 |
Prepaid expenses and other current assets | 250,000 | 3,189,000 | (1,403,000) |
Other assets | (189,000) | 138,000 | 181,000 |
Accounts payable, accrued expenses and other current liabilities | (673,000) | (293,000) | 1,779,000 |
Deferred franchise fees | (39,000) | (141,000) | 44,000 |
Other liabilities | (151,000) | (691,000) | 79,000 |
Net cash provided by operating activities | 10,412,000 | 12,480,000 | 13,285,000 |
Cash flows from investing activities: | |||
Proceeds from sales and maturities of available-for-sale securities | 10,868,000 | 8,020,000 | |
Proceeds from disposal of property and equipment | 133,000 | ||
Purchase of property and equipment | (1,128,000) | (1,125,000) | (1,538,000) |
Purchase of available-for-sale securities | (3,887,000) | (4,258,000) | |
Net cash (used in) provided by investing activities | (1,128,000) | 5,989,000 | 2,224,000 |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 135,000,000 | ||
Debt issuance costs | (60,000) | (5,926,000) | |
Dividends paid to stockholders | (375,000) | (375,000) | (115,110,000) |
Repurchase of treasury stock | (1,272,000) | (19,231,000) | (1,916,000) |
Proceeds from the exercise of stock options | 44,000 | 89,000 | 880,000 |
Income tax benefit on stock option exercises | 228,000 | 4,572,000 | |
Payments of withholding tax on net share settlement of share-based compensation plans | (994,000) | (285,000) | (3,693,000) |
Net cash (used in) provided by financing activities | (2,597,000) | (19,634,000) | 13,807,000 |
Net increase (decrease) in cash and cash equivalents | 6,687,000 | (1,165,000) | 29,316,000 |
Cash and cash equivalents, beginning of year | 50,228,000 | 51,393,000 | 22,077,000 |
Cash and cash equivalents, end of year | 56,915,000 | 50,228,000 | 51,393,000 |
Interest | 13,500,000 | 13,688,000 | |
Income taxes | $ 4,049,000 | $ 848,000 | $ 4,545,000 |
Note A - Description and Organi
Note A - Description and Organization of Business | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - DESCRIPTION AND ORGANIZATION OF BUSINESS Nathan’s Famous, Inc. and subsidiaries (collectively the “Company” or “Nathan’s”) has historically operated or franchised a chain of retail fast food restaurants featuring the “Nathan’s World Famous Beef Hot Dog”, crinkle-cut French-fried potatoes and a variety of other menu offerings. Nathan’s has also established a Branded Product Program, which enables foodservice retailers to sell select Nathan’s proprietary products outside of the realm of a traditional franchise relationship. Nathan’s also licenses the manufacture and sale of “Nathan’s Famous” packaged hot dogs, crinkle-cut French fries and a number of other products to a variety of third At March 26, 2017, five 279 19 12 |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 26, 2017 | |
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. 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. The Company’s fiscal year ends on the last Sunday in March, 52 53 March 26, 2017, March 27, 2016 March 29, 2015 52 3. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management in preparing the consolidated financial statements include revenue recognition, the allowance for doubtful accounts, valuation of stock-based compensation, accounting for income taxes, and the valuation of goodwill, intangible assets and other long-lived assets. 4. 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 first 5. Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows: Building and improvements (in years) 5 – 25 Machinery, equipment, furniture and fixtures (in years) 3 – 15 Leasehold improvements (in years) 5 – 20 6. Goodwill and intangible assets consist of (i) goodwill of $95 1987; $1,353 The Company’s goodwill and intangible assets are deemed to have indefinite lives and, accordingly, are not may may not March 26, 2017 March 27, 2016, no 7. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not 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. No March 26, 2017, March 27, 2016 March 29, 2015. 8. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy, as outlined in the applicable accounting guidance, is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three ● Level 1 ● Level 2 ● Level 3 The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level 1 may At March 26, 2017 March 27, 2016, not The Company's long-term debt had a face value of $135,000 March 26, 2017 $145,125 March 26, 2017. 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 3 9. Start-up Costs Pre-opening and similar restaurant costs are expensed as incurred. 10. 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 11. 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. 12. In connection with its franchising operations, the Company receives initial franchise fees, international development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees. Franchise and international 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. International development fees are recognized, net of direct expenses, upon the opening of the first At March 26, 2017 March 27, 2016, $98 $137, March 26, 2017, March 27, 2016 March 29, 2015, $778, $751 $1,043, 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 If substantial obligations under the development agreement are not first March 26, 2017 March 27, 2016, $67 $129, The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015: March 26 March 27, March 29, 2017 2016 2015 Franchised restaurants operating at the beginning of the period 259 296 324 New franchised restaurants opened during the period 53 56 36 Franchised restaurants closed during the period (33 ) (93 ) (64 ) Franchised restaurants operating at the end of the period 279 259 296 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 not 13. The Company earns revenue from royalties on the licensing of the use of its intellectual property in connection with certain products produced and sold by outside vendors. The use of the Company’s intellectual property must be approved by the Company prior to each specific application to ensure proper quality and a consistent image. Revenue from license royalties is generally based on a percentage of sales, subject to certain annual minimum royalties, recognized on a monthly basis when it is earned and deemed collectible. 14. 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 26, 2017, four 21%, 15%, 12% 8%, March 27, 2016, four 19%, 14%, 9% 8%, 12%, 14% 17% March 26, 2017, March 27, 2016 March 29, 2015, 20%, 19% 17% March 26, 2017, March 27, 2016 March 29, 2015, The Company’s primary supplier of hot dogs represented 78%, 81% 83% March 26, 2017, March 27, 2016 March 29, 2015, 5% March 26, 2017, March 27, 2016 March 29, 2015, The Company’s revenues for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015 March 26, 2017 March 27, 2016 March 29, 2015 Domestic (United States) $ 90,466 $ 95,655 $ 95,682 Non-domestic 6,186 5,235 3,430 $ 96,652 $ 100,890 $ 99,112 The Company’s sales for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015 March 26, 2017 March 27, 2016 March 29, 2015 Branded Products $ 55,960 $ 58,545 $ 58,948 Company-owned restaurants 15,042 16,664 15,874 Other 214 822 698 $ 71,216 $ 76,031 $ 75,520 15. The Company administers an advertising fund on behalf of its restaurant system to coordinate the marketing efforts of the Company. Under this arrangement, the Company collects and disburses fees paid by manufacturers, franchisees and Company-owned stores for national and regional advertising, promotional and public relations programs. Contributions to the advertising fund are based on specified percentages of net sales, generally ranging up to 2%. $182, $191 $175, March 26, 2017, March 27, 2016 March 29, 2015, 16. At March 26, 2017, one 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. 17. 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. 18. The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes and income tax benefits from share-based payments, as fully described in Note B.19. not not Uncertain Tax Positions The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may not fifty 19 . Adoption of New Accounting Pronouncements In March 2016, not December 15, 2016 first June 2017) March 25, 2018. The Company elected to early adopt this standard in the quarter ended June 26, 2016. $659 March 26, 2017, not The excess tax benefits for the years ended March 27, 2016 March 29, 2015 $228 $4,572, The Company accounts for forfeitures as they occur. Under the new guidance, excess tax benefits related to employee share-based payments of $659 fifty-two March 26, 2017. no not thirteen fifty-two March 26, 2017. In August 2014, one December 15, 2016 December 16, 2016. fourth 2017 not 2 0 . New Accounting Pronouncements Not Adopt ed I n May 2014, 2016. five There are two December 15, 2016, first 2018, March 27, 2017. July 9, 2015, December 15, 2017 first June 2018) March 31, 2019. The Company does not may not 2018. In July 2015, first first no December 15, 2016 first June 2017) March 25, 2018. not In February 2016, December 15, 2018, first June 2019) March 29, 2020. In January 2017, ● A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members, or participants. ● To be capable of being conducted and managed for the purposes described above, an integrated set of activities and assets requires two The amendments are effective prospectively for public business entities for annual reporting periods beginning after December 15, 2017. first June 2018) March 31, 2019. not The Company does not not |
Note C - Income Per Share
Note C - Income Per Share | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE C - INCOME PER SHARE Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method. The following chart provides a reconciliation of information used in calculating the per-share amounts for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015, Net Income Shares Net income per share 2017 2016 2015 2017 2016 2015 2017 2016 2015 Basic EPS Basic calculation $ 7,485 $ 6,096 $ 11,703 4,172,000 4,430,000 4,486,000 $ 1.79 $ 1.38 $ 2.61 Effect of dilutive employee stock options - - - 34,000 33,000 102,000 (.01 ) (.01 ) (.06 ) Diluted EPS Diluted calculation $ 7,485 $ 6,096 $ 11,703 4,206,000 4,463,000 4,588,000 $ 1.78 $ 1.37 $ 2.55 No March 26, 2017, March 27, 2016 March 29, 2015 |
Note D - Marketable Securities
Note D - Marketable Securities | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Marketable Securities Disclosure [Text Block] | NOTE D – MARKETABLE SECURITIES At March 26, 2017 March 27, 2016, not 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 27, 2016 March 29, 2015 Available-for-sale securities: Proceeds $ 10,868 $ 8,020 Gross realized gains $ 26 $ - As a result of the sale of all of the marketable securities during the fiscal year ended March 27, 2016, March 27, 2016. March 27, 2016 $47, $25. The change in net unrealized losses on available-for-sale securities for the fiscal year ended March 29, 2015, 102 |
Note E - Accounts and Other Rec
Note E - Accounts and Other Receivables, Net | 12 Months Ended |
Mar. 26, 2017 | |
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 26 , March 27, 201 7 2016 Branded product sales $ 6,037 $ 5,689 Franchise and license royalties 2,746 2,592 Other 622 911 9,405 9,192 Less: allowance for doubtful accounts 457 471 Accounts and other receivables, net $ 8,948 $ 8,721 Accounts receivable are due within 30 not not The Company individually reviews each past due account and determines its allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current and expected future ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings. After the Company has used reasonable collection efforts, it writes off accounts receivable through a charge to the allowance for doubtful accounts. Changes in the Company’s allowance for doubtful accounts for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015 March 26, 2017 March 27, 2016 March 29, 2015 Beginning balance $ 471 $ 443 $ 433 Bad debt expense 53 38 23 Accounts written off (67 ) (10 ) (13 ) Ending balance $ 457 $ 471 $ 443 |
Note F - Prepaid Expenses and O
Note F - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Mar. 26, 2017 | |
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 26, March 27, 2017 2016 Income taxes $ - $ 211 Insurance 319 488 Other 774 644 Total prepaid expenses and other current assets $ 1,093 $ 1,343 |
Note G - Long-term Investment
Note G - Long-term Investment | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Cost-method Investments, Description [Text Block] | NOTE G – LONG-TERM INVESTMENT In September 2012, 351,550 $500. 2.5% not no fifty-two March 26, 2017 March 27, 2016. March 27, 2016, $100 fifty-two March 27, 2016, March 26, 2017 March 27, 2016, no |
Note H - Property and Equipment
Note H - Property and Equipment, Net | 12 Months Ended |
Mar. 26, 2017 | |
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 26, March 27, 2017 2016 Land $ 1,197 $ 1,197 Building and improvements 2,119 2,029 Machinery, equipment, furniture and fixtures 5,749 5,698 Leasehold improvements 7,181 7,124 Construction-in-progress 120 155 Total property and equipment 16,366 16,203 Less: accumulated depreciation and amortization 7,522 7,190 Property and equipment, net $ 8,844 $ 9,013 |
Note I - Accrued Expenses, Othe
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities | 12 Months Ended |
Mar. 26, 2017 | |
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 26, March 27, 2017 2016 Payroll and other benefits $ 2,708 $ 2,919 Accrued rebates 1,050 940 Rent and occupancy costs 215 218 Deferred revenue 723 679 Construction costs 160 183 Interest 463 507 Professional fees 109 101 Income taxes 143 82 Dividend payable 125 375 Other 169 172 Total accrued expenses and other current liabilities $ 5,865 $ 6,176 Other liabilities consist of the following: March 26, March 27, 2017 2016 Deferred development fees $ 67 $ 129 Reserve for uncertain tax positions (Note J) 366 427 Deferred rental liability 786 893 Dividend payable 125 250 Other 211 7 Total other liabilities $ 1,555 $ 1,706 |
Note J - Income Taxes
Note J - Income Taxes | 12 Months Ended |
Mar. 26, 2017 | |
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 26, 2017, March 27, 2016 March 29, 2015: March 26, 2017 March 27, 2016 March 29, 2015 Federal Current $ 3,024 $ 3,176 $ 5,992 Deferred 79 (11 ) 60 Total Federal income tax 3,103 3,165 6,052 State and local Current 1,195 1,135 1,599 Deferred 21 (12 ) 51 Total State and local income tax 1,216 1,123 1,650 Total provision for income taxes $ 4,319 $ 4,288 $ 7,702 The total income tax provision for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015 34%, 34% 35%, March 26 , 201 7 March 27, 2016 March 29, 2015 Computed “expected” tax expense $ 4,013 $ 3,531 $ 6,792 State and local income taxes, net of Federal income tax benefit 797 826 1,112 Tax-exempt investment earnings - (9 ) (63 ) Change in uncertain tax positions, net (11 ) (129 ) (62 ) Nondeductible meals and entertainment and other 61 69 (77 ) Nondeductible compensation 118 - - Tax benefit share based payments (659 ) - - Total provision for income taxes $ 4,319 $ 4,288 $ 7,702 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 26 , March 27, 201 7 2016 Deferred tax assets Accrued expenses $ 361 $ 236 Allowance for doubtful accounts 59 62 Deferred revenue 347 393 Deferred stock compensation 224 271 Excess of straight line over actual rent 338 379 Investment 187 151 Other 104 119 Total gross deferred tax assets $ 1,620 $ 1,611 Deferred tax liabilities Deductible prepaid expense 288 263 Depreciation expense 1,771 1,717 Amortization 374 344 Total gross deferred tax liabilities 2,433 2,324 Net deferred tax (liability) $ (813 ) $ (713 ) A valuation allowance is provided when it is more likely than not not not The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015. March 26, 2017 March 27, 2016 March 29, 2015 Unrecognized tax benefits, beginning of year $ 208 $ 266 $ 283 Decreases of tax positions taken in prior years (31 ) (98 ) (64 ) Increases based on tax positions taken in current year 41 43 47 Settlements of tax positions taken in prior years (51 ) (3 ) - Unrecognized tax benefits, end of year $ 167 $ 208 $ 266 The amount of unrecognized tax benefits at March 26, 2017, March 27, 2016 March 29, 2015 $167 , $208 $266, March 26, 2017 March 27, 2016, $183 $200, March 26, 2017, March 27, 2016 March 29, 2015 $29, $34 $44, $5 may In June 2016, April 1, 2014 March 31, 2015. no In May 2014, March 31, 2013. no In June 2015, April 1, 2011 March 31, 2014. no The earliest tax years’ that are subject to examination by taxing authorities by major jurisdictions are as follows: Jurisdiction Fiscal Year Federal 2014 New York State 2014 New York City 2014 New Jersey 2013 Pennsylvania 2014 |
Note K - Segment Information
Note K - Segment Information | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE K – SEGMENT IN FORMATION Nathan’s considers itself to be a brand marketer of the Nathan’s Famous signature products to the foodservice industry pursuant to its various business structures. Nathan’s sells its products directly to consumers through its Restaurant operations segment consisting of Company-operated and franchised restaurants, to distributors that resell our products to the foodservice industry through the Branded Product Program (“BPP”) and by third one 2017 three not Revenues from operating segments are from transactions with unaffiliated third not Income from operations attributable to Corporate consists principally of administrative expenses not Interest expense, interest income, impairment charge – long-term investment and other income, net are managed centrally at the corporate level, and, accordingly, such items are not Corporate assets consist primarily of cash and long-lived assets. Operating segment information is as follows: Fifty- Two Fifty-Two Fifty-Two weeks ended weeks ended weeks ended March 26, 2017 March 27, 2016 March 29, 2015 Revenues Branded Product Program $ 56,174 $ 59,367 $ 59,646 Product licensing 20,368 19,815 18,011 Restaurant operations 20,110 21,708 21,455 Corporate - - - Total revenues $ 96,652 $ 100,890 $ 99,112 Income from operations Branded Product Program $ 10,257 $ 8,394 $ 4,497 Product licensing 20,186 19,812 18,000 Restaurant operations 4,101 5,253 5,604 Corporate (8,264 ) (8,496 ) (8,143 ) Income from operations $ 26,280 $ 24,963 $ 19,958 Interest expense (14,665 ) (14,630 ) (816 ) Interest income 104 52 176 Impairment charge – long-term investment (Note G) - (100 ) - Other income, net 85 99 87 Income before provision for income taxes $ 11,804 $ 10,384 $ 19,405 Total assets Branded Product Program $ 7,113 $ 6,827 $ 7,802 Product licensing 2,003 1,832 1,822 Restaurant operations 8,740 9,054 9,284 Corporate 60,269 53,836 65,481 Total assets $ 78,125 $ 71,549 $ 84,389 Depreciation & amortization expense Branded Product Program $ 316 $ 370 $ 389 Product licensing - - - Restaurant operations 762 710 644 Corporate 219 175 220 Total depreciation & amortization expense $ 1,297 $ 1,255 $ 1,253 |
Note L - Long-term Debt
Note L - Long-term Debt | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE L – LONG-TERM DEBT Long-term debt consists of the following: March 2 6 , March 27, 201 7 2016 10.000% Senior Secured Notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (3,525 ) (4,734 ) Long-term debt, net $ 131,475 $ 130,266 On March 10, 2015, $135,000 10.000% 2020 144A March 10, 2015 ( $116,100 see Note M .1 $5,985 5 The Notes bear interest at 10.000% March 15th September 15th $6,750 $6,750 September 15, 2016 March 15, 2017, no March 10, 2020. There are no March 26, 2017, 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 S ecured 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 not not 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 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 and 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 100% The Notes may 144A 1933. |
Note M - Stockholders' Equity,
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE M – STOCKHOLDERS’ EQUITY, STOCK PLANS AND OTHER EMPLOYEE BENEFIT PLANS 1. Dividend On March 10, 2015, $25.00 March 20, 2015 $115,100 March 27, 2015 $1,000 $750 $125 March 25, 2018 March 31, 2019. March 30, 2015 25% 2. Stock Incentive Plans On September 14, 2010, 2010 “2010 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 2010 not July 19, 2010 ( 171,000 July 19, 2010 100,000 On September 13, 2012, 2010 250,000 2010 may 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 3.2 1 March 26, 2017, 223,698 190,218 may under the 2010 In general, options granted under the Company’s stock incentive plans have terms of five ten three five During the fiscal year ended March 29, 2015, 50,000 $53.89 five four 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 during the year ended March 29, 2015 Weighted-average option fair values $ 11.970 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, 25,000 $49.80 five five $1,245 five The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows: March 26, 2017 March 27, 2016 March 29, 2015 Stock options $ 150 $ 181 $ 318 Restricted stock 432 541 541 $ 582 $ 722 $ 859 The tax benefit on stock-based compensation expense was $213, $298 $350 March 26, 2017, March 27, 2016 March 29, 2015, March 26, 2017, $549 one four A summary of the status of the Company’s stock options at March 26, 2017, March 27, 2016 March 29, 2015 2017 2016 2015 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Options outstanding – beginning of year 124,030 $ 26.29 142,964 $ 24.36 279,500 $ 15.22 Granted - - - - 50,000 $ 53.89 Expired - - (3,787 ) 11.72 - - Exercised (48,285 ) 11.72 (15,147 ) 11.72 (235,125 ) 14.74 Options outstanding - end of year 75,745 $ 35.58 124,030 $ 26.29 94,375 $ 36.90 Options exercisable - end of year 37,873 $ 35.58 67,221 $ 18.44 - $ - Weighted-average fair value of options granted - - - - 50,000 $ 11.97 During the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015, 48,285, 15,147 235,125 $44, $89 $880, March 26, 2017, March 27, 2016 March 29, 2015 $1,555, $486 $13,040, The following table summarizes information about outstanding stock options at March 26, 2017: Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Options outstanding at March 26, 2017 75,745 $ 35.58 2.36 $ 1,899 Options exercisable at March 26, 2017 37,873 $ 35.58 2.36 $ 950 Exercise price is $ 35 . 576 R eplacement stock options: March 30, 2015, March 27, 2015. March 29, 2015. March 27, 2015 $73.56 $48.56 $25.00 No 11 no 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 Restricted stock: Transactions with respect to restricted stock for the fiscal year ended March 26, 2017 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 March 26, 2017 10,000 $ 49.80 The aggregate fair value of restricted stock vested during the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015 $736, $683 $965, 3. Common Stock Purchase Rights 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 March 26, 2017, 7,396,439 June 5, 2013. 4. Stock Repurchase Programs On September 11, 2015, 500,000 not $33.00 $36.00 November 13, 2015, 5:00PM December 2, 2015 not $41.00 $44.00. 88,672 not $44.00 not not $44.00 $4,056, During the period from October 2001 March 26, 2017, 5,127,373 $77,303 March 26, 2017, 30,616 $1,272. On November 9, 2009, sixth 500,000 February 1, 2011, 300,000 February 1, 2016, 200,000 March 11, 2016, 200,000 1.2 939,742 $29,641 sixth March 26, 2017. On March 11, 2016, 175,000 $.01 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 March 26, 2017, 260,258 Purchases may no 5. Employment Agreements Effective January 1, 2007, In connection with the foregoing, the Company entered into an employment agreement with each of Messrs. Lorber (as amended, the “Lorber Employment Agreement”) and Gatoff (as amended, the “Gatoff Employment Agreement”). Under the terms of the Lorber Employment Agreement, Mr. Lorber will serve as Executive Chairman of the Board from January 1, 2007 December 31, 2012, November 1, 2012, December 31, 2017 $600 50,000 not three $200 no 15 not 50 The Lorber Employment Agreement provides Mr. Lorber with the right to participate in employment benefits offered to other Nathan’s executives. During and after the contract term, Mr. Lorber is subject to certain confidentiality, non-solicitation and non-competition provisions in favor of the Company. In the event that Mr. Lorber’s employment is terminated without cause, he is entitled to receive his salary and bonus for the remainder of the contract term. The Lorber Employment Agreement further provides that in the event there is a change in control, as defined in the agreement, Mr. Lorber has the option, exercisable within one three 2.99 In the event of termination due to Mr. Lorber’s death or disability, he is entitled to receive an amount equal to his salary and annual bonuses for a three three Under the terms of the Gatoff Employment Agreement, Mr. Gatoff initially served as Chief Executive Officer from January 1, 2007 December 31, 2008, one no 180 December 31, 2018, no Pursuant to the agreement, Mr. Gatoff will receive a base salary, currently $500 June 1, 2016, 2017 September 14, 2016. one June 4, 2013, 25,000 $49.80 $1,245 five On June 10, 2015, August 7, 2015 one $16.3 $289 56,933 $.01 $40.28 June 10, 2015. Effective August 4, 2016, August 10, 2017 December 31, 2017. one 1 $8.1 The Company and one May 31, 2007 $136 three Each employment agreement terminates upon death or voluntary termination by the respective employee or may 30 6. Defined Contribution and Union Pension Plans The Company has a defined contribution retirement plan under Section 401 21, one may 20% $.25 3% March 26, 2017, March 27, 2016 March 29, 2015 $41 , $35 $30, The Company participates in a noncontributory, multi-employer, defined benefit pension plan (the “Union Plan”) covering substantially all of the Company’s union-represented employees. The risks of participating in the Union Plan are different from a single-employer plan in the following aspects (a) assets contributed to the Union Plan by one may may may no March 26, 2017 not $10 , $8 $10 March 26, 2017, March 27, 2016 March 29, 2015, 7. Other Benefits The Company provides, on a contributory basis, medical benefits to active employees. The Company does not |
Note N - Commitments and Contin
Note N - Commitments and Contingencies | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE N - COMMITMENTS AND CONTINGENCIES 1. Commitments The Company’s operations are principally conducted in leased premises. The leases generally have initial terms ranging from 5 20 5 20 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. As of March 26, 2017, Lease Sublease Net lease commitments income commitments 2018 $ 1,645 $ 327 $ 1,318 2019 1,654 330 1,324 2020 1,545 332 1,213 2021 1,063 309 754 2022 1,065 263 802 Thereafter 5,841 865 4,976 $ 12,813 $ 2,426 $ 10,387 Aggregate rental expense, net of sublease income, under all current leases amounted to $1,566 , $1,628 $1,617 March 26, 2017, March 27, 2016 March 29, 2015, $272, $270 $267 March 26, 2017, March 27, 2016 March 29, 2015, 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 $457, $517 $489 March 26, 2017, March 27, 2016 March 29, 2015, At March 26, 2017, one April 2027 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 3. Guaranty On December 1, 2009, fifth not March 29, 2015. not On February 27, 2017, 24 first three $204 not not 12 |
Note O - Related Party Transact
Note O - Related Party Transactions | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE O - RELATED PARTY TRANSACTIONS A firm to which Mr. Lorber is as an investor (and, prior to January 2012, $26, $19 $24 March 26, 2017, March 27, 2016 March 29, 2015, |
Note P - Quarterly Financial In
Note P - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE P - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 201 7 Total revenues $ 29,416 $ 28,013 $ 19,937 $ 19,286 Gross profit (a) 5,804 6,402 4,074 2,906 Income from operations 8,824 8,031 4,754 4,671 Net income 3,550 2,507 699 729 Per share information Net income per share Basic (b) $ .85 $ .60 $ .17 $ .17 Diluted (b) $ .85 $ .60 $ .17 $ .17 Shares used in computation of net income per share Basic (b) 4,166,000 4,172,000 4,175,000 4,176,000 Diluted (b) 4,191,000 4,207,000 4,209,000 4,217,000 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2016 Total revenues $ 30,654 $ 30,619 $ 20,564 $ 19,053 Gross profit (a) 4,785 6,313 3,681 3,254 Income from operations 7,616 8,426 4,435 4,486 Net income 2,310 2,847 432 507 Per share information Net income per share Basic (b) $ .50 $ .64 $ .10 $ .12 Diluted (b) $ .50 $ .64 $ .10 $ .12 Shares used in computation of net income per share Basic (b) 4,584,000 4,432,000 4,408,000 4,297,000 Diluted (b) 4,621,000 4,449,000 4,444,000 4,337,000 (a) Gross profit represents the difference between sales and cost of sales. (b) The sum of the quarters may not |
Note Q - Subsequent Events
Note Q - Subsequent Events | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE Q - SUBSEQUENT EVENTS On May 19, 2017, 200,000 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 26, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS March 26, 2017, March 27, 2016 March 29, 2015 (in thousands) COL. A COL. B COL. C COL. D COL. E Description Balance at beginning of period Additions charged to costs and expenses Additions charged to other accounts Deductions Balance at end of period Fifty-two weeks ended March 26, 2017 Allowance for doubtful accounts - accounts receivable $ 471 $ 53 $ - $ (67 ) (b) $ 457 Fifty-two weeks ended March 27, 2016 Allowance for doubtful accounts - accounts receivable $ 443 $ 38 $ - $ (10 ) (b) $ 471 Fifty-two weeks ended March 29, 2015 Allowance for doubtful accounts - accounts receivable $ 433 $ 23 $ - $ (13 ) (b) $ 443 (a) Uncollectible marketing fund contributions. (b) Uncollectible amounts written off. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 26, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. 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. The Company’s fiscal year ends on the last Sunday in March, 52 53 March 26, 2017, March 27, 2016 March 29, 2015 52 |
Use of Estimates, Policy [Policy Text Block] | 3. 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. |
Inventory, Policy [Policy Text Block] | 4. 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. |
Property, Plant and Equipment, Policy [Policy Text Block] | 5. Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows: Building and improvements (in years) 5 – 25 Machinery, equipment, furniture and fixtures (in years) 3 – 15 Leasehold improvements (in years) 5 – 20 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 6. Goodwill and intangible assets consist of (i) goodwill of $95 1987; $1,353 The Company’s goodwill and intangible assets are deemed to have indefinite lives and, accordingly, are not may may not March 26, 2017 March 27, 2016, no |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 7. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not 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. No March 26, 2017, March 27, 2016 March 29, 2015. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 8. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy, as outlined in the applicable accounting guidance, is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three ● Level 1 ● Level 2 ● Level 3 The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level 1 may At March 26, 2017 March 27, 2016, not The Company's long-term debt had a face value of $135,000 March 26, 2017 $145,125 March 26, 2017. 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 3 |
Start-up Activities, Cost Policy [Policy Text Block] | 9. Start-up Costs Pre-opening and similar restaurant costs are expensed as incurred. |
Revenue Recognition, Policy [Policy Text Block] | 10. 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 11. 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. 12. In connection with its franchising operations, the Company receives initial franchise fees, international development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees. Franchise and international 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. International development fees are recognized, net of direct expenses, upon the opening of the first At March 26, 2017 March 27, 2016, $98 $137, March 26, 2017, March 27, 2016 March 29, 2015, $778, $751 $1,043, 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 If substantial obligations under the development agreement are not first March 26, 2017 March 27, 2016, $67 $129, The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015: March 26 March 27, March 29, 2017 2016 2015 Franchised restaurants operating at the beginning of the period 259 296 324 New franchised restaurants opened during the period 53 56 36 Franchised restaurants closed during the period (33 ) (93 ) (64 ) Franchised restaurants operating at the end of the period 279 259 296 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 not 13. The Company earns revenue from royalties on the licensing of the use of its intellectual property in connection with certain products produced and sold by outside vendors. The use of the Company’s intellectual property must be approved by the Company prior to each specific application to ensure proper quality and a consistent image. Revenue from license royalties is generally based on a percentage of sales, subject to certain annual minimum royalties, recognized on a monthly basis when it is earned and deemed collectible. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 14. 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 26, 2017, four 21%, 15%, 12% 8%, March 27, 2016, four 19%, 14%, 9% 8%, 12%, 14% 17% March 26, 2017, March 27, 2016 March 29, 2015, 20%, 19% 17% March 26, 2017, March 27, 2016 March 29, 2015, The Company’s primary supplier of hot dogs represented 78%, 81% 83% March 26, 2017, March 27, 2016 March 29, 2015, 5% March 26, 2017, March 27, 2016 March 29, 2015, The Company’s revenues for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015 March 26, 2017 March 27, 2016 March 29, 2015 Domestic (United States) $ 90,466 $ 95,655 $ 95,682 Non-domestic 6,186 5,235 3,430 $ 96,652 $ 100,890 $ 99,112 The Company’s sales for the fiscal years ended March 26, 2017, March 27, 2016 March 29, 2015 March 26, 2017 March 27, 2016 March 29, 2015 Branded Products $ 55,960 $ 58,545 $ 58,948 Company-owned restaurants 15,042 16,664 15,874 Other 214 822 698 $ 71,216 $ 76,031 $ 75,520 |
Advertising Costs, Policy [Policy Text Block] | 15. The Company administers an advertising fund on behalf of its restaurant system to coordinate the marketing efforts of the Company. Under this arrangement, the Company collects and disburses fees paid by manufacturers, franchisees and Company-owned stores for national and regional advertising, promotional and public relations programs. Contributions to the advertising fund are based on specified percentages of net sales, generally ranging up to 2%. $182, $191 $175, March 26, 2017, March 27, 2016 March 29, 2015, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 16. At March 26, 2017, one 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] | 17. 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] | 18. The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes and income tax benefits from share-based payments, as fully described in Note B.19. not not Uncertain Tax Positions The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may not fifty |
New Accounting Pronouncements, Policy [Policy Text Block] | 19 . Adoption of New Accounting Pronouncements In March 2016, not December 15, 2016 first June 2017) March 25, 2018. The Company elected to early adopt this standard in the quarter ended June 26, 2016. $659 March 26, 2017, not The excess tax benefits for the years ended March 27, 2016 March 29, 2015 $228 $4,572, The Company accounts for forfeitures as they occur. Under the new guidance, excess tax benefits related to employee share-based payments of $659 fifty-two March 26, 2017. no not thirteen fifty-two March 26, 2017. In August 2014, one December 15, 2016 December 16, 2016. fourth 2017 not 2 0 . New Accounting Pronouncements Not Adopt ed I n May 2014, 2016. five There are two December 15, 2016, first 2018, March 27, 2017. July 9, 2015, December 15, 2017 first June 2018) March 31, 2019. The Company does not may not 2018. In July 2015, first first no December 15, 2016 first June 2017) March 25, 2018. not In February 2016, December 15, 2018, first June 2019) March 29, 2020. In January 2017, ● A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members, or participants. ● To be capable of being conducted and managed for the purposes described above, an integrated set of activities and assets requires two The amendments are effective prospectively for public business entities for annual reporting periods beginning after December 15, 2017. first June 2018) March 31, 2019. not The Company does not not |
Note B - Summary of Significa28
Note B - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Building and improvements (in years) 5 – 25 Machinery, equipment, furniture and fixtures (in years) 3 – 15 Leasehold improvements (in years) 5 – 20 |
Schedule of Franchisor Disclosure [Table Text Block] | March 26 March 27, March 29, 2017 2016 2015 Franchised restaurants operating at the beginning of the period 259 296 324 New franchised restaurants opened during the period 53 56 36 Franchised restaurants closed during the period (33 ) (93 ) (64 ) Franchised restaurants operating at the end of the period 279 259 296 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | March 26, 2017 March 27, 2016 March 29, 2015 Domestic (United States) $ 90,466 $ 95,655 $ 95,682 Non-domestic 6,186 5,235 3,430 $ 96,652 $ 100,890 $ 99,112 |
Revenue from External Customers by Products and Services [Table Text Block] | March 26, 2017 March 27, 2016 March 29, 2015 Branded Products $ 55,960 $ 58,545 $ 58,948 Company-owned restaurants 15,042 16,664 15,874 Other 214 822 698 $ 71,216 $ 76,031 $ 75,520 |
Note C - Income Per Share (Tabl
Note C - Income Per Share (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income Shares Net income per share 2017 2016 2015 2017 2016 2015 2017 2016 2015 Basic EPS Basic calculation $ 7,485 $ 6,096 $ 11,703 4,172,000 4,430,000 4,486,000 $ 1.79 $ 1.38 $ 2.61 Effect of dilutive employee stock options - - - 34,000 33,000 102,000 (.01 ) (.01 ) (.06 ) Diluted EPS Diluted calculation $ 7,485 $ 6,096 $ 11,703 4,206,000 4,463,000 4,588,000 $ 1.78 $ 1.37 $ 2.55 |
Note D - Marketable Securities
Note D - Marketable Securities (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Realized Gain (Loss) on Investments [Table Text Block] | March 27, 2016 March 29, 2015 Available-for-sale securities: Proceeds $ 10,868 $ 8,020 Gross realized gains $ 26 $ - |
Note E - Accounts and Other R31
Note E - Accounts and Other Receivables, Net (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 26 , March 27, 201 7 2016 Branded product sales $ 6,037 $ 5,689 Franchise and license royalties 2,746 2,592 Other 622 911 9,405 9,192 Less: allowance for doubtful accounts 457 471 Accounts and other receivables, net $ 8,948 $ 8,721 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | March 26, 2017 March 27, 2016 March 29, 2015 Beginning balance $ 471 $ 443 $ 433 Bad debt expense 53 38 23 Accounts written off (67 ) (10 ) (13 ) Ending balance $ 457 $ 471 $ 443 |
Note F - Prepaid Expenses and32
Note F - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | March 26, March 27, 2017 2016 Income taxes $ - $ 211 Insurance 319 488 Other 774 644 Total prepaid expenses and other current assets $ 1,093 $ 1,343 |
Note H - Property and Equipme33
Note H - Property and Equipment, Net (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Property, Plant, and Equipment, Carrying Value [Table Text Block] | March 26, March 27, 2017 2016 Land $ 1,197 $ 1,197 Building and improvements 2,119 2,029 Machinery, equipment, furniture and fixtures 5,749 5,698 Leasehold improvements 7,181 7,124 Construction-in-progress 120 155 Total property and equipment 16,366 16,203 Less: accumulated depreciation and amortization 7,522 7,190 Property and equipment, net $ 8,844 $ 9,013 |
Note I - Accrued Expenses, Ot34
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 26, March 27, 2017 2016 Payroll and other benefits $ 2,708 $ 2,919 Accrued rebates 1,050 940 Rent and occupancy costs 215 218 Deferred revenue 723 679 Construction costs 160 183 Interest 463 507 Professional fees 109 101 Income taxes 143 82 Dividend payable 125 375 Other 169 172 Total accrued expenses and other current liabilities $ 5,865 $ 6,176 |
Schedule of Other Assets and Other Liabilities [Table Text Block] | March 26, March 27, 2017 2016 Deferred development fees $ 67 $ 129 Reserve for uncertain tax positions (Note J) 366 427 Deferred rental liability 786 893 Dividend payable 125 250 Other 211 7 Total other liabilities $ 1,555 $ 1,706 |
Note J - Income Taxes (Tables)
Note J - Income Taxes (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | March 26, 2017 March 27, 2016 March 29, 2015 Federal Current $ 3,024 $ 3,176 $ 5,992 Deferred 79 (11 ) 60 Total Federal income tax 3,103 3,165 6,052 State and local Current 1,195 1,135 1,599 Deferred 21 (12 ) 51 Total State and local income tax 1,216 1,123 1,650 Total provision for income taxes $ 4,319 $ 4,288 $ 7,702 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | March 26 , 201 7 March 27, 2016 March 29, 2015 Computed “expected” tax expense $ 4,013 $ 3,531 $ 6,792 State and local income taxes, net of Federal income tax benefit 797 826 1,112 Tax-exempt investment earnings - (9 ) (63 ) Change in uncertain tax positions, net (11 ) (129 ) (62 ) Nondeductible meals and entertainment and other 61 69 (77 ) Nondeductible compensation 118 - - Tax benefit share based payments (659 ) - - Total provision for income taxes $ 4,319 $ 4,288 $ 7,702 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 26 , March 27, 201 7 2016 Deferred tax assets Accrued expenses $ 361 $ 236 Allowance for doubtful accounts 59 62 Deferred revenue 347 393 Deferred stock compensation 224 271 Excess of straight line over actual rent 338 379 Investment 187 151 Other 104 119 Total gross deferred tax assets $ 1,620 $ 1,611 Deferred tax liabilities Deductible prepaid expense 288 263 Depreciation expense 1,771 1,717 Amortization 374 344 Total gross deferred tax liabilities 2,433 2,324 Net deferred tax (liability) $ (813 ) $ (713 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | March 26, 2017 March 27, 2016 March 29, 2015 Unrecognized tax benefits, beginning of year $ 208 $ 266 $ 283 Decreases of tax positions taken in prior years (31 ) (98 ) (64 ) Increases based on tax positions taken in current year 41 43 47 Settlements of tax positions taken in prior years (51 ) (3 ) - Unrecognized tax benefits, end of year $ 167 $ 208 $ 266 |
Summary of Income Tax Examinations [Table Text Block] | Jurisdiction Fiscal Year Federal 2014 New York State 2014 New York City 2014 New Jersey 2013 Pennsylvania 2014 |
Note K - Segment Information (T
Note K - Segment Information (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fifty- Two Fifty-Two Fifty-Two weeks ended weeks ended weeks ended March 26, 2017 March 27, 2016 March 29, 2015 Revenues Branded Product Program $ 56,174 $ 59,367 $ 59,646 Product licensing 20,368 19,815 18,011 Restaurant operations 20,110 21,708 21,455 Corporate - - - Total revenues $ 96,652 $ 100,890 $ 99,112 Income from operations Branded Product Program $ 10,257 $ 8,394 $ 4,497 Product licensing 20,186 19,812 18,000 Restaurant operations 4,101 5,253 5,604 Corporate (8,264 ) (8,496 ) (8,143 ) Income from operations $ 26,280 $ 24,963 $ 19,958 Interest expense (14,665 ) (14,630 ) (816 ) Interest income 104 52 176 Impairment charge – long-term investment (Note G) - (100 ) - Other income, net 85 99 87 Income before provision for income taxes $ 11,804 $ 10,384 $ 19,405 Total assets Branded Product Program $ 7,113 $ 6,827 $ 7,802 Product licensing 2,003 1,832 1,822 Restaurant operations 8,740 9,054 9,284 Corporate 60,269 53,836 65,481 Total assets $ 78,125 $ 71,549 $ 84,389 Depreciation & amortization expense Branded Product Program $ 316 $ 370 $ 389 Product licensing - - - Restaurant operations 762 710 644 Corporate 219 175 220 Total depreciation & amortization expense $ 1,297 $ 1,255 $ 1,253 |
Note L - Long-term Debt (Tables
Note L - Long-term Debt (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 2 6 , March 27, 201 7 2016 10.000% Senior Secured Notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (3,525 ) (4,734 ) Long-term debt, net $ 131,475 $ 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 and after March 15, 2019 100.000% |
Note M - Stockholders' Equity38
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted-average option fair values $ 11.970 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] | March 26, 2017 March 27, 2016 March 29, 2015 Stock options $ 150 $ 181 $ 318 Restricted stock 432 541 541 $ 582 $ 722 $ 859 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | 2017 2016 2015 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Options outstanding – beginning of year 124,030 $ 26.29 142,964 $ 24.36 279,500 $ 15.22 Granted - - - - 50,000 $ 53.89 Expired - - (3,787 ) 11.72 - - Exercised (48,285 ) 11.72 (15,147 ) 11.72 (235,125 ) 14.74 Options outstanding - end of year 75,745 $ 35.58 124,030 $ 26.29 94,375 $ 36.90 Options exercisable - end of year 37,873 $ 35.58 67,221 $ 18.44 - $ - Weighted-average fair value of options granted - - - - 50,000 $ 11.97 |
Share-based Compensation, Activity [Table Text Block] | Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Options outstanding at March 26, 2017 75,745 $ 35.58 2.36 $ 1,899 Options exercisable at March 26, 2017 37,873 $ 35.58 2.36 $ 950 Exercise price is $ 35 . 576 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 27, 2016 25,000 $ 41.59 Granted - - Vested (15,000 ) $ 36.13 Unvested restricted stock at March 26, 2017 10,000 $ 49.80 |
Note N - Commitments and Cont39
Note N - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Lease Sublease Net lease commitments income commitments 2018 $ 1,645 $ 327 $ 1,318 2019 1,654 330 1,324 2020 1,545 332 1,213 2021 1,063 309 754 2022 1,065 263 802 Thereafter 5,841 865 4,976 $ 12,813 $ 2,426 $ 10,387 |
Note P - Quarterly Financial 40
Note P - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 201 7 Total revenues $ 29,416 $ 28,013 $ 19,937 $ 19,286 Gross profit (a) 5,804 6,402 4,074 2,906 Income from operations 8,824 8,031 4,754 4,671 Net income 3,550 2,507 699 729 Per share information Net income per share Basic (b) $ .85 $ .60 $ .17 $ .17 Diluted (b) $ .85 $ .60 $ .17 $ .17 Shares used in computation of net income per share Basic (b) 4,166,000 4,172,000 4,175,000 4,176,000 Diluted (b) 4,191,000 4,207,000 4,209,000 4,217,000 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2016 Total revenues $ 30,654 $ 30,619 $ 20,564 $ 19,053 Gross profit (a) 4,785 6,313 3,681 3,254 Income from operations 7,616 8,426 4,435 4,486 Net income 2,310 2,847 432 507 Per share information Net income per share Basic (b) $ .50 $ .64 $ .10 $ .12 Diluted (b) $ .50 $ .64 $ .10 $ .12 Shares used in computation of net income per share Basic (b) 4,584,000 4,432,000 4,408,000 4,297,000 Diluted (b) 4,621,000 4,449,000 4,444,000 4,337,000 |
Schedule II - Valuation and Q41
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 26, 2017 | |
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 beginning of period Additions charged to costs and expenses Additions charged to other accounts Deductions Balance at end of period Fifty-two weeks ended March 26, 2017 Allowance for doubtful accounts - accounts receivable $ 471 $ 53 $ - $ (67 ) (b) $ 457 Fifty-two weeks ended March 27, 2016 Allowance for doubtful accounts - accounts receivable $ 443 $ 38 $ - $ (10 ) (b) $ 471 Fifty-two weeks ended March 29, 2015 Allowance for doubtful accounts - accounts receivable $ 433 $ 23 $ - $ (13 ) (b) $ 443 |
Note A - Description and Orga42
Note A - Description and Organization of Business (Details Textual) | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | Mar. 30, 2014 |
Number of States in which Entity Operates | 19 | |||
Number of Countries in which Entity Operates | 12 | |||
Entity Operated Units [Member] | ||||
Number of Restaurants | 5 | |||
Franchised Units [Member] | ||||
Number of Restaurants | 279 | 259 | 296 | 324 |
Note B - Summary of Significa43
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 228 | $ 4,572 | |
Goodwill and Intangible Asset Impairment | $ 0 | 0 | |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 |
Available-for-sale Securities | 0 | 0 | |
Goodwill | 95 | 95 | |
Intangible Assets, Net (Excluding Goodwill) | 1,353 | 1,353 | |
Long-term Debt | 135,000 | ||
Long-term Debt, Fair Value | 145,125 | ||
Franchise Revenue | $ 5,068 | 5,044 | 5,581 |
Maximum Contributions to Advertising Fund Percentage of Net Sales | 2.00% | ||
Advertising Expense | $ 182 | 191 | 175 |
Income Tax Expense (Benefit) | 4,319 | $ 4,288 | $ 7,702 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09 [Member] | |||
Income Tax Expense (Benefit) | $ 659 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member] | |||
Concentration Risk, Percentage | 21.00% | 19.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer B [Member] | |||
Concentration Risk, Percentage | 15.00% | 14.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer C [Member] | |||
Concentration Risk, Percentage | 12.00% | 9.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer D [Member] | |||
Concentration Risk, Percentage | 8.00% | 8.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member] | |||
Concentration Risk, Percentage | 12.00% | 14.00% | 17.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | One Retail Licensee [Member] | |||
Concentration Risk, Percentage | 20.00% | 19.00% | 17.00% |
Cost of Goods, Product Line [Member] | Supplier Concentration Risk [Member] | Primary Supplier of Hot Dogs [Member] | |||
Concentration Risk, Percentage | 78.00% | 81.00% | 83.00% |
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% | 5.00% |
New Unit Openings, Transfers, Co-branding, and Forfeitures [Member] | |||
Franchise Revenue | $ 778 | $ 751 | $ 1,043 |
Deferred Franchise Fees [Member] | |||
Deferred Revenue, Current | 98 | 137 | |
Deferred Development Fee [Member] | |||
Deferred Revenue | $ 67 | $ 129 |
Note B - Summary of Significa44
Note B - Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Mar. 26, 2017 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Building and improvements (in years) (Year) | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Building and improvements (in years) (Year) | 25 years |
Machinery, Equipment, Furniture, and Fixtures [Member] | Minimum [Member] | |
Building and improvements (in years) (Year) | 3 years |
Machinery, Equipment, Furniture, and Fixtures [Member] | Maximum [Member] | |
Building and improvements (in years) (Year) | 15 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Building and improvements (in years) (Year) | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Building and improvements (in years) (Year) | 20 years |
Note B - Summary of Significa45
Note B - Summary of Significant Accounting Policies - Summary of Franchise Openings and Closings for the Nathan's Franchise Restaurant System (Details) - Franchised Units [Member] | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Franchised restaurants operating at the beginning of the period | 259 | 296 | 324 |
New franchised restaurants opened during the period | 53 | 56 | 36 |
Franchised restaurants closed during the period | (33) | (93) | (64) |
Franchised restaurants operating at the end of the period | 279 | 259 | 296 |
Note B - Summary of Significa46
Note B - Summary of Significant Accounting Policies - The Company's Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Revenues | $ 19,286 | $ 19,937 | $ 28,013 | $ 29,416 | $ 19,053 | $ 20,564 | $ 30,619 | $ 30,654 | $ 96,652 | $ 100,890 | $ 99,112 |
Domestic [Member] | |||||||||||
Revenues | 90,466 | 95,655 | 95,682 | ||||||||
Non-domestic [Member] | |||||||||||
Revenues | $ 6,186 | $ 5,235 | $ 3,430 |
Note B - Summary of Significa47
Note B - Summary of Significant Accounting Policies - The Company's Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Sales | $ 71,216 | $ 76,031 | $ 75,520 |
Branded Product Sales [Member] | |||
Sales | 55,960 | 58,545 | 58,948 |
Company Operated Restaurants [Member] | |||
Sales | 15,042 | 16,664 | 15,874 |
Other Products [Member] | |||
Sales | $ 214 | $ 822 | $ 698 |
Note C - Income Per Share (Deta
Note C - Income Per Share (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 |
Note C - Income Per Share - Ear
Note C - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 26, 2017 | [1] | Dec. 25, 2016 | [1] | Sep. 25, 2016 | [1] | Jun. 26, 2016 | [1] | Mar. 27, 2016 | [1] | Dec. 27, 2015 | [1] | Sep. 27, 2015 | [1] | Jun. 28, 2015 | [1] | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Net income, basic calculation | $ 7,485 | $ 6,096 | $ 11,703 | ||||||||||||||||
Number of shares, basic calculation (in shares) | 4,176,000 | 4,175,000 | 4,172,000 | 4,166,000 | 4,297,000 | 4,408,000 | 4,432,000 | 4,584,000 | 4,172,000 | 4,430,000 | 4,486,000 | ||||||||
Net income per share, basic calculation (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.60 | $ 0.85 | $ 0.12 | $ 0.10 | $ 0.64 | $ 0.50 | $ 1.79 | $ 1.38 | $ 2.61 | ||||||||
Effect of dilutive employee stock options (in shares) | 34,000 | 33,000 | 102,000 | ||||||||||||||||
Net income per share, effect of dilutive employee stock options (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.06) | ||||||||||||||||
Net income, diluted calculation | $ 7,485 | $ 6,096 | $ 11,703 | ||||||||||||||||
Number of shares, diluted calculation (in shares) | 4,217,000 | 4,209,000 | 4,207,000 | 4,191,000 | 4,337,000 | 4,444,000 | 4,449,000 | 4,621,000 | 4,206,000 | 4,463,000 | 4,588,000 | ||||||||
Net income, diluted calculation (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.60 | $ 0.85 | $ 0.12 | $ 0.10 | $ 0.64 | $ 0.50 | $ 1.78 | $ 1.37 | $ 2.55 | ||||||||
[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 D - Marketable Securitie50
Note D - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 47 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 25 | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | $ (102) | ||
Available-for-sale Securities | $ 0 | $ 0 |
Note D - Marketable Securitie51
Note D - Marketable Securities - Proceeds from Sale of Available-for-sale Securities and the Resulting Gross Realized Gains (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Proceeds | $ 10,868 | $ 8,020 | |
Gross realized gains | $ 26 |
Note E - Accounts and Other R52
Note E - Accounts and Other Receivables, Net (Details Textual) | 12 Months Ended |
Mar. 26, 2017 | |
Accounts Receivable Payment Terms | 30 days |
Note E - Accounts and Other R53
Note E - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | Mar. 30, 2014 |
Accounts receivable, gross, current | $ 9,405 | $ 9,192 | ||
Less: allowance for doubtful accounts | 457 | 471 | $ 443 | $ 433 |
Accounts and other receivables, net | 8,948 | 8,721 | ||
Branded Product Sales [Member] | ||||
Accounts receivable, gross, current | 6,037 | 5,689 | ||
Franchise and License Royalties [Member] | ||||
Accounts receivable, gross, current | 2,746 | 2,592 | ||
Other Receivables [Member] | ||||
Accounts receivable, gross, current | $ 622 | $ 911 |
Note E - Accounts and Other R54
Note E - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Beginning balance | $ 471 | $ 443 | $ 433 |
Bad debt expense | 53 | 38 | 23 |
Accounts written off | (67) | (10) | (13) |
Ending balance | $ 457 | $ 471 | $ 443 |
Note F - Prepaid Expenses and55
Note F - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 26, 2017 | Mar. 27, 2016 |
Income taxes | $ 211 | |
Insurance | 319 | 488 |
Other | 774 | 644 |
Total prepaid expenses and other current assets | $ 1,093 | $ 1,343 |
Note G - Long-term Investment (
Note G - Long-term Investment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | Sep. 23, 2012 | |
Investment Owned, Balance, Shares | 351,550 | |||
Long-term Investments | $ 0 | $ 0 | $ 500 | |
Cost Method Investment Ownership Percentage | 2.50% | |||
Cost-method Investments, Other than Temporary Impairment | $ 100 |
Note H - Property and Equipme57
Note H - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 26, 2017 | Mar. 27, 2016 |
Land | $ 1,197 | $ 1,197 |
Building and improvements | 2,119 | 2,029 |
Machinery, equipment, furniture and fixtures | 5,749 | 5,698 |
Leasehold improvements | 7,181 | 7,124 |
Construction-in-progress | 120 | 155 |
Total property and equipment | 16,366 | 16,203 |
Property and equipment, accumulated depreciation | 7,522 | 7,190 |
Property and equipment, net | $ 8,844 | $ 9,013 |
Note I - Accrued Expenses, Ot58
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 26, 2017 | Mar. 27, 2016 |
Payroll and other benefits | $ 2,708 | $ 2,919 |
Accrued rebates | 1,050 | 940 |
Rent and occupancy costs | 215 | 218 |
Construction costs | 160 | 183 |
Interest | 463 | 507 |
Professional fees | 109 | 101 |
Income taxes | 143 | 82 |
Dividend payable | 125 | 375 |
Other | 169 | 172 |
Total accrued expenses and other current liabilities | 5,865 | 6,176 |
Deferred Franchise Fees And Other Deferred Revenue [Member] | ||
Deferred franchise fees | $ 723 | $ 679 |
Note I - Accrued Expenses, Ot59
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 26, 2017 | Mar. 27, 2016 |
Deferred development fees | $ 67 | $ 129 |
Reserve for uncertain tax positions (Note J) | 366 | 427 |
Deferred rental liability | 786 | 893 |
Dividend payable | 125 | 250 |
Other | 211 | 7 |
Total other liabilities | $ 1,555 | $ 1,706 |
Note J - Income Taxes (Details
Note J - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 35.00% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 167 | $ 208 | $ 266 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 183 | 200 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 29 | $ 34 | $ 44 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ (5) |
Note J - Income Taxes - Income
Note J - Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Current | $ 3,024 | $ 3,176 | $ 5,992 |
Deferred | 79 | (11) | 60 |
Total Federal income tax | 3,103 | 3,165 | 6,052 |
Current | 1,195 | 1,135 | 1,599 |
Deferred | 21 | (12) | 51 |
Total State and local income tax | 1,216 | 1,123 | 1,650 |
Total provision for income taxes | $ 4,319 | $ 4,288 | $ 7,702 |
Note J - Income Taxes - Effecti
Note J - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Computed “expected” tax expense | $ 4,013 | $ 3,531 | $ 6,792 |
State and local income taxes, net of Federal income tax benefit | 797 | 826 | 1,112 |
Tax-exempt investment earnings | (9) | (63) | |
Change in uncertain tax positions, net | (11) | (129) | (62) |
Nondeductible meals and entertainment and other | 61 | 69 | (77) |
Nondeductible compensation | 118 | ||
Tax benefit share based payments | (659) | ||
Total provision for income taxes | $ 4,319 | $ 4,288 | $ 7,702 |
Note J - Income Taxes - Deferre
Note J - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Mar. 26, 2017 | Mar. 27, 2016 |
Deferred tax assets | ||
Accrued expenses | $ 361 | $ 236 |
Allowance for doubtful accounts | 59 | 62 |
Deferred revenue | 347 | 393 |
Deferred stock compensation | 224 | 271 |
Excess of straight line over actual rent | 338 | 379 |
Investment | 187 | 151 |
Other | 104 | 119 |
Total gross deferred tax assets | 1,620 | 1,611 |
Deferred tax liabilities | ||
Deductible prepaid expense | 288 | 263 |
Depreciation expense | 1,771 | 1,717 |
Amortization | 374 | 344 |
Total gross deferred tax liabilities | 2,433 | 2,324 |
Net deferred tax (liability) | $ (813) | $ (713) |
Note J - Income Taxes - Reconci
Note J - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Unrecognized tax benefits, beginning of year | $ 208 | $ 266 | $ 283 |
Decreases of tax positions taken in prior years | (31) | (98) | (64) |
Increases based on tax positions taken in current year | 41 | 43 | 47 |
Settlements of tax positions taken in prior years | (51) | (3) | |
Unrecognized tax benefits, end of year | $ 167 | $ 208 | $ 266 |
Note J - Income Taxes - The Ear
Note J - Income Taxes - The Earliest Tax Years Subject to Examination by Taxing Authorities (Details) - Earliest Tax Year [Member] | 12 Months Ended |
Mar. 26, 2017 | |
Domestic Tax Authority [Member] | |
Earliest tax year subject to examination | 2,014 |
New York State [Member] | |
Earliest tax year subject to examination | 2,014 |
New York City [Member] | |
Earliest tax year subject to examination | 2,014 |
New Jersey [Member] | |
Earliest tax year subject to examination | 2,013 |
Pennsylvania [Member] | |
Earliest tax year subject to examination | 2,014 |
Note K - Segment Information (D
Note K - Segment Information (Details Textual) | 12 Months Ended | |
Mar. 26, 2017 | Mar. 27, 2016 | |
Number of Operating Segments | 3 | 1 |
Note K - Segment Information -
Note K - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Revenues | $ 19,286 | $ 19,937 | $ 28,013 | $ 29,416 | $ 19,053 | $ 20,564 | $ 30,619 | $ 30,654 | $ 96,652 | $ 100,890 | $ 99,112 |
Income from operations | 4,671 | $ 4,754 | $ 8,031 | $ 8,824 | 4,486 | $ 4,435 | $ 8,426 | $ 7,616 | 26,280 | 24,963 | 19,958 |
Interest expense | (14,665) | (14,630) | (816) | ||||||||
Interest income | 104 | 52 | 176 | ||||||||
Impairment charge – long-term investment (Note G) | (100) | ||||||||||
Other income, net | 85 | 99 | 87 | ||||||||
Income before provision for income taxes | 11,804 | 10,384 | 19,405 | ||||||||
Assets | 78,125 | 71,549 | 78,125 | 71,549 | 84,389 | ||||||
Depreciation and amortization | 1,297 | 1,255 | 1,253 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Revenues | |||||||||||
Income from operations | (8,264) | (8,496) | (8,143) | ||||||||
Income before provision for income taxes | 11,804 | 10,384 | 19,405 | ||||||||
Assets | 60,269 | 53,836 | 60,269 | 53,836 | 65,481 | ||||||
Depreciation and amortization | 219 | 175 | 220 | ||||||||
Branded Product Program [Member] | Operating Segments [Member] | |||||||||||
Revenues | 56,174 | 59,367 | 59,646 | ||||||||
Income from operations | 10,257 | 8,394 | 4,497 | ||||||||
Interest income | 104 | 52 | 176 | ||||||||
Assets | 7,113 | 6,827 | 7,113 | 6,827 | 7,802 | ||||||
Depreciation and amortization | 316 | 370 | 389 | ||||||||
Product Licensing [Member] | Operating Segments [Member] | |||||||||||
Revenues | 20,368 | 19,815 | 18,011 | ||||||||
Income from operations | 20,186 | 19,812 | 18,000 | ||||||||
Impairment charge – long-term investment (Note G) | (100) | ||||||||||
Assets | 2,003 | 1,832 | 2,003 | 1,832 | 1,822 | ||||||
Depreciation and amortization | |||||||||||
Restaurant Operations [Member] | Operating Segments [Member] | |||||||||||
Revenues | 20,110 | 21,708 | 21,455 | ||||||||
Income from operations | 4,101 | 5,253 | 5,604 | ||||||||
Other income, net | 85 | 99 | 87 | ||||||||
Assets | $ 8,740 | $ 9,054 | 8,740 | 9,054 | 9,284 | ||||||
Depreciation and amortization | $ 762 | $ 710 | $ 644 |
Note L - Long-term Debt (Detail
Note L - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Mar. 15, 2017 | Sep. 15, 2016 | Mar. 10, 2015 | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||
Interest Paid | $ 13,500 | $ 13,688 | ||||
Special Cash Dividend [Member] | ||||||
Dividends, Cash | $ 116,100 | |||||
Secured Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 135,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||
Debt Issuance Costs, Gross | $ 5,985 | |||||
Debt Instrument, Term | 5 years | |||||
Interest Paid | $ 6,750 | $ 6,750 | ||||
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 L - Long-term Debt - Summa
Note L - Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Mar. 26, 2017 | Mar. 27, 2016 |
10.000% Senior Secured Notes due 2020 | $ 135,000 | $ 135,000 |
Less: unamortized debt issuance costs | (3,525) | (4,734) |
Long-term debt, net | $ 131,475 | $ 130,266 |
Note L - Long-term Debt - Sum70
Note L - Long-term Debt - Summary of Debt (Details) (Parentheticals) | Mar. 26, 2017 | Mar. 27, 2016 |
Interest Rate | 10.00% | 10.00% |
Note L - Long-term Debt - Sum71
Note L - Long-term Debt - Summary of Redemption Features (Details) | 12 Months Ended |
Mar. 26, 2017 | |
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% |
Note M - Stockholders' Equity72
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details Textual) | Aug. 04, 2016USD ($) | Jun. 01, 2016USD ($) | Jun. 10, 2015USD ($)$ / sharesshares | Mar. 27, 2015USD ($)$ / shares | Mar. 10, 2015$ / shares | Jun. 04, 2013USD ($)$ / sharesshares | Nov. 01, 2012USD ($)shares | Mar. 24, 2019USD ($) | Mar. 25, 2018USD ($) | Mar. 26, 2017USD ($)$ / sharesshares | Mar. 27, 2016USD ($)$ / sharesshares | Mar. 29, 2015USD ($)$ / sharesshares | Mar. 30, 2014USD ($)$ / sharesshares | Mar. 26, 2017USD ($)$ / sharesshares | Mar. 26, 2017USD ($)$ / sharesshares | Sep. 09, 2016shares | Mar. 11, 2016$ / sharesshares | Feb. 01, 2016shares | Nov. 13, 2015$ / shares | Sep. 11, 2015$ / sharesshares | Jun. 05, 2013$ / sharesshares | Sep. 13, 2012shares | Feb. 01, 2011shares | Sep. 14, 2010shares | Nov. 09, 2009shares | May 31, 2007USD ($) |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 25 | |||||||||||||||||||||||||
Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights | 15.00% | |||||||||||||||||||||||||
New Right Purchase Price | $ / shares | $ 100 | |||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 10,188,600 | |||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | shares | 30,616 | 5,127,373 | ||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 1,272,000 | $ 19,231,000 | $ 1,916,000 | $ 77,303,000 | ||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 50,000 | |||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 53.89 | |||||||||||||||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award Option Life | 5 years | |||||||||||||||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares | 260,258 | 260,258 | 260,258 | |||||||||||||||||||||||
Number of Times of Salary and Bonus Lump Sum Cash Payment | 2.99 | 2.99 | 2.99 | |||||||||||||||||||||||
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 | $ | $ 41,000 | $ 35,000 | $ 30,000 | |||||||||||||||||||||||
Multiemployer Plans, Plan Contributions | $ | 10,000 | 8,000 | 10,000 | |||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ | 375,000 | 375,000 | $ 115,110,000 | |||||||||||||||||||||||
Increased Number of Shares Available for Issuance Due to Plan Amendment | shares | 250,000 | |||||||||||||||||||||||||
Amount of Available Common Shares Reduced by Each Share of Restricted Stock Granted | shares | 3.2 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | 213,000 | $ 298,000 | $ 350,000 | |||||||||||||||||||||||
Share Based Compensation Total Unamortized Compensation Expense | $ | $ 549,000 | $ 549,000 | $ 549,000 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 48,285 | 15,147 | 235,125 | |||||||||||||||||||||||
Proceeds from Stock Options Exercised | $ | $ 44,000 | $ 89,000 | $ 880,000 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 1,555,000 | $ 486,000 | 13,040,000 | |||||||||||||||||||||||
Share Price | $ / shares | $ 73.56 | |||||||||||||||||||||||||
Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||
Term of Consulting Period Pursuant to the Lorber Employment [Agreement] | 0 years | |||||||||||||||||||||||||
President and Chief Operating Officer [Member] | ||||||||||||||||||||||||||
Transition Agreement, Severance Payable | $ | $ 289,000 | |||||||||||||||||||||||||
Transition Agreement, Number of Shares of Common Stock Purchased | shares | 56,933 | |||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||||||||
Share Price | $ / shares | $ 40.28 | |||||||||||||||||||||||||
Consulting Fee Per Month | $ | $ 8,100 | $ 16,300 | ||||||||||||||||||||||||
Base Salary [Member] | Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||
Contractual Obligation | $ | $ 600,000 | |||||||||||||||||||||||||
Base Salary [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ | $ 500,000 | |||||||||||||||||||||||||
Base Salary [Member] | One Employee [Member] | ||||||||||||||||||||||||||
Contractual Obligation | $ | $ 136,000 | |||||||||||||||||||||||||
Consulting Fee [Member] | Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||
Contractual Obligation | $ | $ 200,000 | |||||||||||||||||||||||||
Dutch Auction Tender Offer [Member] | ||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | shares | 88,672 | |||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 4,056,000 | |||||||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 500,000 | |||||||||||||||||||||||||
Sixth Stock Repurchase Plan [Member] | ||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | shares | 939,742 | |||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 29,641,000 | |||||||||||||||||||||||||
Stock Repurchase Program Number of Additional Shares Authorized to be Repurchased | shares | 200,000 | 200,000 | 300,000 | |||||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 1,200,000 | 500,000 | ||||||||||||||||||||||||
MSI Agreement [Member] | ||||||||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 100,000 | 175,000 | ||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||||||||
Minimum [Member] | Dutch Auction Tender Offer [Member] | ||||||||||||||||||||||||||
Share Price | $ / shares | $ 41 | $ 33 | ||||||||||||||||||||||||
Maximum [Member] | Dutch Auction Tender Offer [Member] | ||||||||||||||||||||||||||
Share Price | $ / shares | $ 44 | $ 36 | ||||||||||||||||||||||||
Newly Authorized Additional Shares Pursuant to 2010 Plan [Member] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 150,000 | |||||||||||||||||||||||||
Shares Expired or Forfeited up to 100000 Shares [Member] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 100,000 | |||||||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 223,698 | 223,698 | 223,698 | |||||||||||||||||||||||
Employee Stock Option [Member] | Minimum [Member] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||
Employee Stock Option [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 25,000 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 190,218 | 190,218 | 190,218 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 1,245,000 | |||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | |||||||||||||||||||||||||
Share Price | $ / shares | $ 49.80 | |||||||||||||||||||||||||
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 | shares | 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 | shares | 25,000 | |||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 1,245,000 | |||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | |||||||||||||||||||||||||
Share Price | $ / shares | $ 49.80 | |||||||||||||||||||||||||
Common Stock Purchase Rights [Member] | ||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 7,396,439 | 7,396,439 | 7,396,439 | |||||||||||||||||||||||
Excluding Dividend [Member] | ||||||||||||||||||||||||||
Share Price | $ / shares | 48.56 | |||||||||||||||||||||||||
Special Cash Dividend [Member] | ||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 25 | $ 25 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 736,000 | $ 683,000 | $ 965,000 | |||||||||||||||||||||||
Dividends Payable | $ | $ 1,000,000 | |||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ | $ 115,100,000 | $ 750,000 | ||||||||||||||||||||||||
Special Cash Dividend [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ | $ 125,000 | $ 125,000 |
Note M - Stockholders' Equity73
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Fair Value Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Weighted-average option fair values (in dollars per share) | $ 11.97 | ||
Expected life (years) (Year) | 4 years 182 days | ||
Interest rate | 1.66% | ||
Volatility | 22.77% | ||
Dividend Yield | 0.00% |
Note M - Stockholders' Equity74
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Share-based Compensation Expense | $ 582 | $ 722 | $ 859 |
Employee Stock Option [Member] | |||
Share-based Compensation Expense | 150 | 181 | 318 |
Restricted Stock [Member] | |||
Share-based Compensation Expense | $ 432 | $ 541 | $ 541 |
Note M - Stockholders' Equity75
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - A Summary of the Status of the Company's Stock Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Options outstanding – beginning of year (in shares) | 142,964 | 279,500 | |
Options outstanding – beginning of year (in dollars per share) | $ 24.36 | $ 15.22 | |
Options outstanding - end of year (in dollars per share) | $ 35.58 | 24.36 | |
Options exercisable - end of year (in dollars per share) | $ 35.58 | $ 18.44 | |
Options exercisable - end of year (in shares) | 37,873 | 67,221 | |
Granted (in shares) | 50,000 | ||
Granted (in dollars per share) | $ 53.89 | ||
Expired (in shares) | (3,787) | ||
Expired (in dollars per share) | $ 11.72 | ||
Exercised (in shares) | (48,285) | (15,147) | (235,125) |
Exercised (in dollars per share) | $ 11.72 | $ 11.72 | $ 14.74 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | ||
Weighted-average fair value of options granted (in dollars per share) | $ 11.97 | ||
Options outstanding - end of year (in shares) | 75,745 | 142,964 | |
Options Outstanding After Replacement Stock Issuance [Member] | |||
Options outstanding – beginning of year (in shares) | 124,030 | ||
Options outstanding – beginning of year (in dollars per share) | $ 26.29 | ||
Options outstanding - end of year (in dollars per share) | $ 26.29 | ||
Options outstanding - end of year (in shares) | 124,030 | ||
Options Outstanding Before Replacement Stock Issuance [Member] | |||
Options outstanding – beginning of year (in shares) | 124,030 | ||
Options outstanding – beginning of year (in dollars per share) | $ 26.29 | ||
Options outstanding - end of year (in dollars per share) | $ 26.29 | ||
Options outstanding - end of year (in shares) | 124,030 |
Note M - Stockholders' Equity76
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 26, 2017 | Mar. 29, 2015 | Mar. 27, 2016 | Mar. 30, 2014 | |
Options exercisable - end of year (in dollars per share) | $ 35.58 | $ 18.44 | ||
Options exercisable, weighted average remaining contractual life (Year) | 2 years 131 days | |||
Options exercisable, aggregate intrinsic value | $ 950 | |||
Options outstanding (in shares) | 75,745 | 142,964 | 279,500 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 35.58 | $ 24.36 | $ 15.22 | |
Options outstanding, weighted average remaining contractual life (Year) | 2 years 131 days | 2 years 317 days | ||
Options outstanding, aggregate intrinsic value | $ 1,899 | $ 3,460 | ||
Options exercisable - end of year (in shares) | 37,873 | 67,221 |
Note M - Stockholders' Equity77
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Outstanding Stock Options (Details) (Parentheticals) - $ / shares | 12 Months Ended | |
Mar. 26, 2017 | Mar. 29, 2015 | |
Exercise price range, upper limit (in dollars per share) | $ 35.576 | $ 35.576 |
Exercise price range, lower limit (in dollars per share) | $ 35.576 | $ 11.72 |
Note M - Stockholders' Equity78
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Transactions With Respect to Restricted Stock (Details) | 12 Months Ended |
Mar. 26, 2017$ / sharesshares | |
Unvested restricted stock (in shares) | shares | 25,000 |
Unvested restricted stock (in dollars per share) | $ / shares | $ 41.59 |
Vested (in shares) | shares | (15,000) |
Vested (in dollars per share) | $ / shares | $ 36.13 |
Unvested restricted stock (in shares) | shares | 10,000 |
Unvested restricted stock (in dollars per share) | $ / shares | $ 49.80 |
Note N - Commitments and Cont79
Note N - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | Feb. 27, 2017 | |
Operating Leases, Rent Expense, Net | $ 1,566 | $ 1,628 | $ 1,617 | |
Operating Leases, Rent Expense, Sublease Rentals | 272 | 270 | 267 | |
Operating Leases, Rent Expense, Contingent Rentals | $ 457 | $ 517 | $ 489 | |
Guaranty Liabilities | $ 204 | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Lessee, Operating Lease, Renewal Term | 5 years | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Term of Contract | 20 years | |||
Lessee, Operating Lease, Renewal Term | 20 years |
Note N - Commitments and Cont80
Note N - Commitments and Contingencies - Non-cancelable Operating Lease Commitments (Details) $ in Thousands | Mar. 26, 2017USD ($) |
2018, Lease commitments | $ 1,645 |
2018, Sublease income | 327 |
2018, Net lease commitments | 1,318 |
2019, Lease commitments | 1,654 |
2019, Sublease income | 330 |
2019, Net lease commitments | 1,324 |
2020, Lease commitments | 1,545 |
2020, Sublease income | 332 |
2020, Net lease commitments | 1,213 |
2021, Lease commitments | 1,063 |
2021, Sublease income | 309 |
2021, Net lease commitments | 754 |
2022, Lease commitments | 1,065 |
2022, Sublease income | 263 |
2022, Net lease commitments | 802 |
Thereafter, Lease commitments | 5,841 |
Thereafter, Sublease income | 865 |
Thereafter, Net lease commitments | 4,976 |
Lease commitments | 12,813 |
Sublease income | 2,426 |
Net lease commitments | $ 10,387 |
Note O - Related Party Transa81
Note O - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Fim where Lorber Serves as Consultant [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 26 | $ 19 | $ 24 |
Note P - Quarterly Financial 82
Note P - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | ||||||||||
Revenues | $ 19,286 | $ 19,937 | $ 28,013 | $ 29,416 | $ 19,053 | $ 20,564 | $ 30,619 | $ 30,654 | $ 96,652 | $ 100,890 | $ 99,112 | |||||||||
Gross profit (a) | [1] | 2,906 | 4,074 | 6,402 | 5,804 | 3,254 | 3,681 | 6,313 | 4,785 | |||||||||||
Income from operations | 4,671 | 4,754 | 8,031 | 8,824 | 4,486 | 4,435 | 8,426 | 7,616 | 26,280 | 24,963 | 19,958 | |||||||||
Net income | $ 729 | $ 699 | $ 2,507 | $ 3,550 | $ 507 | $ 432 | $ 2,847 | $ 2,310 | $ 7,485 | $ 6,096 | $ 11,703 | |||||||||
Net income per share, basic calculation (in dollars per share) | $ 0.17 | [2] | $ 0.17 | [2] | $ 0.60 | [2] | $ 0.85 | [2] | $ 0.12 | [2] | $ 0.10 | [2] | $ 0.64 | [2] | $ 0.50 | [2] | $ 1.79 | $ 1.38 | $ 2.61 | |
Net income, diluted calculation (in dollars per share) | $ 0.17 | [2] | $ 0.17 | [2] | $ 0.60 | [2] | $ 0.85 | [2] | $ 0.12 | [2] | $ 0.10 | [2] | $ 0.64 | [2] | $ 0.50 | [2] | $ 1.78 | $ 1.37 | $ 2.55 | |
Number of shares, basic calculation (in shares) | 4,176,000 | [2] | 4,175,000 | [2] | 4,172,000 | [2] | 4,166,000 | [2] | 4,297,000 | [2] | 4,408,000 | [2] | 4,432,000 | [2] | 4,584,000 | [2] | 4,172,000 | 4,430,000 | 4,486,000 | |
Number of shares, diluted calculation (in shares) | 4,217,000 | [2] | 4,209,000 | [2] | 4,207,000 | [2] | 4,191,000 | [2] | 4,337,000 | [2] | 4,444,000 | [2] | 4,449,000 | [2] | 4,621,000 | [2] | 4,206,000 | 4,463,000 | 4,588,000 | |
[1] | Gross profit represents the difference between sales and cost of sales. | |||||||||||||||||||
[2] | The sum of the quarters may not equal the full year per share amounts included in the accompanying consolidated statements of earnings due to the effect of the weighted average number of shares outstanding during the fiscal years as compared to the quarters. |
Schedule II - Valuation and Q83
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | ||
Deductions | [1] | $ (67) | $ (10) | $ (13) |
Balance at end of period | 457 | 471 | 443 | |
Balance at beginning of period | 471 | 443 | 433 | |
Additions charged to costs and expenses | 53 | 38 | 23 | |
Additions charged to other accounts | ||||
[1] | Uncollectible amounts written off. |