Nathan's Famous (NATH) 10-Q 4 Aug 17 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 25, 2017	Aug. 04, 2017
Document Information [Line Items]
Entity Registrant Name	NATHANS FAMOUS INC
Entity Central Index Key	69,733
Trading Symbol	nath
Current Fiscal Year End Date	--03-26
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		4,179,050
Document Type	10-Q
Document Period End Date	Jun. 25, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 25, 2017	Mar. 26, 2017
CURRENT ASSETS
Cash	$ 60,817	$ 56,915
Accounts and other receivables, net	13,861	8,948
Inventories	725	579
Prepaid expenses and other current assets (Note G)	782	1,093
Total current assets	76,185	67,535
Property and equipment, net of accumulated depreciation of $7,865 and $7,522, respectively	8,680	8,844
Goodwill	95	95
Intangible asset	1,353	1,353
Other assets	293	298
Total assets	86,606	78,125
CURRENT LIABILITIES
Accounts payable	6,022	4,809
Total accrued expenses and other current liabilities	9,885	5,865
Total current liabilities	16,126	10,772
Long-term debt, net of unamortized debt issuance costs of $3,225 and $3,525, respectively (Note N)	131,775	131,475
Other liabilities (Note H)	1,466	1,555
Deferred income taxes	866	814
Total liabilities	150,233	144,616
COMMITMENTS AND CONTINGENCIES (Note O)
STOCKHOLDERS’ (DEFICIT)
Common stock, $.01 par value; 30,000,000 shares authorized; 9,306,423 and 9,303,870 shares issued; and 4,179,050 and 4,176,497 shares outstanding at June 25, 2017 and March 26, 2017, respectively	93	93
Additional paid-in capital	60,524	60,582
(Accumulated deficit)	(46,941)	(49,863)
Stockholders’ equity before treasury stock	13,676	10,812
Treasury stock, at cost, 5,127,373 shares at June 25, 2017 and March 26, 2017	(77,303)	(77,303)
Total stockholders’ (deficit)	(63,627)	(66,491)
Total liabilities and stockholders’ (deficit)	86,606	78,125
Deferred Franchise Fees [Member]
CURRENT LIABILITIES
Deferred franchise fees	$ 219	$ 98

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 25, 2017	Mar. 26, 2017
Property and equipment accumulated depreciation	$ 7,865	$ 7,522
Long-term debt, unamortized debt costs	$ 3,225	$ 3,525
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)	9,306,423	9,303,870
Common stock, shares outstanding (in shares)	4,179,050	4,176,497
Treasury stock, shares (in shares)	5,127,373	5,127,373

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2017	Jun. 26, 2016
REVENUES
Sales	$ 22,345	$ 21,262
License royalties	7,401	6,824
Franchise fees and royalties	1,172	1,330
Total revenues	30,918	29,416
COSTS AND EXPENSES
Cost of sales	17,525	15,458
Restaurant operating expenses	904	938
Depreciation and amortization	368	347
General and administrative expenses	3,671	3,849
Total costs and expenses	22,468	20,592
Income from operations	8,450	8,824
Interest expense	(3,663)	(3,676)
Interest income	35
Other income, net	21	22
Income before provision for income taxes	4,843	5,170
Provision for income taxes	1,921	1,620
Net income	$ 2,922	$ 3,550
Income per share:
Basic (in dollars per share)	$ 0.70	$ 0.85
Diluted (in dollars per share)	$ 0.69	$ 0.85
Weighted average shares used in computing income per share:
Basic (in shares)	4,177,000	4,166,000
Diluted (in shares)	4,215,000	4,191,000

Consolidated Statement of Stock

Consolidated Statement of Stockholders' (Deficit) (Unaudited) - 3 months ended Jun. 25, 2017 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Mar. 26, 2017	$ 93	$ 60,582	$ (49,863)	$ (77,303)	$ (66,491)
Balance (in shares) at Mar. 26, 2017	9,303,870			5,127,373
Shares issued in connection with share-based compensation plans (in shares)	2,553
Withholding tax on net share settlement of share-based compensation plans		(157)			(157)
Share-based compensation		99			99
Net income			2,922		2,922
Balance at Jun. 25, 2017	$ 93	$ 60,524	$ (46,941)	$ (77,303)	$ (63,627)
Balance (in shares) at Jun. 25, 2017	9,306,423			5,127,373

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2017	Jun. 26, 2016
Cash flows from operating activities:
Net income	$ 2,922	$ 3,550
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	368	347
Amortization of debt issuance costs	300	311
Share-based compensation expense	99	173
Income tax benefit on stock option exercises	78	621
Provision for doubtful accounts	16
Deferred income taxes	52	171
Changes in operating assets and liabilities:
Accounts and other receivables, net	(4,929)	(4,169)
Inventories	(146)	(103)
Prepaid expenses and other current assets	311	685
Other assets	5	15
Accounts payable, accrued expenses and other current liabilities	5,280	3,614
Deferred franchise fees	121	(50)
Other liabilities	(89)	(220)
Net cash provided by operating activities	4,388	4,945
Cash flows from investing activities:
Purchase of property and equipment	(204)	(277)
Net cash (used in) investing activities	(204)	(277)
Cash flows from financing activities:
Proceeds from the exercise of stock options		44
Dividends paid to stockholders	(125)	(125)
Payments of withholding tax on net share settlement of share-based compensation plans	(157)	(705)
Repurchase of treasury stock		(1,272)
Net cash (used in) financing activities	(282)	(2,058)
Net increase in cash and cash equivalents	3,902	2,610
Cash and cash equivalents, beginning of period	56,915	50,228
Cash and cash equivalents, end of period	60,817	52,838
Interest
Income taxes paid	$ 208	$ 453

Note A - Basis of Presentation

Note A - Basis of Presentation	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A - BASIS OF PRESENTATION The accompanying consolidated financial statements of Nathan's Famous, Inc. and subsidiaries (collectively “Nathan’s,” the “Company,” “we,” “us” or “our”) as of and for the thirteen June 25, 2017 June 26, 2016 not Certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the requirements of the Securities and Exchange Commission. Management believes that the disclosures included in the accompanying consolidated interim financial statements and footnotes are adequate to make the information not 10 March 26, 2017. A summary of the Company’s significant accounting policies is identified in Note B of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10 March 26, 2017. no March 26, 2017.

Note B - Adoption of New Accoun

Note B - Adoption of New Accounting Pronouncements	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE B – ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS In July 2015, first first no first 2018 not

Note C - New Accounting Pronoun

Note C - New Accounting Pronouncements Not Yet Adopted	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	NOTE C – NEW ACCOUNTING PRONOUNCEMENTS NOT In 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 November 2016 may may first 2019 2018. 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 In January 2017, second not December 15, 2019. first June 2020) March 28, 2021. not The Company does not not

Note D - Income Per Share

Note D - Income Per Share	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE D – INCOME PER SHARE Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method. The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen June 25, 2017 June 26, 2016, Thirteen weeks Net Income Net Income Number of Shares Per Share 2017 2016 2017 2016 2017 2016 (in thousands) (in thousands) Basic EPS Basic calculation $ 2,922 $ 3,550 4,177 4,166 $ 0.70 $ 0.85 Effect of dilutive employee stock options - - 38 25 (0.01 ) - Diluted EPS Diluted calculation $ 2,922 $ 3,550 4,215 4,191 $ 0.69 $ 0.85 There were no thirteen June 25, 2017 June 26, 2016

Note E - Fair Value Measurement

Note E - Fair Value Measurements	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE E – FAIR VALUE MEASUREMENTS Nathan’s follows a three three ● Level 1 ● Level 2 ● Level 3 The Company’s long-term debt had a face value of $135,000,000 June 25, 2017 $144,112,500 June 25, 2017. 2. The carrying amounts of accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. Certain non-financial assets and liabilities are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not June 25, 2017, no

Note F - Accounts and Other Rec

Note F - Accounts and Other Receivables, Net	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	NOTE F – ACCOUNTS AND OTHER RECEIVABLES, NET Accounts and other receivables, net, consist of the following (in thousands): June 25 , March 26, 2017 2017 Branded product sales $ 9,052 $ 6,037 Franchise and license royalties 3,718 2,746 Other 1,561 622 14,331 9,405 Less: allowance for doubtful accounts 470 457 Accounts and other receivables, net $ 13,861 $ 8,948 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 thirteen June 25, 2017 March 26, 2017 June 25 , 2017 March 26, 2017 Beginning balance $ 457 $ 471 Bad debt expense 16 53 Accounts written off (3 ) (67 ) Ending balance $ 470 $ 457

Note G - Prepaid Expenses and O

Note G - Prepaid Expenses and Other Current Assets	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Other Current Assets [Text Block]	NOTE G – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (in thousands): June 25 , March 26, 2017 2017 Insurance $ 309 $ 319 Other 473 774 Total prepaid expenses and other current assets $ 782 $ 1,093

Note H - Accrued Expenses, Othe

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	NOTE H – ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): June 25 , March 26, 2017 2017 Payroll and other benefits $ 1,248 $ 2,708 Accrued rebates 1,562 1,050 Rent and occupancy costs 227 215 Deferred revenue 447 723 Construction costs 149 160 Interest 3,826 463 Professional fees 132 109 Income taxes 1,937 143 Dividend payable 125 125 Other 232 169 Total accrued expenses and other current liabilities $ 9,885 $ 5,865 Other liabilities consist of the following (in thousands): June 25, March 26, 2017 2017 Deferred development fees $ 119 $ 67 Reserve for uncertain tax positions 381 366 Deferred rental liability 755 786 Dividend payable - 125 Other 211 211 Total other liabilities $ 1,466 $ 1,555

Note I - Sales

Note I - Sales	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Sales [Text Block]	NOTE I – SALES The Company’s sales for the thirteen June 25, 2017 June 26, 2016 Thirteen weeks ended June 25, 2017 June 26, 2016 Branded Products $ 17,937 $ 16,254 Company-operated restaurants 4,408 4,843 Other - 165 Total sales $ 22,345 $ 21,262

Note J - Income Taxes

Note J - Income Taxes	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE J – INCOME TAXES The income tax provisions for the thirteen June 25, 2017 June 26, 2016 39.7% 31.3%, thirteen June 25, 2017 June 26, 2016 1.6% 12%, thirteen June 25, 2017 June 26, 2016, $78,000 $621,000, The amount of unrecognized tax benefits at June 25, 2017 $183,000, June 25, 2017, $192,000 During the fiscal year ending March 25, 2018, $5,000, no Nathan’s estimates that its annual tax rate for the fiscal year ending March 25, 2018 40.8% 42.3%,

Note K - Segment Information

Note K - Segment Information	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE K – SEGMENT INFORMATION Nathan’s considers itself to be a brand marketer of the Nathan’s Famous signature products to the foodservice industry pursuant to its various business structures. Nathan’s sells its products directly to consumers through its restaurant system of Company-operated and franchised restaurants, to distributors that resell our products to the foodservice industry through the Branded Product Program (“BPP”) and by third not Branded Product Program Product licensing Restaurant operations Revenues from operating segments are from transactions with unaffiliated third not Income from operations attributable to corporate consists principally of administrative expenses not Interest expense, interest income and other income, net are managed centrally at the corporate level, and, accordingly, such items are not NOTE K – SEGMENT INFORMATION (continued) Operating segment information is as follows (in thousands): Thirteen weeks ended June 25, 2017 June 26, 2016 Revenues Branded Product Program $ 17,937 $ 16,419 Product licensing 7,401 6,824 Restaurant operations 5,580 6,173 Corporate - - Total revenues $ 30,918 $ 29,416 Income from operations Branded Product Program $ 2,272 $ 2,953 Product licensing 7,356 6,778 Restaurant operations 895 1,433 Corporate (2,073 ) (2,340 ) Income from operations $ 8,450 $ 8,824 Interest expense (3,663 ) (3,676 ) Interest income 35 - Other income, net 21 22 Income before provision for income taxes $ 4,843 $ 5,170

Note L - Share-based Compensati

Note L - Share-based Compensation	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE L– SHARE-BASED COMPENSATION Total share-based compensation during the thirteen June 25, 2017 June 26, 2016 $99,000 $173,000, June 25, 2017, $399,000 one one There were no thirteen June 25, 2017. The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows (in thousands): Thirteen weeks ended June 25, 2017 June 26, 2016 Stock options $ 38 $ 38 Restricted stock 61 135 Total compensation cost $ 99 $ 173 Stock options outstanding: During the fiscal year ended March 29, 2015, 50,000 $53.89 five four August 6, 2015 . In connection with the Company’s special cash dividend, paid on March 27, 2015, March 20, 2015, 2010 75,745 $35.576 March 29, 2015. March 27, 2015 $73.56 $48.56 $25.00 No Transactions with respect to stock options for the thirteen June 25, 2017 Weighted- Weighted- Aggregate Average Average Intrinsic Exercise Remaining Value Shares Price Contractual Life (in thousands) Options outstanding at the beginning of the fiscal year (A) 75,745 $ 35.58 2.36 $ 1,899 Granted - - - - Expired - - - - Exercised - - - - Options outstanding at June 25, 2017 75,745 $ 35.58 2.11 $ 2,214 Options exercisable at June 25, 2017 37,873 $ 35.58 2.11 $ 1,107 A- Represents outstanding options after giving effect to the replacement options issued in connection with the Company’s special dividend. Restricted stock: Transactions with respect to restricted stock for the thirteen June 25, 2017 Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 26, 2017 10,000 $ 49.80 Granted - - Vested (5,000 ) $ 49.80 Unvested restricted stock at June 25, 2017 5,000 $ 49.80

Note M - Stockholders' Equity

Note M - Stockholders' Equity	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE M– STOCKHOLDERS’ EQUITY 1. Dividend On March 10, 2015, $25.00 March 20, 2015 $115,100,000 March 27, 2015 $1,000,000 $875,000 $125,000 March 31, 2019. 2 . 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 June 25, 2017, 6,918,971 June 5, 2013. 3. Stock Repurchase Programs During the period from October 2001 June 25, 2017, 5,127,373 $77,303,000 thirteen June 25, 2017, not On September 9, 2016, 100,000 $.01 September 19, 2016. 10b5 1 10b 18 1934, As of June 25, 2017, 260,258 Purchases may no

Note N - Long-term Debt

Note N - Long-term Debt	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE N – LONG-TERM DEBT Long-term debt consists of the following (in thousands): June 2 5 , March 26, 2017 2017 10.000% Senior secured notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (3,225 ) (3,525 ) Long-term debt, net $ 131,775 $ 131,475 On March 10, 2015, $135,000,000 10.000% 2020 144A March 10, 2015 ( $116,100,000 M.1 $5,985,000 5 The Notes bear interest at 10.000% March 15 th September 15 th no March 10, 2020. There are no June 25, 2017, covenants associated with the Notes. The Indenture contains certain covenants limiting the Company’s ability and the ability of its restricted subsidiaries (as defined in the Indenture) to, subject to certain exceptions and qualifications: (i) incur additional indebtedness; (ii) pay dividends or make other distributions on, redeem or repurchase, capital stock; (iii) make investments or other restricted payments; (iv) create or incur certain liens; (v) incur restrictions on the payment of dividends or other distributions from its restricted subsidiaries; (vi) enter into certain transactions with affiliates; (vii) sell assets; or (viii) effect a consolidation or merger. Certain Restricted Payments which may may Fixed Charge Coverage Ratio 2.0 1.0 may may may Priority Secured Leverage Ratio 0.40 1.00 Secured Leverage Ratio 3.75 1.00 The Indenture also contains customary events of default, including, among other things, failure to pay interest, failure to comply with agreements related to the indenture, failure to pay at maturity or acceleration of other indebtedness, failure to pay certain judgments, and certain events of insolvency or bankruptcy. Generally, if any event of default occurs, the Trustee or the holders of at least 25% may The Notes are general senior secured obligations, are fully and unconditionally guaranteed by substantially all of the Company’s wholly-owned subsidiaries and rank pari passu 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 are 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 or after March 15, 2019 100.000 % In certain circumstances involving a change of control, the Company will be required to make an offer to repurchase all or, at the holder’s option, any part, of each holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% If the Company sells certain assets and does not 100% The Notes may 144A 1933.

Note O - Commitments and Contin

Note O - Commitments and Contingencies	3 Months Ended
	Jun. 25, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE O – COMMITMENTS AND CONTINGENCIES 1. On February 27, 2017, 10 one 5 24 first three $204,000 not not 12 2. 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 On May 19, 2017, 200,000

Note D - Income Per Share (Tabl

Note D - Income Per Share (Tables)	3 Months Ended
	Jun. 25, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Thirteen weeks Net Income Net Income Number of Shares Per Share 2017 2016 2017 2016 2017 2016 (in thousands) (in thousands) Basic EPS Basic calculation $ 2,922 $ 3,550 4,177 4,166 $ 0.70 $ 0.85 Effect of dilutive employee stock options - - 38 25 (0.01 ) - Diluted EPS Diluted calculation $ 2,922 $ 3,550 4,215 4,191 $ 0.69 $ 0.85

Note F - Accounts and Other R23

Note F - Accounts and Other Receivables, Net (Tables)	3 Months Ended
	Jun. 25, 2017
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	June 25 , March 26, 2017 2017 Branded product sales $ 9,052 $ 6,037 Franchise and license royalties 3,718 2,746 Other 1,561 622 14,331 9,405 Less: allowance for doubtful accounts 470 457 Accounts and other receivables, net $ 13,861 $ 8,948
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	June 25 , 2017 March 26, 2017 Beginning balance $ 457 $ 471 Bad debt expense 16 53 Accounts written off (3 ) (67 ) Ending balance $ 470 $ 457

Note G - Prepaid Expenses and24

Note G - Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Jun. 25, 2017
Notes Tables
Schedule of Other Current Assets [Table Text Block]	June 25 , March 26, 2017 2017 Insurance $ 309 $ 319 Other 473 774 Total prepaid expenses and other current assets $ 782 $ 1,093

Note H - Accrued Expenses, Ot25

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables)	3 Months Ended
	Jun. 25, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 25 , March 26, 2017 2017 Payroll and other benefits $ 1,248 $ 2,708 Accrued rebates 1,562 1,050 Rent and occupancy costs 227 215 Deferred revenue 447 723 Construction costs 149 160 Interest 3,826 463 Professional fees 132 109 Income taxes 1,937 143 Dividend payable 125 125 Other 232 169 Total accrued expenses and other current liabilities $ 9,885 $ 5,865
Schedule of Other Assets and Other Liabilities [Table Text Block]	June 25, March 26, 2017 2017 Deferred development fees $ 119 $ 67 Reserve for uncertain tax positions 381 366 Deferred rental liability 755 786 Dividend payable - 125 Other 211 211 Total other liabilities $ 1,466 $ 1,555

Note I - Sales (Tables)

Note I - Sales (Tables)	3 Months Ended
	Jun. 25, 2017
Notes Tables
Revenue from External Customers by Products and Services [Table Text Block]	Thirteen weeks ended June 25, 2017 June 26, 2016 Branded Products $ 17,937 $ 16,254 Company-operated restaurants 4,408 4,843 Other - 165 Total sales $ 22,345 $ 21,262

Note K - Segment Information (T

Note K - Segment Information (Tables)	3 Months Ended
	Jun. 25, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Thirteen weeks ended June 25, 2017 June 26, 2016 Revenues Branded Product Program $ 17,937 $ 16,419 Product licensing 7,401 6,824 Restaurant operations 5,580 6,173 Corporate - - Total revenues $ 30,918 $ 29,416 Income from operations Branded Product Program $ 2,272 $ 2,953 Product licensing 7,356 6,778 Restaurant operations 895 1,433 Corporate (2,073 ) (2,340 ) Income from operations $ 8,450 $ 8,824 Interest expense (3,663 ) (3,676 ) Interest income 35 - Other income, net 21 22 Income before provision for income taxes $ 4,843 $ 5,170

Note L - Share-based Compensa28

Note L - Share-based Compensation (Tables)	3 Months Ended
	Jun. 25, 2017
Notes Tables
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]	Thirteen weeks ended June 25, 2017 June 26, 2016 Stock options $ 38 $ 38 Restricted stock 61 135 Total compensation cost $ 99 $ 173
Share-based Compensation, Activity [Table Text Block]	Weighted- Weighted- Aggregate Average Average Intrinsic Exercise Remaining Value Shares Price Contractual Life (in thousands) Options outstanding at the beginning of the fiscal year (A) 75,745 $ 35.58 2.36 $ 1,899 Granted - - - - Expired - - - - Exercised - - - - Options outstanding at June 25, 2017 75,745 $ 35.58 2.11 $ 2,214 Options exercisable at June 25, 2017 37,873 $ 35.58 2.11 $ 1,107
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 26, 2017 10,000 $ 49.80 Granted - - Vested (5,000 ) $ 49.80 Unvested restricted stock at June 25, 2017 5,000 $ 49.80

Note N - Long-term Debt (Tables

Note N - Long-term Debt (Tables)	3 Months Ended
	Jun. 25, 2017
Notes Tables
Schedule of Debt [Table Text Block]	June 2 5 , March 26, 2017 2017 10.000% Senior secured notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (3,225 ) (3,525 ) Long-term debt, net $ 131,775 $ 131,475
Debt Instrument Redemption [Table Text Block]	YEAR PERCENTAGE On or after September 15, 2017 and prior to March 15, 2018 105.000 % On or after March 15, 2018 and prior to March 15, 2019 102.500 % On or after March 15, 2019 100.000 %

Note D - Income Per Share (Deta

Note D - Income Per Share (Details Textual) - shares shares in Thousands	3 Months Ended
	Jun. 25, 2017	Jun. 26, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

Note D - Income Per Share - Ear

Note D - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 25, 2017	Jun. 26, 2016
Net income, basic calculation	$ 2,922	$ 3,550
Number of shares, basic calculation (in shares)	4,177,000	4,166,000
Net income per share, basic calculation (in dollars per share)	$ 0.70	$ 0.85
Effect of dilutive employee stock options (in shares)	38,000	25,000
Effect of dilutive employee stock option (in dollars per share)	$ (0.01)
Net income, diluted calculation	$ 2,922	$ 3,550
Number of shares, diluted calculation (in shares)	4,215,000	4,191,000
Net income per share, diluted calculation (in dollars per share)	$ 0.69	$ 0.85

Note E - Fair Value Measureme32

Note E - Fair Value Measurements (Details Textual) - USD ($)	Jun. 25, 2017	Mar. 26, 2017
Long-term Debt, Gross	$ 135,000,000	$ 135,000,000
Long-term Debt, Fair Value	144,112,500
Marketable Securities	$ 0

Note F - Accounts and Other R33

Note F - Accounts and Other Receivables, Net (Details Textual)	3 Months Ended
	Jun. 25, 2017
Accounts Receivable Payment Terms	30 days

Note F - Accounts and Other R34

Note F - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Jun. 25, 2017	Mar. 26, 2017	Mar. 27, 2016
Accounts receivable, gross, current	$ 14,331	$ 9,405
Less: allowance for doubtful accounts	470	457	$ 471
Accounts and other receivables, net	13,861	8,948
Branded Product Sales [Member]
Accounts receivable, gross, current	9,052	6,037
Franchise and License Royalties [Member]
Accounts receivable, gross, current	3,718	2,746
Other Receivables [Member]
Accounts receivable, gross, current	$ 1,561	$ 622

Note F - Accounts and Other R35

Note F - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Mar. 26, 2017
Beginning balance	$ 457	$ 471	$ 471
Bad debt expense	16		53
Accounts written off	(3)		(67)
Ending balance	$ 470		$ 457

Note G - Prepaid Expenses and36

Note G - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 25, 2017	Mar. 26, 2017
Insurance	$ 309	$ 319
Other	473	774
Total prepaid expenses and other current assets	$ 782	$ 1,093

Note H - Accrued Expenses, Ot37

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 25, 2017	Mar. 26, 2017
Payroll and other benefits	$ 1,248	$ 2,708
Accrued rebates	1,562	1,050
Rent and occupancy costs	227	215
Construction costs	149	160
Interest	3,826	463
Professional fees	132	109
Income taxes	1,937	143
Dividend payable	125	125
Other	232	169
Total accrued expenses and other current liabilities	9,885	5,865
Deferred Franchise Fees And Other Deferred Revenue [Member]
Deferred revenue	$ 447	$ 723

Note H - Accrued Expenses, Ot38

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 25, 2017	Mar. 26, 2017
Deferred development fees	$ 119	$ 67
Reserve for uncertain tax positions	381	366
Deferred rental liability	755	786
Dividend payable		125
Other	211	211
Total other liabilities	$ 1,466	$ 1,555

Note I - Sales - Summary of Sal

Note I - Sales - Summary of Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2017	Jun. 26, 2016
Sales	$ 22,345	$ 21,262
Branded Product Sales [Member]
Sales	17,937	16,254
Company Operated Restaurants [Member]
Sales	4,408	4,843
Other Products [Member]
Sales		$ 165

Note J - Income Taxes (Details

Note J - Income Taxes (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 25, 2017	Jun. 26, 2016	Mar. 25, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	39.70%	31.30%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent	1.60%	12.00%
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 78,000	$ 621,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	183,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	192,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 5,000
Scenario, Forecast [Member] | Minimum [Member]
Effective Income Tax Rate Reconciliation, Percent			40.80%
Scenario, Forecast [Member] | Maximum [Member]
Effective Income Tax Rate Reconciliation, Percent			42.30%

Note K - Segment Information -

Note K - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 25, 2017	Jun. 26, 2016
Revenues	$ 30,918	$ 29,416
Income from operations	8,450	8,824
Interest expense	(3,663)	(3,676)
Interest income	35
Other income, net	21	22
Income before provision for income taxes	4,843	5,170
Corporate, Non-Segment [Member]
Revenues
Income from operations	(2,073)	(2,340)
Income before provision for income taxes	4,843	5,170
Branded Product Program [Member] | Operating Segments [Member]
Revenues	17,937	16,419
Income from operations	2,272	2,953
Interest income	35
Product Licensing [Member] | Operating Segments [Member]
Revenues	7,401	6,824
Income from operations	7,356	6,778
Restaurant Operations [Member] | Operating Segments [Member]
Revenues	5,580	6,173
Income from operations	895	1,433
Other income, net	$ 21	$ 22

Note L - Share-based Compensa42

Note L - Share-based Compensation (Details Textual) - USD ($)	Mar. 29, 2015	Mar. 27, 2015	Mar. 10, 2015	Jun. 25, 2017	Jun. 26, 2016	Mar. 29, 2015
Allocated Share-based Compensation Expense				$ 99,000	$ 173,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				$ 399,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 29 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 0
Share Price		$ 73.56
Special Cash Dividend [Member]
Common Stock, Dividends, Per Share, Declared		25	$ 25
Excluding Dividend [Member]
Share Price		$ 48.56
Employee Stock Option [Member]
Allocated Share-based Compensation Expense				$ 38,000	$ 38,000
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						4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						50,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price						$ 53.89
Employee Stock Option [Member] | The 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	75,745
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 35.576

Note L - Share-based Compensa43

Note L - Share-based Compensation - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($)	3 Months Ended
	Jun. 25, 2017	Jun. 26, 2016
Share-based compensation expense	$ 99,000	$ 173,000
Employee Stock Option [Member]
Share-based compensation expense	38,000	38,000
Restricted Stock [Member]
Share-based compensation expense	$ 61,000	$ 135,000

Note L - Share-based Compensa44

Note L - Share-based Compensation - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
		Jun. 25, 2017	Mar. 26, 2016	[1]
Options outstanding, beginning balance (in shares)	[1]	75,745
Options outstanding, weighted average exercise price, beginning balance (in dollars per share)	[1]	$ 35.58
Options outstanding, weighted average exercise price, ending balance (in dollars per share)		$ 35.58
Options outstanding, weighted average remaining contractual life, beginning balance (Year)		2 years 40 days	2 years 131 days
Options outstanding, aggregate intrinsic value, beginning balance		$ 2,214	$ 1,899
Options granted (in shares)		0
Granted, weighted average exercise price (in dollars per share)		$ 0
Granted, aggregate intrinsic value (in dollars per share)		$ 0
Options expired (in shares)		0
Expired, weighted average exercise price (in dollars per share)		$ 0
Expired, aggregate intrinsic value (in dollars per share)		$ 0
Options exercised (in shares)		0
Exercised, weighted average exercise price (in dollars per share)		$ 0
Options exercised, aggregate intrinsic value		$ 0
Options outstanding, ending balance (in shares)		75,745
Options exercisable (in shares)		37,873
Options exercisable, weighted average exercise price (in dollars per share)		$ 35.58
Options exercisable, weighted average remaining contractual life (Year)		2 years 40 days
Options exercisable, aggregate intrinsic value		$ 1,107
[1]	Represents outstanding options after giving effect to the replacement options issued in connection with the Company's special dividend.

Note L - Share-based Compensa45

Note L - Share-based Compensation - Transactions With Respect to Restricted Stock (Details)	3 Months Ended
	Jun. 25, 2017$ / sharesshares
Unvested restricted stock, beginning balance (in shares) | shares	10,000
Unvested restricted stock, weighted average grant date fair value per share, beginning balance (in dollars per share) | $ / shares	$ 49.80
Vested (in shares) | shares	(5,000)
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 49.80
Unvested restricted stock, weighted average grant date fair value per share, ending balance (in dollars per share) | $ / shares	$ 49.80
Unvested restricted stock, ending balance (in shares) | shares	5,000

Note M - Stockholders' Equity (

Note M - Stockholders' Equity (Details Textual) - USD ($)	Mar. 27, 2015	Mar. 10, 2015	Jun. 25, 2017	Jun. 26, 2016	Mar. 31, 2019	Jun. 25, 2017	Sep. 09, 2016	Jun. 05, 2013
Payments of Ordinary Dividends, Common Stock			$ 125,000	$ 125,000
Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights								15.00%
New Right Purchase Price								$ 100
Common Stock, Capital Shares Reserved for Future Issuance			6,918,971			6,918,971		10,188,600
Treasury Stock, Value, Acquired, Cost Method						$ 77,303,000
Treasury Stock, Shares, Acquired			0			5,127,373
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased			260,258			260,258
MSI Agreement [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased							100,000
Stock Repurchase Program, Share Authorized, Price Per Share							$ 0.01
Special Cash Dividend [Member]
Common Stock, Dividends, Per Share, Declared	$ 25	$ 25
Dividends Payable	$ 1,000,000
Payments of Ordinary Dividends, Common Stock	$ 115,100,000		$ 875,000
Special Cash Dividend [Member] | Scenario, Forecast [Member]
Payments of Ordinary Dividends, Common Stock					$ 125,000

Note N - Long-term Debt (Detail

Note N - Long-term Debt (Details Textual)	Mar. 10, 2015USD ($)
Special Cash Dividend [Member]
Dividends, Cash	$ 116,100,000
Secured Debt [Member]
Debt Instrument, Face Amount	$ 135,000,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Issuance Costs, Gross	$ 5,985,000
Debt Instrument, Term	5 years
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 N - Long-term Debt - Summa

Note N - Long-term Debt - Summary of Debt (Details) - USD ($)	Jun. 25, 2017	Mar. 26, 2017
10.000% Senior secured notes due 2020	$ 135,000,000	$ 135,000,000
Less: unamortized debt issuance costs	(3,225,000)	(3,525,000)
Long-term debt, net	$ 131,775,000	$ 131,475,000

Note N - Long-term Debt - Sum49

Note N - Long-term Debt - Summary of Redemption Features (Details)	3 Months Ended
	Jun. 25, 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 O - Commitments and Cont50

Note O - Commitments and Contingencies (Details Textual)	Feb. 27, 2017USD ($)
Guaranty Liabilities	$ 204,000