Nathan's Famous (NATH) 10-Q 3 Nov 17 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 24, 2017	Nov. 03, 2017
Document Information [Line Items]
Entity Registrant Name	NATHANS FAMOUS INC
Entity Central Index Key	69,733
Trading Symbol	nath
Current Fiscal Year End Date	--03-25
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)		4,184,549
Document Type	10-Q
Document Period End Date	Sep. 24, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 24, 2017	Mar. 26, 2017
CURRENT ASSETS
Cash	$ 61,677	$ 56,915
Accounts and other receivables, net	11,527	8,948
Inventories	604	579
Prepaid expenses and other current assets (Note G)	473	1,093
Total current assets	74,281	67,535
Property and equipment, net of accumulated depreciation of $8,204 and $7,522, respectively	8,466	8,844
Goodwill	95	95
Intangible asset	1,353	1,353
Other assets	293	298
Total assets	84,488	78,125
CURRENT LIABILITIES
Accounts payable	5,128	4,809
Accrued expenses and other current liabilities (Note H)	5,184	5,865
Total current liabilities	10,512	10,772
Long-term debt, net of unamortized debt issuance costs of $2,926 and $3,525, respectively (Note N)	132,074	131,475
Other liabilities (Note H)	1,455	1,555
Deferred income taxes	854	814
Total liabilities	144,895	144,616
COMMITMENTS AND CONTINGENCIES (Note O)
STOCKHOLDERS’ (DEFICIT)
Common stock, $.01 par value; 30,000,000 shares authorized; 9,311,922 and 9,303,870 shares issued; and 4,184,549 and 4,176,497 shares outstanding at September 24, 2017 and March 26, 2017, respectively	93	93
Additional paid-in capital	60,624	60,582
(Accumulated deficit)	(43,821)	(49,863)
Stockholders’ equity before treasury stock	16,896	10,812
Treasury stock, at cost, 5,127,373 shares at September 24, 2017 and March 26, 2017, respectively	(77,303)	(77,303)
Total stockholders’ (deficit)	(60,407)	(66,491)
Total liabilities and stockholders’ (deficit)	84,488	78,125
Deferred Franchise Fees [Member]
CURRENT LIABILITIES
Deferred franchise fees	$ 200	$ 98

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 24, 2017	Mar. 26, 2017
Property and equipment accumulated depreciation	$ 8,204	$ 7,522
Long-term debt, unamortized debt costs	$ 2,926	$ 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)	9,311,922	9,303,870
Common stock, shares outstanding (in shares)	4,184,549	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		6 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Sep. 24, 2017	Sep. 25, 2016
REVENUES
Sales	$ 24,527	$ 21,891	$ 46,872	$ 43,153
License royalties	5,764	4,788	13,165	11,612
Franchise fees and royalties	1,315	1,334	2,487	2,664
Total revenues	31,606	28,013	62,524	57,429
COSTS AND EXPENSES
Cost of sales	18,041	15,489	35,566	30,947
Restaurant operating expenses	1,105	1,078	2,009	2,016
Depreciation and amortization	367	349	735	696
General and administrative expenses	3,359	3,066	7,030	6,915
Total costs and expenses	22,872	19,982	45,340	40,574
Income from operations	8,734	8,031	17,184	16,855
Interest expense	(3,663)	(3,663)	(7,326)	(7,339)
Interest income	35	36	70	36
Other income, net	21	21	42	43
Income before provision for income taxes	5,127	4,425	9,970	9,595
Provision for income taxes	2,007	1,918	3,928	3,538
Net income	$ 3,120	$ 2,507	$ 6,042	$ 6,057
Income per share:
Basic (in dollars per share)	$ 0.75	$ 0.60	$ 1.45	$ 1.45
Diluted (in dollars per share)	$ 0.74	$ 0.60	$ 1.43	$ 1.44
Weighted average shares used in computing income per share:
Basic (in shares)	4,179,000	4,172,000	4,178,000	4,169,000
Diluted (in shares)	4,212,000	4,207,000	4,213,000	4,199,000

Consolidated Statement of Stock

Consolidated Statement of Stockholders' (Deficit) (Unaudited) - 6 months ended Sep. 24, 2017 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Mar. 26, 2017	9,303,870			5,127,373
Balance at Mar. 26, 2017	$ 93	$ 60,582	$ (49,863)	$ (77,303)	$ (66,491)
Shares issued in connection with share-based compensation plans (in shares)	8,052
Withholding tax on net share settlement of share-based compensation plans		(157)			(157)
Share-based compensation		199			199
Net income			6,042		6,042
Balance (in shares) at Sep. 24, 2017	9,311,922			5,127,373
Balance at Sep. 24, 2017	$ 93	$ 60,624	$ (43,821)	$ (77,303)	$ (60,407)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 24, 2017	Sep. 25, 2016
Cash flows from operating activities:
Net income	$ 6,042,000	$ 6,057,000
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	735,000	696,000
Amortization of debt issuance costs	599,000	611,000
Share-based compensation expense	199,000	346,000
Income tax benefit on stock option exercise	194,000	621,000
Provision for doubtful accounts	57,000	21,000
Deferred income taxes	40,000	27,000
Changes in operating assets and liabilities:
Accounts and other receivables, net	(2,636,000)	(403,000)
Inventories	(25,000)	180,000
Prepaid expenses and other current assets	620,000	894,000
Other assets	5,000	15,000
Accounts payable, accrued expenses and other current liabilities	(431,000)	(1,401,000)
Deferred franchise fees	102,000	(36,000)
Other liabilities	(100,000)	(67,000)
Net cash provided by operating activities	5,401,000	7,561,000
Cash flows from investing activities:
Purchase of property and equipment	(357,000)	(606,000)
Net cash (used in) investing activities	(357,000)	(606,000)
Cash flows from financing activities:
Proceeds from exercise of stock options		44,000
Dividends paid upon vesting of restricted stock	(125,000)	(125,000)
Payments of withholding tax on net share settlement of share-based compensation plans	(157,000)	(705,000)
Repurchase of treasury stock		(1,272,000)
Net cash (used in) financing activities	(282,000)	(2,058,000)
Net increase in cash and cash equivalents	4,762,000	4,897,000
Cash and cash equivalents, beginning of period	56,915,000	50,228,000
Cash and cash equivalents, end of period	61,677,000	55,125,000
Cash paid during the period for:
Interest	6,750,000	6,750,000
Income taxes paid	$ 3,400,000	$ 2,099,000

Note A - Basis of Presentation

Note A - Basis of Presentation	6 Months Ended
	Sep. 24, 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 twenty-six September 24, 2017 September 25, 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	6 Months Ended
	Sep. 24, 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, Financial Accounting Standards Board (“FASB”) updated U.S. accounting guidance to simplify the ways businesses measure inventory. Companies that use the first first no first 2018 not

Note C - New Accounting Pronoun

Note C - New Accounting Pronouncements Not yet Adopted	6 Months Ended
	Sep. 24, 2017
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	NOTE C – NEW ACCOUNTING PRONOUNCEMENTS NOT In May 2014, revenue to virtually all industries’ financial statements, under U.S. GAAP as further amended during 2016. five There are two – full retrospective, or modified retrospective transition methods. Early adoption is prohibited. Public companies were originally expected to apply the new standard for annual periods beginning after December 15, 2016, first 2018, March 27, 2017. July 9, 2015, December 15, 2017 first June 2018) March 31, 2019. The Company has assigned internal resources to evaluate and implement the new standard, and will continue to provide updates during fiscal year 2018. The Company is continuing its evaluation of the impact of the new standard, but currently does not November 2016 may may may third March 26, 2017, third $2,572,000, may first 2019, March 26, 2018, In February 2016, The new standard, among other changes, will require lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases. The lease liability will be measured at the present value of the lease payments over the lease term. The right-of-use asset will be measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and the lessee’s initial direct costs (e.g. commissions). The new standard is effective for annual reporting periods beginning after December 15, 2018, first June 2019) March 29, 2020. In January 2017, second ’s carrying amount exceeds its fair value, 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	6 Months Ended
	Sep. 24, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	N OTE 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 s 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 and twenty-six September 24, 2017 September 25, 2016, Thirteen weeks Net Income Net Income Number of Shares Per Share 201 7 2016 201 7 201 6 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ 3,120 $ 2,507 4,179 4,172 $ 0.75 $ 0.60 Effect of dilutive employee stock options - - 33 35 (0.01 ) - Diluted EPS Diluted calculation $ 3,120 $ 2,507 4,212 4,207 $ 0.74 $ 0.60 Twenty-six weeks Net Income Net Income Number of Shares Per Share 201 7 2016 201 7 2016 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ 6,042 $ 6,057 4,178 4,169 $ 1.45 $ 1.45 Effect of dilutive employee stock options - - 35 30 (0.02 ) (0.01 ) Diluted EPS Diluted calculation $ 6,042 $ 6,057 4,213 4,199 $ 1.43 $ 1.44 There were no for the thirteen twenty-six September 24, 2017 September 25, 2016,

Note E - Fair Value Measurement

Note E - Fair Value Measurements	6 Months Ended
	Sep. 24, 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 September 24, 2017 $142,088,000 September 24, 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 September 24, 2017, no

Note F - Accounts and Other Rec

Note F - Accounts and Other Receivables, Net	6 Months Ended
	Sep. 24, 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): September 24 , March 26 , 201 7 2017 Branded product sales $ 8,249 $ 6,037 Franchise and license royalties 2,345 2,746 Other 1,432 622 12,026 9,405 Less: allowance for doubtful accounts 499 457 Accounts and other receivables, net $ 11,527 $ 8,948 Accounts receivable are due within 30 ed at amounts due from franchisees, retail licensees and Branded Product Program customers, net of an allowance for doubtful accounts. Accounts that are outstanding longer than the contractual payment terms are generally considered past due. The Company does 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 twenty-six September 24, 2017 March 26, 2017 September 24 , 20 17 March 26 , 2017 Beginning balance $ 457 $ 471 Bad debt expense 57 53 Accounts written off (15 ) (67 ) Ending balance $ 499 $ 457

Note G - Prepaid Expenses and O

Note G - Prepaid Expenses and Other Current Assets	6 Months Ended
	Sep. 24, 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): September 2 4 , March 26, 201 7 2017 Insurance 117 $ 319 Other 356 774 Total prepaid expenses and other current assets $ 473 $ 1,093

Note H - Accrued Expenses, Othe

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities	6 Months Ended
	Sep. 24, 2017
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	N OTE H – ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): September 24 , March 26, 201 7 2017 Payroll and other benefits $ 1,771 $ 2,708 Accrued rebates 1,271 1,050 Rent and occupancy costs 233 215 Deferred revenue 200 723 Construction costs 106 160 Interest 441 463 Professional fees 70 109 Income taxes 718 143 Dividend payable 125 125 Other 249 169 Total accrued expenses and other current liabilities $ 5,184 $ 5,865 Other liabilities consist of the following (in thousands): September 2 4 , March 26, 201 7 201 7 Deferred development fees $ 110 $ 67 Reserve for uncertain tax positions 404 366 Deferred rental liability 729 786 Dividend payable - 125 Other 212 211 Total other liabilities $ 1,455 $ 1,555

Note I - Sales

Note I - Sales	6 Months Ended
	Sep. 24, 2017
Notes to Financial Statements
Sales [Text Block]	N OTE I – SALES The Company ’s sales for the thirteen twenty-six September 24, 2017 September 25, 2016 Thirteen weeks ended Twenty-six weeks ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Branded products $ 18,130 $ 15,227 $ 36,067 $ 31,481 Company-operated restaurants 6,397 6,615 10,805 11,458 Other - 49 - 214 Total sales $ 24,527 $ 21,891 $ 46,872 $ 43,153

Note J - Income Taxes

Note J - Income Taxes	6 Months Ended
	Sep. 24, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE J – INCOME TAXES The income tax provisions for the t wenty- six September 24, 2017 September 25, 2016 39.4% 36.9%, twenty-six September 24, 2017 September 25, 2016 1.9% 6.4%, twenty-six September 24, 2017 September 25, 2016, $194,000 $621,000, The amount of unrecognized tax benefits at September 24, 2017 $201,000, September 24, 2017, $208,000 During the fiscal year ending March 25, 2018, ’s will seek to settle additional uncertain tax positions with the tax authorities. As a result, it is reasonably possible the amount of unrecognized tax benefits, excluding the related accrued interest and penalties, could be reduced by up to $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	6 Months Ended
	Sep. 24, 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 – This segment derives revenue principally from the sale of hot dog products either directly to foodservice operators or to various foodservice distributors who resell the products to foodservice operators. Product licensing – This segment derives revenue, primarily in the form of royalties, from licensing a broad variety of Nathan’s Famous branded products, including our hotdogs, sausage and corned beef products, frozen French fries and additional products through retail grocery channels and club stores throughout the United States. Restaurant operations – This segment derives revenue from the sale of our products at Company-owned restaurants and earns fees and royalties from its franchised restaurants. Revenues from operating segments are from transactions with unaffiliated third not Income f rom operations attributable to corporate consists principally of administrative expenses not Int erest expense, interest income and other income, net are managed centrally at the corporate level, and, accordingly, such items are not Operating segment information is as follows (in thousands): Thirteen weeks ended T wenty-six weeks ended Sept . 2 4 , 2017 Sept . 25, 2016 Sept . 2 4 , 2017 Sept . 25, 2016 Revenues Branded Product Program $ 18,130 $ 15,277 $ 36,067 $ 31,696 Product licensing 5,764 4,788 13,165 11,612 Restaurant operations 7,712 7,948 13,292 14,121 Corporate - - - - Total revenues $ 31,606 $ 28,013 $ 62,524 $ 57,429 Income from operations Branded Product Program $ 2,692 $ 2,496 $ 4,964 $ 5,449 Product licensing 5,719 4,743 13,075 11,521 Restaurant operations 2,335 2,602 3,230 4,035 Corporate (2,012 ) (1,810 ) (4,085 ) (4,150 ) Income from operations $ 8,734 $ 8,031 $ 17,184 $ 16,855 Interest expense (3,663 ) (3,663 ) (7,326 ) (7,339 ) Interest income 35 36 70 36 Other income, net 21 21 42 43 Income before provision for income taxes $ 5,127 $ 4,425 $ 9,970 $ 9,595

Note L - Share-based Compensati

Note L - Share-based Compensation	6 Months Ended
	Sep. 24, 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 September 24, 2017 September 25, 2016 $100,000 $173,000, twenty-six September 24, 2017 September 25, 2016 $199,000 $346,000, September 24, 2017, $300,000 ten There were no new share-based awards granted during the twenty-six September 24, 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 Twenty-six weeks ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Stock options $ 38 $ 38 $ 76 $ 76 Restricted stock 62 135 123 270 Total compensation cost $ 100 $ 173 $ 199 $ 346 Stock options outstanding: During the fiscal year ended March 29, 2015, 50,000 $53.89 five All such stock options vest ratably over a 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 twenty-six September 24, 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 (11,361 ) $ 35.58 - $ 379 Options outstanding at September 24, 2017 64,384 $ 35.58 1.86 $ 2,306 Options exercisable at September 24, 2017 45,444 $ 35.58 1.86 $ 1,628 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 twenty-six September 24, 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 September 24, 2017 5,000 $ 49.80

Note M - Stockholders' Equity

Note M - Stockholders' Equity	6 Months Ended
	Sep. 24, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE M – STOCKHOLDERS’ EQUITY 1. Dividends On March 10, 2015, ’s Board of Directors declared a special cash dividend of $25.00 March 20, 2015 $115,100,000 March 27, 2015 $1,000,000 $875,000 $125,000 March 31, 2019. On November 1, 2017 $5.00 December 22, 2017 $20,900,000, January 4, 2018 25,000 2 . Common Stock Purchase Rights O n June 5, 2013, “2013 June 17, 2013 “2013 The 2013 2013 ’s common stock. Subject to the terms, conditions and limitations of the 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 September 2 4, 2017, 6,271,192 2013 June 5, 2013. 3. Stock Repurchase Programs During the period from October 2001 September 2 4, 2017, 5,127,373 $77,303,000 twenty-six September 24, 2017, not As of September 24, 2017, 260,258 Purchases may no

Note N - Long-term Debt

Note N - Long-term Debt	6 Months Ended
	Sep. 24, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE N – LONG-TERM DEBT Long-term debt consists of the following (in thousands): September 24, March 26, 2017 2017 10.000% Senior secured notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (2,926 ) (3,525 ) Long-term debt, net of issuance costs $ 132,074 $ 131,475 On March 10, 2015, $135,000,000 10.000% 2020 2020 144A 2020 March 10, 2015 ( $116,100,000 M.1 $5,985,000 5 2020 The 2020 10.000% March 15 th September 15 th $6,750,000 September 14, 2017. 2020 no March 10, 2020. On November 1, 2017, $150,000,000 6.625% 2025 "2025 144A 1933, 2025 2020 2020 $5.00 $144,000,000. 2020 November 16, 2017. November 1, 2017, $5.00 January 4, 2018 December 22, 2017 The 2025 no November 1, 2025. At the time of Redemption, the Company will incur expenses in connection with the refinancing, including a 5% $6,750,000 $2,725,000 2020 $562,500 2025 November 1, 2017 November 16, 2017. The 2025 6.625% May 1st November 1 st May 1, 2018. $4,968,750. $3,562,500 The terms and conditions of the 2025 2020 There are no either the 2020 2025 September 24, 2017, 2020 The Indenture for both the 2020 2025 may may Fixed Charge Coverage Ratio : the ratio of the Consolidated Cash Flow to the Fixed Charges for the relevant period, currently set at 2.0 1.0 2020 2025 may may may Priority Secured Leverage Ratio : the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Priority Lien to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate; currently set at 0.40 1.00 2020 2025 Secured Leverage Ratio : the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Lien on any property of Nathan’s or any Guarantor to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate. The Secured Leverage Ratio under the Indenture for both the 2020 2025 3.75 1.00 2020 2025 may The Indenture for the 2020 2025 25% 2020 2025 may 2020 2025 may The 2025 pari passu not not 2025 2025 Pursuant to the terms of a collateral trust agreement, the liens securing the 2025 The 2025 ● 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 with all of the Company and the guarantors’ other senior indebtedness; ● 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 2025 November 1, 2020, 100% 2025 1% 2025 2025 November 1, 2020 November 1, 2020 ( 50 Prior to November 1, 2020, 35% 2025 106.625% 2025 On or after November 1, 2020, may 2025 YEAR PERCENTAGE On or after November 1, 2020 and prior to November 1, 2021 103.313 % On or after November 1, 2021 and prior to November 1, 2022 101.656 % On or after November 1, 2022 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 2025 101% 2025 If the Company sells certain assets and does not 2025 100% The 2025 may 144A 1933. 2025 no 2025

Note O - Commitments and Contin

Note O - Commitments and Contingencies	6 Months Ended
	Sep. 24, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE O – COMMITMENTS AND CONTINGENCIES 1. On February 27, 2017, Company is obligated to make payments under the Brooklyn Guaranty in the event of a default by the tenant/franchisee. The Brooklyn Guaranty has an initial term of 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 ’s financial position, cash flows or results of operations. Nevertheless, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include money damages and, in such event, could result in a material adverse impact on the Company’s results of operations for the period in which the ruling occurs. On May 19, 2017, 200,000 ’s hot dogs, after a small number of consumers reported seeing visible metal flakes between the hot dogs and the packaging film. The amount represents a miniscule percentage of the billions of pounds of products annually produced by John Morrell and Co. John Morrell and Co. has communicated with their customers and consumers asking anyone that purchased the affected product to discard it and contact John Morrell and Co. for a refund. John Morrell and Co. notified the United States Department of Agriculture which has designated the recall as a Class II Recall. After reviewing the sales and royalties earned subsequent to this event, management believes that this recall did not

Note D - Income Per Share (Tabl

Note D - Income Per Share (Tables)	6 Months Ended
	Sep. 24, 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 201 7 2016 201 7 201 6 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ 3,120 $ 2,507 4,179 4,172 $ 0.75 $ 0.60 Effect of dilutive employee stock options - - 33 35 (0.01 ) - Diluted EPS Diluted calculation $ 3,120 $ 2,507 4,212 4,207 $ 0.74 $ 0.60 Twenty-six weeks Net Income Net Income Number of Shares Per Share 201 7 2016 201 7 2016 201 7 201 6 (in thousands) (in thousands) Basic EPS Basic calculation $ 6,042 $ 6,057 4,178 4,169 $ 1.45 $ 1.45 Effect of dilutive employee stock options - - 35 30 (0.02 ) (0.01 ) Diluted EPS Diluted calculation $ 6,042 $ 6,057 4,213 4,199 $ 1.43 $ 1.44

Note F - Accounts and Other R23

Note F - Accounts and Other Receivables, Net (Tables)	6 Months Ended
	Sep. 24, 2017
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 24 , March 26 , 201 7 2017 Branded product sales $ 8,249 $ 6,037 Franchise and license royalties 2,345 2,746 Other 1,432 622 12,026 9,405 Less: allowance for doubtful accounts 499 457 Accounts and other receivables, net $ 11,527 $ 8,948
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	September 24 , 20 17 March 26 , 2017 Beginning balance $ 457 $ 471 Bad debt expense 57 53 Accounts written off (15 ) (67 ) Ending balance $ 499 $ 457

Note G - Prepaid Expenses and24

Note G - Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Sep. 24, 2017
Notes Tables
Schedule of Other Current Assets [Table Text Block]	September 2 4 , March 26, 201 7 2017 Insurance 117 $ 319 Other 356 774 Total prepaid expenses and other current assets $ 473 $ 1,093

Note H - Accrued Expenses, Ot25

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables)	6 Months Ended
	Sep. 24, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 24 , March 26, 201 7 2017 Payroll and other benefits $ 1,771 $ 2,708 Accrued rebates 1,271 1,050 Rent and occupancy costs 233 215 Deferred revenue 200 723 Construction costs 106 160 Interest 441 463 Professional fees 70 109 Income taxes 718 143 Dividend payable 125 125 Other 249 169 Total accrued expenses and other current liabilities $ 5,184 $ 5,865
Schedule of Other Assets and Other Liabilities [Table Text Block]	September 2 4 , March 26, 201 7 201 7 Deferred development fees $ 110 $ 67 Reserve for uncertain tax positions 404 366 Deferred rental liability 729 786 Dividend payable - 125 Other 212 211 Total other liabilities $ 1,455 $ 1,555

Note I - Sales (Tables)

Note I - Sales (Tables)	6 Months Ended
	Sep. 24, 2017
Notes Tables
Revenue from External Customers by Products and Services [Table Text Block]	Thirteen weeks ended Twenty-six weeks ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Branded products $ 18,130 $ 15,227 $ 36,067 $ 31,481 Company-operated restaurants 6,397 6,615 10,805 11,458 Other - 49 - 214 Total sales $ 24,527 $ 21,891 $ 46,872 $ 43,153

Note K - Segment Information (T

Note K - Segment Information (Tables)	6 Months Ended
	Sep. 24, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Thirteen weeks ended T wenty-six weeks ended Sept . 2 4 , 2017 Sept . 25, 2016 Sept . 2 4 , 2017 Sept . 25, 2016 Revenues Branded Product Program $ 18,130 $ 15,277 $ 36,067 $ 31,696 Product licensing 5,764 4,788 13,165 11,612 Restaurant operations 7,712 7,948 13,292 14,121 Corporate - - - - Total revenues $ 31,606 $ 28,013 $ 62,524 $ 57,429 Income from operations Branded Product Program $ 2,692 $ 2,496 $ 4,964 $ 5,449 Product licensing 5,719 4,743 13,075 11,521 Restaurant operations 2,335 2,602 3,230 4,035 Corporate (2,012 ) (1,810 ) (4,085 ) (4,150 ) Income from operations $ 8,734 $ 8,031 $ 17,184 $ 16,855 Interest expense (3,663 ) (3,663 ) (7,326 ) (7,339 ) Interest income 35 36 70 36 Other income, net 21 21 42 43 Income before provision for income taxes $ 5,127 $ 4,425 $ 9,970 $ 9,595

Note L - Share-based Compensa28

Note L - Share-based Compensation (Tables)	6 Months Ended
	Sep. 24, 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 Twenty-six weeks ended September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Stock options $ 38 $ 38 $ 76 $ 76 Restricted stock 62 135 123 270 Total compensation cost $ 100 $ 173 $ 199 $ 346
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 (11,361 ) $ 35.58 - $ 379 Options outstanding at September 24, 2017 64,384 $ 35.58 1.86 $ 2,306 Options exercisable at September 24, 2017 45,444 $ 35.58 1.86 $ 1,628
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 September 24, 2017 5,000 $ 49.80

Note N - Long-term Debt (Tables

Note N - Long-term Debt (Tables)	6 Months Ended
	Sep. 24, 2017
Notes Tables
Schedule of Debt [Table Text Block]	September 24, March 26, 2017 2017 10.000% Senior secured notes due 2020 $ 135,000 $ 135,000 Less: unamortized debt issuance costs (2,926 ) (3,525 ) Long-term debt, net of issuance costs $ 132,074 $ 131,475
Debt Instrument Redemption [Table Text Block]	YEAR PERCENTAGE On or after November 1, 2020 and prior to November 1, 2021 103.313 % On or after November 1, 2021 and prior to November 1, 2022 101.656 % On or after November 1, 2022 100.000 %

Note C - New Accounting Prono30

Note C - New Accounting Pronouncements Not yet Adopted (Details Textual)	12 Months Ended
	Mar. 26, 2017USD ($)
Advertising Fund Contributions From Franchises and Other Third Parties	$ 2,572,000

Note D - Income Per Share (Deta

Note D - Income Per Share (Details Textual) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Sep. 24, 2017	Sep. 25, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	0	0

Note D - Income Per Share - Ear

Note D - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Sep. 24, 2017	Sep. 25, 2016
Net income, basic calculation	$ 3,120	$ 2,507	$ 6,042	$ 6,057
Number of shares, basic calculation (in shares)	4,179,000	4,172,000	4,178,000	4,169,000
Net income per share, basic calculation (in dollars per share)	$ 0.75	$ 0.60	$ 1.45	$ 1.45
Effect of dilutive employee stock options (in shares)	33,000	35,000	35,000	30,000
Effect of dilutive employee stock option (in dollars per share)	$ (0.01)		$ (0.02)	$ (0.01)
Net income, diluted calculation	$ 3,120	$ 2,507	$ 6,042	$ 6,057
Number of shares, diluted calculation (in shares)	4,212,000	4,207,000	4,213,000	4,199,000
Net income per share, diluted calculation (in dollars per share)	$ 0.74	$ 0.60	$ 1.43	$ 1.44

Note E - Fair Value Measureme33

Note E - Fair Value Measurements (Details Textual) - USD ($)	Sep. 24, 2017	Mar. 26, 2017
Long-term Debt, Gross	$ 135,000,000	$ 135,000,000
Long-term Debt, Fair Value	$ 142,088,000

Note F - Accounts and Other R34

Note F - Accounts and Other Receivables, Net (Details Textual)	6 Months Ended
	Sep. 24, 2017
Accounts Receivable Payment Terms	30 days

Note F - Accounts and Other R35

Note F - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Sep. 24, 2017	Mar. 26, 2017	Mar. 27, 2016
Accounts receivable, gross, current	$ 12,026	$ 9,405
Less: allowance for doubtful accounts	499	457	$ 471
Accounts and other receivables, net	11,527	8,948
Branded Product Sales [Member]
Accounts receivable, gross, current	8,249	6,037
Franchise and License Royalties [Member]
Accounts receivable, gross, current	2,345	2,746
Other Receivables [Member]
Accounts receivable, gross, current	$ 1,432	$ 622

Note F - Accounts and Other R36

Note F - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Mar. 26, 2017
Beginning balance	$ 457	$ 471	$ 471
Bad debt expense	57	$ 21	53
Accounts written off	(15)		(67)
Ending balance	$ 499		$ 457

Note G - Prepaid Expenses and37

Note G - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 24, 2017	Mar. 26, 2017
Insurance	$ 117	$ 319
Other	356	774
Total prepaid expenses and other current assets	$ 473	$ 1,093

Note H - Accrued Expenses, Ot38

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 24, 2017	Mar. 26, 2017
Payroll and other benefits	$ 1,771	$ 2,708
Accrued rebates	1,271	1,050
Rent and occupancy costs	233	215
Construction costs	106	160
Interest	441	463
Professional fees	70	109
Income taxes	718	143
Dividend payable	125	125
Other	249	169
Total accrued expenses and other current liabilities	5,184	5,865
Deferred Franchise Fees And Other Deferred Revenue [Member]
Deferred revenue	$ 200	$ 723

Note H - Accrued Expenses, Ot39

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 24, 2017	Mar. 26, 2017
Deferred development fees	$ 110	$ 67
Reserve for uncertain tax positions	404	366
Deferred rental liability	729	786
Dividend payable		125
Other	212	211
Total other liabilities	$ 1,455	$ 1,555

Note I - Sales - Summary of Sal

Note I - Sales - Summary of Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Sep. 24, 2017	Sep. 25, 2016
Sales	$ 24,527	$ 21,891	$ 46,872	$ 43,153
Branded Product Sales [Member]
Sales	18,130	15,227	36,067	31,481
Company Operated Restaurants [Member]
Sales	6,397	6,615	10,805	11,458
Other Products [Member]
Sales		$ 49		$ 214

Note J - Income Taxes (Details

Note J - Income Taxes (Details Textual) - USD ($)	6 Months Ended		12 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Mar. 25, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	39.40%	36.90%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent	1.90%	6.40%
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 194,000	$ 621,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	201,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	208,000
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		6 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Sep. 24, 2017	Sep. 25, 2016
Revenues	$ 31,606	$ 28,013	$ 62,524	$ 57,429
Income from operations	8,734	8,031	17,184	16,855
Interest expense	(3,663)	(3,663)	(7,326)	(7,339)
Interest income	35	36	70	36
Other income, net	21	21	42	43
Income before provision for income taxes	5,127	4,425	9,970	9,595
Corporate, Non-Segment [Member]
Revenues
Income from operations	(2,012)	(1,810)	(4,085)	(4,150)
Income before provision for income taxes	5,127	4,425	9,970	9,595
Branded Product Program [Member] | Operating Segments [Member]
Revenues	18,130	15,277	36,067	31,696
Income from operations	2,692	2,496	4,964	5,449
Interest income	35	36	70	36
Product Licensing [Member] | Operating Segments [Member]
Revenues	5,764	4,788	13,165	11,612
Income from operations	5,719	4,743	13,075	11,521
Restaurant Operations [Member] | Operating Segments [Member]
Revenues	7,712	7,948	13,292	14,121
Income from operations	2,335	2,602	3,230	4,035
Other income, net	$ 21	$ 21	$ 42	$ 43

Note L - Share-based Compensa43

Note L - Share-based Compensation (Details Textual) - USD ($)	Mar. 29, 2015	Mar. 27, 2015	Mar. 10, 2015	Sep. 24, 2017	Sep. 25, 2016	Sep. 24, 2017	Sep. 25, 2016	Mar. 29, 2015
Allocated Share-based Compensation Expense				$ 100,000	$ 173,000	$ 199,000	$ 346,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				300,000		$ 300,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition						300 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
Common Stock, Dividends, Per Share, Declared			$ 25
Special Cash Dividend [Member]
Common Stock, Dividends, Per Share, Declared		25
Excluding Dividend [Member]
Share Price		$ 48.56
Employee Stock Option [Member]
Allocated Share-based Compensation Expense				$ 38,000	$ 38,000	$ 76,000	$ 76,000
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
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
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 Compensa44

Note L - Share-based Compensation - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Sep. 24, 2017	Sep. 25, 2016
Share-based compensation expense	$ 100,000	$ 173,000	$ 199,000	$ 346,000
Employee Stock Option [Member]
Share-based compensation expense	38,000	38,000	76,000	76,000
Restricted Stock [Member]
Share-based compensation expense	$ 62,000	$ 135,000	$ 123,000	$ 270,000

Note L - Share-based Compensa45

Note L - Share-based Compensation - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended	12 Months Ended
		Sep. 24, 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 remaining contractual life, beginning balance (Year)		1 year 313 days	2 years 131 days
Options outstanding, aggregate intrinsic value, beginning balance		$ 2,306	$ 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)		(11,361)
Exercised, weighted average exercise price (in dollars per share)		$ 35.58
Options exercised, aggregate intrinsic value		$ 379
Options outstanding, ending balance (in shares)		64,384
Options outstanding, weighted average exercise price, ending balance (in dollars per share)		$ 35.58
Options exercisable (in shares)		45,444
Options exercisable, weighted average exercise price (in dollars per share)		$ 35.58
Options exercisable, weighted average remaining contractual life (Year)		1 year 313 days
Options exercisable, aggregate intrinsic value		$ 1,628
[1]	Represents outstanding options after giving effect to the replacement options issued in connection with the Company's special dividend.

Note L - Share-based Compensa46

Note L - Share-based Compensation - Transactions With Respect to Restricted Stock (Details)	6 Months Ended
	Sep. 24, 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, ending balance (in shares) | shares	5,000
Unvested restricted stock, weighted average grant date fair value per share, ending balance (in dollars per share) | $ / shares	$ 49.80

Note M - Stockholders' Equity (

Note M - Stockholders' Equity (Details Textual) - USD ($)	Nov. 01, 2017	Mar. 27, 2015	Mar. 10, 2015	Sep. 24, 2017	Sep. 25, 2016	Mar. 31, 2019	Sep. 24, 2017	Sep. 25, 2016	Jan. 04, 2018	Jun. 05, 2013
Common Stock, Dividends, Per Share, Declared			$ 25
Payments of Ordinary Dividends, Common Stock		$ 115,100,000		$ 125,000	$ 125,000		$ 875,000
Dividends Payable		$ 1,000,000
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				6,271,192			6,271,192			10,188,600
Treasury Stock, Shares, Acquired				0				5,127,373
Treasury Stock, Value, Acquired, Cost Method								$ 77,303,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased				260,258			260,258
Dividends Payable, Date of Record			Mar. 20, 2015
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 5
Dividends, Common Stock, Cash	$ 20,900,000
Dividends Payable, Date of Record	Dec. 22, 2017
Dividends Payable, Date to be Paid	Jan. 4, 2018
Scenario, Forecast [Member]
Payments of Ordinary Dividends, Common Stock						$ 125,000
Dividends Payable									$ 25,000

Note N - Long-term Debt (Detail

Note N - Long-term Debt (Details Textual) - USD ($)	Nov. 16, 2017	Nov. 01, 2017	Sep. 14, 2017	Mar. 27, 2015	Mar. 10, 2015	Nov. 16, 2017	Sep. 24, 2017	Sep. 25, 2016	Sep. 30, 2017
Interest Paid							$ 6,750,000	$ 6,750,000
Dividends Payable, Amount Per Share									$ 5
Common Stock, Dividends, Per Share, Declared					$ 25
Dividends Payable, Date of Record					Mar. 20, 2015
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared		$ 5
Increase (Decrease) in Annual Interest Expense		$ (3,562,500)
Dividends Payable, Date to be Paid		Jan. 4, 2018
Dividends Payable, Date of Record		Dec. 22, 2017
Special Cash Dividend [Member]
Dividends, Cash					$ 116,100,000
Common Stock, Dividends, Per Share, Declared				$ 25
Senior Notes [Member]
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%
Senior Notes [Member] | In The Event of Certain Equity Offerings [Member]
Debt Instrument, Redemption Price, Percentage					106.625%
Senior Notes [Member] | In the Event of Chang of Control Offer [Member]
Debt Instrument, Redemption Price, Percentage					101.00%
Senior Notes [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%
Senior Notes [Member] | Senior Secured 2020 Notes [Member]
Debt Instrument, Face Amount					$ 135,000,000
Debt Instrument, Interest Rate, Stated Percentage					10.00%
Debt Issuance Costs, Gross					$ 5,985,000
Debt Instrument, Term					5 years
Interest Paid			$ 6,750,000
Senior Notes [Member] | Senior Secured 2020 Notes [Member] | Scenario, Forecast [Member]
Debt Instrument, Redemption, Call Premium, Percent	5.00%					5.00%
Debt Instrument, Redemption, Call Premium, Amount	$ 6,750,000					$ 6,750,000
Write off of Deferred Debt Issuance Cost	2,725,000
Senior Notes [Member] | Senior Secured 2025 Notes [Member] | Subsequent Event [Member]
Debt Instrument, Interest Rate, Stated Percentage		6.625%
Proceeds from Issuance of Debt		$ 150,000,000
Repayments of Debt	$ 144,000,000
Interest Expense, Debt						$ 562,500
Debt Instrument, Periodic Payment, Interest		$ 4,968,750
Senior Notes [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%
Senior Notes [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%
Senior Notes [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%
Senior Notes [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 ($)	Sep. 24, 2017	Mar. 26, 2017
10.000% Senior secured notes due 2020	$ 135,000,000	$ 135,000,000
Less: unamortized debt issuance costs	(2,926,000)	(3,525,000)
Long-term debt, net of issuance costs	$ 132,074,000	$ 131,475,000

Note N - Long-term Debt - Sum50

Note N - Long-term Debt - Summary of Redemption Features (Details)	6 Months Ended
	Sep. 24, 2017
Debt Instrument, Redemption, Period One [Member]
Debt instrument, redemption price, percentage	103.313%
Debt Instrument, Redemption, Period Two [Member]
Debt instrument, redemption price, percentage	101.656%
Debt Instrument, Redemption, Period Three [Member]
Debt instrument, redemption price, percentage	100.00%

Note O - Commitments and Cont51

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