Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Jun. 06, 2018 | Sep. 24, 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 | ||
Entity Public Float | $ 200,215 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 25, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 25, 2018 | Mar. 26, 2017 |
CURRENT ASSETS | ||
Cash | $ 57,339,000 | $ 56,915,000 |
Accounts and other receivables, net | 10,502,000 | 8,948,000 |
Inventories | 384,000 | 579,000 |
Prepaid expenses and other current assets (Note F) | 2,873,000 | 1,093,000 |
Assets held for sale (Note G) | 610,000 | |
Total current assets | 71,708,000 | 67,535,000 |
Property and equipment, net of accumulated depreciation of $8,264 and $7,522, respectively | 6,642,000 | 8,844,000 |
Goodwill | 95,000 | 95,000 |
Intangible asset | 1,353,000 | 1,353,000 |
Other assets | 293,000 | 298,000 |
Total assets | 80,091,000 | 78,125,000 |
CURRENT LIABILITIES | ||
Accounts payable | 6,565,000 | 4,809,000 |
Accrued expenses and other current liabilities (Note I) | 11,248,000 | 5,865,000 |
Total current liabilities | 18,006,000 | 10,772,000 |
Long-term debt, net of unamortized debt issuance costs of $5,242 and $3,525, respectively (Note L) | 144,758,000 | 131,475,000 |
Other liabilities (Note I) | 1,593,000 | 1,555,000 |
Deferred income taxes | 302,000 | 814,000 |
Total liabilities | 164,659,000 | 144,616,000 |
COMMITMENTS AND CONTINGENCIES (Note N) | ||
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 March 25, 2018 and March 26, 2017, respectively | 93,000 | 93,000 |
Additional paid-in capital | 60,823,000 | 60,582,000 |
(Accumulated deficit) | (68,181,000) | (49,863,000) |
Stockholders’ (deficit) equity before treasury stock | (7,265,000) | 10,812,000 |
Treasury stock, at cost, 5,127,373 shares at March 25, 2018 and March 26, 2017 | (77,303,000) | (77,303,000) |
Total stockholders’ (deficit) | (84,568,000) | (66,491,000) |
Total liabilities and stockholders’ (deficit) | 80,091,000 | 78,125,000 |
Deferred Franchise Fees [Member] | ||
CURRENT LIABILITIES | ||
Deferred Revenue, Current | $ 193,000 | $ 98,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 25, 2018 | Mar. 26, 2017 |
Property and equipment accumulated depreciation | $ 8,264 | $ 7,522 |
Long-term debt, unamortized debt costs | $ 5,242 | $ 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 - USD ($) | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
REVENUES | |||
Sales | $ 104,201,000 | $ 96,256,000 | $ 100,449,000 |
COSTS AND EXPENSES | |||
Cost of sales | 58,752,000 | 51,634,000 | 57,557,000 |
Restaurant operating expenses | 3,506,000 | 3,386,000 | 3,557,000 |
Depreciation and amortization | 1,352,000 | 1,297,000 | 1,255,000 |
General and administrative expenses | 13,491,000 | 13,659,000 | 13,117,000 |
Total costs and expenses | 77,101,000 | 69,976,000 | 75,486,000 |
Income from operations | 27,100,000 | 26,280,000 | 24,963,000 |
Interest expense | (13,591,000) | (14,665,000) | (14,630,000) |
Loss on debt extinguishment (Note L) | (8,872,000) | ||
Impairment charge – long-lived assets (Note B) | (790,000) | 0 | 0 |
Impairment charge – long-term investment | (100,000) | ||
Interest income | 166,000 | 104,000 | 52,000 |
Other income, net | 99,000 | 85,000 | 99,000 |
Income before provision for income taxes | 4,112,000 | 11,804,000 | 10,384,000 |
Provision for income taxes | 1,482,000 | 4,319,000 | 4,288,000 |
Net income | $ 2,630,000 | $ 7,485,000 | $ 6,096,000 |
PER SHARE INFORMATION | |||
Basic (in dollars per share) | $ 0.63 | $ 1.79 | $ 1.38 |
Diluted (in dollars per share) | $ 0.62 | $ 1.78 | $ 1.37 |
Weighted average shares used in computing income per share: | |||
Basic (in shares) | 4,181,000 | 4,172,000 | 4,430,000 |
Diluted (in shares) | 4,221,000 | 4,206,000 | 4,463,000 |
Product [Member] | |||
REVENUES | |||
Sales | $ 76,708,000 | $ 70,820,000 | $ 75,590,000 |
License [Member] | |||
REVENUES | |||
Sales | 23,020,000 | 20,368,000 | 19,815,000 |
Franchise Fees and Royalties [Member] | |||
REVENUES | |||
Sales | $ 4,473,000 | $ 5,068,000 | $ 5,044,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Net income | $ 2,630 | $ 7,485 | $ 6,096 |
Other comprehensive loss, net of deferred income taxes: | |||
Less: Reclassification adjustment for gains included in net income | 47 | ||
Other comprehensive loss | (47) | ||
Comprehensive income | $ 2,630 | $ 7,485 | $ 6,049 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' (Deficit) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Mar. 29, 2015 | 9,252,097 | 4,647,687 | ||||
Balance at Mar. 29, 2015 | $ 93 | $ 60,196 | $ (63,444) | $ 47 | $ (56,800) | $ (59,908) |
Shares issued in connection with share-based compensation plans (in shares) | 21,969 | |||||
Shares issued in connection with share-based compensation plans | 89 | 89 | ||||
Withholding tax on net share settlement of share-based compensation plans | (285) | (285) | ||||
Repurchase of common stock (in shares) | 449,070 | |||||
Repurchase of common stock | $ (19,231) | (19,231) | ||||
Income tax benefit on stock option exercises | 228 | 228 | ||||
Share-based compensation | 722 | 722 | ||||
Reclassification adjustment for gains included in net income, net of deferred income tax benefit of $25 | (47) | (47) | ||||
Net income | 6,096 | 6,096 | ||||
Repurchase of common stock (in shares) | (449,070) | |||||
Balance at Mar. 27, 2016 | $ 93 | 60,950 | (57,348) | $ 0 | $ (76,031) | (72,336) |
Balance (in shares) at Mar. 27, 2016 | 9,274,066 | 5,096,757 | ||||
Shares issued in connection with share-based compensation plans (in shares) | 29,804 | |||||
Shares issued in connection with share-based compensation plans | 44 | 44 | ||||
Withholding tax on net share settlement of share-based compensation plans | (994) | (994) | ||||
Repurchase of common stock (in shares) | (30,616) | |||||
Repurchase of common stock | $ (1,272) | (1,272) | ||||
Share-based compensation | 582 | 582 | ||||
Reclassification adjustment for gains included in net income, net of deferred income tax benefit of $25 | ||||||
Net income | 7,485 | 7,485 | ||||
Repurchase of common stock (in shares) | 30,616 | |||||
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) | |
Balance (in shares) at Mar. 26, 2017 | 9,303,870 | 5,127,373 | ||||
Shares issued in connection with share-based compensation plans (in shares) | 8,052 | |||||
Shares issued in connection with share-based compensation plans | ||||||
Withholding tax on net share settlement of share-based compensation plans | (157) | $ (157) | ||||
Repurchase of common stock (in shares) | 0 | |||||
Share-based compensation | 398 | $ 398 | ||||
Reclassification adjustment for gains included in net income, net of deferred income tax benefit of $25 | ||||||
Net income | 2,630 | $ 2,630 | ||||
Repurchase of common stock (in shares) | 0 | |||||
Dividends on common stock | (20,948) | $ (20,948) | ||||
Balance (in shares) at Mar. 25, 2018 | 9,311,922 | 5,127,373 | ||||
Balance at Mar. 25, 2018 | $ 93 | $ 60,823 | $ (68,181) | $ (77,303) | $ (84,568) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 2,630,000 | $ 7,485,000 | $ 6,096,000 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Loss on debt extinguishment | 8,872,000 | ||
Depreciation and amortization | 1,352,000 | 1,297,000 | 1,255,000 |
Amortization of bond premium | 64,000 | ||
Gain on sale of marketable equity securities | (26,000) | ||
Gain on sale of property and equipment | (18,000) | ||
Amortization of debt issuance costs | 1,069,000 | 1,209,000 | 1,185,000 |
Share-based compensation expense | 398,000 | 582,000 | 722,000 |
Income tax benefit on stock option exercises | 173,000 | 659,000 | |
Provision for doubtful accounts | 34,000 | 53,000 | 38,000 |
Impairment charge – long lived assets | 790,000 | 0 | 0 |
Impairment charge – long-term investment | 100,000 | ||
Deferred income taxes | (512,000) | 101,000 | (13,000) |
Changes in operating assets and liabilities: | |||
Accounts and other receivables, net | (1,588,000) | (280,000) | 740,000 |
Inventories | 195,000 | 108,000 | 135,000 |
Prepaid expenses and other current assets | (1,780,000) | 250,000 | 3,189,000 |
Other assets | 5,000 | (189,000) | 138,000 |
Accounts payable, accrued expenses and other current liabilities | 7,091,000 | (673,000) | (293,000) |
Deferred franchise fees | 95,000 | (39,000) | (141,000) |
Other liabilities | 38,000 | (151,000) | (691,000) |
Net cash provided by operating activities | 18,862,000 | 10,412,000 | 12,480,000 |
Cash flows from investing activities: | |||
Proceeds from sales and maturities of available-for-sale securities | 10,868,000 | ||
Proceeds from disposal of property and equipment | 13,000 | 133,000 | |
Purchase of property and equipment | (563,000) | (1,128,000) | (1,125,000) |
Purchase of available-for-sale securities | (3,887,000) | ||
Net cash (used in) provided by investing activities | (550,000) | (1,128,000) | 5,989,000 |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 150,000,000 | ||
Cash payments for extinguishment of debt | (135,000,000) | ||
Premium paid on extinguishment of debt | (6,750,000) | ||
Debt issuance costs | (4,908,000) | (60,000) | |
Dividends paid to stockholders | (21,073,000) | (375,000) | (375,000) |
Repurchase of treasury stock | (1,272,000) | (19,231,000) | |
Proceeds from the exercise of stock options | 0 | 44,000 | 89,000 |
Income tax benefit on stock option exercises | 228,000 | ||
Payments of withholding tax on net share settlement of share-based compensation plans | (157,000) | (994,000) | (285,000) |
Net cash (used in) financing activities | (17,888,000) | (2,597,000) | (19,634,000) |
Net increase (decrease) in cash | 424,000 | 6,687,000 | (1,165,000) |
Cash, beginning of year | 56,915,000 | 50,228,000 | 51,393,000 |
Cash, end of year | 57,339,000 | 56,915,000 | 50,228,000 |
Interest | 9,038,000 | 13,500,000 | 13,688,000 |
Income taxes | $ 3,584,000 | $ 4,049,000 | $ 848,000 |
Note A - Description and Organi
Note A - Description and Organization of Business | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - DESCRIPTION AND ORGANIZATION OF BUSINESS Nathan’s Famous, Inc. and subsidiaries (collectively the “Company” or “Nathan’s”) has historically operated or franchised a chain of retail fast food restaurants featuring the “Nathan’s World Famous Beef Hot Dog”, crinkle-cut French-fried potatoes and a variety of other menu offerings. Nathan’s has also established a Branded Product Program, which enables foodservice retailers to sell select Nathan’s proprietary products outside of the realm of a traditional franchise relationship. Nathan’s also licenses the manufacture and sale of “Nathan’s Famous” packaged hot dogs, crinkle-cut French fries and a number of other products to a variety of third At March 25, 2018, five 276 20 12 |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies have been applied in the preparation of the consolidated financial statements: 1. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. 2. Fiscal Year The Company’s fiscal year ends on the last Sunday in March, 52 53 March 25, 2018, March 26, 2017 March 27, 2016 52 3. Reclassifications We have reclassified certain items in the Consolidated Statements of Earnings for prior periods to be comparable with the classification for the fiscal year ended March 25, 2018. no 4. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management in preparing the consolidated financial statements include revenue recognition, the allowance for doubtful accounts, valuation of stock-based compensation, accounting for income taxes, and the valuation of goodwill, intangible assets and other long-lived assets. 5. Inventories Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food items and supplies. Cost is determined using the first first 6. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows: Building and improvements (in years) 5 – 25 Machinery, equipment, furniture and fixtures (in years) 3 – 15 Leasehold improvements (in years) 5 – 20 7. Goodwill and Intangible Asset s Goodwill and intangible assets consist of (i) goodwill of $95 1987; $1,353 The Company’s goodwill and intangible assets are deemed to have indefinite lives and, accordingly, are not may may not March 25, 2018 March 26, 2017, no 8. Lon g-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not Each reporting period, management reviews the carrying value of its investments based upon the financial information provided by the investment’s management and considers whether indicators of an other-than-temporary impairment exists. If an impairment indicator exists, management evaluates the fair value of its investment to determine if an, other-than-temporary impairment in value has occurred. We are required to recognize an impairment on the investment if such impairment is considered to be other-than-temporary. Impairment losses are recorded on long-lived assets on a restaurant-by-restaurant basis whenever impairment factors are determined to be present. The Company tests the recoverability of its long-lived assets with finite useful lives whenever events or changes in circumstances indicate that the carrying value of the asset may not may March 25, 2018, $790 one No March 26, 2017 March 27, 2016. 9 . Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy, as outlined in the applicable accounting guidance, is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three ● Level 1 ● Level 2 ● Level 3 The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level 1 may At March 25, 2018 March 26, 2017, not The Company’s long-term debt had a face value of $150,000 March 25, 2018 $150,750 March 25, 2018. 2. The carrying amounts of cash, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. The majority of the Company’s non-financial assets and liabilities are not 3 10 . Start-up Costs Pre-opening and similar restaurant costs are expensed as incurred. 11. Revenue Recognition - Branded Product Program The Company recognizes sales from the Branded Product Program and certain products sold from the Branded Menu Program upon delivery to Nathan’s customers via third 1 2. Revenue Recognition - Company-owned Restaurants Sales by Company-owned restaurants, which are typically paid in cash or credit card by the customer, are recognized at the point of sale. Sales are presented net of sales tax. 1 3 . Revenue Recognition - Franchising Operations In connection with its franchising operations, the Company receives initial franchise fees, international development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees. Franchise and international development fees, which are typically received prior to completion of the revenue recognition process, are initially recorded as deferred revenue. Initial franchise fees, which are non-refundable, are recognized as income when substantially all services to be performed by Nathan’s and conditions relating to the sale of the franchise have been performed or satisfied, which generally occurs when the franchised restaurant commences operations. The following services are typically provided by the Company prior to the opening of a franchised restaurant: o Approval of all site selections to be developed. o Provision of architectural plans suitable for restaurants to be developed. o Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant. o Provision of appropriate menus to coordinate with the restaurant design and location to be developed. o Provision of management training for the new franchisee and selected staff. o Assistance with the initial operations of restaurants being developed. International development fees are recognized, net of direct expenses, upon the opening of the first At March 25, 2018 March 26, 2017, $193 $98, March 25, 2018, March 26, 2017 March 27, 2016, $334, $778 $751, Development fees are non-refundable and the related agreements require the franchisee to open a specified number of restaurants in the development area within a specified time period or the agreements may If substantial obligations under the development agreement are not first March 25, 2018 March 26, 2017, $238 $67, The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016: March 2 5, March 26, March 27, 201 8 2017 2016 Franchised restaurants operating at the beginning of the period 279 259 296 New franchised restaurants opened during the period 40 53 56 Franchised restaurants closed during the period (43 ) (33 ) (93 ) Franchised restaurants operating at the end of the period 276 279 259 The Company recognizes franchise royalties on a monthly basis, which are generally based upon a percentage of sales made by the Company’s franchisees, when they are earned and deemed collectible. The Company recognizes royalty revenue from its Branded Menu Program directly from the sale of Nathan’s products by its primary distributor or directly from the manufacturers. Franchise fees and royalties that are not not (See Note B.21 1 4 . Revenue Recognition – License Royalties The Company earns revenue from royalties on the licensing of the use of its intellectual property in connection with certain products produced and sold by outside vendors. The use of the Company’s intellectual property must be approved by the Company prior to each specific application to ensure proper quality and a consistent image. Revenue from license royalties is generally based on a percentage of sales, subject to certain annual minimum royalties, recognized on a monthly basis when it is earned and deemed collectible. 15 . Business Concentrations and Geographical Information At March 25, 2018 March 26, 2017 not The Company’s accounts receivable consist principally of receivables from franchisees for royalties and advertising contributions, from sales under the Branded Product Program, and from royalties from retail licensees. At March 25, 2018, three 41%, 20% 8%, March 26, 2017, four 21%, 15%, 12% 8%, 19%, 12% 14% March 25, 2018, March 26, 2017 March 27, 2016, 21%, 20% 19% March 25, 2018, March 26, 2017 March 27, 2016, The Company’s primary supplier of hot dogs represented 92%, 91% 90% March 25, 2018, March 26, 2017 March 27, 2016, 4%, 5% 5 % March 25, 2018, March 26, 2017 March 27, 2016, The Company’s revenues for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016 March 25, 2018 March 26, 2017 March 27, 2016 Domestic (United States) $ 97,661 $ 90,070 $ 95,214 Non-domestic 6,540 6,186 5,235 $ 104,201 $ 96,256 $ 100,449 The Company’s sales for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016 March 25, 2018 March 26, 2017 March 27, 2016 Branded Products $ 62,623 $ 55,960 $ 58,545 Company-owned restaurants 14,085 14,646 16,222 Other - 214 823 $ 76,708 $ 70,820 $ 75,590 16 . Advertising The Company administers an advertising fund on behalf of its restaurant system to coordinate the marketing efforts of the Company. Under this arrangement, the Company collects and disburses fees paid by manufacturers, franchisees and Company-owned stores for national and regional advertising, promotional and public relations programs. Contributions to the advertising fund are based on specified percentages of net sales, generally ranging up to 2%. $117, $182 $191, March 25, 2018, March 26, 2017 March 27, 2016, (See Note B.21 17 . Stock-Based Compensation At March 25, 2018, one M.2. The cost of all share-based payments, including grants of restricted stock and stock options, is recognized in the financial statements based on their fair values measured at the grant date, or the date of any later modification, over the requisite service period. The Company recognizes compensation cost for unvested stock awards on a straight-line basis over the requisite vesting period. 18 . Classification of Operating Expenses Cost of sales consists of the following: ○ The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels. ○ The cost of labor and associated costs of in-store restaurant management and crew. ○ The cost of paper products used in Company-operated restaurants. ○ Other direct costs such as fulfillment, commissions, freight and samples. Restaurant operating expenses consist of the following: ○ Occupancy costs of Company-operated restaurants. ○ Utility costs of Company-operated restaurants. ○ Repair and maintenance expenses of Company-operated restaurant facilities. ○ Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants. ○ Insurance costs directly related to Company-operated restaurants. 19 . Income Taxes The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes and income tax benefits from share-based payments. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any operating loss or tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than not not Uncertain Tax Positions The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may not fifty See Note J for a further discussion of our income taxes. 20. Adoption of New Accounting Pronouncements In July 2015, first first no June 25, 2017 not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight 230. 2016 15 December 15, 2017. 2016 15 December 24, 2017. not 21 . New Accounting Pronouncements Not Adopt ed In May 2014, No. 2014 09, “ Revenue from Contracts with Customers (Topic 606 Public companies were originally expected to apply the new standard for annual periods beginning after December 15, 2016. December 15, 2017. first June 2018) March 31, 2019. There are two The Company has determined that this standard will not The new standard will change how the Company records initial restaurant fees from franchisees, renewal fees and international development fees. Through March 25, 2018, first The standard requires that the transaction price received from customers be allocated to each separate and distinct performance obligation. The transaction price attributable to each separate and distinct performance obligation would then be recognized as the performance obligations are satisfied. The services we provide related to upfront fees we receive from franchisees do not March 26, 2018, not Upon adoption, we expect to record deferred revenue for the unamortized portion of fees received on behalf of the then operating franchise agreements of $2,735, $731 $2,004 The adoption of the new guidance will also change the reporting of advertising fund contributions from franchisees and the related advertising fund expenditures, which are not not 2018, $2,500. We are finalizing the impact of the standards on our disclosures of the Company’s revenues. Further, we are currently implementing internal controls related to the recognition and presentation of the Company’s revenues under these new standards. In February 2016, December 15, 2018, first June 2019) March 29, 2020. March 2018, 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 amendment is 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 C - Income Per Share
Note C - Income Per Share | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE C - INCOME PER SHARE Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method. The following chart provides a reconciliation of information used in calculating the per-share amounts for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016, Net Income Shares Net income per share 201 8 2017 2016 201 8 2017 2016 201 8 2017 2016 Basic EPS Basic calculation $ 2,630 $ 7,485 $ 6,096 4,181,000 4,172,000 4,430,000 $ 0.63 $ 1.79 $ 1.38 Effect of dilutive employee stock options - - - 40,000 34,000 33,000 (.01 ) (.01 ) (.01 ) Diluted EPS Diluted calculation $ 2,630 $ 7,485 $ 6,096 4,221,000 4,206,000 4,463,000 $ 0.62 $ 1.78 $ 1.37 No March 25, 2018, March 26, 2017 March 27, 2016 |
Note D - Marketable Securities
Note D - Marketable Securities | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Marketable Securities Disclosure [Text Block] | NOTE D – MARKETABLE SECURITIES At March 25, 2018 March 26, 2017, not At March 27, 2016, March 27, 2016 Available-for-sale securities: Proceeds $ 10,868 Gross realized gains $ 26 As a result of the sale of all of the marketable securities during the fiscal year ended March 27, 2016, March 27, 2016. March 27, 2016 $47, $25. |
Note E - Accounts and Other Rec
Note E - Accounts and Other Receivables, Net | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NO TE E - ACCOUNTS AND OTHER RECEIVABLES, NET Accounts and other receivables, net, consist of the following: March 25 , March 26, 201 8 2017 Branded product sales $ 7,604 $ 6,037 Franchise and license royalties 2,767 2,746 Other 599 622 10,970 9,405 Less: allowance for doubtful accounts 468 457 Accounts and other receivables, net $ 10,502 $ 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 fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016 March 25, 2018 March 26, 2017 March 27, 2016 Beginning balance $ 457 $ 471 $ 443 Bad debt expense 34 53 38 Accounts written off (23 ) (67 ) (10 ) Ending balance $ 468 $ 457 $ 471 |
Note F - Prepaid Expenses and O
Note F - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE F – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: March 2 5 , March 26, 201 8 2017 Income taxes $ 1,624 $ - Insurance 266 319 Other 983 774 Total prepaid expenses and other current assets $ 2,873 $ 1,093 |
Note G - Assets Held for Sale
Note G - Assets Held for Sale | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE G – ASSETS HELD FOR SALE Prior to the end of fiscal 2018, $12,250. $1,201 second 2019. $610 March 25, 2018. |
Note H - Property and Equipment
Note H - Property and Equipment, Net | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE H - PROPERTY AND EQUIPMENT, NET Property and equipment consists of the following: March 25, March 26, 2018 2017 Land $ 835 $ 1,197 Building and improvements 2,035 2,119 Machinery, equipment, furniture and fixtures 5,450 5,749 Leasehold improvements 6,578 7,181 Construction-in-progress 8 120 Total property and equipment 14,906 16,366 Less: accumulated depreciation and amortization 8,264 7,522 Property and equipment, net $ 6,642 $ 8,844 |
Note I - Accrued Expenses, Othe
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | NOTE I – ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES Accrued expenses and other current liabilities consist of the following: March 25, March 26, 2018 2017 Payroll and other benefits $ 2,733 $ 2,708 Accrued rebates 1,541 1,050 Rent and occupancy costs 200 215 Deferred revenue 780 723 Construction costs 68 160 Interest 3,948 463 Professional fees 157 109 Sales, use and other taxes 80 143 Dividend payable 150 125 Deposit payable 1,201 - Other 390 169 Total accrued expenses and other current liabilities $ 11,248 $ 5,865 Other liabilities consist of the following: March 25, March 26, 2018 2017 Deferred development fees $ 238 $ 67 Reserve for uncertain tax positions (Note J) 467 366 Deferred rental liability 677 786 Dividend payable - 125 Other 211 211 Total other liabilities $ 1,593 $ 1,555 |
Note J - Income Taxes
Note J - Income Taxes | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE J - INCOME TAXES The income tax provision consists of the following for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016: March 25 , 201 8 March 26, 2017 March 27, 2016 Federal Current $ 1,077 $ 3,024 $ 3,176 Deferred (474 ) 79 (11 ) Total Federal income tax 603 3,103 3,165 State and local Current 917 1,195 1,135 Deferred (38 ) 21 (12 ) Total State and local income tax 879 1,216 1,123 Total provision for income taxes $ 1,482 $ 4,319 $ 4,288 On December 22, 2017, 35 21 January 1, 2018 30 $1.0 Nathan’s has determined reasonable estimates to its deferred assets and liabilities and pursuant to ASC 740, March 25, 2018. $245 March 25, 2018. Nathan’s has determined that its blended federal tax rate will be 31%. The total income tax provision for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016 31%, 34% 34%, March 25 , 201 8 March 26, 2017 March 27, 2016 Computed “expected” tax expense $ 1,275 $ 4,013 $ 3,531 State and local income taxes, net of Federal income tax benefit 506 797 826 Change in uncertain tax positions, net 98 (11 ) (129 ) Nondeductible meals and entertainment and other 21 61 60 Nondeductible compensation - 118 - Tax reform act (245 ) - - Tax benefit share based payments (173 ) (659 ) - Total provision for income taxes $ 1,482 $ 4,319 $ 4,288 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: March 25 , March 26, 201 8 2017 Deferred tax assets Accrued expenses $ 310 $ 361 Allowance for doubtful accounts 40 59 Deferred revenue 291 347 Deferred stock compensation 166 224 Excess of straight line over actual rent 194 338 Investment 123 187 Other 97 104 Total deferred tax assets $ 1,221 $ 1,620 Deferred tax liabilities Deductible prepaid expense 280 288 Depreciation expense 882 1,771 Amortization 361 374 Total deferred tax liabilities 1,523 2,433 Net deferred tax (liability) $ (302 ) $ (813 ) A valuation allowance is provided when it is more likely than not not not The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016. March 25, 2018 March 26, 2017 March 27, 2016 Unrecognized tax benefits, beginning of year $ 167 $ 208 $ 266 Decreases of tax positions taken in prior years (2 ) (31 ) (98 ) Increases based on tax positions taken in current year 98 41 43 Settlements of tax positions taken in prior years - (51 ) (3 ) Unrecognized tax benefits, end of year $ 263 $ 167 $ 208 The amount of unrecognized tax benefits at March 25, 2018, March 26, 2017 March 27, 2016 $263 , $167 $208, March 25, 2018 March 26, 2017, $214 $183, March 25, 2018, March 26, 2017 March 27, 2016 $31, $29 $34, March 31, 2019, $3, no In January 2018, April 2014 March 2017. Nathan’s estimates that its annual tax rate for the fiscal year ending March 31, 2019 27.0% 30.0% The earliest tax years’ that are subject to examination by taxing authorities by major jurisdictions are as follows: Jurisdiction Fiscal Year Federal 2015 New York State 2015 New York City 2015 New Jersey 2014 Pennsylvania 2015 Virginia 2015 |
Note K - Segment Information
Note K - Segment Information | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE K – SEGMENT IN FORMATION Nathan’s considers itself to be a brand marketer of the Nathan’s Famous signature products to the foodservice industry pursuant to its various business structures. Nathan’s sells its products directly to consumers through its restaurant operations segment consisting of Company-operated and franchised restaurants, to distributors that resell our products to the foodservice industry through the Branded Product Program (“BPP”) and by third 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 Loss on debt extinguishment, interest expense, interest income, impairment charge and other income, net are managed centrally at the corporate level, and, accordingly, such items are not Corporate assets consist primarily of cash and long-lived assets. Operating segment information is as follows: Fifty- Two Fifty-Two Fifty-Two weeks ended weeks ended weeks ended March 25, 2018 March 26, 2017 March 27, 2016 Revenues Branded Product Program $ 62,623 $ 56,174 $ 59,367 Product licensing 23,020 20,368 19,815 Restaurant operations 18,558 19,714 21,267 Corporate - - - Total revenues $ 104,201 $ 96,256 $ 100,449 Income from operations Branded Product Program $ 9,469 $ 10,257 $ 8,394 Product licensing 22,838 20,186 19,812 Restaurant operations 2,730 4,101 5,253 Corporate (7,937 ) (8,264 ) (8,496 ) Income from operations $ 27,100 $ 26,280 $ 24,963 Interest expense (13,591 ) (14,665 ) (14,630 ) Loss on debt extinguishment (Note L) (8,872 ) - - Impairment charge – long lived assets (Note B) (790 ) - - Impairment charge – long-term investment - - (100 ) Interest income 166 104 52 Other income, net 99 85 99 Income before provision for income taxes $ 4,112 $ 11,804 $ 10,384 Total assets Branded Product Program $ 8,174 $ 7,113 $ 6,827 Product licensing 2,269 2,003 1,832 Restaurant operations 7,537 8,740 9,054 Corporate 62,111 60,269 53,836 Total assets $ 80,091 $ 78,125 $ 71,549 Depreciation & amortization expense Branded Product Program $ 298 $ 316 $ 370 Product licensing - - - Restaurant operations 786 762 710 Corporate 268 219 175 Total depreciation & amortization expense $ 1,352 $ 1,297 $ 1,255 |
Note L - Long-term Debt
Note L - Long-term Debt | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE L – LONG-TERM DEBT Long-term debt consists of the following: March 2 5 , March 26, 201 8 2017 6.625% Senior Secured Notes due 2025 $ 150,000 - 10.000% Senior Secured Notes due 2020 - $ 135,000 Less: unamortized debt issuance costs (5,242 ) (3,525 ) Long-term debt, net $ 144,758 $ 131,475 On November 1, 2017, $150,000 6.625% 2025 "2025 144A 1933, 2025 November 1, 2017, ( 2025 2020 2020 $5.00 M.1 November 16, 2017. 2020 $8,872 2020 On March 10, 2015, $135,000 10.000% 2020 2020 144A 2020 March 10, 2015, $116,100 M.1 $5,985 5 2020 The 2020 10.000% March 15 th September 15 th $6,750 September 14, 2017. 2020 no March 10, 2020. The 2025 no November 1, 2025. The Company paid a 5% $6,750 $4,908 2025 $563 2025 November 1, 2017 November 16, 2017. The 2025 6.625% May 1 st November 1 st May 1, 2018. $4,969. $4,068 The terms and conditions of the 2025 There are no 2025 March 25, 2018, 2025 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 2025 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% 2025 may 2025 2025 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 2025 ● 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 2025 ● 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 2025 ● structurally subordinated to the indebtedness of any of the Company’s current and future subsidiaries that do not 2025 The Company may 2025 November 1, 2020, 100% 2025 1% 2025 2025 November 1, 2020 2025 November 1, 2020 ( 50 2025 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 2025 |
Note M - Stockholders' Equity,
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE M – STOCKHOLDERS’ EQUITY, STOCK PLANS AND OTHER EMPLOYEE BENEFIT PLANS 1. Dividend s On May 31, 2018, $1.00 $0.25 $0.25 June 8, 2018 June 22, 2018 June 18, 2018. On November 1, 2017, $5.00 December 22, 2017 $20,923 January 4, 2018 $25 $25 March 31, 2019. On March 10, 2015, $25.00 March 20, 2015 $115,100 March 27, 2015 $1,000 $875 $125 March 31, 2019. 2. Stock Incentive Plans On September 14, 2010, 2010 “2010 150,000 2010 not July 19, 2010 ( 171,000 July 19, 2010 100,000 On September 13, 2012, 2010 250,000 2010 may 2010 3.2 1 March 25, 2018, 219,584 188,933 may 2010 In general, options granted under the Company’s stock incentive plans have terms of five ten three five During the fiscal year ended March 29, 2015, 50,000 $53.89 five four August 6, 2015. The weighted-average option fair values, as determined using the Black-Scholes option valuation model, and the assumptions used to estimate these values for stock options granted during the year ended March 29, 2015 Weighted-average option fair values $ 11.970 Expected life (years) 4.5 Interest rate 1.66 % Volatility 22.77 % Dividend Yield 0 % The expected dividend yield is based on historical and projected yields for regular dividends. The Company estimates expected volatility based primarily on historical monthly price changes of the Company’s stock equal to the expected life of the option. The risk free interest rate is based on the U.S. Treasury yield in effect at the time of the grant. The expected option term is the number of years the Company estimates the options will be outstanding prior to exercise based on expected employment termination behavior. During the fiscal year ended March 30, 2014, 25,000 $49.80 five five $1,245 five The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows: March 25, 2018 March 26, 2017 March 27, 2016 Stock options $ 150 $ 150 $ 181 Restricted stock 248 432 541 $ 398 $ 582 $ 722 The tax benefit on stock-based compensation expense was $144, $213 $298 March 25, 2018, March 26, 2017 March 27, 2016, March 25, 2018, $100 four No March 25, 2018, March 26, 2017 March 27, 2016. In connection with the Company’s special cash dividend, paid on January 4, 2018, December 22, 2017, 2010 “2010 68,498 $33.438 December 22, 2017, 64,384 $35.58 December 20, 2017, $83.20 $78.20 $5.00 No In connection with the Company’s special cash dividend, paid on March 27, 2015, March 20, 2015, 2010 75,745 $35.58 March 29, 2015, 50,000 $53.89. March 27, 2015 $73.56 $48.56 $25.00 No A summary of the status of the Company’s stock options at March 25, 2018, March 26, 2017 March 27, 2016 201 8 2017 2016 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Options outstanding – beginning of year 75,745 $ 35.58 124,030 $ 26.29 142,964 $ 24.36 Granted - - - - - - Replacement options issued (A) 68,498 $ 33.44 Expired - - - - (3,787 ) 11.72 Cancellation of outstanding options (A) (64,384 ) $ 35.58 Exercised (11,361 ) 35.58 (48,285 ) 11.72 (15,147 ) 11.72 Options outstanding - end of year 68,498 $ 33.438 75,745 $ 35.58 124,030 $ 26.29 Options exercisable - end of year 48,348 $ 33.438 37,873 $ 35.58 67,221 $ 18.44 A – Represents the effects on outstanding options after giving to the replacement options issued in connection with the Company’s special dividend to the shareholders of record on December 22, 2017. During the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016, 11,361, 48,285 15,147 0 , $44 $89, March 25, 2018, March 26, 2017 March 27, 2016 $379, $1,555 $486, The following table summarizes information about outstanding stock options at March 25, 2018: Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Options outstanding at March 25, 2018 68,498 $ 33.438 1.36 $ 2,648 Options exercisable at March 25, 2018 48,348 $ 33.438 1.36 $ 1,869 Exercise price is $33.438 Restricted stock: Transactions with respect to restricted stock for the fiscal year ended March 25, 2018 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 March 25, 2018 5,000 $ 49.80 The aggregate fair value of restricted stock vested during the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016 $321, $736 $683, 3. Common Stock Purchase Rights On June 5, 2013, “2013 June 17, 2013 “2013 The 2013 2013 2013 2013 15% $100.00 “2013 2013 one 2013 2013 The Company’s Board of Directors may 2013 2013 10,188,600 2013 2013 June 17, 2018 At March 25, 2018, 6,210,307 June 5, 2013. 4. Stock Repurchase Program s During the period from October 2001 March 25, 2018, 5,127,373 $77,303 March 25, 2018, not On November 9, 2009, sixth 500,000 February 1, 2011, 300,000 February 1, 2016, 200,000 March 11, 2016, 200,000 1.2 939,742 $29,641 sixth March 25, 2018. On March 11, 2016, 175,000 $.01 March 21, 2016. 10b5 1 10b 18 1934, August 2016. On September 9, 2016, 100,000 $.01 September 19, 2016. 10b5 1 10b 18 1934, September 9, 2017. As of March 25, 2018, 260,258 Purchases may no 5. Employment Agreements Effective January 1, 2007, In connection with the foregoing, the Company entered into an employment agreement with each of Messrs. Lorber (as amended, the “Lorber Employment Agreement”) and Gatoff (as amended, the “Gatoff Employment Agreement”). Under the terms of the Lorber Employment Agreement, Mr. Lorber will serve as Executive Chairman of the Board from January 1, 2007 December 31, 2012, November 1, 2012, December 31, 2017 $600 50,000 not December 6, 2017, December 31, 2017 December 31, 2022 $1,000 three $200 no 15 not 50 The Lorber Employment Agreement provides Mr. Lorber with the right to participate in employment benefits offered to other Nathan’s executives. During and after the contract term, Mr. Lorber is subject to certain confidentiality, non-solicitation and non-competition provisions in favor of the Company. In the event that Mr. Lorber’s employment is terminated without cause, he is entitled to receive his salary and bonus for the remainder of the contract term. The Lorber Employment Agreement further provides that in the event there is a change in control, as defined in the agreement, Mr. Lorber has the option, exercisable within one three 2.99 In the event of termination due to Mr. Lorber’s death or disability, he is entitled to receive an amount equal to his salary and annual bonuses for a three three Under the terms of the Gatoff Employment Agreement, Mr. Gatoff initially served as Chief Executive Officer from January 1, 2007 December 31, 2008, one no 180 December 31, 2019, no Pursuant to the agreement, Mr. Gatoff will receive a base salary, currently $500 June 1, 2016, 2018 September 13, 2017. one June 4, 2013, 25,000 $49.80 $1,245 five On June 10, 2015, August 7, 2015 one $16.3 $289 56,933 $.01 $40.28 June 10, 2015. Effective August 4, 2016, August 10, 2017, December 31, 2017. one 1 $8.1 Effective December 31, 2017, no The Company and one May 31, 2007 $136 three Each employment agreement terminates upon death or voluntary termination by the respective employee or may 30 6. Defined Contribution and Union Pension Plans The Company has a defined contribution retirement plan under Section 401 21, one may 20% $.25 3% March 25, 2018, March 26, 2017 March 27, 2016 $40 , $41 $35, The Company participates in a noncontributory, multi-employer, defined benefit pension plan (the “Union Plan”) covering substantially all of the Company’s union-represented employees. The risks of participating in the Union Plan are different from a single-employer plan in the following aspects: (a) assets contributed to the Union Plan by one may may may $441 March 25, 2018. no March 25, 2018 not $12 , $10 $8 March 25, 2018, March 26, 2017 March 27, 2016, 7. Other Benefits The Company provides, on a contributory basis, medical benefits to active employees. The Company does not |
Note N - Commitments and Contin
Note N - Commitments and Contingencies | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE N - COMMITMENTS AND CONTINGENCIES 1. Commitments The Company’s operations are principally conducted in leased premises. The leases generally have initial terms ranging from 5 20 5 20 Revenue from sub-leasing properties is recognized in income as the revenue is earned and deemed collectible. Sub-lease rental income is presented net of associated lease costs in the accompanying consolidated Statements of Earnings. As of March 25, 2018, Lease Sublease Net lease commitments income commitments 2019 $ 1,654 $ 330 $ 1,324 2020 1,569 332 1,237 2021 1,089 309 780 2022 1,092 263 829 2023 1,103 175 928 Thereafter 4,892 690 4,202 $ 11,399 $ 2,099 $ 9,300 Aggregate rental expense, net of sublease income, under all current leases amounted to $1,591 , $1,566 $1,628 March 25, 2018, March 26, 2017 March 27, 2016, $274, $272 $270 March 25, 2018, March 26, 2017 March 27, 2016, Contingent rental payments on building leases are typically made based on the percentage of gross sales of the individual restaurants that exceed predetermined levels. The percentage of gross sales to be paid and related gross sales level vary by unit. Contingent rental expense, which is inclusive of common area maintenance charges, was approximately $478, $457 $517 March 25, 2018, March 26, 2017 March 27, 2016, At March 25, 2018, one April 2027 2. Legal Proceeding s The Company and its subsidiaries are from time to time involved in ordinary and routine litigation. Management presently believes that the ultimate outcome of these proceedings, individually or in the aggregate, will not 3. Guaran ty On February 27, 2017, 10 one 5 24 first three $204 not not 12 |
Note O - Related Party Transact
Note O - Related Party Transactions | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE O - RELATED PARTY TRANSACTIONS A firm to which Mr. Lorber is as an investor (and, prior to January 2012, $36, $26 $19 March 25, 2018, March 26, 2017 March 27, 2016, |
Note P - Quarterly Financial In
Note P - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE P - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 201 8 Total revenues $ 30,803 $ 31,471 $ 22,021 $ 19,906 Gross profit (a) 4,820 6,486 4,168 2,482 Income from operations 8,450 8,734 5,370 4,546 Net income (loss) 2,922 3,120 (3,779 ) 367 Per share information Net income (loss) per share Basic (b) $ .70 $ .75 $ (.90 ) $ .09 Diluted (b) $ .69 $ .74 $ (.90 ) $ .09 Shares used in computation of net income (loss) per share Basic (b) 4,177,000 4,179,000 4,185,000 4,185,000 Diluted (b) 4,215,000 4,212,000 4,185,000 4,228,000 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2017 Total revenues $ 29,280 $ 27,871 $ 19,873 $ 19,232 Gross profit (a) 5,804 6,402 4,074 2,906 Income from operations 8,824 8,031 4,754 4,671 Net income 3,550 2,507 699 729 Per share information Net income per share Basic (b) $ .85 $ .60 $ .17 $ .17 Diluted (b) $ .85 $ .60 $ .17 $ .17 Shares used in computation of net income per share Basic (b) 4,166,000 4,172,000 4,175,000 4,176,000 Diluted (b) 4,191,000 4,207,000 4,209,000 4,217,000 (a) Gross profit represents the difference between sales and cost of sales. (b) The sum of the quarters may not |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 25, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Nathan’s Famous, Inc. and Subsidiaries SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS March 25, 2018, March 26, 2017 March 27, 2016 (in thousands) COL. A COL. B COL. C COL. D COL. E Description Balance at beginning of period Additions charged to costs and expenses Additions charged to other accounts Deductions Balance at end of period Fifty-two weeks ended March 2 5 , 201 8 Allowance for doubtful accounts - accounts receivable $ 457 $ 34 $ - $ (23 ) (a) $ 468 Fifty-two weeks ended March 26, 2017 Allowance for doubtful accounts - accounts receivable $ 471 $ 53 $ - $ (67 ) (a) $ 457 Fifty-two weeks ended March 27, 2016 Allowance for doubtful accounts - accounts receivable $ 443 $ 38 $ - $ (10 ) (a) $ 471 (a) Uncollectible amounts written off. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 25, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. |
Fiscal Period, Policy [Policy Text Block] | 2. Fiscal Year The Company’s fiscal year ends on the last Sunday in March, 52 53 March 25, 2018, March 26, 2017 March 27, 2016 52 |
Reclassification, Policy [Policy Text Block] | 3. Reclassifications We have reclassified certain items in the Consolidated Statements of Earnings for prior periods to be comparable with the classification for the fiscal year ended March 25, 2018. no |
Use of Estimates, Policy [Policy Text Block] | 4. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management in preparing the consolidated financial statements include revenue recognition, the allowance for doubtful accounts, valuation of stock-based compensation, accounting for income taxes, and the valuation of goodwill, intangible assets and other long-lived assets. |
Inventory, Policy [Policy Text Block] | 5. Inventories Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food items and supplies. Cost is determined using the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | 6. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows: Building and improvements (in years) 5 – 25 Machinery, equipment, furniture and fixtures (in years) 3 – 15 Leasehold improvements (in years) 5 – 20 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 7. Goodwill and Intangible Asset s Goodwill and intangible assets consist of (i) goodwill of $95 1987; $1,353 The Company’s goodwill and intangible assets are deemed to have indefinite lives and, accordingly, are not may may not March 25, 2018 March 26, 2017, no |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 8. Lon g-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not Each reporting period, management reviews the carrying value of its investments based upon the financial information provided by the investment’s management and considers whether indicators of an other-than-temporary impairment exists. If an impairment indicator exists, management evaluates the fair value of its investment to determine if an, other-than-temporary impairment in value has occurred. We are required to recognize an impairment on the investment if such impairment is considered to be other-than-temporary. Impairment losses are recorded on long-lived assets on a restaurant-by-restaurant basis whenever impairment factors are determined to be present. The Company tests the recoverability of its long-lived assets with finite useful lives whenever events or changes in circumstances indicate that the carrying value of the asset may not may March 25, 2018, $790 one No March 26, 2017 March 27, 2016. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 9 . Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy, as outlined in the applicable accounting guidance, is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three ● Level 1 ● Level 2 ● Level 3 The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level 1 may At March 25, 2018 March 26, 2017, not The Company’s long-term debt had a face value of $150,000 March 25, 2018 $150,750 March 25, 2018. 2. The carrying amounts of cash, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. The majority of the Company’s non-financial assets and liabilities are not 3 |
Start-up Activities, Cost Policy [Policy Text Block] | 10 . Start-up Costs Pre-opening and similar restaurant costs are expensed as incurred. |
Revenue Recognition, Policy [Policy Text Block] | 11. Revenue Recognition - Branded Product Program The Company recognizes sales from the Branded Product Program and certain products sold from the Branded Menu Program upon delivery to Nathan’s customers via third 1 2. Revenue Recognition - Company-owned Restaurants Sales by Company-owned restaurants, which are typically paid in cash or credit card by the customer, are recognized at the point of sale. Sales are presented net of sales tax. 1 3 . Revenue Recognition - Franchising Operations In connection with its franchising operations, the Company receives initial franchise fees, international development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees. Franchise and international development fees, which are typically received prior to completion of the revenue recognition process, are initially recorded as deferred revenue. Initial franchise fees, which are non-refundable, are recognized as income when substantially all services to be performed by Nathan’s and conditions relating to the sale of the franchise have been performed or satisfied, which generally occurs when the franchised restaurant commences operations. The following services are typically provided by the Company prior to the opening of a franchised restaurant: o Approval of all site selections to be developed. o Provision of architectural plans suitable for restaurants to be developed. o Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant. o Provision of appropriate menus to coordinate with the restaurant design and location to be developed. o Provision of management training for the new franchisee and selected staff. o Assistance with the initial operations of restaurants being developed. International development fees are recognized, net of direct expenses, upon the opening of the first At March 25, 2018 March 26, 2017, $193 $98, March 25, 2018, March 26, 2017 March 27, 2016, $334, $778 $751, Development fees are non-refundable and the related agreements require the franchisee to open a specified number of restaurants in the development area within a specified time period or the agreements may If substantial obligations under the development agreement are not first March 25, 2018 March 26, 2017, $238 $67, The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016: March 2 5, March 26, March 27, 201 8 2017 2016 Franchised restaurants operating at the beginning of the period 279 259 296 New franchised restaurants opened during the period 40 53 56 Franchised restaurants closed during the period (43 ) (33 ) (93 ) Franchised restaurants operating at the end of the period 276 279 259 The Company recognizes franchise royalties on a monthly basis, which are generally based upon a percentage of sales made by the Company’s franchisees, when they are earned and deemed collectible. The Company recognizes royalty revenue from its Branded Menu Program directly from the sale of Nathan’s products by its primary distributor or directly from the manufacturers. Franchise fees and royalties that are not not (See Note B.21 1 4 . Revenue Recognition – License Royalties The Company earns revenue from royalties on the licensing of the use of its intellectual property in connection with certain products produced and sold by outside vendors. The use of the Company’s intellectual property must be approved by the Company prior to each specific application to ensure proper quality and a consistent image. Revenue from license royalties is generally based on a percentage of sales, subject to certain annual minimum royalties, recognized on a monthly basis when it is earned and deemed collectible. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 15 . Business Concentrations and Geographical Information At March 25, 2018 March 26, 2017 not The Company’s accounts receivable consist principally of receivables from franchisees for royalties and advertising contributions, from sales under the Branded Product Program, and from royalties from retail licensees. At March 25, 2018, three 41%, 20% 8%, March 26, 2017, four 21%, 15%, 12% 8%, 19%, 12% 14% March 25, 2018, March 26, 2017 March 27, 2016, 21%, 20% 19% March 25, 2018, March 26, 2017 March 27, 2016, The Company’s primary supplier of hot dogs represented 92%, 91% 90% March 25, 2018, March 26, 2017 March 27, 2016, 4%, 5% 5 % March 25, 2018, March 26, 2017 March 27, 2016, The Company’s revenues for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016 March 25, 2018 March 26, 2017 March 27, 2016 Domestic (United States) $ 97,661 $ 90,070 $ 95,214 Non-domestic 6,540 6,186 5,235 $ 104,201 $ 96,256 $ 100,449 The Company’s sales for the fiscal years ended March 25, 2018, March 26, 2017 March 27, 2016 March 25, 2018 March 26, 2017 March 27, 2016 Branded Products $ 62,623 $ 55,960 $ 58,545 Company-owned restaurants 14,085 14,646 16,222 Other - 214 823 $ 76,708 $ 70,820 $ 75,590 |
Advertising Costs, Policy [Policy Text Block] | 16 . Advertising The Company administers an advertising fund on behalf of its restaurant system to coordinate the marketing efforts of the Company. Under this arrangement, the Company collects and disburses fees paid by manufacturers, franchisees and Company-owned stores for national and regional advertising, promotional and public relations programs. Contributions to the advertising fund are based on specified percentages of net sales, generally ranging up to 2%. $117, $182 $191, March 25, 2018, March 26, 2017 March 27, 2016, (See Note B.21 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 17 . Stock-Based Compensation At March 25, 2018, one M.2. The cost of all share-based payments, including grants of restricted stock and stock options, is recognized in the financial statements based on their fair values measured at the grant date, or the date of any later modification, over the requisite service period. The Company recognizes compensation cost for unvested stock awards on a straight-line basis over the requisite vesting period. |
Cost of Sales, Policy [Policy Text Block] | 18 . Classification of Operating Expenses Cost of sales consists of the following: ○ The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels. ○ The cost of labor and associated costs of in-store restaurant management and crew. ○ The cost of paper products used in Company-operated restaurants. ○ Other direct costs such as fulfillment, commissions, freight and samples. Restaurant operating expenses consist of the following: ○ Occupancy costs of Company-operated restaurants. ○ Utility costs of Company-operated restaurants. ○ Repair and maintenance expenses of Company-operated restaurant facilities. ○ Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants. ○ Insurance costs directly related to Company-operated restaurants. |
Income Tax, Policy [Policy Text Block] | 19 . Income Taxes The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes and income tax benefits from share-based payments. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any operating loss or tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than not not Uncertain Tax Positions The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company may not fifty See Note J for a further discussion of our income taxes. |
New Accounting Pronouncements, Policy [Policy Text Block] | 20. Adoption of New Accounting Pronouncements In July 2015, first first no June 25, 2017 not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight 230. 2016 15 December 15, 2017. 2016 15 December 24, 2017. not 21 . New Accounting Pronouncements Not Adopt ed In May 2014, No. 2014 09, “ Revenue from Contracts with Customers (Topic 606 Public companies were originally expected to apply the new standard for annual periods beginning after December 15, 2016. December 15, 2017. first June 2018) March 31, 2019. There are two The Company has determined that this standard will not The new standard will change how the Company records initial restaurant fees from franchisees, renewal fees and international development fees. Through March 25, 2018, first The standard requires that the transaction price received from customers be allocated to each separate and distinct performance obligation. The transaction price attributable to each separate and distinct performance obligation would then be recognized as the performance obligations are satisfied. The services we provide related to upfront fees we receive from franchisees do not March 26, 2018, not Upon adoption, we expect to record deferred revenue for the unamortized portion of fees received on behalf of the then operating franchise agreements of $2,735, $731 $2,004 The adoption of the new guidance will also change the reporting of advertising fund contributions from franchisees and the related advertising fund expenditures, which are not not 2018, $2,500. We are finalizing the impact of the standards on our disclosures of the Company’s revenues. Further, we are currently implementing internal controls related to the recognition and presentation of the Company’s revenues under these new standards. In February 2016, December 15, 2018, first June 2019) March 29, 2020. March 2018, 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 amendment is 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 B - Summary of Significa26
Note B - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Building and improvements (in years) 5 – 25 Machinery, equipment, furniture and fixtures (in years) 3 – 15 Leasehold improvements (in years) 5 – 20 |
Schedule of Franchisor Disclosure [Table Text Block] | March 2 5, March 26, March 27, 201 8 2017 2016 Franchised restaurants operating at the beginning of the period 279 259 296 New franchised restaurants opened during the period 40 53 56 Franchised restaurants closed during the period (43 ) (33 ) (93 ) Franchised restaurants operating at the end of the period 276 279 259 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | March 25, 2018 March 26, 2017 March 27, 2016 Domestic (United States) $ 97,661 $ 90,070 $ 95,214 Non-domestic 6,540 6,186 5,235 $ 104,201 $ 96,256 $ 100,449 |
Revenue from External Customers by Products and Services [Table Text Block] | March 25, 2018 March 26, 2017 March 27, 2016 Branded Products $ 62,623 $ 55,960 $ 58,545 Company-owned restaurants 14,085 14,646 16,222 Other - 214 823 $ 76,708 $ 70,820 $ 75,590 |
Note C - Income Per Share (Tabl
Note C - Income Per Share (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income Shares Net income per share 201 8 2017 2016 201 8 2017 2016 201 8 2017 2016 Basic EPS Basic calculation $ 2,630 $ 7,485 $ 6,096 4,181,000 4,172,000 4,430,000 $ 0.63 $ 1.79 $ 1.38 Effect of dilutive employee stock options - - - 40,000 34,000 33,000 (.01 ) (.01 ) (.01 ) Diluted EPS Diluted calculation $ 2,630 $ 7,485 $ 6,096 4,221,000 4,206,000 4,463,000 $ 0.62 $ 1.78 $ 1.37 |
Note D - Marketable Securities
Note D - Marketable Securities (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Realized Gain (Loss) on Investments [Table Text Block] | March 27, 2016 Available-for-sale securities: Proceeds $ 10,868 Gross realized gains $ 26 |
Note E - Accounts and Other R29
Note E - Accounts and Other Receivables, Net (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 25 , March 26, 201 8 2017 Branded product sales $ 7,604 $ 6,037 Franchise and license royalties 2,767 2,746 Other 599 622 10,970 9,405 Less: allowance for doubtful accounts 468 457 Accounts and other receivables, net $ 10,502 $ 8,948 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | March 25, 2018 March 26, 2017 March 27, 2016 Beginning balance $ 457 $ 471 $ 443 Bad debt expense 34 53 38 Accounts written off (23 ) (67 ) (10 ) Ending balance $ 468 $ 457 $ 471 |
Note F - Prepaid Expenses and30
Note F - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | March 2 5 , March 26, 201 8 2017 Income taxes $ 1,624 $ - Insurance 266 319 Other 983 774 Total prepaid expenses and other current assets $ 2,873 $ 1,093 |
Note H - Property and Equipme31
Note H - Property and Equipment, Net (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Property, Plant, and Equipment, Carrying Value [Table Text Block] | March 25, March 26, 2018 2017 Land $ 835 $ 1,197 Building and improvements 2,035 2,119 Machinery, equipment, furniture and fixtures 5,450 5,749 Leasehold improvements 6,578 7,181 Construction-in-progress 8 120 Total property and equipment 14,906 16,366 Less: accumulated depreciation and amortization 8,264 7,522 Property and equipment, net $ 6,642 $ 8,844 |
Note I - Accrued Expenses, Ot32
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 25, March 26, 2018 2017 Payroll and other benefits $ 2,733 $ 2,708 Accrued rebates 1,541 1,050 Rent and occupancy costs 200 215 Deferred revenue 780 723 Construction costs 68 160 Interest 3,948 463 Professional fees 157 109 Sales, use and other taxes 80 143 Dividend payable 150 125 Deposit payable 1,201 - Other 390 169 Total accrued expenses and other current liabilities $ 11,248 $ 5,865 |
Schedule of Other Assets and Other Liabilities [Table Text Block] | March 25, March 26, 2018 2017 Deferred development fees $ 238 $ 67 Reserve for uncertain tax positions (Note J) 467 366 Deferred rental liability 677 786 Dividend payable - 125 Other 211 211 Total other liabilities $ 1,593 $ 1,555 |
Note J - Income Taxes (Tables)
Note J - Income Taxes (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | March 25 , 201 8 March 26, 2017 March 27, 2016 Federal Current $ 1,077 $ 3,024 $ 3,176 Deferred (474 ) 79 (11 ) Total Federal income tax 603 3,103 3,165 State and local Current 917 1,195 1,135 Deferred (38 ) 21 (12 ) Total State and local income tax 879 1,216 1,123 Total provision for income taxes $ 1,482 $ 4,319 $ 4,288 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | March 25 , 201 8 March 26, 2017 March 27, 2016 Computed “expected” tax expense $ 1,275 $ 4,013 $ 3,531 State and local income taxes, net of Federal income tax benefit 506 797 826 Change in uncertain tax positions, net 98 (11 ) (129 ) Nondeductible meals and entertainment and other 21 61 60 Nondeductible compensation - 118 - Tax reform act (245 ) - - Tax benefit share based payments (173 ) (659 ) - Total provision for income taxes $ 1,482 $ 4,319 $ 4,288 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 25 , March 26, 201 8 2017 Deferred tax assets Accrued expenses $ 310 $ 361 Allowance for doubtful accounts 40 59 Deferred revenue 291 347 Deferred stock compensation 166 224 Excess of straight line over actual rent 194 338 Investment 123 187 Other 97 104 Total deferred tax assets $ 1,221 $ 1,620 Deferred tax liabilities Deductible prepaid expense 280 288 Depreciation expense 882 1,771 Amortization 361 374 Total deferred tax liabilities 1,523 2,433 Net deferred tax (liability) $ (302 ) $ (813 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | March 25, 2018 March 26, 2017 March 27, 2016 Unrecognized tax benefits, beginning of year $ 167 $ 208 $ 266 Decreases of tax positions taken in prior years (2 ) (31 ) (98 ) Increases based on tax positions taken in current year 98 41 43 Settlements of tax positions taken in prior years - (51 ) (3 ) Unrecognized tax benefits, end of year $ 263 $ 167 $ 208 |
Summary of Income Tax Examinations [Table Text Block] | Jurisdiction Fiscal Year Federal 2015 New York State 2015 New York City 2015 New Jersey 2014 Pennsylvania 2015 Virginia 2015 |
Note K - Segment Information (T
Note K - Segment Information (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fifty- Two Fifty-Two Fifty-Two weeks ended weeks ended weeks ended March 25, 2018 March 26, 2017 March 27, 2016 Revenues Branded Product Program $ 62,623 $ 56,174 $ 59,367 Product licensing 23,020 20,368 19,815 Restaurant operations 18,558 19,714 21,267 Corporate - - - Total revenues $ 104,201 $ 96,256 $ 100,449 Income from operations Branded Product Program $ 9,469 $ 10,257 $ 8,394 Product licensing 22,838 20,186 19,812 Restaurant operations 2,730 4,101 5,253 Corporate (7,937 ) (8,264 ) (8,496 ) Income from operations $ 27,100 $ 26,280 $ 24,963 Interest expense (13,591 ) (14,665 ) (14,630 ) Loss on debt extinguishment (Note L) (8,872 ) - - Impairment charge – long lived assets (Note B) (790 ) - - Impairment charge – long-term investment - - (100 ) Interest income 166 104 52 Other income, net 99 85 99 Income before provision for income taxes $ 4,112 $ 11,804 $ 10,384 Total assets Branded Product Program $ 8,174 $ 7,113 $ 6,827 Product licensing 2,269 2,003 1,832 Restaurant operations 7,537 8,740 9,054 Corporate 62,111 60,269 53,836 Total assets $ 80,091 $ 78,125 $ 71,549 Depreciation & amortization expense Branded Product Program $ 298 $ 316 $ 370 Product licensing - - - Restaurant operations 786 762 710 Corporate 268 219 175 Total depreciation & amortization expense $ 1,352 $ 1,297 $ 1,255 |
Note L - Long-term Debt (Tables
Note L - Long-term Debt (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 2 5 , March 26, 201 8 2017 6.625% Senior Secured Notes due 2025 $ 150,000 - 10.000% Senior Secured Notes due 2020 - $ 135,000 Less: unamortized debt issuance costs (5,242 ) (3,525 ) Long-term debt, net $ 144,758 $ 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 M - Stockholders' Equity36
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted-average option fair values $ 11.970 Expected life (years) 4.5 Interest rate 1.66 % Volatility 22.77 % Dividend Yield 0 % |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | March 25, 2018 March 26, 2017 March 27, 2016 Stock options $ 150 $ 150 $ 181 Restricted stock 248 432 541 $ 398 $ 582 $ 722 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | 201 8 2017 2016 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Options outstanding – beginning of year 75,745 $ 35.58 124,030 $ 26.29 142,964 $ 24.36 Granted - - - - - - Replacement options issued (A) 68,498 $ 33.44 Expired - - - - (3,787 ) 11.72 Cancellation of outstanding options (A) (64,384 ) $ 35.58 Exercised (11,361 ) 35.58 (48,285 ) 11.72 (15,147 ) 11.72 Options outstanding - end of year 68,498 $ 33.438 75,745 $ 35.58 124,030 $ 26.29 Options exercisable - end of year 48,348 $ 33.438 37,873 $ 35.58 67,221 $ 18.44 |
Share-based Compensation, Activity [Table Text Block] | Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Options outstanding at March 25, 2018 68,498 $ 33.438 1.36 $ 2,648 Options exercisable at March 25, 2018 48,348 $ 33.438 1.36 $ 1,869 Exercise price is $33.438 |
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 March 25, 2018 5,000 $ 49.80 |
Note N - Commitments and Cont37
Note N - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Lease Sublease Net lease commitments income commitments 2019 $ 1,654 $ 330 $ 1,324 2020 1,569 332 1,237 2021 1,089 309 780 2022 1,092 263 829 2023 1,103 175 928 Thereafter 4,892 690 4,202 $ 11,399 $ 2,099 $ 9,300 |
Note P - Quarterly Financial 38
Note P - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 201 8 Total revenues $ 30,803 $ 31,471 $ 22,021 $ 19,906 Gross profit (a) 4,820 6,486 4,168 2,482 Income from operations 8,450 8,734 5,370 4,546 Net income (loss) 2,922 3,120 (3,779 ) 367 Per share information Net income (loss) per share Basic (b) $ .70 $ .75 $ (.90 ) $ .09 Diluted (b) $ .69 $ .74 $ (.90 ) $ .09 Shares used in computation of net income (loss) per share Basic (b) 4,177,000 4,179,000 4,185,000 4,185,000 Diluted (b) 4,215,000 4,212,000 4,185,000 4,228,000 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2017 Total revenues $ 29,280 $ 27,871 $ 19,873 $ 19,232 Gross profit (a) 5,804 6,402 4,074 2,906 Income from operations 8,824 8,031 4,754 4,671 Net income 3,550 2,507 699 729 Per share information Net income per share Basic (b) $ .85 $ .60 $ .17 $ .17 Diluted (b) $ .85 $ .60 $ .17 $ .17 Shares used in computation of net income per share Basic (b) 4,166,000 4,172,000 4,175,000 4,176,000 Diluted (b) 4,191,000 4,207,000 4,209,000 4,217,000 |
Schedule II - Valuation and Q39
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 25, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | COL. A COL. B COL. C COL. D COL. E Description Balance at beginning of period Additions charged to costs and expenses Additions charged to other accounts Deductions Balance at end of period Fifty-two weeks ended March 2 5 , 201 8 Allowance for doubtful accounts - accounts receivable $ 457 $ 34 $ - $ (23 ) (a) $ 468 Fifty-two weeks ended March 26, 2017 Allowance for doubtful accounts - accounts receivable $ 471 $ 53 $ - $ (67 ) (a) $ 457 Fifty-two weeks ended March 27, 2016 Allowance for doubtful accounts - accounts receivable $ 443 $ 38 $ - $ (10 ) (a) $ 471 |
Note A - Description and Orga40
Note A - Description and Organization of Business (Details Textual) | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 |
Number of States in which Entity Operates | 20 | |||
Number of Countries in which Entity Operates | 12 | |||
Entity Operated Units [Member] | ||||
Number of Restaurants | 5 | |||
Franchised Units [Member] | ||||
Number of Restaurants | 276 | 279 | 259 | 296 |
Note B - Summary of Significa41
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 25, 2018 | Dec. 24, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | Jun. 24, 2018 | |
Goodwill, Ending Balance | $ 95,000 | $ 95,000 | $ 95,000 | $ 95,000 | ||||||||
Intangible Assets, Net (Excluding Goodwill), Total | 1,353,000 | 1,353,000 | 1,353,000 | 1,353,000 | ||||||||
Impairment of Long-Lived Assets Held-for-use | 790,000 | 790,000 | 0 | $ 0 | ||||||||
Long-term Debt, Total | 144,758,000 | 131,475,000 | 144,758,000 | 131,475,000 | ||||||||
Long-term Debt, Fair Value | 150,750,000 | 150,750,000 | ||||||||||
Revenues, Total | 19,906,000 | $ 22,021,000 | $ 31,471,000 | $ 30,803,000 | 19,232,000 | $ 19,873,000 | $ 27,871,000 | $ 29,280,000 | $ 104,201,000 | 96,256,000 | 100,449,000 | |
Maximum Contributions to Advertising Fund Percentage of Net Sales | 2.00% | |||||||||||
Advertising Expense | $ 117,000 | 182,000 | $ 191,000 | |||||||||
Deferred Tax Liabilities, Net, Noncurrent | 302,000 | 814,000 | 302,000 | $ 814,000 | ||||||||
Accounting Standards Update 2014-09 [Member] | Scenario, Forecast [Member] | ||||||||||||
Deferred Revenue | $ 2,735,000 | |||||||||||
Other Assets, Total | 731,000 | |||||||||||
Deferred Tax Liabilities, Net, Noncurrent | $ (2,004,000) | |||||||||||
Accounting Standards Update 2014-09 [Member] | Pro Forma [Member] | ||||||||||||
Revenues, Total | $ 2,500 | |||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member] | ||||||||||||
Concentration Risk, Percentage | 41.00% | 21.00% | ||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer B [Member] | ||||||||||||
Concentration Risk, Percentage | 20.00% | 15.00% | ||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer C [Member] | ||||||||||||
Concentration Risk, Percentage | 8.00% | 12.00% | ||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer D [Member] | ||||||||||||
Concentration Risk, Percentage | 8.00% | |||||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member] | ||||||||||||
Concentration Risk, Percentage | 19.00% | 12.00% | 14.00% | |||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | One Retail Licensee [Member] | ||||||||||||
Concentration Risk, Percentage | 21.00% | 20.00% | 19.00% | |||||||||
Cost of Goods, Product Line [Member] | Supplier Concentration Risk [Member] | Primary Supplier of Hot Dogs [Member] | ||||||||||||
Concentration Risk, Percentage | 92.00% | 91.00% | 90.00% | |||||||||
Cost of Goods, Product Line [Member] | Supplier Concentration Risk [Member] | Distributor of Product to Company-owned Restaurants [Member] | ||||||||||||
Concentration Risk, Percentage | 4.00% | 5.00% | 5.00% | |||||||||
New Unit Openings, Transfers, Co-branding, and Forfeitures [Member] | Franchise [Member] | ||||||||||||
Revenues, Total | $ 334,000 | $ 778,000 | $ 751,000 | |||||||||
Deferred Franchise Fees [Member] | ||||||||||||
Deferred Revenue, Current | 193,000 | 98,000 | 193,000 | 98,000 | ||||||||
Deferred Development Fee [Member] | ||||||||||||
Deferred Revenue | $ 238,000 | $ 67,000 | $ 238,000 | $ 67,000 |
Note B - Summary of Significa42
Note B - Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Mar. 25, 2018 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Building and improvements (in years) (Year) | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Building and improvements (in years) (Year) | 25 years |
Machinery, Equipment, Furniture, and Fixtures [Member] | Minimum [Member] | |
Building and improvements (in years) (Year) | 3 years |
Machinery, Equipment, Furniture, and Fixtures [Member] | Maximum [Member] | |
Building and improvements (in years) (Year) | 15 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Building and improvements (in years) (Year) | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Building and improvements (in years) (Year) | 20 years |
Note B - Summary of Significa43
Note B - Summary of Significant Accounting Policies - Summary of Franchise Openings and Closings for the Nathan's Franchise Restaurant System (Details) - Franchised Units [Member] | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Franchised restaurants operating at the beginning of the period | 279 | 259 | 296 |
New franchised restaurants opened during the period | 40 | 53 | 56 |
Franchised restaurants closed during the period | (43) | (33) | (93) |
Franchised restaurants operating at the end of the period | 276 | 279 | 259 |
Note B - Summary of Significa44
Note B - Summary of Significant Accounting Policies - The Company's Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 25, 2018 | Dec. 24, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Revenues, Total | $ 19,906 | $ 22,021 | $ 31,471 | $ 30,803 | $ 19,232 | $ 19,873 | $ 27,871 | $ 29,280 | $ 104,201 | $ 96,256 | $ 100,449 |
Domestic [Member] | |||||||||||
Revenues, Total | 97,661 | 90,070 | 95,214 | ||||||||
Non-domestic [Member] | |||||||||||
Revenues, Total | $ 6,540 | $ 6,186 | $ 5,235 |
Note B - Summary of Significa45
Note B - Summary of Significant Accounting Policies - The Company's Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 25, 2018 | Dec. 24, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Sales | $ 19,906 | $ 22,021 | $ 31,471 | $ 30,803 | $ 19,232 | $ 19,873 | $ 27,871 | $ 29,280 | $ 104,201 | $ 96,256 | $ 100,449 |
Branded Product Sales [Member] | |||||||||||
Sales | 62,623 | 55,960 | 58,545 | ||||||||
Company Operated Restaurants [Member] | |||||||||||
Sales | 14,085 | 14,646 | 16,222 | ||||||||
Other Products [Member] | |||||||||||
Sales | 214 | 823 | |||||||||
Product [Member] | |||||||||||
Sales | $ 76,708 | $ 70,820 | $ 75,590 |
Note C - Income Per Share (Deta
Note C - Income Per Share (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 |
Note C - Income Per Share - Ear
Note C - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 25, 2018 | [1] | Dec. 24, 2017 | [1] | Sep. 24, 2017 | [1] | Jun. 25, 2017 | [1] | Mar. 26, 2017 | [1] | Dec. 25, 2016 | [1] | Sep. 25, 2016 | [1] | Jun. 26, 2016 | [1] | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Net income, basic calculation | $ (2,630) | $ (7,485) | $ (6,096) | ||||||||||||||||
Number of shares, basic calculation (in shares) | 4,185,000 | 4,185,000 | 4,179,000 | 4,177,000 | 4,176,000 | 4,175,000 | 4,172,000 | 4,166,000 | 4,181,000 | 4,172,000 | 4,430,000 | ||||||||
Net income per share, basic calculation (in dollars per share) | $ 0.09 | $ (0.90) | $ 0.75 | $ 0.70 | $ 0.17 | $ 0.17 | $ 0.60 | $ 0.85 | $ 0.63 | $ 1.79 | $ 1.38 | ||||||||
Effect of dilutive employee stock options (in shares) | 40,000 | 34,000 | 33,000 | ||||||||||||||||
Net income per share, effect of dilutive employee stock options (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.01) | ||||||||||||||||
Net income, diluted calculation | $ 2,630 | $ 7,485 | $ 6,096 | ||||||||||||||||
Number of shares, diluted calculation (in shares) | 4,228,000 | 4,185,000 | 4,212,000 | 4,215,000 | 4,217,000 | 4,209,000 | 4,207,000 | 4,191,000 | 4,221,000 | 4,206,000 | 4,463,000 | ||||||||
Net income, diluted calculation (in dollars per share) | $ 0.09 | $ (0.90) | $ 0.74 | $ 0.69 | $ 0.17 | $ 0.17 | $ 0.60 | $ 0.85 | $ 0.62 | $ 1.78 | $ 1.37 | ||||||||
[1] | The sum of the quarters may not equal the full year per share amounts included in the accompanying consolidated statements of earnings due to the effect of the weighted average number of shares outstanding during the fiscal years as compared to the quarters. |
Note D - Marketable Securitie48
Note D - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Available-for-sale Securities, Total | $ 0 | $ 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax, Total | $ 47 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | $ 25 |
Note D - Marketable Securitie49
Note D - Marketable Securities - Proceeds from Sale of Available-for-sale Securities and the Resulting Gross Realized Gains (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Available-for-sale securities: | |||
Proceeds | $ 10,868 | ||
Gross realized gains | $ 26 |
Note E - Accounts and Other R50
Note E - Accounts and Other Receivables, Net (Details Textual) | 12 Months Ended |
Mar. 25, 2018 | |
Accounts Receivable Payment Terms | 30 days |
Note E - Accounts and Other R51
Note E - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 |
Accounts receivable, gross, current | $ 10,970 | $ 9,405 | ||
Less: allowance for doubtful accounts | 468 | 457 | $ 471 | $ 443 |
Accounts and other receivables, net | 10,502 | 8,948 | ||
Branded Product Sales [Member] | ||||
Accounts receivable, gross, current | 7,604 | 6,037 | ||
Franchise and License Royalties [Member] | ||||
Accounts receivable, gross, current | 2,767 | 2,746 | ||
Other Receivables [Member] | ||||
Accounts receivable, gross, current | $ 599 | $ 622 |
Note E - Accounts and Other R52
Note E - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Beginning balance | $ 457 | $ 471 | $ 443 |
Bad debt expense | 34 | 53 | 38 |
Accounts written off | (23) | (67) | (10) |
Ending balance | $ 468 | $ 457 | $ 471 |
Note F - Prepaid Expenses and53
Note F - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 25, 2018 | Mar. 26, 2017 |
Income taxes | $ 1,624 | |
Insurance | 266 | 319 |
Other | 983 | 774 |
Total prepaid expenses and other current assets | $ 2,873 | $ 1,093 |
Note G - Assets Held for Sale (
Note G - Assets Held for Sale (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 25, 2018 | Mar. 26, 2017 | |
Disposal Group, Including Discontinued Operation, Consideration | $ 12,250 | |
Proceeds from Divestiture of Businesses | 1,201 | |
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | $ 610 |
Note H - Property and Equipme55
Note H - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 25, 2018 | Mar. 26, 2017 |
Land | $ 835 | $ 1,197 |
Building and improvements | 2,035 | 2,119 |
Machinery, equipment, furniture and fixtures | 5,450 | 5,749 |
Leasehold improvements | 6,578 | 7,181 |
Construction-in-progress | 8 | 120 |
Total property and equipment | 14,906 | 16,366 |
Property and equipment accumulated depreciation | 8,264 | 7,522 |
Property and equipment, net | $ 6,642 | $ 8,844 |
Note I - Accrued Expenses, Ot56
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 25, 2018 | Mar. 26, 2017 |
Payroll and other benefits | $ 2,733 | $ 2,708 |
Accrued rebates | 1,541 | 1,050 |
Rent and occupancy costs | 200 | 215 |
Construction costs | 68 | 160 |
Interest | 3,948 | 463 |
Professional fees | 157 | 109 |
Sales, use and other taxes | 80 | 143 |
Dividend payable | 150 | 125 |
Deposit payable | 1,201 | |
Other | 390 | 169 |
Total accrued expenses and other current liabilities | 11,248 | 5,865 |
Deferred Franchise Fees And Other Deferred Revenue [Member] | ||
Deferred revenue | $ 780 | $ 723 |
Note I - Accrued Expenses, Ot57
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 25, 2018 | Mar. 26, 2017 |
Deferred development fees | $ 238 | $ 67 |
Reserve for uncertain tax positions (Note J) | 467 | 366 |
Deferred rental liability | 677 | 786 |
Dividend payable | 125 | |
Other | 211 | 211 |
Total other liabilities | $ 1,593 | $ 1,555 |
Note J - Income Taxes (Details
Note J - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 245 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 31.00% | 34.00% | 34.00% | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 263 | $ 167 | $ 208 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 214 | 183 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 31 | $ 29 | $ 34 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 3 | |||
Scenario, Forecast [Member] | Minimum [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 27.00% | |||
Scenario, Forecast [Member] | Maximum [Member] | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 30.00% |
Note J - Income Taxes - Income
Note J - Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Federal | |||
Current | $ 1,077 | $ 3,024 | $ 3,176 |
Deferred | (474) | 79 | (11) |
Total Federal income tax | 603 | 3,103 | 3,165 |
State and local | |||
Current | 917 | 1,195 | 1,135 |
Deferred | (38) | 21 | (12) |
Total State and local income tax | 879 | 1,216 | 1,123 |
Total provision for income taxes | $ 1,482 | $ 4,319 | $ 4,288 |
Note J - Income Taxes - Effecti
Note J - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Computed "expected" tax expense | $ 1,275 | $ 4,013 | $ 3,531 |
State and local income taxes, net of Federal income tax benefit | 506 | 797 | 826 |
Change in uncertain tax positions, net | 98 | (11) | (129) |
Nondeductible meals and entertainment and other | 21 | 61 | 60 |
Nondeductible compensation | 118 | ||
Tax reform act | (245) | ||
Tax benefit share based payments | (173) | (659) | |
Total provision for income taxes | $ 1,482 | $ 4,319 | $ 4,288 |
Note J - Income Taxes - Deferre
Note J - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Mar. 25, 2018 | Mar. 26, 2017 |
Deferred tax assets | ||
Accrued expenses | $ 310 | $ 361 |
Allowance for doubtful accounts | 40 | 59 |
Deferred revenue | 291 | 347 |
Deferred stock compensation | 166 | 224 |
Excess of straight line over actual rent | 194 | 338 |
Investment | 123 | 187 |
Other | 97 | 104 |
Total deferred tax assets | 1,221 | 1,620 |
Deferred tax liabilities | ||
Deductible prepaid expense | 280 | 288 |
Depreciation expense | 882 | 1,771 |
Amortization | 361 | 374 |
Total deferred tax liabilities | 1,523 | 2,433 |
Net deferred tax (liability) | $ (302) | $ (813) |
Note J - Income Taxes - Reconci
Note J - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Unrecognized tax benefits, beginning of year | $ 167 | $ 208 | $ 266 |
Decreases of tax positions taken in prior years | (2) | (31) | (98) |
Increases based on tax positions taken in current year | 98 | 41 | 43 |
Settlements of tax positions taken in prior years | (51) | (3) | |
Unrecognized tax benefits, end of year | $ 263 | $ 167 | $ 208 |
Note J - Income Taxes - The Ear
Note J - Income Taxes - The Earliest Tax Years Subject to Examination by Taxing Authorities (Details) - Earliest Tax Year [Member] | 12 Months Ended |
Mar. 25, 2018 | |
Domestic Tax Authority [Member] | |
Earliest tax year subject to examination | 2,015 |
New York State [Member] | |
Earliest tax year subject to examination | 2,015 |
New York City [Member] | |
Earliest tax year subject to examination | 2,015 |
New Jersey [Member] | |
Earliest tax year subject to examination | 2,014 |
Pennsylvania [Member] | |
Earliest tax year subject to examination | 2,015 |
Virginia [Member] | |
Earliest tax year subject to examination | 2,015 |
Note K - Segment Information -
Note K - Segment Information - Operating Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 25, 2018 | Dec. 24, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Sales | $ 19,906,000 | $ 22,021,000 | $ 31,471,000 | $ 30,803,000 | $ 19,232,000 | $ 19,873,000 | $ 27,871,000 | $ 29,280,000 | $ 104,201,000 | $ 96,256,000 | $ 100,449,000 |
Income from operations | 4,546,000 | $ 5,370,000 | $ 8,734,000 | $ 8,450,000 | 4,671,000 | $ 4,754,000 | $ 8,031,000 | $ 8,824,000 | 27,100,000 | 26,280,000 | 24,963,000 |
Interest expense | (13,591,000) | (14,665,000) | (14,630,000) | ||||||||
Loss on debt extinguishment (Note L) | (8,872,000) | ||||||||||
Impairment charge – long-lived assets (Note B) | (790,000) | (790,000) | 0 | 0 | |||||||
Impairment charge – long-term investment | (100,000) | ||||||||||
Interest income | 166,000 | 104,000 | 52,000 | ||||||||
Other income, net | 99,000 | 85,000 | 99,000 | ||||||||
Income before provision for income taxes | 4,112,000 | 11,804,000 | 10,384,000 | ||||||||
Assets | 80,091,000 | 78,125,000 | 80,091,000 | 78,125,000 | 71,549,000 | ||||||
Depreciation and amortization | 1,352,000 | 1,297,000 | 1,255,000 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Sales | |||||||||||
Income from operations | (7,937,000) | (8,264,000) | (8,496,000) | ||||||||
Assets | 62,111,000 | 60,269,000 | 62,111,000 | 60,269,000 | 53,836,000 | ||||||
Depreciation and amortization | 268,000 | 219,000 | 175,000 | ||||||||
Branded Product Program [Member] | Operating Segments [Member] | |||||||||||
Sales | 62,623,000 | 56,174,000 | 59,367,000 | ||||||||
Income from operations | 9,469,000 | 10,257,000 | 8,394,000 | ||||||||
Assets | 8,174,000 | 7,113,000 | 8,174,000 | 7,113,000 | 6,827,000 | ||||||
Depreciation and amortization | 298,000 | 316,000 | 370,000 | ||||||||
Product Licensing [Member] | Operating Segments [Member] | |||||||||||
Sales | 23,020,000 | 20,368,000 | 19,815,000 | ||||||||
Income from operations | 22,838,000 | 20,186,000 | 19,812,000 | ||||||||
Assets | 2,269,000 | 2,003,000 | 2,269,000 | 2,003,000 | 1,832,000 | ||||||
Depreciation and amortization | |||||||||||
Restaurant Operations [Member] | Operating Segments [Member] | |||||||||||
Sales | 18,558,000 | 19,714,000 | 21,267,000 | ||||||||
Income from operations | 2,730,000 | 4,101,000 | 5,253,000 | ||||||||
Assets | $ 7,537,000 | $ 8,740,000 | 7,537,000 | 8,740,000 | 9,054,000 | ||||||
Depreciation and amortization | $ 786,000 | $ 762,000 | $ 710,000 |
Note L - Long-term Debt (Detail
Note L - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 01, 2017 | Sep. 14, 2017 | Mar. 10, 2015 | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 |
Proceeds from Issuance of Long-term Debt, Total | $ 150,000 | |||||
Dividends Payable, Amount Per Share | $ 5 | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ (8,872) | |||||
Debt Issuance Costs, Gross | 5,242 | 3,525 | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 6,750 | |||||
Payments of Debt Issuance Costs | $ 4,908 | $ 60 | ||||
Increase (Decrease) in Annual Interest Expense | $ (4,068) | |||||
Special Cash Dividend [Member] | ||||||
Dividends, Cash, Total | $ 116,100 | |||||
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 2025 Notes [Member] | ||||||
Proceeds from Issuance of Long-term Debt, Total | $ 150,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | 6.625% | ||||
Debt Instrument, Face Amount | $ 135,000 | |||||
Interest Expense, Debt, Total | $ 563 | |||||
Debt Instrument, Periodic Payment, Interest | $ 4,969 | |||||
Senior Notes [Member] | Senior Secured 2020 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||
Debt Issuance Costs, Gross | $ 5,985 | |||||
Debt Instrument, Term | 5 years | |||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 6,750 | |||||
Debt Instrument, Redemption, Call Premium, Percent | 5.00% | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 6,750 | |||||
Payments of Debt Issuance Costs | $ 4,908 | |||||
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 L - Long-term Debt - Summa
Note L - Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 10, 2015 |
Less: unamortized debt issuance costs | $ (5,242) | $ (3,525) | |
Long-term debt, net | 144,758 | 131,475 | |
Senior Secured 2025 Notes [Member] | Senior Notes [Member] | |||
Senior secured notes | 150,000 | ||
Senior Secured 2020 Notes [Member] | Senior Notes [Member] | |||
Senior secured notes | $ 135,000 | ||
Less: unamortized debt issuance costs | $ (5,985) |
Note L - Long-term Debt - Sum67
Note L - Long-term Debt - Summary of Debt (Details) (Parentheticals) - Senior Notes [Member] | Mar. 25, 2018 | Nov. 01, 2017 | Mar. 26, 2017 | Mar. 10, 2015 |
Senior Secured 2025 Notes [Member] | ||||
Interest Rate | 6.625% | 6.625% | ||
Senior Secured 2020 Notes [Member] | ||||
Interest Rate | 10.00% | 10.00% |
Note L - Long-term Debt - Sum68
Note L - Long-term Debt - Summary of Redemption Features (Details) | 12 Months Ended |
Mar. 25, 2018 | |
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 M - Stockholders' Equity69
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details Textual) | Jun. 08, 2018$ / shares | May 31, 2018$ / shares | Jan. 04, 2018USD ($) | Dec. 22, 2017$ / sharesshares | Dec. 20, 2017$ / shares | Nov. 01, 2017USD ($)$ / shares | Aug. 04, 2016USD ($) | Jun. 01, 2016USD ($) | Jun. 10, 2015USD ($)$ / sharesshares | Mar. 29, 2015$ / sharesshares | Mar. 27, 2015USD ($)$ / shares | Mar. 10, 2015$ / shares | Jun. 04, 2013USD ($)$ / sharesshares | Nov. 01, 2012USD ($)shares | Mar. 31, 2019USD ($) | Mar. 25, 2018USD ($)$ / sharesshares | Mar. 26, 2017USD ($)$ / sharesshares | Mar. 27, 2016USD ($)$ / sharesshares | Mar. 29, 2015$ / sharesshares | Mar. 30, 2014USD ($)$ / sharesshares | Mar. 25, 2018USD ($)$ / sharesshares | Mar. 25, 2018USD ($)$ / sharesshares | Sep. 09, 2016$ / sharesshares | Mar. 11, 2016$ / sharesshares | Feb. 01, 2016shares | Jun. 05, 2013$ / sharesshares | Sep. 13, 2012shares | Feb. 01, 2011shares | Sep. 14, 2010shares | Nov. 09, 2009shares | May 31, 2007USD ($) | |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 5 | |||||||||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ | $ 20,923,000 | $ 21,073,000 | $ 375,000 | $ 375,000 | ||||||||||||||||||||||||||||
Increased Number of Shares Available for Issuance Due to Plan Amendment | shares | 250,000 | |||||||||||||||||||||||||||||||
Amount of Available Common Shares Reduced by Each Share of Restricted Stock Granted | shares | 3.2 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 50,000 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 53.89 | |||||||||||||||||||||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award Option Life | 5 years | |||||||||||||||||||||||||||||||
Share Price | $ / shares | $ 83.20 | $ 73.56 | ||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ 144,000 | $ 213,000 | $ 298,000 | |||||||||||||||||||||||||||||
Share Based Compensation Total Unamortized Compensation Expense | $ | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | shares | [1] | 64,384 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ / shares | [1] | $ 35.58 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 11,361 | 48,285 | 15,147 | |||||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | $ | $ 0 | $ 44,000 | $ 89,000 | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 379,000 | 1,555,000 | 486,000 | |||||||||||||||||||||||||||||
Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights | 15.00% | |||||||||||||||||||||||||||||||
New Right Purchase Price | $ / shares | $ 100 | |||||||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 10,188,600 | |||||||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | shares | 0 | 5,127,373 | ||||||||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 1,272,000 | 19,231,000 | $ 77,303,000 | |||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares | 260,258 | 260,258 | 260,258 | |||||||||||||||||||||||||||||
Number of Times of Salary and Bonus Lump Sum Cash Payment | 2.99 | 2.99 | 2.99 | |||||||||||||||||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ | $ 40,000 | $ 41,000 | 35,000 | |||||||||||||||||||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 20.00% | |||||||||||||||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution Rate Per Dollar | 0.25 | |||||||||||||||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |||||||||||||||||||||||||||||||
Multiemployer Plans, Withdrawal Obligation | $ | $ 441,000 | $ 441,000 | $ 441,000 | |||||||||||||||||||||||||||||
Multiemployer Plans, Plan Contributions | $ | $ 12,000 | 10,000 | 8,000 | |||||||||||||||||||||||||||||
Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||||||||
Term of Consulting Period Pursuant to the Lorber Employment [Agreement] | 0 years | |||||||||||||||||||||||||||||||
President and Chief Operating Officer [Member] | ||||||||||||||||||||||||||||||||
Share Price | $ / shares | $ 40.28 | |||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||
Consulting Fee Per Month | $ | $ 8,100 | $ 16,300 | ||||||||||||||||||||||||||||||
Transition Agreement, Severance Payable | $ | $ 289,000 | |||||||||||||||||||||||||||||||
Transition Agreement, Number of Shares of Common Stock Purchased | shares | 56,933 | |||||||||||||||||||||||||||||||
Base Salary [Member] | Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||||||||
Contractual Obligation, Total | $ | $ 600,000 | |||||||||||||||||||||||||||||||
Base Salary [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ | $ 500,000 | |||||||||||||||||||||||||||||||
Base Salary [Member] | One Employee [Member] | ||||||||||||||||||||||||||||||||
Contractual Obligation, Total | $ | $ 136,000 | |||||||||||||||||||||||||||||||
Consulting Fee [Member] | Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||||||||
Contractual Obligation, Total | $ | $ 200,000 | |||||||||||||||||||||||||||||||
Sixth Stock Repurchase Plan [Member] | ||||||||||||||||||||||||||||||||
Treasury Stock, Shares, Acquired | shares | 939,742 | |||||||||||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 29,641,000 | |||||||||||||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 1,200,000 | 500,000 | ||||||||||||||||||||||||||||||
Stock Repurchase Program Number of Additional Shares Authorized to be Repurchased | shares | 200,000 | 200,000 | 300,000 | |||||||||||||||||||||||||||||
MSI Agreement [Member] | ||||||||||||||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 100,000 | 175,000 | ||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||
Newly Authorized Additional Shares Pursuant to 2010 Plan [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 150,000 | |||||||||||||||||||||||||||||||
Shares Expired or Forfeited up to 100000 Shares [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 100,000 | |||||||||||||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 219,584 | 219,584 | 219,584 | |||||||||||||||||||||||||||||
Employee Stock Option [Member] | The 2010 Plan [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 68,498 | 75,745 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 33.438 | $ 35.58 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | shares | 64,384 | 50,000 | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ / shares | $ 35.58 | $ 53.89 | ||||||||||||||||||||||||||||||
Employee Stock Option [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||||||||
Employee Stock Option [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 188,933 | 188,933 | 188,933 | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 25,000 | |||||||||||||||||||||||||||||||
Share Price | $ / shares | $ 49.80 | |||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | |||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 1,245,000 | |||||||||||||||||||||||||||||||
Restricted Stock [Member] | Executive Chairman of the Board [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 50,000 | |||||||||||||||||||||||||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 25,000 | |||||||||||||||||||||||||||||||
Share Price | $ / shares | $ 49.80 | |||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | |||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 1,245,000 | |||||||||||||||||||||||||||||||
Common Stock Purchase Rights [Member] | ||||||||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 6,210,307 | 6,210,307 | 6,210,307 | |||||||||||||||||||||||||||||
Excluding Dividend [Member] | ||||||||||||||||||||||||||||||||
Share Price | $ / shares | 78.20 | 48.56 | ||||||||||||||||||||||||||||||
Dividends on Unvested Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Dividends Payable | $ | $ 25,000 | |||||||||||||||||||||||||||||||
Special Cash Dividend [Member] | ||||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 5 | $ 25 | $ 25 | |||||||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ | $ 115,100,000 | $ 875,000 | ||||||||||||||||||||||||||||||
Dividends Payable | $ | $ 1,000,000 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 321,000 | $ 736,000 | $ 683,000 | |||||||||||||||||||||||||||||
Special Cash Dividend [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ | $ 125,000 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||||
Common Stock, Dividends, Amount per Annum | $ / shares | $ 1 | |||||||||||||||||||||||||||||||
Common Stock, Dividends, Amount per Quarter | $ / shares | $ 0.25 | |||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.25 | |||||||||||||||||||||||||||||||
[1] | Represents the effects on outstanding options after giving to the replacement options issued in connection with the Company's special dividend to the shareholders of record on December 22, 2017. |
Note M - Stockholders' Equity70
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Fair Value Option Valuation Assumptions (Details) | 12 Months Ended |
Mar. 29, 2015$ / shares | |
Weighted-average option fair values (in dollars per share) | $ 11.97 |
Expected life (years) (Year) | 4 years 182 days |
Interest rate | 1.66% |
Volatility | 22.77% |
Dividend Yield | 0.00% |
Note M - Stockholders' Equity71
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Share-based Compensation Expense | $ 398 | $ 582 | $ 722 |
Employee Stock Option [Member] | |||
Share-based Compensation Expense | 150 | 150 | 181 |
Restricted Stock [Member] | |||
Share-based Compensation Expense | $ 248 | $ 432 | $ 541 |
Note M - Stockholders' Equity72
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - A Summary of the Status of the Company's Stock Options (Details) - $ / shares | 12 Months Ended | ||||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | ||
Options outstanding – beginning of year (in shares) | 124,030 | 142,964 | |||
Options outstanding – beginning of year (in dollars per share) | $ 26.29 | $ 24.36 | |||
Granted (in shares) | 50,000 | ||||
Granted (in dollars per share) | $ 53.89 | ||||
Replacement options issued (A) (in shares) | [1] | 68,498 | |||
Replacement options issued (A) (in dollars per share) | [1] | $ 33.44 | |||
Expired (in shares) | (3,787) | ||||
Expired (in dollars per share) | $ 11.72 | ||||
Cancellation of outstanding options (A) (in shares) | [1] | (64,384) | |||
Cancellation of outstanding options (A) (in dollars per share) | [1] | $ 35.58 | |||
Exercised (in shares) | (11,361) | (48,285) | (15,147) | ||
Exercised (in dollars per share) | $ 35.58 | $ 11.72 | $ 11.72 | ||
Options outstanding - end of year (in shares) | 68,498 | 124,030 | 142,964 | ||
Options outstanding - end of year (in dollars per share) | $ 33.438 | $ 26.29 | $ 24.36 | ||
Options exercisable (in shares) | 48,348 | 37,873 | 67,221 | ||
Options exercisable, weighted average exercise price (in dollars per share) | $ 33.438 | $ 35.58 | $ 18.44 | ||
Options Outstanding After Replacement Stock Issuance [Member] | |||||
Options outstanding – beginning of year (in shares) | 75,745 | ||||
Options outstanding – beginning of year (in dollars per share) | $ 35.58 | ||||
Options outstanding - end of year (in shares) | 75,745 | ||||
Options outstanding - end of year (in dollars per share) | $ 35.58 | ||||
Options Outstanding Before Replacement Stock Issuance [Member] | |||||
Options outstanding – beginning of year (in shares) | 75,745 | ||||
Options outstanding – beginning of year (in dollars per share) | $ 35.58 | ||||
Options outstanding - end of year (in shares) | 75,745 | ||||
Options outstanding - end of year (in dollars per share) | $ 35.58 | ||||
[1] | Represents the effects on outstanding options after giving to the replacement options issued in connection with the Company's special dividend to the shareholders of record on December 22, 2017. |
Note M - Stockholders' Equity73
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | Mar. 29, 2015 | |
Options outstanding (in shares) | 68,498 | 124,030 | 142,964 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 33.438 | $ 26.29 | $ 24.36 | |
Options outstanding, weighted average remaining contractual life (Year) | 1 year 131 days | |||
Options outstanding, aggregate intrinsic value | $ 2,648 | |||
Options exercisable (in shares) | 48,348 | 37,873 | 67,221 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 33.438 | $ 35.58 | $ 18.44 | |
Options exercisable, weighted average remaining contractual life (Year) | 1 year 131 days | |||
Options exercisable, aggregate intrinsic value | $ 1,869 |
Note M - Stockholders' Equity74
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Outstanding Stock Options (Details) (Parentheticals) | 12 Months Ended |
Mar. 25, 2018$ / shares | |
Exercise price range, lower limit (in dollars per share) | $ 33.438 |
Note M - Stockholders' Equity75
Note M - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Transactions With Respect to Restricted Stock (Details) | 12 Months Ended |
Mar. 25, 2018$ / sharesshares | |
Unvested restricted stock (in shares) | shares | 10,000 |
Unvested restricted stock (in dollars per share) | $ / shares | $ 49.80 |
Vested (in shares) | shares | (5,000) |
Vested (in dollars per share) | $ / shares | $ 49.80 |
Unvested restricted stock (in shares) | shares | 5,000 |
Unvested restricted stock (in dollars per share) | $ / shares | $ 49.80 |
Note N - Commitments and Cont76
Note N - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | Feb. 27, 2017 | |
Operating Leases, Rent Expense, Net, Total | $ 1,591 | $ 1,566 | $ 1,628 | |
Operating Leases, Rent Expense, Sublease Rentals | 274 | 272 | 270 | |
Operating Leases, Rent Expense, Contingent Rentals | $ 478 | $ 457 | $ 517 | |
Guaranty Liabilities | $ 204 | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Lessee, Operating Lease, Renewal Term | 5 years | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Term of Contract | 20 years | |||
Lessee, Operating Lease, Renewal Term | 20 years |
Note N - Commitments and Cont77
Note N - Commitments and Contingencies - Non-cancelable Operating Lease Commitments (Details) $ in Thousands | Mar. 25, 2018USD ($) |
2019, Lease commitments | $ 1,654 |
2019, Sublease income | 330 |
2019, Net lease commitments | 1,324 |
2020, Lease commitments | 1,569 |
2020, Sublease income | 332 |
2020, Net lease commitments | 1,237 |
2021, Lease commitments | 1,089 |
2021, Sublease income | 309 |
2021, Net lease commitments | 780 |
2022, Lease commitments | 1,092 |
2022, Sublease income | 263 |
2022, Net lease commitments | 829 |
2023, Lease commitments | 1,103 |
2023, Sublease income | 175 |
2023, Net lease commitments | 928 |
Thereafter, Lease commitments | 4,892 |
Thereafter, Sublease income | 690 |
Thereafter, Net lease commitments | 4,202 |
Lease commitments | 11,399 |
Sublease income | 2,099 |
Net lease commitments | $ 9,300 |
Note O - Related Party Transa78
Note O - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | |
Fim where Lorber Serves as Consultant [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 36 | $ 26 | $ 19 |
Note P - Quarterly Financial 79
Note P - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 25, 2018 | Dec. 24, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | ||||||||||
Sales | $ 19,906 | $ 22,021 | $ 31,471 | $ 30,803 | $ 19,232 | $ 19,873 | $ 27,871 | $ 29,280 | $ 104,201 | $ 96,256 | $ 100,449 | |||||||||
Gross profit (a) | [1] | 2,482 | 4,168 | 6,486 | 4,820 | 2,906 | 4,074 | 6,402 | 5,804 | |||||||||||
Income from operations | 4,546 | 5,370 | 8,734 | 8,450 | 4,671 | 4,754 | 8,031 | 8,824 | 27,100 | 26,280 | 24,963 | |||||||||
Net income (loss) | $ 367 | $ (3,779) | $ 3,120 | $ 2,922 | $ 729 | $ 699 | $ 2,507 | $ 3,550 | $ 2,630 | $ 7,485 | $ 6,096 | |||||||||
Net income per share, basic calculation (in dollars per share) | $ 0.09 | [2] | $ (0.90) | [2] | $ 0.75 | [2] | $ 0.70 | [2] | $ 0.17 | [2] | $ 0.17 | [2] | $ 0.60 | [2] | $ 0.85 | [2] | $ 0.63 | $ 1.79 | $ 1.38 | |
Diluted (b) (in dollars per share) | $ 0.09 | [2] | $ (0.90) | [2] | $ 0.74 | [2] | $ 0.69 | [2] | $ 0.17 | [2] | $ 0.17 | [2] | $ 0.60 | [2] | $ 0.85 | [2] | $ 0.62 | $ 1.78 | $ 1.37 | |
Number of shares, basic calculation (in shares) | 4,185,000 | [2] | 4,185,000 | [2] | 4,179,000 | [2] | 4,177,000 | [2] | 4,176,000 | [2] | 4,175,000 | [2] | 4,172,000 | [2] | 4,166,000 | [2] | 4,181,000 | 4,172,000 | 4,430,000 | |
Number of shares, diluted calculation (in shares) | 4,228,000 | [2] | 4,185,000 | [2] | 4,212,000 | [2] | 4,215,000 | [2] | 4,217,000 | [2] | 4,209,000 | [2] | 4,207,000 | [2] | 4,191,000 | [2] | 4,221,000 | 4,206,000 | 4,463,000 | |
[1] | Gross profit represents the difference between sales and cost of sales. | |||||||||||||||||||
[2] | The sum of the quarters may not equal the full year per share amounts included in the accompanying consolidated statements of earnings due to the effect of the weighted average number of shares outstanding during the fiscal years as compared to the quarters. |
Schedule II - Valuation and Q80
Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 25, 2018 | Mar. 26, 2017 | Mar. 27, 2016 | ||
Balance at beginning of period | $ 457 | $ 471 | $ 443 | |
Additions charged to costs and expenses | 34 | 53 | 38 | |
Additions charged to other accounts | ||||
Deductions | [1] | (23) | (67) | (10) |
Balance at end of period | $ 468 | $ 457 | $ 471 | |
[1] | Uncollectible amounts written off. |