Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 24, 2018 | Aug. 03, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | NATHANS FAMOUS INC | |
Entity Central Index Key | 69,733 | |
Trading Symbol | nath | |
Current Fiscal Year End Date | --03-31 | |
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) | 4,187,539 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 24, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 24, 2018 | Mar. 25, 2018 |
CURRENT ASSETS | ||
Cash | $ 53,018 | $ 57,339 |
Accounts and other receivables, net (Note F) | 15,619 | 10,502 |
Inventories | 607 | 384 |
Prepaid expenses and other current assets (Note G) | 888 | 2,873 |
Assets held for sale (Note H) | 1,610 | 610 |
Total current assets | 71,742 | 71,708 |
Property and equipment, net of accumulated depreciation of $7,967 and $8,264, respectively | 5,435 | 6,642 |
Goodwill | 95 | 95 |
Intangible asset | 1,353 | 1,353 |
Deferred income taxes | 450 | 0 |
Other assets | 345 | 293 |
Total assets | 79,420 | 80,091 |
CURRENT LIABILITIES | ||
Accounts payable | 6,066 | 6,565 |
Accrued expenses and other current liabilities (Note I) | 6,786 | 11,248 |
Deferred franchise fees | 568 | 193 |
Total current liabilities | 13,420 | 18,006 |
Long-term debt, net of unamortized debt issuance costs of $5,069 and $5,242, respectively (Note O) | 144,931 | 144,758 |
Other liabilities (Note I) | 1,352 | 1,355 |
Deferred franchise fees | 2,634 | 238 |
Deferred income taxes | 302 | |
Total liabilities | 162,337 | 164,659 |
COMMITMENTS AND CONTINGENCIES (Note P) | ||
STOCKHOLDERS’ (DEFICIT) | ||
Common stock, $.01 par value; 30,000,000 shares authorized; 9,314,912 and 9,311,922 shares issued; and 4,187,539 and 4,184,549 shares outstanding at June 24, 2018 and March 25, 2018, respectively | 93 | 93 |
Additional paid-in capital | 60,730 | 60,823 |
(Accumulated deficit) | (66,437) | (68,181) |
Stockholders’ deficit before treasury stock | (5,614) | (7,265) |
Treasury stock, at cost, 5,127,373 shares at June 24, 2018 and March 25, 2018 | (77,303) | (77,303) |
Total stockholders’ (deficit) | (82,917) | (84,568) |
Total liabilities and stockholders’ (deficit) | $ 79,420 | $ 80,091 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 24, 2018 | Mar. 25, 2018 |
Property and equipment accumulated depreciation | $ 7,967 | $ 8,264 |
Long-term debt, unamortized debt costs | $ 5,069 | $ 5,242 |
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) | 9,314,912 | 9,311,922 |
Common stock, shares outstanding (in shares) | 4,187,539 | 4,184,549 |
Treasury stock, shares (in shares) | 5,127,373 | 5,127,373 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 24, 2018 | Jun. 25, 2017 | ||
REVENUES | |||
Revenues | $ 30,168 | $ 30,803 | [1] |
COSTS AND EXPENSES | |||
Cost of sales | 15,446 | 17,410 | |
Restaurant operating expenses | 910 | 904 | |
Depreciation and amortization | 345 | 368 | |
General and administrative expenses | 3,885 | 3,671 | |
Advertising fund expense (Note B) | 495 | 0 | |
Total costs and expenses | 21,081 | 22,353 | |
Income from operations | 9,087 | 8,450 | |
Interest expense | (2,650) | (3,663) | |
Interest income | 61 | 35 | |
Other income, net | 21 | 21 | |
Income before provision for income taxes | 6,519 | 4,843 | |
Provision for income taxes | 1,724 | 1,921 | |
Net income | $ 4,795 | $ 2,922 | |
PER SHARE INFORMATION | |||
Basic (in dollars per share) | $ 1.15 | $ 0.70 | |
Diluted (in dollars per share) | 1.13 | 0.69 | |
Dividends declared per share (in dollars per share) | $ 0.25 | $ 0 | |
Weighted average shares used in computing income per share: | |||
Basic (in shares) | 4,185 | 4,177 | |
Diluted (in shares) | 4,226 | 4,215 | |
Product [Member] | |||
REVENUES | |||
Revenues | $ 20,471 | $ 22,230 | [1] |
License [Member] | |||
REVENUES | |||
Revenues | 8,098 | 7,401 | [1] |
Franchise Fees and Royalties [Member] | |||
REVENUES | |||
Revenues | 1,104 | 1,172 | [1] |
Advertising Fund Revenue [Member] | |||
REVENUES | |||
Revenues | $ 495 | [1] | |
[1] | As disclosed in Note B, prior period amounts have not been adjusted under the modified retrospective method of adoption of ASC 606. |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' (Deficit) (Unaudited) - 3 months ended Jun. 24, 2018 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Mar. 25, 2018 | 9,311,922 | 5,127,373 | 4,184,549 | ||
Balance at Mar. 25, 2018 | $ 93 | $ 60,823 | $ (68,181) | $ (77,303) | $ (84,568) |
Cumulative effect of the adoption of ASC 606 at Mar. 25, 2018 | |||||
Shares issued in connection with share-based compensation plans (in shares) | 2,990 | ||||
Shares issued in connection with share-based compensation plans | |||||
Withholding tax on net share settlement of share-based compensation plans | (174) | (174) | |||
Dividends on common stock | (1,047) | (1,047) | |||
Share-based compensation | 81 | 81 | |||
Net income | 4,795 | $ 4,795 | |||
Balance (in shares) at Jun. 24, 2018 | 9,314,912 | 5,127,373 | 4,187,539 | ||
Balance at Jun. 24, 2018 | $ 93 | $ 60,730 | $ (66,437) | $ (77,303) | $ (82,917) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 24, 2018 | Jun. 25, 2017 | Mar. 25, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 4,795 | $ 2,922 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | |||
Depreciation and amortization | 345 | 368 | |
Amortization of debt issuance costs | 173 | 300 | |
Share-based compensation expense | 81 | 99 | |
Income tax benefit on stock option exercises | 63 | 78 | |
Provision for doubtful accounts | 14 | 16 | $ 34 |
Deferred income taxes | (21) | 52 | |
Changes in operating assets and liabilities: | |||
Accounts and other receivables, net | (5,131) | (4,929) | |
Inventories | (223) | (146) | |
Prepaid expenses and other current assets | 1,985 | 311 | |
Other assets | (52) | 5 | |
Accounts payable, accrued expenses and other current liabilities | (4,874) | 5,280 | |
Deferred franchise fees | 36 | 121 | |
Other liabilities | (3) | (89) | |
Net cash (used in) provided by operating activities | (2,812) | 4,388 | |
Cash flows from investing activities: | |||
Purchase of property and equipment | (138) | (204) | |
Net cash (used in) investing activities | (138) | (204) | |
Cash flows from financing activities: | |||
Dividends paid to stockholders | (1,197) | (125) | |
Payments of withholding tax on net share settlement of share-based compensation plans | (174) | (157) | |
Net cash (used in) financing activities | (1,371) | (282) | |
Net (decrease) increase in cash | (4,321) | 3,902 | |
Cash, beginning of period | 57,339 | 56,915 | 56,915 |
Cash, end of period | 53,018 | 60,817 | $ 57,339 |
Interest | 4,968 | ||
Income taxes paid | $ 60 | $ 208 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - BASIS OF PRESENTATION The accompanying consolidated financial statements of Nathan's Famous, Inc. and subsidiaries (collectively “Nathan’s,” the “Company,” “we,” “us” or “our”) as of and for the thirteen June 24, 2018 June 25, 2017 not Certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the requirements of the Securities and Exchange Commission. We have reclassified certain prior period items in the Consolidated Balance Sheet as of March 25, 2018 thirteen June 25, 2017 thirteen June 24, 2018. no not 10 March 25, 2018. A summary of the Company’s significant accounting policies is identified in Note B of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10 March 25, 2018. During the first June 24, 2018, 606, 606” no March 25, 2018. |
Note B - Adoption of New Accoun
Note B - Adoption of New Accounting Pronouncements | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE B – ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS Revenue recognition In May 2014, 606 605, This adoption of the new standard did not not The details of the significant changes in revenue recognition and quantitative impact of the changes are discussed below. Franchise fees and international development fees Under previous revenue recognition guidance, franchise fees were recognized as income when substantially all services to be performed by Nathan’s and conditions relating to the sale of the franchise had been performed or satisfied, which generally occurred when the franchised restaurant commenced operations. Under previous revenue recognition guidance, international development fees were recognized as income, net of direct expenses, upon the opening of the first Under the new guidance, 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 is then recognized as the performance obligations are satisfied. The services that we provide related to upfront fees we receive from franchisees do not March 26, 2018, National advertising fund The Company maintains a national advertising fund (the “Advertising Fund”) established to collect and administer funds contributed for use in advertising and promotional programs for Company-operated and franchised restaurants. Previously, the revenue, expenses and cash flows of the Advertising Fund were reported on the Company’s Consolidated Balance Sheets and not Under the new guidance, which superseded the previous industry-specific guidance, the revenue, expenses and cash flows of the Advertising Fund are fully consolidated into the Company’s Consolidated Statements of Earnings and Statements of Cash Flows. While this treatment will impact the gross amount of reported advertising fund revenue and related expenses, the impact is expected to be an offsetting increase to both revenue and expense with no The Company applied the new guidance using the modified retrospective method, whereby the cumulative effect of initially adopting the guidance was recognized as an adjustment to the opening balance of accumulated deficit at March 26, 2018 $2,004,000, not Impacts on Consolidated Financial Statements The following tables summarize the impacts of adopting ASC 606 thirteen June 24, 2018 ( Adjustments As Reported Franchise Fees Balance Sheet Reclassifications Balances Without Adoption Condensed Consolidated Balance Sheet Deferred income taxes 450 (731 ) 281 - Total assets 79,420 (731 ) 281 78,970 Accrued expenses and other current liabilities 6,786 6 - 6,792 Deferred franchise fees 568 (360 ) - 208 Total current liabilities 13,420 (354 ) - 13,066 Other liabilities 1,352 (96 ) - 1,256 Deferred income taxes - - 281 281 Deferred franchise fees 2,634 (2,303 ) - 331 Total liabilities 162,337 (2,753 ) 281 159,865 (Accumulated deficit) (66,437 ) 2,022 - (64,415 ) Stockholders’ deficit before treasury stock (5,614 ) 2,022 - (3,592 ) Total stockholders’ (deficit) (82,917 ) 2,022 - (80,895 ) Total liabilities and stockholders’ (deficit) 79,420 (731 ) 281 78,970 Condensed Consolidated Statement of Earnings Franchise fees and royalties 1,104 (72 ) - 1,032 Advertising fund revenue 495 - (495 ) - Total revenues 30,168 (72 ) (495 ) 29,601 General and administrative expenses 3,885 (96 ) - 3,789 Advertising fund expense 495 - (495 ) - Total costs and expenses 21,081 (96 ) (495 ) 20,490 Income from operations 9,087 24 - 9,111 Income before provision for income taxes 6,519 24 - 6,543 Provision for income taxes 1,724 6 - 1,730 Net income 4,795 18 - 4,813 Adjustments As Reported Franchise Fees Advertising Fund Balances Without Adoption Condensed Consolidated Statement of Cash Flows Cash flows from operating activities: Net income 4,795 18 - 4,813 Changes in operating assets and liabilities: Accounts payable, accrued expenses and other current liabilities (4,874 ) 6 - (4,868 ) Deferred franchise fees 36 72 - 108 Other liabilities (3 ) (96 ) - (99 ) Net cash (used in) operating activities (2,812 ) - - (2,812 ) Net cash (used in) investing activities (138 ) - - (138 ) Net cash (used in) financing activities (1,371 ) - - (1,371 ) Net (decrease) in cash (4,321 ) - - (4,321 ) Contract balances The following table provides information about receivables and contract liabilities (Deferred franchise fees) from contracts with customers (in thousands): June 24, 2018 Receivables, which are included in “Accounts and other receivable, net” (a) $ 250 Deferred franchise fees (b) $ 2,769 (a) Represent contract receivable related to a funding commitment to the Advertising Fund. (b) Deferred franchise fees of $360 $2,409 Significant changes in Deferred franchise fees are as follows (in thousands): Thirteen Weeks Ended June 24, 2018 Deferred franchise fees at beginning of period (a) $ 3,139 Revenue recognized during the period (107 ) New deferrals due to cash received and other 170 Deferred franchise fees at end of period $ 3,202 (a) Includes the cumulative effect of adopting ASC 606 $2,735. Anticipated Future Recognition of Deferred Franchise Fees The following table reflects the estimated franchise fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period: Estimate for fiscal year 2019 (a) $ 271 2020 356 2021 347 2022 336 2023 300 Thereafter 1,592 Total $ 3,202 (a) Represents franchise fees expected to be recognized for the remainder of the 2019 one not $107 thirteen June 24, 2018. We have applied the optional exemption, as provided for under ASC 606, not |
Note C - New Accounting Pronoun
Note C - New Accounting Pronouncements Not yet Adopted | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE C – NEW ACCOUNTING PRONOUNCEMENTS NOT In February 2016, December 15, 2018, first June 2019) March 29, 2020. July 2018, 2018 11 In January 2017, second not December 15, 2019. first June 2020) March 28, 2021. not The Company does not not |
Note D - Income Per Share
Note D - Income Per Share | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE D – INCOME PER SHARE Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result from the assumed exercise of stock options and warrants, as determined using the treasury stock method. The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen June 24, 2018 June 25, 2017, Thirteen weeks Net Income Net Income Number of Shares Per Share 2018 2017 2018 2017 2018 2017 (in thousands) (in thousands) Basic EPS Basic calculation $ 4,795 $ 2,922 4,185 4,177 $ 1.15 $ 0.70 Effect of dilutive employee stock options - - 41 38 (0.02 ) (0.01 ) Diluted EPS Diluted calculation $ 4,795 $ 2,922 4,226 4,215 $ 1.13 $ 0.69 There were no thirteen June 24, 2018 June 25, 2017 |
Note E - Fair Value Measurement
Note E - Fair Value Measurements | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE E – FAIR VALUE MEASUREMENTS Nathan’s follows a three three ● Level 1 ● Level 2 ● Level 3 The Company’s long-term debt had a face value of $150,000,000 June 24, 2018 $151,125,000 June 24, 2018. 2. The carrying amounts of cash, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. Certain non-financial assets and liabilities are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not June 24, 2018, no |
Note F - Accounts and Other Rec
Note F - Accounts and Other Receivables, Net | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE F – ACCOUNTS AND OTHER RECEIVABLES, NET Accounts and other receivables, net, consist of the following (in thousands): June 24, March 25, 2018 2018 Branded product sales $ 9,981 $ 7,604 Franchise and license royalties 4,475 2,767 Other 1,714 599 16,170 10,970 Less: allowance for doubtful accounts 551 468 Accounts and other receivables, net $ 15,619 $ 10,502 Accounts receivable are due within 30 not not The Company individually reviews each past due account and determines its allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current and expected future ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings. After the Company has used reasonable collection efforts, it writes off accounts receivable through a charge to the allowance for doubtful accounts. Changes in the Company’s allowance for doubtful accounts for the thirteen June 24, 2018 March 25, 2018 June 24, 2018 March 25, 2018 Beginning balance $ 468 $ 457 Reclassification to conform with ASC 606 77 - Bad debt expense 14 34 Accounts written off (8 ) (23 ) Ending balance $ 551 $ 468 |
Note G - Prepaid Expenses and O
Note G - Prepaid Expenses and Other Current Assets | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE G – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (in thousands): June 24, March 25, 2018 2018 Income taxes $ - $ 1,624 Insurance 249 266 Other 639 983 Total prepaid expenses and other current assets $ 888 $ 2,873 |
Note H - Assets Held for Sale
Note H - Assets Held for Sale | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE H – ASSETS HELD FOR SALE Prior to the end of fiscal 2018, $12,250,000. June 24, 2018, $1,201,000 second 2019. July 15, 2018, October 2018 $1,000,000 $175,000 $601,000 $610,000 June 24, 2018 March 25, 2018, Effective June 15, 2018, $1,450,000. $145,000 second 2019. $1,009,000 June 24, 2018. |
Note I - Accrued Expenses, Othe
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities | 3 Months Ended |
Jun. 24, 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 (in thousands): June 24, March 25, 2018 2018 Payroll and other benefits $ 1,329 $ 2,733 Accrued rebates 1,352 1,541 Rent and occupancy costs 294 200 Deferred revenue 472 780 Construction costs 58 68 Interest 1,457 3,948 Professional fees 178 157 Sales, use and other taxes 263 80 Dividend payable - 150 Deposit payable 1,201 1,201 Other 182 390 Total accrued expenses and other current liabilities $ 6,786 $ 11,248 Other liabilities consist of the following (in thousands): June 24, March 25, 2018 2018 Reserve for uncertain tax positions $ 491 $ 467 Deferred rental liability 650 677 Other 211 211 Total other liabilities $ 1,352 $ 1,355 |
Note J - Revenues
Note J - Revenues | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE J – REVENUES The Company’s disaggregated revenues for the thirteen June 24, 2018 June 25, 2017 Thirteen weeks ended June 24, 2018 June 25, 2017 (1) Branded Products $ 16,445 $ 17,937 Company-operated restaurants 4,026 4,293 Total sales 20,471 22,230 License royalties 8,098 7,401 Royalties 997 1,112 Franchise fees 107 60 Total franchise fees and royalties 1,104 1,172 Advertising fund revenue 495 - Total revenues $ 30,168 $ 30,803 ( 1 not 606. The following table disaggregates revenues by primary geographical market (in thousands): Thirteen Weeks Ended June 24, 2018 June 25, 2017 United States $ 28,856 $ 28,864 International 1,312 1,939 $ 30,168 $ 30,803 |
Note K - Income Taxes
Note K - Income Taxes | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE K – INCOME TAXES On December 22, 2017, 35 21 January 1, 2018 30 $1.0 not The income tax provisions for the thirteen June 24, 2018 June 25, 2017 26.4% 39.7%, 34% 21% thirteen June 24, 2018 June 25, 2017 1.0% 1.6%, thirteen June 24, 2018 June 25, 2017, $63,000 $78,000, The amount of unrecognized tax benefits at June 24, 2018 $281,000, June 24, 2018, $226,000 In January 2018, April 2014 March 2017. second 2019. 2019. Nathan’s estimates that its annual tax rate for the fiscal year ending March 31, 2019 27.0% 30.0% |
Note L - Segment Information
Note L - Segment Information | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE L – SEGMENT INFORMATION Nathan’s considers itself to be a brand marketer of the Nathan’s Famous signature products to the foodservice industry pursuant to its various business structures. Nathan’s sells its products directly to consumers through its restaurant 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 Interest expense, interest income and other income, net are managed centrally at the corporate level, and, accordingly, such items are not Operating segment information is as follows (in thousands): Thirteen weeks ended June 24, 2018 June 25, 2017 Revenues Branded Product Program $ 16,445 $ 17,937 Product licensing 8,098 7,401 Restaurant operations 5,130 5,465 Corporate (1) 495 - Total revenues $ 30,168 $ 30,803 Income from operations Branded Product Program $ 2,531 $ 2,272 Product licensing 8,053 7,356 Restaurant operations 750 895 Corporate (2,247 ) (2,073 ) Income from operations $ 9,087 $ 8,450 Interest expense (2,650 ) (3,663 ) Interest income 61 35 Other income, net 21 21 Income before provision for income taxes $ 6,519 $ 4,843 ( 1 Represents advertising fund revenue |
Note M - Share-based Compensati
Note M - Share-based Compensation | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE M– SHARE-BASED COMPENSATION Total share-based compensation during the thirteen June 24, 2018 June 25, 2017 $81,000 $99,000, June 24, 2018, $19,000 two The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows (in thousands): Thirteen weeks ended June 24, 2018 June 25, 2017 Stock options $ 38 $ 38 Restricted stock 43 61 Total compensation cost $ 81 $ 99 Stock options outstanding: During the fiscal year ended March 29, 2015, 50,000 $53.89 five four August 6, 2015 . There were no thirteen June 24, 2018. 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 Transactions with respect to stock options for the thirteen June 24, 2018 Weighted- Weighted- Aggregate Average Average Intrinsic Exercise Remaining Value Shares Price Contractual Life (in thousands) Options outstanding at March 25, 2018 fiscal year (A) 68,498 $ 33.438 1.36 $ 2,648 Granted - - - - Exercised - - - - Options outstanding at June 24, 2018 68,498 $ 33.438 1.12 $ 4,207 Options exercisable at June 24, 2018 48,348 $ 33.438 1.12 $ 2,969 A- Represents outstanding options after giving effect to the replacement options issued in connection with the Company’s 2015 2017 Restricted stock: Transactions with respect to restricted stock for the thirteen June 24, 2018 Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 25, 2018 5,000 $ 49.80 Granted - - Vested (5,000 ) $ 49.80 Unvested restricted stock at June 24, 2018 - $ - |
Note N - Stockholders' Equity
Note N - Stockholders' Equity | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE N– STOCKHOLDERS’ EQUITY 1. Dividends On May 31, 2018, $1.00 $0.25 $0.25 June 8, 2018 June 22, 2018 June 18, 2018. Effective August 3, 2018, $0.25 September 21, 2018 September 10, 2018. November 1, 2017, On November 1, 2017, $5.00 December 22, 2017 $20,923,000 January 4, 2018 $25,000 $25,000 thirteen June 24, 2018. On March 10, 2015, $25.00 March 20, 2015 $115,100,000 March 27, 2015 $1,000,000 March 25, 2018 $875,000 $125,000 thirteen June 24, 2018. 2. On June 5, 2013, “2013 June 17, 2013 “2013 The 2013 2013 2013 2013 15% $100.00 “2013 2013 one 2013 2013 The Company’s Board of Directors may 2013 2013 10,188,600 2013 2013 June 17, 2018 On June 14, 2018, 2013 September 30, 2018. At June 24, 2018, 4,718,630 June 5, 2013. 3. Stock Repurchase Programs During the period from October 2001 June 24, 2018, 5,127,373 $77,303,000 thirteen June 24, 2018, not In 2016, sixth 1,200,000 June 24, 2018, 939,742 $29,641,000 sixth June 24, 2018, 260,258 sixth not may no |
Note O - Long-term Debt
Note O - Long-term Debt | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE O – LONG-TERM DEBT Long-term debt consists of the following (in thousands): June 24, March 25, 2018 2018 6.625% Senior Secured Notes due 2025 $ 150,000 $ 150,000 Less: unamortized debt issuance costs (5,069 ) (5,242 ) Long-term debt, net $ 144,931 $ 144,758 On November 1, 2017, $150,000,000 6.625% 2025 "2025 144A 1933, 2025 2025 10.000% 2020 2020 $5.00 $5.00 November 16, 2017. The 2025 6.625% May 1 st November 1 st $4,968,750 May 1, 2018. The 2025 no November 1, 2025. The terms and conditions of the 2025 There are no 2025 June 24, 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 P - Commitments and Contin
Note P - Commitments and Contingencies | 3 Months Ended |
Jun. 24, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE P – COMMITMENTS AND CONTINGENCIES 1. On February 27, 2017, 10 one 5 24 first three $204,000 not not 12 2. The Company and its subsidiaries are from time to time involved in ordinary and routine litigation. Management presently believes that the ultimate outcome of these proceedings, individually or in the aggregate, will not |
Note B - Adoption of New Acco23
Note B - Adoption of New Accounting Pronouncements (Tables) | 3 Months Ended |
Jun. 24, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Adjustments As Reported Franchise Fees Balance Sheet Reclassifications Balances Without Adoption Condensed Consolidated Balance Sheet Deferred income taxes 450 (731 ) 281 - Total assets 79,420 (731 ) 281 78,970 Accrued expenses and other current liabilities 6,786 6 - 6,792 Deferred franchise fees 568 (360 ) - 208 Total current liabilities 13,420 (354 ) - 13,066 Other liabilities 1,352 (96 ) - 1,256 Deferred income taxes - - 281 281 Deferred franchise fees 2,634 (2,303 ) - 331 Total liabilities 162,337 (2,753 ) 281 159,865 (Accumulated deficit) (66,437 ) 2,022 - (64,415 ) Stockholders’ deficit before treasury stock (5,614 ) 2,022 - (3,592 ) Total stockholders’ (deficit) (82,917 ) 2,022 - (80,895 ) Total liabilities and stockholders’ (deficit) 79,420 (731 ) 281 78,970 Condensed Consolidated Statement of Earnings Franchise fees and royalties 1,104 (72 ) - 1,032 Advertising fund revenue 495 - (495 ) - Total revenues 30,168 (72 ) (495 ) 29,601 General and administrative expenses 3,885 (96 ) - 3,789 Advertising fund expense 495 - (495 ) - Total costs and expenses 21,081 (96 ) (495 ) 20,490 Income from operations 9,087 24 - 9,111 Income before provision for income taxes 6,519 24 - 6,543 Provision for income taxes 1,724 6 - 1,730 Net income 4,795 18 - 4,813 Adjustments As Reported Franchise Fees Advertising Fund Balances Without Adoption Condensed Consolidated Statement of Cash Flows Cash flows from operating activities: Net income 4,795 18 - 4,813 Changes in operating assets and liabilities: Accounts payable, accrued expenses and other current liabilities (4,874 ) 6 - (4,868 ) Deferred franchise fees 36 72 - 108 Other liabilities (3 ) (96 ) - (99 ) Net cash (used in) operating activities (2,812 ) - - (2,812 ) Net cash (used in) investing activities (138 ) - - (138 ) Net cash (used in) financing activities (1,371 ) - - (1,371 ) Net (decrease) in cash (4,321 ) - - (4,321 ) |
Contract with Customer, Asset and Liability [Table Text Block] | June 24, 2018 Receivables, which are included in “Accounts and other receivable, net” (a) $ 250 Deferred franchise fees (b) $ 2,769 |
Contract with Customer, Deferred Franchise Fees [Table Text Block] | Thirteen Weeks Ended June 24, 2018 Deferred franchise fees at beginning of period (a) $ 3,139 Revenue recognized during the period (107 ) New deferrals due to cash received and other 170 Deferred franchise fees at end of period $ 3,202 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Estimate for fiscal year 2019 (a) $ 271 2020 356 2021 347 2022 336 2023 300 Thereafter 1,592 Total $ 3,202 |
Note D - Income Per Share (Tabl
Note D - Income Per Share (Tables) | 3 Months Ended |
Jun. 24, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Thirteen weeks Net Income Net Income Number of Shares Per Share 2018 2017 2018 2017 2018 2017 (in thousands) (in thousands) Basic EPS Basic calculation $ 4,795 $ 2,922 4,185 4,177 $ 1.15 $ 0.70 Effect of dilutive employee stock options - - 41 38 (0.02 ) (0.01 ) Diluted EPS Diluted calculation $ 4,795 $ 2,922 4,226 4,215 $ 1.13 $ 0.69 |
Note F - Accounts and Other R25
Note F - Accounts and Other Receivables, Net (Tables) | 3 Months Ended |
Jun. 24, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 24, March 25, 2018 2018 Branded product sales $ 9,981 $ 7,604 Franchise and license royalties 4,475 2,767 Other 1,714 599 16,170 10,970 Less: allowance for doubtful accounts 551 468 Accounts and other receivables, net $ 15,619 $ 10,502 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | June 24, 2018 March 25, 2018 Beginning balance $ 468 $ 457 Reclassification to conform with ASC 606 77 - Bad debt expense 14 34 Accounts written off (8 ) (23 ) Ending balance $ 551 $ 468 |
Note G - Prepaid Expenses and26
Note G - Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Jun. 24, 2018 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | June 24, March 25, 2018 2018 Income taxes $ - $ 1,624 Insurance 249 266 Other 639 983 Total prepaid expenses and other current assets $ 888 $ 2,873 |
Note I - Accrued Expenses, Ot27
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables) | 3 Months Ended |
Jun. 24, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 24, March 25, 2018 2018 Payroll and other benefits $ 1,329 $ 2,733 Accrued rebates 1,352 1,541 Rent and occupancy costs 294 200 Deferred revenue 472 780 Construction costs 58 68 Interest 1,457 3,948 Professional fees 178 157 Sales, use and other taxes 263 80 Dividend payable - 150 Deposit payable 1,201 1,201 Other 182 390 Total accrued expenses and other current liabilities $ 6,786 $ 11,248 |
Schedule of Other Assets and Other Liabilities [Table Text Block] | June 24, March 25, 2018 2018 Reserve for uncertain tax positions $ 491 $ 467 Deferred rental liability 650 677 Other 211 211 Total other liabilities $ 1,352 $ 1,355 |
Note J - Revenues (Tables)
Note J - Revenues (Tables) | 3 Months Ended |
Jun. 24, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Thirteen weeks ended June 24, 2018 June 25, 2017 (1) Branded Products $ 16,445 $ 17,937 Company-operated restaurants 4,026 4,293 Total sales 20,471 22,230 License royalties 8,098 7,401 Royalties 997 1,112 Franchise fees 107 60 Total franchise fees and royalties 1,104 1,172 Advertising fund revenue 495 - Total revenues $ 30,168 $ 30,803 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Thirteen Weeks Ended June 24, 2018 June 25, 2017 United States $ 28,856 $ 28,864 International 1,312 1,939 $ 30,168 $ 30,803 |
Note L - Segment Information (T
Note L - Segment Information (Tables) | 3 Months Ended |
Jun. 24, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Thirteen weeks ended June 24, 2018 June 25, 2017 Revenues Branded Product Program $ 16,445 $ 17,937 Product licensing 8,098 7,401 Restaurant operations 5,130 5,465 Corporate (1) 495 - Total revenues $ 30,168 $ 30,803 Income from operations Branded Product Program $ 2,531 $ 2,272 Product licensing 8,053 7,356 Restaurant operations 750 895 Corporate (2,247 ) (2,073 ) Income from operations $ 9,087 $ 8,450 Interest expense (2,650 ) (3,663 ) Interest income 61 35 Other income, net 21 21 Income before provision for income taxes $ 6,519 $ 4,843 |
Note M - Share-based Compensa30
Note M - Share-based Compensation (Tables) | 3 Months Ended |
Jun. 24, 2018 | |
Notes Tables | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Thirteen weeks ended June 24, 2018 June 25, 2017 Stock options $ 38 $ 38 Restricted stock 43 61 Total compensation cost $ 81 $ 99 |
Share-based Compensation, Activity [Table Text Block] | Weighted- Weighted- Aggregate Average Average Intrinsic Exercise Remaining Value Shares Price Contractual Life (in thousands) Options outstanding at March 25, 2018 fiscal year (A) 68,498 $ 33.438 1.36 $ 2,648 Granted - - - - Exercised - - - - Options outstanding at June 24, 2018 68,498 $ 33.438 1.12 $ 4,207 Options exercisable at June 24, 2018 48,348 $ 33.438 1.12 $ 2,969 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted- Average Grant-date Fair value Shares Per share Unvested restricted stock at March 25, 2018 5,000 $ 49.80 Granted - - Vested (5,000 ) $ 49.80 Unvested restricted stock at June 24, 2018 - $ - |
Note O - Long-term Debt (Tables
Note O - Long-term Debt (Tables) | 3 Months Ended |
Jun. 24, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 24, March 25, 2018 2018 6.625% Senior Secured Notes due 2025 $ 150,000 $ 150,000 Less: unamortized debt issuance costs (5,069 ) (5,242 ) Long-term debt, net $ 144,931 $ 144,758 |
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 B - Adoption of New Acco32
Note B - Adoption of New Accounting Pronouncements (Details Textual) - USD ($) | 3 Months Ended | |||||
Jun. 24, 2018 | Jun. 25, 2017 | [2] | Mar. 26, 2018 | Mar. 25, 2018 | [1] | |
Contract with Customer, Liability, Total | $ 3,202,000 | $ 3,139,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 30,168,000 | $ 30,803,000 | ||||
Franchise [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 107,000 | $ 60,000 | ||||
Accounting Standards Update 2014-09 [Member] | ||||||
Contract with Customer, Liability, Total | $ 2,735,000 | |||||
Deferred Franchise Fees [Member] | ||||||
Contract with Customer, Liability, Total | 360,000 | |||||
Other Liabilities [Member] | ||||||
Contract with Customer, Liability, Total | $ 2,409,000 | |||||
AOCI Attributable to Parent [Member] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (2,004,000) | |||||
[1] | Includes the cumulative effect of adopting ASC-606 of $2,735. | |||||
[2] | As disclosed in Note B, prior period amounts have not been adjusted under the modified retrospective method of adoption of ASC 606. |
Note B - Adoption of New Acco33
Note B - Adoption of New Accounting Pronouncements - Impact of New Standard on Condensed Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 24, 2018 | Jun. 25, 2017 | Mar. 25, 2018 | ||
Deferred income taxes | $ 450 | $ 0 | ||
Total assets | 79,420 | 80,091 | ||
Accrued expenses and other current liabilities | 6,786 | 11,248 | ||
Deferred franchise fees | 568 | 193 | ||
Total current liabilities | 13,420 | 18,006 | ||
Other liabilities (Note I) | 1,352 | 1,355 | ||
Deferred income taxes | 302 | |||
Deferred franchise fees | 2,634 | 238 | ||
Total liabilities | 162,337 | 164,659 | ||
(Accumulated deficit) | (66,437) | (68,181) | ||
Stockholders’ deficit before treasury stock | (5,614) | (7,265) | ||
Total stockholders’ (deficit) | (82,917) | (84,568) | ||
Total liabilities and stockholders’ (deficit) | 79,420 | $ 80,091 | ||
Revenues | 30,168 | $ 30,803 | [1] | |
General and administrative expenses | 3,885 | 3,671 | ||
Advertising fund expense (Note B) | 495 | 0 | ||
Total costs and expenses | 21,081 | 22,353 | ||
Income from operations | 9,087 | 8,450 | ||
Income before provision for income taxes | 6,519 | 4,843 | ||
Provision for income taxes | 1,724 | 1,921 | ||
Net income | 4,795 | 2,922 | ||
Accounts payable, accrued expenses and other current liabilities | (4,874) | 5,280 | ||
Deferred franchise fees | 36 | 121 | ||
Other liabilities | (3) | (89) | ||
Net cash (used in) operating activities | (2,812) | 4,388 | ||
Net cash (used in) investing activities | (138) | (204) | ||
Net cash (used in) financing activities | (1,371) | (282) | ||
Net (decrease) in cash | (4,321) | 3,902 | ||
Franchise Fees and Royalties [Member] | ||||
Revenues | 1,104 | 1,172 | [1] | |
Advertising Fund Revenue [Member] | ||||
Revenues | 495 | [1] | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Franchise Fees Adjustments [Member] | ||||
Deferred income taxes | (731) | |||
Total assets | (731) | |||
Accrued expenses and other current liabilities | 6 | |||
Deferred franchise fees | (360) | |||
Total current liabilities | (354) | |||
Other liabilities (Note I) | (96) | |||
Deferred income taxes | ||||
Deferred franchise fees | (2,303) | |||
Total liabilities | (2,753) | |||
(Accumulated deficit) | 2,022 | |||
Stockholders’ deficit before treasury stock | 2,022 | |||
Total stockholders’ (deficit) | 2,022 | |||
Total liabilities and stockholders’ (deficit) | (731) | |||
Revenues | (72) | |||
General and administrative expenses | (96) | |||
Advertising fund expense (Note B) | ||||
Total costs and expenses | (96) | |||
Income from operations | 24 | |||
Income before provision for income taxes | 24 | |||
Provision for income taxes | 6 | |||
Net income | 18 | |||
Accounts payable, accrued expenses and other current liabilities | 6 | |||
Deferred franchise fees | 72 | |||
Other liabilities | (96) | |||
Net cash (used in) operating activities | ||||
Net cash (used in) investing activities | ||||
Net cash (used in) financing activities | ||||
Net (decrease) in cash | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Franchise Fees Adjustments [Member] | Franchise Fees and Royalties [Member] | ||||
Revenues | (72) | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Franchise Fees Adjustments [Member] | Advertising Fund Revenue [Member] | ||||
Revenues | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Balance Sheet Reclassification Adjustments [Member] | ||||
Deferred income taxes | 281 | |||
Total assets | 281 | |||
Accrued expenses and other current liabilities | ||||
Deferred franchise fees | ||||
Total current liabilities | ||||
Other liabilities (Note I) | ||||
Deferred income taxes | 281 | |||
Deferred franchise fees | ||||
Total liabilities | 281 | |||
(Accumulated deficit) | ||||
Stockholders’ deficit before treasury stock | ||||
Total stockholders’ (deficit) | ||||
Total liabilities and stockholders’ (deficit) | 281 | |||
Revenues | (495) | |||
General and administrative expenses | ||||
Advertising fund expense (Note B) | (495) | |||
Total costs and expenses | (495) | |||
Income from operations | ||||
Income before provision for income taxes | ||||
Provision for income taxes | ||||
Net income | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Balance Sheet Reclassification Adjustments [Member] | Franchise Fees and Royalties [Member] | ||||
Revenues | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Balance Sheet Reclassification Adjustments [Member] | Advertising Fund Revenue [Member] | ||||
Revenues | (495) | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Advertising Fund Adjustments [Member] | ||||
Net income | ||||
Accounts payable, accrued expenses and other current liabilities | ||||
Deferred franchise fees | ||||
Other liabilities | ||||
Net cash (used in) operating activities | ||||
Net cash (used in) investing activities | ||||
Net cash (used in) financing activities | ||||
Net (decrease) in cash | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Deferred income taxes | ||||
Total assets | 78,970 | |||
Accrued expenses and other current liabilities | 6,792 | |||
Deferred franchise fees | 208 | |||
Total current liabilities | 13,066 | |||
Other liabilities (Note I) | 1,256 | |||
Deferred income taxes | 281 | |||
Deferred franchise fees | 331 | |||
Total liabilities | 159,865 | |||
(Accumulated deficit) | (64,415) | |||
Stockholders’ deficit before treasury stock | (3,592) | |||
Total stockholders’ (deficit) | (80,895) | |||
Total liabilities and stockholders’ (deficit) | 78,970 | |||
Revenues | 29,601 | |||
General and administrative expenses | 3,789 | |||
Advertising fund expense (Note B) | ||||
Total costs and expenses | 20,490 | |||
Income from operations | 9,111 | |||
Income before provision for income taxes | 6,543 | |||
Provision for income taxes | 1,730 | |||
Net income | 4,813 | |||
Accounts payable, accrued expenses and other current liabilities | (4,868) | |||
Deferred franchise fees | 108 | |||
Other liabilities | (99) | |||
Net cash (used in) operating activities | (2,812) | |||
Net cash (used in) investing activities | (138) | |||
Net cash (used in) financing activities | (1,371) | |||
Net (decrease) in cash | (4,321) | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Franchise Fees and Royalties [Member] | ||||
Revenues | 1,032 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Advertising Fund Revenue [Member] | ||||
Revenues | ||||
[1] | As disclosed in Note B, prior period amounts have not been adjusted under the modified retrospective method of adoption of ASC 606. |
Note B - Adoption of New Acco34
Note B - Adoption of New Accounting Pronouncements - Receivables and Contract Liabilities From Contracts With Customers (Details) $ in Thousands | Jun. 24, 2018USD ($) | |
Receivables, which are included in "Accounts and other receivable, net" | $ 250 | [1] |
Deferred franchise fees (b) | $ 2,769 | [2] |
[1] | Represent contract receivable related to a funding commitment to the Advertising Fund. | |
[2] | Deferred franchise fees of $360 and $2,409 are included in Deferred franchise fees and Other liabilities, respectively. |
Note B - Adoption of New Acco35
Note B - Adoption of New Accounting Pronouncements - Significant Changes in Deferred Franchise Fees (Details) $ in Thousands | 3 Months Ended | |
Jun. 24, 2018USD ($) | ||
Deferred franchise fees at beginning of period | $ 3,139 | [1] |
Revenue recognized during the period | (107) | |
New deferrals due to cash received and other | 170 | |
Deferred franchise fees | $ 3,202 | |
[1] | Includes the cumulative effect of adopting ASC-606 of $2,735. |
Note B - Adoption of New Acco36
Note B - Adoption of New Accounting Pronouncements - Remaining Performance Obligations (Details) $ in Thousands | Jun. 24, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-06-25 | ||
Revenue expected to be recognized | $ 271 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | ||
Revenue expected to be recognized | 356 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-30 | ||
Revenue expected to be recognized | 347 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-29 | ||
Revenue expected to be recognized | 336 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-28 | ||
Revenue expected to be recognized | 300 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-27 | ||
Revenue expected to be recognized | 1,592 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | ||
Revenue expected to be recognized | $ 3,202 | |
[1] | Represents franchise fees expected to be recognized for the remainder of the 2019 fiscal year, which includes international development fees expected to be recognized over the duration of one year or less. Amount does not include $107 of franchise fee revenue recognized for the thirteen weeks ended June 24, 2018. |
Note D - Income Per Share (Deta
Note D - Income Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Jun. 24, 2018 | Jun. 25, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Note D - Income Per Share - Ear
Note D - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 24, 2018 | Jun. 25, 2017 | |
Net income, basic calculation | $ 4,795 | $ 2,922 |
Number of shares, basic calculation (in shares) | 4,185 | 4,177 |
Net income per share, basic calculation (in dollars per share) | $ 1.15 | $ 0.70 |
Effect of dilutive employee stock options (in shares) | 41 | 38 |
Effect of dilutive employee stock option (in dollars per share) | $ (0.02) | $ (0.01) |
Net income, diluted calculation | $ 4,795 | $ 2,922 |
Number of shares, diluted calculation (in shares) | 4,226 | 4,215 |
Net income per share, diluted calculation (in dollars per share) | $ 1.13 | $ 0.69 |
Note E - Fair Value Measureme39
Note E - Fair Value Measurements (Details Textual) | Jun. 24, 2018USD ($) |
Long-term Debt, Gross | $ 150,000,000 |
Long-term Debt, Fair Value | $ 151,125,000 |
Note F - Accounts and Other R40
Note F - Accounts and Other Receivables, Net (Details Textual) | 3 Months Ended |
Jun. 24, 2018 | |
Accounts Receivable Payment Terms | 30 days |
Note F - Accounts and Other R41
Note F - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Jun. 24, 2018 | Mar. 25, 2018 | Mar. 26, 2017 |
Accounts receivable, gross, current | $ 16,170 | $ 10,970 | |
Less: allowance for doubtful accounts | 551 | 468 | $ 457 |
Accounts and other receivables, net | 15,619 | 10,502 | |
Branded Product Sales [Member] | |||
Accounts receivable, gross, current | 9,981 | 7,604 | |
Franchise and License Royalties [Member] | |||
Accounts receivable, gross, current | 4,475 | 2,767 | |
Other Receivables [Member] | |||
Accounts receivable, gross, current | $ 1,714 | $ 599 |
Note F - Accounts and Other R42
Note F - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 24, 2018 | Jun. 25, 2017 | Mar. 25, 2018 | |
Beginning balance | $ 468 | $ 457 | $ 457 |
Reclassification to conform with ASC 606 | 77 | ||
Bad debt expense | 14 | $ 16 | 34 |
Accounts written off | (8) | (23) | |
Ending balance | $ 551 | $ 468 |
Note G - Prepaid Expenses and43
Note G - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 24, 2018 | Mar. 25, 2018 |
Income taxes | $ 1,624 | |
Insurance | 249 | 266 |
Other | 639 | 983 |
Total prepaid expenses and other current assets | $ 888 | $ 2,873 |
Note H - Assets Held for Sale (
Note H - Assets Held for Sale (Details Textual) - USD ($) | Jul. 17, 2018 | Jun. 14, 2018 | Mar. 25, 2018 | Jun. 24, 2018 |
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | $ 610,000 | $ 1,610,000 | ||
Company Owned Restaurant in Bay Ridge [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | 12,250,000 | |||
Proceeds from Divestiture of Businesses | 1,201,000 | |||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | $ 610,000 | 601,000 | ||
Company Owned Restaurant in Bay Ridge [Member] | Subsequent Event [Member] | ||||
Disposal Group, Including Discontinued Operation, Additional Down Payment | $ 1,000,000 | |||
Disposal Group, Including Discontinued Operation, Extension Fee | $ 175,000 | |||
Company Owned Regional Office in Fort Lauderdale [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,450,000 | |||
Proceeds from Divestiture of Businesses | $ 145,000 | |||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | $ 1,009,000 |
Note I - Accrued Expenses, Ot45
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 24, 2018 | Mar. 25, 2018 |
Payroll and other benefits | $ 1,329 | $ 2,733 |
Accrued rebates | 1,352 | 1,541 |
Rent and occupancy costs | 294 | 200 |
Construction costs | 58 | 68 |
Interest | 1,457 | 3,948 |
Professional fees | 178 | 157 |
Sales, use and other taxes | 263 | 80 |
Dividend payable | 150 | |
Deposit payable | 1,201 | 1,201 |
Other | 182 | 390 |
Total accrued expenses and other current liabilities | 6,786 | 11,248 |
Deferred Franchise Fees And Other Deferred Revenue [Member] | ||
Deferred revenue | $ 472 | $ 780 |
Note I - Accrued Expenses, Ot46
Note I - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 24, 2018 | Mar. 25, 2018 |
Reserve for uncertain tax positions | $ 491 | $ 467 |
Deferred rental liability | 650 | 677 |
Other | 211 | 211 |
Total other liabilities | $ 1,352 | $ 1,355 |
Note J - Revenues - Disaggregat
Note J - Revenues - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | ||
Jun. 24, 2018 | Jun. 25, 2017 | [1] | |
Revenues | $ 30,168,000 | $ 30,803,000 | |
Branded Products [Member] | |||
Revenues | 16,445,000 | 17,937,000 | |
Company-operated Restaurants [Member] | |||
Revenues | 4,026,000 | 4,293,000 | |
Product [Member] | |||
Revenues | 20,471,000 | 22,230,000 | |
License [Member] | |||
Revenues | 8,098,000 | 7,401,000 | |
Royalty [Member] | |||
Revenues | 997,000 | 1,112,000 | |
Franchise [Member] | |||
Revenues | 107,000 | 60,000 | |
Franchise Fees and Royalties [Member] | |||
Revenues | 1,104,000 | 1,172,000 | |
Advertising Fund Revenue [Member] | |||
Revenues | $ 495,000 | ||
[1] | As disclosed in Note B, prior period amounts have not been adjusted under the modified retrospective method of adoption of ASC 606. |
Note J - Revenues - Revenues by
Note J - Revenues - Revenues by Geographical Market (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 24, 2018 | Jun. 25, 2017 | ||
Revenues | $ 30,168 | $ 30,803 | [1] |
UNITED STATES | |||
Revenues | 28,856 | 28,864 | |
Non-US [Member] | |||
Revenues | $ 1,312 | $ 1,939 | |
[1] | As disclosed in Note B, prior period amounts have not been adjusted under the modified retrospective method of adoption of ASC 606. |
Note K - Income Taxes (Details
Note K - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 24, 2018 | Jun. 25, 2017 | Mar. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.40% | 39.70% | |
Effective Income Tax Rate, Effect of Stock Compensation | 1.00% | 1.60% | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 63,000 | $ 78,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 281,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 226,000 | ||
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 L - Segment Information -
Note L - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 24, 2018 | Jun. 25, 2017 | |||
Revenues | $ 30,168 | $ 30,803 | [1] | |
Income from operations | 9,087 | 8,450 | ||
Interest expense | (2,650) | (3,663) | ||
Interest income | 61 | 35 | ||
Other income, net | 21 | 21 | ||
Income before provision for income taxes | 6,519 | 4,843 | ||
Corporate, Non-Segment [Member] | ||||
Revenues | [2] | 495 | ||
Income from operations | (2,247) | (2,073) | ||
Branded Product Program [Member] | Operating Segments [Member] | ||||
Revenues | 16,445 | 17,937 | ||
Income from operations | 2,531 | 2,272 | ||
Product Licensing [Member] | Operating Segments [Member] | ||||
Revenues | 8,098 | 7,401 | ||
Income from operations | 8,053 | 7,356 | ||
Restaurant Operations [Member] | Operating Segments [Member] | ||||
Revenues | 5,130 | 5,465 | ||
Income from operations | $ 750 | $ 895 | ||
[1] | As disclosed in Note B, prior period amounts have not been adjusted under the modified retrospective method of adoption of ASC 606. | |||
[2] | Represents advertising fund revenue |
Note M - Share-based Compensa51
Note M - Share-based Compensation (Details Textual) - USD ($) | Jun. 08, 2018 | Dec. 22, 2017 | Dec. 20, 2017 | Nov. 01, 2017 | Mar. 29, 2015 | Mar. 27, 2015 | Mar. 10, 2015 | Jun. 24, 2018 | Jun. 25, 2017 |
Allocated Share-based Compensation Expense, Total | $ 81,000 | $ 99,000 | |||||||
Share Based Compensation Total Unamortized Compensation Expense | $ 19,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 53.89 | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award Option Life | 5 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||
Share Price | $ 83.20 | $ 73.56 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.25 | $ 0 | ||||||
Special Cash Dividend [Member] | |||||||||
Common Stock, Dividends, Per Share, Declared | 5 | $ 5 | 25 | $ 25 | |||||
Excluding Dividend [Member] | |||||||||
Share Price | $ 78.20 | $ 48.56 | |||||||
Employee Stock Option [Member] | |||||||||
Allocated Share-based Compensation Expense, Total | $ 38,000 | $ 38,000 | |||||||
Employee Stock Option [Member] | The 2010 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,498 | 75,745 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 33.438 | $ 35.58 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 64,384 | 50,000 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 35.58 | $ 53.89 |
Note M - Share-based Compensa52
Note M - Share-based Compensation - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($) | 3 Months Ended | |
Jun. 24, 2018 | Jun. 25, 2017 | |
Share-based compensation expense | $ 81,000 | $ 99,000 |
Employee Stock Option [Member] | ||
Share-based compensation expense | 38,000 | 38,000 |
Restricted Stock [Member] | ||
Share-based compensation expense | $ 43,000 | $ 61,000 |
Note M - Share-based Compensa53
Note M - Share-based Compensation - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 29, 2015 | Jun. 24, 2018 | Mar. 25, 2018 | [1] | |
Options outstanding (in shares) | [1] | 68,498 | |||
Options outstanding, weighted average exercise price (in dollars per share) | $ 33.438 | $ 33.438 | |||
Options outstanding, weighted average remaining contractual life (Year) | 1 year 43 days | 1 year 131 days | |||
Options outstanding, aggregate intrinsic value | $ 4,207 | $ 2,648 | |||
Options granted (in shares) | 50,000 | ||||
Granted, weighted average exercise price (in dollars per share) | $ 53.89 | ||||
Options exercised (in shares) | |||||
Exercised, weighted average exercise price (in dollars per share) | |||||
Options outstanding (in shares) | 68,498 | 68,498 | |||
Options exercisable (in shares) | 48,348 | ||||
Options exercisable, weighted average exercise price (in dollars per share) | $ 33.438 | ||||
Options exercisable, weighted average remaining contractual life (Year) | 1 year 43 days | ||||
Options exercisable, aggregate intrinsic value | $ 2,969 | ||||
[1] | Represents outstanding options after giving effect to the replacement options issued in connection with the Company's 2015 and 2017 special dividends. |
Note M - Share-based Compensa54
Note M - Share-based Compensation - Transactions With Respect to Restricted Stock (Details) - Restricted Stock [Member] | 3 Months Ended |
Jun. 24, 2018$ / sharesshares | |
Unvested restricted stock, Shares (in shares) | shares | 5,000 |
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 49.80 |
Vested, Shares (in shares) | shares | (5,000) |
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 49.80 |
Unvested restricted stock, ending balance (in shares) | shares | |
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) | $ / shares |
Note N - Stockholders' Equity (
Note N - Stockholders' Equity (Details Textual) - USD ($) | Aug. 01, 2018 | Jun. 22, 2018 | Jun. 08, 2018 | May 31, 2018 | Jan. 04, 2018 | Dec. 20, 2017 | Nov. 01, 2017 | Mar. 27, 2015 | Mar. 10, 2015 | Jun. 24, 2018 | Jun. 25, 2017 | Mar. 25, 2018 | Jun. 24, 2018 | Jun. 24, 2018 | Mar. 11, 2016 | Jun. 05, 2013 |
Common Stock, Dividends, Amount per Annum | $ 1 | |||||||||||||||
Common Stock, Dividends, Amount per Quarter | $ 0.25 | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.25 | $ 0 | |||||||||||||
Payments of Ordinary Dividends, Common Stock | $ 1,197,000 | $ 125,000 | ||||||||||||||
Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights | 15.00% | |||||||||||||||
New Right Purchase Price | $ 100 | |||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 10,188,600 | |||||||||||||||
Treasury Stock, Shares, Acquired | 0 | 5,127,373 | ||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 77,303,000 | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.25 | |||||||||||||||
Sixth Stock Repurchase Plan [Member] | ||||||||||||||||
Treasury Stock, Shares, Acquired | 939,742 | |||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 29,641,000 | |||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,200,000 | |||||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 260,258 | 260,258 | 260,258 | |||||||||||||
Common Stock Purchase Rights [Member] | ||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 4,718,630 | 4,718,630 | 4,718,630 | |||||||||||||
Special Cash Dividend [Member] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 5 | $ 5 | $ 25 | $ 25 | ||||||||||||
Payments of Ordinary Dividends, Common Stock | $ 20,923,000 | $ 115,100,000 | ||||||||||||||
Special Cash Dividends on Restricted Stock Declared on November 1, 2017 [Member] | ||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ 25,000 | |||||||||||||||
Dividends Payable | $ 25,000 | |||||||||||||||
Special Cash Dividends on Restricted Stock Declared on March 10, 2015 [Member] | ||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ 125,000 | $ 875,000 | ||||||||||||||
Dividends Payable | $ 1,000,000 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 |
Note O - Long-term Debt (Detail
Note O - Long-term Debt (Details Textual) - USD ($) | May 01, 2018 | Nov. 01, 2017 | Mar. 10, 2015 | Jun. 24, 2018 | Mar. 25, 2018 |
Dividends Payable, Amount Per Share | $ 5 | ||||
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 | $ 150,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | 6.625% | 6.625% | ||
Debt Instrument, Periodic Payment, Interest | $ 4,968,750 | ||||
Senior Notes [Member] | Senior Secured 2020 Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||
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 O - Long-term Debt - Summa
Note O - Long-term Debt - Summary of Debt (Details) - USD ($) | Jun. 24, 2018 | Mar. 25, 2018 |
Senior secured notes | $ 150,000,000 | |
Less: unamortized debt issuance costs | (5,069,000) | $ (5,242,000) |
Long-term debt, net | 144,931,000 | 144,758,000 |
Senior Secured 2025 Notes [Member] | Senior Notes [Member] | ||
Senior secured notes | $ 150,000,000 | $ 150,000,000 |
Note O - Long-term Debt - Sum58
Note O - Long-term Debt - Summary of Debt (Details) (Parentheticals) | Jun. 24, 2018 | Mar. 25, 2018 | Nov. 01, 2017 |
Senior Secured 2025 Notes [Member] | Senior Notes [Member] | |||
Interest Rate | 6.625% | 6.625% | 6.625% |
Note O - Long-term Debt - Sum59
Note O - Long-term Debt - Summary of Redemption Features (Details) | 3 Months Ended |
Jun. 24, 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 P - Commitments and Cont60
Note P - Commitments and Contingencies (Details Textual) | Feb. 27, 2017USD ($) |
Guaranty Liabilities | $ 204,000 |