Nathan's Famous (NATH) 10-Q 3 Aug 18 2019 Q1 Quarterly report Financial data

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