Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Sep. 24, 2017	Nov. 03, 2017
Document Information [Line Items]
Entity Registrant Name	NATHANS FAMOUS INC
Entity Central Index Key	0000069733
Trading Symbol	nath
Current Fiscal Year End Date	--03-25
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		4,184,549
Document Type	10-Q
Document Period End Date	Sep. 24, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Amendment Flag	false

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

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 24, 2017	Mar. 26, 2017
Property and equipment accumulated depreciation	$ 8,204	$ 7,522
Long-term debt, unamortized debt costs	$ 2,926	$ 3,525
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	9,311,922	9,303,870
Common stock, shares outstanding (in shares)	4,184,549	4,176,497
Treasury stock, shares (in shares)	5,127,373	5,127,373

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

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

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

Note A - Basis of Presentation	6 Months Ended
Note A - Basis of Presentation	Sep. 24, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A - BASIS OF PRESENTATION The accompanying consolidated financial statements of Nathan's Famous, Inc. and subsidiaries (collectively “Nathan ’s,” the “Company,” “we,” “us” or “our”) as of and for the thirteen and twenty-six week periods ended September 24, 2017 and September 25, 2016 have been prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited financial statements include all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of financial condition, results of operations and cash flows for the periods presented. However, our results of operations are seasonal in nature, and the results of any interim period are not necessarily indicative of results for any other interim period or the full fiscal year. Certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the requirements of the Securities and Exchange Commission. Management believes that the disclosures included in the accompanying consolidated interim financial statements and footnotes are adequate to make the information not misleading, but should be read in conjunction with the consolidated financial statements and notes thereto included in Nathan’s Annual Report on Form 10 -K for the fiscal year ended March 26, 2017. A summary of the Company ’s significant accounting policies is identified in Note B of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10 -K for the fiscal year ended March 26, 2017. There have been no changes to the Company’s significant accounting policies subsequent to March 26, 2017.

Note B - Adoption of New Accounting Pronouncements	6 Months Ended
Note B - Adoption of New Accounting Pronouncements	Sep. 24, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE B – ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS In July 2015, the Financial Accounting Standards Board (“FASB”) updated U.S. accounting guidance to simplify the ways businesses measure inventory. Companies that use the first -in, first -out (FIFO) method or the average cost method will measure inventory at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal, and transportation. Companies will no longer consider replacement cost or net realizable value less a normal profit margin when measuring inventory. The guidance was effective for the Company beginning in the first quarter of fiscal 2018 and did not have a material impact on its results of operations or financial position.

Note C - New Accounting Pronouncements Not yet Adopted	6 Months Ended
Note C - New Accounting Pronouncements Not yet Adopted	Sep. 24, 2017
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	NOTE C – NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED In May 2014, the FASB issued a new accounting standard that attempts to establish a uniform basis for recording revenue to virtually all industries’ financial statements, under U.S. GAAP as further amended during 2016. The FASB issued certain updates to the standard, including clarifying reporting revenue between Principle versus Agent and clarification in determining performance obligations and licenses guidance. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. In order to accomplish this objective, companies must evaluate the following five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. There are two basic transition methods that are available – full retrospective, or modified retrospective transition methods. Early adoption is prohibited. Public companies were originally expected to apply the new standard for annual periods beginning after December 15, 2016, including interim periods therein, which for Nathan’s would have been its first quarter of fiscal 2018, beginning on March 27, 2017. On July 9, 2015, the FASB agreed to delay the standard’s effective date to annual reporting periods beginning after December 15, 2017 which will now be our first quarter ( June 2018) of our fiscal year ending March 31, 2019. The Company has assigned internal resources to evaluate and implement the new standard, and will continue to provide updates during fiscal year 2018. The Company is continuing its evaluation of the impact of the new standard, but currently does not believe that the standard will impact its recognition of revenue for its Company-operated restaurants or its recognition of royalties from its franchised restaurants or retail licenses, which are based on a percentage of sales. The Company is still assessing the impact of the new standard on revenues from its Branded Product Program as well as decisions reached by the FASB Transition Resource Group in November 2016 on the treatment of minimum guarantees in licensing arrangements, which may affect the timing of the Company’s recognition of royalty revenues. Currently, franchise and international development fees are recognized when the Company has performed substantially all initial services required by the agreements, which is generally when the franchisee begins operations. Under the new guidance, these fees may be recognized over the term of the agreements. The Company also expects that the adoption of this new guidance may change the reporting of contributions to the advertising fund from franchisees and other third parties and the related advertising fund expenditures, which are currently reported on a net basis in the Consolidated Statements of Earnings and Consolidated Balance Sheets. The Company expects the new guidance will require these advertising fund contributions and expenditures to be reported on a gross basis in the Consolidated Statement of Earnings. For the fiscal year ended March 26, 2017, advertising fund contributions from franchisees and other third parties were $2,572,000, and therefore we expect this change may impact our total revenues and expenses. The Company plans to adopt this standard in the first quarter of fiscal 2019, beginning March 26, 2018, using the modified retrospective method. In February 2016, the FASB issued a new accounting standard on leases. The new standard, among other changes, will require lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases. The lease liability will be measured at the present value of the lease payments over the lease term. The right-of-use asset will be measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and the lessee’s initial direct costs (e.g. commissions). The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim reporting periods within those annual reporting periods. This standard is required to take effect in Nathan’s first quarter ( June 2019) of our fiscal year ending March 29, 2020. The adoption will require a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest period presented. The Company is currently evaluating the standard to determine the impact of the adoption on its consolidated financial statements but expects that the standard will result in a significant increase to its other assets and other liabilities. In January 2017, the FASB issued an update to the accounting guidance to simplify the testing for goodwill impairment. The update removes the requirement to determine the implied fair value of goodwill to measure the amount of impairment loss, if any, under the second step of the current goodwill impairment test. A company will perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment charge will be recognized for the amount by which the reporting unit ’s carrying amount exceeds its fair value, not to exceed the carrying amount of the goodwill. The guidance is effective prospectively for public business entities for annual reporting periods beginning after December 15, 2019. This standard is required to take effect in Nathan’s first quarter ( June 2020) of our fiscal year ending March 28, 2021. Nathan’s does not expect the adoption of this new guidance to have a material impact on its results of operations or financial position. The Company does not believe that any other recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying financial statements.

Note D - Income Per Share

6 Months Ended

Sep. 24, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

OTE D – INCOME PER SHARE

Basic income per common share is calculated by dividing income by the weighted-average number of common shares outstanding and excludes any dilutive effect of stock options. Diluted income per common share gives effect to all potentially dilutive common shares that were outstanding during the period. Dilutive common shares used in the computation of diluted income per common share result

s from the assumed exercise of stock options and warrants, as determined using the treasury stock method.

The following chart provides a reconciliation of information used in calculating the per-share amounts for the

thirteen

and

twenty-six

week periods ended

September 24, 2017

and

September 25, 2016,

respectively.

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	201 7		2016		201 7		201 6		201 7			201 6
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	3,120	$	2,507		4,179		4,172	$	0.75		$	0.60
Effect of dilutive employee stock options		-		-		33		35		(0.01	)		-
Diluted EPS
Diluted calculation	$	3,120	$	2,507		4,212		4,207	$	0.74		$	0.60

Twenty-six weeks
									Net Income
	Net Income				Number of Shares				Per Share
	201 7		2016		201 7		2016		201 7			201 6
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	6,042	$	6,057		4,178		4,169	$	1.45		$	1.45
Effect of dilutive employee stock options		-		-		35		30		(0.02	)		(0.01	)
Diluted EPS
Diluted calculation	$	6,042	$	6,057		4,213		4,199	$	1.43		$	1.44

There were

options to purchase shares of common stock

for the

thirteen

week and

twenty-six

week periods ended

September 24, 2017

and

September 25, 2016,

respectively that were excluded from the computation of diluted earnings per share.

Note E - Fair Value Measurements	6 Months Ended
Note E - Fair Value Measurements	Sep. 24, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE E – FAIR VALUE MEASUREMENTS Nathan ’s follows a three -level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market ● Level 2 - inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability ● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability The Company ’s long-term debt had a face value of $135,000,000 as of September 24, 2017 and a fair value of $142,088,000 as of September 24, 2017. The Company estimates the fair value of its long-term debt based upon review of observable pricing in secondary markets as of the last trading day of the fiscal period. Accordingly, the Company classifies its long-term debt as Level 2. The carrying amounts of accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments. Certain non-financial assets and liabilities are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when evidence of impairment exists. At September 24, 2017, no fair value adjustment or material fair value measurements were required for non-financial assets or liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note F - Accounts and Other Receivables, Net

6 Months Ended

Sep. 24, 2017

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE

F – ACCOUNTS AND OTHER RECEIVABLES, NET

Accounts and other receivables, net, consist of the following

(in thousands):

	September 24 ,		March 26 ,
	201 7		2017

Branded product sales	$	8,249	$	6,037
Franchise and license royalties		2,345		2,746
Other		1,432		622
		12,026		9,405

Less: allowance for doubtful accounts		499		457
Accounts and other receivables, net	$	11,527	$	8,948

Accounts receivable are due within

days and are stat

ed at amounts due from franchisees, retail licensees and Branded Product Program customers, net of an allowance for doubtful accounts. Accounts that are outstanding longer than the contractual payment terms are generally considered past due. The Company does

not

recognize franchise and license royalties that are

not

deemed to be realizable.

The Company

individually reviews each past due account and determines its allowance for doubtful accounts by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current and expected future ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings. After the Company has used reasonable collection efforts it writes off accounts receivable through a charge to the allowance for doubtful accounts.

Changes in the Company

’s allowance for doubtful accounts for the

twenty-six

week period ended

September 24, 2017

and the fiscal year ended

March 26, 2017

are as follows (in thousands):

	September 24 , 20 17			March 26 , 2017

Beginning balance	$	457		$	471
Bad debt expense		57			53
Accounts written off		(15	)		(67	)
Ending balance	$	499		$	457

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities

6 Months Ended

Sep. 24, 2017

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

OTE H – ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES

Accrued expenses and other current liabilities consist of the following

(in thousands):

	September 24 ,		March 26,
	201 7		2017
Payroll and other benefits	$	1,771	$	2,708
Accrued rebates		1,271		1,050
Rent and occupancy costs		233		215
Deferred revenue		200		723
Construction costs		106		160
Interest		441		463
Professional fees		70		109
Income taxes		718		143
Dividend payable		125		125
Other		249		169
Total accrued expenses and other current liabilities	$	5,184	$	5,865

Other liabilities consist of the following

(in thousands):

	September 2 4 ,		March 26,
	201 7		201 7
Deferred development fees	$	110	$	67
Reserve for uncertain tax positions		404		366
Deferred rental liability		729		786
Dividend payable		-		125
Other		212		211
Total other liabilities	$	1,455	$	1,555

Note J - Income Taxes	6 Months Ended
Note J - Income Taxes	Sep. 24, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE J – INCOME TAXES The income tax provisions for the t wenty- six week periods ended September 24, 2017 and September 25, 2016 reflect effective tax rates of 39.4% and 36.9%, respectively. Nathan’s effective tax rates for the twenty-six week periods ended September 24, 2017 and September 25, 2016 were reduced by 1.9% and 6.4%, respectively, as a result of the tax benefits associated with stock compensation. For the twenty-six week periods ended September 24, 2017 and September 25, 2016, excess tax benefits of $194,000 and $621,000, respectively, were reflected in the Consolidated Statements of Earnings as a reduction to the provision for income taxes. The amount of unrecognized tax benefits at September 24, 2017 was $201,000, all of which would impact Nathan’s effective tax rate, if recognized. As of September 24, 2017, Nathan’s had $208,000 of accrued interest and penalties in connection with unrecognized tax benefits. During the fiscal year ending March 25, 2018, Nathan ’s will seek to settle additional uncertain tax positions with the tax authorities. As a result, it is reasonably possible the amount of unrecognized tax benefits, excluding the related accrued interest and penalties, could be reduced by up to $5,000, which would favorably impact Nathan’s effective tax rate, although no assurances can be given in this regard. Nathan ’s estimates that its annual tax rate for the fiscal year ending March 25, 2018 will be in the range of approximately 40.8% to 42.3%, excluding the impact of the excess tax benefit associated with stock compensation and the potential impact of any reduction to the Company’s unrecognized tax benefits. The final annual tax rate is subject to many variables, including the ultimate determination of revenue and income tax by state, among other factors, and therefore cannot be determined until the end of the fiscal year; therefore, the actual tax rate could differ from our current estimates.

Note K - Segment Information

6 Months Ended

Sep. 24, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE

K – SEGMENT INFORMATION

Nathan

’s considers itself to be a brand marketer of the Nathan’s Famous signature products to the foodservice industry pursuant to its various business structures. Nathan’s sells its products directly to consumers through its restaurant system of Company-operated and franchised restaurants, to distributors that resell our products to the foodservice industry through the Branded Product Program (“BPP”) and by

third

party manufacturers pursuant to license agreements that sell our products to club stores and grocery stores nationwide. The Company’s Chief Executive Officer has been identified as the Chief Operating Decision Maker (“CODM”) who evaluates performance and allocates resources for the Branded Product Program, Product Licensing and Restaurant Operations segments based upon a number of factors, the primary profit measure being income from operations. Certain administrative expenses are

not

allocated to the segments and are reported within Corporate.

Branded Product Program

– This segment derives revenue principally from the sale of hot dog products either directly to foodservice operators or to various foodservice distributors who resell the products to foodservice operators.

Product licensing

– This segment derives revenue, primarily in the form of royalties, from licensing a broad variety of Nathan’s Famous branded products, including our hotdogs, sausage and corned beef products, frozen French fries and additional products through retail grocery channels and club stores throughout the United States.

Restaurant operations

– This segment derives revenue from the sale of our products at Company-owned restaurants and earns fees and royalties from its franchised restaurants.

Revenues from operating segments are from transactions with unaffiliated

third

parties and do

not

include any intersegment revenues.

Income f

rom operations attributable to corporate consists principally of administrative expenses

not

allocated to the operating segments such as executive management, finance, information technology, legal, insurance, corporate office costs, corporate incentive compensation and compliance costs.

Int

erest expense, interest income and other income, net are managed centrally at the corporate level, and, accordingly, such items are

not

presented by segment since they are excluded from the measure of profitability reviewed by the CODM.

Operating segment information is as follows

(in thousands):

	Thirteen weeks ended						T wenty-six weeks ended
	Sept . 2 4 , 2017			Sept . 25, 2016			Sept . 2 4 , 2017			Sept . 25, 2016

Revenues
Branded Product Program	$	18,130		$	15,277		$	36,067		$	31,696
Product licensing		5,764			4,788			13,165			11,612
Restaurant operations		7,712			7,948			13,292			14,121
Corporate		-			-			-			-
Total revenues	$	31,606		$	28,013		$	62,524		$	57,429

Income from operations
Branded Product Program	$	2,692		$	2,496		$	4,964		$	5,449
Product licensing		5,719			4,743			13,075			11,521
Restaurant operations		2,335			2,602			3,230			4,035
Corporate		(2,012	)		(1,810	)		(4,085	)		(4,150	)
Income from operations	$	8,734		$	8,031		$	17,184		$	16,855
Interest expense		(3,663	)		(3,663	)		(7,326	)		(7,339	)
Interest income		35			36			70			36
Other income, net		21			21			42			43
Income before provision for income taxes	$	5,127		$	4,425		$	9,970		$	9,595

Note L - Share-based Compensation

6 Months Ended

Sep. 24, 2017

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE

L – SHARE-BASED COMPENSATION

Total share-based compensation during the

thirteen

-week periods ended

September 24, 2017

and

September 25, 2016

was

$100,000

and

$173,000,

respectively. Total share-based compensation during the

twenty-six

week periods ended

September 24, 2017

and

September 25, 2016

was

$199,000

and

$346,000,

respectively. Total share-based compensation is included in general and administrative expense in our accompanying Consolidated Statements of Earnings. As of

September 24, 2017,

there was

$300,000

of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately

ten

months, which represents the weighted average remaining requisite service periods for such awards.

There were

new share-based awards granted during the

twenty-six

week period ended

September 24, 2017.

The Company recognizes compensation cost for unvested stock-based incentive awards on a straight-line basis over the requisite service period. Compensation cost charged to expense under all stock-based incentive awards is as follows

(in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	September 24, 2017		September 25, 2016		September 24, 2017		September 25, 2016

Stock options	$	38	$	38	$	76	$	76
Restricted stock		62		135		123		270
Total compensation cost	$	100	$	173	$	199	$	346

Stock options outstanding:

During the fiscal year ended

March 29, 2015,

the Company granted options to purchase

50,000

shares at an exercise price of

$53.89

per share, all of which expire

five

years from the date of grant.

All such stock options vest ratably over a

four

-year period which commenced

August 6, 2015

In connection with the Company

’s special cash dividend, paid on

March 27, 2015,

to stockholders of record as of

March 20, 2015,

the Company performed an analysis, pursuant to the anti-dilution provisions of the Company’s

2010

Stock Incentive Plan, and issued replacement options to purchase

75,745

shares at an exercise price of

$35.576

for the unvested stock options that were outstanding as of

March 29, 2015.

Nathan’s performed its evaluation based on the closing price of its common stock on Friday,

March 27, 2015

$73.56

per share, or

$48.56

per share excluding the dividend of

$25.00

per share.

other terms or conditions of the outstanding options were modified. The anti-dilution provisions of the original award were structured to equalize the award’s fair value before and after the modification.

Transactions with respect to stock options for the

twenty-six

weeks ended

September 24, 2017

are as follows:

				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
				Exercise		Remaining		Value
	Shares			Price		Contractual Life		(in thousands)


Options outstanding at the beginning of the fiscal year (A)		75,745		$	35.58		2.36	$	1,899

Granted		-			-		-		-

Expired		-			-		-		-

Exercised		(11,361	)	$	35.58		-	$	379

Options outstanding at September 24, 2017		64,384		$	35.58		1.86	$	2,306

Options exercisable at September 24, 2017		45,444		$	35.58		1.86	$	1,628

A-

Represents outstanding options after giving effect to the replacement options issued in connection with the Company

’s special dividend.

Restricted stock:

Transactions with respect to restricted stock for the

twenty-six

weeks ended

September 24, 2017

are as follows:

				Weighted-
				Average
				Grant-date
				Fair value
	Shares			Per share
Unvested restricted stock at March 26, 2017		10,000		$	49.80

Granted		-			-
Vested		(5,000	)	$	49.80

Unvested restricted stock at September 24, 2017		5,000		$	49.80

Note M - Stockholders' Equity	6 Months Ended
Note M - Stockholders' Equity	Sep. 24, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE M – STOCKHOLDERS’ EQUITY 1. Dividends On March 10, 2015, the Company ’s Board of Directors declared a special cash dividend of $25.00 per share payable to stockholders of record as of March 20, 2015 of which approximately $115,100,000 was paid on March 27, 2015 to the stockholders. The Company accrued $1,000,000 for the expected dividends payable on unvested shares pursuant to the terms of the restricted stock agreements. As unvested restricted stock vests, the declared dividend is paid. We have paid $875,000 of the accrued dividend and estimate that the remaining $125,000 (See Note H) will be paid during our fiscal year ending March 31, 2019. On November 1, 2017 the Board of Directors declared a special cash dividend of $5.00 per share to stockholders of record at the close of business on December 22, 2017 of approximately $20,900,000, payable on January 4, 2018 . The Company will also accrue $ 25,000 for the expected dividend on unvested shares of restricted stock. 2 . Common Stock Purchase Rights O n June 5, 2013, Nathan’s adopted a stockholder rights plan (the “2013 Rights Plan”) under which all stockholders of record as of June 17, 2013 received rights to purchase shares of common stock (the “2013 Rights”) and the previously existing “New Rights Plan” was terminated. The 2013 Rights were distributed as a dividend. Initially, the 2013 Rights will attach to, and trade with, the Company ’s common stock. Subject to the terms, conditions and limitations of the 2013 Rights Plan, the 2013 Rights will become exercisable if (among other things) a person or group acquires 15% or more of the Company’s common stock. Upon such an event and payment of the purchase price of $100.00 (the “2013 Right Purchase Price”), each 2013 Right (except those held by the acquiring person or group) will entitle the holder to acquire one share of the Company’s common stock (or the economic equivalent thereof) or, if the then-current market price is less than the then current 2013 Right Purchase Price, a number of shares of the Company’s common stock which at the time of the transaction has a market value equal to the then current 2013 Right Purchase Price at a purchase price per share equal to the then current market price of the Company’s Common Stock. The Company ’s Board of Directors may redeem the 2013 Rights prior to the time they are triggered. Upon adoption of the 2013 Rights Plan, the Company initially reserved 10,188,600 shares of common stock for issuance upon exercise of the 2013 Rights. The 2013 Rights will expire on June 17, 2018 unless earlier redeemed or exchanged by the Company. At September 2 4, 2017, the Company has reserved 6,271,192 shares of common stock for issuance upon exercise of the 2013 Rights approved by the Board of Directors on June 5, 2013. 3. Stock Repurchase Programs During the period from October 2001 through September 2 4, 2017, Nathan’s purchased a total of 5,127,373 shares of its common stock at a cost of approximately $77,303,000 pursuant to various stock repurchase plans previously authorized by the Board of Directors. During the twenty-six week period ended September 24, 2017, we did not repurchase any shares of common stock. As of September 24, 2017, an aggregate of 260,258 shares can still be purchased under Nathan’s existing stock buy-back program. Purchases may be made from time to time, depending on market conditions, in open market or privately-negotiated transactions, at prices deemed appropriate by management. There is no set time limit on the repurchases to be made under these stock-repurchase plans.

Note N - Long-term Debt

6 Months Ended

Sep. 24, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE N

– LONG-TERM DEBT

Long-term debt consists of the following (in thousands):

	September 24,			March 26,
	2017			2017

10.000% Senior secured notes due 2020	$	135,000		$	135,000
Less: unamortized debt issuance costs		(2,926	)		(3,525	)
Long-term debt, net of issuance costs	$	132,074		$	131,475

March 10, 2015,

the Company completed the issuance of

$135,000,000

10.000%

Senior Secured Notes due

2020

(“the

2020

Notes”) in a Rule

144A

transaction. The

2020

Notes were issued pursuant to an indenture, dated

March 10, 2015 (

the “Indenture”), by and among the Company, certain of its wholly-owned subsidiaries, as guarantors, and U.S. Bank National Association, a national banking association, as trustee and collateral trustee. The Company used the proceeds to pay a special cash dividend of approximately

$116,100,000

(see Note

M.1

) with the remaining net proceeds for general corporate purposes, including working capital. Debt issuance costs of approximately

$5,985,000

were incurred, which were being amortized into interest expense over the remaining

-year term of the

2020

Notes, or until redeemed.

The

2020

Notes bear interest at

10.000%

per annum, payable semi-annually on

March 15

and

September 15

. An interest payment of

$6,750,000

was paid on

September 14, 2017.

The

2020

Notes have

scheduled principal amortization payments prior to its final maturity on

March 10, 2020.

November 1, 2017,

the Company completed the issuance of

$150,000,000

6.625%

Senior Secured Notes due

2025

(the

"2025

Notes") in a private offering in accordance with Rule

144A

under the Securities Act of

1933,

as amended (the “Securities Act”) and outside the United States in accordance with Regulation S under the Securities Act. Nathan's intends to use the net proceeds of the

2025

Notes offering to satisfy and discharge the Indenture relating to the

2020

Notes and redeem the

2020

Notes (the "Redemption"), to pay a portion of a special

$5.00

per share cash dividend to Nathan's stockholders of record and to use any remaining net proceeds for general corporate purposes, including working capital. Nathan's estimates that the redemption payment in connection with the Redemption will be approximately

$144,000,000.

Nathan's will also fund the majority of the special dividend through its existing cash. Nathan's has issued a notice of redemption with respect to the full aggregate principal amount of the

2020

Notes. The Redemption will occur on

November 16, 2017.

November 1, 2017,

the Board of Directors declared the special

$5.00

per share cash dividend. The cash dividend is payable on

January 4, 2018

to stockholders of record at the close of business on

December 22, 2017

The

2025

Notes will have

scheduled principal amortization payments prior to its final maturity on

November 1, 2025.

At the time of Redemption,

the Company will incur expenses in connection with the refinancing, including a

call premium of

$6,750,000

along with expensing the unamortized debt issuance costs of approximately,

$2,725,000

associated with the

2020

Notes. The Company also expects to incur additional interest expense of approximately

$562,500

from the closing of the

2025

Notes offering on

November 1, 2017

until the Redemption on

November 16, 2017.

The

2025

Notes bear interest at

6.625%

per annum, payable semi-annually on

May

1st

and

November 1

of each year, beginning on

May 1, 2018.

Semi-annual interest payments are expected to be

$4,968,750.

The Company expects to reduce its annual interest expense by approximately

$3,562,500

per annum.

The terms and conditions of the

2025

Notes are similar to the

2020

Notes as follows:

There are

financial maintenance covenants associated with

either the

2020

Notes or the

2025

Notes. As of

September 24, 2017,

Nathan’s was in compliance with all covenants associated with the

2020

Notes.

The Indenture

for both the

2020

Notes and the

2025

Notes contain 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

be made or indebtedness incurred by Nathan’s or its Restricted Subsidiaries

may

require compliance with the following financial ratios:

Fixed Charge Coverage Ratio

: the ratio of the Consolidated Cash Flow to the Fixed Charges for the relevant period, currently set at

2.0

1.0

in the Indenture for both the

2020

Notes and the

2025

Notes.

The Fixed Charge Coverage Ratio applies to determining whether additional Restricted Payments

may

be made, certain additional debt

may

be incurred and acquisitions

may

be made.

Priority Secured Leverage Ratio

: the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Priority Lien to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate; currently set at

0.40

1.00

in the Indenture for both the

2020

Notes and the

2025

Notes.

Secured Leverage Ratio

: the ratio of (a) Consolidated Net Debt outstanding as of such date that is secured by a Lien on any property of Nathan’s or any Guarantor to (b) Consolidated Cash Flow of Nathan’s for the Test Period then most recently ended, in each case with such pro forma adjustments as are appropriate. The Secured Leverage Ratio under the Indenture for both the

2020

Notes and the

2025

Notes is

3.75

1.00

and applies if Nathan’s wants to incur additional debt on the same terms as the

2020

Notes or

2025

Notes, as the case

may

be.

The Indenture

for the

2020

Notes and the

2025

Notes also contain 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%

in principal amount of the

2020

Notes or the

2025

Notes

may

declare the respective Notes due and payable by providing notice to the Company. In case of default arising from certain events of bankruptcy or insolvency, the

2020

Notes or

2025

Notes, as the case

may

be will become immediately due and payable.

The

2025

Notes are general senior secured obligations, are fully and unconditionally guaranteed by substantially all of the Company’s wholly-owned subsidiaries and rank

pari passu

in right of payment with all of the Company’s existing and future indebtedness that is

not

subordinated, are senior in right of payment to any of the Company’s existing and future subordinated indebtedness, are structurally subordinated to any existing and future indebtedness and other liabilities of the Company’s subsidiaries that do

not

guarantee the

2025

Notes, and are effectively junior to all existing and future indebtedness that is secured by assets other than the collateral securing the

2025

Notes.

Pursuant to the terms of a collateral trust agreement, the liens securing the

2025

Notes and the guarantees will be contractually subordinated to the liens securing any future credit facility.

The

2025

Notes and the guarantees will be the Company and the guarantors’ senior secured obligations and will rank:

	●	senior in right of payment to all of the Company and the guarantors ’ future subordinated indebtedness;

	●	effectively senior to all unsecured senior indebtedness to the extent of the value of the collateral securing the Notes and the guarantees;

	●	pari passu with all of the Company and the guarantors’ other senior indebtedness;

	●	effectively junior to any future credit facility to the extent of the value of the collateral securing any future credit facility and the Notes and the guarantees and certain other assets;

	●	effectively junior to any of the Company and the guarantors ’ existing and future indebtedness that is secured by assets other than the collateral securing the Notes and the guarantees to the extent of the value of any such assets; and

	●	structurally subordinated to the indebtedness of any of the Company ’s current and future subsidiaries that do not guarantee the Notes.

The Company

may

redeem the

2025

Notes in whole or in part prior to

November 1, 2020,

at a redemption price of

100%

of the principal amount of the

2025

Notes redeemed plus the Applicable Premium as of, plus accrued and unpaid interest. An Applicable Premium is the greater of

of the principal amount of the

2025

Notes; or the excess of the present value at such redemption date of (i) the redemption price of the

2025

Notes at

November 1, 2020

plus (ii) all required interest payments due on the Notes through

November 1, 2020 (

excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus

basis points; over the then outstanding principal amount of the Notes.

Prior to

November 1, 2020,

if using the net cash proceeds of certain equity offerings, the Company has the option to redeem up to

35%

of the aggregate principal amount of the

2025

Notes at a redemption price equal to

106.625%

of the principal amount of the

2025

Notes redeemed, plus accrued and unpaid interest and any additional interest.

On or after

November 1, 2020,

the Company

may

redeem some or all of the

2025

Notes at a decreasing premium over time, plus accrued and unpaid interest as follows:

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

Notes pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to

101%

of the aggregate principal amount of

2025

Notes repurchased plus accrued and unpaid interest, to the date of purchase.

If the Company sells certain assets and does

not

use the net proceeds as required, the Company will be required to use such net proceeds to repurchase the

2025

Notes at

100%

of the principal amount thereof, plus accrued and unpaid interest and additional interest penalty, if any, to the date of repurchase.

The

2025

Notes

may

be traded between qualified institutional buyers pursuant to Rule

144A

of the Securities Act of

1933.

We expect to record the

2025

Notes at cost. There are

SEC registration requirements for the

2025

Notes.

Note O - Commitments and Contingencies	6 Months Ended
Note O - Commitments and Contingencies	Sep. 24, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE O – COMMITMENTS AND CONTINGENCIES 1. Commitments On February 27, 2017, a wholly-owned subsidiary of the Company executed a Guaranty of Lease (the “Brooklyn Guaranty”) in connection with its re-franchising of a restaurant located in Brooklyn, New York. The Company is obligated to make payments under the Brooklyn Guaranty in the event of a default by the tenant/franchisee. The Brooklyn Guaranty has an initial term of 10 years and one 5 -year option and is limited to 24 months of rent for the first three years of the term. Nathan’s has recorded a liability of $204,000 in connection with the Brooklyn Guaranty which does not include potential percentage rent, real estate tax increases, attorney’s fees and other costs as these amounts are not reasonably determinable at this time. Nathan’s has received a personal guaranty from the franchisee for all obligations under the Brooklyn Guaranty. For the remainder of the term, the Brooklyn Guaranty is limited to 12 months of rent plus reasonable costs of collection and attorney’s fees. 2. Contingencies 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 have a material adverse effect on the Company ’s financial position, cash flows or results of operations. Nevertheless, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include money damages and, in such event, could result in a material adverse impact on the Company’s results of operations for the period in which the ruling occurs. On May 19, 2017, our hot dog manufacturer, John Morrell and Co. announced a voluntary recall of approximately 200,000 pounds of hot dogs, including Nathan ’s hot dogs, after a small number of consumers reported seeing visible metal flakes between the hot dogs and the packaging film. The amount represents a miniscule percentage of the billions of pounds of products annually produced by John Morrell and Co. John Morrell and Co. has communicated with their customers and consumers asking anyone that purchased the affected product to discard it and contact John Morrell and Co. for a refund. John Morrell and Co. notified the United States Department of Agriculture which has designated the recall as a Class II Recall. After reviewing the sales and royalties earned subsequent to this event, management believes that this recall did not have a material impact on the Company’s results of operations.

Note D - Income Per Share (Tables)

6 Months Ended

Sep. 24, 2017

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	201 7		2016		201 7		201 6		201 7			201 6
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	3,120	$	2,507		4,179		4,172	$	0.75		$	0.60
Effect of dilutive employee stock options		-		-		33		35		(0.01	)		-
Diluted EPS
Diluted calculation	$	3,120	$	2,507		4,212		4,207	$	0.74		$	0.60

Twenty-six weeks
									Net Income
	Net Income				Number of Shares				Per Share
	201 7		2016		201 7		2016		201 7			201 6
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	6,042	$	6,057		4,178		4,169	$	1.45		$	1.45
Effect of dilutive employee stock options		-		-		35		30		(0.02	)		(0.01	)
Diluted EPS
Diluted calculation	$	6,042	$	6,057		4,213		4,199	$	1.43		$	1.44

Note F - Accounts and Other Receivables, Net (Tables)

6 Months Ended

Sep. 24, 2017

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	September 24 ,		March 26 ,
	201 7		2017

Branded product sales	$	8,249	$	6,037
Franchise and license royalties		2,345		2,746
Other		1,432		622
		12,026		9,405

Less: allowance for doubtful accounts		499		457
Accounts and other receivables, net	$	11,527	$	8,948

Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]

	September 24 , 20 17			March 26 , 2017

Beginning balance	$	457		$	471
Bad debt expense		57			53
Accounts written off		(15	)		(67	)
Ending balance	$	499		$	457

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables)

6 Months Ended

Sep. 24, 2017

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	September 24 ,		March 26,
	201 7		2017
Payroll and other benefits	$	1,771	$	2,708
Accrued rebates		1,271		1,050
Rent and occupancy costs		233		215
Deferred revenue		200		723
Construction costs		106		160
Interest		441		463
Professional fees		70		109
Income taxes		718		143
Dividend payable		125		125
Other		249		169
Total accrued expenses and other current liabilities	$	5,184	$	5,865

Schedule of Other Assets and Other Liabilities [Table Text Block]

	September 2 4 ,		March 26,
	201 7		201 7
Deferred development fees	$	110	$	67
Reserve for uncertain tax positions		404		366
Deferred rental liability		729		786
Dividend payable		-		125
Other		212		211
Total other liabilities	$	1,455	$	1,555

Note K - Segment Information (Tables)

6 Months Ended

Sep. 24, 2017

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Thirteen weeks ended						T wenty-six weeks ended
	Sept . 2 4 , 2017			Sept . 25, 2016			Sept . 2 4 , 2017			Sept . 25, 2016

Revenues
Branded Product Program	$	18,130		$	15,277		$	36,067		$	31,696
Product licensing		5,764			4,788			13,165			11,612
Restaurant operations		7,712			7,948			13,292			14,121
Corporate		-			-			-			-
Total revenues	$	31,606		$	28,013		$	62,524		$	57,429

Income from operations
Branded Product Program	$	2,692		$	2,496		$	4,964		$	5,449
Product licensing		5,719			4,743			13,075			11,521
Restaurant operations		2,335			2,602			3,230			4,035
Corporate		(2,012	)		(1,810	)		(4,085	)		(4,150	)
Income from operations	$	8,734		$	8,031		$	17,184		$	16,855
Interest expense		(3,663	)		(3,663	)		(7,326	)		(7,339	)
Interest income		35			36			70			36
Other income, net		21			21			42			43
Income before provision for income taxes	$	5,127		$	4,425		$	9,970		$	9,595

Note L - Share-based Compensation (Tables)

6 Months Ended

Sep. 24, 2017

Notes Tables

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

	Thirteen weeks ended				Twenty-six weeks ended
	September 24, 2017		September 25, 2016		September 24, 2017		September 25, 2016

Stock options	$	38	$	38	$	76	$	76
Restricted stock		62		135		123		270
Total compensation cost	$	100	$	173	$	199	$	346

Share-based Compensation, Activity [Table Text Block]

				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
				Exercise		Remaining		Value
	Shares			Price		Contractual Life		(in thousands)


Options outstanding at the beginning of the fiscal year (A)		75,745		$	35.58		2.36	$	1,899

Granted		-			-		-		-

Expired		-			-		-		-

Exercised		(11,361	)	$	35.58		-	$	379

Options outstanding at September 24, 2017		64,384		$	35.58		1.86	$	2,306

Options exercisable at September 24, 2017		45,444		$	35.58		1.86	$	1,628

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

				Weighted-
				Average
				Grant-date
				Fair value
	Shares			Per share
Unvested restricted stock at March 26, 2017		10,000		$	49.80

Granted		-			-
Vested		(5,000	)	$	49.80

Unvested restricted stock at September 24, 2017		5,000		$	49.80

Note N - Long-term Debt (Tables)

6 Months Ended

Sep. 24, 2017

Notes Tables

Schedule of Debt [Table Text Block]

	September 24,			March 26,
	2017			2017

10.000% Senior secured notes due 2020	$	135,000		$	135,000
Less: unamortized debt issuance costs		(2,926	)		(3,525	)
Long-term debt, net of issuance costs	$	132,074		$	131,475

Debt Instrument Redemption [Table Text Block]

YEAR	PERCENTAGE
On or after November 1, 2020 and prior to November 1, 2021		103.313	%
On or after November 1, 2021 and prior to November 1, 2022		101.656	%
On or after November 1, 2022		100.000	%

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

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

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

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

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

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

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

Note J - Income Taxes (Details Textual) - USD ($)	6 Months Ended		12 Months Ended
Note J - Income Taxes (Details Textual) - USD ($)	Sep. 24, 2017	Sep. 25, 2016	Mar. 25, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	39.40%	36.90%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent	1.90%	6.40%
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 194,000	$ 621,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	201,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	208,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 5,000
Scenario, Forecast [Member] \| Minimum [Member]
Effective Income Tax Rate Reconciliation, Percent			40.80%
Scenario, Forecast [Member] \| Maximum [Member]
Effective Income Tax Rate Reconciliation, Percent			42.30%

Note K - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Sep. 24, 2017	Sep. 25, 2016
Revenues	$ 31,606	$ 28,013	$ 62,524	$ 57,429
Income from operations	8,734	8,031	17,184	16,855
Interest expense	(3,663)	(3,663)	(7,326)	(7,339)
Interest income	35	36	70	36
Other income, net	21	21	42	43
Income before provision for income taxes	5,127	4,425	9,970	9,595
Corporate, Non-Segment [Member]
Revenues
Income from operations	(2,012)	(1,810)	(4,085)	(4,150)
Income before provision for income taxes	5,127	4,425	9,970	9,595
Branded Product Program [Member] \| Operating Segments [Member]
Revenues	18,130	15,277	36,067	31,696
Income from operations	2,692	2,496	4,964	5,449
Interest income	35	36	70	36
Product Licensing [Member] \| Operating Segments [Member]
Revenues	5,764	4,788	13,165	11,612
Income from operations	5,719	4,743	13,075	11,521
Restaurant Operations [Member] \| Operating Segments [Member]
Revenues	7,712	7,948	13,292	14,121
Income from operations	2,335	2,602	3,230	4,035
Other income, net	$ 21	$ 21	$ 42	$ 43

Note L - Share-based Compensation (Details Textual) - USD ($)				3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 29, 2015	Mar. 27, 2015	Mar. 10, 2015	Sep. 24, 2017	Sep. 25, 2016	Sep. 24, 2017	Sep. 25, 2016	Mar. 29, 2015
Allocated Share-based Compensation Expense				$ 100,000	$ 173,000	$ 199,000	$ 346,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				300,000		$ 300,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition						300 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price						$ 0
Share Price		$ 73.56
Common Stock, Dividends, Per Share, Declared			$ 25
Special Cash Dividend [Member]
Common Stock, Dividends, Per Share, Declared		25
Excluding Dividend [Member]
Share Price		$ 48.56
Employee Stock Option [Member]
Allocated Share-based Compensation Expense				$ 38,000	$ 38,000	$ 76,000	$ 76,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross								50,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price								$ 53.89
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period								5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								4 years
Employee Stock Option [Member] \| The 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	75,745
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 35.576

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

Note L - Share-based Compensation - Outstanding Stock Options (Details) - USD ($)
$ / shares in Units, $ in Thousands

6 Months Ended

12 Months Ended

Sep. 24, 2017

Mar. 26, 2016

^[1]

Options outstanding, beginning balance (in shares)

^[1]

75,745

Options outstanding, weighted average exercise price, beginning balance (in dollars per share)

^[1]

$ 35.58

Options outstanding, weighted average remaining contractual life, beginning balance (Year)

1 year 313 days

2 years 131 days

Options outstanding, aggregate intrinsic value, beginning balance

$ 2,306

$ 1,899

Options granted (in shares)

Granted, weighted average exercise price (in dollars per share)

$ 0

Granted, aggregate intrinsic value (in dollars per share)

$ 0

Options expired (in shares)

Expired, weighted average exercise price (in dollars per share)

$ 0

Expired, aggregate intrinsic value (in dollars per share)

$ 0

Options exercised (in shares)

(11,361)

Exercised, weighted average exercise price (in dollars per share)

$ 35.58

Options exercised, aggregate intrinsic value

$ 379

Options outstanding, ending balance (in shares)

64,384

Options outstanding, weighted average exercise price, ending balance (in dollars per share)

$ 35.58

Options exercisable (in shares)

45,444

Options exercisable, weighted average exercise price (in dollars per share)

$ 35.58

Options exercisable, weighted average remaining contractual life (Year)

1 year 313 days

Options exercisable, aggregate intrinsic value

$ 1,628

[1]	Represents outstanding options after giving effect to the replacement options issued in connection with the Company's special dividend.

Note L - Share-based Compensation - Transactions With Respect to Restricted Stock (Details)	6 Months Ended
	Sep. 24, 2017 $ / shares shares
Unvested restricted stock, beginning balance (in shares) \| shares	10,000
Unvested restricted stock, weighted average grant date fair value per share, beginning balance (in dollars per share) \| $ / shares	$ 49.80
Vested (in shares) \| shares	(5,000)
Vested, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 49.80
Unvested restricted stock, ending balance (in shares) \| shares	5,000
Unvested restricted stock, weighted average grant date fair value per share, ending balance (in dollars per share) \| $ / shares	$ 49.80

Note M - Stockholders' Equity (Details Textual) - USD ($)				6 Months Ended		12 Months Ended	30 Months Ended	180 Months Ended
	Nov. 01, 2017	Mar. 27, 2015	Mar. 10, 2015	Sep. 24, 2017	Sep. 25, 2016	Mar. 31, 2019	Sep. 24, 2017	Sep. 25, 2016	Jan. 04, 2018	Jun. 05, 2013
Common Stock, Dividends, Per Share, Declared			$ 25
Payments of Ordinary Dividends, Common Stock		$ 115,100,000		$ 125,000	$ 125,000		$ 875,000
Dividends Payable		$ 1,000,000
Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights										15.00%
New Right Purchase Price										$ 100
Common Stock, Capital Shares Reserved for Future Issuance				6,271,192			6,271,192			10,188,600
Treasury Stock, Shares, Acquired				0				5,127,373
Treasury Stock, Value, Acquired, Cost Method								$ 77,303,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased				260,258			260,258
Dividends Payable, Date of Record			Mar. 20, 2015
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 5
Dividends, Common Stock, Cash	$ 20,900,000
Dividends Payable, Date of Record	Dec. 22, 2017
Dividends Payable, Date to be Paid	Jan. 04, 2018
Scenario, Forecast [Member]
Payments of Ordinary Dividends, Common Stock						$ 125,000
Dividends Payable									$ 25,000

Note N - Long-term Debt (Details Textual) - USD ($)						1 Months Ended	6 Months Ended
Note N - Long-term Debt (Details Textual) - USD ($)	Nov. 16, 2017	Nov. 01, 2017	Sep. 14, 2017	Mar. 27, 2015	Mar. 10, 2015	Nov. 16, 2017	Sep. 24, 2017	Sep. 25, 2016	Sep. 30, 2017
Interest Paid							$ 6,750,000	$ 6,750,000
Dividends Payable, Amount Per Share									$ 5
Common Stock, Dividends, Per Share, Declared					$ 25
Dividends Payable, Date of Record					Mar. 20, 2015
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared		$ 5
Increase (Decrease) in Annual Interest Expense		$ (3,562,500)
Dividends Payable, Date to be Paid		Jan. 04, 2018
Dividends Payable, Date of Record		Dec. 22, 2017
Special Cash Dividend [Member]
Dividends, Cash					$ 116,100,000
Common Stock, Dividends, Per Share, Declared				$ 25
Senior Notes [Member]
Debt Instrument, Fixed Charge Coverage Ratio					2
Debt Instrument, Priority Secured Leverage Ratio					0.4
Debt Instrument Secured Leverage Ratio					3.75
Debt Instrument, Event of Default, Percentage Ownership Enabling the Declaration of Due and Payable					25.00%
Senior Notes [Member] \| In The Event of Certain Equity Offerings [Member]
Debt Instrument, Redemption Price, Percentage					106.625%
Senior Notes [Member] \| In the Event of Chang of Control Offer [Member]
Debt Instrument, Redemption Price, Percentage					101.00%
Senior Notes [Member] \| In the Event the Company Sells Certain Assets and Fails to Use the Proceeds as Required [Member]
Debt Instrument, Redemption Price, Percentage					100.00%
Senior Notes [Member] \| Senior Secured 2020 Notes [Member]
Debt Instrument, Face Amount					$ 135,000,000
Debt Instrument, Interest Rate, Stated Percentage					10.00%
Debt Issuance Costs, Gross					$ 5,985,000
Debt Instrument, Term					5 years
Interest Paid			$ 6,750,000
Senior Notes [Member] \| Senior Secured 2020 Notes [Member] \| Scenario, Forecast [Member]
Debt Instrument, Redemption, Call Premium, Percent	5.00%					5.00%
Debt Instrument, Redemption, Call Premium, Amount	$ 6,750,000					$ 6,750,000
Write off of Deferred Debt Issuance Cost	2,725,000
Senior Notes [Member] \| Senior Secured 2025 Notes [Member] \| Subsequent Event [Member]
Debt Instrument, Interest Rate, Stated Percentage		6.625%
Proceeds from Issuance of Debt		$ 150,000,000
Repayments of Debt	$ 144,000,000
Interest Expense, Debt						$ 562,500
Debt Instrument, Periodic Payment, Interest		$ 4,968,750
Senior Notes [Member] \| Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member]
Debt Instrument, Redemption Price, Percentage					100.00%
Senior Notes [Member] \| Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] \| Applicable Premium if Percentage of Principal Amount is Greater than Treasury Rate Basis Spread [Member]
Debt Instrument, Applicable Premium, Percentage of Principal Amount					1.00%
Senior Notes [Member] \| Option to Redeem Notes at Redemption Price Equal to the Percentage of Principal Amount plus the Applicable Premium [Member] \| Applicable Premium if Treasury Rate Basis Spread is Greater than Percentage of Principal Amount [Member] \| Treasury Rate [Member]
Debt Instrument, Applicable Premium, Treasury Rate Basis Spread					0.50%
Senior Notes [Member] \| Option to Redeem at Redemption Price Equal to Percentage of Principal Amount [Member] \| In The Event of Certain Equity Offerings [Member] \| Maximum [Member]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed					35.00%

Note N - Long-term Debt - Summary of Debt (Details) - USD ($)	Sep. 24, 2017	Mar. 26, 2017
10.000% Senior secured notes due 2020	$ 135,000,000	$ 135,000,000
Less: unamortized debt issuance costs	(2,926,000)	(3,525,000)
Long-term debt, net of issuance costs	$ 132,074,000	$ 131,475,000

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

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

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