Restaurant operating expenses

$ 101,849

$ 104,201

$ 96,256

COSTS AND EXPENSES

Cost of sales

52,779

58,752

51,634

3,525

3,506

3,386

1,212

1,352

1,297

13,851

13,491

13,659

2,506

73,873

77,101

69,976

Gain on sale of property and equipment

27,976

27,100

26,280

11,177

Interest expense

(10,792)

(13,591)

(14,665)

Loss on debt extinguishment (Note K)

(8,872)

Impairment charge – long-lived assets (Note B)

(790)

Interest income

840

166

104

Other income, net

209

29,410

4,112

11,804

7,917

1,482

4,319

Weighted average shares used in computing income per share:

$ 21,493

$ 2,630

$ 7,485

Basic (in shares)

4,187,000

4,181,000

4,172,000

Diluted (in shares)

4,220,000

4,221,000

4,206,000

Income per share:

Basic (in dollars per share)

$ 5.13

$ 0.63

$ 1.79

Diluted (in dollars per share)

5.09

0.62

1.78

Dividends declared per share (in dollars per share)

$ 1

$ 5

Product [Member]

REVENUES

$ 71,561

$ 76,708

$ 70,820

License [Member]

REVENUES

Franchise Fees and Royalties [Member]

23,615

23,020

20,368

REVENUES

Advertising Fund Revenue [Member]

4,171

4,473

5,068

REVENUES

^[1]

$ 2,502

[1]	Prior to adoption of Topic 606, inflows into the National Advertising Fund were not considered revenue.

Consolidated Statements of Stockholders' (Deficit) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Mar. 27, 2016	9,274,066			5,096,757
Balance at Mar. 27, 2016	$ 93,000	$ 60,950,000	$ (57,348,000)	$ (76,031,000)	$ (72,336,000)
Shares issued in connection with share-based compensation plans (in shares)	29,804
Shares issued in connection with share-based compensation plans		44,000			44,000
Withholding tax on net share settlement of share-based compensation plans		(994,000)			(994,000)
Repurchase of common stock (in shares)				30,616
Repurchase of common stock				$ (1,272,000)	(1,272,000)
Share-based compensation		582,000			582,000
Net income			7,485,000		7,485,000
Balance (in shares) at Mar. 26, 2017	9,303,870			5,127,373
Balance at Mar. 26, 2017	$ 93,000	60,582,000	(49,863,000)	$ (77,303,000)	(66,491,000)
Shares issued in connection with share-based compensation plans (in shares)	8,052
Shares issued in connection with share-based compensation plans
Withholding tax on net share settlement of share-based compensation plans		(157,000)			(157,000)
Share-based compensation		398,000			398,000
Net income			2,630,000		2,630,000
Dividends on common stock			(20,948,000)		$ (20,948,000)
Balance (in shares) at Mar. 25, 2018	9,311,922			5,127,373	4,184,549
Balance at Mar. 25, 2018	$ 93,000	60,823,000	(68,181,000)	$ (77,303,000)	$ (84,568,000)
Cumulative effect of the adoption of ASC606			(2,004,000)		(2,004,000)
Shares issued in connection with share-based compensation plans (in shares)	24,416
Shares issued in connection with share-based compensation plans		134,000			134,000
Withholding tax on net share settlement of share-based compensation plans		(174,000)			$ (174,000)
Repurchase of common stock (in shares)				14,390	14,390
Repurchase of common stock				$ (1,000,000)	$ (1,000,000)
Share-based compensation		162,000			162,000
Net income			21,493,000		21,493,000
Dividends on common stock			(4,187,000)		$ (4,187,000)
Balance (in shares) at Mar. 31, 2019	9,336,338			5,141,763	4,194,575
Balance at Mar. 31, 2019	$ 93,000	$ 60,945,000	$ (52,879,000)	$ (78,303,000)	$ (70,144,000)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017
Cash flows from operating activities:
Net income	$ 21,493,000	$ 2,630,000	$ 7,485,000
Adjustments to reconcile net income to net cash provided by operating activities
Loss on debt extinguishment		8,872,000
Depreciation and amortization	1,212,000	1,352,000	1,297,000
Gain on sale of property and equipment	(11,177,000)
Amortization of debt issuance costs	691,000	1,069,000	1,209,000
Share-based compensation expense	162,000	398,000	582,000
Income tax benefit on stock option exercises	310,000	173,000	659,000
Provision for doubtful accounts	100,000	34,000	53,000
Impairment charge – long lived assets	0	790,000	0
Deferred income taxes	86,000	(512,000)	101,000
Changes in operating assets and liabilities:
Accounts and other receivables, net	229,000	(1,588,000)	(280,000)
Inventories	(151,000)	195,000	108,000
Prepaid expenses and other current assets	1,866,000	(1,780,000)	250,000
Other assets	(172,000)	5,000	(189,000)
Accounts payable, accrued expenses and other current liabilities	(3,367,000)	7,091,000	(673,000)
Deferred franchise fees	(161,000)	95,000	(39,000)
Other liabilities	35,000	38,000	(151,000)
Net cash provided by operating activities	11,156,000	18,862,000	10,412,000
Cash flows from investing activities:
Proceeds from disposal of property and equipment	12,775,000	13,000
Purchase of property and equipment	(447,000)	(563,000)	(1,128,000)
Net cash provided by (used in) investing activities	12,328,000	(550,000)	(1,128,000)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		150,000,000
Cash payments for extinguishment of debt		(135,000,000)
Premium paid on extinguishment of debt		(6,750,000)
Debt issuance costs		(4,908,000)
Dividends paid to stockholders	(4,337,000)	(21,073,000)	(375,000)
Repurchase of treasury stock	(1,000,000)		(1,272,000)
Proceeds from the exercise of stock options	134,000	0	44,000
Payments of withholding tax on net share settlement of share-based compensation plans	(174,000)	(157,000)	(994,000)
Net cash (used in) financing activities	(5,377,000)	(17,888,000)	(2,597,000)
Net increase in cash and cash equivalents	18,107,000	424,000	6,687,000
Cash and cash equivalents, beginning of year	57,339,000	56,915,000	50,228,000
Cash and cash equivalents, end of year	75,446,000	57,339,000	56,915,000
Cash paid during the year for:
Interest	9,938,000	9,038,000	13,500,000
Income taxes	$ 6,284,000	$ 3,584,000	$ 4,049,000
Noncash financing activity:
Dividends declared per share (in dollars per share)	$ 1	$ 5

Note A - Description and Origination of Business	12 Months Ended
Note A - Description and Origination of Business	Mar. 31, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A - DESCRIPTION AND ORGANIZATION OF BUSINESS Nathan’s Famous, Inc. and subsidiaries (collectively the “Company” or “Nathan’s”) has historically operated or franchised a chain of retail fast food restaurants featuring the “Nathan’s World Famous Beef Hot Dog”, crinkle-cut French-fried potatoes and a variety of other menu offerings. Nathan’s has also established a Branded Product Program, which enables foodservice retailers to sell select Nathan’s proprietary products outside of the realm of a traditional franchise relationship. Nathan’s also licenses the manufacture and sale of “Nathan’s Famous” packaged hot dogs, crinkle-cut French fries and a number of other products to a variety of third parties for sale to supermarkets, club stores and grocery stores. The Company is also the owner of the Arthur Treacher’s brand. Arthur Treacher’s main product is its "Original Fish & Chips" product consisting of fish fillets coated with a special batter prepared under a proprietary formula, deep-fried golden brown, and served with English-style chips and corn meal "hush puppies." The Company considers itself to be a brand marketer of its products to the foodservice and retail industries, pursuant to its various business structures. Nathan’s has also pursued co-branding and co-hosting initiatives. At March 31, 2019, the Company’s restaurant system included four Company-owned units in the New York City metropolitan area and 255 franchised or licensed units, located in 22 states and 14 foreign countries.

Note B - Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2019

Significant Accounting Policies [Text Block]

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies have been applied in the preparation of the consolidated financial statements:

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation.

Fiscal Year

The Company’s fiscal year ends on the last Sunday in

March,

which results in a

-week reporting period. The results of operations and cash flows for the fiscal year ended

March 31, 2019

is on the basis of a

-week reporting period. The fiscal years ended

March 25, 2018

and

March 26, 2017

are on the basis of a

-week reporting period.

Reclassifications

We have reclassified

$238

of Deferred franchise fees from Other liabilities in the Consolidated Balance Sheet at

March 25, 2018

to conform with the presentation of Deferred franchise fees under Topic

606

which we adopted at the beginning of the fiscal year ending

March 31, 2019.

This reclassification had

effect on previously reported total assets, total liabilities or stockholders’ (deficit).

. Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates made by management in preparing the consolidated financial statements include revenue recognition, the allowance for doubtful accounts, valuation of stock-based compensation, accounting for income taxes, and the valuation of goodwill, intangible assets and other long-lived assets.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of

three

months or less to be cash equivalents.

Cash equivalents at

March 31, 2019

were

$20,000.

The Company did

not

have any cash equivalents at

March 25, 2018.

Substantially all of the Company’s cash and cash equivalents are in excess of government insurance.

Inventories

Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food items and supplies. Cost is determined using the

first

-in,

first

-out method.

. Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Major improvements are capitalized and minor replacements, maintenance and repairs are charged to expense as incurred. Depreciation and amortization are calculated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated useful life or the lease term of the related asset. The estimated useful lives are as follows:

Building and improvements (years)	5	–	25
Machinery, equipment, furniture and fixtures (years)	3	–	15
Leasehold improvements (years)	5	–	20

. Goodwill and Intangible Asset

Goodwill and intangible assets consist of (i) goodwill of

$95

resulting from the acquisition of Nathan’s in

1987;

and (ii) trademarks, trade names and other intellectual property of

$1,353

in connection with Arthur Treacher’s.

The Company’s goodwill and intangible assets are deemed to have indefinite lives and, accordingly, are

not

amortized, but are evaluated for impairment at least annually, but more often whenever changes in facts and circumstances occur which

may

indicate that the carrying value

may

not

be recoverable. As of

March 31, 2019

and

March 25, 2018,

the Company performed its required annual impairment test of goodwill and intangible assets and has determined

impairment is deemed to exist.

. Lon

g-lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value

may

not

be recoverable.

Each reporting period, management reviews the carrying value of its investments based upon the financial information provided by the investment’s management and considers whether indicators of an other-than-temporary impairment exists. If an impairment indicator exists, management evaluates the fair value of its investment to determine if an, other-than-temporary impairment in value has occurred. We are required to recognize an impairment on the investment if such impairment is considered to be other-than-temporary.

Impairment losses are recorded on long-lived assets on a restaurant-by-restaurant basis whenever impairment factors are determined to be present. The Company tests the recoverability of its long-lived assets with finite useful lives whenever events or changes in circumstances indicate that the carrying value of the asset

may

not

be recoverable. The Company tests for recoverability based on the projected undiscounted cash flows to be derived from such asset. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record an impairment loss, if any, based on the difference between the estimated fair value and the carrying value of the asset. The Company generally measures fair value by considering discounted estimated future cash flows from such asset. Cash flow projections and fair value estimates require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company

may

be required to record impairments in future periods and such impairments could be material. The Company considers a history of restaurant operating losses to be its primary indicator of potential impairment for individual restaurant locations. At

March 25, 2018,

we performed our annual impairment evaluation and recorded an impairment charge of

$790

to write down the value of the long-lived assets at

one

of our restaurants.

long-lived assets were deemed impaired during the fiscal years ended

March 31, 2019

and

March 26, 2017.

. Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

The fair value hierarchy, as outlined in the applicable accounting guidance, is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions.

The fair value hierarchy consists of the following

three

levels:

●

Level

- inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market

●

Level

- 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

- inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability

The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level

quoted prices to measure fair value are required whenever possible. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures quarterly and based on various factors, it is possible that an asset or liability

may

be classified differently from year to year.

March 31, 2019

and

March 25, 2018,

we did

not

have any assets or liabilities that were recorded at fair value.

The Company’s long-term debt had a face value of

$150,000

as of

March 31, 2019

and a fair value of

$145,688

as of

March 31, 2019.

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

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments.

The majority of the Company’s non-financial assets and liabilities are

not

required to be carried at fair value on a recurring basis. However, the Company is required on a non-recurring basis to use fair value measurements when analyzing asset impairment as it relates to goodwill and other indefinite-lived intangible assets and long-lived assets. The Company utilized the income approach (Level

inputs) which utilized cash flow forecasts for future income and were discounted to present value in performing its annual impairment testing of intangible assets.

Start-up Costs

Pre-opening and similar restaurant costs are expensed as incurred.

12.

Revenue Recognition

From

2014

through

2017,

the Financial Accounting Standards Board (“FASB”) issued new accounting standards to provide principles within a single framework for revenue recognition of transactions involving contracts with customers across all industries (“Topic

606”

). We adopted Topic

606

at the beginning of the fiscal year ended

March 31, 2019.

Below in items numbers

12,

13,

14,

and

are discussions of how our revenues are earned, and our accounting policies pertaining to revenue recognition prior to the adoption of Topic

606

(“Legacy GAAP”) and subsequent to the adoption of Topic

606

and other required disclosures. Also included in Item

are disclosures of the amounts by which each consolidated balance sheet, consolidated statement of earnings, and consolidated statement of cash flows line item was impacted in the current period reporting as compared to Legacy GAAP.

. Revenue Recognition - Branded Product

Program

The Company recognizes sales from the Branded Product Program and certain products sold from the Branded Menu Program upon delivery to Nathan’s customers via

third

party common carrier. Rebates provided to customers are classified as a reduction to sales.

The timing and amount of revenue recognized related to sales made by our Branded Product Program was

not

impacted by the adoption of Topic

606.

. Revenue Recognition - Company-owned Restaurants

Sales by Company-owned restaurants, which are typically paid in cash or credit card by the customer, are recognized at the point of sale. Sales are presented net of sales tax.

The timing and amount of revenue recognized related to our Company-owned restaurant sales was

not

impacted by the adoption of Topic

606.

15.

Revenue Recognition – License Royalties

The Company earns revenue from royalties on the licensing of the use of its intellectual property in connection with certain products produced and sold by outside vendors. The use of the Company’s intellectual property must be approved by the Company prior to each specific application to ensure proper quality and a consistent image. Revenue from license royalties is generally based on a percentage of sales, subject to certain annual minimum royalties, recognized on a monthly basis when it is earned and deemed collectible.

The timing and amount of revenue recognized related to our license royalties was

not

impacted by the adoption of Topic

606.

. Revenue Recognition - Franchising Operations

In connection with its franchising operations, the Company receives initial franchise fees, international development fees, royalties, and in certain cases, revenue from sub-leasing restaurant properties to franchisees.

Under Legacy GAAP, franchise fees, which are non-refundable, were recognized as income when substantially all services to be performed by Nathan’s and conditions relating to the sale of the franchise were performed or satisfied, which generally occurred when the franchise restaurant commenced operations.

The following services are typically provided by the Company prior to the opening of a franchised restaurant.

	●	Approval of all site selections to be developed.
	●	Provision of architectural plans suitable for restaurants to be developed.
	●	Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant.
	●	Provision of appropriate menus to coordinate with the restaurant design and locations to be developed.
	●	Provision of management training for the new franchisee and selected staff.
	●	Assistance with the initial operations of restaurants being developed.

Under the adoption of Topic

606,

the Company determined that the services provided in exchange for these upfront restaurant franchise fees do

not

contain separate and distinct performance obligations from the franchising right and beginning

March 26, 2018,

these initial franchise fees, renewal fees and transfer fees shall be deferred and recognized over the term of each respective agreement, or upon termination of the franchise agreement.

Under Legacy GAAP, international development fees were recognized, net of direct expenses, upon the opening of the

first

restaurant within the territory. Under the adoption of Topic

606,

the Company determined that the services provided in exchange for these international development fees do

not

contain separate and distinct performance obligations from the franchise right and as of

March 26, 2018,

international development fees, net of certain incremental direct expenses, shall be recognized over the term of each respective agreement. Certain other costs, such as legal expenses, shall be expensed as incurred.

The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017:

	March 31,			March 25,			March 26,
	201 9			2018			2017

Franchised restaurants operating at the beginning of the period		276			279			259

New franchised restaurants opened during the period		13			40			53

Franchised restaurants closed during the period		(34	)		(43	)		(33	)

Franchised restaurants operating at the end of the period		255			276			279

The Company recognizes franchise royalties on a monthly basis, which are generally based upon a percentage of sales made by the Company’s franchisees, when they are earned and deemed collectible. The Company recognizes royalty revenue from its Branded Menu Program directly from the sale of Nathan’s products by its primary distributor or directly from the manufacturers.

Franchise fees and royalties that are subsequently deemed to be

not

collectible are recorded as bad debts until paid by the franchisee or until collectibility is deemed to be reasonably assured.

Revenue Recognition – 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-owned and franchised restaurants. Under Legacy GAAP, the revenues, expenses and cash flows of the Advertising Fund were reported on the Company’s Consolidated Balance Sheets and

not

included in the Company’s Consolidated Statements of Earnings and Statements of Cash Flows because the contributions to the Advertising Fund were designed for specific purposes and the Company acted as an agent, in substance, with regard to these contributions as a result of industry-specific guidance.

Under the adoption of Topic

606,

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 impacts the gross amount of reported advertising fund revenue and related expenses, the impact is expected to approximately offset the increase to both revenue and expense, with minimal impact to income from operations or net income because the Company attempts to manage the Advertising Fund to breakeven over the course of the fiscal year. However, any surplus or deficit in the Advertising Fund will impact income from operations and net income.

18.

Revenue Recognition – Impact of Adopting New Revenue Recognition Standards

Under the adoption of Topic

606,

the Company used 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

in the amount of

$2,004,

net of tax. Pursuant to the modified retrospective method, the results of operations from the comparative periods have

not

been adjusted and continue to be reported under Legacy GAAP.

Impacts on Consolidated Financial Statements

The following tables summarize the impact of adopting Topic

606

on the Company’s condensed consolidated financial statements:

	Adjustments
	As Reported			Franchise Fees			Balance Sheet Reclassi- fications			Balances Without Adoption
Condensed Consolidated Balance Sheet
March 31, 2019
Deferred income taxes		343			(731	)		388			-
Total assets		94,306			(731	)		388			93,963
Accrued expenses and other current liabilities		9,384			(190	)		-			9,194
Deferred franchise fees		318			(378	)		369			309
Total current liabilities		14,924			(568	)		369			14,725
Deferred income taxes		-			-			388			388
Deferred franchise fees		2,687			(2,140	)		(369	)		178
Total liabilities		164,450			(2,708	)		388			162,130
(Accumulated deficit)		(52,879	)		1,977			-			(50,902	)
Stockholders’ equity before treasury stock		8,159			1,977			-			10,136
Total stockholders’ (deficit)		(70,144	)		1,977			-			(68,167	)
Total liabilities and stockholders’ (deficit)		94,306			(731	)		388			93,963

	Adjustments
	As Reported		Franchise Fees			Advertising F und			Balances Without Adoption
Condensed Consolidated Statement of Earnings
Year ended March 31, 2019
Franchise fees and royalties		4,171		(217	)		-			3,954
Advertising fund revenue		2,502		-			(2,502	)		-
Total revenues		101,849		(217	)		(2,502	)		99,130
General and administrative expenses		13,851		(162	)		-			13,689
Advertising fund expense		2,506		-			(2,506	)		-
Total costs and expenses		73,873		(162	)		(2,506	)		71,205
Income from operations		27,976		(55	)		4			27,925
Income before provision for income taxes		29,410		(55	)		4			29,359
Provision for income taxes		7,917		(24	)		-			7,893
Net income		21,493		(27	)		-			21,466

	Adjustments
	As Reported			Franchise Fees			Advertising Fund		Balances Without Adoption
Condensed Consolidated Statement of Cash Flows
Year e nded March 31, 2019
Cash flows from operating activities:
Net income		21,493			(27	)		-		21,466
Changes in operating assets and liabilities:
Accounts payable, accrued expenses and other Current liabilities		(3,367	)		(190	)		-		(3,557	)
Deferred franchise fees		(161	)		217			-		56
Net cash provided by operating activities		11,156			-			-		11,156
Net cash provided by investing activities		12,328			-			-		12,328
Net cash (used in) financing activities		(5,377	)		-			-		(5,377	)
Net increase in cash and cash equivalents		18,107			-			-		18,107

Contract balances

The following table provides information about receivables and contract liabilities (Deferred franchise fees) from contracts with customers (in thousands):

		March 31, 2019
Deferred franchise fees (a)		$	3,005

(a)

Deferred franchise fees of

$318

and

$2,687

are included in Deferred franchise fees – current and long term, respectively.

Significant changes in Deferred franchise fees are as follows:

	Fifty-three Weeks Ended
	March 31, 2019
Deferred franchise fees at beginning of period (a)	$	3,139
Additions to deferred revenue		371
Revenue recognized during the period		(505	)
Deferred franchise fees at end of period	$	3,005

(a)

Includes the cumulative effect of adopting Topic

606

$2,735,

excluding deferred income taxes.

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
2020		318
2021		309
2022		299
2023		262
2024		248
Thereafter		1,569
Total	$	3,005

We have applied the optional exemption, as provided for under Topic

606,

which allows us

not

to disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty.

Business Concentrations and Geographical Information

March 31, 2019

and

March 25, 2018

the Company maintained cash balances which are in excess of Federal government insurance limits. The Company does

not

believe that it is exposed to any significant risk on these balances.

The Company’s accounts receivable consist principally of receivables from franchisees for royalties and advertising contributions, from sales under the Branded Product Program, and from royalties from retail licensees. At

March 31, 2019,

four

Branded Product customers represented

19%,

18%,

17%

and

13%,

of accounts receivable. At

March 25, 2018,

three

Branded Product customers represented

41%,

20%

and

8%,

of accounts receivable. One Branded Products customer accounted for

14%,

19%

and

12%

of total revenue for the years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively. One retail licensee accounted for

22%,

21%

and

20%

of the total revenue for the years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively.

The Company’s primary supplier of hot dogs represented

92%,

92%

and

91%

of product purchases for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively. The Company’s distributor of products to its Company-owned restaurants represented

5%,

and

of product purchases for each of the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively.

The Company’s revenues for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

were derived from the following geographic areas:

	March 31, 2019		March 25, 2018		March 26, 2017

Domestic (United States)	$	97,871	$	97,661	$	90,070
Non-domestic		3,978		6,540		6,186
	$	101,849	$	104,201	$	96,256

The Company’s sales for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

were derived from the following:

	March 31, 2019		March 25, 2018		March 26, 2017

Branded Products	$	57,960	$	62,623	$	55,960
Company-owned restaurants		13,601		14,085		14,646
Other		-		-		214
Total sales	$	71,561	$	76,708	$	70,820

License royalties	$	23,615	$	23,020	$	20,368

Royalties		3,666		4,138		4,290
Franchise fees		505		335		778
Total franchise fees and royalties		4,171		4,473		5,068

Advertising fund revenue (A)		2,502		-		-

Total revenues	$	101,849		104,201		96,256

(A)

Prior to adoption of Topic

606,

inflows into the National Advertising Fund were

not

considered revenue.

20.

Advertising

The Company administers an advertising fund on behalf of its restaurant system to coordinate the marketing efforts of the Company. Under this arrangement, the Company collects and disburses fees paid by manufacturers, franchisees and Company-owned stores for national and regional advertising, promotional and public relations programs. Contributions to the advertising fund are based on specified percentages of net sales, generally ranging up to

2%.

Company-owned store advertising expense, which is expensed as incurred, was

$107,

$117

and

$182,

for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively, and have been included within restaurant operating expenses in the accompanying Consolidated Statements of Earnings.

. Stock-Based Compensation

March 31, 2019,

the Company had

one

stock-based compensation plan in effect which is more fully described in Note

L.2.

The cost of all share-based payments, including grants of restricted stock and stock options, is recognized in the financial statements based on their fair values measured at the grant date, or the date of any later modification, over the requisite service period. The Company recognizes compensation cost for unvested stock awards on a straight-line basis over the requisite vesting period.

Classification of Operating Expenses

Cost of sales consists of the following:

	o	The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels.
	o	The cost of labor and associated costs of in-store restaurant management and crew.
	o	The cost of paper products used in Company-operated restaurants.
	o	Other direct costs such as fulfillment, commissions, freight and samples.

Restaurant operating expenses consist of the following:

	o	Occupancy costs of Company-operated restaurants.
	o	Utility costs of Company-operated restaurants.
	o	Repair and maintenance expenses of Company-operated restaurant facilities.
	o	Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants.
	o	Insurance costs directly related to Company-operated restaurants.

. Income Taxes

The Company’s current provision for income taxes is based upon its estimated taxable income in each of the jurisdictions in which it operates, after considering the impact on taxable income of temporary differences resulting from different treatment of items for tax and financial reporting purposes and income tax benefits from share-based payments. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any operating loss or tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible. Should management determine that it is more likely than

not

that some portion of the deferred tax assets will

not

be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made.

Uncertain Tax Positions

The Company has recorded liabilities for underpayment of income taxes and related interest and penalties for uncertain tax positions based on the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. The Company

may

recognize the tax benefit from an uncertain tax position only if it is more likely than

not

that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than

fifty

percent likelihood of being realized upon ultimate settlement. Nathan’s recognizes accrued interest and penalties associated with unrecognized tax benefits as part of the income tax provision.

See Note I for a further discussion of our income taxes.

Adoption of Other New Accounting

Standard

January 2017,

the FASB issued a new accounting standard that narrows the definition of a business. The concept is fundamental in determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU revised the definition of a business to consist of the following key concepts:

●

A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members, or participants.

●

To be capable of being conducted and managed for the purposes described above, an integrated set of activities and assets requires

two

essential elements–inputs and a substantive process(es) applied to those inputs.

The guidance was effective for the Company beginning in the quarter ending

June 24, 2018

and did

not

have a material impact on its results of operations or financial position.

New Accounting Standard

Not

Yet Adopted

February 2016,

the FASB issued new guidance ASU

2016

02,

“Leases (Topic

842

),” which outlines principles for the recognition, measurement, presentation and disclosure of leases applicable to both lessors and lessees. In

January 2018,

the FASB issued ASU

2018

01,

Leases (Topic

842

): Land Easement Practical Expedient for Transition to Topic

842

, which affects the guidance in ASU

2016

02.

The standard permits the election of an optional transition practical expedient to

not

evaluate land easements that exist or expired before the adoption of Topic

842

and that were

not

previously accounted for as leases under Topic

840.

July 2018,

the FASB issued ASU

2018

10,

Codification Improvements to Topic

842

(Leases)

, and ASU

2018

11,

Leases (Topic

842

), Targeted Improvements

, which provide (i) narrow amendments to clarify how to apply certain aspects of the new lease standard, (ii) entities with an additional transition method to adopt the new standard, and (iii) lessors with a practical expedient for separating components of a contract. The new standard is effective for annual reporting periods beginning after

December 15, 2018,

including interim reporting periods within those annual reporting periods.

The new guidance will take effect at the beginning of Nathan’s

first

quarter (

April 1, 2019)

of our fiscal year ending

March 29, 2020.

The new guidance requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by finance and operating leases with lease terms of more than

months. The guidance requires either a modified retrospective transition approach with application in all comparative periods presented, or an alternative transition method, which permits the Company to use its effective date as the date of initial application without restating comparative period financial statements and recognizing any cumulative effect adjustment to the opening balance sheet of accumulated deficit at

April 1, 2019.

The new guidance also provides several practical expedients and policies that companies

may

elect under either transition method. Nathan’s expects to elect the modified retrospective method and use the effective date as the initial application. Nathan’s will also adopt the package of practical expedients including;

not

reassessing prior conclusions about lease identification, lease classification and initial direct costs. We will elect the short-term lease recognition exemption for qualifying leases of less than

months and

not

recognize a Right-of-Use Asset or lease liability, we will elect

not

to separate lease and non-lease components for all leases and we will

not

elect the use-of-hindsight practical expedient. We have completed the scoping analysis and data gathering process for our current lease portfolio. We are finalizing the review of information for completeness of the lease portfolio, analyzing the financial statement impact of adopting the standards, and evaluating the impact of adoption on our existing accounting policies and disclosures. Upon adoption, we expect to recognize additional operating lease liabilities of approximately

$8,500,

and a Right of Use asset of approximately

$7,800

based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases and derecognize

$700

of deferred rents. We do

not

expect the adoption of this guidance to have a material impact on our consolidated statements of earnings and statement of cash flows.

June 2016,

the FASB issued new guidance on the measurement of credit losses, which significantly changes the impairment model for most financial instruments. Current guidance requires the recognition of credit losses based on an incurred loss impairment methodology that reflects losses once the losses are probable. Under the new standard, the Company will be required to use a current expected credit loss model (“CECL”) that will immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments that are in the scope of this update, including trade receivables. The CECL model uses a broader range of reasonable and supportable information in the development of credit loss estimates. This guidance is effective 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.

The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.

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 consolidated financial statements.

Note D - Accounts and Other Receivables, Net

12 Months Ended

Mar. 31, 2019

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

- ACCOUNTS AND OTHER RECEIVABLES, NET

Accounts and other receivables, net, consist of the following:

	March 31 ,		March 25,
	201 9		2018

Branded product sales	$	7,432	$	7,604
Franchise and license royalties		2,661		2,767
Other		665		599
		10,758		10,970

Less: allowance for doubtful accounts		585		468

Accounts and other receivables, net	$	10,173	$	10,502

Accounts receivable are due within

days and are stated 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 fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

are as follows:

	March 31, 2019			March 25, 2018			March 26, 2017

Beginning balance	$	468		$	457		$	471
Reclassification to conform with Topic 606		77			-
Bad debt expense		100			34			53
Accounts written off		(60	)		(23	)		(67	)

Ending balance	$	585		$	468		$	457

Note I - Income Taxes

12 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Text Block]

NOTE

- INCOME TAXES

The income tax provision consists of the following for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017:

	March 31 , 201 9		March 25, 2018			March 26, 2017
Federal
Current	$	5,385	$	1,077		$	3,024
Deferred		43		(474	)		79
Total Federal income tax		5,428		603			3,103
State and local
Current		2,447		917			1,195
Deferred		42		(38	)		21
Total State and local income tax		2,489		879			1,216
Total provision for income taxes	$	7,917	$	1,482		$	4,319

December 22, 2017,

the Enactment Date, President Trump signed the Tax Cuts and Jobs Act (“Tax Act”) into law which among other provisions, permanently reduces the top corporate tax rate from

percent to a flat

percent beginning

January 1, 2018

and eliminates the corporate Alternative Minimum Tax. The Tax Act limits the deduction of business interest, net of interest income, to

percent of the adjusted taxable income of the taxpayer in any taxable year. Any amount disallowed under the limitation is treated as business interest paid or accrued in the following year. Disallowed interest will have an indefinite carryforward. The Tax Act also repeals the performance-based exception to the

$1.0

million deduction limitation on executive compensation and modifies the definition of “covered employees”. Additionally, the Tax Act intended to allow businesses to immediately expense the full cost of Qualified Improvement Property. However, the law as written does

not

permit restaurant companies to take advantage of the laws’ intention regarding the immediate expensing of Qualified Improvement Property.

The income tax provisions for the years ended

March 31, 2019

and

March 25, 2018

reflect effective tax rates of

26.9%

and

36.0%,

respectively. The Company's tax rate reflects the reduction of the Federal income tax rate to

21%

and blended

31%

rate pursuant to the Tax Act, respectively.

During the fiscal year ended

March 25, 2018,

pursuant to Staff Accounting Bulletin

No.

118

("SAB

No.

118"

), Nathan’s determined reasonable estimates to its deferred assets and liabilities and pursuant to ASC

740,

Income Taxes, the Company recognized the effect(s) of the Tax Act on current and deferred income taxes in its financial statements. Nathan’s recorded a discrete adjustment to its deferred tax liability and unrecognized tax benefits which reduced the provision for income taxes by

$245

6.0

percentage points during the year ended

March 25, 2018.

In accordance with the provisions of SAB

No.

118,

March 25, 2018

we considered amounts related to the Tax Act to be reasonably estimated. During the year fiscal year ended

March 31, 2019,

we refined and completed the accounting for the Tax Act as we obtained, prepared, and analyzed additional information and as additional legislative, regulatory, and accounting guidance and interpretations became available, resulting in an increase in the provision for income taxes of

$99

0.3

percentage points.

The total income tax provision for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

differs from the amounts computed by applying the United States Federal income tax rate of

21%,

blended

31%

and

34%,

respectively to income before income taxes as a result of the following:

	March 31 , 201 9			March 25, 2018			March 26, 2017

Computed tax expense	$	6,176		$	1,275		$	4,013
State and local income taxes, net of Federal income tax benefit		1,875			506			797
Change in uncertain tax positions, net		86			98			(11	)
Nondeductible meals and entertainment and other		(66	)		21			61
Nondeductible compensation		57			-			118
Tax reform act		99			(245	)		-
Tax benefit share based payments		(310	)		(173	)		(659	)
Total provision for income taxes	$	7,917		$	1,482		$	4,319

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

	March 31 ,		March 25,
	201 9		2018
Deferred tax assets
Accrued expenses	$	387	$	310
Allowance for doubtful accounts		58		40
Deferred revenue		955		291
Deferred stock compensation		70		166
Excess of straight line over actual rent		162		194
Investment		-		123
Other		85		97
Total deferred tax assets	$	1,717	$	1,221

Deferred tax liabilities
Deductible prepaid expense		210		280
Depreciation expense		783		882
Amortization		381		361
Total deferred tax liabilities		1,374		1,523
Net deferred tax asset (liability)	$	343	$	(302	)

A valuation allowance is provided when it is more likely than

not

that some portion, or all, of the deferred tax assets will

not

be realized. We consider the level of historical taxable income, scheduled reversal of temporary differences, tax planning strategies and projected future taxable income in determining whether a valuation allowance is warranted. Based upon these considerations, management believes that it is more likely than

not

that the Company will realize the benefit of its deferred tax asset.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017.

	March 31, 2019			March 25, 2018			March 26, 2017

Unrecognized tax benefits, beginning of year	$	263		$	167		$	208
Decreases of tax positions taken in prior years		(8	)		(2	)		(31	)
Increases based on tax positions taken in current year		46			98			41
Settlements of tax positions taken in prior years		(48	)		-			(51	)
Unrecognized tax benefits, end of year	$	253		$	263		$	167

The amount of unrecognized tax benefits at

March 31, 2019,

March 25, 2018

and

March 26, 2017

were

$253,

$263

and

$167,

respectively, all of which would impact Nathan’s effective tax rate, if recognized. As of

March 31, 2019

and

March 25, 2018,

the Company had

$245

and

$214,

respectively, accrued for the payment of interest and penalties. For the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

Nathan’s recognized interest and penalties in the amounts of

$31,

$31

and

$29,

respectively. During the fiscal year ending

March 29, 2020,

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

$11

which would favorably impact Nathan’s effective tax rate, although

assurances can be given in this regard.

January 2018,

Nathan’s received notification from the State of Virginia that it was seeking to review Nathan’s tax returns for the period

April 2014

through

March 2017.

The review has been completed; Nathan’s has accepted the findings and settled the matter. The effects of the review, which were

not

significant, have been factored into the Company’s effective tax rate for fiscal

2019.

The ultimate benefit of the Tax Act on Nathan’s is unclear as the lower annual tax rate could be outweighed by deduction limitations and other provisions included in further guidance and regulations.

The earliest tax years’ that are subject to examination by taxing authorities by major jurisdictions are as follows:

Jurisdiction	Fiscal Year
Federal	2016
New York State	2016
New York City	2016
New Jersey	2015
California	2015

Note J - Segment Information

12 Months Ended

Mar. 31, 2019

Segment Reporting Disclosure [Text Block]

NOTE

–

SEGMENT

FORMATION

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

third

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 the Corporate segment.

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 from 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 and expenses of the advertising fund.

Gain on sale of property and equipment, loss on debt extinguishment, interest expense, interest income, impairment charge and other income, net are managed centrally at the corporate level, and, accordingly, such items are

not

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

Corporate assets consist primarily of cash and cash equivalents, and long-lived assets.

Operating segment information is as follows:

	Fifty-T hree weeks ended			Fifty-Two weeks ended			Fifty-Two weeks ended
	March 31 , 201 9			March 25, 2018			March 26, 2017
Revenues
Branded Product Program	$	57,960		$	62,623		$	56,174
Product licensing		23,615			23,020			20,368
Restaurant operations		17,772			18,558			19,714
Corporate (1)		2,502			-			-
Total revenues	$	101,849		$	104,201		$	96,256

Income from operations
Branded Product Program	$	10,302		$	9,469		$	10,257
Product licensing		23,433			22,838			20,186
Restaurant operations		2,398			2,730			4,101
Corporate		(8,157	)		(7,937	)		(8,264	)
Income from operations	$	27,976		$	27,100		$	26,280

Gain on sale of property and equipment	$	11,177		$	-		$	-
Interest expense		(10,792	)		(13,591	)		(14,665	)
Loss on debt extinguishment (Note K)		-			(8,872	)		-
Impairment charge – long lived assets (Note B)		-			(790	)		-
Interest income		840			166			104
Other income, net		209			99			85
Income before provision for income taxes	$	29,410		$	4,112		$	11,804

Total assets
Branded Product Program	$	8,334		$	8,174		$	7,113
Product licensing		2,127			2,269			2,003
Restaurant operations		6,411			7,537			8,740
Corporate		77,434			62,111			60,269
Total assets	$	94,306		$	80,091		$	78,125

Depreciation & amortization expense
Branded Product Program	$	312		$	298		$	316
Restaurant operations		657			786			762
Corporate		243			268			219
Total depreciation & amortization expense	$	1,212		$	1,352		$	1,297

(

)

Represents advertising fund revenue

Note K - Long-term Debt

12 Months Ended

Mar. 31, 2019

Debt Disclosure [Text Block]

NOTE

–

LONG-TERM DEBT

Long-term debt consists of the following:

	March 31 ,			March 25,
	201 9			2018

6.625% Senior Secured Notes due 2025	$	150,000		$	150,000
Less: unamortized debt issuance costs		(4,551	)		(5,242	)
Long-term debt, net	$	145,449		$	144,758

November 1, 2017,

the Company issued

$150,000

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”). The

2025

Notes were issued pursuant to an indenture dated as of

November 1, 2017

by and among the Company, certain of its wholly-owned subsidiaries and U.S. Bank National Association (the “Indenture”). The Company used the net proceeds of the

2025

Notes offering to satisfy and discharge the Indenture relating to the

$135,000

10.000%

Senior Secured Notes due

2020

and redeem the

2020

Notes (the "Redemption"), paid a portion of a special

$5.00

per share cash dividend to Nathan's stockholders of record, with the remaining net proceeds for general corporate purposes, including working capital. The Company also funded the majority of the special dividend of

$5.00

per share through its existing cash. The Redemption occurred on

November 16, 2017.

The Company performed the required evaluation of the refinancing and determined that a portion of the Redemption of the

2020

Notes was accounted for as a modification of the debt and a portion as an extinguishment of the debt. In connection with the Redemption, the Company recorded a loss on early extinguishment of debt of

$8,872

for the year ended

March 25, 2018

that primarily reflected a portion of the premium paid to redeem the

2020

Notes and the write-off of certain debt issuance costs.

The

2025

Notes bear interest at

6.625%

per annum, payable semi-annually on

May 1

and

November 1

of each year. The Company made its required semi-annual interest payments of

$4,969

May 1, 2018

and

November 1, 2018.

May 1, 2019,

the Company paid its

first

semi-annual interest payment of fiscal

2020.

The

2025

Notes have

scheduled principal amortization payments prior to its final maturity on

November 1, 2025.

The terms and conditions of the

2025

Notes are as follows (terms

not

defined shall have the meanings set forth in the Indenture):

There are

ongoing financial maintenance covenants associated with the

2025

Notes. As of

March 31, 2019,

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

2025

Notes.

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

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.

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.

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 is

3.75

1.00

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

2025

Notes.

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%

in principal amount of the

2025

Notes

may

declare the

2025

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

2025

Notes, 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 are 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 2025 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 2025 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 2025 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 2025 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, 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

2025

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

2025

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 collateralized 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. We have recorded the

2025

Notes at cost.

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans

12 Months Ended

Mar. 31, 2019

Stockholders' Equity Note Disclosure [Text Block]

NOTE

– STOCKHOLDERS’ EQUITY, STOCK PLANS AND OTHER EMPLOYEE BENEFIT PLANS

Dividend

May 31, 2018,

Nathans’ Board of Directors authorized the commencement of a regular dividend of

$1.00

per share per annum, payable at the rate of

$0.25

per quarter. Through

March 31, 2019,

the Company declared and paid

four

regular quarterly dividends of

$0.25

per common share aggregating

$4,187.

The Company also paid the remaining dividends payable of

$150

from the previously declared special dividends.

Effective

June 14, 2019,

the Board declared its

first

quarterly cash dividend of

$0.35

per share for fiscal year

2020

which is payable on

June 28, 2019

to stockholders of record as of the close of business on

June 24, 2019.

November 1, 2017,

the Company’s Board of Directors declared a special cash dividend of

$5.00

per share payable to stockholders of record as of

December 22, 2017

of which approximately

$20,923

was paid on

January 4, 2018

to the stockholders.

The Company also accrued

$25

for the expected dividends payable on unvested restricted shares pursuant to the terms of the restricted stock agreement. As unvested restricted stock vests, the declared dividend is paid. The Company paid this

$25

during the year ended

March 31, 2019.

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

was paid on

March 27, 2015

to the stockholders. The Company accrued

$1,000

for the expected dividends payable on unvested restricted shares pursuant to the terms of the restricted stock agreements. As unvested restricted stock vests, the declared dividend is paid. As of

March 31, 2019

we had paid the entire accrued dividend on the restricted stock.

Our ability to pay future dividends is limited by the terms of the Indenture with US Bank National Association, as trustee and collateral trustee. In addition to the terms of the Indenture, the declaration and payment of any cash dividends in the future are subject to final determination of the Board and will be dependent upon our earnings and financial requirements.

Stock

Incentive

Plans

September 14, 2010,

the Company’s shareholders approved the Nathan’s Famous, Inc.

2010

Stock Incentive Plan (the

“2010

Plan”), which provides for the issuance of nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards to directors, officers and key employees. The Company was initially authorized to issue up to

150,000

shares of common stock under the

2010

Plan, together with any shares which had

not

been previously issued under the Company’s previous stock option plans as of

July 19, 2010 (

171,000

shares), plus any shares subject to any outstanding options or restricted stock grants under the Company’s previous stock option plans that were outstanding as of

July 19, 2010

and that subsequently expire unexercised, or are otherwise forfeited, up to a maximum of an additional

100,000

shares.

September 13, 2012,

the Company amended the

2010

Plan increasing the number of shares available for issuance by

250,000

shares. Shares to be issued under the

2010

Plan

may

be made available from authorized but unissued stock, common stock held by the Company in its treasury, or common stock purchased by the Company on the open market or otherwise. The number of shares issuable and the grant, purchase or exercise price of outstanding awards are subject to adjustment in the amount that the Company’s Compensation Committee considers appropriate upon the occurrence of certain events, including stock dividends, stock splits, mergers, consolidations, reorganizations, recapitalizations, or other capital adjustments. In the event that the Company issues restricted stock awards pursuant to the

2010

Plan, each share of restricted stock would reduce the amount of available shares for issuance by either

3.2

shares for each share of restricted stock granted or

share for each share of restricted stock granted. As of

March 31, 2019,

there were up to

208,584

shares available to be issued for future option grants or up to

187,933

shares of restricted stock that

may

be granted under the

2010

Plan.

In general, options granted under the Company’s stock incentive plans have terms of

five

ten

years and vest over periods of between

three

and

five

years. The Company has historically issued new shares of common stock for options that have been exercised and used the Black-Scholes option valuation model to determine the fair value of options granted at the grant date.

During the fiscal year ended

March 31, 2019,

the Company granted options to purchase

10,000

shares at an exercise price of

$89.90

per share, all of which expire

five

years from the date of grant. All such stock options vest ratably over a

three

-year period commencing

September 12, 2019.

The weighted-average option fair values, as determined using the Black-Scholes option valuation model, and the assumptions used to estimate these values for stock options granted during the year ended

March 31, 2019

were as follows:

Weighted-average option fair values	$	25.6314

Expected life (years)		4.5

Interest rate		2.87	%

Volatility		32.57	%

Dividend Yield		1.11	%

The expected dividend yield is based on historical and projected yields for regular dividends. The Company estimates expected volatility based primarily on historical monthly price changes of the Company’s stock equal to the expected life of the option. The risk free interest rate is based on the U.S. Treasury yield in effect at the time of the grant. The expected option term is the number of years the Company estimates the options will be outstanding prior to exercise based on expected employment termination behavior.

During the fiscal year ended

March 31, 2019,

the Company granted

1,000

shares of restricted stock at a fair value of

$89.90

per share representing the closing price on the date of grant, which will be fully vested

three

years from the date of grant. The restrictions on the shares lapse ratably over a

three

-year period on the annual anniversary of the date of grant. The compensation expense related to this restricted stock award is expected to be

$90

and will be recognized, commencing on the grant date, over the next

three

years.

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

	March 31, 2019		March 25, 2018		March 26, 2017

Stock options	$	102	$	150	$	150
Restricted stock		60		248		432
	$	162	$	398	$	582

The tax benefit on stock-based compensation expense was

$44,

$144

and

$213

for the years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively. As of

March 31, 2019,

there was

$285

of unamortized compensation expense related to stock-based incentive awards. The Company expects to recognize this expense over approximately

twenty-nine

months,

which represents the remaining requisite service periods for such award.

In connection with the Company’s special cash dividend, paid on

January 4, 2018,

to stockholders of record as of

December 22, 2017,

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

2010

Plan (the

“2010

Plan”), and issued replacement options to purchase

68,498

shares at an exercise price of

$33.438

for the unvested stock options outstanding as of the record date of

December 22, 2017,

cancelling

64,384

shares at an exercise price of

$35.58

per share. Nathan’s performed its evaluation based on the closing price of its common stock on

December 20, 2017,

the day before the stock went ex-dividend, of

$83.20

per share, or

$78.20

per share excluding the dividend of

$5.00

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.

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

2010

Plan, and issued replacement options to purchase

75,745

shares at an exercise price of

$35.58

for the unvested stock options outstanding as of

March 29, 2015,

canceling

50,000

shares at an exercise price of

$53.89.

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

March 27, 2015

$73.56

per share, or

$48.56

per share excluding the dividend of

$25.00

per share.

A summary of the status of the Company’s stock options at

March 31, 2019,

March 25, 2018

and

March 26, 2017

and changes during the fiscal years then ended is presented in the tables below:

	2019					2018					2017
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Exercise					Exercise					Exercise
	Shares			Price		Shares			Price		Shares			Price
Options outstanding – beginning of year		68,498		$	33.438		75,745		$	35.58		124,030		$	26.29

Granted		10,000			89.90		-			-		-			-

Replacement options issued (A)		-			-		68,498		$	33.44		-			-

Expired		-			-		-			-		-			-

Cancellation of outstanding options (A)		-			-		(64,384	)	$	35.58		-			-

Exercised		(36,264	)		33.438		(11,361	)		35.58		(48,285	)		11.72

Options outstanding - end of year		42,234		$	46.807		68,498		$	33.438		75,745		$	35.58

Options exercisable - end of year		32,234		$	33.438		48,348		$	33.438		37,873		$	35.58

Exercise prices of outstanding options at March 31, 2019 ranged from $33.438 to $89.90.

(A)

– Represents the effects on outstanding options after giving to the replacement options issued in connection with the Company’s special dividend to the shareholders of record on

December 22, 2017.

During the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

options to purchase

36,264,

11,361

and

48,285

shares were exercised which aggregated proceeds of

$134,

- (due to net settlement) and

$44,

respectively, to the Company. The aggregate intrinsic values of the stock options exercised during the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

was

$1,488,

$379

and

$1,555,

respectively.

The following table summarizes information about outstanding stock options at

March 31, 2019:

			Weighted-		Weighted-
			Average		Average		Aggregate
			Exercise		Remaining		Intrinsic
	Shares		Price		Contractual Life		Value

Options outstanding at March 31, 2019		42,234	$	46.807		1.32	$	1,127

Options exercisable at March 31, 2019		32,234	$	33.438		0.35	$	1,127

Exercise prices range from $33.438 to $89.90

Restricted stock:

Transactions with respect to restricted stock for the fiscal year ended

March 31, 2019

are as follows:

				Weighted-
				Average
				Grant-date Fair value

	Shares			Per share

Unvested restricted stock at March 25, 2018		5,000		$	49.80

Granted		1,000		$	89.90

Vested		(5,000	)	$	(49.80	)

Unvested restricted stock at March 31, 2019		1,000		$	89.90

The aggregate fair value of restricted stock vested during the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

was

$434,

$321

and

$736,

respectively.

Common Stock Purchase Rights

June 5, 2013,

Nathan’s adopted a new 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 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 would 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) would have entitled 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 had 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.

June 14, 2018,

the Company and American Stock Transfer and Trust Company, LLC, the Rights Agent, amended the

2013

Rights Plan. The Amendment postponed the expiration date to

September 30, 2018,

at which time the

2013

Rights Plan expired.

Stock Repurchase Program

During the period from

October 2001

through

March 31, 2019,

Nathan’s purchased

5,141,763

shares of common stock at a cost of approximately

$78,303

pursuant to various stock repurchase plans previously authorized by the Board of Directors.

During the year-ended

March 31, 2019,

Nathan’s repurchased

14,390

shares of its common stock at a cost of approximately

$1,000

pursuant to its

sixth

stock repurchase program.

2016,

the Company’s Board of Directors authorized increases to the

sixth

stock repurchase plan for the purchase of up to

1,200,000

shares of its common stock on behalf of the Company. As of

March 31, 2019,

Nathan’s had repurchased

954,132

shares at a cost of

$30,641

under the

sixth

stock repurchase plan. At

March 31, 2019,

there were

245,868

shares remaining to be repurchased pursuant to the

sixth

stock repurchase plan. The plan does

not

have a set expiration date. Purchases under the Company’s stock repurchase program

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

set time limit on the repurchases.

. Employment Agreements

Effective

January 1, 2007,

Howard M. Lorber, previously Chairman of the Board and Chief Executive Officer, assumed the newly-created position of Executive Chairman of the Board of Nathan’s and Eric Gatoff, previously Vice President and Corporate Counsel, became Chief Executive Officer of Nathan’s.

In connection with the foregoing, the Company entered into an employment agreement with each of Messrs. Lorber (as amended, the “Lorber Employment Agreement”) and Gatoff (as amended, the “Gatoff Employment Agreement”). Under the terms of the Lorber Employment Agreement, Mr. Lorber would serve as Executive Chairman of the Board from

January 1, 2007

until

December 31, 2012,

unless his employment is terminated in accordance with the terms of the Lorber Employment Agreement. On

November 1, 2012,

the Company amended its employment agreement with Mr. Lorber, extending the term of the employment agreement to

December 31, 2017

and increasing the base compensation of Mr. Lorber to

$600

per annum. In addition, Mr. Lorber received a grant of

50,000

shares of restricted stock subject to vesting as provided in a Restricted Stock Agreement between Mr. Lorber and the Company. Mr. Lorber will

not

receive a contractually-required bonus. On

December 6, 2017,

the Company amended its employment agreement with Mr. Lorber, extending the term of the employment agreement from

December 31, 2017

December 31, 2022

and increasing the base compensation of Mr. Lorber to

$1,000

per annum.

The Lorber Employment Agreement provides for a

three

-year consulting period after the termination of employment during which Mr. Lorber will receive a consulting fee of

$200

per year in exchange for his agreement to provide

less than

days of consulting services per year, provided, Mr. Lorber is

not

required to provide more than

days of consulting services per year.

The Lorber Employment Agreement provides Mr. Lorber with the right to participate in employment benefits offered to other Nathan’s executives. During and after the contract term, Mr. Lorber is subject to certain confidentiality, non-solicitation and non-competition provisions in favor of the Company.

In the event that Mr. Lorber’s employment is terminated without cause, he is entitled to receive his salary and bonus for the remainder of the contract term. The Lorber Employment Agreement further provides that in the event there is a change in control, as defined in the agreement, Mr. Lorber has the option, exercisable within

one

year after such event, to terminate the agreement. Upon such termination, he has the right to receive a lump sum cash payment equal to the greater of (A) his salary and annual bonuses for the remainder of the employment term (including a prorated bonus for any partial fiscal year), which bonus shall be equal to the average of the annual bonuses awarded to him during the

three

fiscal years preceding the fiscal year of termination; or (B)

2.99

times his salary and annual bonus for the fiscal year immediately preceding the fiscal year of termination, in each case together with a lump sum cash payment equal to the difference between the exercise price of any exercisable options having an exercise price of less than the then current market price of the Company’s common stock and such then current market price. In addition, Nathan’s will provide Mr. Lorber with a tax gross-up payment to cover any excise tax due.

In the event of termination due to Mr. Lorber’s death or disability, he is entitled to receive an amount equal to his salary and annual bonuses for a

three

-year period, which bonus shall be equal to the average of the annual bonuses awarded to him during the

three

fiscal years preceding the fiscal year of termination.

Under the terms of the Gatoff Employment Agreement, Mr. Gatoff initially served as Chief Executive Officer from

January 1, 2007

until

December 31, 2008,

which period automatically extends for additional

one

-year periods unless either party delivers notice of non-renewal

less than

180

days prior to the end of the term then in effect. Consequently, the Gatoff Employment Agreement is expected to be extended through

December 31, 2020,

based on the original terms, and

non-renewal notice has been given.

Pursuant to the agreement, Mr. Gatoff will receive a base salary, currently

$500

effective

June 1, 2016,

and an annual bonus based on his performance measured against the Company’s financial, strategic and operating objectives as determined by the Compensation Committee pursuant to the terms of the

2018

Management Incentive Plan approved by shareholders on

September 12, 2018.

The Gatoff Employment Agreement provides for an automobile allowance and the right of Mr. Gatoff to participate in employment benefits offered to other Nathan’s executives. The employment agreement automatically extends for successive

one

-year periods unless notice of non-renewal is provided in accordance with the agreement. During and after the contract term, Mr. Gatoff is subject to certain confidentiality, non-solicitation and non-competition provisions in favor of the Company. On

June 4, 2013,

Mr. Gatoff received a grant of

25,000

shares of restricted stock at a fair value of

$49.80

per share representing the closing price on the date of grant, subject to vesting as provided in a Restricted Stock Agreement between Mr. Gatoff and the Company. The compensation expense related to this restricted stock award was

$1,245

and was recognized, commencing on the grant date, over the next

five

years.

June 10, 2015,

the Company and Wayne Norbitz entered into a Transition Agreement (the “Transition Agreement”) relating to the retirement of Mr. Norbitz as President and Chief Operating Officer of the Company. Under the Transition Agreement, Mr. Norbitz continued to serve as President and Chief Operating Officer of the Company through

August 7, 2015

at which time he became a Consultant to the Company pursuant to the terms of a

one

year Consulting Agreement between him and the Company (the “Consulting Agreement”). The Consulting Agreement provides that Mr. Norbitz would receive a consulting fee of

$16.3

per month. The Transition Agreement further provided that Mr. Norbitz would receive a severance payment of

$289

and under the terms of the Transition Agreement, the Company purchased from Mr. Norbitz

56,933

shares of the Company’s common stock,

$.01

par value (the “Common Stock”) at a purchase price of

$40.28

which was the closing price of the Common Stock as reported on the Nasdaq Global Market on

June 10, 2015.

Effective

August 4, 2016,

the Company and Wayne Norbitz executed an Amendment to the Consulting Agreement (the “Amendment”), whereas the Term of the Agreement was originally extended to expire

August 10, 2017,

which had been further extended to expire on

December 31, 2017.

Pursuant to the terms of the Amendment, Mr. Norbitz provided consulting services

one

(

) day a week, as directed by the Board of Directors of the Company and/or Eric Gatoff, Chief Executive Officer of the Company. The Amendment provided that Mr. Norbitz will receive a consulting fee of

$8.1

per month for services rendered.

Effective

December 31, 2017,

the Consulting Agreement between the Company and Wayne Norbitz expired and

extension was initiated.

The Company and

one

employee of Nathan’s entered into a change of control agreement effective

May 31, 2007

for annual compensation of

$136

per year. The agreement additionally includes a provision under which the employee has the right to terminate the agreement and receive payment equal to approximately

three

times his annual compensation upon a change in control, as defined.

Each employment agreement terminates upon death or voluntary termination by the respective employee or

may

be terminated by the Company on up to

-days’ prior written notice by the Company in the event of disability or “cause,” as defined in each agreement.

Defined Contribution and Union Pension Plans

The Company has a defined contribution retirement plan under Section

401

(k) of the Internal Revenue Code covering all nonunion employees over age

21,

who have been employed by the Company for at least

one

year. Employees

may

contribute to the plan, on a tax-deferred basis, up to

20%

of their total annual salary. Historically, the Company has matched contributions at a rate of

$.25

per dollar contributed by the employee on up to a maximum of

of the employee’s total annual salary. Employer contributions for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

were

$42,

$40

and

$41,

respectively.

The Company participates in a noncontributory, multi-employer, defined benefit pension plan (the “Union Plan”) covering substantially all of the Company’s union-represented employees. The risks of participating in the Union Plan are different from a single-employer plan in the following aspects: (a) assets contributed to the Union Plan by

one

employer

may

be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan

may

be borne by the remaining participating employers; and (c) if the Company chooses to stop participating in the Union Plan, the Company

may

be required to pay the Union Plan an amount based on the underfunded status of the Union Plan, referred to as a withdrawal liability. The most recent estimate of our potential withdrawal liability is

$378

as of

December 31, 2018.

The Company has

plans or intentions to stop participating in the plan as of

March 31, 2019

and does

not

believe that there is a reasonable possibility that a withdrawal liability will be incurred. Any adjustment for withdrawal liability will be recorded only when it is probable that a liability exists and can be reasonably estimated, in accordance with U.S. GAAP. Contributions to the Union Plan were

$7,

$12

and

$10

for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively.

Other Benefits

The Company provides, on a contributory basis, medical benefits to active employees. The Company does

not

provide medical benefits to retirees.

Note M - Commitments and Contingencies

12 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Text Block]

NOTE

- COMMITMENTS AND CONTINGENCIES

Commitments

The Company’s operations are principally conducted in leased premises. The leases generally have initial terms ranging from

years and usually provide for renewal options ranging from

years. Most of the leases contain escalation clauses and common area maintenance charges (including taxes and insurance).

Revenue from sub-leasing properties is recognized in income as the revenue is earned and deemed collectible. Sub-lease rental income is presented net of associated lease costs in the accompanying consolidated Statements of Earnings.

As of

March 31, 2019,

the Company had non-cancelable operating lease commitments, net of certain sublease rental income, as follows:

	Lease		Sublease		Net lease
	commitments		income		commitments

2020	$	1,404	$	267	$	1,137
2021		1,319		245		1,074
2022		1,572		247		1,325
2023		1,596		175		1,421
2024		1,545		169		1,376
Thereafter		6,120		521		5,599

	$	13,556	$	1,624	$	11,932

Aggregate rental expense, net of sublease income, under all current leases amounted to

$1,579,

$1,591

and

$1,566

of which,

$1,287,

$1,304

and

$1,278

were a component of restaurant operating expenses, for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively. The remaining rents of

$298,

$287

and

$288

were included in general and administrative expenses for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively. Sublease rental income was

$267,

$274

and

$272

for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively.

Contingent rental payments on building leases are typically made based on the percentage of gross sales of the individual restaurants that exceed predetermined levels. The percentage of gross sales to be paid and related gross sales level vary by unit. Contingent rental expense, which is inclusive of common area maintenance charges, was approximately

$480,

$478

and

$457

for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively.

March 31, 2019,

the Company leases

one

site which it in turn subleases to a franchisee, which expires in

April 2027

exclusive of renewal options. The Company remains liable for all lease costs when property is subleased to a franchisee.

Legal Proceeding

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.

Guaran

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

years and

one

-year option and is limited to

months of rent for the

first

three

years of the term. Nathan’s has recorded a liability of

$217

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

months of rent plus reasonable costs of collection and attorney’s fees.

Note P - Quarterly Financial Information (Unaudited)

12 Months Ended

Mar. 31, 2019

Quarterly Financial Information [Text Block]

NOTE

- QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter (a)

Fiscal Year 201 9

Total revenues	$	30,168	$	29,330	$	20,222	$	22,129
Gross profit (b)		5,025		6,413		3,744		3,600
Income from operations		9,087		8,480		4,896		5,513
Net income		4,795		4,484		9,722		2,492

Per share information
Net income per share
Basic (c)	$	1.15	$	1.07	$	2.32	$	.60
Diluted (c)	$	1.13	$	1.06	$	2.30	$	.59

Shares used in computation of net income per share
Basic (c)		4,185,000		4,188,000		4,187,000		4,187,000
Diluted (c)		4,226,000		4,231,000		4,221,000		4,202,000

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter

Fiscal Year 2018

Total revenues	$	30,803	$	31,471	$	22,021		$	19,906
Gross profit (b)		4,820		6,486		4,168			2,482
Income from operations		8,450		8,734		5,370			4,546
Net income (loss)		2,922		3,120		(3,779	)		367

Per share information
Net income (loss) per share
Basic (c)	$	.70	$	.75	$	(.90	)	$	.09
Diluted (c)	$	.69	$	.74	$	(.90	)	$	.09

Shares used in computation of net income (loss) per share
Basic (c)		4,177,000		4,179,000		4,185,000			4,185,000
Diluted (c)		4,215,000		4,212,000		4,185,000			4,228,000

	(a)	The fourth quarter fiscal 2019 was comprised of 14 weeks, as compared to all other quarters which were comprised of 13 weeks.
	(b)	Gross profit represents the difference between sales and cost of sales.
	(c)	The sum of the quarters may not equal the full year per share amounts included in the accompanying consolidated statements of earnings due to the effect of the weighted average number of shares outstanding during the fiscal years as compared to the quarters.

Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Fiscal Period, Policy [Policy Text Block]

Fiscal Year

The Company’s fiscal year ends on the last Sunday in

March,

which results in a

-week reporting period. The results of operations and cash flows for the fiscal year ended

March 31, 2019

is on the basis of a

-week reporting period. The fiscal years ended

March 25, 2018

and

March 26, 2017

are on the basis of a

-week reporting period.

Reclassification, Policy [Policy Text Block]

Reclassifications

We have reclassified

$238

of Deferred franchise fees from Other liabilities in the Consolidated Balance Sheet at

March 25, 2018

to conform with the presentation of Deferred franchise fees under Topic

606

which we adopted at the beginning of the fiscal year ending

March 31, 2019.

This reclassification had

effect on previously reported total assets, total liabilities or stockholders’ (deficit).

Use of Estimates, Policy [Policy Text Block]

. Use of Estimates

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of

three

months or less to be cash equivalents.

Cash equivalents at

March 31, 2019

were

$20,000.

The Company did

not

have any cash equivalents at

March 25, 2018.

Substantially all of the Company’s cash and cash equivalents are in excess of government insurance.

Inventory, Policy [Policy Text Block]

Inventories

Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food items and supplies. Cost is determined using the

first

-in,

first

-out method.

Property, Plant and Equipment, Policy [Policy Text Block]

. Property and Equipment

Building and improvements (years)	5	–	25
Machinery, equipment, furniture and fixtures (years)	3	–	15
Leasehold improvements (years)	5	–	20

Goodwill and Intangible Assets, Policy [Policy Text Block]

. Goodwill and Intangible Asset

Goodwill and intangible assets consist of (i) goodwill of

$95

resulting from the acquisition of Nathan’s in

1987;

and (ii) trademarks, trade names and other intellectual property of

$1,353

in connection with Arthur Treacher’s.

The Company’s goodwill and intangible assets are deemed to have indefinite lives and, accordingly, are

not

amortized, but are evaluated for impairment at least annually, but more often whenever changes in facts and circumstances occur which

may

indicate that the carrying value

may

not

be recoverable. As of

March 31, 2019

and

March 25, 2018,

the Company performed its required annual impairment test of goodwill and intangible assets and has determined

impairment is deemed to exist.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

. Lon

g-lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value

may

not

be recoverable.

may

not

may

March 25, 2018,

we performed our annual impairment evaluation and recorded an impairment charge of

$790

to write down the value of the long-lived assets at

one

of our restaurants.

long-lived assets were deemed impaired during the fiscal years ended

March 31, 2019

and

March 26, 2017.

Fair Value of Financial Instruments, Policy [Policy Text Block]

. Fair Value of Financial Instruments

The fair value hierarchy consists of the following

three

levels:

●

Level

- inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market

●

Level

●

Level

- inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability

The use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level

may

be classified differently from year to year.

March 31, 2019

and

March 25, 2018,

we did

not

have any assets or liabilities that were recorded at fair value.

The Company’s long-term debt had a face value of

$150,000

as of

March 31, 2019

and a fair value of

$145,688

as of

March 31, 2019.

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of the instruments.

The majority of the Company’s non-financial assets and liabilities are

not

inputs) which utilized cash flow forecasts for future income and were discounted to present value in performing its annual impairment testing of intangible assets.

Start-up Activities, Cost Policy [Policy Text Block]

Start-up Costs

Pre-opening and similar restaurant costs are expensed as incurred.

Revenue from Contract with Customer [Policy Text Block]

12.

Revenue Recognition

From

2014

through

2017,

606”

). We adopted Topic

606

at the beginning of the fiscal year ended

March 31, 2019.

Below in items numbers

12,

13,

14,

and

are discussions of how our revenues are earned, and our accounting policies pertaining to revenue recognition prior to the adoption of Topic

606

(“Legacy GAAP”) and subsequent to the adoption of Topic

606

and other required disclosures. Also included in Item

. Revenue Recognition - Branded Product

Program

The Company recognizes sales from the Branded Product Program and certain products sold from the Branded Menu Program upon delivery to Nathan’s customers via

third

party common carrier. Rebates provided to customers are classified as a reduction to sales.

The timing and amount of revenue recognized related to sales made by our Branded Product Program was

not

impacted by the adoption of Topic

606.

. Revenue Recognition - Company-owned Restaurants

Sales by Company-owned restaurants, which are typically paid in cash or credit card by the customer, are recognized at the point of sale. Sales are presented net of sales tax.

The timing and amount of revenue recognized related to our Company-owned restaurant sales was

not

impacted by the adoption of Topic

606.

15.

Revenue Recognition – License Royalties

The timing and amount of revenue recognized related to our license royalties was

not

impacted by the adoption of Topic

606.

. Revenue Recognition - Franchising Operations

The following services are typically provided by the Company prior to the opening of a franchised restaurant.

	●	Approval of all site selections to be developed.
	●	Provision of architectural plans suitable for restaurants to be developed.
	●	Assistance in establishing building design specifications, reviewing construction compliance and equipping the restaurant.
	●	Provision of appropriate menus to coordinate with the restaurant design and locations to be developed.
	●	Provision of management training for the new franchisee and selected staff.
	●	Assistance with the initial operations of restaurants being developed.

Under the adoption of Topic

606,

the Company determined that the services provided in exchange for these upfront restaurant franchise fees do

not

contain separate and distinct performance obligations from the franchising right and beginning

March 26, 2018,

these initial franchise fees, renewal fees and transfer fees shall be deferred and recognized over the term of each respective agreement, or upon termination of the franchise agreement.

Under Legacy GAAP, international development fees were recognized, net of direct expenses, upon the opening of the

first

restaurant within the territory. Under the adoption of Topic

606,

the Company determined that the services provided in exchange for these international development fees do

not

contain separate and distinct performance obligations from the franchise right and as of

March 26, 2018,

The following is a summary of franchise openings and closings for the Nathan’s franchise restaurant system for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017:

	March 31,			March 25,			March 26,
	201 9			2018			2017

Franchised restaurants operating at the beginning of the period		276			279			259

New franchised restaurants opened during the period		13			40			53

Franchised restaurants closed during the period		(34	)		(43	)		(33	)

Franchised restaurants operating at the end of the period		255			276			279

Franchise fees and royalties that are subsequently deemed to be

not

collectible are recorded as bad debts until paid by the franchisee or until collectibility is deemed to be reasonably assured.

Revenue Recognition – National Advertising Fund

not

Under the adoption of Topic

606,

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.

18.

Revenue Recognition – Impact of Adopting New Revenue Recognition Standards

Under the adoption of Topic

606,

the Company used 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

in the amount of

$2,004,

net of tax. Pursuant to the modified retrospective method, the results of operations from the comparative periods have

not

been adjusted and continue to be reported under Legacy GAAP.

Impacts on Consolidated Financial Statements

The following tables summarize the impact of adopting Topic

606

on the Company’s condensed consolidated financial statements:

	Adjustments
	As Reported			Franchise Fees			Balance Sheet Reclassi- fications			Balances Without Adoption
Condensed Consolidated Balance Sheet
March 31, 2019
Deferred income taxes		343			(731	)		388			-
Total assets		94,306			(731	)		388			93,963
Accrued expenses and other current liabilities		9,384			(190	)		-			9,194
Deferred franchise fees		318			(378	)		369			309
Total current liabilities		14,924			(568	)		369			14,725
Deferred income taxes		-			-			388			388
Deferred franchise fees		2,687			(2,140	)		(369	)		178
Total liabilities		164,450			(2,708	)		388			162,130
(Accumulated deficit)		(52,879	)		1,977			-			(50,902	)
Stockholders’ equity before treasury stock		8,159			1,977			-			10,136
Total stockholders’ (deficit)		(70,144	)		1,977			-			(68,167	)
Total liabilities and stockholders’ (deficit)		94,306			(731	)		388			93,963

	Adjustments
	As Reported		Franchise Fees			Advertising F und			Balances Without Adoption
Condensed Consolidated Statement of Earnings
Year ended March 31, 2019
Franchise fees and royalties		4,171		(217	)		-			3,954
Advertising fund revenue		2,502		-			(2,502	)		-
Total revenues		101,849		(217	)		(2,502	)		99,130
General and administrative expenses		13,851		(162	)		-			13,689
Advertising fund expense		2,506		-			(2,506	)		-
Total costs and expenses		73,873		(162	)		(2,506	)		71,205
Income from operations		27,976		(55	)		4			27,925
Income before provision for income taxes		29,410		(55	)		4			29,359
Provision for income taxes		7,917		(24	)		-			7,893
Net income		21,493		(27	)		-			21,466

	Adjustments
	As Reported			Franchise Fees			Advertising Fund		Balances Without Adoption
Condensed Consolidated Statement of Cash Flows
Year e nded March 31, 2019
Cash flows from operating activities:
Net income		21,493			(27	)		-		21,466
Changes in operating assets and liabilities:
Accounts payable, accrued expenses and other Current liabilities		(3,367	)		(190	)		-		(3,557	)
Deferred franchise fees		(161	)		217			-		56
Net cash provided by operating activities		11,156			-			-		11,156
Net cash provided by investing activities		12,328			-			-		12,328
Net cash (used in) financing activities		(5,377	)		-			-		(5,377	)
Net increase in cash and cash equivalents		18,107			-			-		18,107

Contract balances

The following table provides information about receivables and contract liabilities (Deferred franchise fees) from contracts with customers (in thousands):

		March 31, 2019
Deferred franchise fees (a)		$	3,005

(a)

Deferred franchise fees of

$318

and

$2,687

are included in Deferred franchise fees – current and long term, respectively.

Significant changes in Deferred franchise fees are as follows:

	Fifty-three Weeks Ended
	March 31, 2019
Deferred franchise fees at beginning of period (a)	$	3,139
Additions to deferred revenue		371
Revenue recognized during the period		(505	)
Deferred franchise fees at end of period	$	3,005

(a)

Includes the cumulative effect of adopting Topic

606

$2,735,

excluding deferred income taxes.

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
2020		318
2021		309
2022		299
2023		262
2024		248
Thereafter		1,569
Total	$	3,005

We have applied the optional exemption, as provided for under Topic

606,

which allows us

not

to disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Business Concentrations and Geographical Information

March 31, 2019

and

March 25, 2018

the Company maintained cash balances which are in excess of Federal government insurance limits. The Company does

not

believe that it is exposed to any significant risk on these balances.

March 31, 2019,

four

Branded Product customers represented

19%,

18%,

17%

and

13%,

of accounts receivable. At

March 25, 2018,

three

Branded Product customers represented

41%,

20%

and

8%,

of accounts receivable. One Branded Products customer accounted for

14%,

19%

and

12%

of total revenue for the years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively. One retail licensee accounted for

22%,

21%

and

20%

of the total revenue for the years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively.

The Company’s primary supplier of hot dogs represented

92%,

92%

and

91%

of product purchases for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively. The Company’s distributor of products to its Company-owned restaurants represented

5%,

and

of product purchases for each of the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively.

The Company’s revenues for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

were derived from the following geographic areas:

	March 31, 2019		March 25, 2018		March 26, 2017

Domestic (United States)	$	97,871	$	97,661	$	90,070
Non-domestic		3,978		6,540		6,186
	$	101,849	$	104,201	$	96,256

The Company’s sales for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017

were derived from the following:

	March 31, 2019		March 25, 2018		March 26, 2017

Branded Products	$	57,960	$	62,623	$	55,960
Company-owned restaurants		13,601		14,085		14,646
Other		-		-		214
Total sales	$	71,561	$	76,708	$	70,820

License royalties	$	23,615	$	23,020	$	20,368

Royalties		3,666		4,138		4,290
Franchise fees		505		335		778
Total franchise fees and royalties		4,171		4,473		5,068

Advertising fund revenue (A)		2,502		-		-

Total revenues	$	101,849		104,201		96,256

(A)

Prior to adoption of Topic

606,

inflows into the National Advertising Fund were

not

considered revenue.

Advertising Cost [Policy Text Block]

20.

Advertising

2%.

Company-owned store advertising expense, which is expensed as incurred, was

$107,

$117

and

$182,

for the fiscal years ended

March 31, 2019,

March 25, 2018

and

March 26, 2017,

respectively, and have been included within restaurant operating expenses in the accompanying Consolidated Statements of Earnings.

Share-based Payment Arrangement [Policy Text Block]

. Stock-Based Compensation

March 31, 2019,

the Company had

one

stock-based compensation plan in effect which is more fully described in Note

L.2.

Cost of Goods and Service [Policy Text Block]

Classification of Operating Expenses

Cost of sales consists of the following:

	o	The cost of food and other products sold by Company-operated restaurants, through the Branded Product Program and through other distribution channels.
	o	The cost of labor and associated costs of in-store restaurant management and crew.
	o	The cost of paper products used in Company-operated restaurants.
	o	Other direct costs such as fulfillment, commissions, freight and samples.

Restaurant operating expenses consist of the following:

	o	Occupancy costs of Company-operated restaurants.
	o	Utility costs of Company-operated restaurants.
	o	Repair and maintenance expenses of Company-operated restaurant facilities.
	o	Marketing and advertising expenses done locally and contributions to advertising funds for Company-operated restaurants.
	o	Insurance costs directly related to Company-operated restaurants.

Income Tax, Policy [Policy Text Block]

. Income Taxes

not

that some portion of the deferred tax assets will

not

be realized, a valuation allowance against the deferred tax assets would be established in the period such determination was made.

Uncertain Tax Positions

may

recognize the tax benefit from an uncertain tax position only if it is more likely than

not

fifty

percent likelihood of being realized upon ultimate settlement. Nathan’s recognizes accrued interest and penalties associated with unrecognized tax benefits as part of the income tax provision.

See Note I for a further discussion of our income taxes.

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of Other New Accounting

Standard

January 2017,

●

To be capable of being conducted and managed for the purposes described above, an integrated set of activities and assets requires

two

essential elements–inputs and a substantive process(es) applied to those inputs.

The guidance was effective for the Company beginning in the quarter ending

June 24, 2018

and did

not

have a material impact on its results of operations or financial position.

New Accounting Standard

Not

Yet Adopted

February 2016,

the FASB issued new guidance ASU

2016

02,

“Leases (Topic

842

),” which outlines principles for the recognition, measurement, presentation and disclosure of leases applicable to both lessors and lessees. In

January 2018,

the FASB issued ASU

2018

01,

Leases (Topic

842

): Land Easement Practical Expedient for Transition to Topic

842

, which affects the guidance in ASU

2016

02.

The standard permits the election of an optional transition practical expedient to

not

evaluate land easements that exist or expired before the adoption of Topic

842

and that were

not

previously accounted for as leases under Topic

840.

July 2018,

the FASB issued ASU

2018

10,

Codification Improvements to Topic

842

(Leases)

, and ASU

2018

11,

Leases (Topic

842

), Targeted Improvements

December 15, 2018,

including interim reporting periods within those annual reporting periods.

The new guidance will take effect at the beginning of Nathan’s

first

quarter (

April 1, 2019)

of our fiscal year ending

March 29, 2020.

The new guidance requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by finance and operating leases with lease terms of more than

April 1, 2019.

The new guidance also provides several practical expedients and policies that companies

may

not

reassessing prior conclusions about lease identification, lease classification and initial direct costs. We will elect the short-term lease recognition exemption for qualifying leases of less than

months and

not

recognize a Right-of-Use Asset or lease liability, we will elect

not

to separate lease and non-lease components for all leases and we will

not

$8,500,

and a Right of Use asset of approximately

$7,800

based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases and derecognize

$700

of deferred rents. We do

not

expect the adoption of this guidance to have a material impact on our consolidated statements of earnings and statement of cash flows.

June 2016,

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.

The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.

January 2017,

second

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 consolidated financial statements.

Note B - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Table Text Block]

Building and improvements (years)	5	–	25
Machinery, equipment, furniture and fixtures (years)	3	–	15
Leasehold improvements (years)	5	–	20

Schedule of Franchisor Disclosure [Table Text Block]

	March 31,			March 25,			March 26,
	201 9			2018			2017

Franchised restaurants operating at the beginning of the period		276			279			259

New franchised restaurants opened during the period		13			40			53

Franchised restaurants closed during the period		(34	)		(43	)		(33	)

Franchised restaurants operating at the end of the period		255			276			279

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

	Adjustments
	As Reported			Franchise Fees			Balance Sheet Reclassi- fications			Balances Without Adoption
Condensed Consolidated Balance Sheet
March 31, 2019
Deferred income taxes		343			(731	)		388			-
Total assets		94,306			(731	)		388			93,963
Accrued expenses and other current liabilities		9,384			(190	)		-			9,194
Deferred franchise fees		318			(378	)		369			309
Total current liabilities		14,924			(568	)		369			14,725
Deferred income taxes		-			-			388			388
Deferred franchise fees		2,687			(2,140	)		(369	)		178
Total liabilities		164,450			(2,708	)		388			162,130
(Accumulated deficit)		(52,879	)		1,977			-			(50,902	)
Stockholders’ equity before treasury stock		8,159			1,977			-			10,136
Total stockholders’ (deficit)		(70,144	)		1,977			-			(68,167	)
Total liabilities and stockholders’ (deficit)		94,306			(731	)		388			93,963

	Adjustments
	As Reported		Franchise Fees			Advertising F und			Balances Without Adoption
Condensed Consolidated Statement of Earnings
Year ended March 31, 2019
Franchise fees and royalties		4,171		(217	)		-			3,954
Advertising fund revenue		2,502		-			(2,502	)		-
Total revenues		101,849		(217	)		(2,502	)		99,130
General and administrative expenses		13,851		(162	)		-			13,689
Advertising fund expense		2,506		-			(2,506	)		-
Total costs and expenses		73,873		(162	)		(2,506	)		71,205
Income from operations		27,976		(55	)		4			27,925
Income before provision for income taxes		29,410		(55	)		4			29,359
Provision for income taxes		7,917		(24	)		-			7,893
Net income		21,493		(27	)		-			21,466

	Adjustments
	As Reported			Franchise Fees			Advertising Fund		Balances Without Adoption
Condensed Consolidated Statement of Cash Flows
Year e nded March 31, 2019
Cash flows from operating activities:
Net income		21,493			(27	)		-		21,466
Changes in operating assets and liabilities:
Accounts payable, accrued expenses and other Current liabilities		(3,367	)		(190	)		-		(3,557	)
Deferred franchise fees		(161	)		217			-		56
Net cash provided by operating activities		11,156			-			-		11,156
Net cash provided by investing activities		12,328			-			-		12,328
Net cash (used in) financing activities		(5,377	)		-			-		(5,377	)
Net increase in cash and cash equivalents		18,107			-			-		18,107

Contract with Customer, Asset and Liability [Table Text Block]

		March 31, 2019
Deferred franchise fees (a)		$	3,005

Contract with Customer, Deferred Franchise Fees [Table Text Block]

	Fifty-three Weeks Ended
	March 31, 2019
Deferred franchise fees at beginning of period (a)	$	3,139
Additions to deferred revenue		371
Revenue recognized during the period		(505	)
Deferred franchise fees at end of period	$	3,005

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

	Estimate for fiscal year
2020		318
2021		309
2022		299
2023		262
2024		248
Thereafter		1,569
Total	$	3,005

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	March 31, 2019		March 25, 2018		March 26, 2017

Domestic (United States)	$	97,871	$	97,661	$	90,070
Non-domestic		3,978		6,540		6,186
	$	101,849	$	104,201	$	96,256

Disaggregation of Revenue [Table Text Block]

	March 31, 2019		March 25, 2018		March 26, 2017

Branded Products	$	57,960	$	62,623	$	55,960
Company-owned restaurants		13,601		14,085		14,646
Other		-		-		214
Total sales	$	71,561	$	76,708	$	70,820

License royalties	$	23,615	$	23,020	$	20,368

Royalties		3,666		4,138		4,290
Franchise fees		505		335		778
Total franchise fees and royalties		4,171		4,473		5,068

Advertising fund revenue (A)		2,502		-		-

Total revenues	$	101,849		104,201		96,256

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

12 Months Ended

Mar. 31, 2019

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

	March 31 ,		March 25,
	201 9		2018

Branded product sales	$	7,432	$	7,604
Franchise and license royalties		2,661		2,767
Other		665		599
		10,758		10,970

Less: allowance for doubtful accounts		585		468

Accounts and other receivables, net	$	10,173	$	10,502

Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]

	March 31, 2019			March 25, 2018			March 26, 2017

Beginning balance	$	468		$	457		$	471
Reclassification to conform with Topic 606		77			-
Bad debt expense		100			34			53
Accounts written off		(60	)		(23	)		(67	)

Ending balance	$	585		$	468		$	457

Note I - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	March 31 , 201 9		March 25, 2018			March 26, 2017
Federal
Current	$	5,385	$	1,077		$	3,024
Deferred		43		(474	)		79
Total Federal income tax		5,428		603			3,103
State and local
Current		2,447		917			1,195
Deferred		42		(38	)		21
Total State and local income tax		2,489		879			1,216
Total provision for income taxes	$	7,917	$	1,482		$	4,319

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	March 31 , 201 9			March 25, 2018			March 26, 2017

Computed tax expense	$	6,176		$	1,275		$	4,013
State and local income taxes, net of Federal income tax benefit		1,875			506			797
Change in uncertain tax positions, net		86			98			(11	)
Nondeductible meals and entertainment and other		(66	)		21			61
Nondeductible compensation		57			-			118
Tax reform act		99			(245	)		-
Tax benefit share based payments		(310	)		(173	)		(659	)
Total provision for income taxes	$	7,917		$	1,482		$	4,319

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	March 31 ,		March 25,
	201 9		2018
Deferred tax assets
Accrued expenses	$	387	$	310
Allowance for doubtful accounts		58		40
Deferred revenue		955		291
Deferred stock compensation		70		166
Excess of straight line over actual rent		162		194
Investment		-		123
Other		85		97
Total deferred tax assets	$	1,717	$	1,221

Deferred tax liabilities
Deductible prepaid expense		210		280
Depreciation expense		783		882
Amortization		381		361
Total deferred tax liabilities		1,374		1,523
Net deferred tax asset (liability)	$	343	$	(302	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	March 31, 2019			March 25, 2018			March 26, 2017

Unrecognized tax benefits, beginning of year	$	263		$	167		$	208
Decreases of tax positions taken in prior years		(8	)		(2	)		(31	)
Increases based on tax positions taken in current year		46			98			41
Settlements of tax positions taken in prior years		(48	)		-			(51	)
Unrecognized tax benefits, end of year	$	253		$	263		$	167

Note J - Segment Information (Tables)

12 Months Ended

Mar. 31, 2019

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

	Fifty-T hree weeks ended			Fifty-Two weeks ended			Fifty-Two weeks ended
	March 31 , 201 9			March 25, 2018			March 26, 2017
Revenues
Branded Product Program	$	57,960		$	62,623		$	56,174
Product licensing		23,615			23,020			20,368
Restaurant operations		17,772			18,558			19,714
Corporate (1)		2,502			-			-
Total revenues	$	101,849		$	104,201		$	96,256

Income from operations
Branded Product Program	$	10,302		$	9,469		$	10,257
Product licensing		23,433			22,838			20,186
Restaurant operations		2,398			2,730			4,101
Corporate		(8,157	)		(7,937	)		(8,264	)
Income from operations	$	27,976		$	27,100		$	26,280

Gain on sale of property and equipment	$	11,177		$	-		$	-
Interest expense		(10,792	)		(13,591	)		(14,665	)
Loss on debt extinguishment (Note K)		-			(8,872	)		-
Impairment charge – long lived assets (Note B)		-			(790	)		-
Interest income		840			166			104
Other income, net		209			99			85
Income before provision for income taxes	$	29,410		$	4,112		$	11,804

Total assets
Branded Product Program	$	8,334		$	8,174		$	7,113
Product licensing		2,127			2,269			2,003
Restaurant operations		6,411			7,537			8,740
Corporate		77,434			62,111			60,269
Total assets	$	94,306		$	80,091		$	78,125

Depreciation & amortization expense
Branded Product Program	$	312		$	298		$	316
Restaurant operations		657			786			762
Corporate		243			268			219
Total depreciation & amortization expense	$	1,212		$	1,352		$	1,297

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2019

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Weighted-average option fair values	$	25.6314

Expected life (years)		4.5

Interest rate		2.87	%

Volatility		32.57	%

Dividend Yield		1.11	%

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

	March 31, 2019		March 25, 2018		March 26, 2017

Stock options	$	102	$	150	$	150
Restricted stock		60		248		432
	$	162	$	398	$	582

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	2019					2018					2017
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Exercise					Exercise					Exercise
	Shares			Price		Shares			Price		Shares			Price
Options outstanding – beginning of year		68,498		$	33.438		75,745		$	35.58		124,030		$	26.29

Granted		10,000			89.90		-			-		-			-

Replacement options issued (A)		-			-		68,498		$	33.44		-			-

Expired		-			-		-			-		-			-

Cancellation of outstanding options (A)		-			-		(64,384	)	$	35.58		-			-

Exercised		(36,264	)		33.438		(11,361	)		35.58		(48,285	)		11.72

Options outstanding - end of year		42,234		$	46.807		68,498		$	33.438		75,745		$	35.58

Options exercisable - end of year		32,234		$	33.438		48,348		$	33.438		37,873		$	35.58

Exercise prices of outstanding options at March 31, 2019 ranged from $33.438 to $89.90.

Share-based Payment Arrangement, Activity [Table Text Block]

			Weighted-		Weighted-
			Average		Average		Aggregate
			Exercise		Remaining		Intrinsic
	Shares		Price		Contractual Life		Value

Options outstanding at March 31, 2019		42,234	$	46.807		1.32	$	1,127

Options exercisable at March 31, 2019		32,234	$	33.438		0.35	$	1,127

Exercise prices range from $33.438 to $89.90

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		1,000		$	89.90

Vested		(5,000	)	$	(49.80	)

Unvested restricted stock at March 31, 2019		1,000		$	89.90

Note P - Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Mar. 31, 2019

Quarterly Financial Information [Table Text Block]

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter (a)

Fiscal Year 201 9

Total revenues	$	30,168	$	29,330	$	20,222	$	22,129
Gross profit (b)		5,025		6,413		3,744		3,600
Income from operations		9,087		8,480		4,896		5,513
Net income		4,795		4,484		9,722		2,492

Per share information
Net income per share
Basic (c)	$	1.15	$	1.07	$	2.32	$	.60
Diluted (c)	$	1.13	$	1.06	$	2.30	$	.59

Shares used in computation of net income per share
Basic (c)		4,185,000		4,188,000		4,187,000		4,187,000
Diluted (c)		4,226,000		4,231,000		4,221,000		4,202,000

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter

Fiscal Year 2018

Total revenues	$	30,803	$	31,471	$	22,021		$	19,906
Gross profit (b)		4,820		6,486		4,168			2,482
Income from operations		8,450		8,734		5,370			4,546
Net income (loss)		2,922		3,120		(3,779	)		367

Per share information
Net income (loss) per share
Basic (c)	$	.70	$	.75	$	(.90	)	$	.09
Diluted (c)	$	.69	$	.74	$	(.90	)	$	.09

Shares used in computation of net income (loss) per share
Basic (c)		4,177,000		4,179,000		4,185,000			4,185,000
Diluted (c)		4,215,000		4,212,000		4,185,000			4,228,000

Note B - Summary of Significant Accounting Policies (Details Textual)
$ in Thousands

12 Months Ended

Mar. 31, 2019

USD ($)

Mar. 25, 2018

USD ($)

Mar. 26, 2017

USD ($)

Apr. 01, 2019

USD ($)

Mar. 26, 2018

USD ($)

Contract with Customer, Liability, Noncurrent

$ 2,687

$ 238

Cash Equivalents, at Carrying Value, Total

20,000

Goodwill, Ending Balance

Intangible Assets, Net (Excluding Goodwill), Total

1,353

Impairment of Long-Lived Assets Held-for-use

790

$ 0

Long-term Debt, Total

145,449

144,758

Long-term Debt, Fair Value

145,688

Cumulative Effect of New Accounting Principle in Period of Adoption

(2,004)

Contract with Customer, Liability, Excluding Cash Received

^[1]

3,005

Contract with Customer, Liability, Total

$ 3,005

$ 3,139

^[2]

Number of Major Branded Customer

Maximum Contributions to Advertising Fund Percentage of Net Sales

2.00%

Advertising Expense

$ 2,506

$ 0

Other Liabilities, Noncurrent, Total

1,390

1,355

Entity Operated Units [Member]

Advertising Expense

$ 107

$ 117

$ 182

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member]

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer B [Member]

19.00%

41.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer C [Member]

18.00%

20.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Branded Product Customer D [Member]

17.00%

8.00%

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Branded Product Customer A [Member]

13.00%

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Retail Licensee [Member]

14.00%

19.00%

12.00%

Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Primary Supplier of Hot Dogs [Member]

22.00%

21.00%

20.00%

Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Distributor of Product to Company-owned Restaurants [Member]

92.00%

91.00%

Deferred Franchise Fees [Member]

5.00%

4.00%

5.00%

Contract with Customer, Liability, Excluding Cash Received

$ 318

Other Liabilities [Member]

Contract with Customer, Liability, Excluding Cash Received

2,687

Retained Earnings [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption

$ (2,004)

Accounting Standards Update 2014-09 [Member]

Contract with Customer, Liability, Total

$ 2,735

Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption

$ (2,004)

Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member]

Contract with Customer, Liability, Noncurrent

238

Other Liabilities, Noncurrent, Total

$ (238)

Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member]

Operating Lease, Liability, Total

$ 8,500

Operating Lease, Right-of-Use Asset

7,800

Deferred Rent Credit

$ (700)

[1]	Deferred franchise fees of $318 and $2,687 are included in Deferred franchise fees – current and long term, respectively.
[2]	Includes the cumulative effect of adopting ASC 606 of $2,735.

Note B - Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Mar. 31, 2019
Building and Building Improvements [Member] \| Minimum [Member]
Building and improvements (years) (Year)	5 years
Building and Building Improvements [Member] \| Maximum [Member]
Building and improvements (years) (Year)	25 years
Machinery, Equipment, Furniture, and Fixtures [Member] \| Minimum [Member]
Building and improvements (years) (Year)	3 years
Machinery, Equipment, Furniture, and Fixtures [Member] \| Maximum [Member]
Building and improvements (years) (Year)	15 years
Leasehold Improvements [Member] \| Minimum [Member]
Building and improvements (years) (Year)	5 years
Leasehold Improvements [Member] \| Maximum [Member]
Building and improvements (years) (Year)	20 years

Note B - Adoption of New Accounting Pronouncements - Impact of New Standard on Condensed Consolidated Financial Statements (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2019

Dec. 23, 2018

Sep. 23, 2018

Jun. 24, 2018

Mar. 25, 2018

Dec. 24, 2017

Sep. 24, 2017

Jun. 25, 2017

Mar. 31, 2019

Mar. 25, 2018

Mar. 26, 2017

Mar. 27, 2016

$ 343

$ 0

$ 343

$ 0

94,306

80,091

94,306

80,091

$ 78,125

9,384

11,248

9,384

11,248

318

193

318

193

14,924

18,006

14,924

18,006

302

2,687

238

2,687

238

164,450

164,659

164,450

164,659

(52,879)

(68,181)

(52,879)

(68,181)

8,159

(7,265)

8,159

(7,265)

(70,144)

(84,568)

(70,144)

(84,568)

(66,491)

$ (72,336)

94,306

80,091

94,306

80,091

101,849

104,201

96,256

13,851

13,491

13,659

2,506

73,873

77,101

69,976

5,513

^[1]

$ 4,896

$ 8,480

$ 9,087

4,546

$ 5,370

$ 8,734

$ 8,450

27,976

27,100

26,280

29,410

4,112

11,804

7,917

1,482

4,319

Accounts payable, accrued expenses and other current liabilities

2,492

^[1]

$ 9,722

$ 4,484

$ 4,795

$ 367

$ (3,779)

$ 3,120

$ 2,922

21,493

2,630

7,485

(3,367)

7,091

(673)

(161)

(39)

11,156

18,862

10,412

12,328

(550)

(1,128)

(5,377)

(17,888)

(2,597)

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Franchise Fees Adjustments [Member]

18,107

424

6,687

(731)

(731)

(190)

(378)

(568)

(2,140)

(2,708)

1,977

1,977

1,977

(731)

(217)

(162)

(162)

(55)

(55)

(24)

Accounts payable, accrued expenses and other current liabilities

(27)

(190)

217

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Balance Sheet Reclassification Adjustments [Member]

388

388

369

369

388

(369)

388

388

(2,502)

(2,506)

(2,506)

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Advertising Fund Adjustments [Member]

Accounts payable, accrued expenses and other current liabilities

Calculated under Revenue Guidance in Effect before Topic 606 [Member]

93,963

9,194

309

14,725

388

178

162,130

(50,902)

10,136

(68,167)

$ 93,963

93,963

99,130

13,689

71,205

27,925

29,359

7,893

Accounts payable, accrued expenses and other current liabilities

21,466

(3,557)

11,156

12,328

(5,377)

Franchise Fees and Royalties [Member]

18,107

Franchise Fees and Royalties [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Franchise Fees Adjustments [Member]

4,171

4,473

5,068

Franchise Fees and Royalties [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Balance Sheet Reclassification Adjustments [Member]

(217)

Franchise Fees and Royalties [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]

Advertising Fund Revenue [Member]

3,954

Advertising Fund Revenue [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Franchise Fees Adjustments [Member]

^[2]

2,502

Advertising Fund Revenue [Member] | 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] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]

(2,502)

Deferred franchise fees at beginning of period

[1]	The fourth quarter fiscal 2019 was comprised of 14 weeks, as compared to all other quarters which were comprised of 13 weeks.
[2]	Prior to adoption of Topic 606, inflows into the National Advertising Fund were not considered revenue.

Note B - Adoption of New Accounting Pronouncements - Significant Changes in Deferred Franchise Fees (Details)
$ in Thousands

12 Months Ended

Mar. 31, 2019

USD ($)

$ 3,139

^[1]

Additions to deferred revenue

371

Revenue recognized during the period

(505)

Deferred franchise fees at end of period

$ 3,005

[1]	Includes the cumulative effect of adopting ASC 606 of $2,735.

Note B - Adoption of New Accounting Pronouncements - Remaining Performance Obligations 2 (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 3,005
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 318
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 309
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 299
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 262
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Amount	$ 248
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)
Revenue, Remaining Performance Obligation, Amount	$ 1,569

Note B - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2019

Mar. 25, 2018

Mar. 26, 2017

Branded Products [Member]

$ 101,849

$ 104,201

$ 96,256

Company-operated Restaurants [Member]

57,960

62,623

55,960

13,601

14,085

14,646

Other Products [Member]

214

Product [Member]

71,561

76,708

70,820

License [Member]

23,615

23,020

20,368

Royalty [Member]

3,666

4,138

4,290

Franchise [Member]

Franchise Fees and Royalties [Member]

505

335

778

Advertising Fund Revenue [Member]

4,171

4,473

5,068

Net income, basic calculation

^[1]

$ 2,502

[1]	Prior to adoption of Topic 606, inflows into the National Advertising Fund were not considered revenue.

Note C - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2019

^[1],[2]

Dec. 23, 2018

^[2]

Sep. 23, 2018

^[2]

Jun. 24, 2018

^[2]

Mar. 25, 2018

^[2]

Dec. 24, 2017

^[2]

Sep. 24, 2017

^[2]

Jun. 25, 2017

^[2]

Mar. 31, 2019

Mar. 25, 2018

Mar. 26, 2017

$ 21,493

$ 2,630

$ 7,485

Number of shares, basic calculation (in shares)

4,187,000

4,188,000

4,185,000

4,179,000

4,177,000

4,187,000

4,181,000

4,172,000

Net income per share, basic calculation (in dollars per share)

$ 0.60

$ 2.32

$ 1.07

$ 1.15

$ 0.09

$ (0.90)

$ 0.75

$ 0.70

$ 5.13

$ 0.63

$ 1.79

Effect of dilutive employee stock options (in shares)

33,000

40,000

34,000

Effect of dilutive employee stock option (in dollars per share)

$ (0.04)

$ (0.01)

Net income, diluted calculation

$ 21,493

$ 2,630

$ 7,485

Number of shares, diluted calculation (in shares)

4,202,000

4,221,000

4,231,000

4,226,000

4,228,000

4,185,000

4,212,000

4,215,000

4,220,000

4,221,000

4,206,000

Net income per share, diluted calculation (in dollars per share)

$ 0.59

$ 2.30

$ 1.06

$ 1.13

$ 0.09

$ (0.90)

$ 0.74

$ 0.69

$ 5.09

$ 0.62

$ 1.78

[1]	The fourth quarter fiscal 2019 was comprised of 14 weeks, as compared to all other quarters which were comprised of 13 weeks.
[2]	The sum of the quarters may not equal the full year per share amounts included in the accompanying consolidated statements of earnings due to the effect of the weighted average number of shares outstanding during the fiscal years as compared to the quarters.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
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+ Details

Note D - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017	Mar. 27, 2016
Accounts receivable, gross, current	$ 10,758	$ 10,970
Less: allowance for doubtful accounts	585	468	$ 457	$ 471
Accounts and other receivables, net	10,173	10,502
Branded Product Sales [Member]
Accounts receivable, gross, current	7,432	7,604
Franchise and License Royalties [Member]
Accounts receivable, gross, current	2,661	2,767
Other Receivables [Member]
Accounts receivable, gross, current	$ 665	$ 599

Note D - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017
Beginning balance	$ 468	$ 457	$ 471
Reclassification to conform with Topic 606	77
Bad debt expense	100	34	53
Accounts written off	(60)	(23)	(67)
Ending balance	$ 585	$ 468	$ 457

Note E - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 25, 2018
Income taxes	$ 106	$ 1,624
Insurance	244	266
Other	657	983
Total prepaid expenses and other current assets	$ 1,007	$ 2,873

Note F - Sales of Real Estate (Details Textual) - USD ($) $ in Thousands			12 Months Ended
	Oct. 23, 2018	Aug. 09, 2018	Mar. 31, 2019	Mar. 25, 2018
Disposal Group, Including Discontinued Operation, Consideration				$ 12,250
Assets Held-for-sale, Not Part of Disposal Group, Current, Total				$ 610
Regional Office Building in Fort Lauderdale, Florida [Member]
Sale of Real Estate, Selling Costs		$ 17
Proceeds from Sale of Real Estate, Total		$ 1,330
Other Income [Member] \| Regional Office Building in Fort Lauderdale, Florida [Member]
Gains (Losses) on Sales of Other Real Estate			323
Company Owned Restaurant in Bay Ridge [Member]
Proceeds from Divestiture of Businesses	$ 11,445
Sale of Real Estate, Selling Costs	$ 33
Company Owned Restaurant in Bay Ridge [Member] \| Other Income [Member]
Gain (Loss) on Disposition of Business			$ 10,854

Note G - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 25, 2018
Land	$ 123	$ 835
Building and improvements	1,452	2,035
Machinery, equipment, furniture and fixtures	5,422	5,450
Leasehold improvements	6,481	6,578
Construction-in-progress	22	8
Total property and equipment	13,500	14,906
Property and equipment accumulated depreciation	8,611	8,264
Property and equipment, net	$ 4,889	$ 6,642

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 25, 2018
Payroll and other benefits	$ 3,150	$ 2,733
Accrued rebates	770	1,541
Rent and occupancy costs	113	200
Construction costs	58	68
Interest	4,111	3,948
Professional fees	146	157
Sales, use and other taxes	27	80
Dividend payable		150
Deposit payable		1,201
Other	202	390
Total accrued expenses and other current liabilities	9,384	11,248
Deferred Franchise Fees And Other Deferred Revenue [Member]
Deferred revenue	$ 807	$ 780

Note H - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 25, 2018
Reserve for uncertain tax positions (Note I)	$ 496	$ 467
Deferred rental liability	670	677
Other	224	211
Total other liabilities	$ 1,390	$ 1,355

Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017
Effective Income Tax Rate Reconciliation, Percent, Total	26.90%	36.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 99	$ 245
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability, Percent	0.30%	6.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	31.00%	34.00%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 253	$ 263	$ 167
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	245	214
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	31	$ 31	$ 29
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 11

Note I - Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017
Current	$ 5,385	$ 1,077	$ 3,024
Deferred	43	(474)	79
Total Federal income tax	5,428	603	3,103
Current	2,447	917	1,195
Deferred	42	(38)	21
Total State and local income tax	2,489	879	1,216
Total provision for income taxes	$ 7,917	$ 1,482	$ 4,319

Note I - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017
Computed tax expense	$ 6,176	$ 1,275	$ 4,013
State and local income taxes, net of Federal income tax benefit	1,875	506	797
Change in uncertain tax positions, net	86	98	(11)
Nondeductible meals and entertainment and other	(66)	21	61
Nondeductible compensation	57		118
Tax reform act	99	(245)
Tax benefit share based payments	(310)	(173)	(659)
Total provision for income taxes	$ 7,917	$ 1,482	$ 4,319

Note I - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 25, 2018
Accrued expenses	$ 387	$ 310
Allowance for doubtful accounts	58	40
Deferred revenue	955	291
Deferred stock compensation	70	166
Excess of straight line over actual rent	162	194
Investment		123
Other	85	97
Total deferred tax assets	1,717	1,221
Deductible prepaid expense	210	280
Depreciation expense	783	882
Amortization	381	361
Total deferred tax liabilities	1,374	1,523
Net deferred tax asset (liability)	$ 343
Net deferred tax asset (liability)		$ (302)

Note I - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017
Unrecognized tax benefits, beginning of year	$ 263	$ 167	$ 208
Decreases of tax positions taken in prior years	(8)	(2)	(31)
Increases based on tax positions taken in current year	46	98	41
Settlements of tax positions taken in prior years	(48)		(51)
Unrecognized tax benefits, end of year	$ 253	$ 263	$ 167

Note J - Segment Information - Operating Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2019

Dec. 23, 2018

Sep. 23, 2018

Jun. 24, 2018

Mar. 25, 2018

Dec. 24, 2017

Sep. 24, 2017

Jun. 25, 2017

Mar. 31, 2019

Mar. 25, 2018

Mar. 26, 2017

$ 101,849

$ 104,201

$ 96,256

Gain on sale of property and equipment

$ 5,513

^[1]

$ 4,896

$ 8,480

$ 9,087

$ 4,546

$ 5,370

$ 8,734

$ 8,450

27,976

27,100

26,280

11,177

Interest expense

(10,792)

(13,591)

(14,665)

Loss on debt extinguishment (Note K)

(8,872)

Impairment charge – long-lived assets (Note B)

(790)

Interest income

840

166

104

Other income, net

209

29,410

4,112

11,804

94,306

80,091

94,306

80,091

78,125

Corporate, Non-Segment [Member]

1,212

1,352

1,297

^[2]

2,502

(8,157)

(7,937)

(8,264)

77,434

62,111

77,434

62,111

60,269

Branded Product Program [Member] | Operating Segments [Member]

243

268

219

57,960

62,623

56,174

10,302

9,469

10,257

8,334

8,174

8,334

8,174

7,113

Product Licensing [Member] | Operating Segments [Member]

312

298

316

23,615

23,020

20,368

23,433

22,838

20,186

Restaurant Operations [Member] | Operating Segments [Member]

2,127

2,269

2,127

2,269

2,003

17,772

18,558

19,714

2,398

2,730

4,101

$ 6,411

$ 7,537

6,411

7,537

8,740

Common Stock, Dividends, Amount per Annum | $ / shares

$ 657

$ 786

$ 762

[1]	The fourth quarter fiscal 2019 was comprised of 14 weeks, as compared to all other quarters which were comprised of 13 weeks.
[2]	Represents advertising fund revenue

Note K - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 01, 2017	Mar. 10, 2015	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017
Proceeds from Issuance of Long-term Debt, Total				$ 150,000
Dividends Payable, Amount Per Share			$ 5
Gain (Loss) on Extinguishment of Debt, Total				$ (8,872)
Senior Notes [Member]
Debt Instrument, Fixed Charge Coverage Ratio		2
Debt Instrument, Priority Secured Leverage Ratio		0.4
Debt Instrument Secured Leverage Ratio		3.75
Debt Instrument, Event of Default, Percentage Ownership Enabling the Declaration of Due and Payable		25.00%
Senior Notes [Member] \| In The Event of Certain Equity Offerings [Member]
Debt Instrument, Redemption Price, Percentage		106.625%
Senior Notes [Member] \| In the Event of Chang of Control Offer [Member]
Debt Instrument, Redemption Price, Percentage		101.00%
Senior Notes [Member] \| In the Event the Company Sells Certain Assets and Fails to Use the Proceeds as Required [Member]
Debt Instrument, Redemption Price, Percentage		100.00%
Senior Notes [Member] \| Senior Secured 2025 Notes [Member]
Proceeds from Issuance of Long-term Debt, Total	$ 150,000
Debt Instrument, Interest Rate, Stated Percentage	6.625%		6.625%
Debt Instrument, Periodic Payment, Interest	$ 4,969
Senior Notes [Member] \| Senior Secured 2020 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Instrument, Face Amount	$ 135,000
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 K - Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 25, 2018
Less: unamortized debt issuance costs	$ (4,551)	$ (5,242)
Long-term debt, net	145,449	144,758
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Senior secured notes	$ 150,000	$ 150,000

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details Textual)

9 Months Ended

12 Months Ended

15 Months Ended

113 Months Ended

210 Months Ended

Jun. 14, 2019

$ / shares

May 31, 2018

USD ($)

$ / shares

Jan. 04, 2018

USD ($)

Dec. 22, 2017

$ / shares

Dec. 20, 2017

$ / shares

Nov. 01, 2017

USD ($)

$ / shares

Aug. 04, 2016

USD ($)

Jun. 01, 2016

USD ($)

Jun. 10, 2015

USD ($)

$ / shares

Mar. 29, 2015

$ / shares

Mar. 27, 2015

USD ($)

$ / shares

Mar. 10, 2015

$ / shares

Jun. 04, 2013

USD ($)

$ / shares

Nov. 01, 2012

USD ($)

Dec. 23, 2018

Mar. 31, 2019

USD ($)

$ / shares

Mar. 25, 2018

USD ($)

$ / shares

Mar. 26, 2017

USD ($)

$ / shares

Mar. 31, 2019

USD ($)

$ / shares

Mar. 31, 2019

USD ($)

$ / shares

Mar. 31, 2019

USD ($)

$ / shares

Dec. 31, 2017

USD ($)

Mar. 11, 2016

Jun. 05, 2013

$ / shares

Sep. 13, 2012

Sep. 14, 2010

Jul. 19, 2010

May 31, 2007

USD ($)

$ 1

Common Stock, Dividends, Amount per Quarter | $ / shares

0.25

Common Stock, Dividends, Per Share, Cash Paid | $ / shares

$ 0.25

Payments of Ordinary Dividends, Common Stock

$ 4,187,000

Payments of Special Dividends

$ 150,000

Common Stock, Dividends, Per Share, Declared | $ / shares

$ 1

$ 5

Increased Number of Shares Available for Issuance Due to Plan Amendment | shares

250,000

Amount of Available Common Shares Reduced by Each Share of Restricted Stock Granted | shares

3.2

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares

10,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 89.90

Share Based Compensation Arrangement by Share Based Payment Award Option Life

5 years

Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition

$ 83.20

$ 73.56

2 years 150 days

Share-based Payment Arrangement, Expense, Tax Benefit

$ 44,000

$ 144,000

$ 213,000

Share Based Compensation Total Unamortized Compensation Expense

$ 285,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | shares

^[1]

64,384

Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ / shares

^[1]

$ 35.58

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares

36,264

11,361

48,285

Proceeds from Stock Options Exercised

$ 134,000

$ 0

$ 44,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value

$ 1,488,000

379,000

1,555,000

Minimum Percentage of Common Stock Acquired by a Person or Group which Triggers Exercise of New Rights

15.00%

New Right Purchase Price | $ / shares

$ 100

Treasury Stock, Shares, Acquired | shares

14,390

5,141,763

Treasury Stock, Value, Acquired, Cost Method

$ 1,000,000

1,272,000

$ 78,303,000

Number of Times of Salary and Bonus Lump Sum Cash Payment

2.99

Defined Contribution Plan, Employer Discretionary Contribution Amount

$ 42,000

$ 40,000

41,000

Common Stock, Par or Stated Value Per Share | $ / shares

$ 0.01

Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent

20.00%

Defined Contribution Plan, Employer Matching Contribution Rate Per Dollar | $ / shares

$ 0.25

Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay

3.00%

Multiemployer Plans, Withdrawal Obligation

$ 378,000

Multiemployer Plans, Plan Contributions

$ 7,000

$ 12,000

10,000

Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ / shares

$ 33.438

Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ / shares

$ 89.90

Executive Chairman of the Board [Member]

Term of Consulting Period Pursuant to the Lorber Employment [Agreement]

3 years

President and Chief Operating Officer [Member]

Transition Agreement, Severance Payable

$ 40.28

Consulting Fee Per Month

$ 8,100

$ 16,300

$ 289,000

Transition Agreement, Number of Shares of Common Stock Purchased | shares

56,933

Common Stock, Par or Stated Value Per Share | $ / shares

$ 0.01

Base Salary [Member] | Executive Chairman of the Board [Member]

Base Salary [Member] | Chief Executive Officer [Member]

$ 600,000

Defined Contribution Plan, Employer Discretionary Contribution Amount

$ 500,000

Base Salary [Member] | One Employee [Member]

Consulting Fee [Member] | Executive Chairman of the Board [Member]

$ 136,000

Sixth Stock Repurchase Plan [Member]

$ 200,000

Treasury Stock, Shares, Acquired | shares

954,132

Treasury Stock, Value, Acquired, Cost Method

$ 30,641,000

Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares

1,200,000

Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | shares

245,868

Excluding Dividend [Member]

Newly Authorized Additional Shares Pursuant to 2010 Plan [Member]

78.20

$ 48.56

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares

150,000

Stock Option Plan 2001 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares

171,000

Shares Expired or Forfeited up to 100000 Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares

100,000

Share-based Payment Arrangement, Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares

208,584

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Share-based Payment Arrangement, Option [Member] | The 2010 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares

68,498

75,745

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 33.438

$ 35.58

Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | shares

64,384

50,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ / shares

$ 35.58

$ 53.89

Share-based Payment Arrangement, Option [Member] | Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period

5 years

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Share-based Payment Arrangement, Option [Member] | Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period

10 years

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

5 years

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares

187,933

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares

1,000

Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition

$ 89.90

3 years

Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total

$ 90,000

Restricted Stock [Member] | Executive Chairman of the Board [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares

50,000

Restricted Stock [Member] | Chief Executive Officer [Member]

$ 1,000,000

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares

25,000

Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition

$ 49.80

5 years

Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total

$ 1,245,000

Special Cash Dividend [Member]

Payments of Special Dividends

$ 20,923,000

$ 115,100,000

Common Stock, Dividends, Per Share, Declared | $ / shares

$ 5

$ 25

Dividends Payable

$ 1,000,000

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value

434,000

$ 321,000

$ 736,000

Special Cash Dividends on Restricted Stock Declared on November 1, 2017 [Member]

Payments of Special Dividends

$ 25,000

Dividends Payable

$ 25,000

Subsequent Event [Member]

Common Stock, Dividends, Per Share, Declared | $ / shares

$ 0.35

[1]	Represents the effects on outstanding options after giving to the replacement options issued in connection with the Company's special dividend to the shareholders of record on December 22, 2017.

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Fair Value Option Valuation Assumptions (Details)	12 Months Ended
	Mar. 31, 2019 $ / shares
Weighted-average option fair values (in dollars per share)	$ 25.6314
Expected life (years) (Year)	4 years 182 days
Interest rate	2.87%
Volatility	32.57%
Dividend Yield	1.11%

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - A Summary of the Status of the Company's Stock Options (Details) - $ / shares

12 Months Ended

Mar. 31, 2019

Mar. 25, 2018

Mar. 26, 2017

Options outstanding – beginning of year (in shares)

75,745

124,030

Options outstanding – beginning of year (in dollars per share)

$ 35.58

$ 26.29

Granted (in shares)

10,000

Granted (in dollars per share)

$ 89.90

Replacement options issued (A) (in shares)

^[1]

68,498

Replacement options issued (A) (in dollars per share)

^[1]

$ 33.44

Expired (in shares)

Expired (in dollars per share)

Cancellation of outstanding options (A) (in shares)

^[1]

(64,384)

Cancellation of outstanding options (A) (in dollars per share)

^[1]

$ 35.58

Exercised (in shares)

(36,264)

(11,361)

(48,285)

Exercised (in dollars per share)

$ 33.438

$ 35.58

$ 11.72

Options outstanding - end of year (in shares)

42,234

75,745

Options outstanding - end of year (in dollars per share)

$ 46.807

$ 35.58

Options exercisable - end of year (in shares)

32,234

48,348

37,873

Options exercisable - end of year (in dollars per share)

$ 33.438

$ 35.58

Options Outstanding After Replacement Stock Issuance [Member]

Options outstanding – beginning of year (in shares)

68,498

Options outstanding – beginning of year (in dollars per share)

$ 33.438

Options outstanding - end of year (in shares)

68,498

Options outstanding - end of year (in dollars per share)

$ 33.438

Options Outstanding Before Replacement Stock Issuance [Member]

Options outstanding – beginning of year (in shares)

68,498

Options outstanding – beginning of year (in dollars per share)

$ 33.438

Options outstanding - end of year (in shares)

68,498

Options outstanding - end of year (in dollars per share)

$ 33.438

[1]	Represents the effects on outstanding options after giving to the replacement options issued in connection with the Company's special dividend to the shareholders of record on December 22, 2017.

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017	Mar. 27, 2016
Options outstanding (in shares)	42,234		75,745	124,030
Options outstanding, weighted average exercise price (in dollars per share)	$ 46.807		$ 35.58	$ 26.29
Options outstanding, weighted average remaining contractual life (Year)	1 year 116 days
Options outstanding, aggregate intrinsic value	$ 1,127
Options exercisable - end of year (in shares)	32,234	48,348	37,873
Options exercisable - end of year (in dollars per share)	$ 33.438	$ 33.438	$ 35.58
Options exercisable, weighted average remaining contractual life (Year)	127 days
Options exercisable, aggregate intrinsic value	$ 1,127

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Transactions With Respect to Restricted Stock (Details) - Restricted Stock [Member]	12 Months Ended
	Mar. 31, 2019 $ / shares shares
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
Granted, Shares (in shares) \| shares	1,000
Granted, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 89.90
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, Shares (in shares) \| shares	1,000
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 89.90

Note M - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 23, 2018	Mar. 31, 2019	Mar. 25, 2018	Mar. 26, 2017	Feb. 27, 2017
Operating Leases, Rent Expense, Net, Total		$ 1,579	$ 1,591	$ 1,566
Operating Leases, Rent Expense, Sublease Rentals		267	274	272
Operating Leases, Rent Expense, Contingent Rentals		$ 480	478	457
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Guaranty Liabilities					$ 217
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
General and Administrative Expense [Member]
Operating Leases, Rent Expense, Net, Total		$ 298	287	288
Lease for Restaurant [Member]
Operating Leases, Rent Expense, Net, Total		$ 1,287	$ 1,304	$ 1,278
Minimum [Member]
Lessee, Operating Lease, Term of Contract		5 years
Lessee, Operating Lease, Renewal Term		5 years
Minimum [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract		20 years
Lessee, Operating Lease, Renewal Term		20 years
Maximum [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years

Note M - Commitments and Contingencies - Non-cancelable Operating Lease Commitments (Details) $ in Thousands	Mar. 31, 2019 USD ($)
2020, Lease commitments	$ 1,404
2020, Sublease income	267
2020, Net lease commitments	1,137
2021, Lease commitments	1,319
2021, Sublease income	245
2021, Net lease commitments	1,074
2022, Lease commitments	1,572
2022, Sublease income	247
2022, Net lease commitments	1,325
2023, Lease commitments	1,596
2023, Sublease income	175
2023, Net lease commitments	1,421
2023, Lease commitments	1,545
2024, Sublease income	169
2024, Net lease commitments	1,376
Thereafter, Lease commitments	6,120
Thereafter, Sublease income	521
Thereafter, Net lease commitments	5,599
Lease commitments	13,556
Sublease income	1,624
Net lease commitments	$ 11,932

Note P - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2019

^[1]

Dec. 23, 2018

Sep. 23, 2018

Jun. 24, 2018

Mar. 25, 2018

Dec. 24, 2017

Sep. 24, 2017

Jun. 25, 2017

Mar. 31, 2019

Mar. 25, 2018

Mar. 26, 2017

Total revenues

$ 22,129

$ 20,222

$ 29,330

$ 30,168

$ 19,906

$ 22,021

$ 31,471

$ 30,803

Gross profit (b)

^[2]

3,600

3,744

6,413

5,025

2,482

4,168

6,486

4,820

5,513

4,896

8,480

9,087

4,546

5,370

8,734

8,450

$ 27,976

$ 27,100

$ 26,280