0001437749-22-025630 | 10-Q | XBRL Viewer

Note L - Income Taxes	6 Months Ended
Sep. 25, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE L – INCOME TAXES The effective income tax rates for the thirteen weeks ended September 25, 2022 and September 26, 2021 were 26.3% and 26.5%, respectively. The effective income tax rate for the thirteen weeks ended September 25, 2022 reflected $2,127 of income tax expense recorded on $8,085 of pre-tax income. The effective income tax rate for the thirteen weeks ended September 26, 2021 reflected $1,276 of income tax expense recorded on $4,821 of pre-tax income. The effective income tax rates for the twenty-six weeks ended September 25, 2022 and September 26, 2021 were 27.1% and 28.0%, respectively. The effective income tax rate for the twenty-six weeks ended September 25, 2022 reflected $4,870 of income tax expense recorded on $17,965 of pre-tax income. The effective income tax rate for the twenty-six weeks ended September 26, 2021 reflected $3,617 of income tax expense recorded on $12,925 of pre-tax income. The effective income tax rates for the thirteen and twenty-six weeks ended September 25, 2022 and September 26, 2021 were higher than the United States statutory income tax rate primarily due to state and local taxes. The amount of unrecognized tax benefits included in Other Liabilities at September 25, 2022 and March 27, 2022 was $430 and $422, respectively, all of which would impact the Company’s effective tax rate, if recognized. As of September 25, 2022 and March 27, 2022, the Company had approximately $305 and $271, respectively, accrued for the payment of interest and penalties in connection with unrecognized tax benefits.

Note L - Income Taxes

6 Months Ended

Sep. 25, 2022

NOTE L – INCOME TAXES

The effective income tax rates for the thirteen weeks ended September 25, 2022 and September 26, 2021 were 26.3% and 26.5%, respectively. The effective income tax rate for the thirteen weeks ended September 25, 2022 reflected $2,127 of income tax expense recorded on $8,085 of pre-tax income. The effective income tax rate for the thirteen weeks ended September 26, 2021 reflected $1,276 of income tax expense recorded on $4,821 of pre-tax income.

The effective income tax rates for the twenty-six weeks ended September 25, 2022 and September 26, 2021 were 27.1% and 28.0%, respectively. The effective income tax rate for the twenty-six weeks ended September 25, 2022 reflected $4,870 of income tax expense recorded on $17,965 of pre-tax income. The effective income tax rate for the twenty-six weeks ended September 26, 2021 reflected $3,617 of income tax expense recorded on $12,925 of pre-tax income.

The effective income tax rates for the thirteen and twenty-six weeks ended September 25, 2022 and September 26, 2021 were higher than the United States statutory income tax rate primarily due to state and local taxes.

The amount of unrecognized tax benefits included in Other Liabilities at September 25, 2022 and March 27, 2022 was $430 and $422, respectively, all of which would impact the Company’s effective tax rate, if recognized. As of September 25, 2022 and March 27, 2022, the Company had approximately $305 and $271, respectively, accrued for the payment of interest and penalties in connection with unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Note D - Income Per Share

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE D – INCOME PER SHARE

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

The following chart provides a reconciliation of information used in calculating the per-share amounts for the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021, respectively.

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2022		2021		2022		2021		2022		2021
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	5,958	$	3,545		4,083		4,115	$	1.46	$	0.86
Effect of dilutive employee stock options		-		-		-		-		-		-
Diluted EPS
Diluted calculation	$	5,958	$	3,545		4,083		4,115	$	1.46	$	0.86

Twenty-six weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2022		2021		2022		2021		2022		2021
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	13,095	$	9,308		4,098		4,115	$	3.20	$	2.26
Effect of dilutive employee stock options		-		-		-		-		-		-
Diluted EPS
Diluted calculation	$	13,095	$	9,308		4,098		4,115	$	3.20	$	2.26

Options to purchase 20,000 shares of common stock in the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021 were not included in the computation of diluted EPS because the exercise price exceeded the average market price of common shares during the period.

Note N - Share-based Compensation

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE N – SHARE-BASED COMPENSATION

Total share-based compensation during the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021 was $8 and $29, and $16 and $58, respectively. Total share-based compensation is included in general and administrative expenses in our accompanying Consolidated Statements of Earnings. As of September 25, 2022, there was $98 of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately seventeen months, which represents the weighted average remaining requisite service periods for such awards.

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

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

Stock options	$	8	$	23	$	16	$	44
Restricted stock		-		6		-		14
Total compensation cost	$	8	$	29	$	16	$	58

Stock options:

There were no new share-based awards granted during the twenty-six week period ended September 25, 2022.

Transactions with respect to stock options for the twenty-six weeks ended September 25, 2022 are as follows:

Weighted-

Aggregate

Average

Intrinsic

Exercise

Remaining

Value

Price

Contractual Life

(in thousands)

Options outstanding at March 27, 2022

20,000

79.20

2.92

Granted

Exercised

Options outstanding at September 25, 2022

20,000

79.20

2.42

Options exercisable at September 25, 2022

12,500

85.62

1.54

Note K - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Mar. 27, 2022
Payroll and other benefits	$ 2,077	$ 3,109
Accrued rebates	327	166
Rent and occupancy costs	175	90
Construction costs	0	58
Interest	2,958	2,968
Professional fees	281	129
Sales, use and other taxes	207	39
Corporate income taxes	1,331	103
Other	329	295
Total accrued expenses and other current liabilities	7,885	7,833
Deferred Franchise Fees And Other Deferred Revenue [Member]
Deferred revenue	$ 200	$ 876

Note F - Fair Value Measurements (Tables)

6 Months Ended

Sep. 25, 2022

Notes Tables

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

	September 25, 2022				March 27, 2022
	Face value		Fair value		Face value		Fair value

Long-term debt	$	110,000	$	109,520	$	110,000	$	111,346

Note N - Share-based Compensation (Tables)

6 Months Ended

Sep. 25, 2022

Notes Tables

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

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

Stock options	$	8	$	23	$	16	$	44
Restricted stock		-		6		-		14
Total compensation cost	$	8	$	29	$	16	$	58

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

Weighted-

Aggregate

Average

Intrinsic

Exercise

Remaining

Value

Price

Contractual Life

(in thousands)

Options outstanding at March 27, 2022

20,000

79.20

2.92

Granted

Exercised

Options outstanding at September 25, 2022

20,000

79.20

2.42

Options exercisable at September 25, 2022

12,500

85.62

1.54

Note Q - Leases - Weighted Average Remaining Lease Term and Weighted-average Discount Rate (Details)	Sep. 25, 2022
Weighted average remaining lease term (years): (Year)	5 years 9 months 18 days
Weighted average discount rate:	8.881%

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Sep. 25, 2022	Nov. 03, 2022
Document Information [Line Items]
Entity Central Index Key	0000069733
Entity Registrant Name	NATHANS FAMOUS INC
Amendment Flag	false
Current Fiscal Year End Date	--03-26
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 25, 2022
Document Transition Report	false
Entity File Number	001-35962
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3166443
Entity Address, Address Line One	One Jericho Plaza, Second Floor – Wing A
Entity Address, City or Town	Jericho
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11753
City Area Code	516
Local Phone Number	338-8500
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	NATH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,079,720

Note Q - Leases (Tables)

6 Months Ended

Sep. 25, 2022

Notes Tables

Lease, Cost [Table Text Block]

	Thirteen weeks ended						Twenty-six weeks ended
	September 25, 2022			September 26, 2021			September 25, 2022			September 26, 2021

Operating lease cost	$	408		$	413		$	836		$	845
Variable lease cost		482			524			850			966
Less: Sublease income, net		(20	)		(5	)		(42	)		(21	)

Total net lease cost	$	870		$	932		$	1,644		$	1,790

	Thirteen weeks ended						Twenty-six weeks ended
	September 25, 2022			September 26, 2021			September 25, 2022			September 26, 2021

Restaurant operating expenses	$	712		$	770		$	1,319		$	1,470
General and administrative expenses		178			167			367			341
Less: Other income, net		(20	)		(5	)		(42	)		(21	)

Total net lease cost	$	870		$	932		$	1,644		$	1,790

Leases, Cash Flows [Table Text Block]

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

Operating cash flows from operating leases	$	370	$	183	$	734	$	357

Lessee, Operating Leases, Weighted Average Remaining Lease Term and Discount Rate [Table Text Block]

Weighted average remaining lease term (years):	5.8

Weighted average discount rate:	8.881	%

Operating Lease, Maturity [Table Text Block]

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2023 (a)	$	762	$	84	$	678
2024		1,774		271		1,503
2025		1,678		274		1,404
2026		1,712		278		1,434
2027		1,726		281		1,445
Thereafter		2,036		624		1,412
Total lease commitments	$	9,688	$	1,812	$	7,876
Less: Amount representing interest		2,087
Present value of lease liabilities (b)	$	7,601

Operating Lease, Lease Income [Table Text Block]

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

Operating lease income, net	$	20	$	5	$	42	$	21

Note A - Basis of Presentation

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE A - BASIS OF PRESENTATION

The accompanying consolidated financial statements of Nathan's Famous, Inc. and subsidiaries (collectively “Nathan’s,” the “Company,” “we,” “us” or “our”) as of and for the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited financial statements include all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of financial condition, results of operations and cash flows for the periods presented. However, our results of operations are seasonal in nature, and the results of any interim period are not necessarily indicative of results for any other interim period or the full fiscal year.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the requirements of the U.S. Securities and Exchange Commission (“SEC”).

Management believes that the disclosures included in the accompanying consolidated interim financial statements and footnotes are adequate to make the information not misleading, but should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Nathan’s Annual Report on Form 10-K for the fiscal year ended March 27, 2022 as filed with the SEC on June 10, 2022.

Our significant interim accounting policies include the recognition of advertising fund expense in proportion to advertising funds revenue, and the recognition of income taxes using an estimated annual effective tax rate.

A summary of the Company’s significant accounting policies is identified in Note B of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 27, 2022.

COVID-19 Pandemic and Inflation

In March 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19), a global pandemic. The COVID-19 pandemic has had and may continue to have a significant impact on our business and results of operations.

During fiscal 2022, we experienced pandemic and inflationary pressures, most notably within our Restaurant Operations and Branded Products Program segments. We experienced macroeconomic impacts arising from the long-term duration of the pandemic, including rising labor costs, increasing commodity prices, higher packaging costs and fuel prices, which contributed to a decline in consumer confidence and spending. We expect this trend to continue for the remainder of fiscal 2023. Our average cost of hot dogs for the twenty-six week period ended September 25, 2022 was approximately 8% higher than during the twenty-six week period ended September 26, 2021.

The Company’s franchisees and Branded Menu Program operators also have experienced some disruptions and challenges as a result of the pandemic including workforce absences, as well as changes in the availability and cost of labor, including higher wages and overtime costs.

There is continued uncertainty due to the COVID-19 pandemic and supply chain disruptions and their impacts on the Company’s business. We remain in regular contact with our major suppliers and to date we have not experienced significant disruptions in our supply chain.

The extent to which COVID-19 will continue to impact the Company will depend on future developments, which cannot be predicted, including the duration and severity of the COVID-19 pandemic, which may be impacted by new and evolving variants, the adoption rates of vaccines in the jurisdictions in which the Company operates, and further actions that may be taken to limit the public health and economic impact.

Such impacts may include non-cash asset impairments and difficulty collecting trade receivables, among other things.

Note P - Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Mar. 27, 2022
Long-term debt, face value	$ 110,000	$ 110,000
Less: unamortized debt issuance costs	(1,563)	(1,817)
Long-term debt, net	108,437	108,183
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Long-term debt, face value	$ 110,000	$ 110,000

Note K - Accrued Expenses and Other Current Liabilities

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

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

NOTE K – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following (in thousands):

	September 25,		March 27,
	2022		2022
Payroll and other benefits	$	2,077	$	3,109
Accrued rebates		327		166
Rent and occupancy costs		175		90
Deferred revenue		200		876
Construction costs		-		58
Interest		2,958		2,968
Professional fees		281		129
Sales, use and other taxes		207		39
Corporate income taxes		1,331		103
Other		329		295
Total accrued expenses and other current liabilities	$	7,885	$	7,833

Note G - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Mar. 27, 2022
Balance	$ 258	$ 345	$ 345
Bad debt expense	80	$ 27	186
Write offs and other	(84)		(273)
Balance	$ 254		$ 258

Note Q - Leases - Future Lease Commitments to Be Paid and Received (Details)
$ in Thousands

Sep. 25, 2022

USD ($)

2023, payments operating leases

$ 762

^[1]

2023, receipts subleases

^[1]

2023, net leases

678

^[1]

2024, payments operating leases

1,774

2024, receipts subleases

271

2024, net leases

1,503

2025, payments operating leases

1,678

2025, receipts subleases

274

2025, net leases

1,404

2026, payments operating leases

1,712

2026, receipts subleases

278

2026, net leases

1,434

2027, payments operating leases

1,726

2027, receipts subleases

281

2027, net leases

1,445

Thereafter, payments operating leases

2,036

Thereafter, receipts subleases

624

Thereafter, net leases

1,412

Total lease commitments, payments operating leases

9,688

Total lease commitments, receipts subleases

1,812

Total lease commitments, net leases

7,876

Less: Amount representing interest, payments operating leases

2,087

Present value of lease liabilities, payments operating leases

$ 7,601

^[2]

[1]	Represents future lease commitments to be paid and received by the Company for the remainder of the 2023 fiscal year. Amount does not include $884 of lease commitments paid and received by the Company for the twenty-six week period ended September 25, 2022.
[2]	The present value of minimum operating lease payments of $1,849 and $5,752 are included in “Current portion of operating lease liabilities” and “Long-term operating lease liabilities,” respectively on the Consolidated Balance Sheet.

Note I - Intangible Assets (Details Textual)	6 Months Ended
Note I - Intangible Assets (Details Textual)	Sep. 25, 2022
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)	6 years

Note D - Income Per Share (Tables)

6 Months Ended

Sep. 25, 2022

Notes Tables

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

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2022		2021		2022		2021		2022		2021
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	5,958	$	3,545		4,083		4,115	$	1.46	$	0.86
Effect of dilutive employee stock options		-		-		-		-		-		-
Diluted EPS
Diluted calculation	$	5,958	$	3,545		4,083		4,115	$	1.46	$	0.86

Twenty-six weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2022		2021		2022		2021		2022		2021
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	13,095	$	9,308		4,098		4,115	$	3.20	$	2.26
Effect of dilutive employee stock options		-		-		-		-		-		-
Diluted EPS
Diluted calculation	$	13,095	$	9,308		4,098		4,115	$	3.20	$	2.26

Note N - Share-based Compensation - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 25, 2022	Mar. 27, 2022
Options outstanding (in shares)	20,000
Options outstanding, weighted average exercise price (in dollars per share)	$ 79.20
Options outstanding, weighted average remaining contractual life (Year)	2 years 5 months 1 day	2 years 11 months 1 day
Exercised, aggregate intrinsic value	$ 0
Options outstanding (in shares)	20,000	20,000
Options outstanding, weighted average exercise price (in dollars per share)	$ 79.20	$ 79.20
Options outstanding, aggregate intrinsic value	$ 0
Options exercisable (in shares)	12,500
Options exercisable, weighted average exercise price (in dollars per share)	$ 85.62
Options exercisable, weighted average remaining contractual life (Year)	1 year 6 months 14 days
Options exercisable, aggregate intrinsic value	$ 0

Note E - Cash and Cash Equivalents

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

NOTE E – 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. The Company did not have any cash equivalents at September 25, 2022 and March 27, 2022. The Company’s cash balances principally consist of cash in bank and money market accounts.

At September 25, 2022 and March 27, 2022, substantially all of the Company’s cash balances are in excess of Federal government insurance limits. The Company has not experienced any losses in such accounts.

Note C - Revenues - Contract Liabilities From Contracts With Customers (Details) - USD ($)
$ in Thousands

Sep. 25, 2022

Mar. 27, 2022

Receivables, which are included in “Accounts and other receivables, net” (a)

^[1]

$ 0

$ 312

Deferred franchise fees (b)

^[2]

$ 1,838

$ 2,097

[1]	Includes receivables related to "franchise fees and royalties"
[2]	Deferred franchise fees of $352 and $1,486 as of September 25, 2022 and $349 and $1,748 as of March 27, 2022 are included in Deferred franchise fees – current and long term, respectively.

Note C - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Revenues	$ 37,497	$ 32,878	$ 77,217	$ 64,197
Branded Products [Member]
Revenues	22,030	19,063	45,201	35,059
Company-operated Restaurants [Member]
Revenues	5,271	4,437	8,994	7,766
Product [Member]
Revenues	27,301	23,500	54,195	42,825
License [Member]
Revenues	8,413	7,658	19,727	18,340
Franchise Royalties [Member]
Revenues	1,055	1,037	1,956	1,837
Franchise [Member]
Revenues	144	130	336	237
Franchise Fees and Royalties [Member]
Revenues	1,199	1,167	2,292	2,074
Advertising Fund Revenue [Member]
Revenues	$ 584	$ 553	$ 1,003	$ 958

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-Subparagraph (b)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note G - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Mar. 27, 2022	Mar. 28, 2021
Accounts receivable, gross, current	$ 16,425	$ 13,632
Less: allowance for doubtful accounts	254	258	$ 345
Accounts and other receivables, net	16,171	13,374
Branded Product Sales [Member]
Accounts receivable, gross, current	12,007	9,318
Franchise and License Royalties [Member]
Accounts receivable, gross, current	3,218	3,923
Other Receivables [Member]
Accounts receivable, gross, current	$ 1,200	$ 391

Note B - New Accounting Standard Not Yet Adopted

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

New Accounting Pronouncements Not yet Adopted [Text Block]

NOTE B – NEW ACCOUNTING STANDARD NOT YET ADOPTED

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” 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 consolidated 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. In November 2019, the FASB deferred the effective date for smaller reporting companies for annual reporting periods beginning after December 15, 2022. This standard is required to take effect in Nathan’s first quarter ( June 2023) of our fiscal year ending March 31, 2024. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.

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 M - Segment Information - Operating Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 25, 2022

Sep. 26, 2021

Sep. 25, 2022

Sep. 26, 2021

Revenues

$ 37,497

$ 32,878

$ 77,217

$ 64,197

Income from operations

9,914

7,439

21,694

18,141

Interest expense

(1,943)

(2,651)

(3,887)

(5,301)

Interest income

102

Other income, net

Income before provision for income taxes

8,085

4,821

17,965

12,925

Corporate, Non-Segment [Member]

Revenues

^[1]

584

553

1,003

958

Income from operations

(2,414)

(2,028)

(4,611)

(4,215)

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

Revenues

22,030

19,063

45,201

35,059

Income from operations

2,485

1,161

4,552

3,415

Product Licensing [Member] | Operating Segments [Member]

Revenues

8,413

7,658

19,727

18,340

Income from operations

8,367

7,612

19,636

18,249

Restaurant Operations [Member] | Operating Segments [Member]

Revenues

6,470

5,604

11,286

9,840

Income from operations

$ 1,476

$ 694

$ 2,117

$ 692

[1]	Represents advertising fund revenue

Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Mar. 28, 2021	9,369,015			5,254,081
Balance at Mar. 28, 2021	$ 94	$ 62,240	$ (40,042)	$ (84,770)	$ (62,478)
Dividends on common stock	0	0	(2,880)	0	(2,880)
Share-based compensation	0	58	0	0	58
Net income	$ 0	0	9,308	$ 0	9,308
Shares issued in connection with share-based compensation plans (in shares)	220			0
Shares issued in connection with share-based compensation plans	$ 0	0	0	$ 0	0
Withholding tax on net share settlement of share-based compensation plans	$ 0	(7)	0	$ 0	(7)
Balance (in shares) at Sep. 26, 2021	9,369,235			5,254,081
Balance at Sep. 26, 2021	$ 94	62,291	(33,614)	$ (84,770)	(55,999)
Balance (in shares) at Jun. 27, 2021	9,369,015			5,254,081
Balance at Jun. 27, 2021	$ 94	62,269	(35,719)	$ (84,770)	(58,126)
Dividends on common stock	0	0	(1,440)	0	(1,440)
Share-based compensation	0	29	0	0	29
Net income	$ 0	0	3,545	$ 0	3,545
Shares issued in connection with share-based compensation plans (in shares)	220			0
Shares issued in connection with share-based compensation plans	$ 0	0	0	$ 0	0
Withholding tax on net share settlement of share-based compensation plans	$ 0	(7)	0	$ 0	(7)
Balance (in shares) at Sep. 26, 2021	9,369,235			5,254,081
Balance at Sep. 26, 2021	$ 94	62,291	(33,614)	$ (84,770)	$ (55,999)
Balance (in shares) at Mar. 27, 2022	9,369,235			5,254,081	4,115,154
Balance at Mar. 27, 2022	$ 94	62,307	(32,619)	$ (84,770)	$ (54,988)
Repurchase of common stock (in shares)	0			35,434
Repurchase of common stock	$ 0	0	0	$ (1,892)	(1,892)
Dividends on common stock	0	0	(3,688)	0	(3,688)
Share-based compensation	0	16	0	0	16
Net income	$ 0	0	13,095	$ 0	$ 13,095
Balance (in shares) at Sep. 25, 2022	9,369,235			5,289,515	4,079,720
Balance at Sep. 25, 2022	$ 94	62,323	(23,212)	$ (86,662)	$ (47,457)
Balance (in shares) at Jun. 26, 2022	9,369,235			5,274,451
Balance at Jun. 26, 2022	$ 94	62,315	(27,334)	$ (85,840)	(50,765)
Repurchase of common stock (in shares)				15,064
Repurchase of common stock				$ (822)	(822)
Dividends on common stock	0	0	(1,836)	0	(1,836)
Share-based compensation	0	8	0	0	8
Net income	$ 0	0	5,958	$ 0	$ 5,958
Balance (in shares) at Sep. 25, 2022	9,369,235			5,289,515	4,079,720
Balance at Sep. 25, 2022	$ 94	$ 62,323	$ (23,212)	$ (86,662)	$ (47,457)

Note O - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended		78 Months Ended
	Nov. 04, 2022	Aug. 05, 2022	Jun. 10, 2022	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Mar. 11, 2016
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.45	$ 0.45	$ 0.45	$ 0.35	$ 90	$ 70
Treasury Stock, Value, Acquired, Cost Method				$ 822		$ 1,892
Sixth Stock Repurchase Plan [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)									1,200,000
Treasury Stock, Shares, Acquired (in shares)								1,101,884
Treasury Stock, Value, Acquired, Cost Method								$ 39,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)				98,116		98,116		98,116
Plan 10b5-1 [Member]
Treasury Stock, Shares, Acquired (in shares)						35,434
Treasury Stock, Value, Acquired, Cost Method						$ 1,892
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)						$ 53.39
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.45

Note P - Long-term Debt (Tables)

6 Months Ended

Sep. 25, 2022

Notes Tables

Schedule of Debt [Table Text Block]

	September 25,			March 27,
	2022			2022

6.625% Senior Secured Notes due 2025	$	110,000		$	110,000
Less: unamortized debt issuance costs		(1,563	)		(1,817	)
Long-term debt, net	$	108,437		$	108,183

Note S - Subsequent Events

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE S – SUBSEQUENT EVENTS

The Company evaluated subsequent events through the date the Consolidated Financial Statements were issued and filed with the SEC. There were no subsequent events that require recognition or disclosure.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Mar. 27, 2022
Cash flows from operating activities:
Net income	$ 5,958	$ 3,545	$ 13,095	$ 9,308
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	301	270	534	548
Gain on disposal of property and equipment			(14)	0
Amortization of debt issuance costs			254	346
Share-based compensation expense			16	58
Provision for doubtful accounts			80	27	$ 186
Deferred income taxes			15	(16)
Other non-cash items			(123)	208
Changes in operating assets and liabilities:
Accounts and other receivables, net			(2,877)	(3,192)
Inventories			(201)	(324)
Prepaid expenses and other current assets			573	713
Other assets			13	10
Accounts payable, accrued expenses and other current liabilities			(1,384)	830
Deferred franchise fees			(259)	346
Other liabilities			50	60
Net cash provided by operating activities			9,772	8,922
Cash flows from investing activities:
Insurance proceeds for property and equipment			42	0
Purchase of property and equipment			(440)	(343)
Net cash used in investing activities			(398)	(343)
Cash flows from financing activities:
Dividends paid to stockholders			(3,688)	(2,880)
Payments of withholding tax on net share settlement of share-based compensation plans			0	(7)
Repurchase of treasury stock			(1,892)	0
Net cash used in financing activities			(5,580)	(2,887)
Net increase in cash and cash equivalents			3,794	5,692
Cash and cash equivalents, beginning of period			50,063	81,064	81,064
Cash and cash equivalents, end of period	$ 53,857	$ 86,756	53,857	86,756	$ 50,063
Cash paid during the period for:
Interest			3,644	4,969
Income taxes			$ 3,576	$ 2,673
Non-cash financing activity:
Dividends declared per share (in dollars per share)	$ 0.45	$ 0.35	$ 90	$ 70

Note C - Revenues - Revenues by Geographical Market (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Revenues	$ 37,497	$ 32,878	$ 77,217	$ 64,197
UNITED STATES
Revenues	36,095	31,878	74,012	62,479
Non-US [Member]
Revenues	$ 1,402	$ 1,000	$ 3,205	$ 1,718

- Definition

+ References

+ Details

Note C - Revenues - Remaining Performance Obligations (Details) $ in Thousands	Sep. 25, 2022 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 1,838

Note Q - Leases (Details Textual) - USD ($) $ in Thousands	6 Months Ended
Note Q - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 25, 2022	Mar. 27, 2022
Operating Lease Payments, Net Sublease Income	$ 884
Operating Lease, Liability, Current	1,849	$ 1,849
Operating Lease, Liability, Noncurrent	$ 5,752	$ 6,487

Note E - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands	Sep. 25, 2022	Mar. 27, 2022
Cash Equivalents, at Carrying Value, Total	$ 0	$ 0

Note H - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Mar. 27, 2022
Real estate taxes	$ 80	$ 71
Insurance	129	327
Marketing	348	653
Other	311	390
Total prepaid expenses and other current assets	$ 868	$ 1,441

Note R - Commitments and Contingencies

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE R – COMMITMENTS AND CONTINGENCIES

1. Contingencies

The Company and its subsidiaries are from time to time involved in ordinary and routine litigation. Management presently believes that the ultimate outcome of these proceedings, individually or in the aggregate, will not have a material adverse effect on the Company’s financial position, cash flows or results of operations. Nevertheless, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include money damages and, in such event, could result in a material adverse impact on the Company’s results of operations for the period in which the ruling occurs.

Note A - Basis of Presentation (Details Textual)	6 Months Ended
Note A - Basis of Presentation (Details Textual)	Sep. 26, 2021
Virtual Kitchens [Member]
Cost of Product, Increase, Percent	8.00%

Note H - Prepaid Expenses and Other Current Assets

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Other Current Assets [Text Block]

NOTE H – PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following (in thousands):

	September 25,		March 27,
	2022		2022

Real estate taxes	$	80	$	71
Insurance		129		327
Marketing		348		653
Other		311		390
Total prepaid expenses and other current assets	$	868	$	1,441

Note Q - Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Operating lease income, net	$ 20	$ 5	$ 42	$ 21

Note G - Accounts and Other Receivables, Net

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

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

NOTE G – ACCOUNTS AND OTHER RECEIVABLES, NET

Accounts and other receivables, net, consist of the following (in thousands):

	September 25,		March 27,
	2022		2022

Branded product sales	$	12,007	$	9,318
Franchise and license royalties		3,218		3,923
Other		1,200		391
		16,425		13,632

Less: allowance for doubtful accounts		254		258
Accounts and other receivables, net	$	16,171	$	13,374

Accounts receivable are generally due within 30 days and are stated at amounts due from franchisees, including virtual kitchens, retail licensees and Branded Product Program customers, net of an allowance for doubtful accounts. Accounts that are outstanding longer than the contractual payment terms are generally considered past due. The Company does not recognize franchise and license royalties that are not deemed to be realizable.

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

Changes in the Company’s allowance for doubtful accounts for the twenty-six week period ended September 25, 2022 and the fiscal year ended March 27, 2022 are as follows (in thousands):

	September 25, 2022			March 27, 2022

Beginning balance	$	258		$	345
Bad debt expense		80			186
Write offs and other		(84	)		(273	)
Ending balance	$	254		$	258

Note D - Income Per Share (Details Textual) - shares	3 Months Ended	6 Months Ended
Note D - Income Per Share (Details Textual) - shares	Sep. 25, 2022	Sep. 25, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	20,000	20,000

Note G - Accounts and Other Receivables, Net (Details Textual)	6 Months Ended
	Sep. 25, 2022
Accounts Receivable Payment Terms (Day)	30 days

Note C - Revenues 1 (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Mar. 27, 2022
Contract with Customer, Liability, Current	$ 352		$ 349
Contract with Customer, Liability, Noncurrent	1,486		$ 1,748
Contract with Customer, Liability, Revenue Recognized	$ 336	$ 237

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 25, 2022	Mar. 27, 2022
Property and equipment accumulated depreciation	$ 10,694	$ 10,344
Long-term debt, unamortized debt costs	$ 1,563	$ 1,817
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	9,369,235	9,369,235
Common stock, shares outstanding (in shares)	4,079,720	4,115,154
Treasury stock, common shares (in shares)	5,289,515	5,254,081

Note N - Share-based Compensation - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Share-based compensation expense	$ 8	$ 29	$ 16	$ 58
Share-Based Payment Arrangement, Option [Member]
Share-based compensation expense	8	23	16	44
Restricted Stock [Member]
Share-based compensation expense	$ 0	$ 6	$ 0	$ 14

Note Q - Leases

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Leases, Disclosure [Text Block]

NOTE Q – LEASES

The Company is party as lessee to various leases for its Company-owned restaurants and lessee/sublessor to one franchised location property, including land and buildings, as well as leases for its corporate office and certain office equipment.

Company as lessee

The components of the net lease cost for the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021 were as follows (in thousands):

	Thirteen weeks ended						Twenty-six weeks ended
	September 25, 2022			September 26, 2021			September 25, 2022			September 26, 2021

Operating lease cost	$	408		$	413		$	836		$	845
Variable lease cost		482			524			850			966
Less: Sublease income, net		(20	)		(5	)		(42	)		(21	)

Total net lease cost	$	870		$	932		$	1,644		$	1,790

The following table presents the components of the net lease cost on the Consolidated Statements of Earnings for the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021 (in thousands):

	Thirteen weeks ended						Twenty-six weeks ended
	September 25, 2022			September 26, 2021			September 25, 2022			September 26, 2021

Restaurant operating expenses	$	712		$	770		$	1,319		$	1,470
General and administrative expenses		178			167			367			341
Less: Other income, net		(20	)		(5	)		(42	)		(21	)

Total net lease cost	$	870		$	932		$	1,644		$	1,790

Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

Operating cash flows from operating leases	$	370	$	183	$	734	$	357

The weighted average remaining lease term and weighted-average discount rate for operating leases as of September 25, 2022 were as follows:

Weighted average remaining lease term (years):	5.8

Weighted average discount rate:	8.881	%

Future lease commitments to be paid and received by the Company as of September 25, 2022 were as follows (in thousands):

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2023 (a)	$	762	$	84	$	678
2024		1,774		271		1,503
2025		1,678		274		1,404
2026		1,712		278		1,434
2027		1,726		281		1,445
Thereafter		2,036		624		1,412
Total lease commitments	$	9,688	$	1,812	$	7,876
Less: Amount representing interest		2,087
Present value of lease liabilities (b)	$	7,601

	(a)	Represents future lease commitments to be paid and received by the Company for the remainder of the 2023 fiscal year. Amount does not include $884 of lease commitments paid and received by the Company for the twenty-six week period ended September 25, 2022.

	(b)	The present value of minimum operating lease payments of $1,849 and $5,752 are included in “Current portion of operating lease liabilities” and “Long-term operating lease liabilities,” respectively on the Consolidated Balance Sheet.

Company as lessor

The components of net lease income for the thirteen and twenty-six week periods ended September 25, 2022 and September 26, 2021 were as follows (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

Operating lease income, net	$	20	$	5	$	42	$	21

Note D - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Net income, basic calculation	$ 5,958	$ 3,545	$ 13,095	$ 9,308
Number of shares, basic calculation (in shares)	4,083	4,115	4,098	4,115
Net income per share, basic calculation (in dollars per share)	$ 1.46	$ 0.86	$ 3.20	$ 2.26
Effect of dilutive employee stock options (in shares)	0	0	0	0
Effect of dilutive employee stock options (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Net income, diluted calculation	$ 5,958	$ 3,545	$ 13,095	$ 9,308
Number of shares, diluted calculation (in shares)	4,083	4,115	4,098	4,115
Net income per share, diluted calculation (in dollars per share)	$ 1.46	$ 0.86	$ 3.20	$ 2.26

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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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.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Note Q - Leases - Cash Paid for Amounts Included in the Measurement of Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Operating cash flows from operating leases	$ 370	$ 183	$ 734	$ 357

Note C - Revenues

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE C – REVENUES

The Company’s disaggregated revenues for the thirteen and twenty-six weeks ended September 25, 2022 and September 26, 2021 are as follows (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

Branded Products	$	22,030	$	19,063	$	45,201	$	35,059
Company-owned restaurants		5,271		4,437		8,994		7,766
Total sales		27,301		23,500		54,195		42,825

License royalties		8,413		7,658		19,727		18,340

Franchise royalties		1,055		1,037		1,956		1,837
Franchise fees		144		130		336		237
Total franchise fees and royalties		1,199		1,167		2,292		2,074

Advertising fund revenue		584		553		1,003		958

Total revenues	$	37,497	$	32,878	$	77,217	$	64,197

The following table disaggregates revenues by primary geographical market (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

United States	$	36,095	$	31,878	$	74,012	$	62,479
International		1,402		1,000		3,205		1,718
Total revenues	$	37,497	$	32,878	$	77,217	$	64,197

Contract balances

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

September 25,

2022

March 27,

2022

Receivables, which are included in “Accounts and other receivables, net” (a)

312

Deferred franchise fees (b)

1,838

2,097

(a)

Includes receivables related to “franchise fees and royalties”

(b)

Deferred franchise fees of $352 and $1,486 as of September 25, 2022 and $349 and $1,748 as of March 27, 2022 are included in Deferred franchise fees – current and long term, respectively.

Significant changes in deferred franchise fees are as follows (in thousands):

	Twenty-six weeks ended
	September 25, 2022			September 26, 2021
Deferred franchise fees at beginning of period		2,097			1,773
New deferrals due to cash received and other		77			583
Revenue recognized during the period		(336	)		(237	)
Deferred franchise fees at end of period	$	1,838		$	2,119

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 (in thousands):

	Estimate for fiscal year
2023 (a)	$	177
2024		344
2025		325
2026		291
2027		169
Thereafter		532
Total	$	1,838

(a)

Represents franchise fees expected to be recognized for the remainder of the 2023 fiscal year, which includes international development fees expected to be recognized over the duration of one year or less. Amount does not include $336 of franchise fee revenue recognized for the twenty-six weeks ended September 25, 2022.

We have applied the optional exemption, as provided for under ASC Topic 606, Revenues from Contracts with Customers, which allows us to not disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Note C - Revenues - Significant Changes in Deferred Franchise Fees (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Deferred franchise fees, balance	$ 2,097	$ 1,773
New deferrals due to cash received and other	77	583
Revenue recognized during the period	(336)	(237)
Deferred franchise fees, balance	$ 1,838	$ 2,119

Note C - Revenues (Tables)

6 Months Ended

Sep. 25, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

Branded Products	$	22,030	$	19,063	$	45,201	$	35,059
Company-owned restaurants		5,271		4,437		8,994		7,766
Total sales		27,301		23,500		54,195		42,825

License royalties		8,413		7,658		19,727		18,340

Franchise royalties		1,055		1,037		1,956		1,837
Franchise fees		144		130		336		237
Total franchise fees and royalties		1,199		1,167		2,292		2,074

Advertising fund revenue		584		553		1,003		958

Total revenues	$	37,497	$	32,878	$	77,217	$	64,197

Revenue from External Customers by Geographic Areas [Table Text Block]

	Thirteen weeks ended				Twenty-six weeks ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021

United States	$	36,095	$	31,878	$	74,012	$	62,479
International		1,402		1,000		3,205		1,718
Total revenues	$	37,497	$	32,878	$	77,217	$	64,197

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

September 25,

2022

March 27,

2022

Receivables, which are included in “Accounts and other receivables, net” (a)

312

Deferred franchise fees (b)

1,838

2,097

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

	Twenty-six weeks ended
	September 25, 2022			September 26, 2021
Deferred franchise fees at beginning of period		2,097			1,773
New deferrals due to cash received and other		77			583
Revenue recognized during the period		(336	)		(237	)
Deferred franchise fees at end of period	$	1,838		$	2,119

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

	Estimate for fiscal year
2023 (a)	$	177
2024		344
2025		325
2026		291
2027		169
Thereafter		532
Total	$	1,838

Note N - Share-based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Share-Based Payment Arrangement, Expense	$ 8	$ 29	$ 16	$ 58
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 98		$ 98
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month)			17 months

Note O - Stockholders' Equity

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE O – STOCKHOLDERS’ EQUITY

1. Dividends

Effective June 10, 2022, the Company’s Board of Directors (the “Board”) declared its first quarterly cash dividend of $0.45 per share for fiscal 2023, which was paid on June 24, 2022 to stockholders of record as of the close of business on June 20, 2022.

Effective August 5, 2022, the Board declared its second quarterly cash dividend of $0.45 per share for fiscal 2023, which was paid on September 2, 2022 to stockholders of record as of the close of business on August 22, 2022.

Effective November 3, 2022, the Board declared its third quarterly cash dividend of $0.45 per share for fiscal 2023 payable on December 2, 2022 to stockholders of record as of the close of business on November 21, 2022.

Our ability to pay future dividends is limited by the terms of the Indenture with U.S. 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 is subject to final determination of the Board and will be dependent upon our earnings and financial requirements.

2. Stock Repurchase Programs

In 2016, the Board 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 September 25, 2022, Nathan’s had repurchased 1,101,884 shares at a cost of $39,000 under the sixth stock repurchase plan. At September 25, 2022 there were 98,116 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 no set time limit on the repurchases.

On June 14, 2022, the Board approved a 10b5-1 Plan (the “10b5-1 Plan”) which expired on September 13, 2022.

During the twenty-six week period ended September 25, 2022, the Company repurchased in open market transactions 35,434 shares of the Company’s common stock at an average share price of $53.39 for a total cost of $1,892 under the 10b5-1 Plan.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 25, 2022	Mar. 27, 2022
CURRENT ASSETS
Cash and cash equivalents (Note E)	$ 53,857	$ 50,063
Accounts and other receivables, net (Note G)	16,171	13,374
Inventories	723	522
Prepaid expenses and other current assets (Note H)	868	1,441
Total current assets	71,619	65,400
Property and equipment, net of accumulated depreciation of $10,694 and $10,344, respectively	3,750	3,785
Operating lease assets (Note Q)	6,804	7,416
Goodwill	95	95
Intangible asset, net (Note I)	956	1,043
Deferred income taxes	567	582
Other assets	182	195
Total assets	83,973	78,516
CURRENT LIABILITIES
Accounts payable	4,945	6,381
Accrued expenses and other current liabilities (Note K)	7,885	7,833
Current portion of operating lease liabilities (Note Q)	1,849	1,849
Deferred franchise fees	352	349
Total current liabilities	15,031	16,412
Long-term debt, net of unamortized debt issuance costs of $1,563 and $1,817, respectively (Note P)	108,437	108,183
Operating lease liabilities (Note Q)	5,752	6,487
Other liabilities	724	674
Deferred franchise fees	1,486	1,748
Total liabilities	131,430	133,504
COMMITMENTS AND CONTINGENCIES (Note R)
STOCKHOLDERS’ DEFICIT
Common stock, $.01 par value; 30,000,000 shares authorized; 9,369,235 shares issued; and 4,079,720 and 4,115,154 shares outstanding at September 25, 2022 and March 27, 2022, respectively	94	94
Additional paid-in capital	62,323	62,307
Accumulated deficit	(23,212)	(32,619)
Stockholders’ equity before treasury stock	39,205	29,782
Treasury stock, at cost, 5,289,515 and 5,254,081 shares at September 25, 2022 and March 27, 2022	(86,662)	(84,770)
Total stockholders’ deficit	(47,457)	(54,988)
Total liabilities and stockholders’ deficit	$ 83,973	$ 78,516

Note M - Segment Information (Tables)

6 Months Ended

Sep. 25, 2022

Notes Tables

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

	Thirteen weeks ended						Twenty-six weeks ended
	September 25, 2022			September 26, 2021			September 25, 2022			September 26, 2021

Revenues
Branded Product Program	$	22,030		$	19,063		$	45,201		$	35,059
Product licensing		8,413			7,658			19,727			18,340
Restaurant operations		6,470			5,604			11,286			9,840
Corporate (1)		584			553			1,003			958
Total revenues	$	37,497		$	32,878		$	77,217		$	64,197

Income from operations
Branded Product Program	$	2,485		$	1,161		$	4,552		$	3,415
Product licensing		8,367			7,612			19,636			18,249
Restaurant operations		1,476			694			2,117			692
Corporate		(2,414	)		(2,028	)		(4,611	)		(4,215	)
Income from operations	$	9,914		$	7,439		$	21,694		$	18,141

Interest expense		(1,943	)		(2,651	)		(3,887	)		(5,301	)
Interest income		80			28			102			64
Other income, net		34			5			56			21
Income before provision for income taxes	$	8,085		$	4,821		$	17,965		$	12,925

Note I - Intangible Assets

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE I - INTANGIBLE ASSET

The Company’s definite-lived intangible asset consists of trademarks, and the trade name and other intellectual property in connection with its Arthur Treacher’s co-branding agreements. Based upon review of the current Arthur Treacher’s co-branding agreements, the Company determined that the remaining useful lives of these agreements is six years concluding in fiscal year 2028, and the intangible asset is subject to annual amortization. The Company performs an annual impairment test, or more frequently if events or changes in circumstances indicate that the intangible asset may be impaired. The Company tests for recoverability of its definite-lived intangible asset based on the projected undiscounted cash flows to be derived from such co-branding agreements. Cash flow projections require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company may be required to record an impairment charge in future periods and such impairment could be material.

There have been no significant events or changes in circumstances during the thirteen and twenty-six week periods ended September 25, 2022 that would indicate that the carrying amount of the Company’s intangible asset may be impaired as of September 25, 2022.

Note H - Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Sep. 25, 2022

Notes Tables

Schedule of Other Current Assets [Table Text Block]

	September 25,		March 27,
	2022		2022

Real estate taxes	$	80	$	71
Insurance		129		327
Marketing		348		653
Other		311		390
Total prepaid expenses and other current assets	$	868	$	1,441

Note J - Long Lived Assets

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Asset Impairment Charges [Text Block]

NOTE J - LONG LIVED ASSETS

Long-lived assets on a restaurant-by-restaurant basis are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

Long-lived assets include property, equipment and right of use assets for operating leases with finite useful lives. Assets are grouped at the individual restaurant level which represents the lowest level for which cash flows can be identified largely independent of the cash flows of other assets and liabilities. The Company generally considers a history of restaurant operating losses to be its primary indicator of potential impairment for individual restaurant locations.

The Company tests for recoverability based on the projected undiscounted cash flows to be derived from such assets. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record on a restaurant-by-restaurant basis, 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 assets. 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 impairment charges in future periods and such impairments could be material.

There have been no significant events or changes in circumstances during the thirteen and twenty-six week periods ended September 25, 2022 that would indicate that the carrying amount of the Company’s long-lived assets may be impaired as of September 25, 2022.

Note M - Segment Information

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE M – SEGMENT INFORMATION

Nathan’s considers itself to be a brand marketer of the Nathan’s Famous signature products to the foodservice industry pursuant to its various business structures. Nathan’s sells its products directly to consumers through its restaurant operations segment consisting of Company-owned and franchised restaurants, including virtual kitchens, to distributors that resell our products to the foodservice industry through the Branded Product Program 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 hot dogs, 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, including its virtual kitchens.

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.

Interest expense, interest income, and other income, net, are managed centrally at the corporate level, and, accordingly, such items are not presented by segment since they are excluded from the measure of profitability reviewed by the CODM.

Operating segment information is as follows (in thousands):

	Thirteen weeks ended						Twenty-six weeks ended
	September 25, 2022			September 26, 2021			September 25, 2022			September 26, 2021

Revenues
Branded Product Program	$	22,030		$	19,063		$	45,201		$	35,059
Product licensing		8,413			7,658			19,727			18,340
Restaurant operations		6,470			5,604			11,286			9,840
Corporate (1)		584			553			1,003			958
Total revenues	$	37,497		$	32,878		$	77,217		$	64,197

Income from operations
Branded Product Program	$	2,485		$	1,161		$	4,552		$	3,415
Product licensing		8,367			7,612			19,636			18,249
Restaurant operations		1,476			694			2,117			692
Corporate		(2,414	)		(2,028	)		(4,611	)		(4,215	)
Income from operations	$	9,914		$	7,439		$	21,694		$	18,141

Interest expense		(1,943	)		(2,651	)		(3,887	)		(5,301	)
Interest income		80			28			102			64
Other income, net		34			5			56			21
Income before provision for income taxes	$	8,085		$	4,821		$	17,965		$	12,925

(1)

Represents advertising fund revenue

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

Note Q - Leases - Components of Net Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Operating lease cost	$ 408	$ 413	$ 836	$ 845
Variable lease cost	482	524	850	966
Less: Sublease income, net	(20)	(5)	(42)	(21)
Total net lease cost	870	932	1,644	1,790
Restaurant Operating Expense [Member]
Total net lease cost	712	770	1,319	1,470
General and Administrative Expense [Member]
Total net lease cost	178	167	367	341
Other Income [Member]
Less: Sublease income, net	$ (20)	$ (5)	$ (42)	$ (21)

Note C - Revenues - Remaining Performance Obligations 2 (Details)
$ in Thousands

Sep. 25, 2022

USD ($)

Revenue, Remaining Performance Obligation, Amount

$ 1,838

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-09-26

Revenue, Remaining Performance Obligation, Amount

177

^[1]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-27

Revenue, Remaining Performance Obligation, Amount

344

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01

Revenue, Remaining Performance Obligation, Amount

325

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-31

Revenue, Remaining Performance Obligation, Amount

291

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-30

Revenue, Remaining Performance Obligation, Amount

169

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-03-29

Revenue, Remaining Performance Obligation, Amount

$ 532

[1]

Represents franchise fees expected to be recognized for the remainder of the 2023 fiscal year, which includes international development fees expected to be recognized over the duration of one year or less. Amount does not include $336 of franchise fee revenue recognized for the twenty-six weeks ended September 25, 2022.

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
REVENUES
Revenues	$ 37,497	$ 32,878	$ 77,217	$ 64,197
COSTS AND EXPENSES
Cost of sales	21,898	20,131	44,565	35,496
Restaurant operating expenses	1,253	1,216	2,285	2,327
Depreciation and amortization	301	270	534	548
General and administrative expenses	3,372	3,269	6,961	6,727
Advertising fund expense	759	553	1,178	958
Total costs and expenses	27,583	25,439	55,523	46,056
Income from operations	9,914	7,439	21,694	18,141
Interest expense	(1,943)	(2,651)	(3,887)	(5,301)
Interest income	80	28	102	64
Other income, net	34	5	56	21
Income before provision for income taxes	8,085	4,821	17,965	12,925
Provision for income taxes	2,127	1,276	4,870	3,617
Net income	$ 5,958	$ 3,545	$ 13,095	$ 9,308
Weighted average shares used in computing income per share:
Basic (in shares)	4,083	4,115	4,098	4,115
Diluted (in shares)	4,083	4,115	4,098	4,115
Income per share:
Basic (in dollars per share)	$ 1.46	$ 0.86	$ 3.20	$ 2.26
Diluted (in dollars per share)	1.46	0.86	3.20	2.26
Dividends declared per share (in dollars per share)	$ 0.45	$ 0.35	$ 90	$ 70
Product [Member]
REVENUES
Revenues	$ 27,301	$ 23,500	$ 54,195	$ 42,825
License [Member]
REVENUES
Revenues	8,413	7,658	19,727	18,340
Franchise Fees and Royalties [Member]
REVENUES
Revenues	1,199	1,167	2,292	2,074
Advertising Fund Revenue [Member]
REVENUES
Revenues	$ 584	$ 553	$ 1,003	$ 958

Note F - Fair Value Measurements - Face Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Mar. 27, 2022
Long-term debt, face value	$ 110,000	$ 110,000
Long-term debt, fair value	$ 109,520	$ 111,346

Note L - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Mar. 27, 2022
Effective Income Tax Rate Reconciliation, Percent, Total	26.30%	26.50%	27.10%	28.00%
Income Tax Expense (Benefit), Total	$ 2,127	$ 1,276	$ 4,870	$ 3,617
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	8,085	$ 4,821	17,965	$ 12,925
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	430		430		$ 422
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 305		$ 305		$ 271

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note C - Revenues 2 (Details Textual)	Sep. 25, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-09-26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
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, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note K - Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Sep. 25, 2022

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	September 25,		March 27,
	2022		2022
Payroll and other benefits	$	2,077	$	3,109
Accrued rebates		327		166
Rent and occupancy costs		175		90
Deferred revenue		200		876
Construction costs		-		58
Interest		2,958		2,968
Professional fees		281		129
Sales, use and other taxes		207		39
Corporate income taxes		1,331		103
Other		329		295
Total accrued expenses and other current liabilities	$	7,885	$	7,833

Note P - Long-term Debt

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE P – LONG-TERM DEBT

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

	September 25,			March 27,
	2022			2022

6.625% Senior Secured Notes due 2025	$	110,000		$	110,000
Less: unamortized debt issuance costs		(1,563	)		(1,817	)
Long-term debt, net	$	108,437		$	108,183

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Note F - Fair Value Measurements

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE F – FAIR VALUE MEASUREMENTS

Nathan’s follows a three-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows:

● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market

● Level 2 - inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability

● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability

The face value and fair value of long-term debt as of September 25, 2022 and March 27, 2022 were as follows (in thousands):

	September 25, 2022				March 27, 2022
	Face value		Fair value		Face value		Fair value

Long-term debt	$	110,000	$	109,520	$	110,000	$	111,346

The Company estimates the fair value of its long-term debt based upon review of observable pricing in secondary markets as of the last trading day of the fiscal period. Accordingly, the Company classifies its long-term debt as Level 2.

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

Certain non-financial assets and liabilities are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when evidence of impairment exists. At September 25, 2022, no fair value adjustment or material fair value measurements were required for non-financial assets or liabilities.

- Definition

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

+ References + Details

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

6 Months Ended

Sep. 25, 2022

Notes Tables

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

	September 25,		March 27,
	2022		2022

Branded product sales	$	12,007	$	9,318
Franchise and license royalties		3,218		3,923
Other		1,200		391
		16,425		13,632

Less: allowance for doubtful accounts		254		258
Accounts and other receivables, net	$	16,171	$	13,374

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

	September 25, 2022			March 27, 2022

Beginning balance	$	258		$	345
Bad debt expense		80			186
Write offs and other		(84	)		(273	)
Ending balance	$	254		$	258

Note P - Long-term Debt - Summary of Debt (Details) (Parentheticals)	Sep. 25, 2022	Mar. 27, 2022
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Interest Rate	6.625%	6.625%