0001437749-23-016924 | 10-K | XBRL Viewer

Segment Reporting Disclosure [Text Block]

NOTE I – 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 supermarkets, 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, sausages, frozen crinkle-cut French fries and additional products through retail supermarkets, 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, loss on debt extinguishment, 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.

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

Operating segment information for the fiscal years ended March 26, 2023 and March 27, 2022 is as follows:

	March 26, 2023			March 27, 2022

Revenues
Branded Product Program	$	78,884		$	66,322
Product licensing		33,455			31,824
Restaurant operations		16,453			14,764
Corporate (1)		1,993			1,972
Total revenues	$	130,785		$	114,882

Income from operations
Branded Product Program	$	8,976		$	6,399
Product licensing		33,273			31,642
Restaurant operations		1,684			312
Corporate		(9,488	)		(8,490	)
Income from operations	$	34,445		$	29,863

Interest expense	$	(7,742	)	$	(10,135	)
Loss on debt extinguishment		(357	)		(1,354	)
Interest income		440			110
Other income, net		18			52
Income before provision for income taxes	$	26,804		$	18,536

Total assets
Branded Product Program	$	12,033		$	9,966
Product licensing		3,376			3,179
Restaurant operations		9,296			11,195
Corporate		33,905			54,176
Total assets	$	58,610		$	78,516

Depreciation & amortization expense
Branded Product Program	$	132		$	163
Restaurant operations		716			561
Corporate		287			330
Total depreciation & amortization expense	$	1,135		$	1,054

(1)

Represents advertising fund revenue.

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.

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Note C - Income Per Share

12 Months Ended

Mar. 26, 2023

Earnings Per Share [Text Block]

NOTE C - 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 fiscal years ended March 26, 2023 and March 27, 2022, respectively:

	Net Income				Shares				Net income per share

	2023		2022		2023		2022		2023		2022

Basic EPS
Basic calculation	$	19,623	$	13,596		4,089,000		4,115,000	$	4.80	$	3.30
Effect of dilutive employee stock options		-		-		1,000		-		-		-

Diluted EPS
Diluted calculation	$	19,623	$	13,596		4,090,000		4,115,000	$	4.80	$	3.30

Options to purchase 10,000 shares of common stock for the fiscal year ended March 26, 2023 were excluded in the computation of diluted earnings per share because the exercise price exceeded the average market price during the period.

Options to purchase 20,000 shares of common stock for the fiscal year ended March 27, 2022 were excluded in the computation of diluted earnings per share because the exercise price exceeded the average market price of common shares during the period.

Note O - Subsequent Events	12 Months Ended
Mar. 26, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE O - SUBSEQUENT EVENTS The Company evaluated subsequent events through the date the consolidated financial statements were issued and filed with the U.S. Securities and Exchange Commission. There were no subsequent events that required recognition or disclosure.

Note O - Subsequent Events

12 Months Ended

Mar. 26, 2023

Subsequent Events [Text Block]

NOTE O - SUBSEQUENT EVENTS

The Company evaluated subsequent events through the date the consolidated financial statements were issued and filed with the U.S. Securities and Exchange Commission. There were no subsequent events that required recognition or disclosure.

Note J - Long-term Debt - Summary of Debt (Details) (Parentheticals)	Mar. 26, 2023	Mar. 27, 2022	Nov. 01, 2017
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.625%	6.625%	6.625%

Note B - Summary of Significant Accounting Policies - Remaining Performance Obligations (Details) $ in Thousands	Mar. 26, 2023 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 1,608

Note B - Summary of Significant Accounting Policies

12 Months Ended

Mar. 26, 2023

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:

1.	Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and 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.

2.	Fiscal Year

The Company’s fiscal year ends on the last Sunday in March, which results in a 52 or 53 week reporting period. The fiscal years ended March 26, 2023 and March 27, 2022 are on the basis of a 52 week reporting period. All references to years and quarters relate to fiscal periods rather than calendar periods.

3.	Use of Estimates

The preparation of financial statements in conformity with GAAP 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 due to risks and uncertainties, including uncertainty in the current economic environment due to the COVID-19 pandemic, inflation, and other factors.

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

4.	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 March 26, 2023 or March 27, 2022. The Company’s cash balances principally consist of cash in bank and money market accounts.

At March 26, 2023 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.

5.	Inventories

Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food, beverages, and paper supplies. Cost is determined using the first-in, first-out method.

6.	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 remaining 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

7.	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, and the trade name and other intellectual property of $869 in connection with Arthur Treacher’s.

Goodwill is not amortized, but is tested for impairment annually during the fourth quarter, or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired. As of March 26, 2023, and March 27, 2022 the Company performed its annual quantitative impairment test of goodwill and has determined no impairment is deemed to exist.

Based upon the 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 has recorded amortization expense of $174 and $113 for each of the fiscal years ending March 26, 2023 and March 27, 2022, respectively.

The Company’s definite-lived intangible asset is tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The Company tested for recoverability of its definite-lived intangible asset based on the projected undiscounted cash flows to be derived from such co-branding agreements. Based on the quantitative test performed, the Company determined that the definite-lived intangible asset was recoverable and no impairment charge was recorded for the fiscal years ended March 26, 2023 and March 27, 2022. 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.

Annual amortization of the intangible asset for the next five years will approximate the following:

	Estimate for fiscal year
2024	$	174
2025		174
2026		174
2027		174
2028		173
Total	$	869

8.	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 assets, 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 assets. 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. No long-lived assets were deemed impaired during the fiscal years ended March 26, 2023 and March 27, 2022.

Leases

Determination of Whether a Contract Contains a Lease

We determine if an arrangement is a lease at inception or modification of a contract and classify each lease as either an operating or finance lease at commencement. The Company only reassesses lease classifications subsequent to commencement upon a change to the expected lease term or the contract being modified. Operating leases represent the Company’s right to use an underlying asset as lessee for the lease term, and lease obligations represent the Company’s obligation to make lease payments arising from the lease.

ROU Model and Determination of Lease Term

The Company uses the right-of-use (“ROU”) model to account for leases where the Company is the lessee, which requires an entity to recognize a lease liability and ROU asset on the lease commencement date. A lease liability is measured equal to the present value of the remaining lease payments over the lease term and is discounted using the incremental borrowing rate, as the rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease payments include payments made before the commencement date and any residual value guarantees, if applicable. The initial ROU asset consists of the initial measurement of the lease liability, adjusted for any payments made before the commencement date, initial direct costs and lease incentives earned. When determining the lease term, as both lessee and lessor, the Company includes option periods when it is reasonably certain that those options will be exercised.

Operating Leases

For operating leases, minimum lease payments or receipts, including minimum scheduled rent increases, are recognized as rent expense where the Company is a lessee, or income where the Company is a lessor, as applicable, on a straight-line basis (“Straight-Line Rent”) over the applicable lease terms. There is a period under certain lease agreements referred to as a rent holiday (“Rent Holiday”) that generally begins on the possession date and ends on the rent commencement date. During a Rent Holiday, no cash rent payments are typically due under the terms of the lease; however, rent expense is recorded for that period on a straight-line basis. The excess of the Straight-Line Rent over the minimum rents paid is included in the ROU asset where the Company is a lessee. The excess of the Straight-Line Rent over the minimum rents received is recorded as a deferred lease asset and is included in “Other Assets” where the Company is a lessor. The Company recorded $29 and $35 in Other Assets at March 26, 2023 and March 27, 2022, respectively. Certain leases contain provisions, referred to as contingent rent (“Contingent Rent”), that require additional rental payments based upon restaurant sales volume. Contingent Rent is recognized each period as the liability is incurred or the asset is earned.

Lease cost for operating leases is recognized on a straight-line basis and includes the amortization of the ROU asset and interest expense relating to the operating lease liability. Variable lease cost for operating leases include Contingent Rent and payments for executory costs such as real estate taxes, insurance and common area maintenance, which are excluded from the measurement of the lease liability. Short-term lease cost for operating leases includes rental expense for leases with a term of less than 12 months. Leases with an initial expected term of 12 months or less are not recorded in the Consolidated Balance Sheets and the related lease expense is recognized on a straight-line basis over the lease term. Lease costs are recorded in the Consolidated Statements of Earnings based on the nature of the underlying leases as follows: (1) rental expense related to leases for Company-owned restaurants is recorded to “Restaurant operating expenses,” (2) rental expense for leased properties that are subsequently subleased to franchisees is recorded to “Other Income, net” and (3) rental expense related to leases for corporate offices and equipment is recorded to “General and administrative expenses.”

Rental income for operating leases on properties subleased to franchisees is recorded net of associated lease costs to “Other income, net.” At March 26, 2023, 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.

Significant Assumptions and Judgement

Management makes certain estimates and assumptions regarding each new lease and sublease agreement, renewal and amendment, including, but not limited to, property values, market rents, property lives, discount rates and probable term, all of which can impact (1) the classification and accounting for a lease or sublease as operating or finance, (2) the Rent Holiday and escalations in payment that are taken into consideration when calculating Straight-Line Rent, (3) the term over which leasehold improvements for each restaurant are amortized and (4) the values and lives of adjustments to the initial ROU asset where the Company is the lessee, or favorable and unfavorable leases where the Company is the lessor. The amount of depreciation and amortization, interest and rent expense and income would vary if different estimates and assumptions were used.

10.

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 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 use of observable market inputs (quoted market prices) when measuring fair value and, specifically, the use of Level 1 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.

At March 26, 2023 and March 27, 2022, 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 $80,000 as of March 26, 2023 and a fair value of $80,080 as of March 26, 2023. 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, accounts receivable, and accounts payable approximate fair value due to the short-term nature of those items.

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 definite- lived assets and long-lived assets. The Company utilized the income approach (Level 3 inputs) which utilized projected undiscounted cash flows in performing its annual impairment testing of the Company’s intangible asset and long-lived assets.

11.

Start-up Costs

Pre-opening and similar restaurant costs are expensed as incurred and are included in “Restaurant operating expenses” in the accompanying Consolidated Statement of Earnings.

12.

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.

13.

Revenue Recognition - Company-owned Restaurants

Sales by Company-owned restaurants, which are typically paid in cash or with credit card by the customer, are recognized at the point of sale. Sales are presented net of sales tax collected from customers and remitted to governmental taxing authorities.

14.

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, and is recognized on a monthly basis when it is earned and deemed collectible.

15.

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.

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.

The services provided in exchange for these upfront restaurant franchise fees do not contain separate and distinct performance obligations from the franchising right and these initial franchise fees, renewal fees and transfer fees are deferred and recognized over the term of each respective agreement, or upon termination of the franchise agreement.

The services provided in exchange for these international development fees do not contain separate and distinct performance obligations from the franchising right and these international development fees are deferred and recognized over the term of each respective agreement, or upon termination of the franchise agreement. Certain other costs, such as legal expenses, are expensed as incurred.

The Company recognizes franchise royalties on a monthly basis, which are generally based upon a percentage of sales made by the Company’s franchisees, including virtual kitchens, 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 distributors 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 collectability is deemed to be reasonably assured.

The following is a summary of franchise openings and closings (excluding virtual kitchens) for the Nathan’s franchise restaurant system for the fiscal years ended March 26, 2023 and March 27, 2022:

	March 26,			March 27,
	2023			2022

Franchised restaurants operating at the beginning of the period		239			213

New franchised restaurants opened during the period		11			54

Franchised restaurants closed during the period		(18	)		(28	)

Franchised restaurants operating at the end of the period		232			239

Contract balances

The following table provides information about contract liabilities from contracts with customers:

	March 26, 2023		March 27, 2022
Deferred franchise fees (a)	$	1,608	$	2,097
Deferred revenues, which are included in
“Accrued expenses and other current liabilities” (b)	$	1,406	$	876

(a) Deferred franchise fees of $336 and $1,272 as of March 26, 2023 and $349 and $1,748 as of March 27, 2022 are included in Deferred franchise fees – current and long term, respectively.

(b) Includes $906 of deferred license royalties and $500 of deferred advertising fund revenue as of March 26, 2023 and $876 of deferred license royalties as of March 27, 2022.

Significant changes in deferred franchise fees for the fiscal years ended March 26, 2023 and March 27, 2022 are as follows:

	March 26, 2023			March 27, 2022
Deferred franchise fees at beginning of period	$	2,097		$	1,773
New deferrals due to cash received and other		167			879
Revenue recognized during the period		(656	)		(555	)
Deferred franchise fees at end of period	$	1,608		$	2,097

Significant changes in deferred revenues for the fiscal years ended March 26, 2023 and March 27, 2022 are as follows:

	March 26, 2023			March 27, 2022
Deferred revenues at beginning of period	$	876		$	841
New deferrals due to cash received and other		1,828			1,251
Revenue recognized during the period		(1,298	)		(1,216	)
Deferred revenues at end of period	$	1,406		$	876

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
20241	$	336
20251		320
20261		289
20271		172
20281		78
Thereafter1		413
Total	$	1,608

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

16.

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.

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.

17.

Business Concentrations and Geographical Information

The Company’s accounts receivable consists principally of receivables from franchisees, including virtual kitchens, for royalties and advertising contributions, from sales under the Branded Product Program, and from royalties from retail licensees. At March 26, 2023, three Branded Product customers represented 23%, 13% and 12%, of accounts receivable. At March 27, 2022, three Branded Product customers represented 19%, 14% and 13%, of accounts receivable. One Branded Products customer accounted for 18% and 16% of total revenue for the fiscal years ended March 26, 2023 and March 27, 2022, respectively. One retail licensee accounted for 24% and 26% of the total revenue for the fiscal years ended March 26, 2023 and March 27, 2022, respectively.

The Company’s primary supplier of hot dogs represented 95% and 94% of product purchases for each of the fiscal years ended March 26, 2023 and March 27, 2022, respectively. The Company’s primary distributor of products to its Company-owned restaurants represented 3% and 4% of product purchases for each of the fiscal years ended March 26, 2023 and March 27, 2022, respectively. If a disruption of service from a primary supplier or distributor was to occur, we could experience short-term increases in our costs while supply or distribution channels were adjusted.

The Company’s revenues for the fiscal years ended March 26, 2023 and March 27, 2022 were derived from the following geographic areas:

	March 26, 2023		March 27, 2022

Domestic (United States)	$	124,887	$	111,659
Non-domestic		5,898		3,223
	$	130,785	$	114,882

The Company’s sales for the fiscal years ended March 26, 2023 and March 27, 2022 were derived from the following:

	March 26, 2023		March 27, 2022

Branded Products	$	78,884	$	66,322
Company-owned restaurants		12,161		10,905
Total sales	$	91,045	$	77,227

License royalties	$	33,455	$	31,824

Royalties		3,636		3,304
Franchise fees		656		555
Total franchise fees and royalties	$	4,292	$	3,859

Advertising fund revenue	$	1,993	$	1,972

Total revenues	$	130,785	$	114,882

18.

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 restaurants 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 restaurant advertising expense, which is expensed as incurred, was $126 and $67, for the fiscal years ended March 26, 2023 and March 27, 2022, respectively, and have been included in “Restaurant operating expenses” in the accompanying Consolidated Statements of Earnings.

19.

Share-Based Compensation

At March 26, 2023, the Company had one share-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 units and stock options, is recognized in the consolidated 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.

20.

Classification of Operating Expenses

Cost of sales consists of the following:

●

The cost of food and other products sold by Company-owned restaurants, through the Branded Product Program and through other distribution channels.

●

The cost of labor and associated costs of in-store restaurant management and crew.

●

The cost of paper products used in Company-owned restaurants.

●

Other direct costs such as fulfillment, commissions, freight and samples.

Restaurant operating expenses consist of the following:

●

Occupancy costs of Company-owned restaurants.

●

Utility costs of Company-owned restaurants.

●

Repair and maintenance expenses of Company-owned restaurants.

●

Marketing and advertising expenses done locally and contributions to advertising funds for Company-owned restaurants.

●

Insurance costs directly related to Company-owned restaurants.

21.

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. 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 consolidated 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 consolidated 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 H for a further discussion of our income taxes.

22.

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. The Company will adopt the new guidance on a modified retrospective basis beginning with its first fiscal quarter of 2024. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

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 (Details Textual)	12 Months Ended
	Mar. 26, 2023
Accounts Receivable Payment Terms	30 days

Note F - Property and Equipment, Net

12 Months Ended

Mar. 26, 2023

Property, Plant and Equipment Disclosure [Text Block]

NOTE F - PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:

	March 26,		March 27,
	2023		2022

Land	$	123	$	123
Building and improvements		1,414		1,402
Machinery, equipment, furniture and fixtures		5,200		5,231
Leasehold improvements		7,392		7,261
Construction-in-progress		63		112
Total property and equipment		14,192		14,129
Less: accumulated depreciation and amortization		10,871		10,344

Property and equipment, net	$	3,321	$	3,785

Depreciation and amortization expense related to property and equipment was $961 and $941 for the fiscal years ended March 26, 2023 and March 27, 2022, respectively.

Note D - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Beginning balance	$ 258	$ 345
Bad debt expense	457	186
Write offs and other	(235)	(273)
Ending balance	$ 480	$ 258

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Cash flows from operating activities
Net income	$ 19,623	$ 13,596
Adjustments to reconcile net income to net cash provided by operating activities
Loss on debt extinguishment	357	1,354
Loss on disposal of property and equipment	87	0
Depreciation and amortization	1,135	1,054
Amortization of debt issuance costs	508	660
Share-based compensation expense	258	74
Provision for doubtful accounts	457	186
Deferred income taxes	207	(444)
Other non-cash items	(153)	(133)
Changes in operating assets and liabilities:
Accounts and other receivables, net	(2,149)	(1,908)
Inventories	(17)	102
Prepaid expenses and other current assets	(454)	(116)
Other assets	27	133
Accounts payable, accrued expenses and other current liabilities	377	1,695
Deferred franchise fees	(489)	324
Other liabilities	63	(100)
Net cash provided by operating activities	19,837	16,477
Cash flows from investing activities:
Insurance proceeds for property and equipment	42	0
Purchase of property and equipment	(626)	(636)
Net cash used in investing activities	(584)	(636)
Cash flows from financing activities:
Cash payments for extinguishment of debt	(30,000)	(40,000)
Premium paid for extinguishment of debt	0	(662)
Dividends paid to stockholders	(7,563)	(6,173)
Repurchase of treasury stock	(1,892)	0
Payments of withholding tax on net share settlement of share-based compensation plans	0	(7)
Net cash used in financing activities	(39,455)	(46,842)
Net decrease in cash	(20,202)	(31,001)
Cash, beginning of year	50,063	81,064
Cash, end of year	29,861	50,063
Cash paid during the year for:
Interest	8,061	10,563
Income taxes paid	$ 7,160	$ 4,981
Non-cash financing activity:
Dividends declared per share (in dollars per share)	$ 1.85	$ 1.50

Note B - Summary of Significant Accounting Policies - Annual Amortization of the Intangible Asset (Details) $ in Thousands	Mar. 26, 2023 USD ($)
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 174
Finite-Lived Intangible Asset, Expected Amortization, Year Two	174
Finite-Lived Intangible Asset, Expected Amortization, Year Three	174
Finite-Lived Intangible Asset, Expected Amortization, Year Four	174
Finite-Lived Intangible Asset, Expected Amortization, Year Five	173
Total	$ 869

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

12 Months Ended

Mar. 26, 2023

Schedule of Other Current Assets [Table Text Block]

	March 26,		March 27,
	2023		2022

Income taxes	$	146	$	-
Real estate taxes		78		71
Insurance		389		327
Marketing		814		653
Other		468		390

Total prepaid expenses and other current assets	$	1,895	$	1,441

Note C - Income Per Share (Tables)

12 Months Ended

Mar. 26, 2023

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

	Net Income				Shares				Net income per share

	2023		2022		2023		2022		2023		2022

Basic EPS
Basic calculation	$	19,623	$	13,596		4,089,000		4,115,000	$	4.80	$	3.30
Effect of dilutive employee stock options		-		-		1,000		-		-		-

Diluted EPS
Diluted calculation	$	19,623	$	13,596		4,090,000		4,115,000	$	4.80	$	3.30

Note A - Description and Organization of Business (Details Textual)	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 28, 2021
Number of Restaurants	232	239
Franchised Units [Member]
Number of Restaurants	232	239	213
Number of States in which Entity Operates	17
Number of Countries in which Entity Operates	13
Virtual Kitchens [Member]
Number of States in which Entity Operates	19
Number of Countries in which Entity Operates	4
Cost of Product, Increase, Percent	1.40%

Note K - Leases

12 Months Ended

Mar. 26, 2023

Leases, Disclosure [Text Block]

NOTE K – 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 fiscal years ended March 26, 2023 and March 27, 2022 were as follows:

	March 26, 2023			March 27, 2022

Operating lease cost	$	1,548		$	1,553
Variable lease cost		1,614			1,356
Less: Sublease income, net		(85	)		(88	)

Total net lease cost	$	3,077		$	2,821

The components of the net lease cost on the Consolidated Statement of Earnings for the fiscal years ended March 26, 2023 and March 27, 2022 were as follows:

	March 26, 2023			March 27, 2022

Restaurant operating expenses	$	2,416		$	2,199
General and administrative expenses		746			710
Less: Other income, net		(85	)		(88	)

Total net lease cost	$	3,077		$	2,821

Cash paid for amounts included in the measurement of lease liabilities for the fiscal years ended March 26, 2023 and March 27, 2022 were as follows:

	March 26, 2023		March 27, 2022

Operating cash flows from operating leases	$	1,171	$	1,058

The weighted average remaining lease term and weighted average discount rate for operating leases for the fiscal years ended March 26, 2023 and March 27, 2022 were as follows:

	March 26, 2023			March 27, 2022

Weighted average remaining lease term (years):		5.3			6.3

Weighted average discount rate:		8.859	%		8.867	%

Future lease commitments to be paid and received by the Company as of March 26, 2023 were as follows:

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2024	$	1,782	$	271	$	1,511
2025		1,687		274		1,413
2026		1,717		278		1,439
2027		1,726		281		1,445
2028		1,573		129		1,444
Thereafter		462		495		(33	)
Total lease commitments	$	8,947	$	1,728	$	7,219
Less: Amount representing interest		1,759
Present value of lease liabilities (a)	$	7,188

(a)

The present value of minimum operating lease payments of $1,782 and $5,406 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 lease income for the fiscal years ended March 26, 2023 and March 27, 2022 were as follows:

	March 26, 2023		March 27, 2022

Operating lease income, net		$85		$88

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Mar. 26, 2023	Jun. 02, 2023	Sep. 23, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 26, 2023
Document Transition Report	false
Entity File Number	001-35962
Entity Registrant Name	NATHAN’S FAMOUS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3166443
Entity Address, Address Line One	One Jericho Plaza
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 176,541,000
Entity Common Stock, Shares Outstanding (in shares)		4,079,720
Auditor Firm ID	688
Auditor Name	Marcum LLP
Auditor Location	New York, NY
Entity Central Index Key	0000069733
Current Fiscal Year End Date	--03-26
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 26, 2023	Mar. 27, 2022
CURRENT ASSETS
Cash	$ 29,861	$ 50,063
Accounts and other receivables, net (Note D)	15,066	13,374
Inventories	539	522
Prepaid expenses and other current assets (Note E)	1,895	1,441
Total current assets	47,361	65,400
Property and equipment, net of accumulated depreciation of $10,871 and $10,344, respectively (Note F)	3,321	3,785
Operating lease assets (Note K)	6,421	7,416
Goodwill	95	95
Intangible asset, net	869	1,043
Deferred income taxes (Note H)	375	582
Other assets	168	195
Total assets	58,610	78,516
CURRENT LIABILITIES
Accounts payable	6,461	6,381
Accrued expenses and other current liabilities (Note G)	8,130	7,833
Current portion of operating lease liabilities (Note K)	1,782	1,849
Deferred franchise fees	336	349
Total current liabilities	16,709	16,412
Long-term debt, net of unamortized debt issuance costs of $952 and $1,817, respectively (Note J)	79,048	108,183
Operating lease liabilities (Note K)	5,406	6,487
Other liabilities	737	674
Deferred franchise fees	1,272	1,748
Total liabilities	103,172	133,504
Commitments and Contingencies
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 March 26, 2023 and March 27, 2022, respectively	94	94
Additional paid-in capital	62,565	62,307
Accumulated deficit	(20,559)	(32,619)
Stockholders’ equity before treasury stock	42,100	29,782
Treasury stock, at cost, 5,289,515 and 5,254,081 shares at March 26, 2023 and March 27, 2022, respectively	(86,662)	(84,770)
Total stockholders’ deficit	(44,562)	(54,988)
Total liabilities and stockholders’ deficit	$ 58,610	$ 78,516

Note H - Income Taxes

12 Months Ended

Mar. 26, 2023

Income Tax Disclosure [Text Block]

NOTE H – INCOME TAXES

The income tax provision consists of the following for the fiscal years ended March 26, 2023 and March 27, 2022:

	March 26, 2023		March 27, 2022
Federal
Current	$	5,293	$	4,019
Deferred		137		(380	)
Total Federal income tax		5,430		3,639
State and local
Current		1,681		1,365
Deferred		70		(64	)
Total State and local income tax		1,751		1,301
Total provision for income taxes	$	7,181	$	4,940

The income tax provisions for the fiscal years ended March 26, 2023 and March 27, 2022 reflect effective tax rates of 26.8% and 26.7%, respectively.

The total income tax provision for the fiscal years ended March 26, 2023 and March 27, 2022 differs from the amounts computed by applying the United States Federal income tax rate of 21% to income before income taxes as a result of the following:

	March 26, 2023			March 27, 2022

Income tax provision at the U.S. Federal statutory rate	$	5,629		$	3,893
State and local income taxes, net of U.S. Federal income tax benefit		1,339			1,003
Change in uncertain tax positions, net		63			33
Nondeductible meals and entertainment and other		(45	)		(77	)
Nondeductible executive compensation		195			88
Total provision for income taxes	$	7,181		$	4,940

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 26,		March 27,
	2023		2022
Deferred tax assets
Accrued expenses	$	348	$	324
Allowance for doubtful accounts		120		61
Interest expense		-		381
Deferred revenue		402		519
Deferred stock compensation		78		69
Operating lease liability		1,550		1,894
Other		135		123
Total deferred tax assets	$	2,633	$	3,371

Deferred tax liabilities
Deductible prepaid expense	$	147	$	240
Operating lease right-of-use asset		1,390		1,692
Depreciation expense		549		637
Amortization		172		220
Total deferred tax liabilities		2,258		2,789
Net deferred tax asset	$	375	$	582

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 26, 2023 and March 27, 2022.

	March 26, 2023			March 27, 2022

Unrecognized tax benefits, beginning of year	$	403		$	397
Decreases of tax positions taken in prior years		(16	)		(19	)
Increases based on tax positions taken in current year		45			38
Settlements of tax positions taken in prior years		-			(13	)
Unrecognized tax benefits, end of year	$	432		$	403

The amount of unrecognized tax benefits included in Other liabilities at March 26, 2023 and March 27, 2022 were $432 and $403, respectively, all of which would impact Nathan’s effective tax rate, if recognized. As of March 26, 2023 and March 27, 2022, the Company had $305 and $271, respectively, accrued for the payment of interest and penalties. For the fiscal years ended March 26, 2023 and March 27, 2022 Nathan’s recognized interest and penalties in the amounts of $33 and $15, respectively.

During the fiscal year ending March 31, 2024, we believe it is reasonably possible the amount of unrecognized tax benefits, excluding the related accrued interest and penalties, could be reduced by up to $19, due primarily to the lapse of statutes of limitations which would favorably impact Nathan’s effective tax rate, although no assurances can be given in this regard.

On August 16, 2022, the United States enacted the Inflation Reduction Act. Among other provisions, this new law imposes a 1% excise tax on stock buybacks made after December 31, 2022, with certain exceptions including stock repurchases of less than $1,000 within a tax year. We are not expecting this new law to have a material effect on our consolidated financial statements.

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

Jurisdiction		Fiscal Year
Federal		2020
New York State		2020
New York City		2020
New Jersey		2019
California		2019

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Note M - Contingencies

12 Months Ended

Mar. 26, 2023

Commitments and Contingencies Disclosure [Text Block]

NOTE M – CONTINGENCIES

Legal Proceedings

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 J - Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Feb. 14, 2023	Mar. 27, 2022	Dec. 15, 2021
Less: unamortized debt issuance costs	$ (952)		$ (1,817)
Long-term debt, net	79,048		108,183
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
6.625% Senior Secured Notes due 2025	$ 80,000	$ 30,000	$ 110,000	$ 40,000

Note K - Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Operating lease income, net	$ 85	$ 88

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Stock Option Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	12 Months Ended
	Mar. 26, 2023 $ / shares
Weighted-average option fair values (in dollars per share)	$ 13.04
Expected life (years) (Year)	4 years 4 months 24 days
Interest rate	0.82%
Volatility	27.69%
Dividend yield	2.04%

Note H - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Unrecognized tax benefits, beginning of year	$ 403	$ 397
Decreases of tax positions taken in prior years	(16)	(19)
Increases based on tax positions taken in current year	45	38
Settlements of tax positions taken in prior years	0	(13)
Unrecognized tax benefits, end of year	$ 432	$ 403

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

Mar. 26, 2023

USD ($)

2024, payments operating leases

$ 1,782

2024, receipts subleases

271

2024, net leases

1,511

2025, payments operating leases

1,687

2025, receipts subleases

274

2025, net leases

1,413

2026, payments operating leases

1,717

2026, receipts subleases

278

2026, net leases

1,439

2027, payments operating leases

1,726

2027, receipts subleases

281

2027, net leases

1,445

2028, payments operating leases

1,573

2028, receipts subleases

129

2028, net leases

1,444

Thereafter, payments operating leases

462

Thereafter, receipts subleases

495

Thereafter, net leases

(33)

Total lease commitments, payments operating leases

8,947

Total lease commitments, receipts subleases

1,728

Total lease commitments, net leases

7,219

Less: Amount representing interest

1,759

Present value of lease liabilities (b)

$ 7,188

^[1]

[1]	The present value of minimum operating lease payments

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

12 Months Ended

Mar. 26, 2023

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

Weighted-average option fair values			$13.04
Expected life (years)			4.4
Interest rate			0.82%
Volatility			27.69%
Dividend yield			2.04%

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

	March 26, 2023		March 27, 2022

Stock options	$	33	$	60
Restricted stock units		225		14
	$	258	$	74

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

					Weighted
			Weighted		Average
March 26, 2023			Average		Remaining		Aggregate
			Exercise		Contractual		Intrinsic
	Shares		Price		Life		Value
Options outstanding – beginning of year		20,000	$	79.20		2.92

Granted		-		-

Expired		-		-

Exercised		-		-

Options outstanding - end of year		20,000	$	79.20		1.92	$	40

Options exercisable - end of year		12,500	$	85.62		1.05	$	10

					Weighted
			Weighted		Average
March 27, 2022			Average		Remaining		Aggregate
			Exercise		Contractual		Intrinsic
	Shares		Price		Life		Value
Options outstanding – beginning of year		10,000	$	89.90		2.46

Granted		10,000	$	68.50		4.37

Expired		-		-

Exercised		-		-

Options outstanding - end of year		20,000	$	79.20		2.92	$	-

Options exercisable - end of year		10,000	$	89.90		1.46	$	-

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

			Weighted
			Average
			Grant-date Fair value
	Shares		Per share

Unvested restricted stock units at March 27, 2022		-	$	-

Granted		50,000	$	67.59

Vested		-	$	-

Unvested restricted stock units at March 26, 2023		50,000	$	67.59

Note K - Leases (Details Textual) - USD ($) $ in Thousands	Mar. 26, 2023	Mar. 27, 2022
Operating Lease, Liability, Current	$ 1,782	$ 1,849
Operating Lease, Liability, Noncurrent	$ 5,406	$ 6,487

Note B - Summary of Significant Accounting Policies - Remaining Performance Obligations 2 (Details) $ in Thousands	Mar. 26, 2023 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 1,608
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 336
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 320
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 289
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 172
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 78
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-03-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Amount	$ 413

Note A - Description and Organization of Business

12 Months Ended

Mar. 26, 2023

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 26, 2023, the Company’s restaurant system included four Company-owned units in the New York City metropolitan area and 232 franchised or licensed units, located in 17 states and 13 foreign countries. It also included 267 virtual kitchens (existing kitchens with no Nathan’s Famous branded storefront presence, used to fill online orders) located in 19 states and 4 foreign countries.

COVID-19 and Macroeconomic Conditions

The outbreak of the COVID-19 pandemic in March 2020 had a number of adverse effects on our business including a reduction in customer traffic at our Company-owned restaurants and our franchised locations, as well as difficulty in staffing these locations. Additionally, it hampered many of our Branded Product Program customers including professional sports venues, amusement parks, shopping malls and movie theaters. While the disruptions to our business from the COVID-19 pandemic have mostly subsided, the resurgence of COVID-19 or its variants, as well as an outbreak of other widespread health epidemics or pandemics, may disrupt our operations and have an adverse effect on our business, financial condition and results of operations.

During fiscal 2023, the Company continued to experience rising labor costs, as well as higher commodity prices, packaging costs and fuel prices. We expect this trend to continue into fiscal 2024. Our average cost of hot dogs for the fiscal 2023 period was approximately 1.4% higher than during the fiscal 2022 period. In general, we have been able to offset increases resulting from inflation by increasing prices. We continue to monitor these inflationary pressures and will continue to implement mitigation plans as needed. Delays in implementing price increases, competitive pressures, consumer spending levels and other factors may limit our ability to implement further price increases in the future.

The extent to which COVID-19 and inflation will impact the Company will depend on future developments, which cannot be predicted. Such impacts may include non-cash asset impairments and difficulty collecting trade receivables, among other things.

Note K - Leases (Tables)

12 Months Ended

Mar. 26, 2023

Lease, Cost [Table Text Block]

	March 26, 2023			March 27, 2022

Operating lease cost	$	1,548		$	1,553
Variable lease cost		1,614			1,356
Less: Sublease income, net		(85	)		(88	)

Total net lease cost	$	3,077		$	2,821

	March 26, 2023			March 27, 2022

Restaurant operating expenses	$	2,416		$	2,199
General and administrative expenses		746			710
Less: Other income, net		(85	)		(88	)

Total net lease cost	$	3,077		$	2,821

Leases, Cash Flows [Table Text Block]

	March 26, 2023		March 27, 2022

Operating cash flows from operating leases	$	1,171	$	1,058

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

	March 26, 2023			March 27, 2022

Weighted average remaining lease term (years):		5.3			6.3

Weighted average discount rate:		8.859	%		8.867	%

Operating Lease, Maturity [Table Text Block]

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2024	$	1,782	$	271	$	1,511
2025		1,687		274		1,413
2026		1,717		278		1,439
2027		1,726		281		1,445
2028		1,573		129		1,444
Thereafter		462		495		(33	)
Total lease commitments	$	8,947	$	1,728	$	7,219
Less: Amount representing interest		1,759
Present value of lease liabilities (a)	$	7,188

Operating Lease, Lease Income [Table Text Block]

	March 26, 2023		March 27, 2022

Operating lease income, net		$85		$88

Note E - Prepaid Expenses and Other Current Assets

12 Months Ended

Mar. 26, 2023

Other Current Assets [Text Block]

NOTE E - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

	March 26,		March 27,
	2023		2022

Income taxes	$	146	$	-
Real estate taxes		78		71
Insurance		389		327
Marketing		814		653
Other		468		390

Total prepaid expenses and other current assets	$	1,895	$	1,441

Consolidated Statements of Earnings - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
REVENUES
Revenues	$ 130,785	$ 114,882
COSTS AND EXPENSES
Cost of sales	75,172	65,164
Restaurant operating expenses	3,984	3,659
Depreciation and amortization	1,135	1,054
General and administrative expenses	14,061	13,145
Advertising fund expense	1,988	1,997
Total costs and expenses	96,340	85,019
Income from operations	34,445	29,863
Interest expense	(7,742)	(10,135)
Loss on debt extinguishment (NOTE J)	(357)	(1,354)
Interest income	440	110
Other income, net	18	52
Income before provision for income taxes	26,804	18,536
Provision for income taxes	7,181	4,940
Net income	$ 19,623	$ 13,596
Weighted average shares used in computing income per share:
Basic (in shares)	4,089,000	4,115,000
Diluted (in shares)	4,090,000	4,115,000
Income per share:
Basic (in dollars per share)	$ 4.80	$ 3.30
Diluted (in dollars per share)	4.80	3.30
Dividends declared per share (in dollars per share)	$ 1.85	$ 1.50
Product [Member]
REVENUES
Revenues	$ 91,045	$ 77,227
License [Member]
REVENUES
Revenues	33,455	31,824
Franchise Fees and Royalties [Member]
REVENUES
Revenues	4,292	3,859
Advertising Fund Revenue [Member]
REVENUES
Revenues	$ 1,993	$ 1,972

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - A Summary of the Status of the Company's Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 28, 2021
Options, shares (in shares)	20,000	10,000
Options, weighted average exercise price (in dollars per share)	$ 79.20	$ 89.90
Options outstanding – beginning of year, weighted average remaining contractual life (Year)	1 year 11 months 1 day	2 years 11 months 1 day	2 years 5 months 15 days
Granted, shares (in shares)	0	10,000
Granted, weighted average exercise price (in dollars per share)	$ 0	$ 68.50
Expired, shares (in shares)	0	0
Granted, weighted average remaining contractual life (Year)		4 years 4 months 13 days
Expired, weighted average exercise price (in dollars per share)	$ 0	$ 0
Exercised, shares (in shares)	0	0
Exercised, weighted average exercise price (in dollars per share)	$ 0	$ 0
Options, shares (in shares)	20,000	20,000	10,000
Options, weighted average exercise price (in dollars per share)	$ 79.20	$ 79.20	$ 89.90
Options outstanding - aggregate intrinsic value	$ 40	$ 0
Options exercisable, shares (in shares)	12,500	10,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 85.62	$ 89.90
Options exercisable - weighted average remaining contractual life (Year)	1 year 18 days	1 year 5 months 15 days
Options exercisable - aggregate intrinsic value	$ 10	$ 0

Note H - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Income tax provision at the U.S. Federal statutory rate	$ 5,629	$ 3,893
State and local income taxes, net of U.S. Federal income tax benefit	1,339	1,003
Change in uncertain tax positions, net	63	33
Nondeductible meals and entertainment and other	(45)	(77)
Nondeductible executive compensation	195	88
Total provision for income taxes	$ 7,181	$ 4,940

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

+ References + Details

Note K - Leases - Weighted Average Remaining Lease Term and Weighted-average Discount Rate (Details)	Mar. 26, 2023	Mar. 27, 2022
Weighted average remaining lease term (years): (Year)	5 years 3 months 18 days	6 years 3 months 18 days
Weighted average discount rate:	8.859%	8.867%

Note B - Summary of Significant Accounting Policies - Property and Equipment (Details)	Mar. 26, 2023
Building and Building Improvements [Member] \| Minimum [Member]
Property and equipment useful life (Year)	5 years
Building and Building Improvements [Member] \| Maximum [Member]
Property and equipment useful life (Year)	25 years
Machinery, Equipment, Furniture, and Fixtures [Member] \| Minimum [Member]
Property and equipment useful life (Year)	3 years
Machinery, Equipment, Furniture, and Fixtures [Member] \| Maximum [Member]
Property and equipment useful life (Year)	15 years
Leasehold Improvements [Member] \| Minimum [Member]
Property and equipment useful life (Year)	5 years
Leasehold Improvements [Member] \| Maximum [Member]
Property and equipment useful life (Year)	20 years

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

12 Months Ended

Mar. 26, 2023

Mar. 27, 2022

$ 130,785

$ 114,882

Loss on debt extinguishment

34,445

29,863

Interest expense

(7,742)

(10,135)

(357)

(1,354)

Interest income

440

110

Other income, net

Income before provision for income taxes

26,804

18,536

58,610

78,516

Corporate, Non-Segment [Member]

1,135

1,054

^[1]

1,993

1,972

(9,488)

(8,490)

33,905

54,176

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

287

330

78,884

66,322

8,976

6,399

12,033

9,966

Product Licensing [Member] | Operating Segments [Member]

132

163

33,455

31,824

33,273

31,642

Restaurant Operations [Member] | Operating Segments [Member]

3,376

3,179

16,453

14,764

1,684

312

9,296

11,195

$ 716

$ 561

[1]	Represents advertising fund revenue.

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

12 Months Ended

Mar. 26, 2023

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

	March 26,		March 27,
	2023		2022

Branded product sales	$	11,106	$	9,318
Franchise and license royalties		3,817		3,923
Other		623		391
		15,546		13,632

Less: allowance for doubtful accounts		480		258

Accounts and other receivables, net	$	15,066	$	13,374

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

	March 26, 2023			March 27, 2022

Beginning balance	$	258		$	345
Bad debt expense		457			186
Write offs and other		(235	)		(273	)

Ending balance	$	480		$	258

Note J - Long-term Debt (Tables)

12 Months Ended

Mar. 26, 2023

Schedule of Debt [Table Text Block]

	March 26,			March 27,
	2023			2022

6.625% Senior Secured Notes due 2025	$	80,000		$	110,000
Less: unamortized debt issuance costs		(952	)		(1,817	)
Long-term debt, net	$	79,048		$	108,183

Debt Instrument Redemption [Table Text Block]

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

Note N - Related Party Transactions

12 Months Ended

Mar. 26, 2023

NOTE N - RELATED PARTY TRANSACTIONS

A firm to which the Company’s Executive Chairman of the Board is as an investor, and the firm’s affiliates, received ordinary and customary insurance commissions aggregating approximately $18 and $27 for the fiscal years ended March 26, 2023 and March 27, 2022, respectively.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Note E - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Mar. 27, 2022
Income taxes	$ 146	$ 0
Real estate taxes	78	71
Insurance	389	327
Marketing	814	653
Other	468	390
Total prepaid expenses and other current assets	$ 1,895	$ 1,441

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Transactions With Respect to Restricted Stock (Details)	12 Months Ended
	Mar. 26, 2023 $ / shares shares
Unvested, shares (in shares) \| shares	0
Unvested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Granted, Units (in shares) \| shares	50,000
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 67.59
Vested, shares (in shares) \| shares	0
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Unvested, shares (in shares) \| shares	50,000
unvested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 67.59

Note G - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Mar. 27, 2022
Payroll and other benefits	$ 3,410	$ 3,109
Accrued rebates	698	166
Rent and occupancy costs	70	90
Construction costs	0	58
Interest	2,143	2,968
Professional fees	99	129
Corporate income taxes	0	103
Sales, use and other taxes	76	39
Other	228	295
Total accrued expenses and other current liabilities	8,130	7,833
Deferred Franchise Fees And Other Deferred Revenue [Member]
Deferred revenue	$ 1,406	$ 876

Note H - Income Taxes - Summary of Income Tax Examinations (Details) - Earliest Tax Year [Member]	12 Months Ended
	Mar. 26, 2023
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Open tax year	2020
State and Local Jurisdiction [Member] \| New York State Division of Taxation and Finance [Member]
Open tax year	2020
State and Local Jurisdiction [Member] \| New York City Tax Commission [Member]
Open tax year	2020
State and Local Jurisdiction [Member] \| New Jersey Division of Taxation [Member]
Open tax year	2019
State and Local Jurisdiction [Member] \| California Franchise Tax Board [Member]
Open tax year	2019

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 26, 2023	Mar. 27, 2022
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance	$ 10,871	$ 10,344
Unamortized Debt Issuance Expense	$ 952	$ 1,817
Common Stock, Par or Stated Value Per Share (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, Ending Balance (in shares)	4,079,720	4,115,154
Treasury Stock, Common, Shares (in shares)	5,289,515	5,254,081

Note D - Accounts and Other Receivables, Net

12 Months Ended

Mar. 26, 2023

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

NOTE D - ACCOUNTS AND OTHER RECEIVABLES, NET

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

	March 26,		March 27,
	2023		2022

Branded product sales	$	11,106	$	9,318
Franchise and license royalties		3,817		3,923
Other		623		391
		15,546		13,632

Less: allowance for doubtful accounts		480		258

Accounts and other receivables, net	$	15,066	$	13,374

Accounts receivable are 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 fiscal years ended March 26, 2023 and March 27, 2022 are as follows:

	March 26, 2023			March 27, 2022

Beginning balance	$	258		$	345
Bad debt expense		457			186
Write offs and other		(235	)		(273	)

Ending balance	$	480		$	258

Note J - Long-term Debt

12 Months Ended

Mar. 26, 2023

Debt Disclosure [Text Block]

NOTE J – LONG-TERM DEBT

Long-term debt consists of the following:

	March 26,			March 27,
	2023			2022

6.625% Senior Secured Notes due 2025	$	80,000		$	110,000
Less: unamortized debt issuance costs		(952	)		(1,817	)
Long-term debt, net	$	79,048		$	108,183

On November 1, 2017, the Company issued $150,000 of 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 Trust Company, National Association (formerly 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 of 10.000% Senior Secured Notes due 2020 and redeemed such Notes (the "Redemption"), paid a portion of a special $5.00 per share cash dividend to Nathan's stockholders of record, and used 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 2025 Notes bear interest at 6.625% per annum, payable semi-annually on May 1^st and November 1^st of each year. The Company made its required semi-annual interest payments on May 1, 2022 and November 1, 2022. On May 1, 2023, the Company paid its first semi-annual interest payment of fiscal 2024.

The 2025 Notes have no scheduled principal amortization payments prior to its final maturity on November 1, 2025.

Covenants and restrictions

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 no ongoing financial maintenance covenants associated with the 2025 Notes. As of March 26, 2023, Nathan’s was in compliance with all covenants associated with the 2025 Notes.

The Indenture contains certain covenants and restrictions 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 to 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 to 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 to 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.

Guarantees

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.

Redemption

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, 2021 and prior to November 1, 2022		101.656	%
On or after November 1, 2022		100.000	%

On February 14, 2023, the Company announced its intent to complete the partial redemption, in the principal amount of $30,000, of the 2025 Notes in accordance with the terms and conditions of the Indenture. The redemption price of the redeemed notes was 100% of the principal amount, plus accrued and unpaid interest from, and including November 1, 2022 to, but excluding the redemption date of March 21, 2023. On March 21, 2023, the Company completed the partial redemption by paying cash of $30,773, inclusive of accrued interest of $773, and recognized a loss on early extinguishment of $357 that reflected the write-off of a portion of previously recorded debt issuance costs.

On December 15, 2021, the Company announced its intent to complete the partial redemption, in the principal amount of $40,000, of the 2025 Notes, in accordance with the terms and conditions of the Indenture. The redemption price of the redeemed notes was 101.656% of the principal amount, plus accrued and unpaid interest from, and including November 1, 2021 to, but excluding, the redemption date of January 26, 2022. On January 26, 2022, the Company completed the partial redemption by paying cash of $41,288, inclusive of the redemption premium of $662 and accrued interest of $626, and recognized a loss on early extinguishment of $1,354 that reflected the redemption premium of $662 and the write-off of a portion of previously recorded debt issuance costs of $692.

Change of Control

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.

Asset Sale Offer

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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Note G - Accrued Expenses and Other Current Liabilities

12 Months Ended

Mar. 26, 2023

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

NOTE G – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

	March 26,		March 27,
	2023		2022

Payroll and other benefits	$	3,410	$	3,109
Accrued rebates		698		166
Rent and occupancy costs		70		90
Deferred revenue		1,406		876
Construction costs		-		58
Interest		2,143		2,968
Professional fees		99		129
Corporate income taxes		-		103
Sales, use and other taxes		76		39
Other		228		295
Total accrued expenses and other current liabilities	$	8,130	$	7,833

Note K - Leases - Cash Paid for Amounts Included in the Measurement of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Operating cash flows from operating leases	$ 1,171	$ 1,058

Note K - Leases - Components of Net Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Operating lease cost	$ 1,548	$ 1,553
Total net lease cost	3,077	2,821
Variable lease cost	1,614	1,356
Less: Sublease income, net	(85)	(88)
Total net lease cost	3,077	2,821
Restaurant Operating Expense [Member]
Total net lease cost	2,416	2,199
Total net lease cost	2,416	2,199
General and Administrative Expense [Member]
Total net lease cost	746	710
Total net lease cost	746	710
Other Income [Member]
Less: Sublease income, net	$ (85)	$ (88)

Note B - Summary of Significant Accounting Policies - The Company's Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Revenues	$ 130,785	$ 114,882
Branded Products [Member]
Revenues	78,884	66,322
Company-operated Restaurants [Member]
Revenues	12,161	10,905
Product [Member]
Revenues	91,045	77,227
License [Member]
Revenues	33,455	31,824
Royalty [Member]
Revenues	3,636	3,304
Franchise [Member]
Revenues	656	555
Franchise Fees and Royalties [Member]
Revenues	4,292	3,859
Advertising Fund Revenue [Member]
Revenues	1,993	1,972
UNITED STATES
Revenues	124,887	111,659
Non-US [Member]
Revenues	$ 5,898	$ 3,223

Note J - Long-term Debt - Summary of Redemption Features (Details)	12 Months Ended
	Mar. 26, 2023
Debt Instrument, Redemption, Period Two [Member]
Debt instrument, redemption price, percentage	101.656%
Debt Instrument, Redemption, Period Three [Member]
Debt instrument, redemption price, percentage	100.00%

Note H - Income Taxes (Tables)

12 Months Ended

Mar. 26, 2023

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

	March 26, 2023		March 27, 2022
Federal
Current	$	5,293	$	4,019
Deferred		137		(380	)
Total Federal income tax		5,430		3,639
State and local
Current		1,681		1,365
Deferred		70		(64	)
Total State and local income tax		1,751		1,301
Total provision for income taxes	$	7,181	$	4,940

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

	March 26, 2023			March 27, 2022

Income tax provision at the U.S. Federal statutory rate	$	5,629		$	3,893
State and local income taxes, net of U.S. Federal income tax benefit		1,339			1,003
Change in uncertain tax positions, net		63			33
Nondeductible meals and entertainment and other		(45	)		(77	)
Nondeductible executive compensation		195			88
Total provision for income taxes	$	7,181		$	4,940

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

	March 26,		March 27,
	2023		2022
Deferred tax assets
Accrued expenses	$	348	$	324
Allowance for doubtful accounts		120		61
Interest expense		-		381
Deferred revenue		402		519
Deferred stock compensation		78		69
Operating lease liability		1,550		1,894
Other		135		123
Total deferred tax assets	$	2,633	$	3,371

Deferred tax liabilities
Deductible prepaid expense	$	147	$	240
Operating lease right-of-use asset		1,390		1,692
Depreciation expense		549		637
Amortization		172		220
Total deferred tax liabilities		2,258		2,789
Net deferred tax asset	$	375	$	582

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

	March 26, 2023			March 27, 2022

Unrecognized tax benefits, beginning of year	$	403		$	397
Decreases of tax positions taken in prior years		(16	)		(19	)
Increases based on tax positions taken in current year		45			38
Settlements of tax positions taken in prior years		-			(13	)
Unrecognized tax benefits, end of year	$	432		$	403

Summary of Income Tax Contingencies [Table Text Block]

Jurisdiction		Fiscal Year
Federal		2020
New York State		2020
New York City		2020
New Jersey		2019
California		2019

Note J - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Mar. 21, 2023	Feb. 14, 2023	Jan. 26, 2022	Dec. 15, 2021	Nov. 01, 2017	Mar. 26, 2023	Mar. 27, 2022
Dividends Payable, Amount Per Share					$ 5.00
Debt Instrument, Fixed Charge Coverage Ratio					2.0
Payment for Debt Extinguishment or Debt Prepayment Cost						$ (0)	$ 662
Gain (Loss) on Extinguishment of Debt						$ (357)	$ (1,354)
Senior Notes [Member]
Debt Instrument, Priority Secured Leverage Ratio					0.40
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 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					$ 150,000
Debt Instrument, Interest Rate, Stated Percentage					6.625%	6.625%	6.625%
Long-Term Debt, Gross		$ 30,000		$ 40,000		$ 80,000	$ 110,000
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		100.00%		101.656%
Repayments of Long-Term Debt	$ 30,773		$ 41,288
Payment for Debt Extinguishment or Debt Prepayment Cost	773		662
Gain (Loss) on Extinguishment of Debt	$ 357		1,354
Interest Paid, Including Capitalized Interest, Operating and Investing Activities			626
Deferred Debt Issuance Cost, Writeoff			$ 692
Senior Notes [Member] \| Senior Secured 2020 Notes [Member]
Proceeds from Issuance of Long-Term Debt					$ 135,000
Debt Instrument, Interest Rate, Stated Percentage					10.00%

Significant Accounting Policies (Policies)

12 Months Ended

Mar. 26, 2023

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

1.	Principles of Consolidation

Fiscal Period, Policy [Policy Text Block]

2.	Fiscal Year

Use of Estimates, Policy [Policy Text Block]

3.	Use of Estimates

Cash and Cash Equivalents, Policy [Policy Text Block]

4.	Cash and Cash Equivalents

Inventory, Policy [Policy Text Block]

5.	Inventories

Inventories, which are stated at the lower of cost or net realizable value, consist primarily of food, beverages, and paper supplies. Cost is determined using the first-in, first-out method.

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

6.	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]

7.	Goodwill and Intangible Asset

Annual amortization of the intangible asset for the next five years will approximate the following:

	Estimate for fiscal year
2024	$	174
2025		174
2026		174
2027		174
2028		173
Total	$	869

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

8.	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.

Lessee, Leases [Policy Text Block]

Leases

Determination of Whether a Contract Contains a Lease

ROU Model and Determination of Lease Term

Operating Leases

Significant Assumptions and Judgement

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

10.

Fair Value of Financial Instruments

The fair value hierarchy consists of the following three levels:

●

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

●

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

At March 26, 2023 and March 27, 2022, we did not have any assets or liabilities that were recorded at fair value.

The carrying amounts of cash, accounts receivable, and accounts payable approximate fair value due to the short-term nature of those items.

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

11.

Start-up Costs

Pre-opening and similar restaurant costs are expensed as incurred and are included in “Restaurant operating expenses” in the accompanying Consolidated Statement of Earnings.

Revenue from Contract with Customer [Policy Text Block]

12.

Revenue Recognition - Branded Product Program

13.

Revenue Recognition - Company-owned Restaurants

14.

Revenue Recognition - License Royalties

15.

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.

Franchise fees and royalties that are subsequently deemed to be not collectible are recorded as bad debts until paid by the franchisee or until collectability is deemed to be reasonably assured.

The following is a summary of franchise openings and closings (excluding virtual kitchens) for the Nathan’s franchise restaurant system for the fiscal years ended March 26, 2023 and March 27, 2022:

	March 26,			March 27,
	2023			2022

Franchised restaurants operating at the beginning of the period		239			213

New franchised restaurants opened during the period		11			54

Franchised restaurants closed during the period		(18	)		(28	)

Franchised restaurants operating at the end of the period		232			239

Contract balances

The following table provides information about contract liabilities from contracts with customers:

	March 26, 2023		March 27, 2022
Deferred franchise fees (a)	$	1,608	$	2,097
Deferred revenues, which are included in
“Accrued expenses and other current liabilities” (b)	$	1,406	$	876

(a) Deferred franchise fees of $336 and $1,272 as of March 26, 2023 and $349 and $1,748 as of March 27, 2022 are included in Deferred franchise fees – current and long term, respectively.

(b) Includes $906 of deferred license royalties and $500 of deferred advertising fund revenue as of March 26, 2023 and $876 of deferred license royalties as of March 27, 2022.

Significant changes in deferred franchise fees for the fiscal years ended March 26, 2023 and March 27, 2022 are as follows:

	March 26, 2023			March 27, 2022
Deferred franchise fees at beginning of period	$	2,097		$	1,773
New deferrals due to cash received and other		167			879
Revenue recognized during the period		(656	)		(555	)
Deferred franchise fees at end of period	$	1,608		$	2,097

Significant changes in deferred revenues for the fiscal years ended March 26, 2023 and March 27, 2022 are as follows:

	March 26, 2023			March 27, 2022
Deferred revenues at beginning of period	$	876		$	841
New deferrals due to cash received and other		1,828			1,251
Revenue recognized during the period		(1,298	)		(1,216	)
Deferred revenues at end of period	$	1,406		$	876

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
20241	$	336
20251		320
20261		289
20271		172
20281		78
Thereafter1		413
Total	$	1,608

16.

Revenue Recognition – National Advertising Fund

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.

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

17.

Business Concentrations and Geographical Information

The Company’s revenues for the fiscal years ended March 26, 2023 and March 27, 2022 were derived from the following geographic areas:

	March 26, 2023		March 27, 2022

Domestic (United States)	$	124,887	$	111,659
Non-domestic		5,898		3,223
	$	130,785	$	114,882

The Company’s sales for the fiscal years ended March 26, 2023 and March 27, 2022 were derived from the following:

	March 26, 2023		March 27, 2022

Branded Products	$	78,884	$	66,322
Company-owned restaurants		12,161		10,905
Total sales	$	91,045	$	77,227

License royalties	$	33,455	$	31,824

Royalties		3,636		3,304
Franchise fees		656		555
Total franchise fees and royalties	$	4,292	$	3,859

Advertising fund revenue	$	1,993	$	1,972

Total revenues	$	130,785	$	114,882

Advertising Cost [Policy Text Block]

18.

Advertising

Share-Based Payment Arrangement [Policy Text Block]

19.

Share-Based Compensation

At March 26, 2023, the Company had one share-based compensation plan in effect which is more fully described in Note L.2.

Cost of Goods and Service [Policy Text Block]

20.

Classification of Operating Expenses

Cost of sales consists of the following:

●

The cost of food and other products sold by Company-owned restaurants, through the Branded Product Program and through other distribution channels.

●

The cost of labor and associated costs of in-store restaurant management and crew.

●

The cost of paper products used in Company-owned restaurants.

●

Other direct costs such as fulfillment, commissions, freight and samples.

Restaurant operating expenses consist of the following:

●

Occupancy costs of Company-owned restaurants.

●

Utility costs of Company-owned restaurants.

●

Repair and maintenance expenses of Company-owned restaurants.

●

Marketing and advertising expenses done locally and contributions to advertising funds for Company-owned restaurants.

●

Insurance costs directly related to Company-owned restaurants.

Income Tax, Policy [Policy Text Block]

21.

Income Taxes

Uncertain Tax Positions

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

New Accounting Pronouncements, Policy [Policy Text Block]

22.

New Accounting Standard Not Yet Adopted

Note L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Share-Based Payment Arrangement, Expense	$ 258	$ 74
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense	33	60
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense	$ 225	$ 14

Note B - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 26, 2023

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 Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	Estimate for fiscal year
2024	$	174
2025		174
2026		174
2027		174
2028		173
Total	$	869

Schedule of Franchisor Disclosure [Table Text Block]

	March 26,			March 27,
	2023			2022

Franchised restaurants operating at the beginning of the period		239			213

New franchised restaurants opened during the period		11			54

Franchised restaurants closed during the period		(18	)		(28	)

Franchised restaurants operating at the end of the period		232			239

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

Contract balances

The following table provides information about contract liabilities from contracts with customers:

	March 26, 2023		March 27, 2022
Deferred franchise fees (a)	$	1,608	$	2,097
Deferred revenues, which are included in
“Accrued expenses and other current liabilities” (b)	$	1,406	$	876

(a) Deferred franchise fees of $336 and $1,272 as of March 26, 2023 and $349 and $1,748 as of March 27, 2022 are included in Deferred franchise fees – current and long term, respectively.

(b) Includes $906 of deferred license royalties and $500 of deferred advertising fund revenue as of March 26, 2023 and $876 of deferred license royalties as of March 27, 2022.

Significant changes in deferred franchise fees for the fiscal years ended March 26, 2023 and March 27, 2022 are as follows:

	March 26, 2023			March 27, 2022
Deferred franchise fees at beginning of period	$	2,097		$	1,773
New deferrals due to cash received and other		167			879
Revenue recognized during the period		(656	)		(555	)
Deferred franchise fees at end of period	$	1,608		$	2,097

Significant changes in deferred revenues for the fiscal years ended March 26, 2023 and March 27, 2022 are as follows:

	March 26, 2023			March 27, 2022
Deferred revenues at beginning of period	$	876		$	841
New deferrals due to cash received and other		1,828			1,251
Revenue recognized during the period		(1,298	)		(1,216	)
Deferred revenues at end of period	$	1,406		$	876

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
20241	$	336
20251		320
20261		289
20271		172
20281		78
Thereafter1		413
Total	$	1,608

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

	March 26, 2023		March 27, 2022

Domestic (United States)	$	124,887	$	111,659
Non-domestic		5,898		3,223
	$	130,785	$	114,882

	March 26, 2023		March 27, 2022

Branded Products	$	78,884	$	66,322
Company-owned restaurants		12,161		10,905
Total sales	$	91,045	$	77,227

License royalties	$	33,455	$	31,824

Royalties		3,636		3,304
Franchise fees		656		555
Total franchise fees and royalties	$	4,292	$	3,859

Advertising fund revenue	$	1,993	$	1,972

Total revenues	$	130,785	$	114,882

Note H - Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Federal
Current	$ 5,293	$ 4,019
Deferred	137	(380)
Total Federal income tax	5,430	3,639
State and local
Current	1,681	1,365
Deferred	70	(64)
Total State and local income tax	1,751	1,301
Total provision for income taxes	$ 7,181	$ 4,940

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

+ References + Details

Note D - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Mar. 27, 2022	Mar. 28, 2021
Accounts receivable, gross, current	$ 15,546	$ 13,632
Less: allowance for doubtful accounts	480	258	$ 345
Accounts and other receivables, net	15,066	13,374
Branded Product Sales [Member]
Accounts receivable, gross, current	11,106	9,318
Franchise and License Royalties [Member]
Accounts receivable, gross, current	3,817	3,923
Other Receivables [Member]
Accounts receivable, gross, current	$ 623	$ 391

Note N - Related Party Transactions (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Firm where Lorber Serves as Consultant [Member]
Related Party Transaction, Amounts of Transaction	$ 18	$ 27

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

12 Months Ended

Mar. 26, 2023

Equity [Text Block]

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

Dividends

On June 24, 2022, September 2, 2022 and December 2, 2022, the Company paid quarterly dividends of $0.45 per share. On February 2, 2023, the Company’s Board of Directors (the “Board”)authorized the increase of its quarterly dividend from from $0.45 to $0.50 per share. On March 3, 2023, the Company paid quarterly cash dividends of $0.50 per share. Through March 26, 2023, the Company paid quarterly dividends aggregating $7,563.

On June 25, 2021, September 3, 2021 and December 3, 2021, the Company paid quarterly dividends of $0.35 per share. On February 4, 2022, the Board authorized the increase of its quarterly dividend from $0.35 per share to $0.45 per share. On March 4, 2022, the Company paid quarterly cash dividends of $0.45 per share. Through March 27, 2022, the Company paid quarterly cash dividends aggregating $6,173.

Effective June 8, 2023, the Board declared its first quarterly cash dividend of $0.50 per share for fiscal year 2024, which is payable on June 28, 2023 to stockholders of record as of the close of business on June 20, 2023.

Our ability to pay future dividends is limited by the terms of the Indenture with U.S. Bank Trust Company, National Association (formerly 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 are subject to final determination of the Board and will be dependent upon our earnings and financial requirements.

Stock Incentive Plan

On September 18, 2019, the Company’s shareholders approved the Nathan’s Famous, Inc. 2019 Stock Incentive Plan (the “2019 Plan”). The 2019 Plan became effective as of July 1, 2020 (the "Effective Date"). Following the Effective Date, (i) no additional stock awards were granted under the 2010 Plan and (ii) all outstanding stock awards previously granted under the 2010 Plan remained subject to the terms of the 2010 Plan. All awards granted on or after the Effective Date are subject to the terms of the 2019 Plan.

As of the Effective Date, we were able to issue up to: (a) 369,584 shares of common stock under the 2019 Plan which includes: (i) shares that have been authorized but not issued pursuant to the 2010 Plan as of the Effective Date up to a maximum of an additional 208,584 shares and (ii) any shares subject to any outstanding options or restricted stock grants under any plan of the Company that were outstanding as of the Effective Date and that subsequently expire unexercised, or were otherwise forfeited, up to a maximum of an additional 11,000 shares. As of March 26, 2023, there were up to 131,683 shares available to be issued for future option grants or up to 148,584 shares of restricted stock to be granted under the 2019 Plan.

In general, options granted under the Company’s stock incentive plans have terms of five or 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 26, 2023, the Company granted 50,000 restricted stock units at a fair value of $67.59 per unit representing the closing price on the date of grant, which will be fully vested five years from the date of grant. The restricted stock units vest ratably over a five year period as follows: 10,000 restricted stock units on December 8, 2023; 10,000 restricted units on December 8, 2024; 10,000 restricted stock units on December 8, 2025; 10,000 restricted stock units on December 8, 2026; and 10,000 restricted stock units on December 8, 2027.

During the fiscal year ended March 27, 2022, the Company granted options to purchase 10,000 shares at an exercise price of $68.50 per share, all of which expire five years from the date of grant. All such options vest ratably over a four year period commencing August 10, 2021.

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 fiscal year ended March 27, 2022 were as follows:

Weighted-average option fair values			$13.04
Expected life (years)			4.4
Interest rate			0.82%
Volatility			27.69%
Dividend yield			2.04%

The expected dividend yield is based on historical and projected dividend yields. The Company estimates 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 grant. The expected option term is the number of years the Company estimates the options will be outstanding prior to exercise based on expected historical exercise patterns and employment termination behavior.

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 for the fiscal years ended March 26, 2023 and March 27, 2022 is as follows:

	March 26, 2023		March 27, 2022

Stock options	$	33	$	60
Restricted stock units		225		14
	$	258	$	74

The tax benefit on share-based compensation expense was $0 and $5 for the fiscal years ended March 26, 2023 and March 27, 2022, respectively. As of March 26, 2023, there was $3,232 of unamortized compensation expense related to stock-based incentive awards. The Company expects to recognize this expense over approximately fifty-two months, which represents the weighted average remaining requisite service periods for such awards.

A summary of the status of the Company’s stock options at March 26, 2023 and March 27, 2022 and changes during the fiscal years then ended is presented in the tables below:

					Weighted
			Weighted		Average
March 26, 2023			Average		Remaining		Aggregate
			Exercise		Contractual		Intrinsic
	Shares		Price		Life		Value
Options outstanding – beginning of year		20,000	$	79.20		2.92

Granted		-		-

Expired		-		-

Exercised		-		-

Options outstanding - end of year		20,000	$	79.20		1.92	$	40

Options exercisable - end of year		12,500	$	85.62		1.05	$	10

					Weighted
			Weighted		Average
March 27, 2022			Average		Remaining		Aggregate
			Exercise		Contractual		Intrinsic
	Shares		Price		Life		Value
Options outstanding – beginning of year		10,000	$	89.90		2.46

Granted		10,000	$	68.50		4.37

Expired		-		-

Exercised		-		-

Options outstanding - end of year		20,000	$	79.20		2.92	$	-

Options exercisable - end of year		10,000	$	89.90		1.46	$	-

Restricted stock units

Transactions with respect to restricted stock units for the fiscal year ended March 26, 2023 are as follows:

			Weighted
			Average
			Grant-date Fair value
	Shares		Per share

Unvested restricted stock units at March 27, 2022		-	$	-

Granted		50,000	$	67.59

Vested		-	$	-

Unvested restricted stock units at March 26, 2023		50,000	$	67.59

Stock Repurchase Programs

On June 14, 2022, the Board approved a 10b5-1 Plan (the “10b5-1 Plan”) which expired on September 13, 2022. During the fiscal year ended March 26, 2023, 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.

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 March 26, 2023, Nathan’s had repurchased 1,101,884 shares at a cost of $39,000 under the sixth stock repurchase plan. At March 26, 2023, 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.

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”).

On December 8, 2022, the Company entered into Amendment No. 3 to the Lorber Employment Agreement. Under the amendment, the term of the employment agreement was extended from December 31, 2022 to December 31, 2027. In addition, Mr. Lorber received a grant of 50,000 restricted stock units under the Company’s 2019 Stock Incentive Plan which vest in equal installments over five years. 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 no less than 15 days of consulting services per year, provided, Mr. Lorber is not required to provide more than 50 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 no 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, 2024, based on the original terms, and no non-renewal notice has been given.

Pursuant to the agreement, Mr. Gatoff receives a base salary, currently $625 effective June 1, 2022, and an annual bonus based on his performance measured against the Company’s financial, strategic and operating objectives as determined by the Compensation Committee. 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.

Each employment agreement terminates upon death or voluntary termination by the respective employee or may be terminated by the Company on up to 30-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 3% of the employee’s total annual salary. Employer contributions for each of the fiscal years ended March 26, 2023 and March 27, 2022 were $35 and are included in general and administrative expenses on the Consolidated Statements of Earnings.

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 $402 as of December 31, 2022. The Company has no plans or intentions to stop participating in the plan as of March 26, 2023 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 $9 and $6 for the fiscal years ended March 26, 2023 and March 27, 2022, respectively.

Other Benefits

The Company provides, on a contributory basis, medical benefits to active employees. The Company does not provide medical benefits to retirees.

The entire disclosure for equity.

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Note I - Segment Information (Tables)

12 Months Ended

Mar. 26, 2023

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

	March 26, 2023			March 27, 2022

Revenues
Branded Product Program	$	78,884		$	66,322
Product licensing		33,455			31,824
Restaurant operations		16,453			14,764
Corporate (1)		1,993			1,972
Total revenues	$	130,785		$	114,882

Income from operations
Branded Product Program	$	8,976		$	6,399
Product licensing		33,273			31,642
Restaurant operations		1,684			312
Corporate		(9,488	)		(8,490	)
Income from operations	$	34,445		$	29,863

Interest expense	$	(7,742	)	$	(10,135	)
Loss on debt extinguishment		(357	)		(1,354	)
Interest income		440			110
Other income, net		18			52
Income before provision for income taxes	$	26,804		$	18,536

Total assets
Branded Product Program	$	12,033		$	9,966
Product licensing		3,376			3,179
Restaurant operations		9,296			11,195
Corporate		33,905			54,176
Total assets	$	58,610		$	78,516

Depreciation & amortization expense
Branded Product Program	$	132		$	163
Restaurant operations		716			561
Corporate		287			330
Total depreciation & amortization expense	$	1,135		$	1,054

Note H - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Mar. 27, 2022
Deferred tax assets
Accrued expenses	$ 348	$ 324
Allowance for doubtful accounts	120	61
Interest expense	0	381
Deferred revenue	402	519
Deferred stock compensation	78	69
Operating lease liability	1,550	1,894
Other	135	123
Total deferred tax assets	2,633	3,371
Deferred tax liabilities
Deductible prepaid expense	147	240
Operating lease right-of-use asset	1,390	1,692
Depreciation expense	549	637
Amortization	172	220
Total deferred tax liabilities	2,258	2,789
Net deferred tax asset	$ 375	$ 582

Note F - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Mar. 27, 2022
Land	$ 123	$ 123
Building and improvements	1,414	1,402
Machinery, equipment, furniture and fixtures	5,200	5,231
Leasehold improvements	7,392	7,261
Construction-in-progress	63	112
Total property and equipment	14,192	14,129
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance	10,871	10,344
Property and equipment, net	$ 3,321	$ 3,785

Note F - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Property Depreciation and Amortization	$ 961	$ 941

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

12 Months Ended

Mar. 26, 2023

Schedule of Accrued Liabilities [Table Text Block]

	March 26,		March 27,
	2023		2022

Payroll and other benefits	$	3,410	$	3,109
Accrued rebates		698		166
Rent and occupancy costs		70		90
Deferred revenue		1,406		876
Construction costs		-		58
Interest		2,143		2,968
Professional fees		99		129
Corporate income taxes		-		103
Sales, use and other taxes		76		39
Other		228		295
Total accrued expenses and other current liabilities	$	8,130	$	7,833

Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Effective Income Tax Rate Reconciliation, Percent	26.80%	26.70%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 432	$ 403
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	305	271
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 33	$ 15

Note B - Summary of Significant Accounting Policies - Summary of Franchise Openings and Closings for the Nathan's Franchise Restaurant System (Details)	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Franchised restaurants operating at the beginning of the period	239
New franchised restaurants opened during the period	11
Franchised restaurants closed during the period	(18)
Franchised restaurants operating at the end of the period	232	239
Franchised Units [Member]
Franchised restaurants operating at the beginning of the period	239	213
New franchised restaurants opened during the period		54
Franchised restaurants closed during the period		(28)
Franchised restaurants operating at the end of the period	232	239

Note C - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Net income, Basic calculation	$ 19,623	$ 13,596
Shares, Basic calculation (in shares)	4,089,000	4,115,000
Net income per share, Basic calculation (in dollars per share)	$ 4.80	$ 3.30
Shares, Effect of dilutive employee stock options (in shares)	1,000	0
Net income per share, Effect of dilutive employee stock options (in dollars per share)	$ 0	$ 0
Net income, Diluted calculation	$ 19,623	$ 13,596
Shares, Diluted calculation (in shares)	4,090,000	4,115,000
Net income per share, Diluted calculation (in dollars per share)	$ 4.80	$ 3.30

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

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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 L - Stockholders' Equity, Stock Plans and Other Employee Benefit Plans (Details Textual)												12 Months Ended
	Jun. 08, 2023 $ / shares	Mar. 03, 2023 $ / shares	Dec. 02, 2022 $ / shares	Sep. 02, 2022 $ / shares	Jun. 24, 2022 $ / shares	Jun. 01, 2022 USD ($)	Mar. 04, 2022 $ / shares	Dec. 03, 2021 $ / shares	Sep. 03, 2021 $ / shares	Jun. 25, 2021 $ / shares	Nov. 01, 2012 USD ($) shares	Mar. 26, 2023 USD ($) $ / shares shares	Mar. 27, 2022 USD ($) $ / shares shares	Mar. 29, 2020	Dec. 31, 2017	Dec. 31, 2021 USD ($)	Sep. 18, 2019 shares	Mar. 11, 2016 shares
Common Stock, Dividends, Per Share, Declared \| $ / shares		$ 0.50	$ 0.45	$ 0.45	$ 0.45		$ 0.45	$ 0.35	$ 0.35	$ 0.35		$ 1.85	$ 1.50
Payments of Ordinary Dividends, Common Stock \| $												$ 7,563,000	$ 6,173,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period												50,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares												$ 67.59
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross												0	10,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price \| $ / shares												$ 0	$ 68.50
Share-Based Payment Arrangement, Expense, Tax Benefit \| $												$ 0	$ 5,000
Share Based Compensation Total Unamortized Compensation Expense \| $												$ 3,232,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition												52 months
Treasury Stock, Value, Acquired, Cost Method \| $												$ 1,892,000
Number of Times of Salary and Bonus Lump Sum Cash Payment														2.99
Defined Contribution Plan, Employer Discretionary Contribution Amount \| $												$ 35,000	35,000
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 \| $																$ 402,000
Multiemployer Plan, Employer Contribution, Cost \| $												$ 9,000	6,000
Executive Chairman of the Board [Member]
Term of Consulting Period Pursuant to the Lorber Employment [Agreement]															3 years
Executive Chairman of the Board [Member] \| Consulting Fee [Member]
Contractual Obligation \| $											$ 200,000
Chief Executive Officer [Member] \| Base Salary [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount \| $						$ 625,000
Repurchase Program [Member]
Treasury Stock, Shares, Acquired												35,434
Shares Acquired, Average Cost Per Share \| $ / shares												$ 53.39
Treasury Stock, Value, Acquired, Cost Method \| $													$ 1,892
Sixth Stock Repurchase Plan [Member]
Treasury Stock, Shares, Acquired												1,101,884
Treasury Stock, Value, Acquired, Cost Method \| $												$ 39,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased																		1,200,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased												98,116
Share-Based Payment Arrangement, Option [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													4 years
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] \| Executive Chairman of the Board [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period											50,000
Restricted Stock Units (RSUs) [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												5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period												50,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares												$ 67.59
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period												10,000
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period												10,000
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period												10,000
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Four [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period												10,000
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Five [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period												10,000
The 2019 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized																	369,584
The 2019 Stock Incentive Plan [Member] \| Shares Expired or Forfeited up to 100000 Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant																	11,000
The 2019 Stock Incentive Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant												131,683
The 2019 Stock Incentive Plan [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant												148,584
The 2010 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant																	208,584
Forecast [Member]
Common Stock, Dividends, Per Share, Declared \| $ / shares	$ 0.50

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [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)
Shares issued in connection with share-based compensation plans (in shares)	220
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)
Dividends on common stock	0	0	(6,173)	0	(6,173)
Share-based compensation	0	74	0	0	74
Net income	$ 0	0	13,596	$ 0	$ 13,596
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)
Dividends on common stock	0	0	(7,563)	0	(7,563)
Share-based compensation	0	258	0	0	258
Net income	$ 0	0	19,623	$ 0	19,623
Repurchase of common stock (in shares)	0			35,434
Repurchase of common stock	$ 0	0	0	$ (1,892)	$ (1,892)
Balance (in shares) at Mar. 26, 2023	9,369,235			5,289,515	4,079,720
Balance at Mar. 26, 2023	$ 94	$ 62,565	$ (20,559)	$ (86,662)	$ (44,562)

Note F - Property and Equipment, Net (Tables)

12 Months Ended

Mar. 26, 2023