Nathan's Famous, Inc. Files 10-Q for Period Ending December 24, 2023

AI Summary

NATHANS FAMOUS, INC. (NATH) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. Nathan's Famous, Inc. filed a 10-Q for the period ending December 24, 2023. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on March 31st. The filing includes financial data for periods ending December 24, 2023, and December 25, 2022. Key financial metrics such as revenue, net income, and EPS are expected to be detailed within the report.

Why It Matters

For investors and stakeholders tracking NATHANS FAMOUS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Nathan's Famous, Inc. for the specified quarter. Understanding the details within this report is crucial for assessing the company's current financial health, profitability, and future outlook.

Risk Assessment

Risk Level: medium — NATHANS FAMOUS, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains detailed financial information but does not inherently signal significant positive or negative events beyond routine business operations.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Nathan's Famous's performance and outlook.

Key Numbers

• 2023-12-24 — Period End Date (Conformed period of report)
• 2024-02-01 — Filing Date (Filed as of date)
• 0331 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• NATHANS FAMOUS, INC. (company) — Filer name
• 20231224 (date) — Conformed period of report
• 20240201 (date) — Filed as of date
• 0000069733 (company) — Central Index Key
• 5812 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation
• 0331 (date) — Fiscal year end
• 10-Q (form) — Form type

Forward-Looking Statements

• General and administrative expenses will continue to be a significant factor impacting Nathan's Famous, Inc.'s profitability in the near term. (NATHANS FAMOUS, INC.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

Nathan's Famous, Inc. operates in the restaurant industry, specifically focusing on quick-service restaurants known for their hot dogs and other fast-food offerings.

Regulatory Implications

As a publicly traded company, Nathan's Famous, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the revenue and profitability figures for the reported quarter.
2. Examine any disclosed changes in operating expenses or cost structures.
3. Review management's discussion and analysis for insights into future strategies and challenges.

Key Dates

• 2023-12-24: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-02-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, which is a standard quarterly report. Specific comparative data from the previous filing (likely a 10-Q for the prior quarter or a 10-K for the prior fiscal year) would be needed to assess year-over-year or sequential changes.

Filing Documents

• nath20231224_10q.htm (10-Q) — 1075KB
• ex_619835.htm (EX-31.1) — 11KB
• ex_619836.htm (EX-31.2) — 11KB
• ex_619837.htm (EX-32.1) — 6KB
• ex_619838.htm (EX-32.2) — 6KB
• 0001437749-24-002733.txt ( ) — 6096KB
• nath-20231224.xsd (EX-101.SCH) — 63KB
• nath-20231224_def.xml (EX-101.DEF) — 377KB
• nath-20231224_lab.xml (EX-101.LAB) — 311KB
• nath-20231224_pre.xml (EX-101.PRE) — 423KB
• nath-20231224_cal.xml (EX-101.CAL) — 49KB
• nath20231224_10q_htm.xml (XML) — 1023KB

Financial Statements

Financial Statements. 3 Consolidated Balance Sheets – December 24, 2023 (Unaudited) and March 26, 2023 3 Consolidated Statements of Earnings (Unaudited) – Thirteen and Thirty-nine Weeks Ended December 24, 2023 and December 25, 2022 4 Consolidated Statements of Stockholders' Deficit (Unaudited) – Thirteen Weeks Ended December 24, 2023 and December 25, 2022 5 Consolidated Statements of Stockholders' Deficit (Unaudited) – Thirty-nine Weeks Ended December 24, 2023 and December 25, 2022 6 Consolidated Statements of Cash Flows (Unaudited) – Thirty-nine Weeks Ended December 24, 2023 and December 25, 2022 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 30 Item 4.

Controls and Procedures

Controls and Procedures. 31 PART II. OTHER INFORMATION Item 1. Legal Proceedings. 32 Item 1A. Risk Factors. 32 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities. 32 Item 3. Defaults Upon Senior Securities. 32 Item 4. Mine Safety Disclosures. 32 Item 5. Other Information. 32 Item 6. Exhibits. 33

SIGNATURES

SIGNATURES 34 -2-

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Nathan ' s Famous, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) December 24, 2023 March 26, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash $ 16,732 $ 29,861 Accounts and other receivables, net (Note H) 13,592 15,066 Inventories 554 539 Prepaid expenses and other current assets (Note I) 1,587 1,895 Total current assets 32,465 47,361 Property and equipment, net of accumulated depreciation of $ 11,637 and $ 10,871 , respectively 2,798 3,321 Operating lease assets (Note R) 6,393 6,421 Goodwill 95 95 Intangible asset, net (Note J) 739 869 Deferred income taxes 268 375 Other assets 148 168 Total assets $ 42,906 $ 58,610 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable $ 4,681 $ 6,461 Accrued expenses and other current liabilities (Note L) 4,516 8,130 Current portion of operating lease liabilities (Note R) 1,880 1,782 Deferred franchise fees 338 336 Total current liabilities 11,415 16,709 Long-term debt, net of unamortized debt issuance costs of $ 507 and $ 952 , respectively (Note Q) 59,493 79,048 Operating lease liabilities (Note R) 5,169 5,406 Other liabilities 794 737 Deferred franchise fees 1,014 1,272 Total liabilities 77,885 103,172 COMMITMENTS AND CONTINGENCIES (Note S) STOCKHOLDERS' DEFICIT Common stock, $ .01 par value; 30,000,000 shares authorized; 9,374,130 and 9,369,235 shares issued; and 4,084,615 and 4,079,720 shares outstanding at December 24, 2023 and March 26, 2023, respectively 94 94 Additional paid-in capital 62,749 62,565 Accumulated deficit ( 11,160 ) ( 20,559 ) Stockholders' equity before treasury stock 51,683 42,100 Treasury stock, at cost, 5,289,515 shares at December 24, 2023 and March 26, 2023, respectively ( 86,662 ) ( 86,662 ) Total stockholders' deficit ( 34,979 ) ( 44,56

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 24, 2023 (Unaudited) NOTE A - BASIS OF PRESENTATION The accompanying consolidated financial statements of Nathan's Famous, Inc. and subsidiaries (collectively "Nathan's," the "Company," "we," "us" or "our") as of and for the thirteen and thirty-nine week periods ended December 24, 2023 and December 25, 2022 have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The unaudited financial statements include all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of financial condition, results of operations and cash flows for the periods presented. However, our results of operations are seasonal in nature, and the results of any interim period are not necessarily indicative of results for any other interim period or the full fiscal year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to March 31. The 2024 fiscal year will end on March 31, 2024 and will contain 53 weeks. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the requirements of the U.S. Securities and Exchange Commission ("SEC"). Management believes that the disclosures included in the accompanying consolidated interim financial statements and footnotes are adequate to make the information not misleading, but should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Nathan's Annual Report on Form 10-K for the fiscal year ended March 26, 2023 as filed with the SEC on June 8, 2023. Our significant interim accounting policies include the recognition of advertising fund expense in proportion to advertising fund revenue, and the recognition of income taxes using an estimated annual effective tax rate. A summary of the Company's significant acco

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View this 10-Q filing on SEC EDGAR