$NATH
NATHANS FAMOUS, INC.

2015 Q4 Form 10-Q Financial Statement

#000143774916024816 Filed on February 05, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $20.56M $22.32M
YoY Change -7.85% 20.41%
Cost Of Revenue $12.08M $14.70M
YoY Change -17.83% 15.06%
Gross Profit $3.681M $2.594M
YoY Change 41.9% 5.58%
Gross Profit Margin 17.9% 11.62%
Selling, General & Admin $3.050M $2.760M
YoY Change 10.51% -4.83%
% of Gross Profit 82.86% 106.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $303.0K $298.0K
YoY Change 1.68% -2.61%
% of Gross Profit 8.23% 11.49%
Operating Expenses $3.350M $3.060M
YoY Change 9.48% -4.37%
Operating Profit $4.435M $3.765M
YoY Change 17.8% -606.73%
Interest Expense -$3.710M $20.00K
YoY Change -18650.0%
% of Operating Profit -83.65% 0.53%
Other Income/Expense, Net $21.00K $17.00K
YoY Change 23.53% -5.56%
Pretax Income $748.0K $3.803M
YoY Change -80.33% 110.23%
Income Tax $316.0K $1.562M
% Of Pretax Income 42.25% 41.07%
Net Earnings $432.0K $2.241M
YoY Change -80.72% 102.44%
Net Earnings / Revenue 2.1% 10.04%
Basic Earnings Per Share $0.10 $0.50
Diluted Earnings Per Share $0.10 $0.49
COMMON SHARES
Basic Shares Outstanding 4.408M 4.482M
Diluted Shares Outstanding 4.444M 4.603M

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.70M $41.40M
YoY Change 44.2% 40.82%
Cash & Equivalents $59.71M $34.54M
Short-Term Investments $0.00 $6.800M
Other Short-Term Assets $316.0K $403.0K
YoY Change -21.59% -80.81%
Inventory $569.0K $792.0K
Prepaid Expenses
Receivables $7.500M $8.500M
Other Receivables $1.500M $1.900M
Total Short-Term Assets $70.50M $54.21M
YoY Change 30.06% 29.38%
LONG-TERM ASSETS
Property, Plant & Equipment $8.832M $8.680M
YoY Change 1.75% -5.65%
Goodwill $95.00K $95.00K
YoY Change 0.0%
Intangibles $1.353M $1.353M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $213.0K $855.0K
YoY Change -75.09% 71.0%
Total Long-Term Assets $10.49M $10.98M
YoY Change -4.46% -1.94%
TOTAL ASSETS
Total Short-Term Assets $70.50M $54.21M
Total Long-Term Assets $10.49M $10.98M
Total Assets $81.00M $65.19M
YoY Change 24.24% 22.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.176M $5.303M
YoY Change -21.25% 60.7%
Accrued Expenses $8.755M $4.102M
YoY Change 113.43% 0.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.13M $9.718M
YoY Change 35.09% 27.87%
LONG-TERM LIABILITIES
Long-Term Debt $130.0M $0.00
YoY Change
Other Long-Term Liabilities $2.042M $1.569M
YoY Change 30.15% -25.29%
Total Long-Term Liabilities $132.0M $1.569M
YoY Change 8313.7% -25.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.13M $9.718M
Total Long-Term Liabilities $132.0M $1.569M
Total Liabilities $146.2M $12.04M
YoY Change 1113.83% 16.9%
SHAREHOLDERS EQUITY
Retained Earnings -$57.86M $51.13M
YoY Change -213.15%
Common Stock $60.76M $58.76M
YoY Change 3.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $68.07M $56.80M
YoY Change 19.84%
Treasury Stock Shares $4.922M $4.468M
Shareholders Equity -$65.16M $53.15M
YoY Change
Total Liabilities & Shareholders Equity $81.00M $65.19M
YoY Change 24.24% 22.77%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $432.0K $2.241M
YoY Change -80.72% 102.44%
Depreciation, Depletion And Amortization $303.0K $298.0K
YoY Change 1.68% -2.61%
Cash From Operating Activities $4.780M $2.210M
YoY Change 116.29% 662.07%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K -$350.0K
YoY Change -8.57% -56.79%
Acquisitions
YoY Change
Other Investing Activities $0.00 $200.0K
YoY Change -100.0% -158.82%
Cash From Investing Activities -$320.0K -$150.0K
YoY Change 113.33% -86.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.180M 300.0K
YoY Change -1493.33% -276.47%
NET CHANGE
Cash From Operating Activities 4.780M 2.210M
Cash From Investing Activities -320.0K -150.0K
Cash From Financing Activities -4.180M 300.0K
Net Change In Cash 280.0K 2.360M
YoY Change -88.14% -329.13%
FREE CASH FLOW
Cash From Operating Activities $4.780M $2.210M
Capital Expenditures -$320.0K -$350.0K
Free Cash Flow $5.100M $2.560M
YoY Change 99.22% 132.73%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">NOTE D &#x2013; NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In May 2014, the FASB issued a new accounting standard that attempts to establish a uniform basis for recording income to virtually all industries financial statements, under U.S. GAAP. The revenue standard&#x2019;s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled.<div style="display: inline; font-weight: bold;"> </div>In order to accomplish this objective, companies must evaluate the following five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. There are three basic transition methods that are available &#x2013; full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the third alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. Prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP. Early adoption is prohibited under U.S. GAAP. Public companies were originally expected to apply the new standard for annual periods beginning after December 15, 2016, including interim periods therein, which for Nathan&#x2019;s would have been its first quarter of fiscal 2018, beginning on March 27, 2017. On May 12, 2015, the FASB issued a second proposed update to the standard clarifying the distinction between revenue from licenses of intellectual property that represent a promise to deliver a good or service over time versus a promise to be satisfied at a point in time. On July 9, 2015, the FASB agreed to delay the standard&#x2019;s effective date to annual reporting periods beginning after December 15, 2017 which will now be our first quarter (June 2018) of our fiscal year ending March 31, 2019. The Company is currently evaluating the impact of this new accounting standard on its consolidated financial position and results of operations.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In August 2014, the FASB issued new guidance that requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity&#x2019;s ability to continue as a going concern within one year after the date that the financial statements are issued. If such conditions exist, management will be required to include disclosures enabling users to understand those conditions and management&#x2019;s plans to alleviate or mitigate those conditions. This new standard is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 16, 2016. This standard will take effect in Nathan&#x2019;s fourth quarter of our fiscal year ending March 26, 2017.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In July 2015, the FASB updated U.S. GAAP to simplify the ways businesses measure inventory. Companies that use the first-in, first-out (FIFO) method or the average cost method will measure inventory at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal, and transportation. Companies will no longer consider replacement cost or net realizable value less a normal profit margin when measuring inventory. This new standard is effective for annual reporting periods beginning after December 15, 2016 which will be our first quarter (June 2017) of our fiscal year ending March 25, 2018. Nathan&#x2019;s does not expect the adoption of this new guidance to have a material impact on its results of operations or financial position.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In November 2015, the FASB updated U.S. GAAP requiring deferred tax assets and liabilities be presented as noncurrent in a classified balance sheet. This accounting principle change will be effective in calendar year 2017 for public entities with calendar year reporting periods. However, early adoption is permitted for any interim or annual period. Public entities are required to apply the new guidance in the annual reporting period beginning after December 15, 2016, including interim reporting periods within those annual reporting periods. This standard is required to take effect in Nathan&#x2019;s first quarter ending (June 2017) of our fiscal year ending March 25, 2018. However, early adoption is permitted as of the beginning of any interim or annual reporting period. Nathan&#x2019;s may apply the amendment prospectively or retrospectively to all periods presented. In case of a prospective application, Nathan&#x2019;s would disclose in the first interim and annual period of change (i) the nature of and reason for the change in accounting principle, and (ii) a statement that prior periods were not adjusted. If the amendment is applied retrospectively, Nathan&#x2019;s would have to disclose in the first interim and annual period of change (i) the nature of and reason for the change in accounting principle, and (ii) quantitative information about the effects of the accounting change on prior periods. Nathan&#x2019;s is currently evaluating this new accounting standard but does not expect that it will have a significant impact on Nathan&#x2019;s financial position or results of operations.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company does not believe that any other recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying financial statements.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">NOTE B - RECLASSIFICATIONS&nbsp;</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Nathan&#x2019;s has adopted a new income statement format that it believes will better present its results of operations. The Company concluded that it was appropriate to separately present its non-operating revenues and expenses. Accordingly, interest expense, interest income and other income, net, have been removed from total revenues and total costs and expenses. Prior year balances have been reclassified to conform with the current year presentation.</div></div></div>
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4603000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4504000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4596000
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4408000
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4482000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4474000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4475000

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