$NATH
NATHANS FAMOUS, INC.

2016 Q3 Form 10-Q Financial Statement

#000143774916041060 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $27.87M $30.62M
YoY Change -8.97% 6.05%
Cost Of Revenue $15.49M $17.66M
YoY Change -12.29% -2.46%
Gross Profit $6.402M $6.313M
YoY Change 1.41% 33.86%
Gross Profit Margin 22.97% 20.62%
Selling, General & Admin $3.070M $2.980M
YoY Change 3.02% 10.78%
% of Gross Profit 47.95% 47.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $349.0K $333.0K
YoY Change 4.8% -2.35%
% of Gross Profit 5.45% 5.27%
Operating Expenses $3.410M $3.310M
YoY Change 3.02% 8.88%
Operating Profit $8.031M $8.426M
YoY Change -4.69% 30.7%
Interest Expense -$3.630M -$3.660M
YoY Change -0.82% -7420.0%
% of Operating Profit -45.2% -43.44%
Other Income/Expense, Net $21.00K $25.00K
YoY Change -16.0% -7.41%
Pretax Income $4.425M $4.789M
YoY Change -7.6% -26.64%
Income Tax $1.918M $1.942M
% Of Pretax Income 43.34% 40.55%
Net Earnings $2.507M $2.847M
YoY Change -11.94% -26.13%
Net Earnings / Revenue 9.0% 9.3%
Basic Earnings Per Share $0.60 $0.64
Diluted Earnings Per Share $0.60 $0.64
COMMON SHARES
Basic Shares Outstanding 4.172M 4.432M
Diluted Shares Outstanding 4.207M 4.449M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.10M $59.40M
YoY Change -7.24% 51.15%
Cash & Equivalents $55.13M $59.42M
Short-Term Investments $0.00
Other Short-Term Assets $348.0K $286.0K
YoY Change 21.68% -28.5%
Inventory $507.0K $785.0K
Prepaid Expenses
Receivables $7.700M $8.700M
Other Receivables $1.400M $1.700M
Total Short-Term Assets $65.18M $71.24M
YoY Change -8.5% 39.69%
LONG-TERM ASSETS
Property, Plant & Equipment $8.923M $8.817M
YoY Change 1.2% 2.52%
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 $94.00K $343.0K
YoY Change -72.59% -14.25%
Total Long-Term Assets $10.47M $10.61M
YoY Change -1.35% 1.03%
TOTAL ASSETS
Total Short-Term Assets $65.18M $71.24M
Total Long-Term Assets $10.47M $10.61M
Total Assets $75.65M $81.85M
YoY Change -7.58% 33.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.167M $4.596M
YoY Change -9.33% -6.2%
Accrued Expenses $5.991M $5.565M
YoY Change 7.65% 68.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.26M $10.47M
YoY Change -2.02% 17.64%
LONG-TERM LIABILITIES
Long-Term Debt $130.9M $129.7M
YoY Change 0.93%
Other Long-Term Liabilities $1.639M $2.324M
YoY Change -29.48% 45.25%
Total Long-Term Liabilities $132.5M $132.0M
YoY Change 0.39% 8149.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.26M $10.47M
Total Long-Term Liabilities $132.5M $132.0M
Total Liabilities $143.5M $143.4M
YoY Change 0.05% 1180.69%
SHAREHOLDERS EQUITY
Retained Earnings -$51.29M -$58.29M
YoY Change -12.0%
Common Stock $60.73M $60.72M
YoY Change 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost) $77.30M $64.01M
YoY Change 20.76%
Treasury Stock Shares $5.127M $4.833M
Shareholders Equity -$67.87M -$61.59M
YoY Change
Total Liabilities & Shareholders Equity $75.65M $81.85M
YoY Change -7.58% 33.09%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $2.507M $2.847M
YoY Change -11.94% -26.13%
Depreciation, Depletion And Amortization $349.0K $333.0K
YoY Change 4.8% -2.35%
Cash From Operating Activities $2.610M $1.890M
YoY Change 38.1% -64.2%
INVESTING ACTIVITIES
Capital Expenditures -$330.0K -$80.00K
YoY Change 312.5% -38.46%
Acquisitions
YoY Change
Other Investing Activities $0.00 $7.800M
YoY Change -100.0% 249.78%
Cash From Investing Activities -$330.0K $7.720M
YoY Change -104.27% 267.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -1.780M
YoY Change -100.0% 456.25%
NET CHANGE
Cash From Operating Activities 2.610M 1.890M
Cash From Investing Activities -330.0K 7.720M
Cash From Financing Activities 0.000 -1.780M
Net Change In Cash 2.280M 7.830M
YoY Change -70.88% 10.91%
FREE CASH FLOW
Cash From Operating Activities $2.610M $1.890M
Capital Expenditures -$330.0K -$80.00K
Free Cash Flow $2.940M $1.970M
YoY Change 49.24% -63.59%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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 C &#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 as amended in March 2016 and April 2016. The FASB issued two updates to the standard clarifying reporting revenue between Principle versus Agent and clarification in determining performance obligations and licenses guidance. 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. guidance 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. guidance. Early adoption is prohibited. 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. The Company does not believe that the standard will impact its recognition of revenue for its Branded Product Program, Company-operated restaurants or its recognition of royalties from its franchised restaurants or retail licenses, which are based on a percentage of sales. The Company is continuing to evaluate the impact the adoption of this standard will have on the recognition of fees received from international development fees from the sales of exclusive territorial rights, initial fees from franchises for new restaurant openings or extended franchise terms.</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. 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 July 2015, the FASB updated U.S. accounting guidance 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 February 2016, the FASB issued a new accounting standard on leases. The new standard, among other changes, will require lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases. The lease liability will be measured at the present value of the lease payments over the lease term. The right-of-use asset will be measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and the lessee&#x2019;s initial direct costs (e.g. commissions). The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim reporting periods within those annual reporting periods. This standard is required to take effect in Nathan&#x2019;s first quarter ending (June 2019) of our fiscal year ending March 29, 2020. The adoption will require a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest period presented. 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">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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ProvisionForDoubtfulAccounts
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us-gaap Reclassifications
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">NOTE O &#x2013; RECLASSIFICATIONS</div></div> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 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=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Prior period amounts on the Consolidated Statement of Cash Flows have been reclassified to conform to the current period presentation.</div></div></div>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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CY2016Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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us-gaap Treasury Stock Shares Acquired
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CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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4432000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4169000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4508000

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