$NATH
NATHANS FAMOUS, INC.

2017 Q4 Form 10-Q Financial Statement

#000143774918001575 Filed on February 02, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4 2015 Q1
Revenue $22.02M $19.87M $20.34M
YoY Change 10.81% -3.36% 17.36%
Cost Of Revenue $12.54M $10.79M $13.46M
YoY Change 16.24% -10.73% 10.15%
Gross Profit $4.168M $4.074M $2.019M
YoY Change 2.31% 10.68% 0.75%
Gross Profit Margin 18.93% 20.5% 9.93%
Selling, General & Admin $3.030M $3.390M $3.640M
YoY Change -10.62% 11.15% 23.81%
% of Gross Profit 72.7% 83.21% 180.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $320.0K $309.0K $260.0K
YoY Change 3.56% 1.98% -16.13%
% of Gross Profit 7.68% 7.58% 12.88%
Operating Expenses $3.350M $3.700M $3.910M
YoY Change -9.46% 10.45% 19.94%
Operating Profit $5.370M $4.754M $2.967M
YoY Change 12.96% 7.19% -336.23%
Interest Expense -$3.610M -$3.630M -$780.0K
YoY Change -0.55% -2.16%
% of Operating Profit -67.23% -76.36% -26.29%
Other Income/Expense, Net $22.00K $21.00K $20.00K
YoY Change 4.76% 0.0%
Pretax Income -$7.086M $1.147M $2.210M
YoY Change -717.79% 53.34% 19.46%
Income Tax -$3.307M $448.0K $680.0K
% Of Pretax Income 39.06% 30.77%
Net Earnings -$3.779M $699.0K $1.537M
YoY Change -640.63% 61.81% 26.19%
Net Earnings / Revenue -17.16% 3.52% 7.56%
Basic Earnings Per Share -$0.90 $0.17 $0.34
Diluted Earnings Per Share -$0.90 $0.17 $0.34
COMMON SHARES
Basic Shares Outstanding 4.185M 4.175M 4.521M
Diluted Shares Outstanding 4.185M 4.209M 4.562M

Balance Sheet

Concept 2017 Q4 2016 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.30M $56.40M $58.50M
YoY Change 19.33% -5.53% 75.68%
Cash & Equivalents $67.29M $56.40M $51.39M
Short-Term Investments $7.100M
Other Short-Term Assets $354.0K $475.0K $510.0K
YoY Change -25.47% 50.32% -9.57%
Inventory $406.0K $394.0K $822.0K
Prepaid Expenses
Receivables $10.80M $8.900M $8.400M
Other Receivables $1.100M $1.300M $1.100M
Total Short-Term Assets $82.92M $67.71M $73.34M
YoY Change 22.47% -3.97% 62.29%
LONG-TERM ASSETS
Property, Plant & Equipment $8.276M $9.009M $9.257M
YoY Change -8.14% 2.0% 3.2%
Goodwill $95.00K $95.00K $95.00K
YoY Change 0.0% 0.0% 0.0%
Intangibles $1.353M $1.353M $1.353M
YoY Change 0.0% 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $293.0K $94.00K $347.0K
YoY Change 211.7% -55.87% -34.28%
Total Long-Term Assets $10.02M $10.55M $11.05M
YoY Change -5.06% 0.55% 0.97%
TOTAL ASSETS
Total Short-Term Assets $82.92M $67.71M $73.34M
Total Long-Term Assets $10.02M $10.55M $11.05M
Total Assets $92.94M $78.26M $84.39M
YoY Change 18.76% -3.38% 50.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.268M $2.774M $5.319M
YoY Change 53.86% -33.57% 10.22%
Accrued Expenses $26.64M $9.118M $6.412M
YoY Change 192.21% 4.15% 34.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $31.11M $12.03M $12.01M
YoY Change 158.54% -8.34% 22.4%
LONG-TERM LIABILITIES
Long-Term Debt $144.6M $131.2M $129.1M
YoY Change 10.25% 0.93%
Other Long-Term Liabilities $1.484M $1.564M $2.397M
YoY Change -5.12% -23.41% 41.58%
Total Long-Term Liabilities $146.1M $132.7M $131.5M
YoY Change 10.07% 0.55% 7669.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.11M $12.03M $12.01M
Total Long-Term Liabilities $146.1M $132.7M $131.5M
Total Liabilities $178.0M $145.6M $144.3M
YoY Change 22.25% -0.4% 1079.09%
SHAREHOLDERS EQUITY
Retained Earnings -$68.55M -$50.59M -$63.44M
YoY Change 35.49% -12.55% -254.88%
Common Stock $60.82M $60.58M $60.29M
YoY Change 0.4% -0.31% 4.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $77.30M $77.30M $56.80M
YoY Change 0.0% 13.56% 3.49%
Treasury Stock Shares $5.127M $5.127M $4.648M
Shareholders Equity -$85.04M -$67.32M -$59.91M
YoY Change
Total Liabilities & Shareholders Equity $92.94M $78.26M $84.39M
YoY Change 18.76% -3.38% 50.33%

Cashflow Statement

Concept 2017 Q4 2016 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income -$3.779M $699.0K $1.537M
YoY Change -640.63% 61.81% 26.19%
Depreciation, Depletion And Amortization $320.0K $309.0K $260.0K
YoY Change 3.56% 1.98% -16.13%
Cash From Operating Activities $2.400M $2.210M $2.780M
YoY Change 8.6% -53.77% -35.94%
INVESTING ACTIVITIES
Capital Expenditures -$130.0K -$390.0K -$840.0K
YoY Change -66.67% 21.88% 663.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$340.0K
YoY Change
Cash From Investing Activities -$130.0K -$390.0K -$1.180M
YoY Change -66.67% 21.87% 972.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.350M -540.0K 15.27M
YoY Change -720.37% -87.08% -5755.56%
NET CHANGE
Cash From Operating Activities 2.400M 2.210M 2.780M
Cash From Investing Activities -130.0K -390.0K -1.180M
Cash From Financing Activities 3.350M -540.0K 15.27M
Net Change In Cash 5.620M 1.280M 16.87M
YoY Change 339.06% 357.14% 326.01%
FREE CASH FLOW
Cash From Operating Activities $2.400M $2.210M $2.780M
Capital Expenditures -$130.0K -$390.0K -$840.0K
Free Cash Flow $2.530M $2.600M $3.620M
YoY Change -2.69% -49.02% -18.65%

Facts In Submission

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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=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">NOTE <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">C &#x2013; NEW ACCOUNTING PRONOUNCEMENTS <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">NOT</div> YET ADOPTED</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the FASB issued a new accounting standard that attempts to establish a uniform basis for recording <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">revenue to virtually all industries&#x2019; financial statements, under U.S. GAAP as further amended during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> The FASB issued certain updates to the standard, including 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> 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. </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">There are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> basic transition methods that are available <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#x2013; full retrospective, or modified retrospective transition methods. Early adoption is prohibited. Public companies were originally expected to apply the new standard for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2016, </div>including interim periods therein, which for Nathan&#x2019;s would have been its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> beginning on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 27, 2017. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 9, 2015, </div>the FASB agreed to delay the standard&#x2019;s effective date to annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>which will now be our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018) </div>of our fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019. </div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">has assigned internal resources to evaluate and implement the new standard, and will continue to provide updates during fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> The Company is continuing its evaluation of the impact of the new standard, but currently does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe that the standard will materially impact its recognition of revenue for its 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 still assessing the impact of the new standard on revenues from its Branded Product Program as well as decisions reached by the FASB Transition Resource Group in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016 </div>on the treatment of minimum guarantees in licensing arrangements, which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>affect the timing of the Company&#x2019;s recognition of royalty revenues. Currently, franchise and international development fees are recognized when the Company has performed substantially all initial services required by the agreements, which is generally when the franchisee begins operations. Under the new guidance, these fees <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be recognized over the term of the agreements. The Company also expects that the adoption of this new guidance <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>change the reporting of contributions to the advertising fund from franchisees and other <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties and the related advertising fund expenditures, which are currently reported on a net basis in the Consolidated Statements of Earnings and Consolidated Balance Sheets. The Company expects the new guidance will require these advertising fund contributions and expenditures to be reported on a gross basis in the Consolidated Statement of Earnings. For the fiscal year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 26, 2017, </div>advertising fund contributions from franchisees and other <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,572,000,</div> and therefore we expect this change <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>impact our total revenues and expenses. The Company plans to adopt this standard in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 26, 2018, </div>using the modified retrospective method. </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued a new accounting standard on leases. <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim reporting periods within those annual reporting periods. This standard is required to take effect in Nathan&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2019) </div>of our fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 29, 2020. </div>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 standard to determine the impact of the adoption on its consolidated financial statements but expects that the standard will result in a significant increase to its other assets and other liabilities.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017, </div>the FASB issued an update to the accounting guidance to simplify the testing for goodwill impairment. The update removes the requirement to determine the implied fair value of goodwill to measure the amount of impairment loss, if any, under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> step of the current goodwill impairment test. A company will perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment charge will be recognized for the amount by which the reporting unit<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#x2019;s carrying amount exceeds its fair value, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to exceed the carrying amount of the goodwill. The guidance is effective prospectively for public business entities for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div>This standard is required to take effect in Nathan&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2020) </div>of our fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 28, 2021. </div>Nathan&#x2019;s does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect the adoption of this new guidance to have a material impact on its results of operations or financial position.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe that any other recently issued, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet effective accounting standards, when adopted, will have a material effect on the accompanying financial statements.</div></div>
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2017Q4 us-gaap Share Price
SharePrice
83.20
CY2015Q1 us-gaap Share Price
SharePrice
73.56
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2183000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y222D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y131D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y222D
CY2017Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
5000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
11361
CY2017Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
10812000
CY2017Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
260258
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-85035000
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
-66491000
CY2017Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
-7732000
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
5127373
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
5127373
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5127373
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
77303000
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
77303000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
77303000
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
5374000
CY2017Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3525000
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
212000
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
207000
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4185000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4209000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4219000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4202000
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4185000
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4175000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4180000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4171000

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