NATHANS FAMOUS, INC.

Listed Company

NATHCIK 0000069733NasdaqAcceleratedSmaller ReportingRetail-Eating PlacesDelawareFY ends Mar 29

Period

FY 2025

Revenue

$148.18M

Net Income

$24.03M

Total Assets

$53.48M

Equity

$-16.51M

Shares Out

4.09M

Op. Cash Flow

$25.24M

Business

NATHANS FAMOUS, INC. is a branded licensor, wholesaler and quick-service restaurant operator that markets and licenses products under the Nathan’s Famous and Arthur Treacher’s brands. It offers Nathan’s World Famous beef hot dogs, crinkle-cut French fries and complementary menu items, frozen and packaged branded products, licensing services and franchising support. The company reports three primary operating segments: Branded Product Program, product licensing and restaurant operations (company‑owned, franchised and Branded Menu Program). Its products are distributed through grocery retail, mass merchandisers, club stores, foodservice distributors, concessionaires, virtual kitchens and company‑owned and franchised restaurants across the U.S. and in multiple international markets.

Summary from filing dated 2025-06-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Revenues	148	139	131	115	76
Cost of sales	90	83	75	65	33
Restaurant operating expenses	4	4	4	4	3
Depreciation and amortization	957,000	1	—	—	—
General and administrative expenses	15	16	14	13	12
Advertising fund expense	2	2	2	2	1
Total costs and expenses	112	106	96	85	50
Income from operations	36	33	34	30	26
Interest expense	−4	−5	—	—	—
Loss on debt extinguishment (NOTE J)	−389,000	−169,000	−357,000	−1	0
Interest and dividend income	672,000	383,000	—	—	—
Other income, net	87,000	86,000	18,000	52,000	47,000
Income before provision for income taxes	33	27	27	19	15
Provision for income taxes	9	8	7	5	4
Net income	24	20	20	14	11
Basic (in shares)	4	4	4	4	4
Diluted (in shares)	4	4	4	4	4
Basic (in dollars per share)	5.88	4.81	4.8	3.3	2.69
Diluted (in dollars per share)	5.87	4.8	4.8	3.3	2.69

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Cash and cash equivalents	28	21	30	50	81
Accounts and other receivables, net (Note D)	14	15	15	13	12
Inventories	1	842,000	539,000	522,000	624,000
Prepaid expenses and other current assets (Note E)	2	2	2	1	1
Total current assets	45	39	47	65	95
Property and equipment, net of accumulated depreciation of $12,295 and $11,687, respectively (Note F)	2	3	3	4	4
Operating lease right-of-use assets (Note K)	5	6	6	7	8
Goodwill	95,000	95,000	95,000	95,000	95,000
Intangible asset, net	522,000	695,000	869,000	1	1
Deferred income taxes (Note H)	510,000	275,000	375,000	582,000	138,000
Other assets	113,000	141,000	168,000	195,000	328,000
Total assets	53	49	59	79	109
Current portion of long-term debt (Note J)	2	0	—	—	—
Accounts payable	6	6	6	6	4
Accrued expenses and other current liabilities (Note G)	6	8	8	8	8
Current portion of operating lease liabilities (Note K)	2	2	2	2	2
Deferred franchise fees	309,000	327,000	336,000	349,000	237,000
Total current liabilities	17	16	17	16	15
Long-term debt, net of unamortized debt issuance costs of $327 and $438, respectively (Note J)	48	60	79	108	147
Long-term portion of operating lease liabilities (Note K)	4	5	5	6	8
Other liabilities	927,000	810,000	737,000	674,000	774,000
Deferred franchise fees	697,000	899,000	1	2	2
Total liabilities	70	82	103	134	171
COMMITMENTS AND CONTINGENCIES (Note M)	—	—	—	—	—
Common stock, $.01 par value; 30,000,000 shares authorized; 9,379,025 and 9,374,130 shares issued; and 4,089,510 and 4,084,615 shares outstanding at March 30, 2025 and March 31, 2024, respectively	94,000	94,000	94,000	94,000	94,000
Additional paid-in capital	63	63	63	62	62
Retained earnings (Accumulated deficit)	7	−9	−21	−33	−40
Stockholders equity before treasury stock	70	54	42	30	22
Treasury stock, at cost, 5,289,515 shares at March 30, 2025 and March 31, 2024	−87	−87	−87	−85	—
Total stockholders deficit	−17	−33	−45	−55	−62
Total liabilities and stockholders deficit	53	49	59	79	109

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Depreciation and amortization	957,000	1	—	—	—
Amortization of debt issuance costs	153,000	345,000	508,000	660,000	691,000
Share-based compensation expense	993,000	733,000	258,000	74,000	116,000
Provision for expected credit losses	275,000	157,000	457,000	186,000	101,000
Deferred income taxes	−235,000	165,000	207,000	−444,000	−147,000
Accounts and other receivables, net	392,000	−74,000	−2	−2	−645,000
Inventories	−379,000	−303,000	−17,000	102,000	−246,000
Prepaid expenses and other current assets	128,000	−281,000	−454,000	−116,000	−144,000
Other assets	28,000	27,000	27,000	133,000	15,000
Operating lease assets and liabilities	−157,000	−146,000	−153,000	−133,000	120,000
Accounts payable, accrued expenses and other current liabilities	−1	−1	377,000	2	−287,000
Deferred franchise fees	−220,000	−382,000	−489,000	324,000	−144,000
Other liabilities	117,000	73,000	63,000	−100,000	78,000
Net cash provided by operating activities	25	20	20	16	12
Purchases of property and equipment, net	−225,000	−313,000	−626,000	−636,000	−551,000
Net cash used in investing activities	−225,000	−313,000	−584,000	−636,000	−551,000
Dividends paid to stockholders	−8	−8	−8	−6	−6
Payments of withholding tax on net share settlement of share-based compensation plans	−437,000	−362,000	0	−7,000	−6,000
Net cash used in financing activities	−18	−29	−39	−47	−7
Net increase (decrease) in cash and cash equivalents	7	−9	−20	−31	4
Interest	5	5	8	11	10
Income taxes	8	8	7	5	5

Filings

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