Revenue Growth - Company-owned restaurants generated $12,161,000 in revenue for fiscal 2023, a 12% increase from fiscal 2022, with customer traffic up approximately 12%[42] - Franchise operations contributed $4,292,000 in revenue for fiscal 2023, representing an 11% increase over fiscal 2022, driven by increased customer traffic in various locations[47] - Total revenue from international operations reached $5,898,000 in fiscal 2023, compared to $3,223,000 in fiscal 2022, indicating significant growth[70] - The Branded Product Program generated $78,884,000 in revenue for fiscal 2023, marking a 19% increase compared to fiscal 2022[73] - Royalties earned from the licensing agreement with Smithfield Foods, Inc. amounted to approximately $28,688,000 in fiscal 2023, representing 21.9% of total revenues[78] Franchise Operations - As of March 26, 2023, the franchise system included 232 locations across 17 states and 13 foreign countries, along with 267 virtual kitchens[46] - During fiscal 2023, 11 franchised locations opened while 18 closed, including 5 from the Branded Menu Program[52] - Franchisees are required to pay a one-time $30,000 franchise fee and a monthly royalty of 5.5% of restaurant sales[59] - The company plans to expand its presence in the Midwest through an agreement with Frisch's Big Boy restaurants to carry its signature hot dogs[49] - The company continues to pursue international expansion, opening franchised locations in Egypt and Mexico during fiscal 2023[68] Operational Highlights - The company operated four Company-owned restaurants as of March 26, 2023, including one seasonal unit on Coney Island[37] - As of March 26, 2023, the company operated a total of 236 locations, including 74 international locations[72] - The Coney Island flagship location achieved over one million viewers for the annual Hot Dog Eating Contest in fiscal 2023[43] Marketing and Promotions - Nathan's marketing efforts in fiscal 2023 focused on the July 4th Hot Dog Eating Contest and sports sponsorships, alongside digital and social media initiatives[90] - The Company anticipates expanding its internal marketing resources and broker network in fiscal 2024[94] Employee and Corporate Governance - The company employed 138 people as of March 26, 2023, with approximately 47% being female and 69% comprising racial and ethnic minorities[95] - The Company has a commitment to high standards of ethical business conduct, supported by a Code of Conduct and annual training on sexual harassment[100] - The Company maintains an anonymous hotline for employees to report theft or fraudulent behavior[100] - The Company offers performance-based cash incentive bonuses to management employees based on the attainment of certain financial metrics[101] Financial Management - As of March 26, 2023, Nathan's cash balance totaled $29,861,000, with earnings on this cash potentially increasing or decreasing by approximately $75,000 per annum for each 0.25% change in interest rates[324] - The Company has historically matched contributions to its 401(k) savings plan at a rate of $0.25 per dollar contributed by the employee, up to a maximum of 3% of the employee's annual salary[102] - The Company has historically invested cash in money market funds or short-term, fixed rate instruments, which are generally reinvested upon maturity[324] - As of March 26, 2023, the company has $80,000,000 of 6.625% 2025 Notes outstanding, due in November 2025, with interest expense fluctuating by approximately $200,000 per annum for each 0.25% change in interest rates[325] Cost and Pricing - The average cost of hot dogs in fiscal 2023 was approximately 1.4% higher than in fiscal 2022, following a 19% increase from fiscal 2021 to fiscal 2022[74] - The average cost of hot dogs during fiscal 2023 was approximately 1.4% higher than in fiscal 2022, with expectations of continued inflationary pressures into fiscal 2024[326] - The company expects to continue experiencing price volatility for beef products during fiscal 2024[74] - The company anticipates price volatility for beef products in fiscal 2024, influenced by factors such as supply and demand, inflation, and weather[327] - A short-term increase or decrease of 10% in the cost of food and paper products for the year ended March 26, 2023, would have impacted the cost of sales by approximately $6,934,000[328] Regulatory Environment - The Company is subject to various federal and state regulations, including the FTC Franchise Rule, which requires disclosure of certain information to prospective franchisees[107] - Foreign franchisees primarily conduct business in United States dollars, mitigating risks from foreign currency fluctuations, which are not expected to materially impact financial results[329] Business Environment - The Company’s restaurant system competes with numerous restaurants and drive-in units, including major national chains with greater financial resources[125] - The Company’s routine business pattern is affected by seasonal fluctuations, with the first two fiscal quarters typically representing the highest sales periods[123] - The Company operates in three segments: Branded Product Program, Product licensing, and Restaurant operations[130]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 25, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the transition period from ___________ to ____________. Commission File No. 001-35962 NATHAN'S FAMOUS, INC. (Exact name of registrant as specified in its charter) (State or other ju ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 25, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the transition period from ________ to ________. Commission File No. 001-35962 NATHAN'S FAMOUS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 26, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the transition period from to . Commission File No. 001-35962 NATHAN'S FAMOUS, INC. (Exact name of registrant as specified in its charter) Delaware 11-3166443 (State or other jurisdicti ...

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 27, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to__________ Commission Fi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File No. 001-35962 NATHAN'S FAMOUS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Delaware 11-3166443 One Jericho Plaza, Second Floor – Wing A, Jericho, New York 11753 (Address and Zip Code of principal executive offices) (516) 338-8500 (Registrant's telephone number, including area code) (For ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 26, 2021. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the transition period from to . Commission File No. 001-35962 NATHAN'S FAMOUS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...

Revenue Growth - Total revenues increased by 77% to $31,319,000 for the thirteen weeks ended June 27, 2021, compared to $17,686,000 for the same period in 2020[113]. - Total sales increased by 189% to $19,325,000 for the fiscal 2022 period, compared to $6,683,000 for the fiscal 2021 period[114]. - Foodservice sales from the Branded Product Program increased by 237% to $15,996,000 for the fiscal 2022 period, compared to $4,749,000 in the fiscal 2021 period[114]. - Total Company-owned restaurant sales increased by 72% to $3,329,000 during the fiscal 2022 period, compared to $1,934,000 during the fiscal 2021 period[115]. - Franchise restaurant sales increased significantly to $12,985,000 in fiscal 2022 from $2,218,000 in fiscal 2021, as approximately 80% of franchise locations were open compared to 52% in the prior year[117]. EBITDA and Profitability - EBITDA for the thirteen weeks ended June 27, 2021, was $11,032,000, compared to $8,521,000 for the same period in 2020[112]. - Adjusted EBITDA for the thirteen weeks ended June 27, 2021, was $11,061,000, compared to $8,550,000 for the same period in 2020[112]. - Overall cost of sales increased by 190% to $15,365,000 in fiscal 2022, while gross profit was $3,960,000, representing 20.5% of sales[121]. Expenses and Costs - General and administrative expenses rose by $614,000 or 22% to $3,458,000 in fiscal 2022, primarily due to higher corporate payroll and legal fees[126]. - Average selling prices decreased by approximately 4.5% compared to the fiscal 2021 period[114]. - The minimum hourly wage for fast food workers in New York State increased to $15.00 on July 1, 2021, significantly affecting Nathan's Company-owned restaurants[152]. - Continued increases in labor, food, and other operating expenses could adversely affect Nathan's operations and pricing strategy[155]. Cash Flow and Financial Position - Cash and cash equivalents decreased by $1,538,000 to $79,526,000 during fiscal 2022, while net working capital increased to $84,994,000[134]. - Cash provided by operations was $77,000 in fiscal 2022, attributed to net income of $5,763,000 and non-cash operating items[137]. - The company incurred $1,440,000 in cash used for financing activities related to dividend payments in fiscal 2022[138]. - Management believes available cash and cash generated from operations will be sufficient to finance operations and satisfy debt service requirements for at least the next 12 months[146]. Strategic Focus and Future Plans - The strategic emphasis continues to focus on increasing distribution points across all business platforms, including Licensing and Branded Product Programs[97]. - The company plans to invest in existing restaurants and support the growth of Branded Product and Branded Menu Programs in the future[145]. Market and Commodity Risks - The company expects to experience price volatility for beef products during fiscal 2022, which could impact operational results[151]. - Nathan's has not attempted to hedge against fluctuations in commodity prices, leading to exposure to market changes in future purchases[163]. - A short-term increase or decrease of 10.0% in the cost of food and paper products for the thirteen-week period ended June 27, 2021, would have increased or decreased the cost of sales by approximately $1,385,000[163]. - Nathan's has recorded a liability of $113,000 in connection with the Brooklyn Guaranty, which does not include potential additional costs that are not reasonably determinable at this time[149]. Debt and Interest Rates - As of June 27, 2021, Nathan's cash and cash equivalents totaled $79,526,000, with earnings on this cash expected to fluctuate by approximately $199,000 per annum for each 0.25% change in interest rates[159]. - The company has $150,000,000 of 2025 Notes outstanding, with interest expense on these borrowings expected to change by approximately $375,000 per annum for each 0.25% change in interest rates[160].

Franchise Operations - As of March 28, 2021, Nathan's franchise system included 213 units operating in 19 states and eight foreign countries[38] - Approximately 77% of the Company's franchise system is currently open, with many locations having temporarily closed due to the COVID-19 pandemic[29] - During fiscal 2021, franchisees opened seven new Nathan's Famous units and closed ten units, including one international unit[52] - The Nathan's Branded Menu Program allows foodservice operators to offer Nathan's products without the same reporting requirements as standard franchises[55] Financial Performance - Total revenue for fiscal 2021 was $1,102,000, a decrease from $4,872,000 in fiscal 2020, representing a decline of approximately 77.6%[67] - Gross profit for fiscal 2021 was $383,000, down from $1,962,000 in fiscal 2020, indicating a decrease of about 80.5%[67] - The licensing agreement with John Morrell & Co. generated royalties of approximately $27,778,000 in fiscal 2021, accounting for 36.6% of total revenues[82] - The licensing agreement for Nathan's Famous frozen French fries and onion rings generated royalties of $1,137,000 in fiscal 2021, up from $719,000 in fiscal 2020[84] Marketing and Brand Development - The company plans to expand its retail licensing program with John Morrell & Co. to penetrate grocery and mass merchandising channels further[75] - The company continues to explore co-branding opportunities within its restaurant system and with other restaurant concepts[81] - In fiscal 2021, Nathan's marketing efforts focused on online media spending and third-party delivery platforms due to COVID-19[95] - Nathan's continues to upgrade its social media platforms to enhance brand awareness among younger demographics[96] Technology and Operations - The Company upgraded its technology resources by migrating to the PAR Brink Point-of-Sale application and partnering with Restaurant Magic for inventory and food management[47] - Nathan's maintains a cooperative distribution system with UniPro Foodservice, Inc. to enhance market expansion and cost efficiency[90] Employee and Workforce Management - Nathan's employs 146 people as of March 28, 2021, with 55% being female and 73% comprising racial and ethnic minorities[100] - The company has not experienced any strike or work stoppage for over 47 years, indicating effective workforce management[102] - The company has historically matched 401(k) contributions at a rate of $0.25 per dollar contributed by employees, up to 3% of their annual salary[106] Safety and Health Measures - The company has implemented various safety measures during COVID-19, including providing PPE and promoting social distancing[108] Cost and Pricing Strategy - Nathan's expects to experience price volatility for beef products during fiscal 2022, which could impact operational results[340] - The company has not attempted to hedge against fluctuations in commodity prices, leading to exposure to market changes in future purchases[341] - A short-term increase or decrease of 10% in the cost of food and paper products for the year ended March 28, 2021 would have increased or decreased Nathan's cost of sales by approximately $2,877,000[341] Revenue Trends - Revenues from company-owned locations and franchised restaurants are historically highest during the first two fiscal quarters, with the fourth quarter typically being the slowest[126] Product and Menu Development - The Company launched the Wings of New York virtual concept, offering a variety of chicken wing options and sides, during fiscal 2021[42] - Nathan's has developed various restaurant designs, including carts and kiosks, suitable for non-traditional sites like airports and stadiums[37] - Nathan's emphasizes its signature products and value pricing strategy to compete effectively in the fast food industry[129] Cash and Debt Management - As of March 28, 2021, Nathan's cash and cash equivalents totaled $81,064,000, with earnings on this cash expected to change by approximately $203,000 per annum for each 0.25% change in interest rates[336] - Nathan's had $150.0 million of 2025 Notes outstanding, with interest expense on these borrowings expected to change by approximately $375,000 per annum for each 0.25% change in interest rates[337] Cost Analysis - The average cost of hot dogs between October 2019 and March 2020 was approximately 11.2% higher than the average cost between October 2018 and March 2019[338] - The average cost of hot dogs between April 2020 and March 2021 was approximately 0.8% lower than the average cost between April 2019 and March 2020[338]

Business Operations - As of December 27, 2020, the restaurant system consisted of 215 franchised units and 4 company-owned units, a decrease from 226 franchised units and 4 company-owned units as of December 29, 2019[112]. - The company has expanded into 75 ghost kitchens, including 37 domestically and 38 internationally, to enhance product distribution[115]. - Approximately 60% of franchised locations have reopened as of the date of the report, following temporary closures due to COVID-19[120]. - The company has taken actions to mitigate COVID-19 impacts, including reducing payroll costs and postponing non-essential capital spending[121]. - The company expects to continue investing in existing restaurants and support the growth of its Branded Product and Branded Menu Programs[183]. Financial Performance - The primary drivers of recent growth have been the Licensing and Branded Product Programs, which are now the largest contributors to the company's revenues and profits[113]. - Total sales decreased by 26% to $11,322,000 for the third quarter fiscal 2021 compared to $15,356,000 for the third quarter fiscal 2020[133]. - Foodservice sales from the Branded Product Program decreased by 27% to $10,003,000 for the third quarter fiscal 2021 compared to $13,694,000 in the third quarter fiscal 2020[133]. - License royalties increased by 34% to $5,898,000 in the third quarter fiscal 2021 compared to $4,412,000 in the third quarter fiscal 2020[135]. - Franchise restaurant sales declined to $6,178,000 in the third quarter fiscal 2021 compared to $14,587,000 in the third quarter fiscal 2020[136]. - Total sales decreased by 47% or $27,002,000 to $30,697,000 for the thirty-nine weeks ended December 27, 2020 compared to $57,699,000 for the thirty-nine weeks ended December 29, 2019[152]. - Foodservice sales from the Branded Product Program decreased by 47% to $24,450,000 for the fiscal 2021 period compared to $45,989,000 for the fiscal 2020 period[152]. - License royalties increased by 33% to $24,689,000 in the fiscal 2021 period compared to $18,559,000 in the fiscal 2020 period[154]. - Franchise fees and royalties were $1,087,000 in the fiscal 2021 period compared to $3,610,000 in the fiscal 2020 period[154]. - The company's cost of sales decreased by 45% to $24,161,000 in fiscal 2021 compared to $43,973,000 in fiscal 2020[158]. - Gross profit for fiscal 2021 was $6,536,000, representing 21% of sales, down from $13,726,000 or 24% of sales in fiscal 2020[158]. - General and administrative expenses decreased by $2,407,000 or 22% to $8,709,000 in fiscal 2021 compared to $11,116,000 in fiscal 2020[164]. - Cash provided by operations was $5,710,000 in fiscal 2021, primarily due to net income of $9,014,000[173]. - The company paid three quarterly dividends totaling $4,320,000 during fiscal 2021[170]. Economic Impact - The company expects continued negative impacts on revenue and net income for the remainder of fiscal 2021 due to the ongoing effects of the COVID-19 pandemic[122]. - The sales and profits from the Branded Product Program have been adversely impacted due to many customers operating in closed or reduced traffic venues[121]. - The company's future results could be materially impacted by supply constraints on beef and increased costs compared to earlier periods[116]. - The Company expects to experience price volatility for beef products during the remainder of fiscal 2021 due to market conditions[205]. - Continued increases in labor, food, and other operating expenses could adversely affect Nathan's operations and necessitate a reconsideration of pricing strategies[198]. Tax and Interest - The effective tax rate for the third quarter fiscal 2021 was 26.6% compared to 22.9% for the third quarter fiscal 2020[149]. - The effective tax rate for fiscal 2021 was 27.7%, compared to 26.1% for fiscal 2020[167]. - The company incurred annual interest expense of $9,937,500 from the issuance of $150,000,000 of 6.625% Senior Secured Notes due 2025, reducing cash interest expense by $3,562,500 compared to previous notes[117]. - The Company had $150,000,000 of 2025 Notes outstanding due in November 2025, with interest expense on these borrowings increasing or decreasing by approximately $375,000 per annum for each 0.25% change in interest rates[202]. Cost and Pricing - The average selling prices increased by approximately 2.9% during the fiscal 2021 period compared to the fiscal 2020 period[152]. - The average cost of hot dogs between October 2019 and March 2020 was approximately 11.2% higher than the average cost between October 2018 and March 2019[203]. - The average cost of hot dogs between April 2020 and December 2020 was approximately 2.7% higher than the average cost between April 2019 and December 2019[203]. - A short-term increase or decrease of 10.0% in the cost of food and paper products for the thirty-nine week period ended December 27, 2020 would have increased or decreased the cost of sales by approximately $2,124,000[206]. Internal Controls and Risk Management - The Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the reporting period[208]. - There were no changes in internal controls over financial reporting during the quarter ended December 27, 2020, that materially affected internal control[209]. - The company acknowledges that no control system can provide absolute assurance that all control issues and instances of fraud have been detected[210]. - The company advises stakeholders to consider risk factors that could materially affect its business and financial condition, as detailed in the Annual Report on Form 10-K[211].