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Note Q - Leases | 3 Months Ended
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Jun. 29, 2025
Notes to Financial Statements |
Leases, Disclosure [Text Block] | NOTE Q – LEASES The Company is party as lessee to various leases for its Company-owned restaurants and lessee/sublessor to one franchised location property, including land and buildings, as well as leases for its corporate office and certain office equipment. Company as lessee The components of the net lease cost for the thirteen week periods ended June 29, 2025 and June 30, 2024 were as follows (in thousands):
|  | Thirteen weeks ended |
|  | June 29, 2025 |  |  | June 30, 2024 |
Operating lease cost |  | $ | 438 |  |  | $ | 441 |
Variable lease cost |  |  | 464 |  |  |  | 460 |
Less: Sublease income, net |  |  | (21 | ) |  |  | (21 | )
Total net lease cost |  | $ | 881 |  |  | $ | 880 |
The components of the net lease cost are included in the Condensed Consolidated Statement of Earnings for the thirteen week periods ended June 29, 2025 and June 30, 2024 as follows (in thousands):
|  | Thirteen weeks ended |
|  | June 29, 2025 |  |  | June 30, 2024 |
Restaurant operating expenses |  | $ | 682 |  |  | $ | 687 |
General and administrative expenses |  |  | 220 |  |  |  | 214 |
Less: Other income, net |  |  | (21 | ) |  |  | (21 | )
Total net lease cost |  | $ | 881 |  |  | $ | 880 |
Cash paid for amounts included in the measurement of lease liabilities for the thirteen week periods ended June 29, 2025 and June 30, 2024 were as follows (in thousands):
|  | Thirteen weeks ended |
|  | June 29, 2025 |  |  | June 30, 2024 |
Operating cash flows from operating leases |  | $ | 561 |  |  | $ | 553 |
The weighted average remaining lease term and weighted average discount rate for operating leases as of June 29, 2025 were as follows:
Weighted average remaining lease term (years): |  |  | 3.3 |
Weighted average discount rate: |  |  | 8.479 | %
Future lease commitments to be paid and received by the Company as of June 29, 2025 were as follows (in thousands):
|  | Payments |  |  | Receipts |  |  |  |  |
|  | Operating Leases |  |  | Subleases |  |  | Net Leases |
Fiscal year: |  |  |  |  |  |  |  |  |  |  |  |
2026 (a) |  | $ | 1,361 |  |  | $ | 192 |  |  | $ | 1,169 |
2027 |  |  | 1,931 |  |  |  | 281 |  |  |  | 1,650 |
2028 |  |  | 1,781 |  |  |  | 129 |  |  |  | 1,652 |
2029 |  |  | 434 |  |  |  | - |  |  |  | 434 |
2030 |  |  | 171 |  |  |  | - |  |  |  | 171 |
Thereafter |  |  | - |  |  |  | - |  |  |  | - |
Total lease commitments |  | $ | 5,678 |  |  | $ | 602 |  |  | $ | 5,076 |
Less: Amount representing interest |  |  | (679 | ) |  |  |  |  |  |  |  |
Present value of lease liabilities (b) |  | $ | 4,999 |  |  |  |  |  |  |  |  |
| (a) | Represents future lease commitments to be paid and received by the Company for the remainder of the 2026 fiscal year. Amount does not include $471 of lease commitments paid and received by the Company for the thirteen week period ended June 29, 2025.
| (b) | The present value of minimum operating lease payments of $1,924 and $3,075 are included in “Current portion of operating lease liabilities” and “Long-term portion of operating lease liabilities,” respectively, on the Condensed Consolidated Balance Sheet.
Company as lessor The components of lease income for the thirteen week periods ended June 29, 2025 and June 30, 2024 were as follows (in thousands):
|  | Thirteen weeks ended |
|  | June 29, 2025 |  |  | June 30, 2024 |
Operating lease income, net |  | $ | 21 |  |  | $ | 21 |

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- References No definition available. + Details
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