3 unchanged sentences
Although these existing investments are not considered at risk with respect to changes in interest rates or markets for these instruments, our rate of return on short-term investments could be affected at the time of reinvestment as a result of intervening events.
−Removed: As of December 24, 2023, Nathan’s cash balance aggregated $16,732,000.
+Added: As of June 30, 2024, Nathan’s cash and cash equivalents balance aggregated $25,979,000.
Earnings on this cash would increase or decrease by approximately $65,000 per annum for each 0.25% change in interest rates.
−Removed: At December 24, 2023, we had $60,000,000 principal amount of 6.625% 2025 Notes outstanding which are due in November 2025.
−Removed: Interest expense on these borrowings would increase or decrease by approximately $150,000 per annum for each 0.25% change in interest rates.
+Added: On July 10, 2024, we entered into a Credit Agreement and borrowed $60,000,000 in Term Loan borrowings to refinance and redeem the 2025 Notes.
+Added: Our Credit Agreement bears interest at a fluctuating interest rate based on the Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment.
+Added: Accordingly, a rising interest rate environment would result in higher interest expense due on borrowings.
+Added: A hypothetical 100 bps increase in 30-day SOFR on the unsecured Term Loan borrowings would lead to an increase of $600,000 in cash interest costs over the next twelve months.
We currently do not anticipate entering into interest rate swaps or other financial instruments to hedge our borrowings.
Commodity Costs
−Removed: Inflationary pressures on labor and rising commodity prices have directly impacted our consolidated results of operations during the fiscal 2024 period, most notably within our Branded Product Program segment.
−Removed: This trend may continue throughout the remainder of fiscal 2024.
+Added: Inflationary pressures on commodity prices have directly impacted our consolidated results of operations during the fiscal 2025 period, most notably within our restaurant operations and Branded Product Program segments.
+Added: We expect this trend to continue throughout fiscal 2025.
Our average cost of hot dogs during the fiscal 2025 period was approximately 1.1% higher than during the fiscal 2024 period.
−Removed: We are unable to predict the future cost of our hot dogs and expect to experience price volatility for our beef products during the remainder of fiscal 2024.
+Added: We are unable to predict the future cost of our hot dogs and expect to experience price volatility for our beef products during fiscal 2025.
Factors that affect beef prices are outside of our control and include foreign and domestic supply and demand, inflation, weather and seasonality.
5 unchanged sentences
As a result, we expect that the majority of our future commodity purchases will be subject to market changes in the prices of such commodities.
−Removed: We have attempted to enter sales agreements with our customers that are correlated to our cost of beef, thus reducing our market volatility, or have passed through permanent increases in our commodity prices to our customers that are not on formula pricing, thereby reducing the impact of long-term increases on our financial results.
−Removed: A short-term increase or decrease of 10% in the cost of our food and paper products for the period ended December 24, 2023 would have increased or decreased our cost of sales by approximately $6,210,000.
+Added: We have attempted to enter sales agreements with our Branded Product Program customers that are correlated to our cost of beef, thus reducing our market volatility, or have passed through permanent increases in our commodity prices to our Branded Product Program customers that are not on formula pricing, thereby reducing the impact of long-term increases on our financial results.
+Added: A short-term increase or decrease of 10% in the cost of our food and paper products for the period ended June 30, 2024 would have increased or decreased our cost of sales by approximately $2,343,000.
Foreign Currencies
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.