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Cash and Cash Equivalents
−Removed: We have historically invested our cash in money market funds or short-term, fixed rate, highly rated and highly liquid instruments which are generally reinvested when they mature.
+Added: We have historically invested our cash in money market accounts, money market funds or short-term, fixed rate, highly rated and highly liquid instruments which are generally reinvested when they mature.
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 29, 2024, Nathan’s cash and cash equivalents balance aggregated $23,711,000.
+Added: As of June 29, 2025, Nathan’s cash and cash equivalents balance aggregated $26,867,000.
Earnings on this cash would increase or decrease by approximately $67,000 per annum for each 0.25% change in interest rates.
−Removed: On July 10, 2024, we entered into the Credit Agreement and borrowed $60,000,000 in Term Loan borrowings to refinance and redeem the 2025 Notes.
−Removed: Borrowings under our Credit Agreement bear interest at a fluctuating interest rate based on SOFR or a base rate plus a spread adjustment.
+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 SOFR or a base rate plus a spread adjustment.
Accordingly, a rising interest rate environment would result in higher interest expense due on borrowings.
−Removed: A hypothetical 100 bps increase in the interest rate on our outstanding unsecured Term Loan borrowings at December 29, 2024 would lead to an increase of approximately $514,000 in cash interest costs over the next twelve months.
+Added: A hypothetical 100 bps increase in the interest rate on our $50,200,000 of outstanding unsecured Term Loan borrowings at June 29, 2025 would lead to an increase of approximately $502,000 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
+Added: We are exposed to market price fluctuations in commodities, most notably beef and beef trimmings.
Inflationary pressures on commodity prices have directly impacted our consolidated results of operations during the fiscal 2026 period, most notably within our Restaurant Operations and Branded Product Program segments.
−Removed: We expect this trend to continue for the remainder of fiscal 2025.
+Added: We expect this trend to continue throughout fiscal 2026.
Our average cost of hot dogs during the fiscal 2026 period was approximately 12% higher than during the fiscal 2025 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 2025.
+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 2026.
Factors that affect beef prices are outside of our control and include foreign and domestic supply and demand, inflation, weather and seasonality.
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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 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.
−Removed: A short-term increase or decrease of 10% in the cost of our food and paper products for the period ended December 29, 2024 would have increased or decreased our cost of sales by approximately $6,575,000.
+Added: We have attempted to enter into 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 29, 2025 would have increased or decreased our cost of sales by approximately $2,649,000.
Foreign Currencies
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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.