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 September 28, 2025, Nathan’s cash and cash equivalents balance aggregated $32,175,000.
+Added: As of December 28, 2025, Nathan’s cash and cash equivalents balance aggregated $24,545,000.
Earnings on this cash would increase or decrease by approximately $61,000 per annum for each 0.25% change in interest rates.
−Removed: 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.
−Removed: Our Credit Agreement bears 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 the Credit Agreement and borrowed $60,000,000 in Term Loan borrowings to refinance and redeem the 2025 Notes.
+Added: Borrowings under our Credit Agreement bear 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 $49,600,000 of outstanding unsecured Term Loan borrowings at September 28, 2025 would lead to an increase of approximately $496,000 in cash interest costs over the next twelve months.
+Added: A hypothetical 100 bps increase in the interest rate on our $49,000,000 of outstanding unsecured Term Loan borrowings at December 28, 2025 would lead to an increase of approximately $490,000 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.
12 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 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.
−Removed: A short-term increase or decrease of 10% in the cost of our food and paper products for the period ended September 28, 2025 would have increased or decreased our cost of sales by approximately $5,680,000.
+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 December 28, 2025 would have increased or decreased our cost of sales by approximately $7,869,000.
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.