0000930413-17-000567.txt : 20170214 0000930413-17-000567.hdr.sgml : 20170214 20170214165729 ACCESSION NUMBER: 0000930413-17-000567 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170214 DATE AS OF CHANGE: 20170214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARK RESTAURANTS CORP CENTRAL INDEX KEY: 0000779544 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 133156768 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09453 FILM NUMBER: 17609949 BUSINESS ADDRESS: STREET 1: 85 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10003-3019 BUSINESS PHONE: 2122068800 MAIL ADDRESS: STREET 1: 85 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10003-3019 10-Q 1 c87414_10q.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2016

Commission file number 1-09453

ARK RESTAURANTS CORP.

(Exact name of registrant as specified in its charter)

New York		13-3156768
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

85 Fifth Avenue, New York, New York		10003
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 206-8800

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨		Accelerated filer	¨

Non-accelerated filer	¨	(Do not check if a smaller reporting company)	Smaller Reporting Company	x

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class		Outstanding shares at February 10, 2017
(Common stock, $.01 par value)		3,423,528

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

On one or more occasions, we may make statements in this Quarterly Report on Form 10-Q regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events. All statements, other than statements of historical facts, included or incorporated by reference herein relating to management’s current expectations of future financial performance, continued growth and changes in economic conditions or capital markets are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Words or phrases such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” “will likely result,” “hopes,” “will continue” or similar expressions identify forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed. We caution that while we make such statements in good faith and we believe such statements are based on reasonable assumptions, including without limitation, management’s examination of historical operating trends, data contained in records and other data available from third parties, we cannot assure you that our projections will be achieved. Factors that may cause such differences include: economic conditions generally and in each of the markets in which we are located, the amount of sales contributed by new and existing restaurants, labor costs for our personnel, fluctuations in the cost of food products, adverse weather conditions, changes in consumer preferences and the level of competition from existing or new competitors.

We have attempted to identify, in context, certain of the factors that we believe may cause actual future experience and results to differ materially from our current expectation regarding the relevant matter or subject area. In addition to the items specifically discussed above, our business, results of operations and financial position and your investment in our common stock are subject to the risks and uncertainties described in “Item 1A Risk Factors” in Part I of our Annual Report on Form 10-K for the fiscal year ended October 1, 2016 (“Form 10-K”) as may be updated by the information contained under the caption “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q.

From time to time, oral or written forward-looking statements are also included in our reports on Forms 10-K, 10-K/A, 10-Q, 10-Q/A and 8-K, our Schedule 14A, our press releases and other materials released to the public. Although we believe that at the time made, the expectations reflected in all of these forward-looking statements are and will be reasonable; any or all of the forward-looking statements may prove to be incorrect. This may occur as a result of inaccurate assumptions or as a consequence of known or unknown risks and uncertainties. Many factors discussed in this Quarterly Report on Form 10-Q, certain of which are beyond our control, will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from forward-looking statements. In light of these and other uncertainties, you should not regard the inclusion of a forward-looking statement in this Quarterly Report on Form 10-Q or other public communications that we might make as a representation by us that our plans and objectives will be achieved, and you should not place undue reliance on such forward-looking statements.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made on related subjects in our subsequent periodic reports filed with the Securities and Exchange Commission on Forms 10-K, 10-K/A, 10-Q, 10-Q/A and 8-K and Schedule 14A.

Unless the context requires otherwise, references to “we,” “us,” “our,” “ARKR” and the “Company” refer specifically to Ark Restaurants Corp., and its subsidiaries, partnerships, variable interest entities and predecessor entities.

- 2 -

Part I. Financial Information

Item 1. Consolidated Condensed Financial Statements

ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS

(In Thousands, Except Per Share Amounts)

	December 31, 2016		October 1, 2016
	(unaudited)		(see Note 1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (includes $511 at December 31, 2016 and $889 at October 1, 2016 related to VIEs)	$	4,662	$	7,239
Accounts receivable (includes $476 at December 31, 2016 and $429 at October 1, 2016 related to VIEs)		3,732		3,750
Employee receivables		428		453
Inventories (includes $18 at December 31, 2016 and $23 at October 1, 2016 related to VIEs)		2,161		1,892
Prepaid expenses and other current assets (includes $226 at December 31, 2016 and $228 at October 1, 2016 related to VIEs)		2,242		2,662
Total current assets		13,225		15,996
FIXED ASSETS - Net (includes $18 at December 31, 2016 and $22 at October 1, 2016 related to VIEs)		36,874		29,546
INTANGIBLE ASSETS - Net		688		526
GOODWILL		9,995		7,895
TRADEMARKS		2,111		1,611
DEFERRED INCOME TAXES		3,032		3,416
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK		6,716		6,701
OTHER ASSETS (includes $71 at December 31, 2016 and October 1, 2016 related to VIEs)		2,527		2,564
TOTAL ASSETS	$	75,168	$	68,255
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable - trade (includes $55 at December 31, 2016 and $114 at October 1, 2016 related to VIEs)	$	3,463	$	2,876
Accrued expenses and other current liabilities (includes $299 at December 31, 2016 and $238 at October 1, 2016 related to VIEs)		8,519		10,555
Accrued income taxes		1,461		606
Current portion of notes payable		4,216		2,617
Total current liabilities		17,659		16,654
OPERATING LEASE DEFERRED CREDIT (includes $67 at December 31, 2016 and $73 at October 1, 2016 related to VIEs)		3,524		3,576
NOTES PAYABLE, LESS CURRENT PORTION, net of deferred financing costs		11,071		5,321
TOTAL LIABILITIES		32,254		25,551
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, par value $.01 per share - authorized, 10,000 shares; issued, 3,423 shares at December 31, 2016 and October 1, 2016; outstanding, 3,423 shares at December 31, 2016 and October 1, 2016		34		34
Additional paid-in capital		12,545		12,942
Retained earnings		28,036		27,158
Total Ark Restaurants Corp. shareholders’ equity		40,615		40,134
NON-CONTROLLING INTERESTS		2,299		2,570
TOTAL EQUITY		42,914		42,704
TOTAL LIABILITIES AND EQUITY	$	75,168	$	68,255

See notes to consolidated condensed financial statements.

- 3 -

ARK RESTAURANTS CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)

FOR THE 13 WEEKS ENDED DECEMBER 31, 2016 AND JANUARY 2, 2016

(In Thousands, Except Per Share Amounts)

	13 Weeks Ended
	December 31, 2016			January 2, 2016

REVENUES:
Food and beverage sales	$	37,953		$	36,632
Other revenue		439			359
Total revenues		38,392			36,991

COSTS AND EXPENSES:
Food and beverage cost of sales		9,750			9,592
Payroll expenses		12,956			13,192
Occupancy expenses		4,732			4,545
Other operating costs and expenses		4,866			4,563
General and administrative expenses		3,300			3,328
Depreciation and amortization		1,483			1,138
Total costs and expenses		37,087			36,358
RESTAURANT OPERATING INCOME		1,305			633
Gain on sale of Rustic Inn, Jupiter		1,637			-
OPERATING INCOME		2,942			633
OTHER (INCOME) EXPENSE:
Interest expense		101			91
Interest income		(96	)		(12	)
Other (income) expense, net		(28	)		(61	)
Total other (income) expense, net		(23	)		18
INCOME BEFORE PROVISION FOR INCOME TAXES		2,965			615
Provision for income taxes		880			139
CONSOLIDATED NET INCOME		2,085			476
Net income attributable to non-controlling interests		(351	)		(155	)
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP.	$	1,734		$	321

NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE:
Basic	$	0.51		$	0.09
Diluted	$	0.49		$	0.09

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic		3,423			3,418
Diluted		3,507			3,517

See notes to consolidated condensed financial statements.

- 4 -

ARK RESTAURANTS CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

FOR THE 13 WEEKS ENDED DECEMBER 31, 2016 AND JANUARY 2, 2016

(In Thousands, Except Per Share Amounts)

	Common Stock				Additional Paid-In			Retained						Total Ark Restaurants Corp. Shareholders’			Non- controlling			Total
	Shares		Amount		Capital			Earnings			Treasury Stock			Equity			Interests			Equity

BALANCE - October 3, 2015		4,774	$	48	$	25,682		$	21,479		$	(13,220	)	$	33,989		$	1,326		$	35,315

Net income		-		-		-			321			-			321			155			476
Exercise of stock options		-		-		1			-			-			1			-			1
Stock-based compensation		-		-		104			-			-			104			-			104
Distributions to non-controlling interests		-		-		-			-			-			-			(396	)		(396	)
Accrued and paid dividends - $0.25 per share		-		-		-			(855	)		-			(855	)		-			(855	)

BALANCE - January 2, 2016		4,774	$	48	$	25,787		$	20,945		$	(13,220	)	$	33,560		$	1,085		$	34,645

BALANCE - October 1, 2016		3423	$	34	$	12,942		$	27,158		$	-		$	40,134		$	2,570		$	42,704

Net income		-		-		-			1,734			-			1,734			351			2,085
Change in excess tax benefits from stock-based compensation		-		-		(397	)		-			-			(397	)		-			(397	)
Distributions to non-controlling interests		-		-		-			-			-			-			(622	)		(622	)
Dividends paid - $0.25 per share		-		-		-			(856	)		-			(856	)		-			(856	)

BALANCE - December 31, 2016		3,423	$	34	$	12,545		$	28,036		$	-		$	40,615		$	2,299		$	42,914

See notes to consolidated condensed financial statements.

- 5 -

ARK RESTAURANTS CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

FOR THE 13 WEEKS ENDED DECEMBER 31, 2016 AND JANUARY 2, 2016

(In Thousands)

	13 Weeks Ended
	December 31, 2016			January 2, 2016

CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$	2,085		$	476
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:
Loss on closure of restaurant		75			16
Gain on sale of Rustic Inn, Jupiter		(1,637	)		-
Loss on disposal of assets		283			-
Deferred income taxes		(13	)		5
Stock-based compensation		-			104
Depreciation and amortization		1,125			1,138
Amortization of deferred financing costs		11			9
Operating lease deferred credit		(52	)		(118	)
Changes in operating assets and liabilities:
Accounts receivable		18			(884	)
Inventories		24			22
Prepaid, refundable and accrued income taxes		855			(1,313	)
Prepaid expenses and other current assets		470			109
Other assets		29			249
Accounts payable - trade		587			(137	)
Accrued expenses and other current liabilities		(2,036	)		(637	)
Net cash provided by (used in) operating activities		1,824			(961	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets		(1,716	)		(204	)
Loans and advances made to employees		(20	)		(71	)
Payments received on employee receivables		45			50
Proceeds from the sale of the Rustic Inn, Jupiter		2,474			-
Purchase of Oyster House		(3,043	)		-
Purchase of Shuckers		-			(717	)
Net cash used in investing activities		(2,260	)		(942	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable		(663	)		(571	)
Payment of debt financing costs		-			(131	)
Dividends paid		(856	)		(855	)
Proceeds from issuance of stock upon exercise of stock options		-			1
Distributions to non-controlling interests		(622	)		(396	)
Net cash used in financing activities		(2,141	)		(1,952	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(2,577	)		(3,855	)
CASH AND CASH EQUIVALENTS, Beginning of period		7,239			9,735
CASH AND CASH EQUIVALENTS, End of period	$	4,662		$	5,880

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	101		$	82
Income taxes	$	37		$	1,447
Non-cash financing activities:
Note payable in connection with the purchase of Shuckers	$	-		$	5,000
Note payable in connection with the purchase of Oyster House	$	8,000		$	-
Changes in excess tax benefits from stock-based compensation	$	(397	)	$	-

See notes to consolidated condensed financial statements.

- 6 -

ARK RESTAURANTS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
December 31, 2016
(Unaudited)

1.	CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

The consolidated condensed balance sheet as of October 1, 2016, which has been derived from audited financial statements included in the Company’s annual report on Form 10-K for the year ended October 1, 2016 (“Form 10-K”), and the unaudited interim consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. All adjustments that, in the opinion of management are necessary for a fair presentation for the periods presented, have been reflected as required by Regulation S-X, Rule 10-01. Such adjustments are of a normal, recurring nature. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Form 10-K. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period.

PRINCIPLES OF CONSOLIDATION — The consolidated condensed interim financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest, collectively herein referred to as the “Company”. Also included in the consolidated condensed interim financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation.

RECLASSIFICATIONS — Certain reclassifications of prior period balances related to the income statement presentation of $822,000 of certain administrative fees related to catering revenue received have been reclassified from payroll expense to revenue to conform to the current period presentation.

SEASONALITY — The Company has substantial fixed costs that do not decline proportionally with sales. The first and second fiscal quarters, which include the winter months, usually reflect lower customer traffic than in the third and fourth fiscal quarters. In addition, sales in the third and fourth fiscal quarters can be adversely affected by inclement weather due to the significant amount of outdoor seating at the Company’s restaurants.

FAIR VALUE OF FINANCIAL INSTRUMENTS — The carrying amount of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair values of notes receivable and payable are determined using current applicable rates for similar instruments as of the consolidated condensed balance sheet date and approximate the carrying value of such debt instruments.

CASH AND CASH EQUIVALENTS — Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments generally with original maturities of three months or less. Outstanding checks in excess of account balances, typically vendor payments, payroll and other contractual obligations disbursed after the last day of a reporting period are reported as a current liability in the accompanying consolidated condensed balance sheets.

CONCENTRATIONS OF CREDIT RISK — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed Federally insured limits. Accounts receivable are primarily comprised of normal business receivables, such as credit card receivables, that are paid off in a short period of time and amounts due from the hotel operators where the Company has a location, and are recorded when the products or services have been delivered. The Company reviews the collectability of its receivables on an ongoing basis, and provides for an allowance when it considers the entity unable to meet its obligation. The concentration of credit risk with respect to accounts receivable is generally limited due to the short payment terms extended by the Company and the number of customers comprising the Company’s customer base.

For the 13-week periods ended December 31, 2016 and January 2, 2016, the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases for the respective period.

SEGMENT REPORTING — As of December 31, 2016, the Company owned and operated 22 restaurants and bars, 19 fast food concepts and catering operations, exclusively in the United States, that have similar economic characteristics, nature of products and service, class of customers and distribution methods. The Company believes it meets the criteria for aggregating its operating segments into a single reporting segment in accordance with applicable accounting guidance.

- 7 -

RECENTLY ADOPTED ACCOUNTING STANDARDS — In June 2014, the FASB issued guidance which clarifies the recognition of stock-based compensation over the required service period, if it is probable that the performance condition will be achieved. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and should be applied prospectively. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements.

In January 2015, the FASB issued guidance simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The amendments are effective for annual reporting periods, including interim periods within those reporting periods, beginning after December 15, 2015. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements.

In February 2015, the FASB amended the consolidation standards for reporting entities that are required to evaluate whether they should consolidate certain legal entities. Under the new guidance, all legal entities are subject to reevaluation under the revised consolidation model. Specifically, the guidance (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (ii) eliminates the presumption that a general partner should consolidate a limited partnership; (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act for registered money market funds. The amendments are effective for annual reporting periods, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements.

NEW ACCOUNTING STANDARDS NOT YET ADOPTED — In January 2017, the FASB issued guidance clarifying the definition of a business. The update provides that when substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The new rules will be effective for the Company in the first quarter of 2019. The Company is currently evaluating the potential impact adoption of this guidance on its Consolidated Condensed Financial Statements.

In January 2017, the FASB guidance simplifying the test for goodwill impairment. The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The new rules will be effective for the Company in the first quarter of 2021. The Company is currently evaluating the potential impact adoption of this guidance on its Consolidated Condensed Financial Statements.

2.	VARIABLE INTEREST ENTITIES

The Company consolidates any variable interest entities in which it holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

- 8 -

The Company has determined that it is the primary beneficiary of three VIEs and, accordingly, consolidates the financial results of these entities. Following are the required disclosures associated with the Company’s consolidated VIEs:

	December 31, 2016		October 1, 2016
	(in thousands)

Cash and cash equivalents	$	511	$	889
Accounts receivable		476		429
Inventories		18		23
Prepaid expenses and other current assets		226		228
Due from Ark Restaurants Corp. and affiliates (1)		38		-
Fixed assets - net		18		22
Other assets		71		71
Total assets	$	1,358	$	1,662

Accounts payable - trade	$	55	$	114
Accrued expenses and other current liabilities		299		238
Due to Ark Restaurants Corp. and affiliates (1)		-		173
Operating lease deferred credit		67		73
Total liabilities		421		598
Equity of variable interest entities		937		1,064
Total liabilities and equity	$	1,358	$	1,662

(1)	Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.

The liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the consolidated VIEs. Conversely, assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets.

3.	RECENT RESTAURANT EXPANSION

On October 22, 2015, the Company, through its wholly-owned subsidiaries, Ark Shuckers, LLC and Ark Shuckers Real Estate, LLC, acquired the assets of Shuckers Inc. (“Shuckers”), a restaurant and bar located at the Island Beach Resort in Jensen Beach, FL, and six condominium units (four of which house the restaurant and bar operations). In addition, Ark Island Beach Resort LLC, a wholly-owned subsidiary of the Company, acquired Island Beach Resort Inc., a management company that administers a rental pool of certain condominium units under lease. The total purchase price was $5,717,000. The acquisition is accounted for as a business combination and was financed with a bank loan in the amount of $5,000,000 and cash from operations.

On November 30, 2016, the Company, through newly formed, wholly-owned subsidiaries, acquired the assets of the Original Oyster House, Inc., a restaurant and bar located in the City of Gulf Shores, Baldwin County, Alabama and the related real estate and an adjacent retail shopping plaza and the Original Oyster House II, Inc., a restaurant and bar located in the City of Spanish Fort, Baldwin County, Alabama and the related real estate. The total purchase price was for $10,750,000 plus inventory of approximately $293,000. The acquisition is accounted for as a business combination and was financed with a bank loan from the Company’s existing lender in the amount of $8,000,000 and cash from operations. A preliminary allocation of the fair values of the assets acquired, subject to final acquisition accounting, is as follows:

Inventory	$	293,000
Land, buildings and fixed assets		7,950,000
Goodwill and Intangibles		2,800,000
	$	11,043,000

The Consolidated Condensed Statements of Income for the 13-weeks ended December 31, 2016 include revenues and losses of approximately $1,680,000 and $(54,000), respectively, related to the Shuckers and Oyster House properties. The unaudited pro forma financial information set forth below is based upon the Company’s historical Consolidated Condensed Statements of Income for the 13-weeks ended December 31, 2016 and January 2, 2016 and includes the results of operations for Shuckers and the Oyster House properties for the periods prior to acquisition. The unaudited pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the acquisition of Shuckers occurred on the dates indicated, nor does it purport to represent the results of operations for future periods.

- 9 -

	13 Weeks Ended
	December 31, 2016		January 2, 2016

Total revenues	$	40,205	$	39,393
Net income	$	1,941	$	426
Net income per share - basic	$	0.57	$	0.12
Net income per share - diluted	$	0.55	$	0.12

Basic		3,423		3,418
Diluted		3,507		3,517

4.	RECENT RESTAURANT DISPOSITIONS

Lease Expirations – On November 30, 2015, the Company’s lease at the V-Bar located at the Venetian Casino Resort in Las Vegas, NV expired. The closure of this property did not result in a material charge.

The Company was advised by the landlord that it would have to vacate the Center Café property located at Union Station in Washington, DC which was on a month-to-month lease. The closure of this property occurred in February 2016 and did not result in a material charge.

Other – On November 18, 2016, Ark Jupiter RI, LLC (“Ark Jupiter”), a wholly-owned subsidiary of the Company, entered into a ROFR Purchase and Sale Agreement (the “ROFR”) with SCFRC-HWG, LLC, the landlord (the “Seller”) to purchase the land and building in which the Company operates its Rustic Inn location in Jupiter, Florida. The Seller had entered into a Purchase and Sale Agreement with a third party to sell the premises; however, Ark Jupiter’s lease provided the Company with a right of first refusal to purchase the property. Ark Jupiter exercised the ROFR on October 4, 2016 and made a ten (10%) percent deposit on the purchase price of approximately Five Million Two Hundred Thousand Dollars ($5,200,000). Concurrent with the execution of the ROFR, Ark Jupiter entered into a Purchase and Sale Agreement with 1065 A1A, LLC to sell this same property for Eight Million Two Hundred Fifty Thousand Dollars ($8,250,000). In connection with the sale, Ark Jupiter and 1065 A1A, LLC have entered into a temporary lease and sub-lease arrangement which expires on April 30, 2017, at which time the Company expects to vacate the space. In connection with these transactions the Company recognized a gain in the amount of $1,637,000 during the 13-weeks ended December 31, 2016.

The Company’s is in the process of transferring its lease and the related assets of Canyon Road located in New York, NY to an unrelated third party. In connection with this pending transfer, the Company recognized an impairment loss included in depreciation and amortization expense in the amount of $75,000 for the 13-weeks ended December 31, 2016.

5.	INVESTMENT IN NEW MEADOWLANDS RACETRACK

On March 12, 2013, the Company made a $4,200,000 investment in the New Meadowlands Racetrack LLC (“NMR”) through its purchase of a membership interest in Meadowlands Newmark, LLC, an existing member of NMR. On November 19, 2013, the Company invested an additional $464,000 in NMR through a purchase of an additional membership interest in Meadowlands Newmark, LLC resulting in a total ownership of 11.6% of Meadowlands Newmark, LLC, subject to dilution. In 2015, the Company invested an additional $222,000, as a result of capital calls, bringing its total investment to $4,886,000 with no change in ownership. This investment has been accounted for based on the cost method. .

In addition to the Company’s ownership interest in NMR through Meadowlands Newmark, LLC, if casino gaming is approved at the Meadowlands and NMR is granted the right to conduct said gaming, neither of which can be assured, the Company shall be granted the exclusive right to operate the food and beverage concessions in the gaming facility with the exception of one restaurant.

- 10 -

an annual fee equal to 5% of the net profits received by NMR from the Racing F&B Concessions during each calendar year. At December 31, 2016, it was determined that AM VIE is a variable interest entity. However, based on qualitative consideration of the contracts with AM VIE, the operating structure of AM VIE, the Company’s role with AM VIE, and that the Company is not obligated to absorb any expected losses of AM VIE, the Company has concluded that it is not the primary beneficiary and not required to consolidate the operations of AM VIE.

The Company’s maximum exposure to loss as a result of its involvement with AM VIE is limited to a receivable from AM VIE’s primary beneficiary (NMR, a related party) which aggregated approximately $11,000 and $164,000 at December 31, 2016 and October 1, 2016, respectively, and are included in Prepaid Expenses and Other Current Assets in the Consolidated Condensed Balance Sheets.

On April 25, 2014, the Company loaned $1,500,000 to Meadowlands Newmark, LLC. The note bears interest at 3%, compounded monthly and added to the principal, and is due in its entirety on January 31, 2024. The note may be prepaid, in whole or in part, at any time without penalty or premium. On July 13, 2016, the Company made an additional loan to Meadowlands Newmark, LLC in the amount of $200,000. Such amount is subject to the same terms and conditions as the original loan as discussed above. The principal and accrued interest related to this note in the amounts of $1,830,000 and $1,815,000, are included in Investment In and Receivable From New Meadowlands Racetrack in the Consolidated Balance Sheets at December 31, 2016 and October 1, 2016, respectively.

In accordance with the cost method, our initial investment is recorded at cost and we record dividend income when applicable, if dividends are declared. We review our Investment in NMR each reporting period to determine whether a significant event or change in circumstances has occurred that may have an adverse effect on its fair value, such as the defeat of the referendum for casino gaming in Northern New Jersey in November 2016. The voter referendum for casino gaming in Northern New Jersey was defeated in November 2016. State law prohibits the issue from being put on the ballot before voters for the following two years. In connection with NMR’s restructuring of an existing loan which comes due on June 30, 2018, and to extend the loan through December 2021, the Company funded its proportionate share of a $3 million capital call rather than having its interest diluted (see Note 13).

As a result, we performed an assessment of the recoverability of our indirect Investment in NMR as of October 1, 2016 which included estimates requiring significant management judgment, include inherent uncertainties and are often ·interdependent; therefore, they do not change in isolation. Factors that management estimated include, among others, the probability of gambling being approved in Northern NJ which is the most heavily weighted assumption and NMR obtaining a license to operate a casino, revenue levels, cost of capital, marketing spending, tax rates and capital spending.

In performing this assessment, we estimated the fair value of our Investment in NMR using our best estimate of these assumptions which we believe would be consistent with what a hypothetical marketplace participant would use. The variability of these factors depends on a number of conditions, including uncertainty about future events and our inability as a minority shareholder to control certain outcomes and thus our accounting estimates may change from period to period. If other assumptions and estimates had been used when these tests were performed, impairment charges could have resulted. As a result of the above, no impairment was deemed necessary as of December 31, 2016.

6.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

	December 31, 2016		October 1, 2016
	(In thousands)

Sales tax payable	$	1,044	$	942
Accrued wages and payroll related costs		1,862		2,495
Customer advance deposits		1,772		4,077
Accrued occupancy and other operating expenses		3,841		3,041

	$	8,519	$	10,555

- 11 -

NOTES PAYABLE - BANK

Long-term debt consists of the following:

	December 31, 2016			October 1, 2016
	(In thousands)

Promissory Note - Rustic Inn purchase	$	3,503		$	3,907
Promissory Note - Shuckers purchase		3,833			4,084
Promissory Note - Oyster House purchase		8,000			-

		15,336			7,991
Less: Current maturities		(4,216	)		(2,617	)
Less: Unamortized deferred financing costs		(49	)		(53	)

Long-term debt	$	11,071		$	5,321

On February 25, 2013, the Company issued a promissory note to Bank Hapoalim B.M. (the “BHBM”) for $3,000,000. The note bore interest at LIBOR plus 3.5% per annum, and was payable in 36 equal monthly installments of $83,333, commencing on March 25, 2013. On February 24, 2014, in connection with the acquisition of The Rustic Inn, the Company borrowed an additional $6,000,000 from BHBM under the same terms and conditions as the original loan which was consolidated with the remaining principal balance from the original borrowing at that date. The new loan is payable in 60 equal monthly installments of $134,722, which commenced on March 25, 2014. As of December 31, 2016, the outstanding balance of this note payable was $3,503,000.

On October 22, 2015, in connection with the acquisition of Shuckers, the Company issued a promissory note to BHBM for $5,000,000. The note bears interest at LIBOR plus 3.5% per annum, and is payable in 60 equal monthly installments of $83,333, commencing on November 22, 2015. As of December 31, 2016, the outstanding balance of this note payable was $3,833,000.

On November 30, 2016, in connection with the acquisition of the Oyster House properties, the Company issued a promissory note to BHBM for $8,000,000. The note bears interest at LIBOR plus 3.5% per annum, and is payable in 60 equal monthly installments of $133,273, commencing on January 1, 2017. As of December 31, 2016, the outstanding balance of this note payable was $8,000,000.

On October 22, 2015, in connection with the Shuckers transaction, the Company also entered into a credit agreement (the “Revolving Facility”) with BHBM which expires on October 21, 2017 and provides for total availability of the lesser of (i) $10,000,000 and (ii) $20,000,000 less the then aggregate amount of all indebtedness and obligations to BHBM. Borrowings under the Revolving Facility will be evidenced by a promissory note (the “Revolving Note”) in favor of BHBM and will be payable over five years with interest at an annual rate equal to LIBOR plus 3.5% per year. As of July 2, 2016, no additional amounts were outstanding under the Revolving Facility.

Deferred financing costs incurred in connection with the Revolving Facility in the amount of $130,585 are being amortized over the life of the agreements on a straight-line basis. Amortization expense of $11,000 and $9,000 is included in interest expense for the 13-weeks ended December 31, 2016 and January 2, 2016, respectively.

Borrowings under the Revolving Facility, which include all of the above promissory notes, are secured by all tangible and intangible personal property (including accounts receivable, inventory, equipment, general intangibles, documents, chattel paper, instruments, letter-of-credit rights, investment property, intellectual property and deposit accounts) and fixtures of the Company.

The loan agreements provide, among other things, that the Company meet minimum quarterly tangible net worth amounts, as defined, maintain a fixed charge coverage ratio of not less than 1.1:1 and minimum annual net income amounts, and contain customary representations, warranties and affirmative covenants. The agreements also contain customary negative covenants, subject to negotiated exceptions, on liens, relating to other indebtedness, capital expenditures, liens, affiliate transactions, disposal of assets and certain changes in ownership. The Company was in compliance with all debt covenants as of December 31, 2016.

- 12 -

COMMITMENTS AND CONTINGENCIES

Leases — The Company leases its restaurants, bar facilities, and administrative headquarters through its subsidiaries under terms expiring at various dates through 2032. Most of the leases provide for the payment of base rents plus real estate taxes, insurance and other expenses and, in certain instances, for the payment of a percentage of the restaurant’s sales in excess of stipulated amounts at such facility and in one instance based on profits.

On January 12, 2016, the Company entered into an Amended and Restated Lease for its Sequoia property in Washington D.C. extending the lease for 15 years through November 30, 2032 with one additional five-year option. Annual rent under the new lease is approximately $1,200,000 increasing annually through expiration. Under the terms of the agreement, the property will be closed from January 1, 2017 through March 31, 2017 for renovation and reconcepting. The Company is currently developing the concept and design relating to the renovated space and estimates the total cost to be approximately $6,000,000 to $7,000,000.

Legal Proceedings — In the ordinary course of its business, the Company is a party to various lawsuits arising from accidents at its restaurants and worker’s compensation claims, which are generally handled by the Company’s insurance carriers. The employment by the Company of management personnel, waiters, waitresses and kitchen staff at a number of different restaurants has resulted, from time to time, in litigation alleging violation by the Company of employment discrimination laws. Management believes, based in part on the advice of counsel, that the ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Share Repurchase Plan — On July 5, 2016, the Board of Directors authorized a share repurchase program authorizing management to purchase up to 500,000 shares of the Company’s common stock during the next twelve months. Any repurchase under the program will be effected in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 “Purchases of Certain Equity Securities by the Issuer and Others”, funded using the Company’s working capital and be based on management’s evaluation of market conditions and other factors. No repurchases were made during the 13-weeks ended December 31, 2016.

9.	STOCK OPTIONS

The Company has options outstanding under two stock option plans, the 2004 Stock Option Plan (the “2004 Plan”) and the 2010 Stock Option Plan (the “2010 Plan”), which was approved by shareholders in the second quarter of 2010. Effective with this approval, the Company terminated the 2004 Plan. This action terminated the 400 authorized but unissued options under the 2004 Plan, but it did not affect any of the options previously issued under the 2004 Plan. Options granted under the 2004 Plan are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant. Options granted under the 2010 Plan are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant.

On April 5, 2016, the shareholders of the Company approved the 2016 Stock Option Plan and the Section 162(m) Cash Bonus Plan. Under the 2016 Stock Option Plan, 500,000 options were authorized for future grant and are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant. Under the Section 162(m) Cash Bonus Plan, compensation paid in excess of $1,000,000 to any employee who is the chief executive officer, or one of the three highest paid executive officers on the last day of that tax year (other than the chief executive officer or the chief financial officer) will meet certain “performance-based” requirements of Section 162(m) and the related IRS regulations in order for it to be tax deductible.

During the quarter ended December 31, 2016, options to purchase 90,000 shares of common stock at an exercise price of $29.60 per share expired unexercised.

No options or performance-based awards were granted during the 13-week period ended December 31, 2016.

A summary of stock option activity is presented below:

	2017
	Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
Outstanding, beginning of period		518,608		$	19.76		5.1 Years
Options:
Granted		-
Exercised		-
Canceled or expired		(90,000	)	$	32.15
Outstanding and expected to vest, end of period		428,608		$	17.85		5.9 Years	$	2,743,000
Exercisable, end of period		428,608		$	17.85		5.9 Years	$	2,743,000

- 13 -

Compensation cost charged to operations for the 13-week periods ended December 31, 2016 and January 2, 2016 was $0 and $103,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Condensed Statements of Income.

As of December 31, 2016, there was no unrecognized compensation cost related to unvested stock options.

10.

INCOME TAXES

The Company’s provision for income taxes consists of Federal, state and local taxes in amounts necessary to align the Company’s year-to-date provision for income taxes with the effective tax rate that the Company expects to achieve for the full year. Each quarter, the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as deemed necessary. The income tax provisions for the 13-week periods ended December 31, 2016 and January 2, 2016 reflect effective tax rates of approximately 30% and 23%, respectively. The Company expects its effective tax rate for its current fiscal year to be significantly lower than the statutory rate as a result of the generation of FICA tax credits and operating income attributable to the non-controlling interests of the VIEs that is not taxable to the Company. The final annual tax rate cannot be determined until the end of the fiscal year; therefore, the actual tax rate could differ from current estimates.

The Company’s overall effective tax rate in the future will be affected by factors such as the utilization of state and local net operating loss carryforwards, the generation of FICA tax credits and the mix of earnings by state taxing jurisdiction as Nevada does not impose a state income tax, as compared to the other major state and local jurisdictions in which the Company has operations.

During the 13-weeks ended December 31, 2016, certain equity compensation awards expired unexercised. As such, the Company reversed the related deferred tax asset in the amount of approximately $397,000 as a charge to Additional Paid-in Capital as there was a sufficient pool of windfall tax benefit available.

11.

INCOME PER SHARE OF COMMON STOCK

Net income per share is calculated on the basis of the weighted average number of common shares outstanding during each period plus, for diluted net income per share, the additional dilutive effect of potential common stock. Potential common stock using the treasury stock method consists of dilutive stock options.

For the 13-week period ended December 31, 2016, options to purchase 66,000 shares of common stock at an exercise price of $12.04 per share and options to purchase 160,800 shares of common stock at an exercise price of $14.40 per share were included in diluted earnings per share. Options to purchase 201,808 shares of common stock at an exercise price of $22.50 per share were not included in diluted earnings per share as their impact would be anti-dilutive.

For the 13-week period ended January 2, 2016, options to purchase 66,000 shares of common stock at an exercise price of $12.04 per share, options to purchase 164,700 shares of common stock at an exercise price of $14.40 per share and options to purchase 203,000 shares of common stock at an exercise price of $22.50 per share were included in diluted earnings per share. Options to purchase 90,000 shares of common stock at an exercise price of $32.15 were not included in diluted earnings per share as their impact was anti-dilutive.

12.

DIVIDENDS

On December 7, 2016, the Board of Directors declared a quarterly dividend of $0.25 per share on the Company’s common stock to be paid on January 3, 2017 to shareholders of record at the close of business on December 20, 2016. The Company intends to continue to pay such quarterly cash dividends for the foreseeable future, however, the payment of future dividends is at the discretion of the Company’s Board of Directors and is based on future earnings, cash flow, financial condition, capital requirements, changes in U.S. taxation and other relevant factors.

13.

SUBSEQUENT EVENTS

On January 4, 2017, the Company closed its Sequoia property in Washington, DC for a major renovation. The restaurant is expected to re-open in May 2017. In connection with this closure, the Company recognized an impairment loss related to fixed asset disposals in the amount of $283,000, which is included in Depreciation and Amortization Expense for the 13-weeks ended December 31, 2016.

On February 7, 2017, the Company invested an additional $222,000 in NMR as a result of a capital call bringing its total equity investment to $5,108,000.

- 14 -

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

As of December 31, 2016, the Company owned and operated 22 restaurants and bars, 19 fast food concepts and catering operations, exclusively in the United States, that have similar economic characteristics, nature of products and service, class of customer and distribution methods. The Company believes it meets the criteria for aggregating its operating segments into a single reporting segment in accordance with applicable accounting guidance. The Consolidated Condensed Statements of Income for the 13-weeks ended December 31, 2016 include revenues and losses of approximately $1,680,000 and $(54,000), respectively, related to Shuckers, which was acquired on October 22, 2015 and the Oyster House properties, which were acquired on November 30, 2016.

Accounting Period

Our fiscal year ends on the Saturday nearest September 30. We report fiscal years under a 52/53-week format. This reporting method is used by many companies in the hospitality industry and is meant to improve year-to-year comparisons of operating results. Under this method, certain years will contain 53 weeks. The periods ended December 31, 2016 and January 2, 2016 each included 13 weeks.

Seasonality

The Company has substantial fixed costs that do not decline proportionately with sales. At our properties located in the northeast, the first and second fiscal quarters, which include the winter months, usually reflect lower customer traffic than in the third and fourth fiscal quarters. However, sales in the third and fourth fiscal quarters can be adversely affected by inclement weather due to the significant amount of outdoor seating at the Company’s restaurants.

Results of Operations

The Company’s operating income for the 13 weeks ended December 31, 2016 was $2,942,000 as compared to $633,000 for the 13 weeks ended January 2, 2016. This increase resulted from the recognition of a gain in connection with the sale of the real estate underlying our Rustic Inn, Jupiter, FL property combined with overall better performance at most of our other properties partially offset by (i) decreases in operating income at the Rustic Inn, Dania Beach Florida, (ii) professional fees incurred in connection with our acquisition of the Oyster House properties and $358,000 of additional depreciation expense related to asset write-offs at Sequoia (which is undergoing a major renovation) and Canyon Road (whose lease is in the process of being transferred to an unrelated third party).

The following table summarizes the significant components of the Company’s operating results for the 13-week periods ended December 31, 2016 and January 2, 2016, respectively:

	13-Weeks Ended				Variance
	December 31, 2016		January 2, 2016		$			%
	(in thousands)
REVENUES:
Food and beverage sales	$	37,953	$	36,632	$	1,321			3.6	%
Other revenue		439		359		80			22.3	%
Total revenues		38,392		36,991		1,401			3.8	%

COSTS AND EXPENSES:
Food and beverage cost of sales		9,750		9,592		158			1.6	%
Payroll expenses		12,956		13,192		(236	)		-1.8	%
Occupancy expenses		4,732		4,545		187			4.1	%
Other operating costs and expenses		4,866		4,563		303			6.6	%
General and administrative expenses		3,300		3,328		(28	)		-0.8	%
Depreciation and amortization		1,483		1,138		345			30.3	%
Total costs and expenses		37,087		36,358		729			2.0	%
RESTAURANT OPERATING INCOME		1,305		633		672			106.2	%
Gain on sale of Rustic Inn, Jupiter		1,637		-		1,637			N/A
OPERATING INCOME	$	2,942	$	633	$	2,309			364.8	%

- 15 -

Revenues

During the Company’s 13-week period ended December 31, 2016, revenues increased 3.8% as compared to revenues in the 13-week period ended January 2, 2016. This increase resulted primarily from: (i) revenues related to the Oyster House properties in Gulf Shores, Alabama (which were acquired on November 30, 2016), and (ii) the same-store sales impacts discussed below, partially offset by the closure of Center Café in Washington, DC and the V Bar in Las Vegas as a result of lease expirations.

Food and Beverage Same-Store Sales

On a Company-wide basis, same-store sales increased 2.7% during the first fiscal quarter of 2017 as compared to the same period last year as follows:

	13 Weeks Ended				Variance
	December 31, 2016		January 2, 2016		$			%
	(in thousands)

Las Vegas	$	11,342	$	10,646	$	696			6.5	%
New York		11,495		10,894		601			5.5	%
Washington, DC		2,842		2,641		201			7.6	%
Atlantic City, NJ		1,640		1,484		156			10.5	%
Boston		907		986		(79	)		-8.0	%
Connecticut		858		872		(14	)		-1.6	%
Florida		6,464		7,079		(615	)		-8.7	%
Same-store sales		35,548		34,602	$	946			2.7	%
Other		2,405		2,030
Food and beverage sales	$	37,953	$	36,632

Same-store sales in Las Vegas increased 6.5% primarily as a result of an increase in tourism and convention business, all related to the current economic conditions. Same-store sales in New York increased 5.5%, primarily as a result of good weather conditions and strong catering revenues. Same-store sales in Washington, DC, which excludes Center Café which closed in February 2016, increased 7.6%, primarily as a result of good weather conditions and strong catering revenues. Same-store sales in Atlantic City increased 10.5%, primarily due to increased traffic at properties in which we operate our restaurants. Same-store sales in Boston decreased 8.0%, primarily as a result of decreased traffic at Faneuil Hall Marketplace where our property is located. Same-store sales in Florida decreased 8.7% reflecting decreased traffic at The Rustic Inn in Dania Beach, FL due to a road construction project started in the second quarter of fiscal 2016 by the local municipality that is expected to last approximately 18 months combined with increased competition at one of our food court properties. Other food and beverage sales consist of sales related to new restaurants opened or acquired during the applicable period (e.g. the Oyster House properties) and sales related to properties that were closed due to lease expiration and other closures.

Costs and Expenses

Costs and expenses for the 13-weeks ended December 31, 2016 and January 2, 2016 were as follows (in thousands):

	13 Weeks Ended		% to			13 Weeks Ended		% to				Increase (Decrease)
	December 31, 2016		Total Revenues			January 2, 2016		Total Revenues				$		%

Food and beverage cost of sales	$	9,750		25.4	%	$	9,592		25.9	%	$	158			1.6	%
Payroll expenses		12,956		33.7	%		13,192		35.7	%		(236	)		-1.8	%
Occupancy expenses		4,732		12.3	%		4,545		12.3	%		187			4.1	%
Other operating costs and expenses		4,866		12.7	%		4,563		12.3	%		303			6.6	%
General and administrative expenses		3,300		8.6	%		3,328		9.0	%		(28	)		-0.8	%
Depreciation and amortization		1,483		3.9	%		1,138		3.1	%		345			30.3	%
	$	37,087				$	36,358				$	729

- 16 -

The decrease in food and beverage costs as a percentage of total revenues for the 13-weeks ended December 31, 2016 compared to the same period of last year is primarily the result of menu price increases in fiscal 2016 and the stabilization of commodity prices.

Payroll expenses as a percentage of total revenues for the 13-weeks ended December 31, 2016 decreased primarily as a result of better labor management and the increasing mix of sales in markets where labor costs are lower.

Occupancy expenses as a percentage of total revenues for the 13-weeks ended December 31, 2016 were consistent as compared to the same period of last year as a result of higher sales at properties where rents are relatively fixed or where the Company owns the premises at which the property operates (The Rustic Inn in Dania Beach, FL, Shuckers in Jensen Beach, FL and the Oyster House properties in Gulf Shores, Alabama) offset by rent increases at our other properties.

Other operating costs and expenses as a percentage of total revenues for the 13-weeks ended December 31, 2016 were consistent with the same period of last year.

General and administrative expenses (which relate solely to the corporate office in New York City) as a percentage of total revenues for the 13-weeks ended December 31, 2016 were consistent with the same period of last year.

Depreciation and amortization expense for the 13-weeks ended December 31, 2016 increase $345,000 as compared to the same period of last year as a result of additional depreciation in the amount of $358,000 related to asset write-offs at Sequoia (which is undergoing a major renovation) and Canyon Road (whose lease is in the process of being transferred to an unrelated party).

Income Taxes

Liquidity and Capital Resources

Our primary source of capital has been cash provided by operations and, in recent years, bank and other borrowings to finance specific transactions and acquisitions. We utilize cash generated from operations to fund the cost of developing and opening new restaurants and remodeling existing restaurants we own.

Net cash provided by operating activities for the 13-weeks ended December 31, 2016 increased to $1,824,000 as compared to $961,000 used in operations in the same period of last year. This increase was attributable to an increase in operating income discussed above combined with changes in net working capital primarily related to accounts receivable, prepaid, refundable and accrued income taxes and accounts payable and accrued expenses.

Net cash used in investing activities for the 13-week period ended December 31, 2016 was $2,260,000 and resulted primarily from purchases of fixed assets at existing restaurants and the cash portion of the purchase of the Oyster House properties in the amount of $3,043,000, partially offset by the net proceeds in the amount of $2,474,000 from the sale of The Rustic Inn in Jupiter, Florida.

Net cash used in investing activities for the 13-week period ended January 2, 2016, was $942,000 and resulted primarily from purchases of fixed assets at existing restaurants and the cash portion of the purchase of Shuckers in the amount of $717,000.

Net cash used in financing activities for the 13-week periods ended December 31, 2016 and January 2, 2016 of $2,141,000 and $1,952,000, respectively, resulted primarily from the payment of dividends, principal payments on notes payable and distributions to non-controlling interests.

- 17 -

The Company had a working capital deficiency of $4,434,000 at December 31, 2016 as compared with a deficiency of $658,000 at October 1, 2016. This decrease resulted primarily from our purchase of the Oyster House properties in November 2016. We believe that our existing cash balances and cash provided by operations will be sufficient to meet our liquidity and capital spending requirements at least through the next 12 months.

Recent Restaurant Expansion

On October 22, 2015, the Company, through its wholly-owned subsidiaries, Ark Shuckers, LLC and Ark Shuckers Real Estate, LLC, acquired the assets of Shuckers Inc. (“Shuckers”), a restaurant and bar located at the Island Beach Resort in Jensen Beach, FL, and six condominium units (four of which house the restaurant and bar operations). In addition, Ark Island Beach Resort LLC, a wholly-owned subsidiary of the Company, acquired Island Beach Resort Inc., a management company that administers a rental pool of certain condominium units under lease. The total purchase price was $5,717,000. The acquisition was accounted for as a business combination and was financed with a bank loan in the amount of $5,000,000 and cash from operations.

On March 27, 2015, the Company, through a wholly-owned subsidiary, entered into an agreement to operate a kiosk in Bryant Park, NY for the sale of food and beverages for an initial period expiring on March 31, 2020 with an option to extend the agreement for five additional years. Renovations totaled approximately $400,000 and the property opened in July 2015.

On July 24, 2015, the Company, through a wholly-owned subsidiary, paid $544,000 (including a $144,000 security deposit) to assume the lease for an event space located in New York, NY. The assumed lease expires through March 31, 2026 with an option to extend the agreement for five additional years and provides for annual rent in the amount of approximately $300,000.

Recent Restaurant Dispositions

Other – On November 18, 2016, Ark Jupiter RI, LLC (“Ark Jupiter”), a wholly-owned subsidiary of the Company, entered into a ROFR Purchase and Sale Agreement (the “ROFR”) with SCFRC-HWG, LLC, the landlord (the “Seller”) to purchase the land and building in which the Company operates its Rustic Inn location in Jupiter, Florida. The Seller had entered into a Purchase and Sale Agreement with a third party to sell the premises; however, Ark Jupiter’s lease provided the Company with a right of first refusal to purchase the property. Ark Jupiter exercised the ROFR on October 4, 2016 and made a ten (10%) percent deposit on the purchase price of approximately Five Million Two Hundred Thousand Dollars ($5,200,000). Concurrent with the execution of the ROFR, Ark Jupiter entered into a Purchase and Sale Agreement with 1065 A1A, LLC to sell this same property for Eight Million Two Hundred Fifty Thousand Dollars ($8,250,000). In connection with the sale, Ark Jupiter and 1065 A1A, LLC have entered into a temporary lease and sub-lease arrangement which expires April 30, 2017 at which time the Company expects to vacate the space. In connection with these transactions the Company recognized a gain in the amount of $1,637,000 during the 13-weeks ended December 31, 2016.

- 18 -

The Company is in the process of transferring its lease and the related assets of Canyon Road located in New York, NY to an unrelated third party. In connection with this pending transfer, the Company recognized additional depreciation in the amount of $75,000 for the 13-weeks ended December 31, 2016.

Recent Developments

On January 4, 2017, the Company closed its Sequoia property in Washington, DC for a major renovation. The restaurant is expected to re-open in May 2017. In connection with this closure, the Company recognized a loss related to fixed asset disposals in the amount of $283,000, which is included in Depreciation and Amortization Expenses for the 13-weeks ended December 31, 2016.

On February 7, 2017, the Company invested an additional $222,000 in NMR as a result of a capital call bringing its total investment to $5,108,000.

Critical Accounting Policies

The preparation of financial statements requires the application of certain accounting policies, which may require the Company to make estimates and assumptions of future events. In the process of preparing its consolidated condensed financial statements, the Company estimates the appropriate carrying value of certain assets and liabilities, which are not readily apparent from other sources. The primary estimates underlying the Company’s consolidated condensed financial statements include allowances for potential bad debts on accounts and notes receivable, leases, the useful lives and recoverability of its assets, such as property and intangibles, fair values of financial instruments, the realizable value of its tax assets and other matters. Management bases its estimates on certain assumptions, which it believes are reasonable in the circumstances, and actual results could differ from those estimates. Although management does not believe that any change in those assumptions in the near term would have a material effect on the Company’s consolidated financial position or the results of operations, differences in actual results could be material to the consolidated condensed financial statements.

The Company’s critical accounting policies are described in the Company’s Form 10-K for the year ended October 1, 2016. There have been no significant changes to such policies during fiscal 2017 other than those disclosed in Note 1 to the Consolidated Condensed Financial Statements.

Recently Adopted and Issued Accounting Standards

See Note 1 to the Consolidated Condensed Financial Statements for a description of recent accounting pronouncements, including those adopted in fiscal 2017 and the expected dates of adoption and the anticipated impact on the Consolidated Condensed Financial Statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The Company purchases commodities such as chicken, beef, lobster, crabs and shrimp for the Company’s restaurants. The prices of these commodities may be volatile depending upon market conditions. The Company does not purchase forward commodity contracts because the changes in prices for these items have historically been short-term in nature and, in the Company’s view, the cost of the contracts is in excess of the benefits.

The Company’s business is also highly seasonal and dependent on the weather. Outdoor seating capacity, such as terraces and sidewalk cafes, is available for dining only in the warm seasons and then only in inclement weather.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of management, including our principal executive officer and principal financial officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this quarterly report as such term is defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on this evaluation, our management, including our principal executive officer and principal financial officer, concluded that our disclosure controls and procedures were effective as of December 31, 2016 to ensure that all material information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to them as appropriate to allow timely decisions regarding required disclosure and that all such information is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

- 19 -

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the first quarter of fiscal 2017 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Limitations of the Effectiveness of Internal Control

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the internal control system are met. Because of the inherent limitations of any internal control system, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected.

- 20 -

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

The Company is not subject to pending legal proceedings, other than ordinary claims incidental to its business, which the Company does not believe will materially impact results of operations.

Item 1A. Risk Factors

The most significant risk factors applicable to the Company are described in Part I, Item 1A (Risk Factors) of the Company’s Annual Report on Form 10-K for the fiscal year ended October 1, 2016 (the “2016 Form 10-K”). There have been no material changes to the risk factors previously disclosed in the 2016 Form 10-K. The risks described in the 2016 Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to management may materially adversely affect the Company’s business, financial condition, and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

Item 6. Exhibits

31.1	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32	Certificate of Chief Executive and Chief Financial Officers Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*	XBRL Instance Document

101.SCH*	XBRL Taxonomy Extension Schema Document

101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*	XBRL Taxonomy Extension Label Linkbase Document

101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

*Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

- 21 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date:	February 14, 2017

	ARK RESTAURANTS CORP.

By:	/s/ Michael Weinstein
	Michael Weinstein
	Chairman & Chief Executive Officer
	(Principal Executive Officer)

By:	/s/ Robert J. Stewart
	Robert J. Stewart
	President and Chief Financial Officer
	(Authorized Signatory and Principal
	Financial and Accounting Officer)

- 22 -

EX-31.1 2 c87414_ex31-1.htm

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Weinstein, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Ark Restaurants Corp.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 14, 2017

/s/ Michael Weinstein
Michael Weinstein
Chairman and Chief Executive Officer (Principal Executive Officer)

- 23 -

EX-31.2 3 c87414_ex31-2.htm

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Stewart, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Ark Restaurants Corp.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 14, 2017

/s/ Robert J. Stewart
Robert J. Stewart
President and Chief Financial Officer (Authorized Signatory and Principal Financial and Accounting Officer)

EX-32 4 c87414_ex32.htm

Exhibit 32

Certificate of Chief Executive and Chief Financial Officers Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended December 31, 2016 of Ark Restaurants Corp. (the “Registrant”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Michael Weinstein and Robert J. Stewart, Chief Executive Officer and Chief Financial Officer, respectively, of the Registrant, certify, pursuant to 18 U.S.C. § 1350, that to our knowledge:

	(i)	this Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78m or 78o(d)); and

	(ii)	the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated as of this 14th day of February 2017

/s/ Michael Weinstein		/s/ Robert J. Stewart
Michael Weinstein		Robert J. Stewart
Chairman and Chief Executive Officer		President and Chief Financial Officer
(Principal Executive Officer)		(Authorized Signatory and Principal
		Financial and Accounting Officer)

EX-101.INS 5 arkr-20161231.xml 0000779544 2016-12-31 0000779544 2016-10-01 0000779544 arkr:NewMeadowlandsRacetrackLLCMember 2016-12-31 0000779544 arkr:NewMeadowlandsRacetrackLLCMember 2016-10-01 0000779544 2016-10-02 2016-12-31 0000779544 2015-10-04 2016-01-02 0000779544 us-gaap:CommonStockMember 2015-10-03 0000779544 us-gaap:AdditionalPaidInCapitalMember 2015-10-03 0000779544 us-gaap:RetainedEarningsMember 2015-10-03 0000779544 us-gaap:TreasuryStockMember 2015-10-03 0000779544 us-gaap:ParentMember 2015-10-03 0000779544 us-gaap:NoncontrollingInterestMember 2015-10-03 0000779544 2015-10-03 0000779544 us-gaap:RetainedEarningsMember 2015-10-04 2016-01-02 0000779544 us-gaap:ParentMember 2015-10-04 2016-01-02 0000779544 us-gaap:NoncontrollingInterestMember 2015-10-04 2016-01-02 0000779544 us-gaap:AdditionalPaidInCapitalMember 2015-10-04 2016-01-02 0000779544 us-gaap:CommonStockMember 2016-01-02 0000779544 us-gaap:AdditionalPaidInCapitalMember 2016-01-02 0000779544 us-gaap:RetainedEarningsMember 2016-01-02 0000779544 us-gaap:TreasuryStockMember 2016-01-02 0000779544 us-gaap:ParentMember 2016-01-02 0000779544 us-gaap:NoncontrollingInterestMember 2016-01-02 0000779544 2016-01-02 0000779544 us-gaap:CommonStockMember 2016-10-01 0000779544 us-gaap:AdditionalPaidInCapitalMember 2016-10-01 0000779544 us-gaap:RetainedEarningsMember 2016-10-01 0000779544 us-gaap:ParentMember 2016-10-01 0000779544 us-gaap:NoncontrollingInterestMember 2016-10-01 0000779544 us-gaap:RetainedEarningsMember 2016-10-02 2016-12-31 0000779544 us-gaap:ParentMember 2016-10-02 2016-12-31 0000779544 us-gaap:NoncontrollingInterestMember 2016-10-02 2016-12-31 0000779544 us-gaap:AdditionalPaidInCapitalMember 2016-10-02 2016-12-31 0000779544 us-gaap:CommonStockMember 2016-12-31 0000779544 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0000779544 us-gaap:RetainedEarningsMember 2016-12-31 0000779544 us-gaap:ParentMember 2016-12-31 0000779544 us-gaap:NoncontrollingInterestMember 2016-12-31 0000779544 arkr:OysterHouseMember 2016-10-02 2016-12-31 0000779544 arkr:ShuckersIncMember 2015-10-04 2016-01-02 0000779544 2017-02-10 0000779544 us-gaap:SupplierConcentrationRiskMember 2016-10-02 2016-12-31 0000779544 us-gaap:SupplierConcentrationRiskMember 2015-10-04 2016-01-02 0000779544 arkr:RestaurantsAndBarsMember 2016-10-02 2016-12-31 0000779544 arkr:FastFoodConceptsAndCateringOperationsMember 2016-10-02 2016-12-31 0000779544 arkr:ShuckersIncMember 2015-10-22 0000779544 arkr:ShuckersIncMember 2015-10-01 2015-10-31 0000779544 arkr:OysterHouseMember 2016-11-01 2016-11-30 0000779544 arkr:OysterHouseMember 2016-11-30 0000779544 arkr:ShuckersIncMember 2016-10-02 2016-12-31 0000779544 arkr:ShuckersIncMember 2016-12-31 0000779544 2016-11-18 0000779544 2016-11-01 2016-11-18 0000779544 arkr:TemporaryAndSubLeaseArrangementMember 2016-10-02 2016-12-31 0000779544 arkr:A1ALLCMember 2016-10-02 2016-12-31 0000779544 arkr:MeadowlandsNewmarkLlcMember 2012-09-30 2013-09-28 0000779544 arkr:MeadowlandsNewmarkLlcMember 2013-09-29 2014-09-27 0000779544 arkr:MeadowlandsNewmarkLlcMember 2014-09-27 0000779544 arkr:MeadowlandsNewmarkLlcMember 2014-09-28 2015-10-03 0000779544 arkr:MeadowlandsNewmarkLlcMember 2015-10-03 0000779544 arkr:ArkMeadowlandsLLCMember 2016-12-31 0000779544 arkr:ArkMeadowlandsLLCMember 2016-10-02 2016-12-31 0000779544 arkr:ArkMeadowlandsLLCMember 2016-10-01 0000779544 arkr:MeadowlandsNewmarkLlcMember 2014-04-01 2014-04-25 0000779544 arkr:MeadowlandsNewmarkLlcMember 2016-12-31 0000779544 arkr:MeadowlandsNewmarkLlcMember 2016-07-13 0000779544 arkr:MeadowlandsNewmarkLlcMember 2016-10-01 0000779544 arkr:NewMeadowlandsRacetrackLLCMember 2016-10-02 2016-12-31 0000779544 arkr:TheRusticInnMember 2016-10-02 2016-12-31 0000779544 arkr:TheRusticInnMember 2016-12-31 0000779544 arkr:OysterHouseMember 2016-12-31 0000779544 arkr:ShuckersIncMember us-gaap:RevolvingCreditFacilityMember 2016-10-02 2016-12-31 0000779544 arkr:ShuckersIncMember us-gaap:RevolvingCreditFacilityMember 2016-12-31 0000779544 arkr:ShuckersIncMember us-gaap:RevolvingCreditFacilityMember 2016-07-02 0000779544 arkr:ShuckersIncMember us-gaap:RevolvingCreditFacilityMember 2015-10-04 2016-01-02 0000779544 us-gaap:MinimumMember 2016-10-02 2016-12-31 0000779544 arkr:TheRusticInnMember 2016-10-01 0000779544 arkr:ShuckersIncMember 2016-10-01 0000779544 arkr:AdditionalLeaseExtensionOptionMember 2016-10-02 2016-12-31 0000779544 us-gaap:LeaseholdImprovementsMember us-gaap:MinimumMember 2016-10-02 2016-12-31 0000779544 us-gaap:LeaseholdImprovementsMember us-gaap:MaximumMember 2016-10-02 2016-12-31 0000779544 us-gaap:MaximumMember 2016-07-05 0000779544 arkr:StockOption2004PlanMember 2016-10-02 2016-12-31 0000779544 arkr:StockOption2010PlanMember 2016-10-02 2016-12-31 0000779544 arkr:StockOption2016PlanMember 2016-12-31 0000779544 arkr:StockOption2016PlanMember 2016-10-02 2016-12-31 0000779544 2015-10-04 2016-10-01 0000779544 arkr:ExercisePriceOneMember 2016-10-02 2016-12-31 0000779544 arkr:ExercisePriceTwoMember 2016-10-02 2016-12-31 0000779544 arkr:ExercisePriceThreeMember 2016-10-02 2016-12-31 0000779544 arkr:ExercisePriceOneMember 2015-10-04 2016-01-02 0000779544 arkr:ExercisePriceTwoMember 2015-10-04 2016-01-02 0000779544 arkr:ExercisePriceThreeMember 2015-10-04 2016-01-02 0000779544 arkr:ExercisePriceFourMember 2015-10-04 2016-01-02 0000779544 2016-12-07 0000779544 2016-12-01 2016-12-07 0000779544 arkr:NewMeadowlandsRacetrackLLCMember us-gaap:SubsequentEventMember 2017-02-07 iso4217:USD iso4217:USD xbrli:shares xbrli:shares xbrli:pure Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.

4662000

7239000

3732000

3750000

428000

453000

2161000

1892000

2242000 2662000

13225000

15996000

36874000

29546000

688000 526000

9995000

7895000

2111000

1611000

3032000

3416000

6716000

6701000

2527000

2564000

75168000

68255000

3463000

2876000

8519000 10555000

1461000

606000

4216000

2617000

17659000

16654000

3524000

3576000

11071000

5321000

32254000

25551000

34000

12545000

12942000

28036000

27158000

40615000

40134000

2299000

2570000

42914000

42704000

75168000

68255000

511000 889000 476000 429000 18000 23000 226000 228000 18000 22000 71000 71000 55000 114000 299000 238000 67000 73000

0.01

10000000

3423000

37953000

36632000

439000

359000

38392000

36991000

9750000

9592000

12956000

13192000

4732000

4545000

4866000

4563000

3300000

3328000

1483000 1138000

37087000

36358000

1305000

633000

1637000

2942000

633000

101000

91000

96000

12000

28000

61000

23000

-18000

2965000

615000

880000

139000

2085000

476000

351000

155000

1734000

321000

0.51

0.09

0.49

0.09

3423000

3418000

3507000

3517000

4774000

48000

25682000

21479000

-13220000

33989000

1326000

35315000

321000

155000

1000

104000

396000

855000

4774000

48000

25787000

20945000

-13220000

33560000

1085000

34645000

3423000

34000

12942000

27158000

40134000

2570000

1734000

351000

-397000

622000

856000

3423000

34000

12545000

28036000

40615000

2299000

0.25

-75000

-16000

-283000

-13000

5000

1125000

1138000

11000

9000

52000 118000

-18000

884000

-24000

-22000

-855000 1313000

-470000

-109000

-29000

-249000

587000

-137000

-2036000 -637000

1824000

-961000

1716000

204000

-20000 -71000 45000 50000

2474000

3043000

717000

-2260000

-942000

663000

571000

131000

856000

855000

1000

622000

396000

-2141000

-1952000

-2577000

-3855000

9735000

5880000

101000

82000

37000

1447000

5000000 8000000 397000 ARK RESTAURANTS CORP 10-Q --09-30 3423528 false 0000779544 Smaller Reporting Company 2017 Q1 2016-12-31 <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 3%; text-align: left">1.</td><td style="text-align: justify; width: 97%">CONSOLIDATED CONDENSED FINANCIAL STATEMENTS</td> </tr></table> The consolidated condensed balance sheet as of October 1, 2016, which has been derived from audited financial statements included in the Company’s annual report on Form 10-K for the year ended October 1, 2016 (“Form 10-K”), and the unaudited interim consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. All adjustments that, in the opinion of management are necessary for a fair presentation for the periods presented, have been reflected as required by Regulation S-X, Rule 10-01. Such adjustments are of a normal, recurring nature. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Form 10-K. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period. PRINCIPLES OF CONSOLIDATION — The consolidated condensed interim financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest, collectively herein referred to as the “Company”. Also included in the consolidated condensed interim financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation. RECLASSIFICATIONS — Certain reclassifications of prior period balances related to the income statement presentation of $822,000 of certain administrative fees related to catering revenue received have been reclassified from payroll expense to revenue to conform to the current period presentation. SEASONALITY — The Company has substantial fixed costs that do not decline proportionally with sales. The first and second fiscal quarters, which include the winter months, usually reflect lower customer traffic than in the third and fourth fiscal quarters. In addition, sales in the third and fourth fiscal quarters can be adversely affected by inclement weather due to the significant amount of outdoor seating at the Company’s restaurants. FAIR VALUE OF FINANCIAL INSTRUMENTS — The carrying amount of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair values of notes receivable and payable are determined using current applicable rates for similar instruments as of the consolidated condensed balance sheet date and approximate the carrying value of such debt instruments. CASH AND CASH EQUIVALENTS — Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments generally with original maturities of three months or less. Outstanding checks in excess of account balances, typically vendor payments, payroll and other contractual obligations disbursed after the last day of a reporting period are reported as a current liability in the accompanying consolidated condensed balance sheets. CONCENTRATIONS OF CREDIT RISK — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed Federally insured limits. Accounts receivable are primarily comprised of normal business receivables, such as credit card receivables, that are paid off in a short period of time and amounts due from the hotel operators where the Company has a location, and are recorded when the products or services have been delivered. The Company reviews the collectability of its receivables on an ongoing basis, and provides for an allowance when it considers the entity unable to meet its obligation. The concentration of credit risk with respect to accounts receivable is generally limited due to the short payment terms extended by the Company and the number of customers comprising the Company’s customer base. For the 13-week periods ended December 31, 2016 and January 2, 2016, the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases for the respective period. SEGMENT REPORTING — As of December 31, 2016, the Company owned and operated 22 restaurants and bars, 19 fast food concepts and catering operations, exclusively in the United States, that have similar economic characteristics, nature of products and service, class of customers and distribution methods. The Company believes it meets the criteria for aggregating its operating segments into a single reporting segment in accordance with applicable accounting guidance. RECENTLY ADOPTED ACCOUNTING STANDARDS — In June 2014, the FASB issued guidance which clarifies the recognition of stock-based compensation over the required service period, if it is probable that the performance condition will be achieved. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and should be applied prospectively. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements. In January 2015, the FASB issued guidance simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The amendments are effective for annual reporting periods, including interim periods within those reporting periods, beginning after December 15, 2015. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements. In February 2015, the FASB amended the consolidation standards for reporting entities that are required to evaluate whether they should consolidate certain legal entities. Under the new guidance, all legal entities are subject to reevaluation under the revised consolidation model. Specifically, the guidance (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (ii) eliminates the presumption that a general partner should consolidate a limited partnership; (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act for registered money market funds. The amendments are effective for annual reporting periods, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements. NEW ACCOUNTING STANDARDS NOT YET ADOPTED — In January 2017, the FASB issued guidance clarifying the definition of a business. The update provides that when substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The new rules will be effective for the Company in the first quarter of 2019. The Company is currently evaluating the potential impact adoption of this guidance on its Consolidated Condensed Financial Statements. In January 2017, the FASB guidance simplifying the test for goodwill impairment. The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The new rules will be effective for the Company in the first quarter of 2021. The Company is currently evaluating the potential impact adoption of this guidance on its Consolidated Condensed Financial Statements.

PRINCIPLES OF CONSOLIDATION — The consolidated condensed interim financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest, collectively herein referred to as the “Company”. Also included in the consolidated condensed interim financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation.

RECLASSIFICATIONS — Certain reclassifications of prior period balances related to the income statement presentation of $822,000 of certain administrative fees related to catering revenue received have been reclassified from payroll expense to revenue to conform to the current period presentation.

822000

SEASONALITY — The Company has substantial fixed costs that do not decline proportionally with sales. The first and second fiscal quarters, which include the winter months, usually reflect lower customer traffic than in the third and fourth fiscal quarters. In addition, sales in the third and fourth fiscal quarters can be adversely affected by inclement weather due to the significant amount of outdoor seating at the Company’s restaurants.

FAIR VALUE OF FINANCIAL INSTRUMENTS — The carrying amount of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair values of notes receivable and payable are determined using current applicable rates for similar instruments as of the consolidated condensed balance sheet date and approximate the carrying value of such debt instruments.

CASH AND CASH EQUIVALENTS — Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments generally with original maturities of three months or less. Outstanding checks in excess of account balances, typically vendor payments, payroll and other contractual obligations disbursed after the last day of a reporting period are reported as a current liability in the accompanying consolidated condensed balance sheets.

CONCENTRATIONS OF CREDIT RISK — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed Federally insured limits. Accounts receivable are primarily comprised of normal business receivables, such as credit card receivables, that are paid off in a short period of time and amounts due from the hotel operators where the Company has a location, and are recorded when the products or services have been delivered. The Company reviews the collectability of its receivables on an ongoing basis, and provides for an allowance when it considers the entity unable to meet its obligation. The concentration of credit risk with respect to accounts receivable is generally limited due to the short payment terms extended by the Company and the number of customers comprising the Company’s customer base. For the 13-week periods ended December 31, 2016 and January 2, 2016, the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases for the respective period. the Company did not make purchases from any one vendor that accounted for 10% or greater of total the Company did not make purchases from any one vendor that accounted for 10% or greater of total 1 1

0.10

SEGMENT REPORTING — As of December 31, 2016, the Company owned and operated 22 restaurants and bars, 19 fast food concepts and catering operations, exclusively in the United States, that have similar economic characteristics, nature of products and service, class of customers and distribution methods. The Company believes it meets the criteria for aggregating its operating segments into a single reporting segment in accordance with applicable accounting guidance.

RECENTLY ADOPTED ACCOUNTING STANDARDS — In June 2014, the FASB issued guidance which clarifies the recognition of stock-based compensation over the required service period, if it is probable that the performance condition will be achieved. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and should be applied prospectively. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements. In January 2015, the FASB issued guidance simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The amendments are effective for annual reporting periods, including interim periods within those reporting periods, beginning after December 15, 2015. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements. In February 2015, the FASB amended the consolidation standards for reporting entities that are required to evaluate whether they should consolidate certain legal entities. Under the new guidance, all legal entities are subject to reevaluation under the revised consolidation model. Specifically, the guidance (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (ii) eliminates the presumption that a general partner should consolidate a limited partnership; (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act for registered money market funds. The amendments are effective for annual reporting periods, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements.

NEW ACCOUNTING STANDARDS NOT YET ADOPTED — In January 2017, the FASB issued guidance clarifying the definition of a business. The update provides that when substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The new rules will be effective for the Company in the first quarter of 2019. The Company is currently evaluating the potential impact adoption of this guidance on its Consolidated Condensed Financial Statements. In January 2017, the FASB guidance simplifying the test for goodwill impairment. The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The new rules will be effective for the Company in the first quarter of 2021. The Company is currently evaluating the potential impact adoption of this guidance on its Consolidated Condensed Financial Statements.

<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 3%; text-align: left">2.</td><td style="text-align: justify; width: 97%">VARIABLE INTEREST ENTITIES</td> </tr></table> The Company consolidates any variable interest entities in which it holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has determined that it is the primary beneficiary of three VIEs and, accordingly, consolidates the financial results of these entities. Following are the required disclosures associated with the Company’s consolidated VIEs: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31, 2016</td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 1, 2016</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">889</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">476</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">429</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Prepaid expenses and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">228</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Due from Ark Restaurants Corp. and affiliates (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Fixed assets - net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Other assets</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">71</td><td style="text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">71</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,358</td><td style="text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,662</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Accounts payable - trade</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">114</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Due to Ark Restaurants Corp. and affiliates (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">173</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Operating lease deferred credit</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">67</td><td style="text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">73</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Total liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">598</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Equity of variable interest entities</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">937</td><td style="text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,064</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total liabilities and equity</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,358</td><td style="text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,662</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 90%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: auto; margin-right: auto;"><tr style="vertical-align: top"> <td style="width: 4%">(1)</td><td style="text-align: justify; width: 96%">Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.</td></tr></table> The liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the consolidated VIEs. Conversely, assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. 3

Following are the required disclosures associated with the Company’s consolidated VIEs: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31, 2016</td><td style="font-weight: bold; padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 1, 2016</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">511</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">889</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">476</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">429</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Prepaid expenses and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">226</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">228</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Due from Ark Restaurants Corp. and affiliates (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Fixed assets - net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Other assets</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">71</td><td style="text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">71</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,358</td><td style="text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,662</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Accounts payable - trade</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">114</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Due to Ark Restaurants Corp. and affiliates (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">173</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Operating lease deferred credit</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">67</td><td style="text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">73</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Total liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">598</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Equity of variable interest entities</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">937</td><td style="text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,064</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total liabilities and equity</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,358</td><td style="text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,662</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="width: 90%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: auto; margin-right: auto;"><tr style="vertical-align: top"> <td style="width: 4%">(1)</td><td style="text-align: justify; width: 96%">Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.</td></tr></table>

38000

1358000

1662000

173000 421000 598000 937000 1064000 1358000 1662000 <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 3%; text-align: left">3.</td><td style="text-align: justify; width: 97%">RECENT RESTAURANT EXPANSION</td> </tr></table> On October 22, 2015, the Company, through its wholly-owned subsidiaries, Ark Shuckers, LLC and Ark Shuckers Real Estate, LLC, acquired the assets of Shuckers Inc. (“Shuckers”), a restaurant and bar located at the Island Beach Resort in Jensen Beach, FL, and six condominium units (four of which house the restaurant and bar operations). In addition, Ark Island Beach Resort LLC, a wholly-owned subsidiary of the Company, acquired Island Beach Resort Inc., a management company that administers a rental pool of certain condominium units under lease. The total purchase price was $5,717,000. The acquisition is accounted for as a business combination and was financed with a bank loan in the amount of $5,000,000 and cash from operations. On November 30, 2016, the Company, through newly formed, wholly-owned subsidiaries, acquired the assets of the Original Oyster House, Inc., a restaurant and bar located in the City of Gulf Shores, Baldwin County, Alabama and the related real estate and an adjacent retail shopping plaza and the Original Oyster House II, Inc., a restaurant and bar located in the City of Spanish Fort, Baldwin County, Alabama and the related real estate. The total purchase price was for $10,750,000 plus inventory of approximately $293,000. The acquisition is accounted for as a business combination and was financed with a bank loan from the Company’s existing lender in the amount of $8,000,000 and cash from operations. A preliminary allocation of the fair values of the assets acquired, subject to final acquisition accounting, is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 8pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 82%; text-align: left">Inventory</td><td style="width: 3%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 12%; text-align: right">293,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Land, buildings and fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,950,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Goodwill and Intangibles</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,800,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">11,043,000</td><td style="text-align: left"> </td></tr> </table> The Consolidated Condensed Statements of Income for the 13-weeks ended December 31, 2016 include revenues and losses of approximately $1,680,000 and $(54,000), respectively, related to the Shuckers and Oyster House properties. The unaudited pro forma financial information set forth below is based upon the Company’s historical Consolidated Condensed Statements of Income for the 13-weeks ended December 31, 2016 and January 2, 2016 and includes the results of operations for Shuckers and the Oyster House properties for the periods prior to acquisition. The unaudited pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the acquisition of Shuckers occurred on the dates indicated, nor does it purport to represent the results of operations for future periods.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font-size: 8pt; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">13 Weeks Ended</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">December 31, 2016</td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">January 2, 2016</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="2" style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="2" style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="width: 70%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">Total revenues</td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="width: 9%; font: 8pt Times New Roman, Times, Serif; text-align: right">40,205</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="width: 9%; font: 8pt Times New Roman, Times, Serif; text-align: right">39,393</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">Net income</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,941</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">426</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">Net income per share - basic</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.57</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.12</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">Net income per share - diluted</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.55</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.12</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Basic</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3,423</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3,418</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Diluted</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3,507</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3,517</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 6 4

5717000

5000000

10750000

293000 8000000

1680000

-54000

A preliminary allocation of the fair values of the assets acquired, subject to final acquisition accounting, is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 8pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 82%; text-align: left">Inventory</td><td style="width: 3%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 12%; text-align: right">293,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Land, buildings and fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,950,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Goodwill and Intangibles</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,800,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">11,043,000</td><td style="text-align: left"> </td></tr> </table>

293000

7950000

2800000

11043000

<div style="font-size: 8pt; "> The unaudited pro forma financial information set forth below is based upon the Company’s historical Consolidated Condensed Statements of Income for the 13-weeks ended December 31, 2016 and January 2, 2016 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font-size: 8pt; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">13 Weeks Ended</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">December 31, 2016</td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">January 2, 2016</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="2" style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="2" style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="width: 70%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">Total revenues</td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="width: 9%; font: 8pt Times New Roman, Times, Serif; text-align: right">40,205</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="width: 9%; font: 8pt Times New Roman, Times, Serif; text-align: right">39,393</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">Net income</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,941</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">426</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">Net income per share - basic</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.57</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.12</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt; text-indent: -10pt">Net income per share - diluted</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.55</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">0.12</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: right; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Basic</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3,423</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3,418</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Diluted</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3,507</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">3,517</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table></div>

40205000

39393000

1941000

426000

0.57

0.12

0.55

0.12

5200000

8250000

2017-04-30

1637000

75000

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 3%">5.</td><td style="text-align: justify; width: 97%">INVESTMENT IN NEW MEADOWLANDS RACETRACK</td></tr></table> On March 12, 2013, the Company made a $4,200,000 investment in the New Meadowlands Racetrack LLC (“NMR”) through its purchase of a membership interest in Meadowlands Newmark, LLC, an existing member of NMR. On November 19, 2013, the Company invested an additional $464,000 in NMR through a purchase of an additional membership interest in Meadowlands Newmark, LLC resulting in a total ownership of 11.6% of Meadowlands Newmark, LLC, subject to dilution. In 2015, the Company invested an additional $222,000, as a result of capital calls, bringing its total investment to $4,886,000 with no change in ownership. This investment has been accounted for based on the cost method. . In addition to the Company’s ownership interest in NMR through Meadowlands Newmark, LLC, if casino gaming is approved at the Meadowlands and NMR is granted the right to conduct said gaming, neither of which can be assured, the Company shall be granted the exclusive right to operate the food and beverage concessions in the gaming facility with the exception of one restaurant. In conjunction with this investment, the Company, through a 97% owned subsidiary, Ark Meadowlands LLC (“AM VIE”), also entered into a long-term agreement with NMR for the exclusive right to operate food and beverage concessions serving the new raceway facilities (the “Racing F&B Concessions”) located in the new raceway grandstand constructed at the Meadowlands Racetrack in northern New Jersey. Under the agreement, NMR is responsible to pay for the costs and expenses incurred in the operation of the Racing F&B Concessions, and all revenues and profits thereof inure to the benefit of NMR. AM VIE receives an annual fee equal to 5% of the net profits received by NMR from the Racing F&B Concessions during each calendar year. At December 31, 2016, it was determined that AM VIE is a variable interest entity. However, based on qualitative consideration of the contracts with AM VIE, the operating structure of AM VIE, the Company’s role with AM VIE, and that the Company is not obligated to absorb any expected losses of AM VIE, the Company has concluded that it is not the primary beneficiary and not required to consolidate the operations of AM VIE. The Company’s maximum exposure to loss as a result of its involvement with AM VIE is limited to a receivable from AM VIE’s primary beneficiary (NMR, a related party) which aggregated approximately $11,000 and $164,000 at December 31, 2016 and October 1, 2016, respectively, and are included in Prepaid Expenses and Other Current Assets in the Consolidated Condensed Balance Sheets. On April 25, 2014, the Company loaned $1,500,000 to Meadowlands Newmark, LLC. The note bears interest at 3%, compounded monthly and added to the principal, and is due in its entirety on January 31, 2024. The note may be prepaid, in whole or in part, at any time without penalty or premium. On July 13, 2016, the Company made an additional loan to Meadowlands Newmark, LLC in the amount of $200,000. Such amount is subject to the same terms and conditions as the original loan as discussed above. The principal and accrued interest related to this note in the amounts of $1,830,000 and $1,815,000, are included in Investment In and Receivable From New Meadowlands Racetrack in the Consolidated Balance Sheets at December 31, 2016 and October 1, 2016, respectively. In accordance with the cost method, our initial investment is recorded at cost and we record dividend income when applicable, if dividends are declared. We review our Investment in NMR each reporting period to determine whether a significant event or change in circumstances has occurred that may have an adverse effect on its fair value, such as the defeat of the referendum for casino gaming in Northern New Jersey in November 2016. The voter referendum for casino gaming in Northern New Jersey was defeated in November 2016. State law prohibits the issue from being put on the ballot before voters for the following two years. In connection with NMR’s restructuring of an existing loan which comes due on June 30, 2018, and to extend the loan through December 2021, the Company funded its proportionate share of a $3 million capital call rather than having its interest diluted (see Note 13). As a result, we performed an assessment of the recoverability of our indirect Investment in NMR as of October 1, 2016 which included estimates requiring significant management judgment, include inherent uncertainties and are often ·interdependent; therefore, they do not change in isolation. Factors that management estimated include, among others, the probability of gambling being approved in Northern NJ which is the most heavily weighted assumption and NMR obtaining a license to operate a casino, revenue levels, cost of capital, marketing spending, tax rates and capital spending. In performing this assessment, we estimated the fair value of our Investment in NMR using our best estimate of these assumptions which we believe would be consistent with what a hypothetical marketplace participant would use. The variability of these factors depends on a number of conditions, including uncertainty about future events and our inability as a minority shareholder to control certain outcomes and thus our accounting estimates may change from period to period. If other assumptions and estimates had been used when these tests were performed, impairment charges could have resulted. As a result of the above, no impairment was deemed necessary as of December 31, 2016.

4200000

464000

0.116

222000

4886000

0.97

0.05 11000 164000 1500000 0.03 2024-01-31 200000 1830000 1815000 3000000

<div style="font-size: 8pt; "> Accrued expenses and other current liabilities consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font-size: 8pt; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">December 31, 2016</td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">October 1, 2016</td><td style="font: bold 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: 8pt Times New Roman, Times, Serif; text-align: center">(In thousands)</td><td style="font: 8pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="2" style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="2" style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="width: 70%; font: 8pt Times New Roman, Times, Serif; text-align: left">Sales tax payable</td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 9%; font: 8pt Times New Roman, Times, Serif; text-align: right">1,044</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 9%; font: 8pt Times New Roman, Times, Serif; text-align: right">942</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">Accrued wages and payroll related costs</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,862</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">2,495</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">Customer advance deposits</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">1,772</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">4,077</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">Accrued occupancy and other operating expenses</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3,841</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3,041</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; text-align: right">8,519</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; text-align: right">10,555</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table></div> 1044000 942000

1862000

2495000

1772000

4077000

3841000 3041000 <table cellpadding="0" cellspacing="0" width="100%" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">7.</td><td style="text-align: justify">NOTES PAYABLE - BANK</td></tr></table> Long-term debt consists of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-weight: bold; padding-bottom: 1px; font-size: 8pt"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center; font-size: 8pt">December 31, 2016</td><td style="font-weight: bold; padding-bottom: 1px; font-size: 8pt"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center; font-size: 8pt">October 1, 2016</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="6" style="text-align: center; font-size: 8pt">(In thousands)</td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="6" style="text-align: center; font-size: 8pt"> </td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="width: 66%; text-align: left; font-size: 8pt">Promissory Note - Rustic Inn purchase</td><td style="width: 3%; font-size: 8pt"> </td> <td style="width: 1%; text-align: left; font-size: 8pt">$</td><td style="width: 12%; text-align: right; font-size: 8pt">3,503</td><td style="width: 1%; text-align: left; font-size: 8pt"> </td><td style="width: 3%; font-size: 8pt"> </td> <td style="width: 1%; text-align: left; font-size: 8pt">$</td><td style="width: 12%; text-align: right; font-size: 8pt">3,907</td><td style="width: 1%; text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="text-align: left; font-size: 8pt">Promissory Note - Shuckers purchase</td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">3,833</td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">4,084</td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 8pt">Promissory Note - Oyster House purchase</td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">8,000</td><td style="padding-bottom: 1px; border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">-</td><td style="padding-bottom: 1px; border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">15,336</td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">7,991</td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="text-align: left; font-size: 8pt">Less: Current maturities</td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">(4,216</td><td style="text-align: left; font-size: 8pt">)</td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">(2,617</td><td style="text-align: left; font-size: 8pt">)</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 8pt">Less: Unamortized deferred financing costs</td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">(49</td><td style="padding-bottom: 1px; border-bottom: Black 1px solid; text-align: left; font-size: 8pt">)</td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">(53</td><td style="padding-bottom: 1px; border-bottom: Black 1px solid; text-align: left; font-size: 8pt">)</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 8pt">Long-term debt</td><td style="padding-bottom: 3px; font-size: 8pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 8pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 8pt">11,071</td><td style="padding-bottom: 3px; border-bottom: Black 3px double; text-align: left; font-size: 8pt"> </td><td style="padding-bottom: 3px; font-size: 8pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 8pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 8pt">5,321</td><td style="padding-bottom: 3px; border-bottom: Black 3px double; text-align: left; font-size: 8pt"> </td></tr> </table> On February 25, 2013, the Company issued a promissory note to Bank Hapoalim B.M. (the “BHBM”) for $3,000,000. The note bore interest at LIBOR plus 3.5% per annum, and was payable in 36 equal monthly installments of $83,333, commencing on March 25, 2013. On February 24, 2014, in connection with the acquisition of The Rustic Inn, the Company borrowed an additional $6,000,000 from BHBM under the same terms and conditions as the original loan which was consolidated with the remaining principal balance from the original borrowing at that date. The new loan is payable in 60 equal monthly installments of $134,722, which commenced on March 25, 2014. As of December 31, 2016, the outstanding balance of this note payable was $3,503,000. On October 22, 2015, in connection with the acquisition of Shuckers, the Company issued a promissory note to BHBM for $5,000,000. The note bears interest at LIBOR plus 3.5% per annum, and is payable in 60 equal monthly installments of $83,333, commencing on November 22, 2015. As of December 31, 2016, the outstanding balance of this note payable was $3,833,000. On November 30, 2016, in connection with the acquisition of the Oyster House properties, the Company issued a promissory note to BHBM for $8,000,000. The note bears interest at LIBOR plus 3.5% per annum, and is payable in 60 equal monthly installments of $133,273, commencing on January 1, 2017. As of December 31, 2016, the outstanding balance of this note payable was $8,000,000. On October 22, 2015, in connection with the Shuckers transaction, the Company also entered into a credit agreement (the “Revolving Facility”) with BHBM which expires on October 21, 2017 and provides for total availability of the lesser of (i) $10,000,000 and (ii) $20,000,000 less the then aggregate amount of all indebtedness and obligations to BHBM. Borrowings under the Revolving Facility will be evidenced by a promissory note (the “Revolving Note”) in favor of BHBM and will be payable over five years with interest at an annual rate equal to LIBOR plus 3.5% per year. As of July 2, 2016, no additional amounts were outstanding under the Revolving Facility. Deferred financing costs incurred in connection with the Revolving Facility in the amount of $130,585 are being amortized over the life of the agreements on a straight-line basis. Amortization expense of $11,000 and $9,000 is included in interest expense for the 13-weeks ended December 31, 2016 and January 2, 2016, respectively. Borrowings under the Revolving Facility, which include all of the above promissory notes, are secured by all tangible and intangible personal property (including accounts receivable, inventory, equipment, general intangibles, documents, chattel paper, instruments, letter-of-credit rights, investment property, intellectual property and deposit accounts) and fixtures of the Company. The loan agreements provide, among other things, that the Company meet minimum quarterly tangible net worth amounts, as defined, maintain a fixed charge coverage ratio of not less than 1.1:1 and minimum annual net income amounts, and contain customary representations, warranties and affirmative covenants. The agreements also contain customary negative covenants, subject to negotiated exceptions, on liens, relating to other indebtedness, capital expenditures, liens, affiliate transactions, disposal of assets and certain changes in ownership. The Company was in compliance with all debt covenants as of December 31, 2016.

3000000

LIBOR plus 3.5% per annum

0.035

83333

2013-03-25

6000000 60

134722

2014-03-25

3503000

5000000

LIBOR plus3.5% per annum

0.035

83333

2015-11-22

3833000

8000000

LIBOR plus 3.5% per annum

0.035

133273

2017-01-01

8000000

2017-10-21

10000000

20000000

P5Y

0.035

130585

11000

9000

0.011

Long-term debt consists of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-weight: bold; padding-bottom: 1px; font-size: 8pt"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center; font-size: 8pt">December 31, 2016</td><td style="font-weight: bold; padding-bottom: 1px; font-size: 8pt"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center; font-size: 8pt">October 1, 2016</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="6" style="text-align: center; font-size: 8pt">(In thousands)</td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td colspan="6" style="text-align: center; font-size: 8pt"> </td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="width: 66%; text-align: left; font-size: 8pt">Promissory Note - Rustic Inn purchase</td><td style="width: 3%; font-size: 8pt"> </td> <td style="width: 1%; text-align: left; font-size: 8pt">$</td><td style="width: 12%; text-align: right; font-size: 8pt">3,503</td><td style="width: 1%; text-align: left; font-size: 8pt"> </td><td style="width: 3%; font-size: 8pt"> </td> <td style="width: 1%; text-align: left; font-size: 8pt">$</td><td style="width: 12%; text-align: right; font-size: 8pt">3,907</td><td style="width: 1%; text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="text-align: left; font-size: 8pt">Promissory Note - Shuckers purchase</td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">3,833</td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">4,084</td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 8pt">Promissory Note - Oyster House purchase</td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">8,000</td><td style="padding-bottom: 1px; border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">-</td><td style="padding-bottom: 1px; border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">15,336</td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">7,991</td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="text-align: left; font-size: 8pt">Less: Current maturities</td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">(4,216</td><td style="text-align: left; font-size: 8pt">)</td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt">(2,617</td><td style="text-align: left; font-size: 8pt">)</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 8pt">Less: Unamortized deferred financing costs</td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">(49</td><td style="padding-bottom: 1px; border-bottom: Black 1px solid; text-align: left; font-size: 8pt">)</td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 8pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">(53</td><td style="padding-bottom: 1px; border-bottom: Black 1px solid; text-align: left; font-size: 8pt">)</td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 8pt">Long-term debt</td><td style="padding-bottom: 3px; font-size: 8pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 8pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 8pt">11,071</td><td style="padding-bottom: 3px; border-bottom: Black 3px double; text-align: left; font-size: 8pt"> </td><td style="padding-bottom: 3px; font-size: 8pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 8pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 8pt">5,321</td><td style="padding-bottom: 3px; border-bottom: Black 3px double; text-align: left; font-size: 8pt"> </td></tr> </table>

3503000

3907000

3833000

4084000

8000000

15336000

7991000

49000

53000

<table cellpadding="0" cellspacing="0" width="100%" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">8.</td><td style="text-align: justify">COMMITMENTS AND CONTINGENCIES</td></tr></table> Leases — The Company leases its restaurants, bar facilities, and administrative headquarters through its subsidiaries under terms expiring at various dates through 2032. Most of the leases provide for the payment of base rents plus real estate taxes, insurance and other expenses and, in certain instances, for the payment of a percentage of the restaurant’s sales in excess of stipulated amounts at such facility and in one instance based on profits. On January 12, 2016, the Company entered into an Amended and Restated Lease for its Sequoia property in Washington D.C. extending the lease for 15 years through November 30, 2032 with one additional five-year option. Annual rent under the new lease is approximately $1,200,000 increasing annually through expiration. Under the terms of the agreement, the property will be closed from January 1, 2017 through March 31, 2017 for renovation and reconcepting. The Company is currently developing the concept and design relating to the renovated space and estimates the total cost to be approximately $6,000,000 to $7,000,000. Legal Proceedings — In the ordinary course of its business, the Company is a party to various lawsuits arising from accidents at its restaurants and worker’s compensation claims, which are generally handled by the Company’s insurance carriers. The employment by the Company of management personnel, waiters, waitresses and kitchen staff at a number of different restaurants has resulted, from time to time, in litigation alleging violation by the Company of employment discrimination laws. Management believes, based in part on the advice of counsel, that the ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. Share Repurchase Plan — On July 5, 2016, the Board of Directors authorized a share repurchase program authorizing management to purchase up to 500,000 shares of the Company’s common stock during the next twelve months. Any repurchase under the program will be effected in compliance with Rule 10b-18 under the Securities Exchange Act of 1934 “Purchases of Certain Equity Securities by the Issuer and Others”, funded using the Company’s working capital and be based on management’s evaluation of market conditions and other factors. No repurchases were made during the 13-weeks ended December 31, 2016.

2032

P15Y

2032-11-30

P5Y

1200000

6000000

7000000

500000

<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 18pt; text-align: left">9.</td><td style="text-align: justify">STOCK OPTIONS</td> </tr></table> The Company has options outstanding under two stock option plans, the 2004 Stock Option Plan (the “2004 Plan”) and the 2010 Stock Option Plan (the “2010 Plan”), which was approved by shareholders in the second quarter of 2010. Effective with this approval, the Company terminated the 2004 Plan. This action terminated the 400 authorized but unissued options under the 2004 Plan, but it did not affect any of the options previously issued under the 2004 Plan. Options granted under the 2004 Plan are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant. Options granted under the 2010 Plan are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant. On April 5, 2016, the shareholders of the Company approved the 2016 Stock Option Plan and the Section 162(m) Cash Bonus Plan. Under the 2016 Stock Option Plan, 500,000 options were authorized for future grant and are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant. Under the Section 162(m) Cash Bonus Plan, compensation paid in excess of $1,000,000 to any employee who is the chief executive officer, or one of the three highest paid executive officers on the last day of that tax year (other than the chief executive officer or the chief financial officer) will meet certain “performance-based” requirements of Section 162(m) and the related IRS regulations in order for it to be tax deductible. During the quarter ended December 31, 2016, options to purchase 90,000 shares of common stock at an exercise price of $29.60 per share expired unexercised. No options or performance-based awards were granted during the 13-week period ended December 31, 2016. A summary of stock option activity is presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td colspan="14" style="text-align: center; border-bottom: Black 1px solid; font-size: 8pt">2017</td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Weighted Average Exercise Price</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Weighted Average Contractual Term</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Aggregate Intrinsic Value</td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="width: 40%; font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Outstanding, beginning of period</td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">518,608</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">19.76</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">5.1 Years</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font-size: 8pt"> </td> <td style="width: 1%; text-align: left; font-size: 8pt"> </td><td style="width: 10%; text-align: right; font-size: 8pt"> </td><td style="width: 1%; text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Options:</td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Granted</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Exercised</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Canceled or expired</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1px solid"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1px solid">(90,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1px solid">)</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">32.15</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Outstanding and expected to vest, end of period</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">428,608</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">17.85</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">5.9 Years</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">2,743,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Exercisable, end of period</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">428,608</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">17.85</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">5.9 Years</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">2,743,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> Compensation cost charged to operations for the 13-week periods ended December 31, 2016 and January 2, 2016 was $0 and $103,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Condensed Statements of Income. As of December 31, 2016, there was no unrecognized compensation cost related to unvested stock options.

2 400

P10Y

500000

P10Y

1000000

90000

29.60

103000

A summary of stock option activity is presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 8pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="padding-bottom: 1px; font-size: 8pt"> </td> <td colspan="14" style="text-align: center; border-bottom: Black 1px solid; font-size: 8pt">2017</td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 8pt"> </td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Weighted Average Exercise Price</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Weighted Average Contractual Term</td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Aggregate Intrinsic Value</td><td style="font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="width: 40%; font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Outstanding, beginning of period</td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">518,608</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">19.76</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 8pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 8pt Times New Roman, Times, Serif; text-align: right">5.1 Years</td><td style="width: 1%; font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font-size: 8pt"> </td> <td style="width: 1%; text-align: left; font-size: 8pt"> </td><td style="width: 10%; text-align: right; font-size: 8pt"> </td><td style="width: 1%; text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Options:</td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Granted</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Exercised</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Canceled or expired</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1px solid"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1px solid">(90,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1px solid">)</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">32.15</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td><td style="font-size: 8pt"> </td> <td style="text-align: left; font-size: 8pt"> </td><td style="text-align: right; font-size: 8pt"> </td><td style="text-align: left; font-size: 8pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Outstanding and expected to vest, end of period</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">428,608</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">17.85</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">5.9 Years</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">2,743,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 8pt"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Exercisable, end of period</td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">428,608</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">17.85</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right">5.9 Years</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 8pt Times New Roman, Times, Serif"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">2,743,000</td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

518608

19.76

P5Y36D

90000

32.15

428608

17.85

P5Y328D

2743000

428608

17.85

P5Y328D

2743000

<table cellpadding="0" cellspacing="0" width="100%" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">10.</td><td style="text-align: justify">INCOME TAXES</td></tr></table> The Company’s provision for income taxes consists of Federal, state and local taxes in amounts necessary to align the Company’s year-to-date provision for income taxes with the effective tax rate that the Company expects to achieve for the full year. Each quarter, the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as deemed necessary. The income tax provisions for the 13-week periods ended December 31, 2016 and January 2, 2016 reflect effective tax rates of approximately 30% and 23%, respectively.  The Company expects its effective tax rate for its current fiscal year to be significantly lower than the statutory rate as a result of the generation of FICA tax credits and operating income attributable to the non-controlling interests of the VIEs that is not taxable to the Company. The final annual tax rate cannot be determined until the end of the fiscal year; therefore, the actual tax rate could differ from current estimates. The Company’s overall effective tax rate in the future will be affected by factors such as the utilization of state and local net operating loss carryforwards, the generation of FICA tax credits and the mix of earnings by state taxing jurisdiction as Nevada does not impose a  state income tax, as compared to the other major state and local jurisdictions in which the Company has operations. During the 13-weeks ended December 31, 2016, certain equity compensation awards expired unexercised. As such, the Company reversed the related deferred tax asset in the amount of approximately $397,000 as a charge to Additional Paid-in Capital as there was a sufficient pool of windfall tax benefit available.

0.30

0.23

397000

66000 12.04 160800 14.40

201808

22.50 66000 12.04 164700 14.40 203000 22.50

90000

32.15 <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 18pt; text-align: left">12.</td><td style="text-align: justify">DIVIDENDS</td> </tr></table> On December 7, 2016, the Board of Directors declared a quarterly dividend of $0.25 per share on the Company’s common stock to be paid on January 3, 2017 to shareholders of record at the close of business on December 20, 2016. The Company intends to continue to pay such quarterly cash dividends for the foreseeable future, however, the payment of future dividends is at the discretion of the Company’s Board of Directors and is based on future earnings, cash flow, financial condition, capital requirements, changes in U.S. taxation and other relevant factors.

0.25

2017-01-03

2016-12-20

restaurant is expected to re-open in May 2017

283000

222000 5108000

EX-101.SCH 6 arkr-20161231.xsd 001 - Statement - CONSOLIDATED CONDENSED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONSOLIDATED CONDENSED BALANCE SHEETS (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF INCOME link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 006 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - CONSOLIDATED CONDENSED FINANCIAL STATEMENTS link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - VARIABLE INTEREST ENTITIES link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - RECENT RESTAURANT EXPANSION link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - RECENT RESTAURANT DISPOSITIONS link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - INVESTMENT IN NEW MEADOWLANDS RACETRACK link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - NOTES PAYABLE - BANK link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - STOCK OPTIONS link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - INCOME TAXES link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - INCOME PER SHARE OF COMMON STOCK link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - DIVIDENDS link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Accounting Policies, by Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - VARIABLE INTEREST ENTITIES (Tables) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - RECENT RESTAURANT EXPANSION (Tables) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - NOTES PAYABLE - BANK (Tables) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - STOCK OPTIONS (Tables) link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - VARIABLE INTEREST ENTITIES (Details) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - VARIABLE INTEREST ENTITIES (Details) - Schedule of variable interest entities link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - RECENT RESTAURANT EXPANSION (Details) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - RECENT RESTAURANT EXPANSION (Details) - Schedule of unaudited pro forma financial information link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - RECENT RESTAURANT DISPOSITIONS (Details) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - Schedule of accrued expenses and other current liabilities link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - NOTES PAYABLE - BANK (Details) link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt link:presentationLink link:definitionLink link:calculationLink 037 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details) link:presentationLink link:definitionLink link:calculationLink 038 - Disclosure - STOCK OPTIONS (Details) link:presentationLink link:definitionLink link:calculationLink 039 - Disclosure - STOCK OPTIONS (Details) - Schedule of stock options, activity link:presentationLink link:definitionLink link:calculationLink 040 - Disclosure - INCOME TAXES (Details) link:presentationLink link:definitionLink link:calculationLink 041 - Disclosure - INCOME PER SHARE OF COMMON STOCK (Details) link:presentationLink link:definitionLink link:calculationLink 042 - Disclosure - DIVIDENDS (Details) link:presentationLink link:definitionLink link:calculationLink 043 - Disclosure - SUBSEQUENT EVENTS (Details) link:presentationLink link:definitionLink link:calculationLink 000 - Disclosure - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 arkr-20161231_cal.xml EX-101.DEF 8 arkr-20161231_def.xml EX-101.LAB 9 arkr-20161231_lab.xml Statement of Financial Position [Abstract] Cash and cash equivalents (includes $511 at December 31, 2016 and $889 at October 1, 2016 related to VIEs) CASH AND CASH EQUIVALENTS, Beginning of period CASH AND CASH EQUIVALENTS, End of period VIEs, Cash and cash equivalents Cash and cash equivalents Accounts receivable (includes $476 at December 31, 2016 and $429 at October 1, 2016 related to VIEs) VIEs, Accounts receivable Accounts receivable Employee receivables Inventories (includes $18 at December 31, 2016 and $23 at October 1, 2016 related to VIEs) VIEs, Inventories Inventories Prepaid expenses and other current assets (includes $226 at December 31, 2016 and $228 at October 1, 2016 related to VIEs) VIEs, Prepaid expenses and other current assets Prepaid expenses and other current assets Total current assets FIXED ASSETS - Net (includes $18 at December 31, 2016 and $22 at October 1, 2016 related to VIEs) VIEs, Fixed assets Fixed assets - net INTANGIBLE ASSETS - Net GOODWILL Goodwill and Intangibles TRADEMARKS DEFERRED INCOME TAXES Business Acquisition [Axis] New Meadowlands Racetrack LLC [Member] INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures OTHER ASSETS (includes $71 at December 31, 2016 and October 1, 2016 related to VIEs) VIEs, Other assets Other assets TOTAL ASSETS Accounts payable - trade (includes $55 at December 31, 2016 and $114 at October 1, 2016 related to VIEs) VIEs, Accounts payable trade Accounts payable - trade Accrued expenses and other current liabilities (includes $299 at December 31, 2016 and $238 at October 1, 2016 related to VIEs) VIEs, Accrued expenses and other current liabilities Accrued expenses and other current liabilities Accrued income taxes Current portion of notes payable Less: Current maturities Total current liabilities OPERATING LEASE DEFERRED CREDIT (includes $67 at December 31, 2016 and $73 at October 1, 2016 related to VIEs) VIEs, Operating lease deferred credit Operating lease deferred credit NOTES PAYABLE, LESS CURRENT PORTION, net of deferred financing costs Long-term debt TOTAL LIABILITIES COMMITMENTS AND CONTINGENCIES Common stock, par value $.01 per share - authorized, 10,000 shares; issued, 3,423 shares at December 31, 2016 and October 1, 2016; outstanding, 3,423 shares at December 31, 2016 and October 1, 2016 Common stock, par value (in Dollars per share) Common stock, shares authorized (in Shares) Common stock, shares issued (in Shares) Common stock, shares outstanding (in Shares) Additional paid-in capital Retained earnings Total Ark Restaurants Corp. shareholders’ equity NON-CONTROLLING INTERESTS TOTAL EQUITY BALANCE BALANCE TOTAL LIABILITIES AND EQUITY Income Statement [Abstract] Food and beverage sales Other revenue Total revenues Food and beverage cost of sales Payroll expenses Occupancy expenses Other operating costs and expenses General and administrative expenses Depreciation and amortization Total costs and expenses RESTAURANT OPERATING INCOME Gain on sale of Rustic Inn, Jupiter Gain on sale of Rustic Inn, Jupiter Gain (Loss) on Disposition of Property Plant Equipment OPERATING INCOME Interest expense Interest income Other (income) expense, net Total other (income) expense, net INCOME BEFORE PROVISION FOR INCOME TAXES Provision for income taxes CONSOLIDATED NET INCOME Net income Consolidated net income Net income attributable to non-controlling interests NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. Basic (in Dollars per share) Diluted (in Dollars per share) Basic (in Shares) Basic Diluted (in Shares) Diluted Statement of Stockholders' Equity [Abstract] BALANCE (in Shares) BALANCE (in Shares) Exercise of stock options Stock-based compensation Distributions to non-controlling interests Accrued and paid dividends - $0.25 per share Dividends, per share Dividends, per share Change in excess tax benefits from stock-based compensation Equity Components [Axis] Common Stock [Member] Additional Paid-in Capital [Member] Retained Earnings [Member] Treasury Stock [Member] Parent [Member] Noncontrolling Interest [Member] Statement of Cash Flows [Abstract] Loss on closure of restaurant Loss on disposal of assets Deferred income taxes Stock-based compensation Share-based Compensation Depreciation and amortization Amortization of deferred financing costs Operating lease deferred credit Accounts receivable Inventories Prepaid, refundable and accrued income taxes Prepaid expenses and other current assets Other assets Accounts payable - trade Accrued expenses and other current liabilities Net cash provided by (used in) operating activities Purchases of fixed assets Loans and advances made to employees Payments received on employee receivables Proceeds from the sale of the Rustic Inn, Jupiter Oyster House [Member] Purchase of restaurants and bars Payments to Acquire Businesses and Interest in Affiliates Shuckers Inc [Member] Net cash used in investing activities Principal payments on notes payable Payment of debt financing costs Dividends paid Proceeds from issuance of stock upon exercise of stock options Distributions to non-controlling interests Net cash used in financing activities NET DECREASE IN CASH AND CASH EQUIVALENTS Interest Income taxes Note payable in connection with the purchase of restaurants and bars Changes in excess tax benefits from stock-based compensation Consolidated Condensed Financial Statements [Abstract] Variable Interest Entities [Abstract] Schedule of variable interest entities [Abstract] Due from Ark Restaurants Corp. and affiliates Total assets Due to Ark Restaurants Corp. and affiliates Total liabilities Equity of variable interest entities Total liabilities and equity Recent Restaurant Expansion [Abstract] Schedule of fair value assets acquired [Abstract] Inventory Land, buildings and fixed assets Schedule of unaudited pro forma financial information [Abstract] Total revenues Business Acquisition, Pro Forma Revenue Net income Net income per share - basic Net income per share - diluted Recent Restaurant Dispositions [Abstract] Disclosure Text Block Supplement [Abstract] Schedule of accrued expenses and other current liabilities [Abstract] Sales tax payable Accrued wages and payroll related costs Customer advance deposits Accrued occupancy and other operating expenses Notes Payable [Abstract] Schedule of Long-term debt [Abstract] The Rustic Inn [Member] Promissory Note Less: Unamortized deferred financing costs Commitments and Contingencies Disclosure [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Schedule of stock options, activity [Abstract] Outstanding, beginning of period Outstanding and expected to vest, end of period Outstanding, beginning of period Outstanding and expected to vest, end of period Outstanding, beginning of period Outstanding and expected to vest, end of period Canceled or expired Canceled or expired Outstanding and expected to vest, end of period Exercisable, end of period Exercisable, end of period Exercisable, end of period Exercisable, end of period Income Tax Disclosure [Abstract] Earnings Per Share [Abstract] NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE: Dividends [Abstract] Subsequent Events [Abstract] ASSETS CURRENT ASSETS: LIABILITIES AND EQUITY CURRENT LIABILITIES: EQUITY: REVENUES: COSTS AND EXPENSES: EX-101.PRE 10 arkr-20161231_pre.xml XML 11 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Dec. 31, 2016	Feb. 10, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ARK RESTAURANTS CORP
Document Type	10-Q
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		3,423,528
Amendment Flag	false
Entity Central Index Key	0000779544
Entity Filer Category	Smaller Reporting Company
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Oct. 01, 2016
CURRENT ASSETS:
Cash and cash equivalents (includes $511 at December 31, 2016 and $889 at October 1, 2016 related to VIEs)	$ 4,662	$ 7,239
Accounts receivable (includes $476 at December 31, 2016 and $429 at October 1, 2016 related to VIEs)	3,732	3,750
Employee receivables	428	453
Inventories (includes $18 at December 31, 2016 and $23 at October 1, 2016 related to VIEs)	2,161	1,892
Prepaid expenses and other current assets (includes $226 at December 31, 2016 and $228 at October 1, 2016 related to VIEs)	2,242	2,662
Total current assets	13,225	15,996
FIXED ASSETS - Net (includes $18 at December 31, 2016 and $22 at October 1, 2016 related to VIEs)	36,874	29,546
INTANGIBLE ASSETS - Net	688	526
GOODWILL	9,995	7,895
TRADEMARKS	2,111	1,611
DEFERRED INCOME TAXES	3,032	3,416
OTHER ASSETS (includes $71 at December 31, 2016 and October 1, 2016 related to VIEs)	2,527	2,564
TOTAL ASSETS	75,168	68,255
CURRENT LIABILITIES:
Accounts payable - trade (includes $55 at December 31, 2016 and $114 at October 1, 2016 related to VIEs)	3,463	2,876
Accrued expenses and other current liabilities (includes $299 at December 31, 2016 and $238 at October 1, 2016 related to VIEs)	8,519	10,555
Accrued income taxes	1,461	606
Current portion of notes payable	4,216	2,617
Total current liabilities	17,659	16,654
OPERATING LEASE DEFERRED CREDIT (includes $67 at December 31, 2016 and $73 at October 1, 2016 related to VIEs)	3,524	3,576
NOTES PAYABLE, LESS CURRENT PORTION, net of deferred financing costs	11,071	5,321
TOTAL LIABILITIES	32,254	25,551
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, par value $.01 per share - authorized, 10,000 shares; issued, 3,423 shares at December 31, 2016 and October 1, 2016; outstanding, 3,423 shares at December 31, 2016 and October 1, 2016	34	34
Additional paid-in capital	12,545	12,942
Retained earnings	28,036	27,158
Total Ark Restaurants Corp. shareholders’ equity	40,615	40,134
NON-CONTROLLING INTERESTS	2,299	2,570
TOTAL EQUITY	42,914	42,704
TOTAL LIABILITIES AND EQUITY	75,168	68,255
New Meadowlands Racetrack LLC [Member]
CURRENT ASSETS:
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK	$ 6,716	$ 6,701

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2016	Oct. 01, 2016
VIEs, Cash and cash equivalents	$ 511	$ 889
VIEs, Accounts receivable	476	429
VIEs, Inventories	18	23
VIEs, Prepaid expenses and other current assets	226	228
VIEs, Fixed assets	18	22
VIEs, Other assets	71	71
VIEs, Accounts payable trade	55	114
VIEs, Accrued expenses and other current liabilities	299	238
VIEs, Operating lease deferred credit	$ 67	$ 73
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in Shares)	10,000	10,000
Common stock, shares issued (in Shares)	3,423	3,423
Common stock, shares outstanding (in Shares)	3,423	3,423

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2016	Jan. 02, 2016
REVENUES:
Food and beverage sales	$ 37,953	$ 36,632
Other revenue	439	359
Total revenues	38,392	36,991
COSTS AND EXPENSES:
Food and beverage cost of sales	9,750	9,592
Payroll expenses	12,956	13,192
Occupancy expenses	4,732	4,545
Other operating costs and expenses	4,866	4,563
General and administrative expenses	3,300	3,328
Depreciation and amortization	1,483	1,138
Total costs and expenses	37,087	36,358
RESTAURANT OPERATING INCOME	1,305	633
Gain on sale of Rustic Inn, Jupiter	1,637
OPERATING INCOME	2,942	633
OTHER (INCOME) EXPENSE:
Interest expense	101	91
Interest income	(96)	(12)
Other (income) expense, net	(28)	(61)
Total other (income) expense, net	(23)	18
INCOME BEFORE PROVISION FOR INCOME TAXES	2,965	615
Provision for income taxes	880	139
CONSOLIDATED NET INCOME	2,085	476
Net income attributable to non-controlling interests	(351)	(155)
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP.	$ 1,734	$ 321
NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE:
Basic (in Dollars per share)	$ 0.51	$ 0.09
Diluted (in Dollars per share)	$ 0.49	$ 0.09
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic (in Shares)	3,423	3,418
Diluted (in Shares)	3,507	3,517

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
BALANCE at Oct. 03, 2015	$ 48	$ 25,682	$ 21,479	$ (13,220)	$ 33,989	$ 1,326	$ 35,315
BALANCE (in Shares) at Oct. 03, 2015	4,774
Net income			321		321	155	476
Exercise of stock options		1			1		1
Stock-based compensation		104			104		104
Distributions to non-controlling interests						(396)	(396)
Accrued and paid dividends - $0.25 per share			(855)		(855)		(855)
BALANCE at Jan. 02, 2016	$ 48	25,787	20,945	$ (13,220)	33,560	1,085	34,645
BALANCE (in Shares) at Jan. 02, 2016	4,774
BALANCE at Oct. 01, 2016	$ 34	12,942	27,158		40,134	2,570	42,704
BALANCE (in Shares) at Oct. 01, 2016	3,423
Net income			1,734		1,734	351	2,085
Change in excess tax benefits from stock-based compensation		(397)			(397)		(397)
Distributions to non-controlling interests						(622)	(622)
Accrued and paid dividends - $0.25 per share			(856)		(856)		(856)
BALANCE at Dec. 31, 2016	$ 34	$ 12,545	$ 28,036		$ 40,615	$ 2,299	$ 42,914
BALANCE (in Shares) at Dec. 31, 2016	3,423

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Dec. 31, 2016	Jan. 02, 2016
Dividends, per share	$ 0.25	$ 0.25
Dividends, per share	0.25	0.25
Retained Earnings [Member]
Dividends, per share	0.25	0.25
Dividends, per share	0.25	0.25
Parent [Member]
Dividends, per share	0.25	0.25
Dividends, per share	$ 0.25	$ 0.25

XML 17 R7.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Dec. 31, 2016	Jan. 02, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 2,085,000	$ 476,000
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:
Loss on closure of restaurant	75,000	16,000
Gain on sale of Rustic Inn, Jupiter	(1,637,000)
Loss on disposal of assets	283,000
Deferred income taxes	(13,000)	5,000
Stock-based compensation	0	103,000
Depreciation and amortization	1,125,000	1,138,000
Amortization of deferred financing costs	11,000	9,000
Operating lease deferred credit	(52,000)	(118,000)
Changes in operating assets and liabilities:
Accounts receivable	18,000	(884,000)
Inventories	24,000	22,000
Prepaid, refundable and accrued income taxes	855,000	(1,313,000)
Prepaid expenses and other current assets	470,000	109,000
Other assets	29,000	249,000
Accounts payable - trade	587,000	(137,000)
Accrued expenses and other current liabilities	(2,036,000)	(637,000)
Net cash provided by (used in) operating activities	1,824,000	(961,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(1,716,000)	(204,000)
Loans and advances made to employees	(20,000)	(71,000)
Payments received on employee receivables	45,000	50,000
Proceeds from the sale of the Rustic Inn, Jupiter	2,474,000
Net cash used in investing activities	(2,260,000)	(942,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable	(663,000)	(571,000)
Payment of debt financing costs		(131,000)
Dividends paid	(856,000)	(855,000)
Proceeds from issuance of stock upon exercise of stock options		1,000
Distributions to non-controlling interests	(622,000)	(396,000)
Net cash used in financing activities	(2,141,000)	(1,952,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(2,577,000)	(3,855,000)
CASH AND CASH EQUIVALENTS, Beginning of period	7,239,000	9,735,000
CASH AND CASH EQUIVALENTS, End of period	4,662,000	5,880,000
Cash paid during the period for:
Interest	101,000	82,000
Income taxes	37,000	1,447,000
Non-cash financing activities:
Changes in excess tax benefits from stock-based compensation	(397,000)
Oyster House [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of restaurants and bars	(3,043,000)
Non-cash financing activities:
Note payable in connection with the purchase of restaurants and bars	$ 8,000,000
Shuckers Inc [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of restaurants and bars		(717,000)
Non-cash financing activities:
Note payable in connection with the purchase of restaurants and bars		$ 5,000,000

XML 18 R8.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

3 Months Ended

Dec. 31, 2016

Consolidated Condensed Financial Statements [Abstract]

Consolidated Condensed Financial Statements [Text Block]

1.	CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

XML 19 R9.htm IDEA: XBRL DOCUMENT

VARIABLE INTEREST ENTITIES

3 Months Ended

Dec. 31, 2016

Variable Interest Entities [Abstract]

Variable Interest Entities [Text Block]

2.	VARIABLE INTEREST ENTITIES

	December 31, 2016		October 1, 2016
	(in thousands)

Cash and cash equivalents	$	511	$	889
Accounts receivable		476		429
Inventories		18		23
Prepaid expenses and other current assets		226		228
Due from Ark Restaurants Corp. and affiliates (1)		38		-
Fixed assets - net		18		22
Other assets		71		71
Total assets	$	1,358	$	1,662

Accounts payable - trade	$	55	$	114
Accrued expenses and other current liabilities		299		238
Due to Ark Restaurants Corp. and affiliates (1)		-		173
Operating lease deferred credit		67		73
Total liabilities		421		598
Equity of variable interest entities		937		1,064
Total liabilities and equity	$	1,358	$	1,662

(1)	Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.

XML 20 R10.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT EXPANSION

3 Months Ended

Dec. 31, 2016

Recent Restaurant Expansion [Abstract]

Recent Restaurant Expansion [Text Block]

3.	RECENT RESTAURANT EXPANSION

Inventory	$	293,000
Land, buildings and fixed assets		7,950,000
Goodwill and Intangibles		2,800,000
	$	11,043,000

	13 Weeks Ended
	December 31, 2016		January 2, 2016

Total revenues	$	40,205	$	39,393
Net income	$	1,941	$	426
Net income per share - basic	$	0.57	$	0.12
Net income per share - diluted	$	0.55	$	0.12

Basic		3,423		3,418
Diluted		3,507		3,517

XML 21 R11.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT DISPOSITIONS

3 Months Ended

Dec. 31, 2016

Recent Restaurant Dispositions [Abstract]

Recent Restaurant Dispositions [Text Block]

4.	RECENT RESTAURANT DISPOSITIONS

XML 22 R12.htm IDEA: XBRL DOCUMENT

INVESTMENT IN NEW MEADOWLANDS RACETRACK

3 Months Ended

Dec. 31, 2016

Disclosure Text Block Supplement [Abstract]

Cost and Equity Method Investments Disclosure [Text Block]

5.	INVESTMENT IN NEW MEADOWLANDS RACETRACK

In conjunction with this investment, the Company, through a 97% owned subsidiary, Ark Meadowlands LLC (“AM VIE”), also entered into a long-term agreement with NMR for the exclusive right to operate food and beverage concessions serving the new raceway facilities (the “Racing F&B Concessions”) located in the new raceway grandstand constructed at the Meadowlands Racetrack in northern New Jersey. Under the agreement, NMR is responsible to pay for the costs and expenses incurred in the operation of the Racing F&B Concessions, and all revenues and profits thereof inure to the benefit of NMR. AM VIE receives an annual fee equal to 5% of the net profits received by NMR from the Racing F&B Concessions during each calendar year. At December 31, 2016, it was determined that AM VIE is a variable interest entity. However, based on qualitative consideration of the contracts with AM VIE, the operating structure of AM VIE, the Company’s role with AM VIE, and that the Company is not obligated to absorb any expected losses of AM VIE, the Company has concluded that it is not the primary beneficiary and not required to consolidate the operations of AM VIE.

XML 23 R13.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Dec. 31, 2016

Disclosure Text Block Supplement [Abstract]

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

6.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

	December 31, 2016		October 1, 2016
	(In thousands)

Sales tax payable	$	1,044	$	942
Accrued wages and payroll related costs		1,862		2,495
Customer advance deposits		1,772		4,077
Accrued occupancy and other operating expenses		3,841		3,041

	$	8,519	$	10,555

XML 24 R14.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - BANK

3 Months Ended

Dec. 31, 2016

Notes Payable [Abstract]

Notes Payable [Text Block]

NOTES PAYABLE - BANK

Long-term debt consists of the following:

	December 31, 2016			October 1, 2016
	(In thousands)

Promissory Note - Rustic Inn purchase	$	3,503		$	3,907
Promissory Note - Shuckers purchase		3,833			4,084
Promissory Note - Oyster House purchase		8,000			-

		15,336			7,991
Less: Current maturities		(4,216	)		(2,617	)
Less: Unamortized deferred financing costs		(49	)		(53	)

Long-term debt	$	11,071		$	5,321

XML 25 R15.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENCIES

XML 26 R16.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS

3 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

9.	STOCK OPTIONS

During the quarter ended December 31, 2016, options to purchase 90,000 shares of common stock at an exercise price of $29.60 per share expired unexercised.

No options or performance-based awards were granted during the 13-week period ended December 31, 2016.

A summary of stock option activity is presented below:

	2017
	Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
Outstanding, beginning of period		518,608		$	19.76		5.1 Years
Options:
Granted		-
Exercised		-
Canceled or expired		(90,000	)	$	32.15
Outstanding and expected to vest, end of period		428,608		$	17.85		5.9 Years	$	2,743,000
Exercisable, end of period		428,608		$	17.85		5.9 Years	$	2,743,000

As of December 31, 2016, there was no unrecognized compensation cost related to unvested stock options.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 27 R17.htm IDEA: XBRL DOCUMENT

INCOME TAXES

3 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

10.

INCOME TAXES

XML 28 R18.htm IDEA: XBRL DOCUMENT

INCOME PER SHARE OF COMMON STOCK

3 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

11.

INCOME PER SHARE OF COMMON STOCK

XML 29 R19.htm IDEA: XBRL DOCUMENT

DIVIDENDS

3 Months Ended

Dec. 31, 2016

Dividends [Abstract]

Dividends [Text Block]

12.

DIVIDENDS

XML 30 R20.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

13.

SUBSEQUENT EVENTS

On February 7, 2017, the Company invested an additional $222,000 in NMR as a result of a capital call bringing its total equity investment to $5,108,000.

XML 31 R21.htm IDEA: XBRL DOCUMENT

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Dec. 31, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	PRINCIPLES OF CONSOLIDATION — The consolidated condensed interim financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest, collectively herein referred to as the “Company”. Also included in the consolidated condensed interim financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation.
Reclassification, Policy [Policy Text Block]	RECLASSIFICATIONS — Certain reclassifications of prior period balances related to the income statement presentation of $822,000 of certain administrative fees related to catering revenue received have been reclassified from payroll expense to revenue to conform to the current period presentation.
Seasonality [Policy Text Block]	SEASONALITY — The Company has substantial fixed costs that do not decline proportionally with sales. The first and second fiscal quarters, which include the winter months, usually reflect lower customer traffic than in the third and fourth fiscal quarters. In addition, sales in the third and fourth fiscal quarters can be adversely affected by inclement weather due to the significant amount of outdoor seating at the Company’s restaurants.
Fair Value of Financial Instruments, Policy [Policy Text Block]	FAIR VALUE OF FINANCIAL INSTRUMENTS — The carrying amount of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair values of notes receivable and payable are determined using current applicable rates for similar instruments as of the consolidated condensed balance sheet date and approximate the carrying value of such debt instruments.
Cash and Cash Equivalents, Policy [Policy Text Block]	CASH AND CASH EQUIVALENTS — Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments generally with original maturities of three months or less. Outstanding checks in excess of account balances, typically vendor payments, payroll and other contractual obligations disbursed after the last day of a reporting period are reported as a current liability in the accompanying consolidated condensed balance sheets.
Supplier Concentration [Policy Text Block]	CONCENTRATIONS OF CREDIT RISK — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed Federally insured limits. Accounts receivable are primarily comprised of normal business receivables, such as credit card receivables, that are paid off in a short period of time and amounts due from the hotel operators where the Company has a location, and are recorded when the products or services have been delivered. The Company reviews the collectability of its receivables on an ongoing basis, and provides for an allowance when it considers the entity unable to meet its obligation. The concentration of credit risk with respect to accounts receivable is generally limited due to the short payment terms extended by the Company and the number of customers comprising the Company’s customer base. For the 13-week periods ended December 31, 2016 and January 2, 2016, the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases for the respective period.
Segment Reporting, Policy [Policy Text Block]	SEGMENT REPORTING — As of December 31, 2016, the Company owned and operated 22 restaurants and bars, 19 fast food concepts and catering operations, exclusively in the United States, that have similar economic characteristics, nature of products and service, class of customers and distribution methods. The Company believes it meets the criteria for aggregating its operating segments into a single reporting segment in accordance with applicable accounting guidance.
Recently Adopted Accounting Standards [Policy Text Block]	RECENTLY ADOPTED ACCOUNTING STANDARDS — In June 2014, the FASB issued guidance which clarifies the recognition of stock-based compensation over the required service period, if it is probable that the performance condition will be achieved. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 and should be applied prospectively. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements. In January 2015, the FASB issued guidance simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The amendments are effective for annual reporting periods, including interim periods within those reporting periods, beginning after December 15, 2015. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements. In February 2015, the FASB amended the consolidation standards for reporting entities that are required to evaluate whether they should consolidate certain legal entities. Under the new guidance, all legal entities are subject to reevaluation under the revised consolidation model. Specifically, the guidance (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (ii) eliminates the presumption that a general partner should consolidate a limited partnership; (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act for registered money market funds. The amendments are effective for annual reporting periods, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance did not have any impact on the Consolidated Condensed Financial Statements.
New Accounting Pronouncements, Policy [Policy Text Block]	NEW ACCOUNTING STANDARDS NOT YET ADOPTED — In January 2017, the FASB issued guidance clarifying the definition of a business. The update provides that when substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The new rules will be effective for the Company in the first quarter of 2019. The Company is currently evaluating the potential impact adoption of this guidance on its Consolidated Condensed Financial Statements. In January 2017, the FASB guidance simplifying the test for goodwill impairment. The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The new rules will be effective for the Company in the first quarter of 2021. The Company is currently evaluating the potential impact adoption of this guidance on its Consolidated Condensed Financial Statements.

XML 32 R22.htm IDEA: XBRL DOCUMENT

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Dec. 31, 2016

Variable Interest Entities [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

Following are the required disclosures associated with the Company’s consolidated VIEs:

	December 31, 2016		October 1, 2016
	(in thousands)

Cash and cash equivalents	$	511	$	889
Accounts receivable		476		429
Inventories		18		23
Prepaid expenses and other current assets		226		228
Due from Ark Restaurants Corp. and affiliates (1)		38		-
Fixed assets - net		18		22
Other assets		71		71
Total assets	$	1,358	$	1,662

Accounts payable - trade	$	55	$	114
Accrued expenses and other current liabilities		299		238
Due to Ark Restaurants Corp. and affiliates (1)		-		173
Operating lease deferred credit		67		73
Total liabilities		421		598
Equity of variable interest entities		937		1,064
Total liabilities and equity	$	1,358	$	1,662

(1)	Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

XML 33 R23.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT EXPANSION (Tables)

3 Months Ended

Dec. 31, 2016

Recent Restaurant Expansion [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

A preliminary allocation of the fair values of the assets acquired, subject to final acquisition accounting, is as follows:

Inventory	$	293,000
Land, buildings and fixed assets		7,950,000
Goodwill and Intangibles		2,800,000
	$	11,043,000

Schedule of Annual Financial Information [Table Text Block]

The unaudited pro forma financial information set forth below is based upon the Company’s historical Consolidated Condensed Statements of Income for the 13-weeks ended December 31, 2016 and January 2, 2016

	13 Weeks Ended
	December 31, 2016		January 2, 2016

Total revenues	$	40,205	$	39,393
Net income	$	1,941	$	426
Net income per share - basic	$	0.57	$	0.12
Net income per share - diluted	$	0.55	$	0.12

Basic		3,423		3,418
Diluted		3,507		3,517

XML 34 R24.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Dec. 31, 2016

Disclosure Text Block Supplement [Abstract]

Schedule of Accrued Expenses And Other Current Liabilities [Table Text Block]

Accrued expenses and other current liabilities consist of the following:

	December 31, 2016		October 1, 2016
	(In thousands)

Sales tax payable	$	1,044	$	942
Accrued wages and payroll related costs		1,862		2,495
Customer advance deposits		1,772		4,077
Accrued occupancy and other operating expenses		3,841		3,041

	$	8,519	$	10,555

XML 35 R25.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - BANK (Tables)

3 Months Ended

Dec. 31, 2016

Notes Payable [Abstract]

Schedule of Debt [Table Text Block]

Long-term debt consists of the following:

	December 31, 2016			October 1, 2016
	(In thousands)

Promissory Note - Rustic Inn purchase	$	3,503		$	3,907
Promissory Note - Shuckers purchase		3,833			4,084
Promissory Note - Oyster House purchase		8,000			-

		15,336			7,991
Less: Current maturities		(4,216	)		(2,617	)
Less: Unamortized deferred financing costs		(49	)		(53	)

Long-term debt	$	11,071		$	5,321

XML 36 R26.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Tables)

3 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock option activity is presented below:

	2017
	Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
Outstanding, beginning of period		518,608		$	19.76		5.1 Years
Options:
Granted		-
Exercised		-
Canceled or expired		(90,000	)	$	32.15
Outstanding and expected to vest, end of period		428,608		$	17.85		5.9 Years	$	2,743,000
Exercisable, end of period		428,608		$	17.85		5.9 Years	$	2,743,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details)	3 Months Ended
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details)	Dec. 31, 2016 USD ($)	Jan. 02, 2016
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items]
Prior Period Reclassification Adjustment (in Dollars)	$ 822,000
Number of Significant Vendors	1	1
Restaurants and Bars [Member]
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items]
Number of Operating Segments	22
Fast Food Concepts and Catering Operations [Member]
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items]
Number of Operating Segments	19
Supplier Concentration Risk [Member]
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items]
Supplier Concentration Risk Description	the Company did not make purchases from any one vendor that accounted for 10% or greater of total	the Company did not make purchases from any one vendor that accounted for 10% or greater of total
Concentration Risk, Percentage	10.00%	10.00%

XML 38 R28.htm IDEA: XBRL DOCUMENT

VARIABLE INTEREST ENTITIES (Details)	Dec. 31, 2016
Variable Interest Entities [Abstract]
Number of VIEs with Primary Benefits	3

XML 39 R29.htm IDEA: XBRL DOCUMENT

VARIABLE INTEREST ENTITIES (Details) - Schedule of variable interest entities - USD ($)
$ in Thousands

Dec. 31, 2016

Oct. 01, 2016

Schedule of variable interest entities [Abstract]

Cash and cash equivalents

$ 511

$ 889

Accounts receivable

476

429

Inventories

Prepaid expenses and other current assets

226

228

Due from Ark Restaurants Corp. and affiliates

^[1]

Fixed assets - net

Other assets

Total assets

1,358

1,662

Accounts payable - trade

114

Accrued expenses and other current liabilities

299

238

Due to Ark Restaurants Corp. and affiliates

^[1]

173

Operating lease deferred credit

Total liabilities

421

598

Equity of variable interest entities

937

1,064

Total liabilities and equity

$ 1,358

$ 1,662

[1]	Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.

XML 40 R30.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT EXPANSION (Details)	1 Months Ended		3 Months Ended
RECENT RESTAURANT EXPANSION (Details)	Nov. 30, 2016 USD ($)	Oct. 31, 2015 USD ($)	Dec. 31, 2016 USD ($)	Jan. 02, 2016 USD ($)	Oct. 22, 2015
RECENT RESTAURANT EXPANSION (Details) [Line Items]
Business Acquisition, Pro Forma Revenue			$ 40,205,000	$ 39,393,000
Shuckers Inc [Member]
RECENT RESTAURANT EXPANSION (Details) [Line Items]
Number of Condominium Unit					6
Number of Condominium Unit of Restaurant and Bar Operations					4
Business Combination, Consideration Transferred		$ 5,717,000
Bank Loan Related to Acquisition		$ 5,000,000
Oyster House [Member]
RECENT RESTAURANT EXPANSION (Details) [Line Items]
Business Combination, Consideration Transferred	$ 10,750,000
Business Combination Inventory Transferred	293,000
Business Combination Bank Loan	$ 8,000,000
Business Acquisition, Pro Forma Revenue			(54,000)
Shuckers Inc [Member]
RECENT RESTAURANT EXPANSION (Details) [Line Items]
Business Acquisition, Pro Forma Revenue			$ 1,680,000

XML 41 R31.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired - USD ($)	Dec. 31, 2016	Oct. 01, 2016
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items]
Goodwill and Intangibles	$ 9,995,000	$ 7,895,000
Shuckers Inc [Member]
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items]
Inventory	293,000
Land, buildings and fixed assets	7,950,000
Goodwill and Intangibles	2,800,000
	$ 11,043,000

XML 42 R32.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT EXPANSION (Details) - Schedule of unaudited pro forma financial information - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2016	Jan. 02, 2016
Schedule of unaudited pro forma financial information [Abstract]
Total revenues	$ 40,205	$ 39,393
Net income	$ 1,941	$ 426
Net income per share - basic	$ 0.57	$ 0.12
Net income per share - diluted	$ 0.55	$ 0.12
Basic	3,423	3,418
Diluted	3,507	3,517

XML 43 R33.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT DISPOSITIONS (Details) - USD ($)	1 Months Ended	3 Months Ended
RECENT RESTAURANT DISPOSITIONS (Details) - USD ($)	Nov. 18, 2016	Dec. 31, 2016
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items]
Percentage of Deposit on Purchase Price of Property	10.00%
Investment Building and Building Improvements	$ 5,200,000
Selling Price of Property under Agreement	$ 8,250,000
Lease Expiration Date		Nov. 30, 2032
Gain (Loss) on Disposition of Property Plant Equipment		$ 1,637,000
Amount Of Impairment Loss Recognized Related to Pending Transfer		75,000
A1A LLC [Member]
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment		$ 1,637,000
Temporary and Sub Lease Arrangement [Member]
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items]
Lease Expiration Date		Apr. 30, 2017

XML 44 R34.htm IDEA: XBRL DOCUMENT

INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 25, 2014	Dec. 31, 2016	Oct. 03, 2015	Sep. 27, 2014	Sep. 28, 2013	Oct. 01, 2016	Jul. 13, 2016
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Loan Maturity Date		Jan. 31, 2024
Meadowlands Newmark LLC [Member]
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Payments to Acquire Businesses and Interest in Affiliates					$ 4,200,000
Payments to Acquire Additional Interest in Subsidiaries			$ 222,000	$ 464,000
Cost Method Investments Ownership Percentage				11.60%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures			$ 4,886,000
Loans and Advances to Related party	$ 1,500,000
Interest Rate on Loan		3.00%
Additional Loans And Advances To Related Party							$ 200,000
Principal and Accrued Interest Included in Other Assets		$ 1,830,000				$ 1,815,000
Ark Meadowlands LLC [Member]
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		97.00%
Profit Participation Percentage		5.00%
Maximum Loss Relating to V I E Included In Other Current Assets		$ 11,000				164,000
New Meadowlands Racetrack LLC [Member]
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		6,716,000				$ 6,701,000
Share Value Funded of Capital Call		$ 3,000,000

XML 45 R35.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands	Dec. 31, 2016	Oct. 01, 2016
Schedule of accrued expenses and other current liabilities [Abstract]
Sales tax payable	$ 1,044	$ 942
Accrued wages and payroll related costs	1,862	2,495
Customer advance deposits	1,772	4,077
Accrued occupancy and other operating expenses	3,841	3,041
	$ 8,519	$ 10,555

XML 46 R36.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - BANK (Details) - USD ($)	3 Months Ended
NOTES PAYABLE - BANK (Details) - USD ($)	Dec. 31, 2016	Jan. 02, 2016	Jul. 02, 2016
NOTES PAYABLE - BANK (Details) [Line Items]
Debt Instrument, Face Amount	$ 3,000,000
Debt Instrument, Interest Rate Terms	LIBOR plus 3.5% per annum
Debt Instrument, Basis Spread on Variable Rate	3.50%
Number of Installments	36
Debt Instrument, Periodic Payment	$ 83,333
Debt Instrument, Date of First Required Payment	Mar. 25, 2013
The Rustic Inn [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Number of Installments	60
Debt Instrument, Periodic Payment	$ 134,722
Debt Instrument, Date of First Required Payment	Mar. 25, 2014
Bank Loan Related to Acquisition	$ 6,000,000
Note Payable to Bank Balance Outstanding	3,503,000
Shuckers Inc [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Debt Instrument, Face Amount	$ 5,000,000
Debt Instrument, Interest Rate Terms	LIBOR plus3.5% per annum
Debt Instrument, Basis Spread on Variable Rate	3.50%
Number of Installments	60
Debt Instrument, Periodic Payment	$ 83,333
Debt Instrument, Date of First Required Payment	Nov. 22, 2015
Note Payable to Bank Balance Outstanding	$ 3,833,000
Oyster House [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Debt Instrument, Face Amount	$ 8,000,000
Debt Instrument, Interest Rate Terms	LIBOR plus 3.5% per annum
Debt Instrument, Basis Spread on Variable Rate	3.50%
Number of Installments	60
Debt Instrument, Periodic Payment	$ 133,273
Debt Instrument, Date of First Required Payment	Jan. 01, 2017
Note Payable to Bank Balance Outstanding	$ 8,000,000
Minimum [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Fixed Charge Coverage Ratio	1.10%
Revolving Credit Facility [Member] \| Shuckers Inc [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Line of Credit Facility, Expiration Date	Oct. 21, 2017
Line of Credit Facility, Current Borrowing Capacity	$ 10,000,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Number of Years for Loans Payable	5 years
Line of Credit Facility, Fair Value of Amount Outstanding			$ 0
Amortization of Other Deferred Charges	$ 130,585
Amortization	$ 11,000	$ 9,000

XML 47 R37.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt - USD ($) $ in Thousands	Dec. 31, 2016	Oct. 01, 2016
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items]
Promissory Note	$ 15,336	$ 7,991
Less: Current maturities	(4,216)	(2,617)
Less: Unamortized deferred financing costs	(49)	(53)
Long-term debt	11,071	5,321
The Rustic Inn [Member]
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items]
Promissory Note	3,503	3,907
Shuckers Inc [Member]
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items]
Promissory Note	3,833	$ 4,084
Oyster House [Member]
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items]
Promissory Note	$ 8,000

XML 48 R38.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2016	Jul. 05, 2016
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Lease Expiration Year	2032
Lessee Leasing Arrangements, Operating Leases, Renewal Term	15 years
Lease Expiration Date	Nov. 30, 2032
Operating Leases, Future Minimum Payments Due	$ 1,200,000
Stock Repurchased During Period, Shares (in Shares)	0
Additional Lease Extension Option [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Lessee Leasing Arrangements, Operating Leases, Renewal Term	5 years
Minimum [Member] \| Leasehold Improvements [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Construction and Development Costs	$ 6,000,000
Maximum [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in Shares)		500,000
Maximum [Member] \| Leasehold Improvements [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Construction and Development Costs	$ 7,000,000

XML 49 R39.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Details)	3 Months Ended
STOCK OPTIONS (Details)	Dec. 31, 2016 USD ($) $ / shares shares	Jan. 02, 2016 USD ($)
STOCK OPTIONS (Details) [Line Items]
Number of Stock Option Plans	2
Maximum Amount of Compensation Paid Under Cash Bonus Plan \| $	$ 1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	90,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price \| $ / shares	$ 29.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0
Share-based Compensation \| $	$ 0	$ 103,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options \| $	$ 0
Stock Option 2004 Plan [Member]
STOCK OPTIONS (Details) [Line Items]
Terminated Unissued Options	400
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Stock Option 2010 Plan [Member]
STOCK OPTIONS (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Stock Option 2016 Plan [Member]
STOCK OPTIONS (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	500,000

XML 50 R40.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Details) - Schedule of stock options, activity - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Oct. 01, 2016
Schedule of stock options, activity [Abstract]
Outstanding, beginning of period		518,608
Outstanding, beginning of period		$ 19.76
Outstanding, beginning of period	5 years 328 days	5 years 36 days
Options:
Canceled or expired	(90,000)
Canceled or expired	$ 32.15
Outstanding and expected to vest, end of period	428,608
Outstanding and expected to vest, end of period	$ 17.85
Outstanding and expected to vest, end of period	5 years 328 days	5 years 36 days
Outstanding and expected to vest, end of period	$ 2,743,000
Exercisable, end of period	428,608
Exercisable, end of period	$ 17.85
Exercisable, end of period	5 years 328 days
Exercisable, end of period	$ 2,743,000	$ 2,743,000

XML 51 R41.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details) - USD ($)	3 Months Ended
INCOME TAXES (Details) - USD ($)	Dec. 31, 2016	Jan. 02, 2016
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	30.00%	23.00%
Deferred Tax Asset Reversed As a Charge to Additional Paid in Capital (in Dollars)	$ 397,000

XML 52 R42.htm IDEA: XBRL DOCUMENT

INCOME PER SHARE OF COMMON STOCK (Details) - $ / shares	3 Months Ended
INCOME PER SHARE OF COMMON STOCK (Details) - $ / shares	Dec. 31, 2016	Jan. 02, 2016
Exercise Price One [Member]
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items]
Dilutive Securities Included In Computation Of Earnings Per Share Amount	66,000	66,000
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share	$ 12.04	$ 12.04
Exercise Price Two [Member]
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items]
Dilutive Securities Included In Computation Of Earnings Per Share Amount	160,800	164,700
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share	$ 14.40	$ 14.40
Exercise Price Three [Member]
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items]
Dilutive Securities Included In Computation Of Earnings Per Share Amount		203,000
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share		$ 22.50
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	201,808
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share	$ 22.50
Exercise Price Four [Member]
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		90,000
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share		$ 32.15

XML 53 R43.htm IDEA: XBRL DOCUMENT

DIVIDENDS (Details)	Dec. 07, 2016 $ / shares
Dividends [Abstract]
Dividends Payable, Amount Per Share	$ 0.25
Dividends Payable, Date to be Paid	Jan. 03, 2017
Dividends Payable, Date of Record	Dec. 20, 2016

XML 54 R44.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details) - USD ($)	3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Dec. 31, 2016	Feb. 07, 2017
SUBSEQUENT EVENTS (Details) [Line Items]
Subsequent Event, Description	restaurant is expected to re-open in May 2017
Impairment of Long-Lived Assets to be Disposed of	$ 283,000
New Meadowlands Racetrack LLC [Member] \| Subsequent Event [Member]
SUBSEQUENT EVENTS (Details) [Line Items]
Business Acquisition Additional Equity Investment Acquired Entity		$ 222,000
Business Acquisition Equity Investment Acquired Entity		$ 5,108,000

EXCEL 55 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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Ð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