RECENT RESTAURANT EXPANSION

3 Months Ended

Dec. 31, 2016

Recent Restaurant Expansion [Abstract]

Recent Restaurant Expansion [Text Block]

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.  

	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