0000930413-17-002136.txt : 20170516 0000930413-17-002136.hdr.sgml : 20170516 20170516162527 ACCESSION NUMBER: 0000930413-17-002136 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20170401 FILED AS OF DATE: 20170516 DATE AS OF CHANGE: 20170516 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: 17848911 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 c88394_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

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

For the quarterly period ended April 1, 2017

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 incorporation or organization)		(I.R.S. Employer 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 o

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 o

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 o		Accelerated filer o

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

In an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o Yes o No

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

Yes o 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 May 10, 2017
(Common stock, $.01 par value)		3,425,528

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.

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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)

	April 1, 2017		October 1, 2016
	(unaudited)		(see Note 1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (includes $103 at April 1, 2017 and $889 at October 1, 2016 related to VIEs)	$	815	$	7,239
Accounts receivable (includes $848 at April 1, 2017 and $429 at October 1, 2016 related to VIEs)		3,918		3,750
Employee receivables		397		453
Inventories (includes $17 at April 1, 2017 and $23 at October 1, 2016 related to VIEs)		2,487		1,892
Prepaid expenses and other current assets (includes $227 at April 1, 2017 and $228 at October 1, 2016 related to VIEs)		2,836		2,662
Total current assets		10,453		15,996
FIXED ASSETS - Net (includes $13 at April 1, 2017 and $22 at October 1, 2016 related to VIEs)		37,825		29,546
INTANGIBLE ASSETS - Net		428		526
GOODWILL		9,880		7,895
TRADEMARKS		3,331		1,611
DEFERRED INCOME TAXES		2,990		3,416
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK		6,951		6,701
OTHER ASSETS (includes $71 at April 1, 2017 and October 1, 2016 related to VIEs)		2,314		2,564
TOTAL ASSETS	$	74,172	$	68,255

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable - trade (includes $401 at April 1, 2017 and $114 at October 1, 2016 related to VIEs)	$	3,995	$	2,876
Accrued expenses and other current liabilities (includes $339 at April 1, 2017 and $238 at October 1, 2016 related to VIEs)		9,727		10,555
Accrued income taxes		1,132		606
Current portion of notes payable		4,216		2,617
Total current liabilities		19,070		16,654
OPERATING LEASE DEFERRED CREDIT (includes $62 at April 1, 2017 and $73 at October 1, 2016 related to VIEs)		3,565		3,576
NOTES PAYABLE, LESS CURRENT PORTION, net of deferred financing costs		10,020		5,321
TOTAL LIABILITIES		32,655		25,551
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, par value $.01 per share - authorized, 10,000 shares; issued and outstanding, 3,426 shares at April 1, 2017 and 3,423 shares at October 1, 2016		34		34
Additional paid-in capital		12,588		12,942
Retained earnings		26,787		27,158
Total Ark Restaurants Corp. shareholders’ equity		39,409		40,134
NON-CONTROLLING INTERESTS		2,108		2,570
TOTAL EQUITY		41,517		42,704
TOTAL LIABILITIES AND EQUITY	$	74,172	$	68,255

See notes to consolidated condensed financial statements.

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ARK RESTAURANTS CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)

(In Thousands, Except Per Share Amounts)

	13 Weeks Ended						26 Weeks Ended
	April 1, 2017			April 2, 2016			April 1, 2017			April 2, 2016
REVENUES:
Food and beverage sales	$	33,914		$	33,818		$	71,867		$	70,451
Other revenue		564			454			1,003			813
Total revenues		34,478			34,272			72,870			71,264

COSTS AND EXPENSES:
Food and beverage cost of sales		9,836			9,191			19,587			18,783
Payroll expenses		12,670			12,895			25,626			26,088
Occupancy expenses		3,764			4,037			8,496			8,583
Other operating costs and expenses		5,126			4,924			9,992			9,486
General and administrative expenses		2,444			2,712			5,744			6,040
Depreciation and amortization		1,053			1,136			2,535			2,275
Total costs and expenses		34,893			34,895			71,980			71,255
RESTAURANT OPERATING INCOME (LOSS)		(415	)		(623	)		890			9
Gain on sale of Rustic Inn, Jupiter		—			—			1,637			—
OPERATING INCOME (LOSS)		(415	)		(623	)		2,527			9

OTHER (INCOME) EXPENSE:
Interest expense		175			110			276			201
Interest income		(14	)		(12	)		(111	)		(24	)
Other (income) expense, net		(162	)		(160	)		(189	)		(222	)
Total other (income) expense, net		(1	)		(62	)		(24	)		(45	)
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES		(414	)		(561	)		2,551			54
Provision (benefit) for income taxes		(127	)		(103	)		753			35
CONSOLIDATED NET INCOME (LOSS)		(287	)		(458	)		1,798			19
Net income attributable to non-controlling interests		(106	)		(188	)		(457	)		(343	)
NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP.	$	(393	)	$	(646	)	$	1,341		$	(324	)

NET INCOME (LOSS) PER ARK RESTAURANTS CORP. COMMON SHARE:
Basic	$	(0.11	)	$	(0.19	)	$	0.39		$	(0.09	)
Diluted	$	(0.11	)	$	(0.19	)	$	0.38		$	(0.09	)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic		3,424			3,418			3,423			3,418
Diluted		3,424			3,418			3,541			3,418

See notes to consolidated condensed financial statements.

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ARK RESTAURANTS CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

FOR THE 26 WEEKS ENDED APRIL 1, 2017 AND APRIL 2, 2016

(In Thousands, Except Per Share Amounts)

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

BALANCE - October 3, 2015		4,774		$	48		$	25,682		$	26,548		$	(13,220	)	$	39,058		$	2,173		$	41,231

Net income (loss)		—			—			—			(324	)		—			(324	)		343			19
Exercise of stock options		—			—			1			—			—			1			—			1
Stock-based compensation		—			—			207			—			—			207			—			207
Retirement of treasury shares		(1,356	)		(14	)		(13,206	)		—			13,220			—			—			—
Distributions to non-controlling interests		—			—			—			—			—			—			(518	)		(518	)
Dividends paid - $0.50 per share		—			—			—			(1,710	)		—			(1,710	)		—			(1,710	)

BALANCE - April 2, 2016		3,418		$	34			12,684		$	24,514		$	—		$	37,232		$	1,998		$	39,230

BALANCE - October 1, 2016		3,423		$	34		$	12,942		$	27,158		$	—		$	40,134		$	2,570		$	42,704

Net income		—			—			—			1,341			—			1,341			457			1,798
Exercise of stock options		3			—			36			—			—			36			—			36
Tax benefit on exercise of stock options		—			—			7			—			—			7			—			7
Change in excess tax benefits from stock-based compensation		—			—			(397	)		—			—			(397	)		—			(397	)
Distributions to non-controlling interests		—			—			—			—			—			—			(919	)		(919	)
Dividends paid - $0.50 per share		—			—			—			(1,712	)		—			(1,712	)		—			(1,712	)

BALANCE - April 1, 2017		3,426		$	34		$	12,588		$	26,787		$	—		$	39,409		$	2,108		$	41,517

See notes to consolidated condensed financial statements.

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ARK RESTAURANTS CORP. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

(In Thousands)

	26 Weeks Ended
	April 1, 2017			April 2, 2016

CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$	1,798		$	19
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on closure of restaurant		—			16
Gain on sale of Rustic Inn, Jupiter		(1,637	)		—
Loss on disposal of assets		283			—
Deferred income taxes		36			2
Stock-based compensation		—			207
Depreciation and amortization		2,252			2,275
Amortization of deferred financing costs		23			20
Operating lease deferred credit		(11	)		(165	)
Changes in operating assets and liabilities:
Accounts receivable		(168	)		(36	)
Inventories		(302	)		119
Prepaid, refundable and accrued income taxes		526			(1,406	)
Prepaid expenses and other current assets		(124	)		(172	)
Other assets		213			110
Accounts payable - trade		1,119			(626	)
Accrued expenses and other current liabilities		(828	)		669
Net cash provided by operating activities		3,180			1,032

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets		(4,565	)		(550	)
Loans and advances made to employees		(25	)		(115	)
Payments received on employee receivables		81			122
Proceeds from the sale of the Rustic Inn, Jupiter		2,474			—
Purchase of Oyster House		(3,043	)		—
Additional investment in Meadowlands Newmark LLC		(222	)		—
Purchase of Shuckers		—			(717	)
Net cash used in investing activities		(5,300	)		(1,260	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable		(1,709	)		(1,225	)
Payment of debt financing costs		—			(131	)
Dividends paid		(1,712	)		(1,710	)
Proceeds from issuance of stock upon exercise of stock options		36			1
Distributions to non-controlling interests		(919	)		(518	)
Net cash used in financing activities		(4,304	)		(3,583	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(6,424	)		(3,811	)
CASH AND CASH EQUIVALENTS, Beginning of period		7,239			9,735
CASH AND CASH EQUIVALENTS, End of period	$	815		$	5,924

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	276		$	200
Income taxes	$	192		$	1,440
Non-cash financing activities:
Note payable in connection with the purchase of Oyster House	$	8,000		$	—
Change in excess tax benefits from stock-based compensation	$	(397	)	$	—
Note payable in connection with the purchase of Shuckers	$	—		$	5,000
Retirement of 1,356 treasury shares	$	—		$	13,220

See notes to consolidated condensed financial statements.

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ARK RESTAURANTS CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

April 1, 2017

(Unaudited)

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 statement of operations 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 26-week periods ended April 1, 2017 and April 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. For the 13-week period ended April 1, 2017, the Company made purchases from one vendor that accounted for approximately 10% of total purchases. For the 13-week period ended April 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.

- 7 -

SEGMENT REPORTING — As of April 1, 2017, the Company owned and operated 21 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.

NEW ACCOUNTING STANDARDS NOT YET ADOPTED — In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance which establishes a new standard on revenue recognition. The new standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for fiscal years beginning after December 15, 2016. The Company is in the process of evaluating the impact that will result from the adoption of the new standard but we do not anticipate a significant impact on our Consolidated Condensed Financial Statements. We currently plan to apply the new standard using the modified retrospective method beginning in fiscal 2019.

In February 2016, the FASB issued guidance to improve financial reporting about leasing transactions. This guidance will require organizations that lease assets (“lessees”) to recognize a lease liability and a right-of-use asset on its balance sheet for all leases with terms of more than twelve months. A lease liability is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset represents the lessee’s right to use, or control use of, a specified asset for the lease term. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the potential impact of this guidance on its Consolidated Condensed Financial Statements.

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.

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:

	April 1, 2017		October 1, 2016
	(in thousands)

Cash and cash equivalents	$	103	$	889
Accounts receivable		848		429
Inventories		17		23
Prepaid expenses and other current assets		227		228
Due from Ark Restaurants Corp. and affiliates (1)		539		—
Fixed assets - net		13		22
Other assets		71		71
Total assets	$	1,818	$	1,662

Accounts payable - trade	$	401	$	114
Accrued expenses and other current liabilities		339		238
Due to Ark Restaurants Corp. and affiliates (1)		—		173
Operating lease deferred credit		62		73
Total liabilities		802		598
Equity of variable interest entities		1,016		1,064
Total liabilities and equity	$	1,818	$	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.

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. The fair values of the assets acquired were allocated as follows (amounts in thousands):

Inventory	$	293
Land and buildings		6,650
Furniture, fixtures and equipment		395
Trademarks		1,720
Goodwill and Intangibles		1,985
	$	11,043

The Consolidated Condensed Statements of Operations for the 13 and 26-weeks ended April 1, 2017 include revenues and income of approximately $4,765,000 and $6,445,000 and $577,000 and $523,000, 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 Operations for the 26-weeks ended April 1, 2017 and April 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

- 9 -

would have been had the acquisition of Shuckers and the Oyster House properties occurred on the dates indicated, nor does it purport to represent the results of operations for future periods.

	26 Weeks Ended
	April 1, 2017		April 2, 2016

Total revenues	$	74,683	$	76,463
Net income	$	1,548	$	85
Net income per share - basic	$	0.45	$	0.02
Net income per share - diluted	$	0.44	$	0.02

Basic		3,423		3,418
Diluted		3,541		3,418

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 July 18, 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 transferred its lease and the related assets of Canyon Road located in New York, NY to an unrelated third party. In connection with this 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.

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 with a 63.7% ownership interest. 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, and an effective ownership interest in NMR of 7.4%, subject to dilution. In 2015, the Company invested an additional $222,000 in NMR and on February 7, 2017, the Company invested an additional $222,000 in NMR, both as a result of capital calls, bringing its total investment to $5,108,000 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.

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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 April 1, 2017, 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 $233,000 and $164,000 at April 1, 2017 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 $1,843,000 and $1,815,000, are included in Investment In and Receivable From New Meadowlands Racetrack in the Consolidated Balance Sheets at April 1, 2017 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. State law prohibits the issue from being put on the ballot before voters for the following two years. 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 April 1, 2017.

6.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

	April 1, 2017		October 1, 2016
	(In thousands)

Sales tax payable	$	1,042	$	942
Accrued wages and payroll related costs		2,006		2,495
Customer advance deposits		3,825		4,077
Accrued occupancy and other operating expenses		2,854		3,041

	$	9,727	$	10,555

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NOTES PAYABLE - BANK

Long-term debt consists of the following:

	April 1,			October 1,
	2017			2016
	(In thousands)

Promissory Note - Rustic Inn purchase	$	3,099		$	3,907
Promissory Note - Shuckers purchase		3,583			4,084
Promissory Note - Oyster House purchase		7,600			—

		14,282			7,991
Less: Current maturities		(4,216	)		(2,617	)
Less: Unamortized deferred financing costs		(46	)		(53	)

Long-term debt	$	10,020		$	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.

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.

Also on October 22, 2015, 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 are 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.

On November 30, 2016, in connection with the acquisition of the Oyster House properties, the Company issued a promissory note under the Revolving Facility 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.

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 and included in interest expense. Amortization expense of $12,000 and $11,000 is included in interest expense for the 13-weeks ended April 1, 2017 and April 2, 2016, respectively. Amortization expense of $23,000 and $20,000 for the 26-weeks ended April 1, 2017 and April 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 of its financial covenants under the Revolving Facility as of April 1, 2017 except for the fixed charge coverage ratio covenant. On May 11, 2017, we were issued a waiver for this covenant as of April 1, 2017. The Company believes, based on current projections that it will be in compliance with such covenant in 2017.

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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 was closed January 1, 2017 for renovation and reconcepting which is estimated to cost approximately $8,000,000 to $9,000,000, of which approximately $3,900,000 has been incurred as of April 1, 2017. The restaurant is expected to re-open in June 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.

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 26-weeks ended April 1, 2017 and April 2, 2016.

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 $32.15 per share expired unexercised.

No options or performance-based awards were granted during the 26-week period ended April 1, 2017.

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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		$	20.33	5.1 Years
Options:
Granted		—
Exercised		(2,308	)	$	15.48
Canceled or expired		(90,000	)	$	32.15
Outstanding and expected to vest, end of period		426,300		$	17.86	5.7 Years	$	3,166,000
Exercisable, end of period		426,300		$	17.86	5.7 Years	$	3,166,000

Compensation cost charged to operations for each of the 13-week periods ended April 1, 2016 and April 2, 2016 was $0 and $103,000, respectively, and for the 26-week periods ended April 1, 2017 and April 2, 2016 was $0 and $207,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Condensed Statements of Operations.

As of April 1, 2017, 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 26-week periods ended April 1, 2017 and April 2, 2016 reflect effective tax rates of approximately 30% and 65%, respectively. The effective tax rate for the 26-week period ended April 2, 2016 was significantly higher than the statutory rate due to lower income from continuing operations in the first half of the year and discrete items included in tax expense. The Company expects its effective tax rate for its current fiscal year to be 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 (LOSS) PER SHARE OF COMMON STOCK

Net income (loss) 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 April 1, 2017, options to purchase 66,000, 158,800 and 201,500 shares of common stock at exercise prices of $12.04, $14.40 and $22.50 per share, respectively, were not included in diluted earnings per share as their impact was anti-dilutive.

For the 26-week period ended April 1, 2017, the treasury stock impact of options to purchase 66,000, 158,800 and 201,500 shares of common stock at exercise prices of $12.04, $14.40 and $22.50 per share, respectively, were included in diluted earnings per share.

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For the 13- and 26-week periods ended April 2, 2016, options to purchase 66,000, 164,700, 203,000 and 90,000 shares of common stock at exercise prices of $12.04, $14.40, $22.50 and $32.15 per share, respectively, were not included in diluted earnings per share as their impact was anti-dilutive.

12.

DIVIDENDS

On March 1, 2017, the Board of Directors declared a quarterly dividend of $0.25 per share on the Company’s common stock to be paid on April 3, 2017 to shareholders of record at the close of business on March 17, 2017. 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.

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

Overview

As of April 1, 2017, the Company owned and operated 21 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 Operations for the 13 and 26-weeks ended April 1, 2017 include revenues and income of approximately $4,765,000 and $6,445,000 and $577,000 and $523,000, respectively, related to the 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 April 1, 2017 and April 2, 2016 each included 26 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 loss for the 13 weeks ended April 1, 2017 was ($415,000) as compared to ($623,000) for the 13 weeks ended April 2, 2016. This increase resulted primarily from lower general and administrative expenses and operating income related to the Oyster House properties in Gulf Shores, Alabama (which were acquired on November 30, 2016).

The following table summarizes the significant components of the Company’s operating results for the 13- and 26-week periods ended April 1, 2017 and April 2, 2016, respectively:

	13 Weeks Ended						Variance						26-Weeks Ended				Variance
	April 1, 2017			April 2, 2016			$			%			April 1, 2017		April 2, 2016		$			%
	(in thousands)												(in thousands)
REVENUES:
Food and beverage sales	$	33,914		$	33,818		$	96			0.3	%	$	71,867	$	70,451	$	1,416			2.0	%
Other revenue		564			454			110			24.2	%		1,003		813		190			23.4	%
Total revenues		34,478			34,272			206			0.6	%		72,870		71,264		1,606			2.3	%

COSTS AND EXPENSES:
Food and beverage cost of sales		9,836			9,191			645			7.0	%		19,587		18,783		804			4.3	%
Payroll expenses		12,670			12,895			(225	)		-1.7	%		25,626		26,088		(462	)		-1.8	%
Occupancy expenses		3,764			4,037			(273	)		-6.8	%		8,496		8,583		(87	)		-1.0	%
Other operating costs and expenses		5,126			4,924			202			4.1	%		9,992		9,486		506			5.3	%
General and administrative expenses		2,444			2,712			(268	)		-9.9	%		5,744		6,040		(296	)		-4.9	%
Depreciation and amortization		1,053			1,136			(83	)		-7.3	%		2,535		2,275		260			11.4	%
Total costs and expenses		34,893			34,895			(2	)		0.0	%		71,980		71,255		725			1.0	%
RESTAURANT OPERATING INCOME (LOSS)		(415	)		(623	)		208			33.4	%		890		9		881			9788.9	%
Gain on sale of Rustic Inn, Jupiter		—			—			—			0.0	%		1,637		—		1,637			N/A
OPERATING INCOME (LOSS)	$	(415	)	$	(623	)	$	208			33.4	%	$	2,527	$	9	$	2,518			27977.8	%

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Revenues

During the Company’s 13- and 26-week periods ended April 1, 2017, revenues increased 0.6% and 2.3%, respectively, as compared to revenues in the 13- and 26-week period ended April 2, 2016. These increases 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 for renovation of Sequoia DC in Washington, DC on January 4, 2017, the permanent closures 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 decreased 3.0% during the second fiscal quarter of 2017 as compared to the same period last year as follows:

	13 Weeks Ended				Variance
	April 1, 2017		April 2, 2016		$			%
	(in thousands)

Las Vegas	$	11,847	$	11,095	$	752			6.8	%
New York		5,760		6,413		(653	)		-10.2	%
Washington, DC		835		1,774		(939	)		-52.9	%
Atlantic City, NJ		1,807		1,678		129			7.7	%
Boston		483		582		(99	)		-17.0	%
Connecticut		580		571		9			1.6	%
Florida		9,332		9,479		(147	)		-1.6	%
Same-store sales		30,644		31,592	$	(948	)		-3.0	%
Other		3,270		2,226
Food and beverage sales	$	33,914	$	33,818

Same-store sales in Las Vegas increased 6.8% 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 decreased 10.2%, primarily as a result of lower traffic at our properties and lower catering revenues. Same-store sales in Washington, DC, which excludes Center Café which closed in February 2016, decreased 52.9%, as a result of the closure of Sequoia DC on January 4, 2017 for renovation. Same-store sales in Atlantic City increased 7.7%, primarily due to increased traffic at properties in which we operate our restaurants as other casinos closed. Same-store sales in Boston decreased 17.0%, primarily as a result of decreased traffic at Faneuil Hall Marketplace where our property is located. Same-store sales in Florida decreased 1.6% 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- and 26-weeks ended April 1, 2017 and April 2, 2016 were as follows (in thousands):

	13 Weeks Ended April 1,		% to Total			13 Weeks Ended April 2,		% to Total			Increase (Decrease)						26 Weeks Ended April 1,		% to Total			26 Weeks Ended April 2,		% to Total			Increase (Decrease)
	2017		Revenues			2016		Revenues			$			%			2017		Revenues			2016		Revenues			$			%

Food and beverage cost of sales	$	9,836		28.5	%	$	9,191		26.8	%	$	645			7.0	%	$	19,587		26.9	%	$	18,783		26.4	%	$	804			4.3	%
Payroll expenses		12,670		36.7	%		12,895		37.6	%		(225	)		-1.7	%		25,626		35.2	%		26,088		36.6	%		(462	)		-1.8	%
Occupancy expenses		3,764		10.9	%		4,037		11.8	%		(273	)		-6.8	%		8,496		11.7	%		8,583		12.0	%		(87	)		-1.0	%
Other operating costs and expenses		5,126		14.9	%		4,924		14.4	%		202			4.1	%		9,992		13.7	%		9,486		13.3	%		506			5.3	%
General and administrative expenses		2,444		7.1	%		2,712		7.9	%		(268	)		-9.9	%		5,744		7.9	%		6,040		8.5	%		(296	)		-4.9	%
Depreciation and amortization		1,053		3.1	%		1,136		3.3	%		(83	)		-7.3	%		2,535		3.5	%		2,275		3.2	%		260			11.4	%
	$	34,893				$	34,895				$	(2	)				$	71,980				$	71,255				$	725

The increases in food and beverage costs as a percentage of total revenues for the 13 and 26-weeks ended April 1, 2017 compared to the same periods of last year are primarily the result of higher food costs as a percentage of sales associated with The Oyster House properties, which were acquired on November 30, 2016, seafood restaurants which, consistent with the industry, operate at a higher food cost structure.

- 17 -

Payroll expenses as a percentage of total revenues for the 13 and 26-weeks ended April 1, 2017 decreased as compared to the same periods of last year 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 and 26-weeks ended April 1, 2017 decreased as compared to the same periods 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) partially offset by rent increases at our other properties.

Other operating costs and expenses as a percentage of total revenues for the 13 and 26-weeks ended April 1, 2017 increased as compared to the same periods of year as a result fixed costs associated with the Sequoia DC, which was closed for renovation on January 4, 2017, and fixed costs associated at properties where sales declined.

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 April 1, 2017 decreased as compared to the same period of year as a result of lower headcount and for the 26-weeks ended April 1, 2017 as a result of lower headcount partially offset by transaction costs of approximately $187,000 incurred in connection with the purchase of the Oyster House properties.

Depreciation and amortization expense for the 13-weeks ended April 1, 2017 decreased as compared to the same period of last year as a result of the closure of properties discussed above. Depreciation and amortization expense for the 26-weeks ended April 1, 2017 increased 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 was transferred to an unrelated party).

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 26-week periods ended April 1, 2017 and April 2, 2016 reflect effective tax rates of approximately 30% and 66%, respectively. The effective tax rate for the 26-week period ended April 2, 2016 was significantly higher than the statutory rate due to lower income from continuing operations in the first half of the year and discrete items included in tax expense. The Company expects its effective tax rate for its current fiscal year to be 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.

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 26-weeks ended April 1, 2017 increased to $3,180,000 as compared to $1,032,000 provided by 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 26-week period ended April 1, 2017 was $5,300,000 and resulted primarily from purchases of fixed assets at existing restaurants, costs associated with the renovation of Sequoia DC 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 26-week period ended April 2, 2016 was $1,260,000 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 26-week periods ended April 1, 2017 and April 2, 2016 of $4,304,000 and $3,583,000, respectively, resulted primarily from the payment of dividends, principal payments on notes payable and distributions to non-controlling interests.

- 18 -

The Company had a working capital deficiency of $8,617,000 at April 1, 2017 as compared with a deficiency of $658,000 at October 1, 2016. This increase resulted primarily from our purchase of the Oyster House properties in November 2016 and costs associated with the renovation of our Sequoia property in Washington, DC, as discussed below. 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.

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 was closed January 1, 2017 for renovation and reconcepting which is estimated to cost approximately $8,000,000 to $9,000,000, of which approximately $3,900,000 has been incurred as of April 1, 2017. The restaurant is expected to re-open in June 2017. In connection with this closure, the Company recognized an impairment loss related to fixed asset disposals as of December 31, 2016 in the amount of $283,000, which is included in Depreciation and Amortization Expense for the 26-weeks ended April 1, 2017.

The Company was in compliance with all of its financial covenants under its Revolving Facility as of April 1, 2017 except for the fixed charge coverage ratio covenant. On May 11, 2017, we were issued a waiver for this covenant as of April 1, 2017. The Company believes, based on current projections that it will be in compliance with such covenant in 2017.

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.

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.

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 June 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.

- 19 -

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 April 1, 2017 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.

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 second 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:	May 16, 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 c88394_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

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: May 16, 2017

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

EX-31.2 3 c88394_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

	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: May 16, 2017

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

EX-32 4 c88394_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 April 1, 2017 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 16th day of May 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)

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ARK RESTAURANTS CORP 10-Q --09-30 3425528 false 0000779544 Smaller Reporting Company 2017 Q2 2017-04-01 <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">1.</td><td style="text-align: justify">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 statement of operations 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 26-week periods ended April 1, 2017 and April 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. For the 13-week period ended April 1, 2017, the Company made purchases from one vendor that accounted for approximately 10% of total purchases. For the 13-week period ended April 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 April 1, 2017, the Company owned and operated 21 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. NEW ACCOUNTING STANDARDS NOT YET ADOPTED — In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance which establishes a new standard on revenue recognition. The new standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for fiscal years beginning after December 15, 2016. The Company is in the process of evaluating the impact that will result from the adoption of the new standard but we do not anticipate a significant impact on our Consolidated Condensed Financial Statements. We currently plan to apply the new standard using the modified retrospective method beginning in fiscal 2019. In February 2016, the FASB issued guidance to improve financial reporting about leasing transactions. This guidance will require organizations that lease assets (“lessees”) to recognize a lease liability and a right-of-use asset on its balance sheet for all leases with terms of more than twelve months. A lease liability is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset represents the lessee’s right to use, or control use of, a specified asset for the lease term. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the potential impact of this guidance on its Consolidated Condensed Financial Statements. 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 statement of operations 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 26-week periods ended April 1, 2017 and April 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.

0.10

1 1

0.10

SEGMENT REPORTING — As of April 1, 2017, the Company owned and operated 21 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.

NEW ACCOUNTING STANDARDS NOT YET ADOPTED — In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance which establishes a new standard on revenue recognition. The new standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for fiscal years beginning after December 15, 2016. The Company is in the process of evaluating the impact that will result from the adoption of the new standard but we do not anticipate a significant impact on our Consolidated Condensed Financial Statements. We currently plan to apply the new standard using the modified retrospective method beginning in fiscal 2019. In February 2016, the FASB issued guidance to improve financial reporting about leasing transactions. This guidance will require organizations that lease assets (“lessees”) to recognize a lease liability and a right-of-use asset on its balance sheet for all leases with terms of more than twelve months. A lease liability is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset represents the lessee’s right to use, or control use of, a specified asset for the lease term. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the potential impact of this guidance on its Consolidated Condensed Financial Statements. 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" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">2.</td><td style="text-align: justify">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: 10pt 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">April 1, 2017</td><td style="padding-bottom: 1px; font-weight: bold"> </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="padding-bottom: 1px; font-weight: bold"> </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 style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">103</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">889</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">848</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; text-indent: -10pt; padding-left: 10pt">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</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; text-indent: -10pt; padding-left: 10pt">Prepaid expenses and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227</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; text-indent: -10pt; padding-left: 10pt">Due from Ark Restaurants Corp. and affiliates (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539</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; text-indent: -10pt; padding-left: 10pt">Fixed assets - net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</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; text-indent: -10pt; padding-left: 10pt">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="padding-bottom: 1px; 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="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,818</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,662</td><td style="padding-bottom: 3px; 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; text-indent: -10pt; padding-left: 10pt">Accounts payable - trade</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">401</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</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; text-indent: -10pt; padding-left: 10pt">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339</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; text-indent: -10pt; padding-left: 10pt">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; text-indent: -10pt; padding-left: 10pt">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">62</td><td style="padding-bottom: 1px; 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="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">802</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; text-indent: -10pt; padding-left: 10pt">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">1,016</td><td style="padding-bottom: 1px; 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="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total liabilities and equity</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,818</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,662</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 36pt"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">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: 10pt 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">April 1, 2017</td><td style="padding-bottom: 1px; font-weight: bold"> </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="padding-bottom: 1px; font-weight: bold"> </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 style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">103</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">889</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">848</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; text-indent: -10pt; padding-left: 10pt">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</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; text-indent: -10pt; padding-left: 10pt">Prepaid expenses and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227</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; text-indent: -10pt; padding-left: 10pt">Due from Ark Restaurants Corp. and affiliates (1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539</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; text-indent: -10pt; padding-left: 10pt">Fixed assets - net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</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; text-indent: -10pt; padding-left: 10pt">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="padding-bottom: 1px; 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="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,818</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,662</td><td style="padding-bottom: 3px; 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; text-indent: -10pt; padding-left: 10pt">Accounts payable - trade</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">401</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</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; text-indent: -10pt; padding-left: 10pt">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339</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; text-indent: -10pt; padding-left: 10pt">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; text-indent: -10pt; padding-left: 10pt">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">62</td><td style="padding-bottom: 1px; 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="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">802</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; text-indent: -10pt; padding-left: 10pt">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">1,016</td><td style="padding-bottom: 1px; 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="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Total liabilities and equity</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,818</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,662</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 36pt"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.</td></tr></table>

539000

1818000

1662000

173000 802000 598000 1016000 1064000 1818000 1662000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 18pt">3.</td><td style="text-align: justify">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 $8,000,000 and cash from operations. The fair values of the assets acquired were allocated as follows (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 83%; text-align: left">Inventory</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">293</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Land and buildings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,650</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Furniture, fixtures and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">395</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,720</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; text-indent: -10pt; padding-left: 10pt">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">1,985</td><td style="padding-bottom: 1px; 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</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> The Consolidated Condensed Statements of Operations for the 13 and 26-weeks ended April 1, 2017 include revenues and income of approximately $4,765,000 and $6,445,000 and $577,000 and $523,000, 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 Operations for the 26-weeks ended April 1, 2017 and April 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 and the Oyster House properties 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%; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">26 Weeks Ended</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">April 1, 2017</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">April 2, 2016</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">Total revenues</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">74,683</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">76,463</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net income</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,548</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">85</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net income per share - basic</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.45</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.02</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net income per share - diluted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.44</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.02</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="text-align: left; font-size: 10pt"> </td><td style="text-align: right; font-size: 10pt"> </td><td style="text-align: left; font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="text-align: left; font-size: 10pt"> </td><td style="text-align: right; font-size: 10pt"> </td><td style="text-align: left; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 30pt">Basic</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,423</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,418</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 30pt">Diluted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,541</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,418</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 6 4

5717000

5000000

10750000

293000 8000000

4765000

6445000

577000

523000

The fair values of the assets acquired were allocated as follows (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt 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: 83%; text-align: left">Inventory</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">293</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Land and buildings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,650</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Furniture, fixtures and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">395</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,720</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Goodwill and Intangibles</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,985</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">11,043</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

293000

6650000

395000

1720000

1985000

11043000

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 and the Oyster House properties 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%; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">26 Weeks Ended</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">April 1, 2017</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">April 2, 2016</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left">Total revenues</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">74,683</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">76,463</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net income</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,548</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">85</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net income per share - basic</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.45</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.02</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net income per share - diluted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.44</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.02</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="text-align: left; font-size: 10pt"> </td><td style="text-align: right; font-size: 10pt"> </td><td style="text-align: left; font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="text-align: left; font-size: 10pt"> </td><td style="text-align: right; font-size: 10pt"> </td><td style="text-align: left; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 30pt">Basic</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,423</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,418</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 30pt">Diluted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,541</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,418</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

74683000

76463000

1548000

85000

0.45

0.02

0.44

0.02

5200000

8250000

2017-07-18

1637000

75000

4200000

0.637

464000

0.116 0.074

222000

5108000

0.97

0.05 233000 164000 1500000 2024-01-31 0.03 200000 1843000 1815000

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 18pt; text-align: left">6.</td><td style="text-align: justify">ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</td> </tr></table> Accrued expenses and other current liabilities consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">April 1, 2017</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">October 1, 2016</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center">(In thousands)</td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Sales tax payable</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,042</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">942</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued wages and payroll related costs</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,006</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,495</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Customer advance deposits</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,825</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,077</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Accrued occupancy and other operating expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,854</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,041</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="text-align: left; font-size: 10pt"> </td><td style="text-align: right; font-size: 10pt"> </td><td style="text-align: left; font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="text-align: left; font-size: 10pt"> </td><td style="text-align: right; font-size: 10pt"> </td><td style="text-align: left; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,727</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,555</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

Accrued expenses and other current liabilities consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">April 1, 2017</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">October 1, 2016</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center">(In thousands)</td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Sales tax payable</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,042</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">942</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued wages and payroll related costs</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,006</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,495</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Customer advance deposits</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,825</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,077</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Accrued occupancy and other operating expenses</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,854</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,041</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; font-size: 10pt"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="text-align: left; font-size: 10pt"> </td><td style="text-align: right; font-size: 10pt"> </td><td style="text-align: left; font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="text-align: left; font-size: 10pt"> </td><td style="text-align: right; font-size: 10pt"> </td><td style="text-align: left; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,727</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,555</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 1042000 942000

2006000

2495000

3825000

4077000

2854000 3041000 <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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: 90%; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">April 1,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">October 1,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2017</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center">(In thousands)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Promissory Note - Rustic Inn purchase</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,099</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,907</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Promissory Note - Shuckers purchase</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,583</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,084</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Promissory Note - Oyster House purchase</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,600</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,282</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,991</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Less: Current maturities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,216</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,617</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less: Unamortized deferred financing costs</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(46</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(53</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Long-term debt</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,020</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,321</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </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. 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. Also on October 22, 2015, 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 are 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. On November 30, 2016, in connection with the acquisition of the Oyster House properties, the Company issued a promissory note under the Revolving Facility 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. 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 and included in interest expense. Amortization expense of $12,000 and $11,000 is included in interest expense for the 13-weeks ended April 1, 2017 and April 2, 2016, respectively. Amortization expense of $23,000 and $20,000 for the 26-weeks ended April 1, 2017 and April 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 of its financial covenants under the Revolving Facility as of April 1, 2017 except for the fixed charge coverage ratio covenant. On May 11, 2017, we were issued a waiver for this covenant as of April 1, 2017. The Company believes, based on current projections that it will be in compliance with such covenant in 2017.

3000000

LIBOR plus 3.5% perannum

0.035

83333

6000000 60

134722

2014-03-25

5000000

LIBORplus 3.5% per annum

0.035

83333

2017-10-21

10000000

20000000

LIBOR plus 3.5% per year

P5Y

0.035

8000000

LIBOR plus 3.5% per annum

0.035

133273

130585

12000

11000

23000

20000

0.011

Long-term debt consists of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">April 1,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">October 1,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2017</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center">(In thousands)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Promissory Note - Rustic Inn purchase</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,099</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,907</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Promissory Note - Shuckers purchase</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,583</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,084</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Promissory Note - Oyster House purchase</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,600</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,282</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,991</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Less: Current maturities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,216</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,617</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Less: Unamortized deferred financing costs</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(46</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(53</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Long-term debt</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,020</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,321</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

3099000

3907000

3583000

4084000

7600000

14282000

7991000

-46000

-53000

2032

2032-11-30

P15Y

1200000

8000000

9000000

3900000

283000

500000

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">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 $32.15 per share expired unexercised. No options or performance-based awards were granted during the 26-week period ended April 1, 2017. A summary of stock option activity is presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="12" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2017</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Weighted Average Exercise Price</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Weighted Average Contractual Term</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Aggregate Intrinsic Value</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Outstanding, beginning of period</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">518,608</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">20.33</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">5.1 Years</td><td style="width: 3%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 10%; font-size: 10pt; text-align: right"> </td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Options:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"> Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"> Exercised</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,308</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15.48</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt"> Canceled or expired</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(90,000</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: right">32.15</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1px"> </td> <td style="font-size: 10pt; padding-bottom: 1px"> </td><td style="font-size: 10pt; padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1px; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1px; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px">Outstanding and expected to vest, end of period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">426,300</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: right">17.86</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 3px">5.7 Years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,166,000</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Exercisable, end of period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">426,300</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: right">17.86</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 3px">5.7 Years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,166,000</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> Compensation cost charged to operations for each of the 13-week periods ended April 1, 2016 and April 2, 2016 was $0 and $103,000, respectively, and for the 26-week periods ended April 1, 2017 and April 2, 2016 was $0 and $207,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Condensed Statements of Operations. As of April 1, 2017, there was no unrecognized compensation cost related to unvested stock options.

2 400

P10Y

500000

P10Y

1000000

90000

32.15

103000

207000

A summary of stock option activity is presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: auto; margin-right: auto;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="12" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">2017</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Weighted Average Exercise Price</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Weighted Average Contractual Term</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid">Aggregate Intrinsic Value</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Outstanding, beginning of period</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">518,608</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">20.33</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">5.1 Years</td><td style="width: 3%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 10%; font-size: 10pt; text-align: right"> </td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Options:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"> Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"> Exercised</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,308</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15.48</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt"> Canceled or expired</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(90,000</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: right">32.15</td><td style="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1px"> </td> <td style="font-size: 10pt; padding-bottom: 1px"> </td><td style="font-size: 10pt; padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1px; font-size: 10pt; text-align: right"> </td><td style="padding-bottom: 1px; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px">Outstanding and expected to vest, end of period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">426,300</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: right">17.86</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 3px">5.7 Years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,166,000</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Exercisable, end of period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">426,300</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: right">17.86</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 3px">5.7 Years</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,166,000</td><td style="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

518608000

20.33

P5Y36D

2308000

15.48

90000000

32.15

426300000

17.86

P5Y255D

3166000000

426300000

17.86

P5Y255D

3166000000

0.30

0.65

397000

66000

158800

201500

12.04 14.40 22.50 66000 158800 201500 12.04 14.40 22.50

66000

164700

203000

90000

12.04 14.40 22.50 32.15 <table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">12.</td><td style="text-align: justify">DIVIDENDS</td></tr></table> On March 1, 2017, the Board of Directors declared a quarterly dividend of $0.25 per share on the Company’s common stock to be paid on April 3, 2017 to shareholders of record at the close of business on March 17, 2017. 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.

2017-04-03

0.25

EX-101.SCH 6 arkr-20170401.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 OPERATION 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 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - CONSOLIDATED CONDENSED FINANCIAL STATEMENTS link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - VARIABLE INTEREST ENTITIES link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - RECENT RESTAURANT EXPANSION link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - RECENT RESTAURANT DISPOSITIONS link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - INVESTMENT IN NEW MEADOWLANDS RACETRACK link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - NOTES PAYABLE - BANK link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - STOCK OPTIONS link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - INCOME TAXES link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - INCOME PER SHARE OF COMMON STOCK link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - DIVIDENDS 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 000 - Disclosure - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 arkr-20170401_cal.xml EX-101.DEF 8 arkr-20170401_def.xml EX-101.LAB 9 arkr-20170401_lab.xml Statement of Financial Position [Abstract] Total current assets Business Acquisition [Axis] New Meadowlands Racetrack LLC [Member] TOTAL ASSETS Total current liabilities TOTAL LIABILITIES Total Ark Restaurants Corp. shareholders’ equity TOTAL EQUITY BALANCE BALANCE TOTAL LIABILITIES AND EQUITY Income Statement [Abstract] Total revenues Total costs and expenses RESTAURANT OPERATING INCOME (LOSS) OPERATING INCOME (LOSS) Total other (income) expense, net INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES CONSOLIDATED NET INCOME (LOSS) Net income (loss) Consolidated net income NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. Statement of Stockholders' Equity [Abstract] BALANCE (in Shares) BALANCE (in Shares) 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] Net cash provided by operating activities Oyster House [Member] Shuckers Inc [Member] Net cash used in financing activities NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, Beginning of period CASH AND CASH EQUIVALENTS, End of period Cash and cash equivalents (includes $103 at April 1, 2017 and $889 at October 1, 2016 related to VIEs) Consolidated Condensed Financial Statements [Abstract] Variable Interest Entities [Abstract] Schedule of variable interest entities [Abstract] Total assets Total liabilities Total liabilities and equity Recent Restaurant Expansion [Abstract] Schedule of fair value assets acquired [Abstract] Schedule of unaudited pro forma financial information [Abstract] Recent Restaurant Dispositions [Abstract] Disclosure Text Block Supplement [Abstract] Schedule of accrued expenses and other current liabilities [Abstract] Accrued expenses and other current liabilities (includes $339 at April 1, 2017 and $238 at October 1, 2016 related to VIEs) Notes Payable [Abstract] Schedule of Long-term debt [Abstract] The Rustic Inn [Member] 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 and expected to vest, 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 (LOSS) PER ARK RESTAURANTS CORP. COMMON SHARE: Dividends [Abstract] ASSETS CURRENT ASSETS: VIEs, Cash and cash equivalents Cash and cash equivalents Accounts receivable (includes $848 at April 1, 2017 and $429 at October 1, 2016 related to VIEs) VIEs, Accounts receivable Accounts receivable Employee receivables Inventories (includes $17 at April 1, 2017 and $23 at October 1, 2016 related to VIEs) VIEs, Inventories Inventories Prepaid expenses and other current assets (includes $227 at April 1, 2017 and $228 at October 1, 2016 related to VIEs) VIEs, Prepaid expenses and other current assets Prepaid expenses and other current assets FIXED ASSETS - Net (includes $13 at April 1, 2017 and $22 at October 1, 2016 related to VIEs) VIEs, Fixed assets Fixed assets - net INTANGIBLE ASSETS - Net GOODWILL TRADEMARKS DEFERRED INCOME TAXES INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK OTHER ASSETS (includes $71 at April 1, 2017 and October 1, 2016 related to VIEs) VIEs, Other assets Other assets LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable - trade (includes $401 at April 1, 2017 and $114 at October 1, 2016 related to VIEs) VIEs, Accounts payable trade Accounts payable - trade VIEs, Accrued expenses and other current liabilities Accrued expenses and other current liabilities Accrued income taxes Current portion of notes payable Less: Current maturities OPERATING LEASE DEFERRED CREDIT (includes $62 at April 1, 2017 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 COMMITMENTS AND CONTINGENCIES EQUITY: Common stock, par value $.01 per share - authorized, 10,000 shares; issued and outstanding, 3,426 shares at April 1, 2017 and 3,423 shares at 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 NON-CONTROLLING INTERESTS REVENUES: Food and beverage sales Other revenue COSTS AND EXPENSES: Food and beverage cost of sales Payroll expenses Occupancy expenses Other operating costs and expenses General and administrative expenses Depreciation and amortization Gain on sale of Rustic Inn, Jupiter Gain on sale of Rustic Inn, Jupiter Gain (Loss) on Disposition of Property Plant Equipment OTHER (INCOME) EXPENSE: Interest expense Provision (benefit) for income taxes Basic (in Dollars per share) Diluted (in Dollars per share) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic (in Shares) Basic Diluted (in Shares) Diluted Exercise of stock options Stock-based compensation Share-based Compensation Retirement of treasury shares Retirement of treasury shares (in Shares) Dividends, per share Exercise of stock options (in Shares) Exercised Tax benefit on exercise of stock options Change in excess tax benefits from stock-based compensation CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to reconcile consolidated net income to net cash provided by operating activities: Deferred income taxes Depreciation and amortization Amortization of deferred financing costs Changes in operating assets and liabilities: Accounts payable - trade Accrued expenses and other current liabilities CASH FLOWS FROM INVESTING ACTIVITIES: Loans and advances made to employees Payments received on employee receivables Proceeds from the sale of the Rustic Inn, Jupiter Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of stock upon exercise of stock options SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest Income taxes Non-cash financing activities: Note payable in connection with the purchase of restaurants and bars Retirement of 1,356 treasury shares Retirement of treasury shares Consolidated Condensed Financial Statements [Text Block] Variable Interest Entities [Text Block] Schedule of Variable Interest Entities [Table Text Block] Due from Ark Restaurants Corp. and affiliates Due to Ark Restaurants Corp. and affiliates Equity of variable interest entities Recent Restaurant Expansion [Text Block] Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Inventory Land and buildings Furniture, fixtures and equipment Trademarks Goodwill and Intangibles Schedule of Annual Financial Information [Table Text Block] Total revenues Business Acquisition, Pro Forma Revenue Net income Net income per share - basic Net income per share - diluted Recent Restaurant Dispositions [Text Block] Cost and Equity Method Investments Disclosure [Text Block] Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] Schedule of Accrued Expenses And Other Current Liabilities [Table Text Block] Sales tax payable Accrued wages and payroll related costs Customer advance deposits Accrued occupancy and other operating expenses Notes Payable [Text Block] EX-101.PRE 10 arkr-20170401_pre.xml XML 11 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Apr. 01, 2017	May 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		3,425,528
Amendment Flag	false
Entity Central Index Key	0000779544
Entity Filer Category	Smaller Reporting Company
Document Period End Date	Apr. 01, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2017	Oct. 01, 2016
CURRENT ASSETS:
Cash and cash equivalents (includes $103 at April 1, 2017 and $889 at October 1, 2016 related to VIEs)	$ 815	$ 7,239
Accounts receivable (includes $848 at April 1, 2017 and $429 at October 1, 2016 related to VIEs)	3,918	3,750
Employee receivables	397	453
Inventories (includes $17 at April 1, 2017 and $23 at October 1, 2016 related to VIEs)	2,487	1,892
Prepaid expenses and other current assets (includes $227 at April 1, 2017 and $228 at October 1, 2016 related to VIEs)	2,836	2,662
Total current assets	10,453	15,996
FIXED ASSETS - Net (includes $13 at April 1, 2017 and $22 at October 1, 2016 related to VIEs)	37,825	29,546
INTANGIBLE ASSETS - Net	428	526
GOODWILL	9,880	7,895
TRADEMARKS	3,331	1,611
DEFERRED INCOME TAXES	2,990	3,416
OTHER ASSETS (includes $71 at April 1, 2017 and October 1, 2016 related to VIEs)	2,314	2,564
TOTAL ASSETS	74,172	68,255
CURRENT LIABILITIES:
Accounts payable - trade (includes $401 at April 1, 2017 and $114 at October 1, 2016 related to VIEs)	3,995	2,876
Accrued expenses and other current liabilities (includes $339 at April 1, 2017 and $238 at October 1, 2016 related to VIEs)	9,727	10,555
Accrued income taxes	1,132	606
Current portion of notes payable	4,216	2,617
Total current liabilities	19,070	16,654
OPERATING LEASE DEFERRED CREDIT (includes $62 at April 1, 2017 and $73 at October 1, 2016 related to VIEs)	3,565	3,576
NOTES PAYABLE, LESS CURRENT PORTION, net of deferred financing costs	10,020	5,321
TOTAL LIABILITIES	32,655	25,551
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, par value $.01 per share - authorized, 10,000 shares; issued and outstanding, 3,426 shares at April 1, 2017 and 3,423 shares at October 1, 2016	34	34
Additional paid-in capital	12,588	12,942
Retained earnings	26,787	27,158
Total Ark Restaurants Corp. shareholders’ equity	39,409	40,134
NON-CONTROLLING INTERESTS	2,108	2,570
TOTAL EQUITY	41,517	42,704
TOTAL LIABILITIES AND EQUITY	74,172	68,255
New Meadowlands Racetrack LLC [Member]
CURRENT ASSETS:
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK	$ 6,951	$ 6,701

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Apr. 01, 2017	Oct. 01, 2016
VIEs, Cash and cash equivalents	$ 103	$ 889
VIEs, Accounts receivable	848	429
VIEs, Inventories	17	23
VIEs, Prepaid expenses and other current assets	227	228
VIEs, Fixed assets	13	22
VIEs, Other assets	71	71
VIEs, Accounts payable trade	401	114
VIEs, Accrued expenses and other current liabilities	339	238
VIEs, Operating lease deferred credit	$ 62	$ 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)	3,426	3,423
Common stock, shares outstanding (in Shares)	3,426	3,423

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF OPERATION - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
REVENUES:
Food and beverage sales	$ 33,914	$ 33,818	$ 71,867	$ 70,451
Other revenue	564	454	1,003	813
Total revenues	34,478	34,272	72,870	71,264
COSTS AND EXPENSES:
Food and beverage cost of sales	9,836	9,191	19,587	18,783
Payroll expenses	12,670	12,895	25,626	26,088
Occupancy expenses	3,764	4,037	8,496	8,583
Other operating costs and expenses	5,126	4,924	9,992	9,486
General and administrative expenses	2,444	2,712	5,744	6,040
Depreciation and amortization	1,053	1,136	2,535	2,275
Total costs and expenses	34,893	34,895	71,980	71,255
RESTAURANT OPERATING INCOME (LOSS)	(415)	(623)	890	9
Gain on sale of Rustic Inn, Jupiter			1,637
OPERATING INCOME (LOSS)	(415)	(623)	2,527	9
OTHER (INCOME) EXPENSE:
Interest expense	175	110	276	201
Interest income	(14)	(12)	(111)	(24)
Other (income) expense, net	(162)	(160)	(189)	(222)
Total other (income) expense, net	(1)	(62)	(24)	(45)
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES	(414)	(561)	2,551	54
Provision (benefit) for income taxes	(127)	(103)	753	35
CONSOLIDATED NET INCOME (LOSS)	(287)	(458)	1,798	19
Net income attributable to non-controlling interests	(106)	(188)	(457)	(343)
NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP.	$ (393)	$ (646)	$ 1,341	$ (324)
NET INCOME (LOSS) PER ARK RESTAURANTS CORP. COMMON SHARE:
Basic (in Dollars per share)	$ (0.11)	$ (0.19)	$ 0.39	$ (0.09)
Diluted (in Dollars per share)	$ (0.11)	$ (0.19)	$ 0.38	$ (0.09)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic (in Shares)	3,424	3,418	3,423	3,418
Diluted (in Shares)	3,424	3,418	3,541	3,418

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares 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	$ 48,000	$ 25,682,000	$ 26,548,000	$ (13,220,000)	$ 39,058,000	$ 2,173,000	$ 41,231,000
BALANCE (in Shares) at Oct. 03, 2015	4,774
Net income (loss)			(324,000)		(324,000)	343,000	19,000
Exercise of stock options		1,000			1,000		1,000
Stock-based compensation		207,000			207,000		207,000
Retirement of treasury shares	$ (14,000)	(13,206,000)		$ 13,220,000
Retirement of treasury shares (in Shares)	(1,356)
Distributions to non-controlling interests						(518,000)	(518,000)
Dividends paid - $0.50 per share			(1,710,000)		(1,710,000)		(1,710,000)
BALANCE at Apr. 02, 2016	$ 34,000	12,684,000	24,514,000		37,232,000	1,998,000	39,230,000
BALANCE (in Shares) at Apr. 02, 2016	3,418
BALANCE at Oct. 01, 2016	$ 34,000	12,942,000	27,158,000		40,134,000	2,570,000	42,704,000
BALANCE (in Shares) at Oct. 01, 2016	3,423
Net income (loss)			1,341,000		1,341,000	457,000	1,798,000
Exercise of stock options		36,000			36,000		36,000
Exercise of stock options (in Shares)	3
Tax benefit on exercise of stock options		7,000			7,000		7,000
Change in excess tax benefits from stock-based compensation		(397,000)			(397,000)		(397,000)
Stock-based compensation							0
Distributions to non-controlling interests						(919,000)	(919,000)
Dividends paid - $0.50 per share			(1,712,000)		(1,712,000)		(1,712,000)
BALANCE at Apr. 01, 2017	$ 34,000	$ 12,588,000	$ 26,787,000		$ 39,409,000	$ 2,108,000	$ 41,517,000
BALANCE (in Shares) at Apr. 01, 2017	3,426

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares	6 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Dividends, per share	$ 0.50	$ 0.50
Retained Earnings [Member]
Dividends, per share	0.50	0.50
Parent [Member]
Dividends, per share	$ 0.50	$ 0.50

XML 17 R7.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 1,798,000	$ 19,000
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Loss on closure of restaurant		16,000
Gain on sale of Rustic Inn, Jupiter	(1,637,000)
Loss on disposal of assets	283,000
Deferred income taxes	36,000	2,000
Stock-based compensation	0	207,000
Depreciation and amortization	2,252,000	2,275,000
Amortization of deferred financing costs	23,000	20,000
Operating lease deferred credit	(11,000)	(165,000)
Changes in operating assets and liabilities:
Accounts receivable	(168,000)	(36,000)
Inventories	(302,000)	119,000
Prepaid, refundable and accrued income taxes	526,000	(1,406,000)
Prepaid expenses and other current assets	(124,000)	(172,000)
Other assets	213,000	110,000
Accounts payable - trade	1,119,000	(626,000)
Accrued expenses and other current liabilities	(828,000)	669,000
Net cash provided by operating activities	3,180,000	1,032,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(4,565,000)	(550,000)
Loans and advances made to employees	(25,000)	(115,000)
Payments received on employee receivables	81,000	122,000
Proceeds from the sale of the Rustic Inn, Jupiter	2,474,000
Additional investment in Meadowlands Newmark LLC	(222,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable	(1,709,000)	(1,225,000)
Payment of debt financing costs		(131,000)
Dividends paid	(1,712,000)	(1,710,000)
Proceeds from issuance of stock upon exercise of stock options	36,000	1,000
Distributions to non-controlling interests	(919,000)	(518,000)
Net cash used in financing activities	(4,304,000)	(3,583,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(6,424,000)	(3,811,000)
CASH AND CASH EQUIVALENTS, Beginning of period	7,239,000	9,735,000
CASH AND CASH EQUIVALENTS, End of period	815,000	5,924,000
Cash paid during the period for:
Interest	276,000	200,000
Income taxes	192,000	1,440,000
Non-cash financing activities:
Retirement of 1,356 treasury shares		13,220,000
Change 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)
Net cash used in investing activities	$ (5,300,000)	(1,260,000)
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 STATEMENTS OF CASH FLOWS (Parentheticals) - shares shares in Thousands	6 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Retirement of treasury shares	1,356	1,356

XML 19 R9.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

6 Months Ended

Apr. 01, 2017

Consolidated Condensed Financial Statements [Abstract]

Consolidated Condensed Financial Statements [Text Block]

CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

XML 20 R10.htm IDEA: XBRL DOCUMENT

VARIABLE INTEREST ENTITIES

6 Months Ended

Apr. 01, 2017

Variable Interest Entities [Abstract]

Variable Interest Entities [Text Block]

VARIABLE INTEREST ENTITIES

	April 1, 2017		October 1, 2016
	(in thousands)

Cash and cash equivalents	$	103	$	889
Accounts receivable		848		429
Inventories		17		23
Prepaid expenses and other current assets		227		228
Due from Ark Restaurants Corp. and affiliates (1)		539		—
Fixed assets - net		13		22
Other assets		71		71
Total assets	$	1,818	$	1,662

Accounts payable - trade	$	401	$	114
Accrued expenses and other current liabilities		339		238
Due to Ark Restaurants Corp. and affiliates (1)		—		173
Operating lease deferred credit		62		73
Total liabilities		802		598
Equity of variable interest entities		1,016		1,064
Total liabilities and equity	$	1,818	$	1,662

(1)

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

XML 21 R11.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT EXPANSION

6 Months Ended

Apr. 01, 2017

Recent Restaurant Expansion [Abstract]

Recent Restaurant Expansion [Text Block]

RECENT RESTAURANT EXPANSION

Inventory	$	293
Land and buildings		6,650
Furniture, fixtures and equipment		395
Trademarks		1,720
Goodwill and Intangibles		1,985
	$	11,043

	26 Weeks Ended
	April 1, 2017		April 2, 2016

Total revenues	$	74,683	$	76,463
Net income	$	1,548	$	85
Net income per share - basic	$	0.45	$	0.02
Net income per share - diluted	$	0.44	$	0.02

Basic		3,423		3,418
Diluted		3,541		3,418

XML 22 R12.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT DISPOSITIONS

6 Months Ended

Apr. 01, 2017

Recent Restaurant Dispositions [Abstract]

Recent Restaurant Dispositions [Text Block]

RECENT RESTAURANT DISPOSITIONS

XML 23 R13.htm IDEA: XBRL DOCUMENT

INVESTMENT IN NEW MEADOWLANDS RACETRACK

6 Months Ended

Apr. 01, 2017

Disclosure Text Block Supplement [Abstract]

Cost and Equity Method Investments Disclosure [Text Block]

INVESTMENT IN NEW MEADOWLANDS RACETRACK

XML 24 R14.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Apr. 01, 2017

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:

	April 1, 2017		October 1, 2016
	(In thousands)

Sales tax payable	$	1,042	$	942
Accrued wages and payroll related costs		2,006		2,495
Customer advance deposits		3,825		4,077
Accrued occupancy and other operating expenses		2,854		3,041

	$	9,727	$	10,555

XML 25 R15.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - BANK

6 Months Ended

Apr. 01, 2017

Notes Payable [Abstract]

Notes Payable [Text Block]

NOTES PAYABLE - BANK

Long-term debt consists of the following:

	April 1,			October 1,
	2017			2016
	(In thousands)

Promissory Note - Rustic Inn purchase	$	3,099		$	3,907
Promissory Note - Shuckers purchase		3,583			4,084
Promissory Note - Oyster House purchase		7,600			—

		14,282			7,991
Less: Current maturities		(4,216	)		(2,617	)
Less: Unamortized deferred financing costs		(46	)		(53	)

Long-term debt	$	10,020		$	5,321

XML 26 R16.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Apr. 01, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENCIES

XML 27 R17.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS

6 Months Ended

Apr. 01, 2017

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

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

STOCK OPTIONS

During the quarter ended December 31, 2016, options to purchase 90,000 shares of common stock at an exercise price of $32.15 per share expired unexercised.

No options or performance-based awards were granted during the 26-week period ended April 1, 2017.

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		$	20.33	5.1 Years
Options:
Granted		—
Exercised		(2,308	)	$	15.48
Canceled or expired		(90,000	)	$	32.15
Outstanding and expected to vest, end of period		426,300		$	17.86	5.7 Years	$	3,166,000
Exercisable, end of period		426,300		$	17.86	5.7 Years	$	3,166,000

As of April 1, 2017, there was no unrecognized compensation cost related to unvested stock options.

XML 28 R18.htm IDEA: XBRL DOCUMENT

INCOME TAXES

6 Months Ended

Apr. 01, 2017

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

10.

INCOME TAXES

XML 29 R19.htm IDEA: XBRL DOCUMENT

INCOME PER SHARE OF COMMON STOCK

6 Months Ended

Apr. 01, 2017

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

11.

INCOME (LOSS) PER SHARE OF COMMON STOCK

XML 30 R20.htm IDEA: XBRL DOCUMENT

DIVIDENDS

6 Months Ended

Apr. 01, 2017

Dividends [Abstract]

Dividends [TextBlock]

12.

DIVIDENDS

XML 31 R21.htm IDEA: XBRL DOCUMENT

Accounting Policies, by Policy (Policies)	6 Months Ended
Accounting Policies, by Policy (Policies)	Apr. 01, 2017
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 statement of operations 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 26-week periods ended April 1, 2017 and April 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 April 1, 2017, the Company owned and operated 21 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.
New Accounting Pronouncements, Policy [Policy Text Block]	NEW ACCOUNTING STANDARDS NOT YET ADOPTED — In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance which establishes a new standard on revenue recognition. The new standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for fiscal years beginning after December 15, 2016. The Company is in the process of evaluating the impact that will result from the adoption of the new standard but we do not anticipate a significant impact on our Consolidated Condensed Financial Statements. We currently plan to apply the new standard using the modified retrospective method beginning in fiscal 2019. In February 2016, the FASB issued guidance to improve financial reporting about leasing transactions. This guidance will require organizations that lease assets (“lessees”) to recognize a lease liability and a right-of-use asset on its balance sheet for all leases with terms of more than twelve months. A lease liability is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset represents the lessee’s right to use, or control use of, a specified asset for the lease term. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the potential impact of this guidance on its Consolidated Condensed Financial Statements. 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)

6 Months Ended

Apr. 01, 2017

Variable Interest Entities [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

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

	April 1, 2017		October 1, 2016
	(in thousands)

Cash and cash equivalents	$	103	$	889
Accounts receivable		848		429
Inventories		17		23
Prepaid expenses and other current assets		227		228
Due from Ark Restaurants Corp. and affiliates (1)		539		—
Fixed assets - net		13		22
Other assets		71		71
Total assets	$	1,818	$	1,662

Accounts payable - trade	$	401	$	114
Accrued expenses and other current liabilities		339		238
Due to Ark Restaurants Corp. and affiliates (1)		—		173
Operating lease deferred credit		62		73
Total liabilities		802		598
Equity of variable interest entities		1,016		1,064
Total liabilities and equity	$	1,818	$	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)

6 Months Ended

Apr. 01, 2017

Recent Restaurant Expansion [Abstract]

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

The fair values of the assets acquired were allocated as follows (amounts in thousands):

Inventory	$	293
Land and buildings		6,650
Furniture, fixtures and equipment		395
Trademarks		1,720
Goodwill and Intangibles		1,985
	$	11,043

Schedule of Annual Financial Information [Table Text Block]

	26 Weeks Ended
	April 1, 2017		April 2, 2016

Total revenues	$	74,683	$	76,463
Net income	$	1,548	$	85
Net income per share - basic	$	0.45	$	0.02
Net income per share - diluted	$	0.44	$	0.02

Basic		3,423		3,418
Diluted		3,541		3,418

XML 34 R24.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Apr. 01, 2017

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:

	April 1, 2017		October 1, 2016
	(In thousands)

Sales tax payable	$	1,042	$	942
Accrued wages and payroll related costs		2,006		2,495
Customer advance deposits		3,825		4,077
Accrued occupancy and other operating expenses		2,854		3,041

	$	9,727	$	10,555

XML 35 R25.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - BANK (Tables)

6 Months Ended

Apr. 01, 2017

Notes Payable [Abstract]

Schedule of Debt [Table Text Block]

Long-term debt consists of the following:

	April 1,			October 1,
	2017			2016
	(In thousands)

Promissory Note - Rustic Inn purchase	$	3,099		$	3,907
Promissory Note - Shuckers purchase		3,583			4,084
Promissory Note - Oyster House purchase		7,600			—

		14,282			7,991
Less: Current maturities		(4,216	)		(2,617	)
Less: Unamortized deferred financing costs		(46	)		(53	)

Long-term debt	$	10,020		$	5,321

XML 36 R26.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Tables)

6 Months Ended

Apr. 01, 2017

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

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		$	20.33	5.1 Years
Options:
Granted		—
Exercised		(2,308	)	$	15.48
Canceled or expired		(90,000	)	$	32.15
Outstanding and expected to vest, end of period		426,300		$	17.86	5.7 Years	$	3,166,000
Exercisable, end of period		426,300		$	17.86	5.7 Years	$	3,166,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details)	3 Months Ended		6 Months Ended
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details)	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017 USD ($)	Apr. 02, 2016
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items]
Prior Period Reclassification Adjustment (in Dollars)			$ 822,000
Concentration Risk, Percentage	10.00%	10.00%	10.00%
Number of Significant Vendors	1	1		1
Restaurants and Bars [Member]
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items]
Number of Operating Segments			21
Fast Food Concepts and Catering Operations [Member]
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items]
Number of Operating Segments			19

XML 38 R28.htm IDEA: XBRL DOCUMENT

VARIABLE INTEREST ENTITIES (Details)	Apr. 01, 2017
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

Apr. 01, 2017

Oct. 01, 2016

Schedule of variable interest entities [Abstract]

Cash and cash equivalents

$ 103

$ 889

Accounts receivable

848

429

Inventories

Prepaid expenses and other current assets

227

228

Due from Ark Restaurants Corp. and affiliates

^[1]

539

Fixed assets - net

Other assets

Total assets

1,818

1,662

Accounts payable - trade

401

114

Accrued expenses and other current liabilities

339

238

Due to Ark Restaurants Corp. and affiliates

^[1]

173

Operating lease deferred credit

Total liabilities

802

598

Equity of variable interest entities

1,016

1,064

Total liabilities and equity

$ 1,818

$ 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)			3 Months Ended	6 Months Ended
RECENT RESTAURANT EXPANSION (Details)	Nov. 30, 2016 USD ($)	Oct. 22, 2015 USD ($)	Dec. 31, 2016 USD ($)	Apr. 01, 2017 USD ($)	Apr. 02, 2016 USD ($)
RECENT RESTAURANT EXPANSION (Details) [Line Items]
Business Acquisition, Pro Forma Revenue				$ 74,683,000	$ 76,463,000
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			$ 577,000	523,000
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
Business Acquisition, Pro Forma Revenue			$ 4,765,000	$ 6,445,000

XML 41 R31.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired - Shuckers Inc [Member] $ in Thousands	Apr. 01, 2017 USD ($)
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items]
Inventory	$ 293
Land and buildings	6,650
Furniture, fixtures and equipment	395
Trademarks	1,720
Goodwill and Intangibles	1,985
	$ 11,043

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		6 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Schedule of unaudited pro forma financial information [Abstract]
Total revenues			$ 74,683	$ 76,463
Net income			$ 1,548	$ 85
Net income per share - basic			$ 0.45	$ 0.02
Net income per share - diluted			$ 0.44	$ 0.02
Basic	3,424	3,418	3,423	3,418
Diluted	3,424	3,418	3,541	3,418

XML 43 R33.htm IDEA: XBRL DOCUMENT

RECENT RESTAURANT DISPOSITIONS (Details) - USD ($)		3 Months Ended	6 Months Ended
RECENT RESTAURANT DISPOSITIONS (Details) - USD ($)	Oct. 04, 2016	Dec. 31, 2016	Apr. 01, 2017
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items]
Percentage of Deposit on Purchase Price of Property	10.00%
Investment Building and Building Improvements	$ 5,200,000
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]
Selling Price of Property under Agreement	$ 8,250,000
Gain (Loss) on Disposition of Property Plant Equipment		$ 1,637,000
A1A LLC [Member] \| Temporary and Sub Lease Arrangement [Member]
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items]
Lease Expiration Date	Jul. 18, 2017

XML 44 R34.htm IDEA: XBRL DOCUMENT

INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) - USD ($)					6 Months Ended	12 Months Ended
	Feb. 07, 2017	Apr. 25, 2014	Nov. 19, 2013	Mar. 12, 2013	Apr. 01, 2017	Dec. 31, 2015	Oct. 01, 2016	Jul. 13, 2016
New Meadowlands Racetrack LLC [Member]
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Payments to Acquire Businesses and Interest in Affiliates				$ 4,200,000
Cost Method Investments Ownership Percentage			7.40%
Payments to Acquire Additional Interest in Subsidiaries	$ 222,000		$ 464,000		$ 5,108,000	$ 222,000
Meadowlands Newmark LLC [Member]
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items]
Cost Method Investments Ownership Percentage			11.60%	63.70%
Loans and Advances to Related party		$ 1,500,000
Loan Maturity Date		Jan. 31, 2024
Interest Rate on Loan		3.00%
Additional Loans And Advances To Related Party								$ 200,000
Principal and Accrued Interest Included in Other Assets					$ 1,843,000		$ 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					$ 233,000		$ 164,000

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	Apr. 01, 2017	Oct. 01, 2016
Schedule of accrued expenses and other current liabilities [Abstract]
Sales tax payable	$ 1,042	$ 942
Accrued wages and payroll related costs	2,006	2,495
Customer advance deposits	3,825	4,077
Accrued occupancy and other operating expenses	2,854	3,041
	$ 9,727	$ 10,555

XML 46 R36.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - BANK (Details) - USD ($)	3 Months Ended		6 Months Ended
NOTES PAYABLE - BANK (Details) - USD ($)	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Minimum [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Fixed Charge Coverage Ratio			1.10%
The Rustic Inn [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Number of Installments			60
Debt Instrument, Periodic Payment			$ 134,722
Bank Loan Related to Acquisition			$ 6,000,000
Debt Instrument, Date of First Required Payment			Mar. 25, 2014
Shuckers Inc [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Debt Instrument, Face Amount	$ 5,000,000		$ 5,000,000
Debt Instrument, Interest Rate Terms				LIBORplus 3.5% per annum
Debt Instrument, Basis Spread on Variable Rate				3.50%
Number of Installments				60
Debt Instrument, Periodic Payment				$ 83,333
Shuckers Inc [Member] \| Revolving Credit Facility [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Debt Instrument, Interest Rate Terms			LIBOR plus 3.5% per year
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		10,000,000
Line of Credit Facility, Maximum Borrowing Capacity		20,000,000		20,000,000
Number of Years for Loans Payable			5 years
Amortization of Other Deferred Charges			$ 130,585
Amortization	12,000	$ 11,000	23,000	$ 20,000
Oyster House [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Debt Instrument, Face Amount	8,000,000		$ 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
Bank Hapoalim B.M. [Member]
NOTES PAYABLE - BANK (Details) [Line Items]
Debt Instrument, Face Amount	$ 3,000,000		$ 3,000,000
Debt Instrument, Interest Rate Terms			LIBOR plus 3.5% perannum
Debt Instrument, Basis Spread on Variable Rate			3.50%
Number of Installments			36
Debt Instrument, Periodic Payment			$ 83,333

XML 47 R37.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt - USD ($) $ in Thousands	Apr. 01, 2017	Oct. 01, 2016
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items]
Promissory Note	$ 14,282	$ 7,991
Less: Current maturities	(4,216)	(2,617)
Less: Unamortized deferred financing costs	(46)	(53)
Long-term debt	10,020	5,321
The Rustic Inn [Member]
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items]
Promissory Note	3,099	3,907
Shuckers Inc [Member]
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items]
Promissory Note	3,583	$ 4,084
Oyster House [Member]
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items]
Promissory Note	$ 7,600

XML 48 R38.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2016	Apr. 01, 2017	Jul. 05, 2016
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Lease Expiration Year		2032
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in Shares)			500,000
Sequoia [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Lease Expiration Date		Nov. 30, 2032
Lessee, Operating Lease, Renewal Term		15 years
Operating Leases, Future Minimum Payments Due		$ 1,200,000
Impairment Losses Related to Real Estate Partnerships	$ 283,000
Leasehold Improvements [Member] \| Sequoia [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Construction in Progress Expenditures Incurred but Not yet Paid		3,900,000
Leasehold Improvements [Member] \| Sequoia [Member] \| Minimum [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Construction and Development Costs		8,000,000
Leasehold Improvements [Member] \| Sequoia [Member] \| Maximum [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Construction and Development Costs		$ 9,000,000

XML 49 R39.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Details)	3 Months Ended			6 Months Ended
STOCK OPTIONS (Details)	Apr. 01, 2017 USD ($) shares	Dec. 31, 2016 USD ($) $ / shares shares	Apr. 02, 2016 USD ($)	Apr. 01, 2017 USD ($) shares	Apr. 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 (in Shares)		90,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in Dollars per share) \| $ / shares		$ 32.15
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)				0
Share-based Compensation \| $	$ 0		$ 103,000	$ 0	$ 207,000
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 (in Shares)				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 (in Shares)	500,000			500,000

XML 50 R40.htm IDEA: XBRL DOCUMENT

STOCK OPTIONS (Details) - Schedule of stock options, activity $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2017 USD ($) $ / shares shares
Schedule of stock options, activity [Abstract]
Outstanding, beginning of period \| shares	518,608
Outstanding, beginning of period \| $ / shares	$ 20.33
Outstanding, beginning of period	5 years 36 days
Options:
Exercised \| shares	(2,308)
Exercised \| $ / shares	$ 15.48
Canceled or expired \| shares	(90,000)
Canceled or expired \| $ / shares	$ 32.15
Outstanding and expected to vest, end of period \| shares	426,300
Outstanding and expected to vest, end of period \| $ / shares	$ 17.86
Outstanding and expected to vest, end of period	5 years 255 days
Outstanding and expected to vest, end of period \| $	$ 3,166,000
Exercisable, end of period \| shares	426,300
Exercisable, end of period \| $ / shares	$ 17.86
Exercisable, end of period	5 years 255 days
Exercisable, end of period \| $	$ 3,166,000

XML 51 R41.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details) - USD ($)	3 Months Ended	6 Months Ended
INCOME TAXES (Details) - USD ($)	Dec. 31, 2016	Apr. 01, 2017	Apr. 02, 2016
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		30.00%	65.00%
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		6 Months Ended
INCOME PER SHARE OF COMMON STOCK (Details) - $ / shares	Apr. 01, 2017	Jan. 02, 2016	Apr. 01, 2017	Apr. 02, 2016
Exercise Price One [Member]
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	66,000	66,000
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share	$ 12.04	$ 12.04
Dilutive Securities Included In Computation Of Earnings Per Share Amount			66,000
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share			$ 12.04
Exercise Price Two [Member]
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	158,800			164,700
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share	$ 14.40	14.40
Dilutive Securities Included In Computation Of Earnings Per Share Amount			158,800
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share			$ 14.40
Exercise Price Three [Member]
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	201,500			203,000
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share	$ 22.50	$ 22.50
Dilutive Securities Included In Computation Of Earnings Per Share Amount			201,500
Exercise Price Of Common Stock Options Included In 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)	6 Months Ended
DIVIDENDS (Details)	Apr. 01, 2017 $ / shares
Dividends [Abstract]
Dividends Payable, Date to be Paid	Apr. 03, 2017
Dividends Payable, Amount Per Share	$ 0.25

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