Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Dec. 18, 2013 | Mar. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ARK RESTAURANTS CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--09-28 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 3,256,395 | ' |
Entity Public Float | ' | ' | $37,767,572 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000779544 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 28-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents (includes $637 at September 28, 2013 and $714 at September 29, 2012 related to VIEs) | $8,748 | $8,705 |
Short-term investments in available-for-sale securities | ' | 75 |
Accounts receivable (includes $317 at September 28, 2013 and $1,776 at September 29, 2012 related to VIEs) | 2,712 | 3,790 |
Employee receivables | 346 | 339 |
Inventories (includes $16 at September 28, 2013 and $28 at September 29, 2012 related to VIEs) | 1,579 | 1,567 |
Prepaid and refundable income taxes (includes $163 at September 28, 2013 and $235 at September 29, 2012 related to VIEs) | 567 | 985 |
Prepaid expenses and other current assets (includes $13 at September 28, 2013 and September 29, 2012 related to VIEs) | 1,038 | 1,087 |
Current portion of note receivable | 226 | ' |
Total current assets | 15,216 | 16,548 |
FIXED ASSETS - Net (includes $89 at September 28, 2013 and $3,189 at September 29, 2012 related to VIEs) | 25,017 | 26,194 |
NOTE RECEIVABLE, LESS CURRENT PORTION | 774 | ' |
INTANGIBLE ASSETS - Net | 13 | 1,021 |
GOODWILL | 4,813 | 4,813 |
TRADEMARKS | 721 | 721 |
DEFERRED INCOME TAXES | 4,806 | 4,960 |
OTHER ASSETS (includes $71 at September 28, 2013 and September 29, 2012 related to VIEs) | 5,098 | 907 |
TOTAL ASSETS | 56,458 | 55,164 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable - trade (includes $70 at September 28, 2013 and $153 at September 29, 2012 related to VIEs) | 2,758 | 2,729 |
Accrued expenses and other current liabilities (includes $140 at September 28, 2013 and $1,950 at September 29, 2012 related VIEs) | 9,275 | 8,873 |
Dividend payable | 814 | ' |
Current portion of notes payable | 2,063 | 885 |
Total current liabilities | 14,910 | 12,487 |
OPERATING LEASE DEFERRED CREDIT | 4,606 | 4,650 |
NOTES PAYABLE, LESS CURRENT PORTION | 1,594 | 1,240 |
TOTAL LIABILITIES | 21,110 | 18,377 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
EQUITY: | ' | ' |
Common stock, par value $.01 per share - authorized, 10,000 shares; issued, 4,610 shares at at September 28, 2013 and 4,601 shares at September 29, 2012; outstanding, 3,254 shares at September 28, 2013 and 3,245 shares at September 29, 2012 | 46 | 46 |
Additional paid-in capital | 22,978 | 23,410 |
Retained earnings | 22,950 | 22,372 |
45,974 | 45,828 | |
Less treasury stock, at cost, of 1,356 shares at September 28, 2013 and September 29, 2012 | -13,220 | -13,220 |
Total Ark Restaurants Corp. shareholders’ equity | 32,754 | 32,608 |
NON-CONTROLLING INTERESTS | 2,594 | 4,179 |
TOTAL EQUITY | 35,348 | 36,787 |
TOTAL LIABILITIES AND EQUITY | $56,458 | $55,164 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
VIEs, Cash and cash equivalents | $637 | $714 |
VIEs, Accounts receivable | 317 | 1,776 |
VIEs, Inventories | 16 | 28 |
VIEs, Prepaid and refundable income taxes | 163 | 235 |
VIEs, Prepaid expenses and other current assets | 13 | 13 |
VIEs, Fixed assets | 89 | 3,189 |
VIEs, Other assets | 71 | 71 |
VIEs, Accounts payable trade | 70 | 153 |
VIEs, Accrued expenses and other current liabilities | $140 | $1,950 |
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) | 4,610 | 4,601 |
Common stock, shares outstanding (in Shares) | 3,254 | 3,245 |
Treasury stock, shares (in Shares) | 1,356 | 1,356 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
REVENUES: | ' | ' |
Food and beverage sales | $129,122,000 | $136,914,000 |
Other revenue | 1,476,000 | 1,114,000 |
Total revenues | 130,598,000 | 138,028,000 |
COSTS AND EXPENSES: | ' | ' |
Food and beverage cost of sales | 32,791,000 | 35,157,000 |
Payroll expenses | 42,488,000 | 43,406,000 |
Occupancy expenses | 17,533,000 | 17,702,000 |
Other operating costs and expenses | 17,085,000 | 17,915,000 |
General and administrative expenses | 9,792,000 | 9,368,000 |
Impairment loss from write-down of long-lived assets | ' | 379,000 |
Depreciation and amortization | 4,303,000 | 4,110,000 |
Total costs and expenses | 123,992,000 | 128,037,000 |
OPERATING INCOME | 6,606,000 | 9,991,000 |
OTHER (INCOME) EXPENSE: | ' | ' |
Interest expense | 62,000 | 23,000 |
Interest income | ' | -33,000 |
Other income, net | -508,000 | -454,000 |
Total other income, net | -446,000 | -464,000 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 7,052,000 | 10,455,000 |
Provision for income taxes | 1,941,000 | 3,013,000 |
INCOME FROM CONTINUING OPERATIONS | 5,111,000 | 7,442,000 |
Loss from discontinued operations, net of tax | ' | -292,000 |
CONSOLIDATED NET INCOME | 5,111,000 | 7,150,000 |
Net income attributable to non-controlling interests | -1,286,000 | -1,661,000 |
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. | 3,825,000 | 5,489,000 |
AMOUNTS ATTRIBUTABLE TO ARK RESTAURANTS CORP.: | ' | ' |
Income from continuing operations | 3,825,000 | 5,748,000 |
Loss from discontinued operations, net of tax | ' | -259,000 |
Net income | $3,825,000 | $5,489,000 |
From continuing operations: | ' | ' |
Basic (in Dollars per share) | $1.18 | $1.75 |
Diluted (in Dollars per share) | $1.13 | $1.73 |
From discontinued operations: | ' | ' |
Basic (in Dollars per share) | ' | ($0.08) |
Diluted (in Dollars per share) | ' | ($0.08) |
From net income: | ' | ' |
Basic (in Dollars per share) | $1.18 | $1.67 |
Diluted (in Dollars per share) | $1.13 | $1.65 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ' | ' |
Basic (in Shares) | 3,246 | 3,292 |
Diluted (in Shares) | 3,371 | 3,327 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Consolidated net income | $5,111 | $7,150 |
Other comprehensive loss, net of taxes: | ' | ' |
Unrealized loss on available-for-sale securities | ' | -3 |
Total other comprehensive loss, net of taxes | ' | -3 |
Comprehensive income | 5,111 | 7,147 |
Comprehensive income attributable to non-controlling interests | -1,286 | -1,661 |
Comprehensive income attributable to Ark Restaurants Corp. | $3,825 | $5,486 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Stock Option Receivable [Member] | Treasury Stock [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
BALANCE at Oct. 01, 2011 | $46,000 | $23,302,000 | $3,000 | $20,128,000 | ($29,000) | ($10,095,000) | $33,355,000 | $4,831,000 | $38,186,000 |
BALANCE (in Shares) at Oct. 01, 2011 | 4,601,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 5,489,000 | ' | ' | 5,489,000 | 1,661,000 | 7,150,000 |
Unrealized loss on available-for-sale securities | ' | ' | -3,000 | ' | ' | ' | -3,000 | ' | -3,000 |
Write-off of stock option receivable | ' | ' | ' | ' | 29,000 | ' | 29,000 | ' | 29,000 |
Purchase of treasury stock | ' | ' | ' | ' | ' | -3,125,000 | -3,125,000 | ' | -3,125,000 |
Stock-based compensation | ' | 108,000 | ' | ' | ' | ' | 108,000 | ' | 108,000 |
Distributions to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | -2,313,000 | -2,313,000 |
Payment of dividends - $1.00 per share | ' | ' | ' | -3,245,000 | ' | ' | -3,245,000 | ' | -3,245,000 |
BALANCE at Sep. 29, 2012 | 46,000 | 23,410,000 | ' | 22,372,000 | ' | -13,220,000 | 32,608,000 | 4,179,000 | 36,787,000 |
BALANCE (in Shares) at Sep. 29, 2012 | 4,601,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 3,825,000 | ' | ' | 3,825,000 | 1,286,000 | 5,111,000 |
Exercise of stock options | ' | 121,000 | ' | ' | ' | ' | 121,000 | ' | 121,000 |
Exercise of stock options (in Shares) | 9,000 | ' | ' | ' | ' | ' | ' | ' | 9,300 |
Tax benefit on exercise of stock options | ' | 44,000 | ' | ' | ' | ' | 44,000 | ' | 44,000 |
Purchase of member interests in subsidiary | ' | -2,685,000 | ' | ' | ' | ' | -2,685,000 | -280,000 | -2,965,000 |
Tax benefit of purchase of member interests in subsidiary | ' | 1,080,000 | ' | ' | ' | ' | 1,080,000 | ' | 1,080,000 |
Elimination of non-controlling interest in discontinued operation | ' | 691,000 | ' | ' | ' | ' | 691,000 | -691,000 | 691,000 |
Purchase of treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | -3,125,000 |
Stock-based compensation | ' | 317,000 | ' | ' | ' | ' | 317,000 | ' | 317,000 |
Distributions to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | -1,900,000 | -1,900,000 |
Paid and accrued dividends - $1.00 per share | ' | ' | ' | -3,247,000 | ' | ' | -3,247,000 | ' | -3,247,000 |
BALANCE at Sep. 28, 2013 | $46,000 | $22,978,000 | ' | $22,950,000 | ' | ($13,220,000) | $32,754,000 | $2,594,000 | $35,348,000 |
BALANCE (in Shares) at Sep. 28, 2013 | 4,610,000 | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Payment of dividends, per share | ' | $1 |
Paid and accrued dividends, per share | $1 | ' |
Retained Earnings [Member] | ' | ' |
Payment of dividends, per share | ' | $1 |
Paid and accrued dividends, per share | $1 | ' |
Parent [Member] | ' | ' |
Payment of dividends, per share | ' | $1 |
Paid and accrued dividends, per share | $1 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Consolidated net income | $5,111,000 | $7,150,000 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ' | ' |
Impairment loss from write-down of long-lived assets | ' | 379,000 |
Write-off of notes receivable from former president | ' | 66,000 |
Loss on closure of restaurants | 256,000 | 365,000 |
Loss on disposal of discontinued operation | ' | 270,000 |
Deferred income taxes | 1,234,000 | 2,293,000 |
Stock-based compensation | 317,000 | 108,000 |
Depreciation and amortization | 4,303,000 | 4,110,000 |
Operating lease deferred charge (credit) | -44,000 | 1,409,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 1,078,000 | -112,000 |
Inventories | -103,000 | -232,000 |
Prepaid, refundable and accrued income taxes | 418,000 | -1,129,000 |
Prepaid expenses and other current assets | -51,000 | -675,000 |
Other assets | 109,000 | -14,000 |
Accounts payable - trade | 29,000 | 207,000 |
Accrued expenses and other liabilities | 402,000 | -772,000 |
Net cash provided by operating activities | 13,059,000 | 13,423,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of fixed assets | -3,283,000 | -7,995,000 |
Purchase of management rights | ' | -400,000 |
Loans and advances made to employees | -124,000 | -175,000 |
Payments received on employee receivables | 117,000 | 87,000 |
Purchases of investment securities | ' | -441,000 |
Proceeds from sales of investment securities | 75,000 | 3,062,000 |
Net cash used in investing activities | -10,380,000 | -5,862,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of note payable | 3,000,000 | ' |
Principal payments on notes payable | -1,468,000 | -78,000 |
Dividends paid | -2,433,000 | -3,245,000 |
Proceeds from issuance of stock upon exercise of stock options | 121,000 | ' |
Excess tax benefits related to stock-based compensation | 44,000 | ' |
Purchase of treasury shares | -1,000,000 | -1,000,000 |
Distributions to non-controlling interests | -1,900,000 | -2,313,000 |
Net cash used in financing activities | -2,636,000 | -6,636,000 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 43,000 | 925,000 |
CASH AND CASH EQUIVALENTS, Beginning of year | 8,705,000 | 7,780,000 |
CASH AND CASH EQUIVALENTS, End of year | 8,748,000 | 8,705,000 |
Cash paid during the period for: | ' | ' |
Interest | 62,000 | 23,000 |
Income taxes | 379,000 | 2,363,000 |
Non-cash investing activity: | ' | ' |
Note payable in connection with purchase of treasury shares | 2,125,000 | 2,125,000 |
Tax benefit of purchase of member interests in subsidiary | 1,080,000 | ' |
Liquidation of non-controlling interest in discontinued operation | 691,000 | ' |
Conversion of intangible asset to note receivable | 1,000,000 | ' |
Non-cash financing activity: | ' | ' |
Accrued dividends | 814,000 | ' |
Subsidiary [Member] | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of member interests in subsidiary | -2,965,000 | ' |
Purchase of member interest in New Meadowlands Racetrack LLC | -2,965,000 | ' |
New Meadowlands Racetrack LLC [Member] | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of member interests in subsidiary | -4,200,000 | ' |
Purchase of member interest in New Meadowlands Racetrack LLC | ($4,200,000) | ' |
BUSINESS_AND_SUMMARY_OF_SIGNIF
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Sep. 28, 2013 | ||
Disclosure Text Block [Abstract] | ' | |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | |
1 | BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
As of September 28, 2013, Ark Restaurants Corp. and Subsidiaries (the “Company”) owned and operated 20 restaurants and bars, 22 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. | ||
The Company operates five restaurants in New York City, three in Washington, D.C., seven in Las Vegas, Nevada, three in Atlantic City, New Jersey, one at the Foxwoods Resort Casino in Ledyard, Connecticut and one in Boston, Massachusetts. The Las Vegas operations include five restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel’s room service, banquet facilities, employee dining room and six food court concepts; one bar within the Venetian Casino Resort as well as three food court concepts; and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino and a restaurant and bar at the Tropicana Hotel and Casino. The operation at the Foxwoods Resort Casino consists of one fast food concept and a restaurant. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida operations under management include five fast food facilities in Tampa, Florida and seven fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino. | ||
Basis of Presentation — The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“GAAP”). The Company’s reporting currency is the United States dollar. | ||
Accounting Period — The Company’s fiscal year ends on the Saturday nearest September 30. The fiscal years ended September 28, 2013 and September 29, 2012 included 52 weeks. | ||
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The accounting estimates that require management’s most difficult and subjective judgments include allowances for potential bad debts on receivables, inventories, the useful lives and recoverability of its assets, such as property and intangibles, fair values of financial instruments and share-based compensation, the realizable value of its tax assets and other matters. Because of the uncertainty in such estimates, actual results may differ from these estimates. | ||
Principles of Consolidation — The consolidated 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. Also included in the consolidated financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Non-Controlling Interests — Non-controlling interests represent capital contributions, income and loss attributable to the shareholders of less than wholly-owned and consolidated entities. | ||
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, investments, 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 balance sheet date and approximates the carrying value of such debt. | ||
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 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. 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. | ||
For the years ended September 28, 2013 and September 29, 2012, the Company made purchases from one vendor that accounted for approximately 12% and 13%, respectively, of total purchases in each year. | ||
Accounts Receivable — Accounts receivable is 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 hotels 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. | ||
Inventories — Inventories are stated at the lower of cost (first-in, first-out) or market, and consist of food and beverages, merchandise for sale and other supplies. | ||
Revenue Recognition — Company-owned restaurant sales are comprised almost entirely of food and beverage sales. The Company records revenue at the time of the purchase of products by customers. Included in Other Revenues are purchase service fees which represent commissions earned by a subsidiary of the Company for providing purchasing services to other restaurant groups. | ||
The Company offers customers the opportunity to purchase gift certificates. At the time of purchase by the customer, the Company records a gift certificate liability for the face value of the certificate purchased. The Company recognizes the revenue and reduces the gift certificate liability when the certificate is redeemed. The Company does not reduce its recorded liability for potential non-use of purchased gift cards. The Company also issues gift cards to service providers and to others for 0 consideration. Costs associated with these issuances are recognized at the time of redemption. | ||
Additionally, the Company presents sales tax on a net basis in its consolidated financial statements. | ||
Fixed Assets — Leasehold improvements and furniture, fixtures and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of furniture, fixtures and equipment is computed using the straight-line method over the estimated useful lives of the respective assets (three to seven years). Amortization of improvements to leased properties is computed using the straight-line method based upon the initial term of the applicable lease or the estimated useful life of the improvements, whichever is less, and ranges from 5 to 30 years. For leases with renewal periods at the Company’s option, if failure to exercise a renewal option imposes an economic penalty to the Company, management may determine at the inception of the lease that renewal is reasonably assured and include the renewal option period in the determination of appropriate estimated useful lives. Routine expenditures for repairs and maintenance are charged to expense when incurred. Major replacements and improvements are capitalized. Upon retirement or disposition of fixed assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the Consolidated Statements of Income. | ||
The Company includes in construction in progress improvements to restaurants that are under construction. Once the projects have been completed, the Company begins depreciating and amortizing the assets. Start-up costs incurred during the construction period of restaurants, including rental of premises, training and payroll, are expensed as incurred. | ||
Intangible Assets — Intangible assets consist principally of purchased leasehold rights, operating rights and covenants not to compete. Costs associated with acquiring leases and subleases, principally purchased leasehold rights, and operating rights have been capitalized and are being amortized on the straight-line method based upon the initial terms of the applicable lease agreements, which range from 9 to 20 years. Covenants not to compete arising from restaurant acquisitions are amortized over the contractual period, typically five years. | ||
Long-lived Assets — Long-lived assets, such as property, plant and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In the evaluation of the fair value and future benefits of long-lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value. Various factors including estimated future sales growth and estimated profit margins are included in this analysis. 0 impairment charges were necessary for the year ended September 28, 2013. See Note 6 for a discussion of impairment charges for long-lived assets recorded in fiscal 2012. | ||
Goodwill and Trademarks — Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Trademarks, which were acquired in connection with the Durgin Park acquisition, are considered to have an indefinite life. Goodwill and trademarks are not amortized, but are subject to impairment analysis at least once annually or more frequently upon the occurrence of an event or when circumstances indicate that a reporting unit’s carrying amount is greater than its fair value. At September 28, 2013, the Company performed both a qualitative and quantitative assessment of factors to determine whether further impairment testing is required. Based on the results of the work performed, the Company has concluded that 0 impairment loss was warranted at September 28, 2013. Qualitative factors considered in this assessment include industry and market considerations, overall financial performance and other relevant events, management expertise and stability at key positions. Additional impairment analyses at future dates may be performed to determine if indicators of impairment are present, and if so, such amount will be determined and the associated charge will be recorded to the Consolidated Statements of Income. | ||
Leases — The Company recognizes rent expense on a straight-line basis over the expected lease term, including option periods as described below. Within the provisions of certain leases there are escalations in payments over the base lease term, as well as renewal periods. The effects of the escalations have been reflected in rent expense on a straight-line basis over the expected lease term, which includes option periods when it is deemed to be reasonably assured that the Company would incur an economic penalty for not exercising the option. Tenant allowances are included in the straight-line calculations and are being deferred over the lease term and reflected as a reduction in rent expense. Percentage rent expense is generally based upon sales levels and is expensed as incurred. Certain leases include both base rent and percentage rent. The Company records rent expense on these leases based upon reasonably assured sales levels. The consolidated financial statements reflect the same lease terms for amortizing leasehold improvements as were used in calculating straight-line rent expense for each restaurant. The judgments of the Company may produce materially different amounts of amortization and rent expense than would be reported if different lease terms were used. | ||
Occupancy Expenses — Occupancy expenses include rent, rent taxes, real estate taxes, insurance and utility costs. | ||
Defined Contribution Plans — The Company offers a defined contribution savings plan (the “Plan”) to all of its full-time employees. Eligible employees may contribute pre-tax amounts to the Plan subject to the Internal Revenue Code limitations. Company contributions to the Plan are at the discretion of the Board of Directors. During the years ended September 28, 2013 and September 29, 2012, the Company did not make any contributions to the Plan. | ||
Income Taxes — Income taxes are accounted for under the asset and liability method whereby deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
The Company has recorded a liability for unrecognized tax benefits resulting from tax positions taken, or expected to be taken, in an income tax return. It is the Company’s policy to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. Uncertain tax positions are evaluated and adjusted as appropriate, while taking into account the progress of audits of various taxing jurisdictions. | ||
Non-controlling interests relating to the income or loss of consolidated partnerships includes 0 provision for income taxes as any tax liability related thereto is the responsibility of the individual minority investors. | ||
Income Per Share of Common Stock — Basic net income per share is calculated on the basis of the weighted average number of common shares outstanding during each period. Diluted net income per share reflects the additional dilutive effect of potentially dilutive shares (principally those arising from the assumed exercise of stock options). | ||
Share-based Compensation — The Company measures share-based compensation cost at the grant date based on the fair value of the award and recognizes it as expense over the applicable vesting period using the straight-line method. Upon exercise of options, excess income tax benefits related to share-based compensation expense that must be recognized directly in equity are considered financing rather than operating cash flow activities. | ||
During fiscal 2012, options to purchase 251,500 shares of common stock were granted at an exercise price of $14.40 per share and are exercisable as to 50% of the shares commencing on the first anniversary of the date of grant and as to an additional 50% commencing on the second anniversary of the date of grant. Such options had an aggregate grant date fair value of approximately $646,000. The Company did not grant any options during the fiscal year 2013. The Company generally issues new shares upon the exercise of employee stock options. | ||
The fair value of each of the Company’s stock options is estimated on the date of grant using a Black-Scholes option-pricing model that uses assumptions that relate to the expected volatility of the Company’s common stock, the expected dividend yield of the Company’s stock, the expected life of the options and the risk free interest rate. The assumptions used for the 2012 grant include a risk free interest rate of 1.67%, volatility of 36.2%, a dividend yield of 6.13% and an expected life of 6.25 years. | ||
New Accounting Standards Adopted in Fiscal 2013 — In June 2011, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance on the presentation of other comprehensive income. The new guidance eliminated the option to present the components of other comprehensive income as part of the statement of changes in equity. Instead, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new accounting guidance became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. Full retrospective application is required. The adoption of this guidance did not have a material impact on the Company’s financial statements, and the statements of comprehensive income were presented as a separate consecutive statement following the Consolidated Statements of Income. | ||
New Accounting Standards Not Yet Adopted — In December 2011, the FASB issued amended standards to increase the prominence of offsetting assets and liabilities reported in financial statements. These amendments require an entity to disclose information about offsetting and the related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. These revised standards are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods are to be retrospectively applied. These amended standards may require additional footnote disclosures for these enhancements; however they will not affect our consolidated financial position or results of operations. | ||
In February 2013, the FASB issued guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations addressed within existing guidance. This guidance is effective for fiscal years ending after December 15, 2014 and is required to be applied retrospectively to all prior periods presented for those obligations that existed upon adoption. The Company does not expect the adoption this guidance to have a significant impact on its consolidated financial condition or results of operations. | ||
In July 2013, the FASB issued new accounting guidance which requires entities to present unrecognized tax benefits as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent the net operating loss carryforwards or tax credit carryforwards are not available to be used at the reporting date to settle additional income taxes, and the entity does not intend to use them for this purpose. The new accounting guidance is consistent with how the Company has historically accounted for unrecognized tax benefits, therefore the Company does not expect the adoption of this guidance to have a significant impact on its consolidated financial statements. |
CONSOLIDATION_OF_VARIABLE_INTE
CONSOLIDATION OF VARIABLE INTEREST ENTITIES | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Variable Interest Entity, Similar Entity Aggregation, Description [Abstract] | ' | ||||||||
Variable Interest Entity, Similar Entity Aggregation, Description | ' | ||||||||
2 | CONSOLIDATION OF VARIABLE INTEREST ENTITIES | ||||||||
Upon adoption of the accounting guidance for VIEs on October 3, 2010, the Company determined that it was the primary beneficiary of two VIEs which had not been previously consolidated, Ark Hollywood/Tampa Investment, LLC and Ark Connecticut Investment, LLC, as the guidance requires that a single party (including its related parties and de facto agents) be able to exercise their rights to remove the decision maker in order for the “kick-out” rights to be considered substantive. Previously, a simple majority of owners that could exercise kick-out rights was considered a substantive right. This change resulted in the need for consolidation. | |||||||||
During the year ended September 28, 2013, the Company purchased an additional 14.39% of the membership interests of Ark Hollywood/Tampa Investment, LLC, directly from the individuals that held such interests, for an aggregate consideration of $2,964,512. In connection with this transaction, the Company recorded a reduction to additional paid-in capital of $2,684,896 representing the excess of the amount paid over the carrying value ($279,616) of the non-controlling interests acquired as the acquisition of an additional interest in a less than wholly-owned subsidiary where control is maintained is treated as an equity transaction. In addition, the Company also recorded an increase to additional paid-in capital in the amount of $1,079,591 representing the related deferred tax benefit of the transaction. | |||||||||
As a result of the above, Ark Hollywood/Tampa Investment, LLC is no longer considered a VIE as the Company now owns 64.39% of the voting membership interests. However, the Company continues to consolidate this entity as a result of its majority ownership. Accordingly, the following disclosures associated with the Company’s VIEs do not include Ark Hollywood/Tampa Investment, LLC as of September 28, 2013: | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Cash and cash equivalents | $ | 637 | $ | 714 | |||||
Accounts receivable | 317 | 1,776 | |||||||
Inventories | 16 | 28 | |||||||
Prepaid income taxes | 163 | 235 | |||||||
Prepaid expenses and other current assets | 13 | 13 | |||||||
Due from Ark Restaurants Corp. and affiliates (1) | 157 | 288 | |||||||
Fixed assets, net | 89 | 3,189 | |||||||
Other long-term assets | 71 | 71 | |||||||
Total assets | $ | 1,463 | $ | 6,314 | |||||
Accounts payable | $ | 70 | $ | 153 | |||||
Accrued expenses and other liabilities | 140 | 1,950 | |||||||
Total liabilities | 210 | 2,103 | |||||||
Equity of variable interest entities | 1,253 | 4,211 | |||||||
Total liabilities and equity | $ | 1,463 | $ | 6,314 | |||||
-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
RECENT RESTAURANT EXPANSION | 12 Months Ended | |
Sep. 28, 2013 | ||
Recent Restaurant Expansion [Abstract] | ' | |
Recent Restaurant Expansion [Text Block] | ' | |
3 | RECENT RESTAURANT EXPANSION | |
On March 18, 2011, a subsidiary of the Company entered into a lease agreement to operate a restaurant and bar in New York City named Clyde Frazier’s Wine and Dine. In connection with the agreement, the landlord contributed $1,800,000 towards the construction of the property (which has been deferred over the lease term), which totaled approximately $7,000,000. The initial term of the lease for this facility expires on March 31, 2027 and has one five-year renewal. This restaurant opened during the second quarter of fiscal 2012 and, as a result, the Consolidated Statement of Income for the year ended September 29, 2012 includes approximately $1,800,000 of pre-opening and early operating losses related to this property. | ||
On November 28, 2012, a subsidiary of the Company entered into an agreement to design and lease a restaurant at the Tropicana Hotel and Casino in Atlantic City, NJ. The cost to construct this restaurant was approximately $1,500,000. The initial term of the lease for this facility expires June 7, 2023 and has two five-year renewals. The restaurant, Broadway Burger Bar and Grill, opened during the third quarter of fiscal 2013 and, as a result, the Consolidated Statement of Income for the year ended September 28, 2013 includes approximately $100,000 of pre-opening and early operating losses related to this property. |
RECENT_RESTAURANT_DISPOSITIONS
RECENT RESTAURANT DISPOSITIONS | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Recent Restaurant Dispositions [Abstract] | ' | ||||||||
Recent Restaurant Dispositions [Text Block] | ' | ||||||||
4 | RECENT RESTAURANT DISPOSITIONS | ||||||||
Lease Expirations – On July 8, 2011, the Company entered into an agreement with the landlord of The Grill Room property located in New York City, whereby in exchange for a payment of $350,000 the Company vacated the property on October 31, 2011. Such payment and the related loss on closure of the property, in the amount of $179,000, are included in Other Operating Costs and Expenses in the Consolidated Statement of Income for the year ended September 29, 2012. This lease expired on December 31, 2011. | |||||||||
The Company was advised by the landlord that it would have to vacate the America property located in Washington, DC, which was on a month-to-month lease. The closure of this property occurred on November 7, 2011. The related loss on closure of this property, in the amount of $186,000, is included in Other Operating Costs and Expenses in the Consolidated Statement of Income for the year ended September 29, 2012. | |||||||||
Discontinued Operations – Effective March 15, 2012, the Company vacated its food court operations at the MGM Grand Casino at the Foxwoods Resort Casino in Ledyard, CT. The Company determined that it would not be able to operate this facility profitably at this location at the current rent. As a result, the Company recorded a disposal loss in the amount of $270,000, which was recorded during the second quarter of fiscal 2012, as well as operating losses of $155,000 for the year ended September 29, 2012, all of which are included in discontinued operations, net of tax, in the Consolidated Statement of Income for the year ended September 29, 2012. Included in the Net Income Loss Attributable to Non-controlling Interests in the accompanying Consolidated Statement of Income for the year ended September 29, 2012 are losses of $33,000 attributable to the limited partners in this property. | |||||||||
The results of discontinued operations were as follows: | |||||||||
Year Ended | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Revenues | $ | — | $ | 910 | |||||
Costs and expenses | — | 1,335 | |||||||
Loss before income taxes | — | (425 | ) | ||||||
Income tax benefit | — | (133 | ) | ||||||
Net loss | $ | — | $ | (292 | ) | ||||
Other – On October 29, 2012, the Company suffered a flood at its Red and Sequoia properties located in New York, NY as a result of a hurricane. The Company did not reopen these properties as the underlying leases were due to expire in the second quarter of fiscal 2013. Losses related to the closure of these properties, in the amount of $256,000, are included in Other Operating Costs and Expenses in the Consolidated Statement of Income for the year ended September 28, 2013. |
COST_METHOD_INVESTMENT
COST METHOD INVESTMENT | 12 Months Ended | |
Sep. 28, 2013 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Cost and Equity Method Investments Disclosure [Text Block] | ' | |
5 | COST METHOD INVESTMENT | |
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. In conjunction with this investment, the Company also entered into a long-term agreement with NMR to provide food and beverage services for the new racing facilities at the Meadowlands Racetrack in northern New Jersey. NMR has a long-term lease with the State of New Jersey and the new facility opened in November 2013. The Company’s agreement extends to any future development at the race track site. | ||
This investment has been accounted for based on the cost method and is included in Other Assets in the accompanying Consolidated Balance Sheet at September 28, 2013. The Company periodically reviews its investments for impairment. If the Company determines that an other-than-temporary impairment has occurred, it will write-down the investment to its fair value. No indication of impairment was noted as of September 28, 2013. |
FIXED_ASSETS
FIXED ASSETS | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
6 | FIXED ASSETS | ||||||||
Fixed assets consist of the following: | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Leasehold improvements | $ | 41,987 | $ | 41,028 | |||||
Furniture, fixtures and equipment | 33,249 | 34,161 | |||||||
75,236 | 75,189 | ||||||||
Less: accumulated depreciation and amortization | 50,219 | 48,995 | |||||||
$ | 25,017 | $ | 26,194 | ||||||
Depreciation and amortization expense related to fixed assets for the years ended September 28, 2013 and September 29, 2012 was $4,295,000 and $4,102,000, respectively. | |||||||||
Management continually evaluates unfavorable cash flows, if any, related to underperforming restaurants. Periodically it is concluded that certain properties have become impaired based on their existing and anticipated future economic outlook in their respective markets. In such instances, we may impair assets to reduce their carrying values to fair values. Estimated fair values of impaired properties are based on comparable valuations, cash flows and/or management judgment. During the year ended September 29, 2012, the Company recorded a charge of $379,000 to impair the leasehold improvements and equipment of an underperforming restaurant. 0 impairment charges were necessary for the year ended September 28, 2013. |
NOTE_RECEIVABLE
NOTE RECEIVABLE | 12 Months Ended | |
Sep. 28, 2013 | ||
Receivables [Abstract] | ' | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | |
7 | NOTE RECEIVABLE | |
On June 7, 2011, the Company entered into a 10-year exclusive agreement to manage a yet to be constructed restaurant and catering service at Basketball City in New York City in exchange for a fee of $1,000,000 (all of which was paid as of September 29, 2012 and is included in Intangible Assets in the accompanying Consolidated Balance Sheet as of September 29, 2012). Under the terms of the agreement the owner of the property was to construct the facility at their expense and the Company was to pay the owner an annual fee based on sales, as defined in the agreement. As of September 28, 2013, the owner had not delivered the facility to the Company and the parties executed a promissory note for repayment of the $1,000,000 exclusivity fee. The note bears interest at 4.0% per annum and is payable in 48 equal monthly installments of $22,579, commencing on December 1, 2013. |
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
8 | INTANGIBLE ASSETS | ||||||||
Intangible assets consist of the following: | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Purchased leasehold rights (a) | $ | 2,343 | $ | 2,343 | |||||
Operating rights (b) | — | 1,000 | |||||||
Noncompete agreements and other | 283 | 283 | |||||||
2,626 | 3,626 | ||||||||
Less accumulated amortization | 2,613 | 2,605 | |||||||
Total intangible assets | $ | 13 | $ | 1,021 | |||||
(a) | Purchased leasehold rights arose from acquiring leases and subleases of various restaurants. | ||||||||
(b) | Amounts paid in connection with Basketball City agreement and converted to a note receivable in fiscal 2013 – see Note 7. | ||||||||
Amortization expense related to intangible assets for each of the years ended September 28, 2013 and September 29, 2012 was $8,000. |
ACCRUED_EXPENSES_AND_OTHER_CUR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | ||||||||
9 | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Sales tax payable | $ | 783 | $ | 852 | |||||
Accrued wages and payroll related costs | 1,435 | 1,475 | |||||||
Customer advance deposits | 3,356 | 2,811 | |||||||
Accrued occupancy, gift cards and other operating expenses | 3,701 | 3,735 | |||||||
$ | 9,275 | $ | 8,873 | ||||||
NOTES_PAYABLE
NOTES PAYABLE | 12 Months Ended | ||||
Sep. 28, 2013 | |||||
Notes Payable For Treasury Stock Repurchase [Abstract] | ' | ||||
Notes Payable For Treasury Stock Repurchase [Text Block] | ' | ||||
10 | NOTES PAYABLE | ||||
Treasury Stock Repurchase – On December 12, 2011, the Company, in a private transaction, purchased 250,000 shares of its common stock at a price of $12.50 per share, or a total of $3,125,000. Upon the closing of the purchase, the Company paid the seller $1,000,000 in cash and issued an unsecured promissory note to the seller for $2,125,000. The note bears interest at 0.19% per annum, and is payable in 24 equal monthly installments of $88,541, commencing on December 1, 2012. As of September 28, 2013, the outstanding note payable balance was approximately $1,240,000. | |||||
Bank – On February 25, 2013, the Company issued a promissory note, secured by all assets of the Company, to a bank for $3,000,000. The note bears interest at LIBOR plus 3.0% per annum, and is payable in 36 equal monthly installments of $83,333, commencing on March 25, 2013. As of September 28, 2013, the outstanding balance of this note payable was approximately $2,417,000. The agreement provides, among other things, that the Company meet minimum quarterly tangible net worth amounts, as defined, and minimum annual net income amounts, and contains customary representations, warranties and affirmative covenants. The agreement also contains customary negative covenants, subject to negotiated exceptions, on liens, relating to other indebtedness, capital expenditures, liens, affiliate transactions, disposal of assets and certain changes in ownership. The Company was in compliance with all debt covenants as of September 28, 2013. | |||||
As of September 28, 2013, the aggregate amounts of notes payable maturing in the next three years are as follows: | |||||
2014 | $ | 2,063 | |||
2015 | 1,174 | ||||
2016 | 420 | ||||
Total | $ | 3,657 | |||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Sep. 28, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
11 | 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 restaurants’ sales in excess of stipulated amounts at such facility and in one instance based on profits. | |||||
As of September 28, 2013, future minimum lease payments under noncancelable leases are as follows: | |||||
Amount | |||||
Fiscal Year | (In thousands) | ||||
2014 | $ | 8,289 | |||
2015 | 7,623 | ||||
2016 | 7,056 | ||||
2017 | 5,811 | ||||
2018 | 3,929 | ||||
Thereafter | 22,538 | ||||
Total minimum payments | $ | 55,246 | |||
In connection with certain of the leases included in the table above, the Company obtained and delivered irrevocable letters of credit in the aggregate amount of approximately $388,000 as security deposits under such leases. | |||||
Rent expense from continuing operations was approximately $14,117,000 and $14,619,000 for the fiscal years ended September 28, 2013 and September 29, 2012, respectively. Contingent rentals, included in rent expense, were approximately $4,811,000 and $5,055,000 for the fiscal years ended September 28, 2013 and September 29, 2012, respectively. | |||||
Legal Proceedings — In the ordinary course 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 in the institution, from time to time, of 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. |
STOCK_OPTIONS
STOCK OPTIONS | 12 Months Ended | ||||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||||
12 | 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. | |||||||||||||||||||||||||||
The 2010 Stock Option Plan is the Company’s only equity compensation plan currently in effect. Under the 2010 Stock Option Plan, 500,000 options were authorized for future 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. | |||||||||||||||||||||||||||
During fiscal 2012, options to purchase 251,500 shares of common stock were granted and are exercisable as to 50% of the shares commencing on the first anniversary of the date of grant and as to an additional 50% commencing on the second anniversary of the date of grant. 0 options were granted during the fiscal year ended September 28, 2013. | |||||||||||||||||||||||||||
The following table summarizes stock option activity under all plans: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Shares | Weighted | Aggregate | Shares | Weighted | Aggregate | ||||||||||||||||||||||
Average | Intrinsic | Average | Intrinsic | ||||||||||||||||||||||||
Exercise | Value | Exercise | Value | ||||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||||
Outstanding, beginning of year | 648,100 | $ | 19.56 | 396,600 | $ | 22.82 | |||||||||||||||||||||
Options: | |||||||||||||||||||||||||||
Granted | — | 251,500 | $ | 14.4 | |||||||||||||||||||||||
Exercised | (9,300 | ) | $ | 13.11 | — | ||||||||||||||||||||||
Canceled or expired | (15,700 | ) | $ | 17.87 | — | ||||||||||||||||||||||
Outstanding and expected to vest, end of year (a) | 623,100 | $ | 19.69 | $ | 3,264,802 | 648,100 | $ | 19.56 | $ | 1,415,116 | |||||||||||||||||
Exercisable, end of year (a) | 503,950 | $ | 20.95 | $ | 2,396,199 | 396,600 | $ | 22.82 | $ | 798,941 | |||||||||||||||||
Weighted average remaining contractual life | 5.5 Years | 6.5 Years | |||||||||||||||||||||||||
Shares available for future grant | 248,500 | 248,500 | |||||||||||||||||||||||||
(a) | Options become exercisable at various times and expire at various dates through 2022. | ||||||||||||||||||||||||||
The following table summarizes information about stock options outstanding as of September 28, 2013 (shares in thousands): | |||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||
Range of Exercise Prices | Number of | Weighted | Weighted | Number of | Weighted | Weighted | |||||||||||||||||||||
Shares | Average | Average | Shares | Average | Average | ||||||||||||||||||||||
Exercise | Remaining | Exercise | Remaining | ||||||||||||||||||||||||
Price | contractual | Price | contractual | ||||||||||||||||||||||||
life (in years) | life (in years) | ||||||||||||||||||||||||||
$ | 12.04 | 158,300 | $ | 12.04 | 5.6 | 158,300 | $ | 12.04 | 5.6 | ||||||||||||||||||
$ | 14.4 | 238,300 | $ | 14.4 | 8.7 | 119,150 | $ | 14.4 | 8.7 | ||||||||||||||||||
$ | 29.6 | 136,500 | $ | 29.6 | 1.2 | 136,500 | $ | 29.6 | 1.2 | ||||||||||||||||||
$ | 32.15 | 90,000 | $ | 32.15 | 3.2 | 90,000 | $ | 32.15 | 3.2 | ||||||||||||||||||
623,100 | $ | 19.69 | 5.5 | 503,950 | $ | 20.95 | 4.7 | ||||||||||||||||||||
Compensation cost charged to operations for the fiscal years ended September 28, 2013 and September 29, 2012 for share-based compensation programs was approximately $317,000 and $108,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Statements of Income. | |||||||||||||||||||||||||||
As of September 28, 2013, there was approximately $221,000 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a period of approximately one year. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
13 | INCOME TAXES | ||||||||
The provision for income taxes attributable to continuing operations consists of the following: | |||||||||
Year Ended | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Current provision: | |||||||||
Federal | $ | 518 | $ | 469 | |||||
State and local | 188 | 251 | |||||||
706 | 720 | ||||||||
Deferred provision: | |||||||||
Federal | 984 | 3,140 | |||||||
State and local | 251 | (847 | ) | ||||||
1,235 | 2,293 | ||||||||
$ | 1,941 | $ | 3,013 | ||||||
The effective tax rate differs from the U.S. income tax rate as follows: | |||||||||
Year Ended | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Provision at Federal statutory rate (34% in 2013 and 2012) | $ | 2,398 | $ | 3,555 | |||||
State and local income taxes, net of tax benefits | 265 | 312 | |||||||
Tax credits | (531 | ) | (565 | ) | |||||
Income attributable to non-controlling interest | (437 | ) | (576 | ) | |||||
Other | 246 | 287 | |||||||
$ | 1,941 | $ | 3,013 | ||||||
Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Long-term deferred tax assets (liabilities): | |||||||||
State net operating loss carryforwards | $ | 3,665 | $ | 3,357 | |||||
Operating lease deferred credits | 974 | 1,069 | |||||||
Depreciation and amortization | (464 | ) | (358 | ) | |||||
Deferred compensation | 1,524 | 1,431 | |||||||
Partnership investments | (460 | ) | (413 | ) | |||||
Other | 95 | 108 | |||||||
Total long-term deferred tax assets | 5,334 | 5,194 | |||||||
Valuation allowance | (528 | ) | (234 | ) | |||||
Total net deferred tax assets | $ | 4,806 | $ | 4,960 | |||||
In assessing the realizability of deferred tax assets, Management considers whether it is more likely than not that the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The deferred tax valuation allowance of $528,000 and $234,000 as of September 28, 2013 and September 29, 2012, respectively, was attributable to state and local net operating loss carryforwards which are not realizable on a more-likely-than-not basis. | |||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties is as follows: | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Balance at beginning of year | $ | 209 | $ | 209 | |||||
Reductions due to settlements with taxing authorities | (31 | ) | — | ||||||
Reductions as a result of a lapse of the statute of limitations | (16 | ) | — | ||||||
Interest accrued during the current year | — | — | |||||||
Balance at end of year | $ | 162 | $ | 209 | |||||
The entire amount of unrecognized tax benefits if recognized would reduce our annual effective tax rate. As of September 28, 2013, the Company accrued approximately $96,000 of interest and penalties. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax law, both legislated and concluded through the various jurisdictions’ tax court systems. | |||||||||
The Company files tax returns in the U.S. and various state and local jurisdictions with varying statutes of limitations. An examination of the Company’s Federal tax returns for the fiscal years 2008 and 2009 was recently completed by the Internal Revenue Service and did not result in a material adjustment to the Company’s consolidated financial position or results of operations. The 2010, 2011 and 2012 fiscal years remain subject to examination by the Internal Revenue Service. The 2009 through 2012 fiscal years generally remain subject to examination by most state and local tax authorities. |
OTHER_INCOME
OTHER INCOME | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Other Income [Abstract] | ' | ||||||||
Other Income [Text Block] | ' | ||||||||
14 | OTHER INCOME | ||||||||
Other income consists of the following: | |||||||||
Year Ended | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Video arcade sales | $ | 22 | $ | 74 | |||||
Other rentals | 5 | 35 | |||||||
Insurance proceeds | 393 | 325 | |||||||
Other | 88 | 20 | |||||||
$ | 508 | $ | 454 | ||||||
INCOME_PER_SHARE_OF_COMMON_STO
INCOME PER SHARE OF COMMON STOCK | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
15 | INCOME PER SHARE OF COMMON STOCK | ||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted per share computations for the fiscal years ended September 28, 2013 and September 29, 2012 follows: | |||||||||||||
Net Income (Loss) | Shares | Per Share | |||||||||||
Attributable to Ark | (Denominator) | Amount | |||||||||||
Restaurants Corp. | |||||||||||||
(Numerator) | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||
Year ended September 28, 2013 | |||||||||||||
From continuing operations: | |||||||||||||
Basic EPS | $ | 3,825 | 3,246 | $ | 1.18 | ||||||||
Stock options | — | 125 | (0.05 | ) | |||||||||
Diluted EPS | $ | 3,825 | 3,371 | $ | 1.13 | ||||||||
From discontinued operations: | |||||||||||||
Basic EPS | $ | — | 3,246 | $ | — | ||||||||
Stock options | — | 125 | — | ||||||||||
Diluted EPS | $ | — | 3,371 | $ | — | ||||||||
From net income: | |||||||||||||
Basic EPS | $ | 3,825 | 3,246 | $ | 1.18 | ||||||||
Stock options | — | 125 | (0.05 | ) | |||||||||
Diluted EPS | $ | 3,825 | 3,371 | $ | 1.13 | ||||||||
Year ended September 29, 2012 | |||||||||||||
From continuing operations: | |||||||||||||
Basic EPS | $ | 5,748 | 3,292 | $ | 1.75 | ||||||||
Stock options | — | 35 | (0.02 | ) | |||||||||
Diluted EPS | $ | 5,748 | 3,327 | $ | 1.73 | ||||||||
From discontinued operations: | |||||||||||||
Basic EPS | $ | (259 | ) | 3,292 | $ | (0.08 | ) | ||||||
Stock options | — | 35 | — | ||||||||||
Diluted EPS | $ | (259 | ) | 3,327 | $ | (0.08 | ) | ||||||
From net income: | |||||||||||||
Basic EPS | $ | 5,489 | 3,292 | $ | 1.67 | ||||||||
Stock options | — | 35 | (0.02 | ) | |||||||||
Diluted EPS | $ | 5,489 | 3,327 | $ | 1.65 | ||||||||
For the year ended September 28, 2013, options to purchase 158,300 shares of common stock at a price of $12.04 and options to purchase 238,300 shares of common stock at a price of $14.40 were included in diluted earnings per share. Options to purchase 136,500 shares of common stock at a price of $29.60 and options to purchase 90,000 shares of common stock at a price of $32.15 per share were not included in diluted earnings per share as their impact would be anti-dilutive. | |||||||||||||
For the year ended September 29, 2012, options to purchase 166,100 shares of common stock at a price of $12.04 and options to purchase 251,500 shares of common stock at a price of $14.40 were included in diluted earnings per share. Options to purchase 140,500 shares of common stock at a price of $29.60 and options to purchase 90,000 shares of common stock at a price of $32.15 per share were not included in diluted earnings per share as their impact would be anti-dilutive. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||
Sep. 28, 2013 | |||
Related Party Transactions Excluding Stock Option Receivable [Abstract] | ' | ||
Related Party Transactions Excluding Stock Option Receivable [Text Block] | ' | ||
16 | RELATED PARTY TRANSACTIONS | ||
The Company’s former President and Chief Operating Officer resigned effective January 1, 2012. In connection therewith, the Company forgave loans due totaling $66,000 ($29,000 for stock option exercises receivable and $37,000 for other loans) and has recorded additional compensation in the amount of $475,400 in accordance with his separation agreement and release. Such amounts are included in General and Administrative Expenses in the Consolidated Statement of Income for the year ended September 29, 2012. | |||
Receivables due from the former President, excluding stock option receivables, totaled $37,000 at October 1, 2011. Such amount was forgiven during the year ended September 29, 2012 in connection with his resignation. Other employee loans totaled approximately $346,000 and $339,000 at September 28, 2013 and September 29, 2012, respectively. Such amounts are payable on demand and bear interest at the minimum statutory rate (0.16% at September 28, 2013 and 0.19% at September 29, 2012). |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | ||
Sep. 28, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events [Text Block] | ' | ||
17 | SUBSEQUENT EVENTS | ||
On November 22, 2013, the Company, through a wholly-owned subsidiary, Ark Rustic Inn LLC, entered into an Asset Purchase Agreement with W and O, Inc. to purchase the Rustic Inn Crab House, a restaurant and bar in Dania Beach, Florida, for $7,500,000 plus inventory. The acquisition is scheduled to close on or before February 28, 2014, subject to satisfactory completion of due diligence, execution of employment and non-competition agreements, Florida Liquor Authority approval and customary closing conditions. | |||
On November 19, 2013, the Company invested an additional $464,000 in the New Meadowlands Racetrack LLC (“NMR”) through a purchase of an additional membership interest in Meadowlands Newmark, LLC, an existing member of NMR, resulting in a total ownership of 11.6%. | |||
On December 4, 2013, the Board of Directors declared a quarterly dividend of $0.25 per share on the Company’s common stock to be paid on December 30, 2013 to shareholders of record at the close of business on December 16, 2013. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Sep. 28, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation — The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“GAAP”). The Company’s reporting currency is the United States dollar. | |
Fiscal Period, Policy [Policy Text Block] | ' |
Accounting Period — The Company’s fiscal year ends on the Saturday nearest September 30. The fiscal years ended September 28, 2013 and September 29, 2012 included 52 weeks. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The accounting estimates that require management’s most difficult and subjective judgments include allowances for potential bad debts on receivables, inventories, the useful lives and recoverability of its assets, such as property and intangibles, fair values of financial instruments and share-based compensation, the realizable value of its tax assets and other matters. Because of the uncertainty in such estimates, actual results may differ from these estimates. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation — The consolidated 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. Also included in the consolidated financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation. | |
Non Controlling Interests [Policy Text Block] | ' |
Non-Controlling Interests — Non-controlling interests represent capital contributions, income and loss attributable to the shareholders of less than wholly-owned and consolidated entities. | |
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, investments, 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 balance sheet date and approximates the carrying value of such debt. | |
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 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. 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. | |
For the years ended September 28, 2013 and September 29, 2012, the Company made purchases from one vendor that accounted for approximately 12% and 13%, respectively, of total purchases in each year. | |
Receivables, Policy [Policy Text Block] | ' |
Accounts Receivable — Accounts receivable is 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 hotels 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. | |
Inventory, Policy [Policy Text Block] | ' |
Inventories — Inventories are stated at the lower of cost (first-in, first-out) or market, and consist of food and beverages, merchandise for sale and other supplies. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition — Company-owned restaurant sales are comprised almost entirely of food and beverage sales. The Company records revenue at the time of the purchase of products by customers. Included in Other Revenues are purchase service fees which represent commissions earned by a subsidiary of the Company for providing purchasing services to other restaurant groups. | |
The Company offers customers the opportunity to purchase gift certificates. At the time of purchase by the customer, the Company records a gift certificate liability for the face value of the certificate purchased. The Company recognizes the revenue and reduces the gift certificate liability when the certificate is redeemed. The Company does not reduce its recorded liability for potential non-use of purchased gift cards. The Company also issues gift cards to service providers and to others for 0 consideration. Costs associated with these issuances are recognized at the time of redemption. | |
Additionally, the Company presents sales tax on a net basis in its consolidated financial statements. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Fixed Assets — Leasehold improvements and furniture, fixtures and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of furniture, fixtures and equipment is computed using the straight-line method over the estimated useful lives of the respective assets (three to seven years). Amortization of improvements to leased properties is computed using the straight-line method based upon the initial term of the applicable lease or the estimated useful life of the improvements, whichever is less, and ranges from 5 to 30 years. For leases with renewal periods at the Company’s option, if failure to exercise a renewal option imposes an economic penalty to the Company, management may determine at the inception of the lease that renewal is reasonably assured and include the renewal option period in the determination of appropriate estimated useful lives. Routine expenditures for repairs and maintenance are charged to expense when incurred. Major replacements and improvements are capitalized. Upon retirement or disposition of fixed assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the Consolidated Statements of Income. | |
The Company includes in construction in progress improvements to restaurants that are under construction. Once the projects have been completed, the Company begins depreciating and amortizing the assets. Start-up costs incurred during the construction period of restaurants, including rental of premises, training and payroll, are expensed as incurred. | |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | ' |
Intangible Assets — Intangible assets consist principally of purchased leasehold rights, operating rights and covenants not to compete. Costs associated with acquiring leases and subleases, principally purchased leasehold rights, and operating rights have been capitalized and are being amortized on the straight-line method based upon the initial terms of the applicable lease agreements, which range from 9 to 20 years. Covenants not to compete arising from restaurant acquisitions are amortized over the contractual period, typically five years. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Long-lived Assets — Long-lived assets, such as property, plant and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In the evaluation of the fair value and future benefits of long-lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value. Various factors including estimated future sales growth and estimated profit margins are included in this analysis. 0 impairment charges were necessary for the year ended September 28, 2013. See Note 6 for a discussion of impairment charges for long-lived assets recorded in fiscal 2012. | |
Goodwill And Trademarks [Policy Text Block] | ' |
Goodwill and Trademarks — Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Trademarks, which were acquired in connection with the Durgin Park acquisition, are considered to have an indefinite life. Goodwill and trademarks are not amortized, but are subject to impairment analysis at least once annually or more frequently upon the occurrence of an event or when circumstances indicate that a reporting unit’s carrying amount is greater than its fair value. At September 28, 2013, the Company performed both a qualitative and quantitative assessment of factors to determine whether further impairment testing is required. Based on the results of the work performed, the Company has concluded that 0 impairment loss was warranted at September 28, 2013. Qualitative factors considered in this assessment include industry and market considerations, overall financial performance and other relevant events, management expertise and stability at key positions. Additional impairment analyses at future dates may be performed to determine if indicators of impairment are present, and if so, such amount will be determined and the associated charge will be recorded to the Consolidated Statements of Income. | |
Lease, Policy [Policy Text Block] | ' |
Leases — The Company recognizes rent expense on a straight-line basis over the expected lease term, including option periods as described below. Within the provisions of certain leases there are escalations in payments over the base lease term, as well as renewal periods. The effects of the escalations have been reflected in rent expense on a straight-line basis over the expected lease term, which includes option periods when it is deemed to be reasonably assured that the Company would incur an economic penalty for not exercising the option. Tenant allowances are included in the straight-line calculations and are being deferred over the lease term and reflected as a reduction in rent expense. Percentage rent expense is generally based upon sales levels and is expensed as incurred. Certain leases include both base rent and percentage rent. The Company records rent expense on these leases based upon reasonably assured sales levels. The consolidated financial statements reflect the same lease terms for amortizing leasehold improvements as were used in calculating straight-line rent expense for each restaurant. The judgments of the Company may produce materially different amounts of amortization and rent expense than would be reported if different lease terms were used. | |
Occupancy Expenses [Policy Text Block] | ' |
Occupancy Expenses — Occupancy expenses include rent, rent taxes, real estate taxes, insurance and utility costs. | |
Defined Contribution Plans [Policy Text Block] | ' |
Defined Contribution Plans — The Company offers a defined contribution savings plan (the “Plan”) to all of its full-time employees. Eligible employees may contribute pre-tax amounts to the Plan subject to the Internal Revenue Code limitations. Company contributions to the Plan are at the discretion of the Board of Directors. During the years ended September 28, 2013 and September 29, 2012, the Company did not make any contributions to the Plan. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes — Income taxes are accounted for under the asset and liability method whereby deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |
The Company has recorded a liability for unrecognized tax benefits resulting from tax positions taken, or expected to be taken, in an income tax return. It is the Company’s policy to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. Uncertain tax positions are evaluated and adjusted as appropriate, while taking into account the progress of audits of various taxing jurisdictions. | |
Non-controlling interests relating to the income or loss of consolidated partnerships includes 0 provision for income taxes as any tax liability related thereto is the responsibility of the individual minority investors. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Income Per Share of Common Stock — Basic net income per share is calculated on the basis of the weighted average number of common shares outstanding during each period. Diluted net income per share reflects the additional dilutive effect of potentially dilutive shares (principally those arising from the assumed exercise of stock options). | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Share-based Compensation — The Company measures share-based compensation cost at the grant date based on the fair value of the award and recognizes it as expense over the applicable vesting period using the straight-line method. Upon exercise of options, excess income tax benefits related to share-based compensation expense that must be recognized directly in equity are considered financing rather than operating cash flow activities. | |
During fiscal 2012, options to purchase 251,500 shares of common stock were granted at an exercise price of $14.40 per share and are exercisable as to 50% of the shares commencing on the first anniversary of the date of grant and as to an additional 50% commencing on the second anniversary of the date of grant. Such options had an aggregate grant date fair value of approximately $646,000. The Company did not grant any options during the fiscal year 2013. The Company generally issues new shares upon the exercise of employee stock options. | |
The fair value of each of the Company’s stock options is estimated on the date of grant using a Black-Scholes option-pricing model that uses assumptions that relate to the expected volatility of the Company’s common stock, the expected dividend yield of the Company’s stock, the expected life of the options and the risk free interest rate. The assumptions used for the 2012 grant include a risk free interest rate of 1.67%, volatility of 36.2%, a dividend yield of 6.13% and an expected life of 6.25 years. | |
Recently Adopted Accounting Standards [Policy Text Block] | ' |
New Accounting Standards Adopted in Fiscal 2013 — In June 2011, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance on the presentation of other comprehensive income. The new guidance eliminated the option to present the components of other comprehensive income as part of the statement of changes in equity. Instead, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new accounting guidance became effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. Full retrospective application is required. The adoption of this guidance did not have a material impact on the Company’s financial statements, and the statements of comprehensive income were presented as a separate consecutive statement following the Consolidated Statements of Income. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Standards Not Yet Adopted — In December 2011, the FASB issued amended standards to increase the prominence of offsetting assets and liabilities reported in financial statements. These amendments require an entity to disclose information about offsetting and the related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. These revised standards are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods are to be retrospectively applied. These amended standards may require additional footnote disclosures for these enhancements; however they will not affect our consolidated financial position or results of operations. | |
In February 2013, the FASB issued guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations addressed within existing guidance. This guidance is effective for fiscal years ending after December 15, 2014 and is required to be applied retrospectively to all prior periods presented for those obligations that existed upon adoption. The Company does not expect the adoption this guidance to have a significant impact on its consolidated financial condition or results of operations. | |
In July 2013, the FASB issued new accounting guidance which requires entities to present unrecognized tax benefits as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent the net operating loss carryforwards or tax credit carryforwards are not available to be used at the reporting date to settle additional income taxes, and the entity does not intend to use them for this purpose. The new accounting guidance is consistent with how the Company has historically accounted for unrecognized tax benefits, therefore the Company does not expect the adoption of this guidance to have a significant impact on its consolidated financial statements. |
CONSOLIDATION_OF_VARIABLE_INTE1
CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Variable Interest Entity, Similar Entity Aggregation, Description [Abstract] | ' | ||||||||
Schedule of Variable Interest Entities [Table Text Block] | 'The following disclosures associated with the Company’s VIEs do not include Ark Hollywood/Tampa Investment, LLC as of September 28, 2013: | ||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Cash and cash equivalents | $ | 637 | $ | 714 | |||||
Accounts receivable | 317 | 1,776 | |||||||
Inventories | 16 | 28 | |||||||
Prepaid income taxes | 163 | 235 | |||||||
Prepaid expenses and other current assets | 13 | 13 | |||||||
Due from Ark Restaurants Corp. and affiliates (1) | 157 | 288 | |||||||
Fixed assets, net | 89 | 3,189 | |||||||
Other long-term assets | 71 | 71 | |||||||
Total assets | $ | 1,463 | $ | 6,314 | |||||
Accounts payable | $ | 70 | $ | 153 | |||||
Accrued expenses and other liabilities | 140 | 1,950 | |||||||
Total liabilities | 210 | 2,103 | |||||||
Equity of variable interest entities | 1,253 | 4,211 | |||||||
Total liabilities and equity | $ | 1,463 | $ | 6,314 | |||||
-1 | Amounts due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation. |
RECENT_RESTAURANT_DISPOSITIONS1
RECENT RESTAURANT DISPOSITIONS (Tables) | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Recent Restaurant Dispositions [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 'The results of discontinued operations were as follows: | ||||||||
Year Ended | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Revenues | $ | — | $ | 910 | |||||
Costs and expenses | — | 1,335 | |||||||
Loss before income taxes | — | (425 | ) | ||||||
Income tax benefit | — | (133 | ) | ||||||
Net loss | $ | — | $ | (292 | ) |
FIXED_ASSETS_Tables
FIXED ASSETS (Tables) | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | 'Fixed assets consist of the following: | ||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Leasehold improvements | $ | 41,987 | $ | 41,028 | |||||
Furniture, fixtures and equipment | 33,249 | 34,161 | |||||||
75,236 | 75,189 | ||||||||
Less: accumulated depreciation and amortization | 50,219 | 48,995 | |||||||
$ | 25,017 | $ | 26,194 |
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 'Intangible assets consist of the following: | ||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Purchased leasehold rights (a) | $ | 2,343 | $ | 2,343 | |||||
Operating rights (b) | — | 1,000 | |||||||
Noncompete agreements and other | 283 | 283 | |||||||
2,626 | 3,626 | ||||||||
Less accumulated amortization | 2,613 | 2,605 | |||||||
Total intangible assets | $ | 13 | $ | 1,021 | |||||
(a) | Purchased leasehold rights arose from acquiring leases and subleases of various restaurants. | ||||||||
(b) | Amounts paid in connection with Basketball City agreement and converted to a note receivable in fiscal 2013 – see Note 7. |
ACCRUED_EXPENSES_AND_OTHER_CUR1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
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: | ||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Sales tax payable | $ | 783 | $ | 852 | |||||
Accrued wages and payroll related costs | 1,435 | 1,475 | |||||||
Customer advance deposits | 3,356 | 2,811 | |||||||
Accrued occupancy, gift cards and other operating expenses | 3,701 | 3,735 | |||||||
$ | 9,275 | $ | 8,873 |
NOTES_PAYABLE_Tables
NOTES PAYABLE (Tables) | 12 Months Ended | ||||
Sep. 28, 2013 | |||||
Notes Payable For Treasury Stock Repurchase [Abstract] | ' | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 'As of September 28, 2013, the aggregate amounts of notes payable maturing in the next three years are as follows: | ||||
2014 | $ | 2,063 | |||
2015 | 1,174 | ||||
2016 | 420 | ||||
Total | $ | 3,657 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Sep. 28, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 'As of September 28, 2013, future minimum lease payments under noncancelable leases are as follows: | ||||
Amount | |||||
Fiscal Year | (In thousands) | ||||
2014 | $ | 8,289 | |||
2015 | 7,623 | ||||
2016 | 7,056 | ||||
2017 | 5,811 | ||||
2018 | 3,929 | ||||
Thereafter | 22,538 | ||||
Total minimum payments | $ | 55,246 |
STOCK_OPTIONS_Tables
STOCK OPTIONS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 'The following table summarizes stock option activity under all plans: | ||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Shares | Weighted | Aggregate | Shares | Weighted | Aggregate | ||||||||||||||||||||||
Average | Intrinsic | Average | Intrinsic | ||||||||||||||||||||||||
Exercise | Value | Exercise | Value | ||||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||||
Outstanding, beginning of year | 648,100 | $ | 19.56 | 396,600 | $ | 22.82 | |||||||||||||||||||||
Options: | |||||||||||||||||||||||||||
Granted | — | 251,500 | $ | 14.4 | |||||||||||||||||||||||
Exercised | (9,300 | ) | $ | 13.11 | — | ||||||||||||||||||||||
Canceled or expired | (15,700 | ) | $ | 17.87 | — | ||||||||||||||||||||||
Outstanding and expected to vest, end of year (a) | 623,100 | $ | 19.69 | $ | 3,264,802 | 648,100 | $ | 19.56 | $ | 1,415,116 | |||||||||||||||||
Exercisable, end of year (a) | 503,950 | $ | 20.95 | $ | 2,396,199 | 396,600 | $ | 22.82 | $ | 798,941 | |||||||||||||||||
Weighted average remaining contractual life | 5.5 Years | 6.5 Years | |||||||||||||||||||||||||
Shares available for future grant | 248,500 | 248,500 | |||||||||||||||||||||||||
(a) | Options become exercisable at various times and expire at various dates through 2022. | ||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | 'The following table summarizes information about stock options outstanding as of September 28, 2013 (shares in thousands): | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||
Range of Exercise Prices | Number of | Weighted | Weighted | Number of | Weighted | Weighted | |||||||||||||||||||||
Shares | Average | Average | Shares | Average | Average | ||||||||||||||||||||||
Exercise | Remaining | Exercise | Remaining | ||||||||||||||||||||||||
Price | contractual | Price | contractual | ||||||||||||||||||||||||
life (in years) | life (in years) | ||||||||||||||||||||||||||
$ | 12.04 | 158,300 | $ | 12.04 | 5.6 | 158,300 | $ | 12.04 | 5.6 | ||||||||||||||||||
$ | 14.4 | 238,300 | $ | 14.4 | 8.7 | 119,150 | $ | 14.4 | 8.7 | ||||||||||||||||||
$ | 29.6 | 136,500 | $ | 29.6 | 1.2 | 136,500 | $ | 29.6 | 1.2 | ||||||||||||||||||
$ | 32.15 | 90,000 | $ | 32.15 | 3.2 | 90,000 | $ | 32.15 | 3.2 | ||||||||||||||||||
623,100 | $ | 19.69 | 5.5 | 503,950 | $ | 20.95 | 4.7 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 'The provision for income taxes attributable to continuing operations consists of the following: | ||||||||
Year Ended | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Current provision: | |||||||||
Federal | $ | 518 | $ | 469 | |||||
State and local | 188 | 251 | |||||||
706 | 720 | ||||||||
Deferred provision: | |||||||||
Federal | 984 | 3,140 | |||||||
State and local | 251 | (847 | ) | ||||||
1,235 | 2,293 | ||||||||
$ | 1,941 | $ | 3,013 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 'The effective tax rate differs from the U.S. income tax rate as follows: | ||||||||
Year Ended | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Provision at Federal statutory rate (34% in 2013 and 2012) | $ | 2,398 | $ | 3,555 | |||||
State and local income taxes, net of tax benefits | 265 | 312 | |||||||
Tax credits | (531 | ) | (565 | ) | |||||
Income attributable to non-controlling interest | (437 | ) | (576 | ) | |||||
Other | 246 | 287 | |||||||
$ | 1,941 | $ | 3,013 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 'Significant components of the Company’s deferred tax assets and liabilities are as follows: | ||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Long-term deferred tax assets (liabilities): | |||||||||
State net operating loss carryforwards | $ | 3,665 | $ | 3,357 | |||||
Operating lease deferred credits | 974 | 1,069 | |||||||
Depreciation and amortization | (464 | ) | (358 | ) | |||||
Deferred compensation | 1,524 | 1,431 | |||||||
Partnership investments | (460 | ) | (413 | ) | |||||
Other | 95 | 108 | |||||||
Total long-term deferred tax assets | 5,334 | 5,194 | |||||||
Valuation allowance | (528 | ) | (234 | ) | |||||
Total net deferred tax assets | $ | 4,806 | $ | 4,960 | |||||
Summary of Income Tax Contingencies [Table Text Block] | 'A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties is as follows: | ||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Balance at beginning of year | $ | 209 | $ | 209 | |||||
Reductions due to settlements with taxing authorities | (31 | ) | — | ||||||
Reductions as a result of a lapse of the statute of limitations | (16 | ) | — | ||||||
Interest accrued during the current year | — | — | |||||||
Balance at end of year | $ | 162 | $ | 209 |
OTHER_INCOME_Tables
OTHER INCOME (Tables) | 12 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Other Income [Abstract] | ' | ||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | 'Other income consists of the following: | ||||||||
Year Ended | |||||||||
September 28, | September 29, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Video arcade sales | $ | 22 | $ | 74 | |||||
Other rentals | 5 | 35 | |||||||
Insurance proceeds | 393 | 325 | |||||||
Other | 88 | 20 | |||||||
$ | 508 | $ | 454 |
INCOME_PER_SHARE_OF_COMMON_STO1
INCOME PER SHARE OF COMMON STOCK (Tables) | 12 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 'A reconciliation of the numerators and denominators of the basic and diluted per share computations for the fiscal years ended September 28, 2013 and September 29, 2012 follows: | ||||||||||||
Net Income (Loss) | Shares | Per Share | |||||||||||
Attributable to Ark | (Denominator) | Amount | |||||||||||
Restaurants Corp. | |||||||||||||
(Numerator) | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||
Year ended September 28, 2013 | |||||||||||||
From continuing operations: | |||||||||||||
Basic EPS | $ | 3,825 | 3,246 | $ | 1.18 | ||||||||
Stock options | — | 125 | (0.05 | ) | |||||||||
Diluted EPS | $ | 3,825 | 3,371 | $ | 1.13 | ||||||||
From discontinued operations: | |||||||||||||
Basic EPS | $ | — | 3,246 | $ | — | ||||||||
Stock options | — | 125 | — | ||||||||||
Diluted EPS | $ | — | 3,371 | $ | — | ||||||||
From net income: | |||||||||||||
Basic EPS | $ | 3,825 | 3,246 | $ | 1.18 | ||||||||
Stock options | — | 125 | (0.05 | ) | |||||||||
Diluted EPS | $ | 3,825 | 3,371 | $ | 1.13 | ||||||||
Year ended September 29, 2012 | |||||||||||||
From continuing operations: | |||||||||||||
Basic EPS | $ | 5,748 | 3,292 | $ | 1.75 | ||||||||
Stock options | — | 35 | (0.02 | ) | |||||||||
Diluted EPS | $ | 5,748 | 3,327 | $ | 1.73 | ||||||||
From discontinued operations: | |||||||||||||
Basic EPS | $ | (259 | ) | 3,292 | $ | (0.08 | ) | ||||||
Stock options | — | 35 | — | ||||||||||
Diluted EPS | $ | (259 | ) | 3,327 | $ | (0.08 | ) | ||||||
From net income: | |||||||||||||
Basic EPS | $ | 5,489 | 3,292 | $ | 1.67 | ||||||||
Stock options | — | 35 | (0.02 | ) | |||||||||
Diluted EPS | $ | 5,489 | 3,327 | $ | 1.65 |
BUSINESS_AND_SUMMARY_OF_SIGNIF1
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Significant Vendors | 1 | 1 |
Proceeds From Issue of Gift Cards (in Dollars) | $0 | ' |
Impairment of Long-Lived Assets to be Disposed of (in Dollars) | 0 | ' |
Goodwill and Trademark Impairment Loss (in Dollars) | 0 | ' |
Income Tax Expense (Benefit) (in Dollars) | 1,941,000 | 3,013,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares) | ' | 251,500 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | $14.40 |
Percentage Of Shares Commencing First Anniversary | ' | 50.00% |
Percentage Of Shares Commencing Second Anniversary | ' | 50.00% |
Share Based Compensation Arrangement by Share Based Payment Award Options Grants in Period Date Fair Value (in Dollars) | ' | 646,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | 1.67% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | 36.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | 6.13% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | '6 years 3 months |
Restaurants and Bars [Member] | NEW YORK | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 5 | ' |
Restaurants and Bars [Member] | WASHINGTON | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 3 | ' |
Restaurants and Bars [Member] | Las Vegas Nevada [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 7 | ' |
Restaurants and Bars [Member] | NEW JERSEY | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 3 | ' |
Restaurants and Bars [Member] | Ledyard [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 1 | ' |
Restaurants and Bars [Member] | MASSACHUSETTS | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 1 | ' |
Restaurants and Bars [Member] | Planet Hollywood Resort and Casino [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 1 | ' |
Restaurants and Bars [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 20 | ' |
Fast Food Concepts and Catering Operations [Member] | Las Vegas Nevada [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 6 | ' |
Fast Food Concepts and Catering Operations [Member] | Venetian Casino Resort [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 3 | ' |
Fast Food Concepts and Catering Operations [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Operating Segments | 22 | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '30 years | ' |
Noncontrolling Interest [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Income Tax Expense (Benefit) (in Dollars) | $0 | ' |
Supplier Concentration Risk [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 12.00% | 13.00% |
Las Vegas Nevada [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Restaurants Operated Within Specified Region | 5 | ' |
Venetian Casino Resort [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Bars Operated | 1 | ' |
Foxwoods Resort Casino [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Fast Food Facilities | 1 | ' |
Tampa Florida [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Fast Food Facilities | 5 | ' |
Hollywood Florida [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Number of Fast Food Facilities | 7 | ' |
Minimum [Member] | Lease Agreements [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '9 years | ' |
Maximum [Member] | Lease Agreements [Member] | ' | ' |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' |
CONSOLIDATION_OF_VARIABLE_INTE2
CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Oct. 03, 2010 | |
CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) [Line Items] | ' | ' | ' |
Number of VIEs with Primary Benefits | ' | ' | 2 |
Deferred Income Tax Expense (Benefit) | $1,234,000 | $2,293,000 | ' |
Ark Hollywood/Tampa Investment [Member] | ' | ' | ' |
CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) [Line Items] | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 14.39% | ' | ' |
Business Combination, Consideration Transferred | 2,964,512 | ' | ' |
Adjustments to Additional Paid in Capital, Other | 2,684,896 | ' | ' |
Value of Business Acquired (VOBA) | -279,616 | ' | ' |
Deferred Income Tax Expense (Benefit) | $1,079,591 | ' | ' |
Equity Method Investment, Ownership Percentage | 64.39% | ' | ' |
CONSOLIDATION_OF_VARIABLE_INTE3
CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) - Schedule of variable interest entities (USD $) | Sep. 28, 2013 | Sep. 29, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of variable interest entities [Abstract] | ' | ' | ||
Cash and cash equivalents | $637 | $714 | ||
Accounts receivable | 317 | 1,776 | ||
Inventories | 16 | 28 | ||
Prepaid income taxes | 163 | 235 | ||
Prepaid expenses and other current assets | 13 | 13 | ||
Due from Ark Restaurants Corp. and affiliates (1) | 157 | [1] | 288 | [1] |
Fixed assets, net | 89 | 3,189 | ||
Other long-term assets | 71 | 71 | ||
Total assets | 1,463 | 6,314 | ||
Accounts payable | 70 | 153 | ||
Accrued expenses and other liabilities | 140 | 1,950 | ||
Total liabilities | 210 | 2,103 | ||
Equity of variable interest entities | 1,253 | 4,211 | ||
Total liabilities and equity | $1,463 | $6,314 | ||
[1] | Amounts due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation. |
RECENT_RESTAURANT_EXPANSION_De
RECENT RESTAURANT EXPANSION (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ' | ' |
Contribution From Landlord | 1,800,000 | ' |
Construction Value Total | 7,000,000 | ' |
Lease Expiration Date | 31-Dec-32 | ' |
Clyde Frazier’s Wine and Dine [Member] | ' | ' |
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ' | ' |
Lease Expiration Date | 31-Mar-27 | ' |
Number of Lease Renewal Option | 1 | ' |
Period of Lease Extension Under Renewal Option | '5 years | ' |
Pre-opening and Early Operating Losses | ' | 1,800,000 |
Tropicana Hotel and Casino [Member] | ' | ' |
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ' | ' |
Lease Expiration Date | 7-Jun-23 | ' |
Number of Lease Renewal Option | 2 | ' |
Period of Lease Extension Under Renewal Option | '5 years | ' |
Cost of Construction | 1,500,000 | ' |
Broadway Burger Bar [Member] | ' | ' |
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ' | ' |
Pre-opening and Early Operating Losses | 100,000 | ' |
RECENT_RESTAURANT_DISPOSITIONS2
RECENT RESTAURANT DISPOSITIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items] | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | $350,000 | ' |
Lease Expiration Date | ' | 31-Dec-32 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 270,000 | ' | -270,000 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | ' | ' | 155,000 |
Noncontrolling Interest in Net Income (Loss) Limited Partnerships, Redeemable | ' | ' | 33,000 |
Grill Room Property [Member] | ' | ' | ' |
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items] | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | ' | ' | 179,000 |
Lease Expiration Date | ' | ' | 31-Dec-11 |
America Property [Member] | ' | ' | ' |
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items] | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | ' | ' | 186,000 |
Red and Sequoia Properties [Member] | ' | ' | ' |
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items] | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | ' | $256,000 | ' |
RECENT_RESTAURANT_DISPOSITIONS3
RECENT RESTAURANT DISPOSITIONS (Details) - Results of discontinued operations (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Results of discontinued operations [Abstract] | ' | ' |
Revenues | ' | $910 |
Costs and expenses | ' | 1,335 |
Loss before income taxes | ' | -425 |
Income tax benefit | ' | -133 |
Net loss | ' | ($292) |
COST_METHOD_INVESTMENT_Details
COST METHOD INVESTMENT (Details) (New Meadowlands Racetrack LLC [Member], USD $) | 12 Months Ended |
Sep. 28, 2013 | |
New Meadowlands Racetrack LLC [Member] | ' |
COST METHOD INVESTMENT (Details) [Line Items] | ' |
Payments to Acquire Businesses and Interest in Affiliates | $4,200,000 |
FIXED_ASSETS_Details
FIXED ASSETS (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation, Depletion and Amortization | $4,295,000 | $4,102,000 |
Impairment of Long-Lived Assets Held-for-use | ' | 379,000 |
Asset Impairment Charges | $0 | ' |
FIXED_ASSETS_Details_Property_
FIXED ASSETS (Details) - Property, plant and equipment (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Leasehold improvements | $41,987 | $41,028 |
Furniture, fixtures and equipment | 33,249 | 34,161 |
75,236 | 75,189 | |
Less: accumulated depreciation and amortization | 50,219 | 48,995 |
$25,017 | $26,194 |
NOTE_RECEIVABLE_Details
NOTE RECEIVABLE (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Receivables [Abstract] | ' | ' |
Period of Agreement | ' | '10 years |
Fees Amount Of Constructed Restaurant And Catering Service | ' | $1,000,000 |
Financing Receivable, Net | 1,000,000 | ' |
Notes Receivable Interest Rate Stated Percentage | 4.00% | ' |
Notes Receivable Number Of Equal Periodic Installments | 48 | ' |
Notes Receivable Amount of Equal Periodic Installments | $22,579 | ' |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Disclosure Text Block [Abstract] | ' | ' |
Amortization of Intangible Assets | $8,000 | $8,000 |
INTANGIBLE_ASSETS_Details_Sche
INTANGIBLE ASSETS (Details) - Schedule of finite-lived intangible assets (USD $) | Sep. 28, 2013 | Sep. 29, 2012 | ||
In Thousands, unless otherwise specified | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Intangible Assets Gross Excluding TradeMarks And Goodwill | $2,626 | $3,626 | ||
Less accumulated amortization | 2,613 | 2,605 | ||
Total intangible assets | 13 | 1,021 | ||
Leases, Acquired-in-Place [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Intangible Assets Gross Excluding TradeMarks And Goodwill | 2,343 | [1] | 2,343 | [1] |
Operating Rights [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Intangible Assets Gross Excluding TradeMarks And Goodwill | ' | 1,000 | [2] | |
Noncompete Agreements [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Intangible Assets Gross Excluding TradeMarks And Goodwill | $283 | $283 | ||
[1] | Purchased leasehold rights arose from acquiring leases and subleases of various restaurants. | |||
[2] | Amounts paid in connection with Basketball City agreement and converted to a note receivable in fiscal 2013 - see Note 7. |
ACCRUED_EXPENSES_AND_OTHER_CUR2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - Schedule of accrued expenses and other current liabilities (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of accrued expenses and other current liabilities [Abstract] | ' | ' |
Sales tax payable | $783 | $852 |
Accrued wages and payroll related costs | 1,435 | 1,475 |
Customer advance deposits | 3,356 | 2,811 |
Accrued occupancy, gift cards and other operating expenses | 3,701 | 3,735 |
$9,275 | $8,873 |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
NOTES PAYABLE (Details) [Line Items] | ' | ' |
Treasury Stock, Shares, Acquired (in Shares) | 250,000 | ' |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $12.50 | ' |
Treasury Stock, Value, Acquired, Cost Method | $3,125,000 | $3,125,000 |
Payments for Repurchase of Common Stock | 1,000,000 | 1,000,000 |
Note Payable In Connection With Purchase Of Treasury Shares | 2,125,000 | 2,125,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.19% | ' |
Debt Instrument, Periodic Payment | 88,541 | ' |
Debt Instrument, Date of First Required Payment | 1-Dec-12 | ' |
Note Payable in Connection with Purchase of Treasury Shares Outstanding Balance | 1,240,000 | ' |
Notes Payable to Banks [Member] | ' | ' |
NOTES PAYABLE (Details) [Line Items] | ' | ' |
Number of Installments | 36 | ' |
Debt Instrument, Periodic Payment | 83,333 | ' |
Debt Instrument, Date of First Required Payment | 25-Mar-13 | ' |
Debt Instrument, Face Amount | 3,000,000 | ' |
Debt Instrument, Interest Rate Terms | 'LIBOR plus 3.0% per annum | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ' |
Note Payable to Bank Balance Outstanding | $2,417,000 | ' |
Unsecured Promissory Note [Member] | ' | ' |
NOTES PAYABLE (Details) [Line Items] | ' | ' |
Number of Installments | 24 | ' |
NOTES_PAYABLE_Details_Schedule
NOTES PAYABLE (Details) - Schedule of notes payable maturities (USD $) | Sep. 28, 2013 |
Schedule of notes payable maturities [Abstract] | ' |
2014 | $2,063 |
2015 | 1,174 |
2016 | 420 |
Total | $3,657 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Lease Expiration Date | 31-Dec-32 | ' |
Security Deposit Liability | $388,000 | ' |
Operating Leases, Rent Expense, Net | 14,117,000 | 14,619,000 |
Operating Leases, Rent Expense, Contingent Rentals | $4,811,000 | $5,055,000 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of future minimum rental payments for operating leases (USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Schedule of future minimum rental payments for operating leases [Abstract] | ' |
2014 | $8,289 |
2015 | 7,623 |
2016 | 7,056 |
2017 | 5,811 |
2018 | 3,929 |
Thereafter | 22,538 |
Total minimum payments | $55,246 |
STOCK_OPTIONS_Details
STOCK OPTIONS (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
STOCK OPTIONS (Details) [Line Items] | ' | ' |
Number of Stock Option Plans | 2 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 248,500 | 248,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | 251,500 |
Percentage Of Shares Commencing First Anniversary | ' | 50.00% |
Percentage Of Shares Commencing Second Anniversary | ' | 50.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 251,500 |
Share-based Compensation (in Dollars) | $317,000 | $108,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $221,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year | ' |
Stock Option 2004 Plan [Member] | ' | ' |
STOCK OPTIONS (Details) [Line Items] | ' | ' |
Terminated Unissued Options | 400 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' |
Stock Option 2010 Plan [Member] | ' | ' |
STOCK OPTIONS (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ' |
STOCK_OPTIONS_Details_Schedule
STOCK OPTIONS (Details) - Schedule of stock options, activity (USD $) | 12 Months Ended | |||
Sep. 28, 2013 | Sep. 29, 2012 | |||
Schedule of stock options, activity [Abstract] | ' | ' | ||
Outstanding, beginning of year | 648,100 | [1] | 396,600 | |
Outstanding, beginning of year (in Dollars per share) | $19.56 | [1] | $22.82 | |
Options: | ' | ' | ||
Granted | 0 | 251,500 | ||
Granted (in Dollars per share) | ' | $14.40 | ||
Exercised | -9,300 | ' | ||
Exercised (in Dollars per share) | $13.11 | ' | ||
Canceled or expired | -15,700 | ' | ||
Canceled or expired (in Dollars per share) | $17.87 | ' | ||
Outstanding and expected to vest, end of year (a) | 623,100 | [1] | 648,100 | [1] |
Outstanding and expected to vest, end of year (a) (in Dollars per share) | $19.69 | [1] | $19.56 | [1] |
Outstanding and expected to vest, end of year (a) (in Dollars) | $3,264,802 | [1] | $1,415,116 | [1] |
Exercisable, end of year (a) | 503,950 | [1] | 396,600 | [1] |
Exercisable, end of year (a) (in Dollars per share) | $20.95 | [1] | $22.82 | [1] |
Exercisable, end of year (a) (in Dollars) | $2,396,199 | [1] | $798,941 | [1] |
Weighted average remaining contractual life | '5 years 6 months | '6 years 6 months | ||
Shares available for future grant | 248,500 | 248,500 | ||
[1] | Options become exercisable at various times and expire at various dates through 2022. |
STOCK_OPTIONS_Details_Schedule1
STOCK OPTIONS (Details) - Schedule of Share-based Compensation, Activity (USD $) | 12 Months Ended | ||||
Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 | |||
STOCK OPTIONS (Details) - Schedule of Share-based Compensation, Activity [Line Items] | ' | ' | ' | ||
Options Outstanding, Number of Shares | 623,100 | [1] | 648,100 | [1] | 396,600 |
Options Outstanding, Weighted Average Exercise Price (in Dollars per share) | $19.69 | [1] | $19.56 | [1] | $22.82 |
Options Outstanding, Weighted Average Remaining contractual life | '5 years 6 months | ' | ' | ||
Options Exercisable, Number of Shares | 503,950 | [1] | 396,600 | [1] | ' |
Options Exercisable, Weighted Average Exercise Price (in Dollars per share) | $20.95 | [1] | $22.82 | [1] | ' |
Options Exercisable, Weighted Average Remaining contractual life | '4 years 255 days | ' | ' | ||
Range of Exercise Prices One [Member] | ' | ' | ' | ||
STOCK OPTIONS (Details) - Schedule of Share-based Compensation, Activity [Line Items] | ' | ' | ' | ||
Options Outstanding, Number of Shares | 158,300,000 | ' | ' | ||
Options Outstanding, Weighted Average Exercise Price (in Dollars per share) | $12.04 | ' | ' | ||
Options Outstanding, Weighted Average Remaining contractual life | '5 years 219 days | ' | ' | ||
Options Exercisable, Number of Shares | 158,300,000 | ' | ' | ||
Options Exercisable, Weighted Average Exercise Price (in Dollars per share) | $12.04 | ' | ' | ||
Options Exercisable, Weighted Average Remaining contractual life | '5 years 219 days | ' | ' | ||
Range Of Exercise Prices Two [Member] | ' | ' | ' | ||
STOCK OPTIONS (Details) - Schedule of Share-based Compensation, Activity [Line Items] | ' | ' | ' | ||
Options Outstanding, Number of Shares | 238,300,000 | ' | ' | ||
Options Outstanding, Weighted Average Exercise Price (in Dollars per share) | $14.40 | ' | ' | ||
Options Outstanding, Weighted Average Remaining contractual life | '8 years 255 days | ' | ' | ||
Options Exercisable, Number of Shares | 119,150,000 | ' | ' | ||
Options Exercisable, Weighted Average Exercise Price (in Dollars per share) | $14.40 | ' | ' | ||
Options Exercisable, Weighted Average Remaining contractual life | '8 years 255 days | ' | ' | ||
Range Of Exercise Prices Three [Member] | ' | ' | ' | ||
STOCK OPTIONS (Details) - Schedule of Share-based Compensation, Activity [Line Items] | ' | ' | ' | ||
Options Outstanding, Number of Shares | 136,500,000 | ' | ' | ||
Options Outstanding, Weighted Average Exercise Price (in Dollars per share) | $29.60 | ' | ' | ||
Options Outstanding, Weighted Average Remaining contractual life | '1 year 73 days | ' | ' | ||
Options Exercisable, Number of Shares | 136,500,000 | ' | ' | ||
Options Exercisable, Weighted Average Exercise Price (in Dollars per share) | $29.60 | ' | ' | ||
Options Exercisable, Weighted Average Remaining contractual life | '1 year 73 days | ' | ' | ||
Range Of Exercise Prices Four [Member] | ' | ' | ' | ||
STOCK OPTIONS (Details) - Schedule of Share-based Compensation, Activity [Line Items] | ' | ' | ' | ||
Options Outstanding, Number of Shares | 90,000,000 | ' | ' | ||
Options Outstanding, Weighted Average Exercise Price (in Dollars per share) | $32.15 | ' | ' | ||
Options Outstanding, Weighted Average Remaining contractual life | '3 years 73 days | ' | ' | ||
Options Exercisable, Number of Shares | 90,000,000 | ' | ' | ||
Options Exercisable, Weighted Average Exercise Price (in Dollars per share) | $32.15 | ' | ' | ||
Options Exercisable, Weighted Average Remaining contractual life | '3 years 73 days | ' | ' | ||
[1] | Options become exercisable at various times and expire at various dates through 2022. |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred Tax Assets, Valuation Allowance | $528,000 | $234,000 |
Income Tax Examination, Penalties and Interest Accrued | $96,000 | ' |
Income Tax Examination, Year under Examination | '2009 through 2012 | ' |
INCOME_TAXES_Details_Schedule_
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Current provision: | ' | ' |
Federal | $518 | $469 |
State and local | 188 | 251 |
706 | 720 | |
Deferred provision: | ' | ' |
Federal | 984 | 3,140 |
State and local | 251 | -847 |
1,234 | 2,293 | |
$1,941 | $3,013 |
INCOME_TAXES_Details_Schedule_1
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | ' | ' |
Provision at Federal statutory rate (34% in 2013 and 2012) | $2,398 | $3,555 |
State and local income taxes, net of tax benefits | 265 | 312 |
Tax credits | -531 | -565 |
Income attributable to non-controlling interest | -437 | -576 |
Other | 246 | 287 |
$1,941 | $3,013 |
INCOME_TAXES_Details_Schedule_2
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation (Parentheticals) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | ' | ' |
Provision at Federal statutory rate | 34.00% | 34.00% |
INCOME_TAXES_Details_Schedule_3
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities (USD $) | Sep. 28, 2013 | Sep. 29, 2012 |
Long-term deferred tax assets (liabilities): | ' | ' |
State net operating loss carryforwards | $3,665,000 | $3,357,000 |
Operating lease deferred credits | 974,000 | 1,069,000 |
Depreciation and amortization | -464,000 | -358,000 |
Deferred compensation | 1,524,000 | 1,431,000 |
Partnership investments | -460,000 | -413,000 |
Other | 95,000 | 108,000 |
Total long-term deferred tax assets | 5,334,000 | 5,194,000 |
Valuation allowance | -528,000 | -234,000 |
Total net deferred tax assets | $4,806,000 | $4,960,000 |
INCOME_TAXES_Details_Summary_o
INCOME TAXES (Details) - Summary of Income Tax Contingencies (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Oct. 01, 2011 |
Summary of Income Tax Contingencies [Abstract] | ' | ' |
Balance at beginning of year | $209 | $209 |
Reductions due to settlements with taxing authorities | -31 | ' |
Reductions as a result of a lapse of the statute of limitations | -16 | ' |
Balance at end of year | $162 | $209 |
OTHER_INCOME_Details_Schedule_
OTHER INCOME (Details) - Schedule of other nonoperating income (expense) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
OTHER INCOME (Details) - Schedule of other nonoperating income (expense) [Line Items] | ' | ' |
Non Operating Income Expense | $508 | $454 |
Video Arcade Sales [Member] | ' | ' |
OTHER INCOME (Details) - Schedule of other nonoperating income (expense) [Line Items] | ' | ' |
Non Operating Income Expense | 22 | 74 |
Other Rentals [Member] | ' | ' |
OTHER INCOME (Details) - Schedule of other nonoperating income (expense) [Line Items] | ' | ' |
Non Operating Income Expense | 5 | 35 |
Insurance Proceeds [Member] | ' | ' |
OTHER INCOME (Details) - Schedule of other nonoperating income (expense) [Line Items] | ' | ' |
Non Operating Income Expense | 393 | 325 |
Other Miscellaneous Income [Member] | ' | ' |
OTHER INCOME (Details) - Schedule of other nonoperating income (expense) [Line Items] | ' | ' |
Non Operating Income Expense | $88 | $20 |
INCOME_PER_SHARE_OF_COMMON_STO2
INCOME PER SHARE OF COMMON STOCK (Details) (USD $) | 12 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Exercise Price One [Member] | ' | ' |
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ' | ' |
Dilutive Securities Included In Computation Of Earnings Per Share Amount | 158,300 | 166,100 |
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share (in Dollars per share) | $12.04 | $12.04 |
Exercise Price Two [Member] | ' | ' |
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ' | ' |
Dilutive Securities Included In Computation Of Earnings Per Share Amount | 238,300 | 251,500 |
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share (in Dollars per share) | $14.40 | $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 | 136,500 | 140,500 |
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share (in Dollars per share) | $29.60 | $29.60 |
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 | 90,000 |
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share (in Dollars per share) | $32.15 | $32.15 |
INCOME_PER_SHARE_OF_COMMON_STO3
INCOME PER SHARE OF COMMON STOCK (Details) - Schedule of calculation of numerator and denominator in earnings per share (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
From continuing operations: | ' | ' |
Net Income (Loss) Attributable to Ark Restaurants Corp. (Numerator) (in Dollars) | $3,825 | $5,748 |
Shares (Denominator) | 3,246 | 3,292 |
Per Share Amount (in Dollars per share) | $1.18 | $1.75 |
Shares (Denominator) | 125 | 35 |
Per Share Amount (in Dollars per share) | ($0.05) | ($0.02) |
Net Income (Loss) Attributable to Ark Restaurants Corp. (Numerator) (in Dollars) | 3,825 | 5,748 |
Shares (Denominator) | 3,371 | 3,327 |
Per Share Amount (in Dollars per share) | $1.13 | $1.73 |
From discontinued operations: | ' | ' |
Net Income (Loss) Attributable to Ark Restaurants Corp. (Numerator) (in Dollars) | ' | -259 |
Shares (Denominator) | 3,246 | 3,292 |
Per Share Amount (in Dollars per share) | ' | ($0.08) |
Shares (Denominator) | 125 | 35 |
Net Income (Loss) Attributable to Ark Restaurants Corp. (Numerator) (in Dollars) | ' | -259 |
Shares (Denominator) | 3,371 | 3,327 |
Per Share Amount (in Dollars per share) | ' | ($0.08) |
From net income: | ' | ' |
Net Income (Loss) Attributable to Ark Restaurants Corp. (Numerator) (in Dollars) | 3,825 | 5,489 |
Shares (Denominator) | 3,246 | 3,292 |
Per Share Amount (in Dollars per share) | $1.18 | $1.67 |
Shares (Denominator) | 125 | 35 |
Per Share Amount (in Dollars per share) | ($0.05) | ($0.02) |
Net Income (Loss) Attributable to Ark Restaurants Corp. (Numerator) (in Dollars) | $3,825 | $5,489 |
Shares (Denominator) | 3,371 | 3,327 |
Per Share Amount (in Dollars per share) | $1.13 | $1.65 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 | |
Related Party Transactions Excluding Stock Option Receivable [Abstract] | ' | ' | ' |
Forgiveness Of Loans Due | ' | $66,000 | ' |
Due From Former President In Respect Of Stock Option Exercises | ' | 29,000 | ' |
Due From Former President in Respect of Other Loans | ' | 37,000 | ' |
Accrued Additional Compensation Of Forgave Loans | ' | 475,400 | ' |
Due From Former President Excluding Stock Option Receivables | ' | ' | 37,000 |
Due from Other Related Parties | $346,000 | $339,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.16% | 0.19% | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | Dec. 04, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Sep. 28, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | New Meadowlands Racetrack LLC [Member] | ||
New Meadowlands Racetrack LLC [Member] | ||||
SUBSEQUENT EVENTS (Details) [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Additions | ' | ' | $7,500,000 | ' |
Payments to Acquire Businesses and Interest in Affiliates | ' | $464,000 | ' | $4,200,000 |
Aggregate Ownership Percentage | ' | 11.60% | ' | ' |
Dividends Payable, Amount Per Share (in Dollars per share) | $0.25 | ' | ' | ' |