Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Dec. 28, 2013 | Feb. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ARK RESTAURANTS CORP | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--09-27 | ' |
Entity Common Stock, Shares Outstanding | ' | 3,257,395 |
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-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents (includes $634 at December 28, 2013 and $637 at September 28, 2013 related to VIEs) | $7,460 | $8,748 |
Accounts receivable (includes $338 at December 28, 2013 and $317 at September 28, 2013 related to VIEs) | 2,063 | 2,712 |
Employee receivables | 455 | 346 |
Inventories (includes $16 at December 28, 2013 and September 28, 2013 related to VIEs) | 1,611 | 1,579 |
Prepaid and refundable income taxes (includes $163 at December 28, 2013 and September 28, 2013 related to VIEs) | 208 | 567 |
Prepaid expenses and other current assets (includes $12 at December 28, 2013 and $13 at September 28, 2013 related to VIEs) | 1,069 | 1,038 |
Current portion of note receivable | 217 | 226 |
Total current assets | 13,083 | 15,216 |
FIXED ASSETS - Net (includes $77 at December 28, 2013 and $89 at September 28, 2013 related to VIEs) | 24,654 | 25,017 |
NOTE RECEIVABLE, LESS CURRENT PORTION | 745 | 774 |
INTANGIBLE ASSETS - Net | 11 | 13 |
GOODWILL | 4,813 | 4,813 |
TRADEMARKS | 721 | 721 |
DEFERRED INCOME TAXES | 4,808 | 4,806 |
OTHER ASSETS (includes $71 at December 28, 2013 and September 28, 2013 related to VIEs) | 6,068 | 5,098 |
TOTAL ASSETS | 54,903 | 56,458 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable - trade (includes $61 at December 28, 2013 and $70 at September 28, 2013 related to VIEs) | 1,869 | 2,758 |
Accrued expenses and other current liabilities (includes $368 at December 28, 2013 and $140 at September 28, 2013 related VIEs) | 9,300 | 9,275 |
Dividend payable | 814 | 814 |
Current portion of notes payable | 1,974 | 2,063 |
Total current liabilities | 13,957 | 14,910 |
OPERATING LEASE DEFERRED CREDIT (includes $60 at December 28, 2013 related to VIEs) | 4,509 | 4,606 |
NOTES PAYABLE, LESS CURRENT PORTION | 1,167 | 1,594 |
TOTAL LIABILITIES | 19,633 | 21,110 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
EQUITY: | ' | ' |
Common stock, par value $.01 per share - authorized, 10,000 shares; issued, 4,613 shares at at December 28, 2013 and 4,610 shares at September 28, 2013; outstanding, 3,257 shares at December 28, 2013 and 3,254 shares at September 28, 2013 | 46 | 46 |
Additional paid-in capital | 23,104 | 22,978 |
Retained earnings | 22,699 | 22,950 |
45,849 | 45,974 | |
Less treasury stock, at cost, of 1,356 shares at December 28, 2013 and September 28, 2013 | -13,220 | -13,220 |
Total Ark Restaurants Corp. shareholders’ equity | 32,629 | 32,754 |
NON-CONTROLLING INTERESTS | 2,641 | 2,594 |
TOTAL EQUITY | 35,270 | 35,348 |
TOTAL LIABILITIES AND EQUITY | $54,903 | $56,458 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
VIEs, Cash and cash equivalents | $634 | $637 |
VIEs, Accounts receivable | 338 | 317 |
VIEs, Inventories | 16 | 16 |
VIEs, Prepaid and refundable income taxes | 163 | 163 |
VIEs, Prepaid expenses and other current assets | 12 | 13 |
VIEs, Fixed assets | 77 | 89 |
VIEs, Other assets | 71 | 71 |
VIEs, Accounts payable trade | 61 | 70 |
VIEs, Accrued expenses and other current liabilities | 368 | 140 |
VIEs, Operating lease deferred credit | $60 | ' |
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) | 4,613 | 4,610 |
Common stock, shares outstanding (in Shares) | 3,257 | 3,254 |
Treasury stock, shares (in Shares) | 1,356 | 1,356 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
REVENUES: | ' | ' |
Food and beverage sales | $31,756 | $31,029 |
Other revenue | 382 | 307 |
Total revenues | 32,138 | 31,336 |
COSTS AND EXPENSES: | ' | ' |
Food and beverage cost of sales | 7,854 | 7,749 |
Payroll expenses | 10,478 | 10,845 |
Occupancy expenses | 4,401 | 4,535 |
Other operating costs and expenses | 4,207 | 4,339 |
General and administrative expenses | 2,850 | 2,410 |
Depreciation and amortization | 1,147 | 1,176 |
Total costs and expenses | 30,937 | 31,054 |
OPERATING INCOME | 1,201 | 282 |
OTHER (INCOME) EXPENSE: | ' | ' |
Interest expense | 19 | ' |
Interest income | -7 | ' |
Other income, net | -66 | -79 |
Total other income, net | -54 | -79 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 1,255 | 361 |
Provision for income taxes | 399 | 114 |
CONSOLIDATED NET INCOME | 856 | 247 |
Net income attributable to non-controlling interests | -293 | -239 |
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. | $563 | $8 |
NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE: | ' | ' |
Basic (in Dollars per share) | $0.17 | $0 |
Diluted (in Dollars per share) | $0.17 | $0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ' | ' |
Basic (in Shares) | 3,256 | 3,245 |
Diluted (in Shares) | 3,400 | 3,322 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | |||||||
BALANCE at Sep. 29, 2012 | $46 | $23,410 | $22,372 | ($13,220) | $32,608 | $4,179 | $36,787 |
BALANCE (in Shares) at Sep. 29, 2012 | 4,601,000 | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 8 | ' | 8 | 239 | 247 |
Purchase of member interests in subsidiary | ' | -2,685 | ' | ' | -2,685 | -280 | -2,965 |
Tax benefit of purchase of member interests in subsidiary | ' | 1,020 | ' | ' | 1,020 | ' | 1,020 |
Stock-based compensation | ' | 80 | ' | ' | 80 | ' | 80 |
Distributions to non-controlling interests | ' | ' | ' | ' | ' | -600 | -600 |
Payment of dividends - $0.25 per share | ' | ' | -811 | ' | -811 | ' | -811 |
BALANCE at Dec. 29, 2012 | 46 | 21,825 | 21,569 | -13,220 | 30,220 | 3,538 | 33,758 |
BALANCE (in Shares) at Dec. 29, 2012 | 4,601,000 | ' | ' | ' | ' | ' | ' |
BALANCE at Sep. 28, 2013 | 46 | 22,978 | 22,950 | -13,220 | 32,754 | 2,594 | 35,348 |
BALANCE (in Shares) at Sep. 28, 2013 | 4,610,000 | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 563 | ' | 563 | 293 | 856 |
Exercise of stock options | ' | 38 | ' | ' | 38 | ' | 38 |
Exercise of stock options (in Shares) | 3,000 | ' | ' | ' | ' | ' | 3,000 |
Tax benefit on exercise of stock options | ' | 8 | ' | ' | 8 | ' | 8 |
Stock-based compensation | ' | 80 | ' | ' | 80 | ' | 80 |
Distributions to non-controlling interests | ' | ' | ' | ' | ' | -246 | -246 |
Payment of dividends - $0.25 per share | ' | ' | -814 | ' | -814 | ' | -814 |
BALANCE at Dec. 28, 2013 | $46 | $23,104 | $22,699 | ($13,220) | $32,629 | $2,641 | $35,270 |
BALANCE (in Shares) at Dec. 28, 2013 | 4,613,000 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_CONDENSED_STATEME2
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) (USD $) | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Payment of dividends, per share | $0.25 | $0.25 |
Retained Earnings [Member] | ' | ' |
Payment of dividends, per share | $0.25 | $0.25 |
Parent [Member] | ' | ' |
Payment of dividends, per share | $0.25 | $0.25 |
CONSOLIDATED_CONDENSED_STATEME3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Consolidated net income | $856,000 | $247,000 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ' | ' |
Loss on closure of restaurants | ' | 256,000 |
Deferred income taxes | -2,000 | ' |
Stock-based compensation | 80,000 | 80,000 |
Depreciation and amortization | 1,147,000 | 1,176,000 |
Operating lease deferred credit | -97,000 | -85,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 649,000 | 1,143,000 |
Inventories | -32,000 | -62,000 |
Prepaid, refundable and accrued income taxes | 359,000 | 127,000 |
Prepaid expenses and other current assets | -31,000 | 185,000 |
Other assets | -6,000 | ' |
Accounts payable - trade | -889,000 | -423,000 |
Accrued expenses and other liabilities | 25,000 | -1,140,000 |
Net cash provided by operating activities | 2,059,000 | 1,504,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of fixed assets | -782,000 | -409,000 |
Loans and advances made to employees | -151,000 | -35,000 |
Payments received on employee receivables | 42,000 | 35,000 |
Payments received on note receivable | 38,000 | ' |
Net cash used in investing activities | -1,817,000 | -3,374,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Principal payments on notes payable | -516,000 | -88,000 |
Dividends paid | -814,000 | -811,000 |
Proceeds from issuance of stock upon exercise of stock options | 38,000 | ' |
Excess tax benefits related to stock-based compensation | 8,000 | ' |
Distributions to non-controlling interests | -246,000 | -600,000 |
Net cash used in financing activities | -1,530,000 | -1,499,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -1,288,000 | -3,369,000 |
CASH AND CASH EQUIVALENTS, Beginning of period | 8,748,000 | 8,705,000 |
CASH AND CASH EQUIVALENTS, End of period | 7,460,000 | 5,336,000 |
Cash paid during the period for: | ' | ' |
Interest | 19,000 | ' |
Income taxes | 34,000 | 51,000 |
Non-cash investing activity: | ' | ' |
Tax benefit of purchase of member interests in subsidiary | ' | 1,020,000 |
Non-cash financing activity: | ' | ' |
Accrued dividend | 814,000 | ' |
Subsidiary [Member] | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of member interests in subsidiary | ' | -2,965,000 |
New Meadowlands Racetrack LLC [Member] | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of member interest in New Meadowlands Racetrack LLC | -464,000 | ' |
The Rustic Inn [Member] | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Initial payment on purchase of The Rustic Inn | ($500,000) | ' |
CONSOLIDATED_CONDENSED_FINANCI
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS | 3 Months Ended |
Dec. 28, 2013 | |
Consolidated Condensed Financial Statements [Abstract] | ' |
Consolidated Condensed Financial Statements [Text Block] | ' |
1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS | |
The consolidated and condensed balance sheet as of September 28, 2013, which has been derived from audited financial statements included in the Form 10-K, and the unaudited interim consolidated and condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected as required by Regulation S-X, Rule 10-01. Such adjustments are of a normal, recurring nature. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended September 28, 2013. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period. | |
PRINCIPLES OF CONSOLIDATION — The consolidated condensed interim financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest. Also included in the consolidated condensed interim financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation. | |
SEASONALITY — The Company has substantial fixed costs that do not decline proportionally with sales. The first and second fiscal quarters, which include the winter months, usually reflect lower customer traffic than in the third and fourth fiscal quarters. In addition, sales in the third and fourth fiscal quarters can be adversely affected by inclement weather due to the significant amount of outdoor seating at the Company’s restaurants. | |
FAIR VALUE OF FINANCIAL INSTRUMENTS — The carrying amount of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair values of notes receivable and payable are determined using current applicable rates for similar instruments as of the 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 condensed balance sheets. | |
CONCENTRATIONS OF CREDIT RISK — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed Federally insured limits. The concentration of credit risk with respect to accounts receivable is generally limited due to the short payment terms extended by the company and the number of customers comprising the company’s customer base. | |
For the 13-week period ended December 28, 2013, the Company made purchases from one vendor that accounted for approximately 12% of total purchases. For the 13-week period ended December 29, 2012, the Company made purchases from two vendors that accounted for approximately 22% of total purchases. | |
SEGMENT REPORTING — As of December 28, 2013, 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. | |
RECENTLY ADOPTED ACCOUNTING STANDARDS — In December 2011, the Financial Accounting Standards Board (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 became effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods and are to be retrospectively applied. The adoption of this guidance did not have a material impact on the Company’s consolidated condensed financial statements. | |
NEW ACCOUNTING STANDARDS NOT YET ADOPTED — 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. |
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Variable Interest Entities [Abstract] | ' | ||||||||
Variable Interest Entities [Text Block] | ' | ||||||||
2. VARIABLE INTEREST ENTITIES | |||||||||
The Company consolidates any variable interest entities in which it holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | |||||||||
The Company has determined that it is the primary beneficiary of three VIEs and, accordingly, consolidates the financial results of these entities. Following are the required disclosures associated with the Company’s consolidated VIEs: | |||||||||
December 28, | September 28, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Cash and cash equivalents | $ | 634 | $ | 637 | |||||
Accounts receivable | 338 | 317 | |||||||
Inventories | 16 | 16 | |||||||
Prepaid income taxes | 163 | 163 | |||||||
Prepaid expenses and other current assets | 12 | 13 | |||||||
Due from Ark Restaurants Corp. and affiliates (1) | 160 | 157 | |||||||
Fixed assets, net | 77 | 89 | |||||||
Other long-term assets | 71 | 71 | |||||||
Total assets | $ | 1,471 | $ | 1,463 | |||||
Accounts payable | $ | 61 | $ | 70 | |||||
Accrued expenses and other liabilities | 368 | 140 | |||||||
Operating lease deferred credit | 60 | — | |||||||
Total liabilities | 489 | 210 | |||||||
Equity of variable interest entities | 982 | 1,253 | |||||||
Total liabilities and equity | $ | 1,471 | $ | 1,463 | |||||
-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 our 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 our general assets. |
RECENT_RESTAURANT_EXPANSION
RECENT RESTAURANT EXPANSION | 3 Months Ended |
Dec. 28, 2013 | |
Recent Restaurant Expansion [Abstract] | ' |
Recent Restaurant Expansion [Text Block] | ' |
3. RECENT RESTAURANT EXPANSION | |
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 $1,750,000. The initial term of the lease for this facility expires June 7, 2023 and has two five-year renewals. The restaurant, Broadway Burger Bar, opened during the third quarter of fiscal 2013. |
RECENT_RESTAURANT_DISPOSITIONS
RECENT RESTAURANT DISPOSITIONS | 3 Months Ended |
Dec. 28, 2013 | |
Recent Restaurant Dispositions [Abstract] | ' |
Recent Restaurant Dispositions [Text Block] | ' |
4. RECENT RESTAURANT DISPOSITIONS | |
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 Condensed Statement of Income for the 13-weeks ended December 29, 2012. |
NOTE_RECEIVABLE
NOTE RECEIVABLE | 3 Months Ended |
Dec. 28, 2013 | |
Receivables [Abstract] | ' |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' |
5. 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. 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. Since the owner had not delivered the facility to the Company within the specified timeframe, 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, which commenced on December 1, 2013. |
INVESTMENT_IN_NEW_MEADOWLANDS_
INVESTMENT IN NEW MEADOWLANDS RACETRACK | 3 Months Ended |
Dec. 28, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Cost and Equity Method Investments Disclosure [Text Block] | ' |
6. INVESTMENT IN NEW MEADOWLANDS RACETRACK | |
On March 12, 2013, the Company made a $4,200,000 investment in the New Meadowlands Racetrack LLC (“NMR”) through its purchase of a membership interest in Meadowlands Newmark, LLC, an existing member of NMR. On November 19, 2013, the Company invested an additional $464,000 in NMR through a purchase of an additional membership interest in Meadowlands Newmark, LLC resulting in a total ownership of 11.6%. This investment has been accounted for based on the cost method and is included in Other Assets in the accompanying Consolidated Condensed Balance Sheets at December 28, 2013 and 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 December 28, 2013. | |
In conjunction with this investment, the Company, through a 97% owned subsidiary, Ark Meadowlands LLC (“AM VIE”), also entered into a long-term agreement with NMR to provide food and beverage management services for the new racing facilities constructed at the Meadowlands Racetrack in northern New Jersey. Despite the ownership percentage the company only participates in 5% of the profits and has no capital at risk. At December 28, 2013, it was determined that this entity is a variable interest entity. However, based on qualitative consideration of the contracts with AM VIE, the operating structure of AM VIE, the Company’s role with AM VIE, and that the Company is not obligated to absorb any expected losses of AM VIE, the Company has concluded that it is not the primary beneficiary and not required to consolidate the operations of AM VIE. | |
Our maximum exposure to loss as a result of our involvement with AM VIE is limited to our receivable from AM VIE’s primary beneficiary (NMR, a related party) which aggregated approximately $321,000 at December 28, 2013 and is included in Prepaid Expenses and Other Current Assets in the Consolidated Condensed Balance Sheet. |
NOTES_PAYABLE
NOTES PAYABLE | 3 Months Ended |
Dec. 28, 2013 | |
Notes Payable For Treasury Stock Repurchase [Abstract] | ' |
Notes Payable For Treasury Stock Repurchase [Text Block] | ' |
7. 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 December 28, 2013, the outstanding note payable balance was approximately $974,000. | |
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 December 28, 2013, the outstanding balance of this note payable was approximately $2,167,000. 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 December 28, 2013. |
ACCRUED_EXPENSES_AND_OTHER_CUR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | ||||||||
8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
December 28, | September 28, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Sales tax payable | $ | 1,156 | $ | 783 | |||||
Accrued wages and payroll related costs | 1,205 | 1,435 | |||||||
Customer advance deposits | 2,759 | 3,356 | |||||||
Accrued occupancy, gift cards and other operating expenses | 4,180 | 3,701 | |||||||
$ | 9,300 | $ | 9,275 | ||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
9. 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. | |
Legal Proceedings — In the ordinary course of its business, the Company is a party to various lawsuits arising from accidents at its restaurants and worker’s compensation claims, which are generally handled by the Company’s insurance carriers. The employment by the Company of management personnel, waiters, waitresses and kitchen staff at a number of different restaurants has resulted 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. | |
Other — 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. In connection with the signing of this agreement the Company made an initial deposit toward the purchase in the amount of $500,000 which is included in Other Assets in the Consolidated Condensed Balance Sheet at December 28, 2013. The balance of the purchase price is expected to be financed with bank borrowings. |
STOCK_OPTIONS
STOCK OPTIONS | 3 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
10. 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. 0 options were issued during the 13-week period ended December 28, 2013. | |||||||||||||||||
A summary of stock option activity is presented below: | |||||||||||||||||
2014 | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Term | ||||||||||||||||
Outstanding, beginning of period | 623,100 | $ | 19.56 | 5.50 Years | |||||||||||||
Options: | |||||||||||||||||
Granted | — | ||||||||||||||||
Exercised | (3,000 | ) | $ | 12.83 | |||||||||||||
Canceled or expired | — | ||||||||||||||||
Outstanding and expected to vest, end of year | 620,100 | $ | 19.73 | 5.25 Years | $ | 3,545,220 | |||||||||||
Exercisable, end of year | 501,450 | $ | 20.95 | 4.50 Years | $ | 2,587,715 | |||||||||||
Compensation cost charged to operations for both 13-week periods ended December 28, 2013 and December 29, 2012 was $80,000. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Condensed Statements of Income. | |||||||||||||||||
As of December 28, 2013, there was approximately $142,000 of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a period of approximately six months. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
11. INCOME TAXES | |
The Company’s provision for income taxes consists of Federal, state and local taxes in amounts necessary to align the Company’s year-to-date provision for income taxes with the effective tax rate that the Company expects to achieve for the full year. The income tax provision on income from continuing operations for the 13-week periods ended December 28, 2013 and December 29, 2012 reflect effective tax rates of approximately 32%. The Company expects its effective tax rate for its current fiscal year to be significantly lower than the statutory rate as a result of the inclusion of tax credits and operating income attributable to the non-controlling interests of the VIEs that is not taxable to the Company. The final annual tax rate cannot be determined until the end of the fiscal year; therefore, the actual tax rate could differ from current estimates. |
INCOME_PER_SHARE_OF_COMMON_STO
INCOME PER SHARE OF COMMON STOCK | 3 Months Ended |
Dec. 28, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share [Text Block] | ' |
12. INCOME PER SHARE OF COMMON STOCK | |
Net income per share is calculated on the basis of the weighted average number of common shares outstanding during each period plus, for diluted net income per share, the additional dilutive effect of potential common stock. Potential common stock using the treasury stock method consists of dilutive stock options. | |
For the 13-week period ended December 28, 2013, options to purchase 156,300 shares of common stock at an exercise price of $12.04 per share and options to purchase 237,300 shares of common stock at an exercise price $14.40 per share were included in diluted earnings per share. Options to purchase 136,500 shares of common stock at an exercise price of $29.60 per share and options to purchase 90,000 shares of common stock at an exercise price of $32.15 per share were not included in diluted earnings per share as their impact was anti-dilutive. | |
For the 13-week period ended December 29, 2012, options to purchase 165,100 shares of common stock at a price of $12.04 and options to purchase 245,500 shares of common stock at a price of $14.40 were included in diluted earnings per share. Options to purchase 139,000 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 was antidilutive. |
DIVIDENDS
DIVIDENDS | 3 Months Ended |
Dec. 28, 2013 | |
Dividends [Abstract] | ' |
Dividends [Text Block] | ' |
13. DIVIDENDS | |
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. The Company intends to continue to pay such quarterly cash dividend for the foreseeable future, however, the payment of future dividends is at the discretion of the Company’s Board of Directors and is based on future earnings, cash flow, financial condition, capital requirements, changes in U.S. taxation and other relevant factors. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 28, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
14. SUBSEQUENT EVENTS | |
On January 31, 2014, the Company, through a wholly-owned subsidiary, Ark Jupiter RI, LLC, entered into an agreement with Crab House, Inc., to purchase the assets of a restaurant and bar in Jupiter, Florida for $250,000, of which a $50,000 initial deposit was made. The purchase is subject to, among other things, the landlord’s consent to the assignment and assumption of the lease and execution and delivery of an amendment to the lease which is satisfactory to Ark. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Dec. 28, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
PRINCIPLES OF CONSOLIDATION — The consolidated condensed interim financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest. Also included in the consolidated condensed interim financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation. | |
Seasonality [Policy Text Block] | ' |
SEASONALITY — The Company has substantial fixed costs that do not decline proportionally with sales. The first and second fiscal quarters, which include the winter months, usually reflect lower customer traffic than in the third and fourth fiscal quarters. In addition, sales in the third and fourth fiscal quarters can be adversely affected by inclement weather due to the significant amount of outdoor seating at the Company’s restaurants. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
FAIR VALUE OF FINANCIAL INSTRUMENTS — The carrying amount of cash and cash equivalents, receivables, accounts payable and accrued expenses approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair values of notes receivable and payable are determined using current applicable rates for similar instruments as of the 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 condensed balance sheets. | |
Supplier Concentration [Policy Text Block] | ' |
CONCENTRATIONS OF CREDIT RISK — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions with high credit ratings. At times, such amounts may exceed Federally insured limits. The concentration of credit risk with respect to accounts receivable is generally limited due to the short payment terms extended by the company and the number of customers comprising the company’s customer base. | |
For the 13-week period ended December 28, 2013, the Company made purchases from one vendor that accounted for approximately 12% of total purchases. For the 13-week period ended December 29, 2012, the Company made purchases from two vendors that accounted for approximately 22% of total purchases. | |
Segment Reporting, Policy [Policy Text Block] | ' |
SEGMENT REPORTING — As of December 28, 2013, 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. | |
Recently Adopted Accounting Standards [Policy Text Block] | ' |
RECENTLY ADOPTED ACCOUNTING STANDARDS — In December 2011, the Financial Accounting Standards Board (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 became effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods and are to be retrospectively applied. The adoption of this guidance did not have a material impact on the Company’s consolidated condensed financial statements. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
NEW ACCOUNTING STANDARDS NOT YET ADOPTED — 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. |
VARIABLE_INTEREST_ENTITIES_Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Variable Interest Entities [Abstract] | ' | ||||||||
Schedule of Variable Interest Entities [Table Text Block] | 'Following are the required disclosures associated with the Company’s consolidated VIEs: | ||||||||
December 28, | September 28, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Cash and cash equivalents | $ | 634 | $ | 637 | |||||
Accounts receivable | 338 | 317 | |||||||
Inventories | 16 | 16 | |||||||
Prepaid income taxes | 163 | 163 | |||||||
Prepaid expenses and other current assets | 12 | 13 | |||||||
Due from Ark Restaurants Corp. and affiliates (1) | 160 | 157 | |||||||
Fixed assets, net | 77 | 89 | |||||||
Other long-term assets | 71 | 71 | |||||||
Total assets | $ | 1,471 | $ | 1,463 | |||||
Accounts payable | $ | 61 | $ | 70 | |||||
Accrued expenses and other liabilities | 368 | 140 | |||||||
Operating lease deferred credit | 60 | — | |||||||
Total liabilities | 489 | 210 | |||||||
Equity of variable interest entities | 982 | 1,253 | |||||||
Total liabilities and equity | $ | 1,471 | $ | 1,463 | |||||
-1 | Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation. |
ACCRUED_EXPENSES_AND_OTHER_CUR1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 3 Months Ended | ||||||||
Dec. 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: | ||||||||
December 28, | September 28, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
Sales tax payable | $ | 1,156 | $ | 783 | |||||
Accrued wages and payroll related costs | 1,205 | 1,435 | |||||||
Customer advance deposits | 2,759 | 3,356 | |||||||
Accrued occupancy, gift cards and other operating expenses | 4,180 | 3,701 | |||||||
$ | 9,300 | $ | 9,275 |
STOCK_OPTIONS_Tables
STOCK OPTIONS (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 'A summary of stock option activity is presented below: | ||||||||||||||||
2014 | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Term | ||||||||||||||||
Outstanding, beginning of period | 623,100 | $ | 19.56 | 5.50 Years | |||||||||||||
Options: | |||||||||||||||||
Granted | — | ||||||||||||||||
Exercised | (3,000 | ) | $ | 12.83 | |||||||||||||
Canceled or expired | — | ||||||||||||||||
Outstanding and expected to vest, end of year | 620,100 | $ | 19.73 | 5.25 Years | $ | 3,545,220 | |||||||||||
Exercisable, end of year | 501,450 | $ | 20.95 | 4.50 Years | $ | 2,587,715 |
CONSOLIDATED_CONDENSED_FINANCI1
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items] | ' | ' |
Number of Significant Vendors | 1 | 2 |
Restaurants and Bars [Member] | ' | ' |
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items] | ' | ' |
Number of Operating Segments | 20 | ' |
Fast Food Concepts and Catering Operations [Member] | ' | ' |
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items] | ' | ' |
Number of Operating Segments | 22 | ' |
Supplier Concentration Risk [Member] | ' | ' |
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items] | ' | ' |
Supplier Concentration Risk Description | 'the Company made purchases from one vendor that accounted for approximately 12% of total purchases. | 'the Company made purchases from two vendors that accounted for approximately 22% of total purchases. |
Concentration Risk, Percentage | 12.00% | 22.00% |
VARIABLE_INTEREST_ENTITIES_Det
VARIABLE INTEREST ENTITIES (Details) | Dec. 28, 2013 |
Variable Interest Entities [Abstract] | ' |
Number of VIEs with Primary Benefits | 3 |
VARIABLE_INTEREST_ENTITIES_Det1
VARIABLE INTEREST ENTITIES (Details) - Schedule of variable interest entities (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of variable interest entities [Abstract] | ' | ' | ||
Cash and cash equivalents | $634 | $637 | ||
Accounts receivable | 338 | 317 | ||
Inventories | 16 | 16 | ||
Prepaid income taxes | 163 | 163 | ||
Prepaid expenses and other current assets | 12 | 13 | ||
Due from Ark Restaurants Corp. and affiliates (1) | 160 | [1] | 157 | [1] |
Fixed assets, net | 77 | 89 | ||
Other long-term assets | 71 | 71 | ||
Total assets | 1,471 | 1,463 | ||
Accounts payable | 61 | 70 | ||
Accrued expenses and other liabilities | 368 | 140 | ||
Operating lease deferred credit | 60 | ' | ||
Total liabilities | 489 | 210 | ||
Equity of variable interest entities | 982 | 1,253 | ||
Total liabilities and equity | $1,471 | $1,463 | ||
[1] | Amounts due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation. |
RECENT_RESTAURANT_EXPANSION_De
RECENT RESTAURANT EXPANSION (Details) (USD $) | 3 Months Ended |
Dec. 28, 2013 | |
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ' |
Lease Expiration Date | 31-Dec-32 |
Tropicana Hotel and Casino [Member] | ' |
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ' |
Cost of Construction (in Dollars) | 1,750,000 |
Lease Expiration Date | 7-Jun-23 |
Number of Lease Renewal Option | 2 |
Period of Lease Extension Under Renewal Option | '5 years |
RECENT_RESTAURANT_DISPOSITIONS1
RECENT RESTAURANT DISPOSITIONS (Details) (Red and Sequoia Properties [Member], USD $) | 3 Months Ended |
Dec. 29, 2012 | |
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 |
NOTE_RECEIVABLE_Details
NOTE RECEIVABLE (Details) (USD $) | 1 Months Ended | 3 Months Ended |
Jun. 07, 2011 | Dec. 28, 2013 | |
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 |
INVESTMENT_IN_NEW_MEADOWLANDS_1
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 28, 2013 | Sep. 28, 2013 | |
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items] | ' | ' |
Profit Participation Percentage | 5.00% | ' |
New Meadowlands Racetrack LLC [Member] | ' | ' |
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items] | ' | ' |
Payments to Acquire Businesses and Interest in Affiliates (in Dollars) | ' | $4,200,000 |
Payments to Acquire Additional Interest in Subsidiaries (in Dollars) | 464,000 | ' |
Cost Method Investments Ownership Percentage | 11.60% | ' |
Ark Meadowlands LLC [Member] | ' | ' |
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 97.00% | ' |
Maximum Loss Relating to VIE Included in Other Current Assets (in Dollars) | $321,000 | ' |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 3 Months Ended |
Dec. 28, 2013 | |
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 |
Payments for Repurchase of Common Stock | 1,000,000 |
Note Payable In Connection With Purchase Of Treasury Shares | 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 | 974,000 |
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 | $2,167,000 |
Unsecured Promissory Note [Member] | ' |
NOTES PAYABLE (Details) [Line Items] | ' |
Number of Installments | 24 |
ACCRUED_EXPENSES_AND_OTHER_CUR2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - Schedule of Accrued expenses and other current liabilities (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Accrued expenses and other current liabilities [Abstract] | ' | ' |
Sales tax payable | $1,156 | $783 |
Accrued wages and payroll related costs | 1,205 | 1,435 |
Customer advance deposits | 2,759 | 3,356 |
Accrued occupancy, gift cards and other operating expenses | 4,180 | 3,701 |
$9,300 | $9,275 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended |
Dec. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Lease Expiration Date | 31-Dec-32 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets (in Dollars) | $7,500,000 |
Business Acquisition, Effective Date of Acquisition | 28-Feb-14 |
Initial Deposit Under Asset Purchase Agreement (in Dollars) | $500,000 |
STOCK_OPTIONS_Details
STOCK OPTIONS (Details) (USD $) | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
STOCK OPTIONS (Details) [Line Items] | ' | ' |
Number of Stock Option Plans | 2 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ' |
Share-based Compensation (in Dollars) | $80,000 | $80,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $142,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '6 months | ' |
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 $) | 3 Months Ended |
Dec. 28, 2013 | |
Schedule of stock options, activity [Abstract] | ' |
Outstanding, beginning of period | 623,100 |
Outstanding, beginning of period (in Dollars per share) | $19.56 |
Outstanding, beginning of period | '5 years 6 months |
Options: | ' |
Exercised | -3,000 |
Exercised (in Dollars per share) | $12.83 |
Outstanding and expected to vest, end of year | 620,100 |
Outstanding and expected to vest, end of year (in Dollars per share) | $19.73 |
Outstanding and expected to vest, end of year | '5 years 3 months |
Outstanding and expected to vest, end of year (in Dollars) | $3,545,220 |
Exercisable, end of year | 501,450 |
Exercisable, end of year (in Dollars per share) | $20.95 |
Exercisable, end of year | '4 years 6 months |
Exercisable, end of year (in Dollars) | $2,587,715 |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 32.00% | 32.00% |
INCOME_PER_SHARE_OF_COMMON_STO1
INCOME PER SHARE OF COMMON STOCK (Details) (USD $) | 3 Months Ended | |
Dec. 28, 2013 | Dec. 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 | 156,300 | 165,100 |
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 | 237,300 | 245,500 |
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 | 139,000 |
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 |
DIVIDENDS_Details
DIVIDENDS (Details) (USD $) | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Dividends [Abstract] | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.25 | $0.25 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
Jan. 31, 2014 | |
Subsequent Event [Member] | ' |
SUBSEQUENT EVENTS (Details) [Line Items] | ' |
Property, Plant and Equipment, Additions | $250,000 |
Intial Payment Under Purchase Agreement | $50,000 |