Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 27, 2015 | Aug. 04, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ARK RESTAURANTS CORP | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-26 | |
Entity Common Stock, Shares Outstanding | 3,405,528 | |
Amendment Flag | false | |
Entity Central Index Key | 779,544 | |
Entity Filer Category | Smaller Reporting Company | |
Document Period End Date | Jun. 27, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 27, 2015 | Sep. 27, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents (includes $595 at June 27, 2015 and $584 at September 27, 2014 related to VIEs) | $ 7,586 | $ 8,662 |
Accounts receivable (includes $405 at June 27, 2015 and $440 at September 27, 2014 related to VIEs) | 3,691 | 3,016 |
Employee receivables | 375 | 399 |
Inventories (includes $17 at June 27, 2015 and $19 at September 27, 2014 related to VIEs) | 1,896 | 1,832 |
Prepaid expenses and other current assets (includes $178 at June 27, 2015 and $173 at September 27, 2014 related to VIEs) | 1,782 | 1,491 |
Current portion of note receivable | 25 | |
Total current assets | 15,330 | 15,425 |
FIXED ASSETS - Net (includes $52 at June 27, 2015 and $59 at September 27, 2014 related to VIEs) | 28,325 | 29,019 |
NOTE RECEIVABLE, LESS CURRENT PORTION | 228 | |
INTANGIBLE ASSETS - Net | 103 | 95 |
GOODWILL | 6,813 | 6,813 |
TRADEMARKS | 1,221 | 1,221 |
DEFERRED INCOME TAXES | 4,771 | 5,214 |
OTHER ASSETS (includes $71 at June 27, 2015 and September 27, 2014 related to VIEs) | 7,628 | 7,348 |
TOTAL ASSETS | 64,191 | 65,363 |
CURRENT LIABILITIES: | ||
Accounts payable - trade (includes $57 at June 27, 2015 and $58 at September 27, 2014 related to VIEs) | 2,626 | 2,592 |
Accrued expenses and other current liabilities (includes $294 at June 27, 2015 and $179 at September 27, 2014 related to VIEs) | 10,463 | 10,336 |
Accrued income taxes | 928 | 1,162 |
Dividend payable | 844 | |
Current portion of notes payable | 1,617 | 1,794 |
Total current liabilities | 15,634 | 16,728 |
OPERATING LEASE DEFERRED CREDIT (includes $78 at June 27, 2015 and $75 at September 27, 2014 related to VIEs) | 3,901 | 4,219 |
NOTES PAYABLE, LESS CURRENT PORTION | 4,311 | 5,524 |
TOTAL LIABILITIES | $ 23,846 | $ 26,471 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock, par value $.01 per share - authorized, 10,000 shares; issued, 4,761 shares at June 27, 2015 and 4,733 shares at September 27, 2014; outstanding, 3,405 shares at June 27, 2015 and 3,377 shares at September 27, 2014 | $ 48 | $ 47 |
Additional paid-in capital | 25,929 | 25,167 |
Retained earnings | 25,392 | 24,554 |
51,369 | 49,768 | |
Less treasury stock, at cost, of 1,356 shares at June 27, 2015 and September 27, 2014 | (13,220) | (13,220) |
Total Ark Restaurants Corp. shareholders’ equity | 38,149 | 36,548 |
NON-CONTROLLING INTERESTS | 2,196 | 2,344 |
TOTAL EQUITY | 40,345 | 38,892 |
TOTAL LIABILITIES AND EQUITY | $ 64,191 | $ 65,363 |
CONSOLIDATED CONDENSED BALANCE3
CONSOLIDATED CONDENSED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 27, 2015 | Sep. 27, 2014 |
VIEs, Cash and cash equivalents | $ 595 | $ 584 |
VIEs, Accounts receivable | 405 | 440 |
VIEs, Inventories | 17 | 19 |
VIEs, Prepaid expenses and other current assets | 178 | 173 |
VIEs, Fixed assets | 52 | 59 |
VIEs, Other assets | 71 | 71 |
VIEs, Accounts payable trade | 57 | 58 |
VIEs, Accrued expenses and other current liabilities | 294 | 179 |
VIEs, Operating lease deferred credit | $ 78 | $ 75 |
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) | 4,761 | 4,733 |
Common stock, shares outstanding (in Shares) | 3,405 | 3,377 |
Treasury stock, shares (in Shares) | 1,356 | 1,356 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
REVENUES: | ||||
Food and beverage sales | $ 40,016 | $ 38,746 | $ 104,278 | $ 101,183 |
Other revenue | 359 | 364 | 1,004 | 1,103 |
Total revenues | 40,375 | 39,110 | 105,282 | 102,286 |
COSTS AND EXPENSES: | ||||
Food and beverage cost of sales | 10,573 | 10,738 | 28,491 | 26,965 |
Payroll expenses | 12,019 | 11,952 | 34,158 | 32,989 |
Occupancy expenses | 4,351 | 4,360 | 12,367 | 12,915 |
Other operating costs and expenses | 4,858 | 4,989 | 13,473 | 13,518 |
General and administrative expenses | 2,769 | 2,567 | 8,200 | 7,790 |
Depreciation and amortization | 1,104 | 1,130 | 3,308 | 3,384 |
Total costs and expenses | 35,674 | 35,736 | 99,997 | 97,561 |
OPERATING INCOME | 4,701 | 3,374 | 5,285 | 4,725 |
OTHER (INCOME) EXPENSE: | ||||
Interest expense | 81 | 102 | 206 | 161 |
Interest income | (12) | (7) | (35) | (20) |
Other (income) expense, net | (42) | (121) | (164) | (302) |
Total other (income) expense, net | 27 | (26) | 7 | (161) |
INCOME BEFORE PROVISION FOR INCOME TAXES | 4,674 | 3,400 | 5,278 | 4,886 |
Provision for income taxes | 1,051 | 702 | 1,219 | 1,183 |
CONSOLIDATED NET INCOME | 3,623 | 2,698 | 4,059 | 3,703 |
Net income attributable to non-controlling interests | (382) | (459) | (678) | (1,076) |
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. | $ 3,241 | $ 2,239 | $ 3,381 | $ 2,627 |
NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE: | ||||
Basic (in Dollars per share) | $ 0.95 | $ 0.68 | $ 1 | $ 0.80 |
Diluted (in Dollars per share) | $ 0.92 | $ 0.65 | $ 0.97 | $ 0.77 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
Basic (in Shares) | 3,403 | 3,293 | 3,388 | 3,270 |
Diluted (in Shares) | 3,517 | 3,429 | 3,500 | 3,413 |
CONSOLIDATED CONDENSED STATEME5
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
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 | 2,627 | 2,627 | 1,076 | 3,703 | |||
Exercise of stock options | $ 1 | 1,445 | 1,446 | 1,446 | |||
Exercise of stock options (in Shares) | 110,000 | ||||||
Tax benefit on exercise of stock options | 45 | 45 | 45 | ||||
Stock-based compensation | 244 | 244 | 244 | ||||
Distributions to non-controlling interests | (1,181) | (1,181) | |||||
Accrued and paid dividends - $0.75 per share | (2,460) | (2,460) | (2,460) | ||||
BALANCE at Jun. 28, 2014 | $ 47 | 24,712 | 23,117 | (13,220) | 34,656 | 2,489 | 37,145 |
BALANCE (in Shares) at Jun. 28, 2014 | 4,720,000 | ||||||
BALANCE at Sep. 27, 2014 | $ 47 | 25,167 | 24,554 | (13,220) | 36,548 | 2,344 | 38,892 |
BALANCE (in Shares) at Sep. 27, 2014 | 4,733,000 | ||||||
Net income | 3,381 | 3,381 | 678 | 4,059 | |||
Exercise of stock options | $ 1 | 355 | 356 | $ 356 | |||
Exercise of stock options (in Shares) | 28,000 | 28,361 | |||||
Tax benefit on exercise of stock options | 94 | 94 | $ 94 | ||||
Stock-based compensation | 313 | 313 | 313 | ||||
Distributions to non-controlling interests | (826) | (826) | |||||
Accrued and paid dividends - $0.75 per share | (2,543) | (2,543) | (2,543) | ||||
BALANCE at Jun. 27, 2015 | $ 48 | $ 25,929 | $ 25,392 | $ (13,220) | $ 38,149 | $ 2,196 | $ 40,345 |
BALANCE (in Shares) at Jun. 27, 2015 | 4,761,000 |
CONSOLIDATED CONDENSED STATEME6
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 9 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Dividends, per share | $ 0.75 | $ 0.75 |
Retained Earnings [Member] | ||
Dividends, per share | 0.75 | 0.75 |
Parent [Member] | ||
Dividends, per share | $ 0.75 | $ 0.75 |
CONSOLIDATED CONDENSED STATEME7
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Consolidated net income | $ 4,059,000 | $ 3,703,000 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Deferred income taxes | 443,000 | (151,000) |
Stock-based compensation | 313,000 | 244,000 |
Depreciation and amortization | 3,308,000 | 3,384,000 |
Operating lease deferred credit | (318,000) | (288,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (675,000) | 730,000 |
Inventories | (64,000) | (82,000) |
Prepaid, refundable and accrued income taxes | (234,000) | 653,000 |
Prepaid expenses and other current assets | (291,000) | (500,000) |
Other assets | (169,000) | (305,000) |
Accounts payable - trade | 34,000 | 11,000 |
Accrued expenses and other current liabilities | 127,000 | 405,000 |
Net cash provided by operating activities | 6,533,000 | 7,804,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of fixed assets | (2,622,000) | (2,710,000) |
Loans and advances made to employees | (110,000) | (238,000) |
Payments received on employee receivables | 134,000 | 142,000 |
Payments received on note receivable | 253,000 | 606,000 |
Loan made to Meadowlands Newmark LLC | (1,500,000) | |
Net cash used in investing activities | (2,456,000) | (5,874,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on notes payable | (1,390,000) | (1,805,000) |
Dividends paid | (3,387,000) | (2,445,000) |
Proceeds from issuance of stock upon exercise of stock options | 356,000 | 1,446,000 |
Excess tax benefits related to stock-based compensation | 94,000 | 45,000 |
Distributions to non-controlling interests | (826,000) | (1,181,000) |
Net cash used in financing activities | (5,153,000) | (3,940,000) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,076,000) | (2,010,000) |
CASH AND CASH EQUIVALENTS, Beginning of period | 8,662,000 | 8,748,000 |
CASH AND CASH EQUIVALENTS, End of period | 7,586,000 | 6,738,000 |
Cash paid during the period for: | ||
Interest | 183,000 | 161,000 |
Income taxes | 917,000 | 637,000 |
Non-cash financing activity: | ||
Accrued dividend | 829,000 | |
Note payable in connection with the purchase of The Rustic Inn | 6,000,000 | |
Meadowlands Newmark LLC [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of member interest in Meadowlands Newmark LLC | $ (111,000) | (464,000) |
The Rustic Inn [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of The Rustic Inn | $ (1,710,000) |
CONSOLIDATED CONDENSED FINANCIA
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS | 9 Months Ended |
Jun. 27, 2015 | |
Consolidated Condensed Financial Statements [Abstract] | |
Consolidated Condensed Financial Statements [Text Block] | 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS The consolidated condensed balance sheet as of September 27, 2014, which has been derived from audited financial statements included in the Form 10-K, and the unaudited interim consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. All adjustments that, in the opinion of management are necessary for a fair presentation for the periods presented, have been reflected as required by Regulation S-X, Rule 10-01. Such adjustments are of a normal, recurring nature. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended September 27, 2014. 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. During the quarter ended March 28, 2015, the Company identified an immaterial error in previously issued financial statements related to an overstatement of its gift card liability in the amount of $224,000 ($161,000 net of tax or $0.05 per basic and diluted share for the 13-weeks ended March 28, 2015). The Company reviewed this accounting error utilizing SEC Staff Accounting Bulletin No. 99, “Materiality” (“SAB 99”) and SEC Staff Accounting Bulletin No. 108, “Effects of Prior Year Misstatements on Current Year Financial Statements” (“SAB 108”) and determined the impact of the error to be immaterial to any prior period’s presentation. The accompanying consolidated financial statements as of June 27, 2015 reflects the correction of the aforementioned immaterial error. PRINCIPLES OF CONSOLIDATION — The consolidated condensed interim financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest, collectively herein referred to as the “Company”. Also included in the consolidated condensed interim financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation. 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 approximate 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 For the 13 and 39-week periods ended June 27, 2015, the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases for the respective period. For the 13 and 39-week periods ended June 28, 2014, the Company made purchases from one vendor that accounted for approximately 11% and 11% of total purchases, respectively. SEGMENT REPORTING — As of June 27, 2015, the Company owned and operated 21 restaurants and bars, 19 fast food concepts and catering operations, exclusively in the United States, that have similar economic characteristics, nature of products and service, class of customers and distribution methods. The Company believes it meets the criteria for aggregating its operating segments into a single reporting segment in accordance with applicable accounting guidance. RECENTLY ADOPTED ACCOUNTING STANDARDS — In April 2014, the FASB issued new accounting guidance that changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance became effective for annual reporting periods beginning on or after December 15, 2014 and is to be applied prospectively. 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 January 2015, the FASB issued guidance simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The amendments are effective for annual reporting periods, including interim periods within those reporting periods, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the annual reporting period. The Company does not believe this guidance will have a material impact on its Consolidated Financial Statements. In February 2015, the FASB amended the consolidation standards for reporting entities that are required to evaluate whether they should consolidate certain legal entities. Under the new guidance, all legal entities are subject to reevaluation under the revised consolidation model. Specifically, the guidance (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (ii) eliminates the presumption that a general partner should consolidate a limited partnership; (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act for registered money market funds. The amendments are effective for annual reporting periods, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Jun. 27, 2015 | |
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: June 27, September 27, (in thousands) Cash and cash equivalents $ 595 $ 584 Accounts receivable 405 440 Inventories 17 19 Prepaid expenses and other current assets 178 173 Due from Ark Restaurants Corp. and affiliates (1) 103 105 Fixed assets - net 52 59 Other assets 71 71 Total assets $ 1,421 $ 1,451 Accounts payable - trade $ 57 $ 58 Accrued expenses and other current liabilities 294 179 Operating lease deferred credit 78 75 Total liabilities 429 312 Equity of variable interest entities 992 1,139 Total liabilities and equity $ 1,421 $ 1,451 (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 | 9 Months Ended |
Jun. 27, 2015 | |
Recent Restaurant Expansion [Abstract] | |
Recent Restaurant Expansion [Text Block] | 3. RECENT RESTAURANT EXPANSION On February 24, 2014, the Company, through a wholly-owned subsidiary, Ark Rustic Inn LLC, completed its acquisition of the assets of The Rustic Inn Crab House The Rustic Inn Inventory $ 210,000 Land 2,000,000 Building 2,800,000 Furniture, fixtures and equipment 200,000 Trademarks 500,000 Goodwill 2,000,000 $ 7,710,000 The Consolidated Condensed Statements of Income for the 39-weeks ended June 27, 2015 include revenues and earnings of approximately $11,919,000 and $2,656,000, respectively, related to The Rustic Inn The Rustic Inn The Rustic Inn 39 Weeks Ended (in thousands, except Total revenues $ 107,359 Net income $ 2,966 Net income per share - basic $ 0.91 Net income per share - diluted $ 0.87 On July 18, 2014, the Company, through a wholly-owned subsidiary, Ark Jupiter RI, LLC, entered into an agreement with Crab House, Inc., and acquired certain assets and the related lease for a restaurant and bar located in Jupiter, Florida for approximately $250,000. In connection with this transaction, the Company entered into an amended lease for an initial period expiring through December 31, 2015. In June 2015, the Company exercised its option to extend the lease through December 31, 2023. The Company has additional options to extend the lease through 2033. Renovations to the property totaled approximately $750,000. The restaurant opened as The Rustic Inn in the last week of January 2015 and, as a result, the Consolidated Condensed Statements of Income for the 13 and 39-weeks ended June 27, 2015 include approximately $175,000 and $841,000 of pre-opening and early operating losses, respectively. On March 27, 2015, the Company, through a wholly-owned subsidiary, entered into an agreement to operate a kiosk in Bryant Park, NY for the sale of food and beverages for an initial period expiring through March 31, 2020 with an option to extend the agreement for five additional years. Renovations totaled approximately $400,000 and the property opened in July 2015. |
RECENT RESTAURANT DISPOSITIONS
RECENT RESTAURANT DISPOSITIONS | 9 Months Ended |
Jun. 27, 2015 | |
Recent Restaurant Dispositions [Abstract] | |
Recent Restaurant Dispositions [Text Block] | 4. RECENT RESTAURANT DISPOSITIONS Lease Expirations The Sporting House On May 31, 2014, the Company’s lease at the Rialto Deli On October 31, 2014, the Company’s lease at the Towers Deli On November 30, 2014, the Company’s lease at the Shake & Burger |
NOTE RECEIVABLE
NOTE RECEIVABLE | 9 Months Ended |
Jun. 27, 2015 | |
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 the remaining principal balance is payable in 38 equal monthly installments of approximately $9,000. The note was repaid in full in March 2015. |
INVESTMENT IN NEW MEADOWLANDS R
INVESTMENT IN NEW MEADOWLANDS RACETRACK | 9 Months Ended |
Jun. 27, 2015 | |
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% of Meadowlands Newmark, LLC. In June 2015, the Company invested an additional $111,000 as a result of a capital call bringing its total investment to $4,775,000. In addition to the Company’s ownership interest in NMR through Meadowlands Newmark, LLC, if casino gaming is approved at the Meadowlands and NMR is granted the right to conduct said gaming, neither of which can be assured, the Company shall be granted the exclusive right to operate the food and beverage concessions in the gaming facility with the exception of one restaurant. 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 June 27, 2015 and September 27, 2014. 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 June 27, 2015. In conjunction with this investment, the Company, through a 97% owned subsidiary, Ark Meadowlands LLC (“AM VIE”), also entered into a long-term agreement with NMR for the exclusive right to operate food and beverage concessions serving the new raceway facilities (the “Racing F&B Concessions”) located in the new raceway grandstand constructed at the Meadowlands Racetrack in northern New Jersey. Under the agreement, NMR is responsible to pay for the costs and expenses incurred in the operation of the Racing F&B Concessions, and all revenues and profits thereof inure to the benefit of NMR. AM VIE receives an annual fee equal to 5% of the net profits received by NMR from the Racing F&B Concessions during each calendar year. At June 27, 2015, it was determined that AM VIE is a variable interest entity. However, based on qualitative consideration of the contracts with AM VIE, the operating structure of AM VIE, the Company’s role with AM VIE, and that the Company is not obligated to absorb any expected losses of AM VIE, the Company has concluded that it is not the primary beneficiary and not required to consolidate the operations of AM VIE. The Company’s maximum exposure to loss as a result of its involvement with AM VIE is limited to a receivable from AM VIE’s primary beneficiary (NMR, a related party) which aggregated approximately $267,000 and $266,000 at June 27, 2015 and September 27, 2014, respectively, and are included in Prepaid Expenses and Other Current Assets in the Consolidated Condensed Balance Sheets. On April 25, 2014, the Company loaned $1,500,000 to Meadowlands Newmark, LLC. The note bears interest at 3%, compounded monthly and added to the principal, and is due in its entirety on January 31, 2024. The note may be prepaid, in whole or in part, at any time without penalty or premium. The principal and accrued interest related to this note in the amounts of $1,555,303 and $1,522,954 are included in Other Assets in the Consolidated Condensed Balance Sheets at June 27, 2015 and September 27, 2014, respectively. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Jun. 27, 2015 | |
Notes Payable For Treasury Stock Repurchase [Abstract] | |
Notes Payable For Treasury Stock Repurchase [Text Block] | 7. NOTES PAYABLE Treasury Stock Repurchase – Bank – The loan 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 June 27, 2015. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 9 Months Ended |
Jun. 27, 2015 | |
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: June 27, September 27, 2015 2014 (In thousands) Sales tax payable $ 1,258 $ 833 Accrued wages and payroll related costs 1,760 1,532 Customer advance deposits 3,244 3,895 Accrued occupancy and other operating expenses 4,201 4,076 $ 10,463 $ 10,336 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jun. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES Leases Legal Proceedings |
STOCK OPTIONS
STOCK OPTIONS | 9 Months Ended |
Jun. 27, 2015 | |
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. During the 39-week period ended June 27, 2015, options to purchase 136,500 shares of common stock at an exercise price of $29.60 per share expired unexercised. A summary of stock option activity is presented below: 2015 Shares Weighted Weighted Aggregate Outstanding, beginning of period 704,161 $ 21.66 5.7 Years Options: Granted - Exercised (28,361 ) $ 12.54 Canceled or expired (136,500 ) $ 29.60 Outstanding and expected to vest, end of period 539,300 $ 20.12 6.4 Years $ 2,758,920 Exercisable, end of period 436,550 $ 14.27 5.8 Years $ 2,758,920 Compensation cost charged to operations for the 39-week periods ended June 27, 2015 and June 28, 2014 was $313,000 and $244,000, respectively, and for the 13-week periods ended June 27, 2015 and June 28, 2014 was $105,000 and $87,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Condensed Statements of Income. As of June 27, 2015, there was approximately $399,000 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 | 9 Months Ended |
Jun. 27, 2015 | |
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 39-week periods ended June 27, 2015 and June 28, 2014 reflect effective tax rates of approximately 23% and 28%, respectively. The provision for income taxes for the 13 and 39-weeks ended June 27, 2015 includes a discrete benefit of approximately $130,000 relating primarily to the impact of various state tax law changes. 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 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. The Company’s overall effective tax rate in the future will be affected by factors such as the utilization of state and local net operating loss carryforwards, the utilization of FICA tax credits and the mix of earnings by state taxing jurisdiction as Nevada does not impose a state income tax, as compared to the other major state and local jurisdictions in which the Company has operations. |
INCOME PER SHARE OF COMMON STOC
INCOME PER SHARE OF COMMON STOCK | 9 Months Ended |
Jun. 27, 2015 | |
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 and 39-week periods ended June 27, 2015, options to purchase 74,000 shares of common stock at an exercise price of $12.04 per share, options to purchase 169,800 shares of common stock at an exercise price of $14.40 per share and options to purchase 205,500 shares of common stock at an exercise price of $22.50 per share were included in diluted earnings per share. Options to purchase 90,000 shares of common stock at an exercise price of $32.15 were not included in diluted earnings per share as their impact was anti-dilutive. For the 13 and 39-week periods ended June 28, 2014, options to purchase 97,761 shares of common stock at an exercise price of $12.04 per share and options to purchase 188,476 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, options to purchase 90,000 shares of common stock at an exercise price of $32.15 per share and options to purchase 205,500 shares of common stock at an exercise price of $22.50 per share were not included in diluted earnings per share as their impact was anti-dilutive. |
DIVIDENDS
DIVIDENDS | 9 Months Ended |
Jun. 27, 2015 | |
Dividends [Abstract] | |
Dividends [Text Block] | 13. DIVIDENDS On June 9, 2015, the Board of Directors declared a quarterly dividend of $0.25 per share on the Company’s common stock to be paid on July 3, 2015 to shareholders of record at the close of business on June 19, 2015. The Company intends to continue to pay such quarterly cash dividends for the foreseeable future, however, the payment of future dividends is at the discretion of the Company’s Board of Directors and is based on future earnings, cash flow, financial condition, capital requirements, changes in U.S. taxation and other relevant factors. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jun. 27, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 14. SUBSEQUENT EVENTS On August 6, 2015, the Company, through a wholly-owned subsidiary, paid $543,550 (including a $143,550 security deposit) to assume the lease for an event space located in New York, NY. The assumed lease expires through March 31, 2026 with an option to extend the agreement for five additional years and provides for annual rent in the amount of approximately $300,000. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Jun. 27, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION — The consolidated condensed interim financial statements include the accounts of Ark Restaurants Corp. and all of its wholly-owned subsidiaries, partnerships and other entities in which it has a controlling interest, collectively herein referred to as the “Company”. Also included in the consolidated condensed interim financial statements are certain variable interest entities (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation. |
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 approximate 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 For the 13 and 39-week periods ended June 27, 2015, the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases for the respective period. For the 13 and 39-week periods ended June 28, 2014, the Company made purchases from one vendor that accounted for approximately 11% and 11% of total purchases, respectively. |
Segment Reporting, Policy [Policy Text Block] | SEGMENT REPORTING — As of June 27, 2015, the Company owned and operated 21 restaurants and bars, 19 fast food concepts and catering operations, exclusively in the United States, that have similar economic characteristics, nature of products and service, class of customers and distribution methods. The Company believes it meets the criteria for aggregating its operating segments into a single reporting segment in accordance with applicable accounting guidance. |
Recently Adopted Accounting Standards [Policy Text Block] | RECENTLY ADOPTED ACCOUNTING STANDARDS — In April 2014, the FASB issued new accounting guidance that changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance became effective for annual reporting periods beginning on or after December 15, 2014 and is to be applied prospectively. 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 January 2015, the FASB issued guidance simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The amendments are effective for annual reporting periods, including interim periods within those reporting periods, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the annual reporting period. The Company does not believe this guidance will have a material impact on its Consolidated Financial Statements. In February 2015, the FASB amended the consolidation standards for reporting entities that are required to evaluate whether they should consolidate certain legal entities. Under the new guidance, all legal entities are subject to reevaluation under the revised consolidation model. Specifically, the guidance (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (ii) eliminates the presumption that a general partner should consolidate a limited partnership; (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act for registered money market funds. The amendments are effective for annual reporting periods, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of this guidance on its Consolidated Financial Statements. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | Following are the required disclosures associated with the Company’s consolidated VIEs: June 27, September 27, (in thousands) Cash and cash equivalents $ 595 $ 584 Accounts receivable 405 440 Inventories 17 19 Prepaid expenses and other current assets 178 173 Due from Ark Restaurants Corp. and affiliates (1) 103 105 Fixed assets - net 52 59 Other assets 71 71 Total assets $ 1,421 $ 1,451 Accounts payable - trade $ 57 $ 58 Accrued expenses and other current liabilities 294 179 Operating lease deferred credit 78 75 Total liabilities 429 312 Equity of variable interest entities 992 1,139 Total liabilities and equity $ 1,421 $ 1,451 (1) Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation. |
RECENT RESTAURANT EXPANSION (Ta
RECENT RESTAURANT EXPANSION (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
Recent Restaurant Expansion [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The fair values of the assets acquired were allocated as follows: Inventory $ 210,000 Land 2,000,000 Building 2,800,000 Furniture, fixtures and equipment 200,000 Trademarks 500,000 Goodwill 2,000,000 $ 7,710,000 |
Schedule of Annual Financial Information [Table Text Block] | The unaudited pro forma financial information set forth below is based upon the Company’s historical Consolidated Condensed Statements of Income for the 39-weeks ended June 28, 2014 39 Weeks Ended (in thousands, except Total revenues $ 107,359 Net income $ 2,966 Net income per share - basic $ 0.91 Net income per share - diluted $ 0.87 |
ACCRUED EXPENSES AND OTHER CU25
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
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: June 27, September 27, 2015 2014 (In thousands) Sales tax payable $ 1,258 $ 833 Accrued wages and payroll related costs 1,760 1,532 Customer advance deposits 3,244 3,895 Accrued occupancy and other operating expenses 4,201 4,076 $ 10,463 $ 10,336 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 9 Months Ended |
Jun. 27, 2015 | |
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: 2015 Shares Weighted Weighted Aggregate Outstanding, beginning of period 704,161 $ 21.66 5.7 Years Options: Granted - Exercised (28,361 ) $ 12.54 Canceled or expired (136,500 ) $ 29.60 Outstanding and expected to vest, end of period 539,300 $ 20.12 6.4 Years $ 2,758,920 Exercisable, end of period 436,550 $ 14.27 5.8 Years $ 2,758,920 |
CONSOLIDATED CONDENSED FINANC27
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) | 3 Months Ended | 9 Months Ended | |||
Jun. 27, 2015 | Mar. 28, 2015USD ($)$ / shares | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items] | |||||
Gift Card Liability, Current (in Dollars) | $ 224,000 | ||||
Liabilities for Gift Cards Net of tax (in Dollars) | $ 161,000 | ||||
Liabilities for Unredeemed Gift Cards Per Share Amount (in Dollars per share) | $ / shares | $ 0.05 | ||||
Number of Significant Vendors | 1 | 1 | 1 | 1 | |
Restaurants and Bars [Member] | |||||
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items] | |||||
Number of Operating Segments | 21 | ||||
Fast Food Concepts and Catering Operations [Member] | |||||
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items] | |||||
Number of Operating Segments | 19 | ||||
Supplier Concentration Risk [Member] | |||||
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Details) [Line Items] | |||||
Supplier Concentration Risk Description | the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases | the Company made purchases from one vendor that accounted for approximately 11% and 11% of total purchases | the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases | the Company made purchases from one vendor that accounted for approximately 11% and 11% of total purchases | |
Concentration Risk, Percentage | 10.00% | 11.00% | 10.00% | 11.00% |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) | Jun. 27, 2015 |
Variable Interest Entities [Abstract] | |
Number of VIEs with Primary Benefits | 3 |
VARIABLE INTEREST ENTITIES (D29
VARIABLE INTEREST ENTITIES (Details) - Schedule of variable interest entities - USD ($) $ in Thousands | Jun. 27, 2015 | Sep. 27, 2014 | |
Schedule of variable interest entities [Abstract] | |||
Cash and cash equivalents | $ 595 | $ 584 | |
Accounts receivable | 405 | 440 | |
Inventories | 17 | 19 | |
Prepaid expenses and other current assets | 178 | 173 | |
Due from Ark Restaurants Corp. and affiliates (1) | [1] | 103 | 105 |
Fixed assets - net | 52 | 59 | |
Other assets | 71 | 71 | |
Total assets | 1,421 | 1,451 | |
Accounts payable - trade | 57 | 58 | |
Accrued expenses and other current liabilities | 294 | 179 | |
Operating lease deferred credit | 78 | 75 | |
Total liabilities | 429 | 312 | |
Equity of variable interest entities | 992 | 1,139 | |
Total liabilities and equity | $ 1,421 | $ 1,451 | |
[1] | Amounts Due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation. |
RECENT RESTAURANT EXPANSION (De
RECENT RESTAURANT EXPANSION (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2014USD ($) | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | |
RECENT RESTAURANT EXPANSION (Details) [Line Items] | |||||
Net Income (Loss) Attributable to Parent | $ 3,241,000 | $ 2,239,000 | $ 3,381,000 | $ 2,627,000 | |
Lease Expiration Year | 2,032 | ||||
The Rustic Inn [Member] | |||||
RECENT RESTAURANT EXPANSION (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | $ 7,710,000 | ||||
Bank Loan Related to Acquisition | $ 6,000,000 | ||||
Sales Revenue, Services, Net | $ 11,919,000 | ||||
Net Income (Loss) Attributable to Parent | 2,656,000 | ||||
Crab House [Member] | |||||
RECENT RESTAURANT EXPANSION (Details) [Line Items] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 250,000 | ||||
Lease Expiration Date | Dec. 31, 2015 | ||||
Extension of Lease Expiration Date | Dec. 31, 2023 | ||||
Lease Expiration Year | 2,033 | ||||
Investment Owned, at Cost | 750,000 | $ 750,000 | |||
Pre-opening and early operating loss | 175,000 | $ 841,000 | |||
Bryant Park NY [Member] | |||||
RECENT RESTAURANT EXPANSION (Details) [Line Items] | |||||
Lease Expiration Date | Mar. 31, 2020 | ||||
Investment Owned, at Cost | $ 400,000 | $ 400,000 | |||
Number of Additional Extended Years | 5 |
RECENT RESTAURANT EXPANSION (31
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired - USD ($) | Jun. 27, 2015 | Sep. 27, 2014 |
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items] | ||
Goodwill | $ 6,813,000 | $ 6,813,000 |
The Rustic Inn [Member] | ||
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items] | ||
Inventory | 210,000 | |
Land | 2,000,000 | |
Building | 2,800,000 | |
Furniture, fixtures and equipment | 200,000 | |
Trademarks | 500,000 | |
Goodwill | 2,000,000 | |
$ 7,710,000 |
RECENT RESTAURANT EXPANSION (32
RECENT RESTAURANT EXPANSION (Details) - Schedule of unaudited pro forma financial information - 9 months ended Jun. 28, 2014 - USD ($) $ / shares in Units, $ in Thousands | Total |
Schedule of unaudited pro forma financial information [Abstract] | |
Total revenues | $ 107,359 |
Net income | $ 2,966 |
Net income per share - basic | $ 0.91 |
Net income per share - diluted | $ 0.87 |
NOTE RECEIVABLE (Details)
NOTE RECEIVABLE (Details) - USD ($) | 1 Months Ended | 9 Months Ended |
Jun. 07, 2011 | Jun. 27, 2015 | |
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 | 38 | |
Notes Receivable Amount of Equal Periodic Installments | $ 9,000 |
INVESTMENT IN NEW MEADOWLANDS34
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | |
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items] | ||||
Payments to Acquire Additional Interest in Subsidiaries | $ 1,500,000 | |||
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 | $ 4,775,000 | $ 4,200,000 | ||
Payments to Acquire Additional Interest in Subsidiaries | $ 464,000 | |||
Cost Method Investments Ownership Percentage | 11.60% | |||
Additional Investment Due to Capital Call | $ 111,000 | |||
Ark Meadowlands LLC [Member] | ||||
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 97.00% | |||
Maximum Loss Relating to V I E Included In Other Current Assets | $ 267,000 | $ 266,000 | ||
Meadowlands Newmark LLC [Member] | ||||
INVESTMENT IN NEW MEADOWLANDS RACETRACK (Details) [Line Items] | ||||
Payments to Acquire Businesses and Interest in Affiliates | 111,000 | $ 464,000 | ||
Loans And Advances to Related Party | $ 1,500,000 | |||
Interest Rate on Loan | 3.00% | |||
Loan Maturity Date | Jan. 31, 2024 | |||
Principal and Accrued Interest Included in Other Assets | $ 1,555,303 | $ 1,522,954 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - Jun. 27, 2015 | USD ($)$ / sharesshares |
NOTES PAYABLE (Details) [Line Items] | |
Treasury Stock, Shares, Acquired (in Shares) | shares | 250,000 |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $ / shares | $ 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 | Dec. 1, 2012 |
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 | Mar. 25, 2013 |
Debt Instrument, Face Amount | $ 3,000,000 |
Debt Instrument, Interest Rate Terms | LIBOR plus 3.5% per annum |
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Note Payable to Bank Balance Outstanding | $ 5,928,000 |
Unsecured Promissory Note [Member] | |
NOTES PAYABLE (Details) [Line Items] | |
Number of Installments | 24 |
The Rustic Inn [Member] | |
NOTES PAYABLE (Details) [Line Items] | |
Number of Installments | 60 |
Debt Instrument, Date of First Required Payment | Mar. 25, 2014 |
Bank Loan Related to Acquisition | $ 6,000,000 |
Bank Loan Periodic Payment | $ 134,722 |
ACCRUED EXPENSES AND OTHER CU36
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands | Jun. 27, 2015 | Sep. 27, 2014 |
Schedule of accrued expenses and other current liabilities [Abstract] | ||
Sales tax payable | $ 1,258 | $ 833 |
Accrued wages and payroll related costs | 1,760 | 1,532 |
Customer advance deposits | 3,244 | 3,895 |
Accrued occupancy and other operating expenses | 4,201 | 4,076 |
$ 10,463 | $ 10,336 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 9 Months Ended |
Jun. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease Expiration Year | 2,032 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015USD ($)shares | Jun. 28, 2014USD ($) | Jun. 27, 2015USD ($)$ / sharesshares | Jun. 28, 2014USD ($) | |
STOCK OPTIONS (Details) [Line Items] | ||||
Number of Stock Option Plans | 2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period (in Shares) | 136,500 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 29.60 | |||
Share-based Compensation | $ | $ 105,000 | $ 87,000 | $ 313,000 | $ 244,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | $ 399,000 | $ 399,000 | ||
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 (in Shares) | 400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Stock Option 2010 Plan [Member] | ||||
STOCK OPTIONS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 500,000 | 500,000 |
STOCK OPTIONS (Details) - Sched
STOCK OPTIONS (Details) - Schedule of stock options, activity - USD ($) | 9 Months Ended | 12 Months Ended |
Jun. 27, 2015 | Sep. 27, 2014 | |
Schedule of stock options, activity [Abstract] | ||
Outstanding, beginning of period | 704,161 | |
Outstanding, beginning of period | $ 21.66 | |
SharebasedCompensationArrangementbySharebasedPaymentAwardOptionOutstandingWeightedAverageRemainingContractualTerm | 6 years 146 days | 5 years 255 days |
Options: | ||
Exercised | (28,361) | |
Exercised | $ 12.54 | |
Canceled or expired | (136,500) | |
Canceled or expired | $ 29.60 | |
Outstanding and expected to vest, end of period | 539,300 | |
Outstanding and expected to vest, end of period | $ 20.12 | |
SharebasedCompensationArrangementbySharebasedPaymentAwardOptionOutstandingWeightedAverageRemainingContractualTerm | 6 years 146 days | 5 years 255 days |
Outstanding and expected to vest, end of period | $ 2,758,920 | |
Exercisable, end of period | 436,550 | |
Exercisable, end of period | $ 14.27 | |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1 | 5 years 292 days | |
Exercisable, end of period | $ 2,758,920 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 27, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% | 28.00% | |
Discrete Benefit Included in Provision for Income Taxes | $ 130,000 | $ 130,000 |
INCOME PER SHARE OF COMMON ST41
INCOME PER SHARE OF COMMON STOCK (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ||||
Dilutive Securities Included In Computation Of Earnings Per Share Amount | 97,761 | 188,476 | ||
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share | $ 12.04 | $ 14.40 | ||
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 | $ 32.15 | $ 32.15 | ||
Exercise Price One [Member] | ||||
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ||||
Dilutive Securities Included In Computation Of Earnings Per Share Amount | 74,000 | 74,000 | ||
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share | $ 12.04 | $ 12.04 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 136,500 | 136,500 | ||
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share | $ 29.60 | $ 29.60 | ||
Exercise Price Two [Member] | ||||
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ||||
Dilutive Securities Included In Computation Of Earnings Per Share Amount | 169,800 | 169,800 | ||
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share | $ 14.40 | $ 14.40 | ||
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 | $ 32.15 | $ 32.15 | ||
Exercise Price Three [Member] | ||||
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ||||
Dilutive Securities Included In Computation Of Earnings Per Share Amount | 205,500 | 205,500 | ||
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share | $ 22.50 | $ 22.50 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 205,500 | 205,500 | ||
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share | $ 22.50 | $ 22.50 |
DIVIDENDS (Details)
DIVIDENDS (Details) | Jun. 27, 2015$ / shares |
Dividends [Abstract] | |
Dividends Payable, Amount Per Share | $ 0.25 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Aug. 06, 2015 - Subsequent Event [Member] | USD ($) |
SUBSEQUENT EVENTS (Details) [Line Items] | |
Subsequent Event Amount Paid | $ 543,550 |
Subsequent Event Security Deposit Included in Amount Paid | $ 143,550 |
Lease Expiration Date | Mar. 31, 2026 |
Number of Additional Extended Years | 5 |
Subsequent Events Annual Rent | $ 300,000 |