SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
/ X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 1, 1995
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 0-14030
ARK RESTAURANTS CORP.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 13-3156768
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
85 Fifth Avenue, New York, New York 10003
--------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including
area code (212) 206-8800
---------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding shares at August 11, 1995
------------------------------ -------------------------------------
(Common stock, $.01 par value) 3,149,995
ARK RESTAURANTS CORP. AND SUBSIDIARIES
INDEX
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PART I - FINANCIAL INFORMATION: Page
----
Item 1. Consolidated Financial Statements:
Consolidated Condensed Balance Sheets -
July 1, 1995 (Unaudited) and October 1, 1994 (Unaudited) 1
Consolidated Condensed Statements of Operations and
Retained Earnings--13-Week Periods Ended July 1, 1995
(Unaudited) and July 2, 1994 (Unaudited) and 39-Week
Periods Ended July 1, 1995 (Unaudited) and July 2, 1994
(Unaudited) 2
Consolidated Condensed Statements of Cash Flows - 39-Week
Periods Ended July 1, 1995 (Unaudited) and July 2, 1994
(Unaudited) 3
Notes to Consolidated Condensed Financial
Statements (Unaudited) 4-5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6-9
PART II - OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K 10-13
Part I - Financial Information
Item 1. Financial Statements
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
(Dollars in Thousands)
--------------------------------------------------------------------------------
July 1, October 1,
1995 1994
-------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,191 $ 2,913
Accounts receivable 1,214 1,085
Current portion of long-term receivables 186 139
Inventories 875 415
Prepaid expenses 764 392
Other current assets 675 618
Refundable and prepaid income taxes 88 --
Deferred income taxes 63 93
------- -------
Total current assets 5,056 5,655
LONG-TERM RECEIVABLES 1,515 1,535
FIXED ASSETS (Note 2) - At Cost:
Leasehold improvements 14,036 9,633
Furniture, fixtures and equipment 12,035 9,087
Leasehold improvements in progress -- 801
------- -------
26,071 19,521
Less accumulated depreciation and
amortization 9,969 9,025
------- -------
16,102 10,496
INTANGIBLE ASSETS (Note 2) - Less accumulated
amortization of $2,389 and $2,037 4,435 3,041
OTHER ASSETS 592 565
DEFERRED INCOME TAXES 477 477
------- -------
TOTAL ASSETS $28,177 $21,769
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - trade $ 2,471 $ 1,806
Accrued expenses and other current
liabilities 3,493 2,152
Current maturities of long-term debt 115 76
Current maturites of capital lease obligations 219 77
Accrued income taxes -- 27
------- -------
Total current liabilities 6,298 4,138
LONG-TERM DEBT - Net of current maturities 3,682 685
OBLIGATIONS UNDER CAPITAL LEASES - Net of current
maturities 982 350
OPERATING LEASE DEFERRED CREDIT 1,464 1,386
SHAREHOLDERS' EQUITY:
Common stock, par value $.01 per share -
authorized, 10,000,000 shares;
4,487,457 and 4,461,832 shares, respectively 45 44
Additional paid-in capital 7,202 7,107
Retained earnings 9,751 9,306
------- -------
16,998 16,457
Less treasury stock, 1,345,337 shares 1,247 1,247
------- -------
Total shareholders' equity 15,751 15,210
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $28,177 $21,769
======= =======
See notes to consolidated condensed
financial statements
1
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(Unaudited)
(In Thousands, Except per share Amount)
--------------------------------------------------------------------------------
13 Weeks Ended 39 Weeks Ended
---------------------- -------------------
July 1, July 2, July 1, July 2,
1995 1994 1995 1994
-------- -------- -------- --------
NET SALES $ 21,047 $ 17,793 $ 52,164 $ 44,578
COST OF SALES 5,688 4,911 14,383 12,459
--------- --------- --------- ---------
GROSS RESTAURANT PROFIT 15,359 12,882 37,781 32,119
MANAGEMENT FEE INCOME 199 201 776 73
--------- --------- --------- ---------
15,558 13,083 38,557 32,192
--------- --------- --------- ---------
OPERATING EXPENSES
Payroll and payroll benefits 7,511 5,824 19,138 15,656
Occupancy 2,382 1,984 6,464 5,703
Depreciation and amortization 568 407 1,582 1,176
Other 3,053 2,422 8,078 6,422
--------- --------- --------- ---------
13,514 10,637 35,262 28,957
GENERAL AND ADMINISTRATIVE
EXPENSES 987 1,039 3,177 3,036
--------- --------- --------- ---------
14,501 11,676 38,439 31,993
--------- --------- --------- ---------
OPERATING INCOME 1,057 1,407 118 199
--------- --------- --------- ---------
OTHER EXPENSE (INCOME):
Interest expense, net 85 63 158 50
Other income (185) (51) (846) (188)
--------- --------- --------- ---------
(100) (12) (688) (138)
--------- --------- --------- ---------
INCOME BEFORE PROVISION FOR
INCOME TAXES AND CUMULATIVE EFFECT
OF A CHANGE IN ACCOUNTING
PRINCIPLE 1,157 1,395 806 337
PROVISION FOR INCOME TAXES 521 624 361 148
--------- --------- --------- ---------
INCOME BEFORE CUMULATIVE EFFECT
OF A CHANGE IN ACCOUNTING 636 771 445 189
PRINCIPLE
CUMULATIVE EFFECT OF A CHANGE IN
ACCOUNTING PRINCIPLE -- -- -- 508
--------- --------- --------- ---------
NET INCOME 636 771 445 697
RETAINED EARNINGS, Beginning
of period 9,115 8,081 9,306 8,155
--------- --------- --------- ---------
RETAINED EARNINGS, End of period $ 9,751 $ 8,852 $ 9,751 $ 8,852
========= ========= ========= =========
INCOME PER SHARE (Note 4):
INCOME BEFORE CUMULATIVE EFFECT
OF A CHANGE IN ACCOUNTING
PRINCIPLE $.20 $.24 $.14 $.06
==== ==== ==== ====
CUMULATIVE EFFECT OF A CHANGE IN
ACCOUNTING PRINCIPLE -- -- $-- .16
---- ---- ---- ----
NET INCOME $.20 $.24 $.14 $.22
==== ==== ==== =====
WEIGHTED AVERAGE NUMBER OF SHARES
USED IN COMPUTATIONS 3,258 3,217 3,248 3,227
========= ========= ========= =========
See notes to consolidated condensed
financial statements
2
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in Thousands)
--------------------------------------------------------------------------------
39 Weeks Ended
------------------
July 1, July 2,
1995 1994
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 445 $ 697
Adjustments to reconcile net income to net
cash provided by operating activities:
Cumulative effect of a change in accounting
principle -- (508)
Depreciation and amortization of fixed assets 1,408 1,078
Amortization of intangibles 352 215
Provision for uncollectible long-term receivables 50 --
Changes in assets and liabilities:
Increase in accounts receivable (129) (313)
Increase in inventories (113) (30)
(Increase) Decrease in prepaid expenses (372) 113
Increase in refundable and prepaid income taxes (88) (357)
Decrease in other assets 146 542
Increase in accounts payable - trade 664 430
Increase (Decrease) in accrued expenses and other
current liabilities 841 (71)
Decrease in accrued income taxes (27) (75)
Increase in operating lease deferred credit 78 165
Decrease (Increase) in deferred income taxes 30 (25)
-------- --------
Net cash provided by operating activities 3,285 1,861
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to fixed assets (5,757) (2,463)
Additions to intangible assets (146) (147)
Issuance of long-term receivables (168) (200)
Payments received on long-term receivables 92 32
Restaurant Acquisititions (2,335) --
-------- --------
Net cash used in investing activities (8,314) (2,778)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt 4,250 2,250
Principal payment on long-term debt (1,814) (828)
Proceeds from sales leaseback 825 478
Principal payment on capital lease obligations (50) (25)
Exercise of stock options 96 121
-------- --------
Net cash provided by financing activities 3,307 1,996
-------- --------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,722) 1,079
CASH AND CASH EQUIVALENTS, beginning of period 2,913 1,987
-------- --------
CASH AND CASH EQUIVALENTS, end of period $ 1,191 $ 3,066
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during year for:
Interest $ 287 $ 119
======== ========
Income taxes $ 434 530
======== ========
See notes to consolidated condensed financial statements.
3
ARK RESTAURANTS CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
--------------------------------------------------------------------------------
1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
The consolidated condensed financial statements have been prepared by Ark
Restaurants Corp. (the "Company"), without audit. In the opinion of management,
all adjustments (which include only normal recurring adjustments and the change
in accounting principle referred to below) necessary to present fairly the
financial position at July 1, 1995 and results of operations and changes in cash
flows for the periods ended July 1, 1995 and July 2, 1994 have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. It is suggested that these condensed financial
statements 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 October 1, 1994. The results of operations for the periods ended July 1,
1995 are not necessarily indicative of the operating results for the full year.
2. ACQUISITIONS
In October 1994, the Company acquired in a cash transaction a four-star French
restaurant in Manhattan for $1,000,000 plus the purchase of inventories for
approximately $307,000. The Company also entered into a consulting agreement
with the former owner whereby such former owner is entitled to a share of
defined cash flow. The Company guaranteed such former owner an amount not less
than $500,000 in total for the first five years. The purchase price was
allocated to fixed assets ($400,000) and intangible assets (covenant not to
compete: $600,000 and goodwill: $500,000).
In November 1994, the Company acquired a restaurant and bar in the Florida Keys
for $1,350,000 and acquired inventories and supplies of approximately $70,000.
The Company paid cash of $750,000 and issued a note for $600,000 payable in
monthly installments of $7,044, inclusive of interest until September 1, 1999 at
which
4
time the remaining balance outstanding is due. The debt is secured by machinery
and equipment, inventories, supplies and tangible personal property. The
purchase price was allocated to fixed assets ($850,000) and intangible assets
(goodwill: $310,000 and a covenant not to compete: $100,000).
3. INCOME TAXES
The Financial Accounting Standards Board ("FASB") issued Statement No.109,
"Accounting for Income Taxes ("SFAS No.109") in 1992. This statement supersedes
Accounting Principles Board Opinion No.11 and SFAS No.96 and requires an asset
and liability approach for financial accounting and reporting for income taxes.
The Company has adopted SFAS No.109 effective October 3, 1993. As permitted
under SFAS No.109, prior period financial statements have not been restated. The
cumulative effect of adopting SFAS No.109 on the Company's financial statements
for the 13-week period ended January 1, 1994 was to increase net income by
$508,000 or $.16 per share.
4. INCOME PER SHARE OF COMMON STOCK
Per share data is based upon the weighted average number of shares of common
stock and common stock equivalents outstanding during each period; common stock
equivalents consist of dilutive stock options. For the periods ended July 1,
1995 and July 2, 1994, fully diluted net income per common share and common
share equivalent is not shown since the effect is not material.
5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Net Sales
Net sales at restaurants and bars owned by the Company increased 18.3% in the
13-week period ended July 1, 1995 from the comparable period ended July 2, 1994
and increased 17.0% in the 39-week period ended July 1, 1995 from the comparable
period last year. The increase in net sales for the 13-week and 39-week periods
was due primarily to sales from new or acquired restaurants which the Company
did not operate in some or all of the comparable periods last year (America in
McLean, Virginia, Bryant Park Grill & Cafe, B.Smith's in Washington, D.C.,
Lor-e-lei Restaurant and Cabana Bar, and Lutece). Same store sales in the
13-week period ended July 1, 1995 decreased by 3.6% as compared to the same
period last year and same store sales in the 39-week period decreased by 0.9% as
compared to the same period last year principally due to customer counts.
Costs and Expenses
The Company's cost of sales consists only of food and beverage costs at
restaurants and bars owned by the Company. For the 13-week period ended July 1,
1995 cost of sales as a percentage of net sales decreased to 27.0% from 27.6%
for the comparable period last year and for the 39-week period ended July 1,
1995 cost of sales as a percentage of net sales decreased to 27.6% as compared
to 27.9% last year.
Operating expenses of the Company, consisting of restaurant payroll, occupancy
and other expenses at restaurants and bars owned by the Company, as a percentage
of net sales, increased to 64.2% for the 13-week period ended July 1, 1995 from
59.8% for the comparable period last year and for the 39-week period ended July
1, 1995 increased to 67.6% from 65.0% for the comparable period last year. This
increase in operating expenses as a percentage of net sales in the 13-week
period ended July 1, 1995 was principally due to payroll expenses which
increased to 35.7% as compared to 32.7% last year and for the 39-week period
ended July 1, 1995 payroll expenses increased to 36.7% as compared to 35.1% last
year. This increase in payroll for the 13-week and 39-week period ended July 1,
1995 was principally due to a special charge related to the settlement of a
claim at one of the Company's New York restaurants.
General and administrative expenses, as a percentage of
6
net sales, were 4.7% for the 13-week period ended July 1, 1995 as compared to
5.8% for the 13-week period ended July 2, 1994 and were 6.1% for the 39-week
period ended July 1, 1995 as compared to 6.8% last year. If net sales at managed
restaurants and bars were included in consolidated net sales, general and
administrative expenses as a percentage of net sales would have been 4.1% for
the 13-week period ended July 1, 1995 as compared to 5.0% last year and would
have been 5.3% for the 39-week period ended July 1, 1995 as compared to 5.8%
last year. The decrease of general and administrative expenses as a percentage
of net sales for the fiscal 1995 periods are due principally to an increase in
net sales while general and administrative expenses remained fairly constant.
The Company had net income of $636,000 for the 13-week period ended July 1, 1995
as compared to a net income of $771,000 for the comparable period last year and
net income for the 39-week period ended July 1, 1995 was $445,000 as compared to
$697,000 last year. Net income for the 39-week period ended July 2, 1994
includes a benefit of $508,000 from the cumulative effect of the Company's
change in accounting for income taxes.
During the 13-week period ended July 1, 1995 the Company managed five
restaurants and one bar owned by third parties. Net sales of the managed
locations were $3,020,000 during the 13-week period ended July 1, 1995 as
compared to $3,100,000 last year and net sales were $7,584,000 during the
39-week period ended July 1, 1995 as compared to $7,497,000 last year. Net sales
of these restaurants and bars are not included in consolidated net sales.
Income Taxes
The provision for income taxes reflects Federal income taxes calculated on a
consolidated basis and state and local income taxes calculated by each
subsidiary on a non-consolidated basis. Most of the restaurants owned or managed
by the Company are owned or managed by a separate subsidiary. For state and
local income tax purposes, the losses incurred by a subsidiary may only be used
to offset that subsidiary's income, with the exception of the restaurants which
operate in the District of Columbia. Accordingly, the Company's overall
effective rate has varied depending on the level of the losses incurred at
individual subsidiaries.
As a result of the enactment of the Revenue Reconciliation Act of 1993, the
Company is entitled, commencing January 1, 1994, to a tax credit based on the
amount of FICA taxes paid by the Company with respect to the tip income of
7
restaurant service personnel. The Company estimates that this credit will be in
excess of $250,000 for the current year.
The Financial Accounting Standards Board ("FASB") issued Statement No.109,
"Accounting for Income Taxes" ("SFAS No.109") in 1992. This statement supersedes
Accounting Principles Board Opinion No.11 and SFAS No.96 and requires an asset
and liability approach for financial accounting and reporting of income taxes.
The Company adopted SFAS No.109 at the beginning of the prior fiscal year
(October 3, 1993) and the cumulative effect was to increase net income by
$508,000 in the 39-week period ended July 2, 1994.
Liquidity and Capital Resources
The Company's primary source of capital is cash provided by operations and funds
available from the $4,250,000 revolving credit agreement with its main bank. The
Company utilizes capital primarily to fund the cost of developing and opening
new restaurants and acquiring existing restaurants.
In August 1994, the Company and its main bank agreed to an extension and
increase of the existing Revolving Credit and Term Loan Facility. The agreement
enables the Company to borrow up to $4,250,000 until December 31, 1996, at which
time outstanding loans may be converted into term loans payable in 36 monthly
installments through December 31, 1999. At July 1, 1995 the Company had
borrowings outstanding of $2,750,000 under this agreement. The Company also has
a Letter of Credit Facility on which the Company had delivered $1,765,130 in
irrevocable letters of credit in lieu of lease security deposits. The Company
believes that it has sufficient working capital sources for its presently
anticipated business needs.
At July 1, 1995, the Company had a working capital deficit of $1,242,000 as
compared to working capital of $1,517,000 at October 1, 1994. The significant
change in working capital is principally due to cash used to finance
construction costs of the Company's latest restaurant (Bryant Park Grill & Cafe)
and two acquisitions completed in fiscal 1995 (Lutece and Lor-e-lei Restaurant
and Cabana Bar). The Company is able to operate with a working capital deficit
because the restaurant business does not require the maintenance of significant
receivables or inventories.
8
The amount of indebtedness that may be incurred by the Company is limited by the
revolving credit agreement with its main bank. Certain provisions of the
agreement may impair the company's ability to borrow funds.
Restaurant Expansion
In the third fiscal quarter of 1995 the Company opened a 1,200-seat restaurant
in Bryant Park, a nine-acre park behind the New York City Public Library (Bryant
Park Grill & Cafe). In the first fiscal quarter of 1995, the Company completed
two acquisitions--a four-star French restaurant in New York City (Lutece) and a
casual restaurant and bar in the Florida Keys (Lor-e-lei Restaurant and Cabana
Bar). The Company also opened in that same quarter another restaurant in Union
Station in Washington, D.C. (B. Smith's, the Company's second such restaurant).
The Company committed approximately $8,100,000 to these projects which were
financed by utilizing existing working capital, drawing on the existing bank
credit line, the issuance of a purchase money note and the sale leaseback of
certain equipment.
Although the Company is not currently committed to any other projects, the
Company is exploring additional opportunities for expansion of its business. The
Company expects to fund its existing projects through cash from operations and
existing credit facilities. Additional expansion may require additional external
financing.
9
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3.1 Certificate of Incorporation of the Registrant, filed on January 4,
1983, incorporated by reference to Exhibit 3.1 to the Registrant's
Annual Report on Form 10-K for the fiscal year ended October 1, 1994
(the "1994 10-K").
3.2 Certificate of Amendment of the Certificate of Incorporation of the
Registrant filed on October 11, 1985, incorporated by reference to
Exhibit 3.2 to the 1994 10-K.
3.3 Certificate of Amendment to Certificate of Incorporation of the
Registrant filed on July 21, 1988, incorporated by reference to Exhibit
3.3 to Exhibit 3.3 to the 1994 10-K.
3.4 By-Laws of the Registrant, incorporated by reference to Exhibit 3.4 to
the 1994 10-K.
10.1 Amended and Restated Redemption Agreement dated June 29, 1993 between
the Registrant and Michael Weinstein, incorporated by reference to
Exhibit 10.1 to the 1994 10-K.
10.2 Form of Indemnification Agreement entered into between the Registrant
and each of Michael Weinstein, Ernest Bogen, Vincent Pascal, Robert
Towers, Jay Galin, Andrew Kuruc, Jane Ellis, and Donald D. Shack,
incorporated by reference to Exhibit 10.2 to the 1994 10-K.
10.3 Ark Restaurants Corp. Amended Stock Option Plan, incorporated by
reference to Exhibit 10.3 to the 1994 10-K.
10.4 Lease Agreement dated June 9, 1982, between Rebak Realty Co., as lessor,
and MEB Emporium Corp., as lessee, incorporated by reference to Exhibit
10.4 to the 1994 10-K.
10.5 Lease Agreement dated October 27, 1982, between Majestic Towers Co., as
lessor, and MEB Emporium Corp., as lessee, incorporated by reference to
Exhibit 10.5 to the 1994 10-K.
10.6 Lease Agreement dated June 1, 1983, between 101 West 77th Street Corp.,
as lessor, and MEB On Columbus, Inc., as lessee, as assignee of DPK
Restaurants, Inc., incorporated by reference to Exhibit 10.6 to the 1994
10-K.
10.7 Lease Agreement dated November 10, 1983, between BJW Associates, as
lessor, and MEB Dining 18 Inc., as lessee, incorporated by reference to
Exhibit 10.7 to the 1994 10-K.
10.8 Lease Agreement dated August 9, 1984, between G.P. Associates, as
lessor, and MEB On First, Inc., as lessee, incorporated by reference to
Exhibit 10.8 to the 1994 10-K.
10
10.9 Agreement of Lease dated April 26, 1985 between 2 Park Avenue Avenue
Associates, and The Ritz Cafe, Inc., incorporated by reference to
Exhibit 10.9 to the 1994 10-K.
10.10 Assumption Agreement dated June 27, 1985, between Future Brothers, Inc.,
as assignee of Alfred Steiner, as sublessor, and Father Brad's Broadway
Dining, Inc., as sublessee, incorporated by reference to Exhibit 10.10
to the 1994 10-K.
10.11 Lease Agreement dated August 1, 1985, between Livingstone Management
Co., Inc., as lessor, and Conis Realty Corp., as lessee, incorporated by
reference to Exhibit 10.11 to the 1994 10-K.
10.12 Lease Agreement dated August 1, 1985, between Soledad Place Corp., as
lessor, and La Femme Noire, Inc., as lessee, incorporated by reference
to Exhibit 10.12 to the 1994 10-K.
10.13 Indenture of Lease dated as of January 1, 1986, betwee Buchbinders
Restaurant, Inc. and Ark 27th St., Inc., incorporated by reference to
Exhibit 10.13 to the 1994 10-K.
10.14 Agreement of Lease dated as of April 1, 1986 between 377 Third Avenue
Co. and Ark 27th St., Inc., incorporated by reference to Exhibit 10.14
to the 1994 10-K.
10.15 Management Agreement dated September 10, 1986 by and between Amphitryon,
Inc. and Standish Group Inc. and Ark Seventh Avenue South Corp.,
incorporated by reference to Exhibit 10.15 to the 1994 10-K.
10.16 Agreement dated as of November 11, 1986 among the Registrant, La Femme
Noire, Inc. and Barbara Smith, incorporated by reference to Exhibit
10.16 to the 1994 10-K.
10.17 Management Agreement dated as of June 1987 between Ark Operating Corp.
and Rio Restaurant Associates, incorporated by reference to Exhibit
10.17 to the 1994 10-K.
10.18 Agreement of Lease dated June 29, 1987 between the Registrant and Bruce
and Carol Haley, incorporated by reference to Exhibit 10.18 to the 1994
10-K.
10.19 Lease Agreement dated as of May 2, 1988, between Union Station Venture,
Ltd., as lessor, and Ark Union Station, Inc., as lessee, incorporated by
reference to Exhibit 10.19 to the 1994 10-K.
10.20 Agreement dated December 9, 1988 among 625 Broadway Leasing Corp., and
Ark Sub-One Corp., incorporated by reference to Exhibit 10.20 to the
1994 10-K.
10.21 Lease Agreement dated as of January 5, 1989 by and between Union Station
Venture, Ltd. and Ark D.C. Kiosk, Inc., incorporated by reference to
Exhibit 10.21 to the 1994 10-K.
10.22 Agreement dated February 22, 1989 by and among Lawrence P. Forgione, Ark
Restaurants Corp. and Ark Columbus Corp., incorporated by reference to
Exhibit 10.22 to the 1994 10-K.
11
10.23 Restaurant Lease Agreement dated August 22, 1989 by and between Potomac
River Front Limited Partnership and Ark Potomac Corporation,
incorporated by reference to Exhibit 10.23 to the 1994 10-K.
10.24 Lease dated January 1, 1990 between George H. Beane and Encarnita V.
Quinlan, as lessors, and Columbus Cafe Corp., as lessee, incorporated by
reference to Exhibit 10.24 to the 1994 10-K.
10.25 First Amendment to Lease dated January 1, 1990 between Potomac River
Front Limited Partnership Limited ("Landlord") and Ark Potomac
Corporation ("Tenant") incorporated by reference to Exhibit 10.25 to the
1994 10-K.
10.26 Second Amendment to Lease dated June 11, 1990 between Potomac River
Front Limited Partnership ("Landlord") and Ark Potomac Corporation
("Tenant"), incorporated by reference to Exhibit 10.26 to the 1994 10-K.
10.27 Amended and Restated Management Agreement dated December 4, 1990 between
AROC and Ark Corporation and DBS Restaurant Group, Inc., incorporated by
reference to Exhibit 10.27 to the 1994 10-K.
10.28 Lease dated January 25, 1991 between Wayfarer Inns of New York, Inc., as
lessor, and SSWB Restaurants, Inc., as lessee, incorporated by reference
to Exhibit 10.28 to the 1994 10-K.
10.29 Lease dated April 18, 1991 between South Street Seaport Limited
Partnership, as lessor, and Ark of the Seaport, Inc., as lessee,
incorporated by reference to Exhibit 10.29 to the 1994 10-K.
10.30 Management Agreement dated June 1, 1991 between Ark Boston Corp. and
Flower Market Restaurant, Inc., incorporated by reference to Exhibit
10.30 to the 1994 10-K.
10.31 Third Amendment to Lease dated January 28, 1992 between Potomac River
Front Limited Partnership ("Landlord") and Ark Potomac Corporation
("Tenant"), incorporated by reference to Exhibit 10.31 to the 1994 10-K.
10.32 Lease dated August 5, 1992 between Lehndorff Tysons Joint Venture, as
Landlord, and Tysons America Corp., as Tenant, incorporated by reference
to Exhibit 10.32 to the 1994 10-K.
10.33 Letter Agreement dated December 4, 1992 among the Registrant, La Femme
Noire, Inc. and Barbara Smith, incorporated by reference to Exhibit
10.33 to the 1994 10-K.
10.34 Amended and Restated Credit Agreement dated December 30, 1992 between
the Registrant and Bank Leumi Trust Company of New York, incorporated by
reference to Exhibit 10.34 to the 1994 10-K.
10.35 Modification of Lease dated December 31, 1992 between Moklam
Enterprises, inc. ("Landlord") and Father Brad's Broadway Dining, Inc.
("Tenant") incorporated by reference to Exhibit 10.35 to the the 1994
10-K.
12
10.36 Operating Agreement, dated March 3, 1993 between Ark JMR Corp. and Jim
McMullen Restaurant, Inc, incorporated by reference to Exhibit 10.36 to
the 1994 10-K.
10.37 Restated Indenture of Lease dated August 1, 1993 between Bryant Park
Restoration Corporation, as Landlord, and Ark Bryant Park, as Tenant, as
amended by an Amendment dated December 1, 1993, incorporated by
reference to Exhibit 10.37 to the 1994 10-K.
10.38 Amendment dated August 5, 1993 to the Lease dated January 1, 1990
between George H. Beane and Encarnita V. Quinlan, as lessors, and
Columbus Cafe Corp., as lessee, incorporated by reference to Exhibit
10.38 to the 1994 10-K.
10.39 Sublease Agreement dated October 13, 1993 between Frank Catania, as
Lessor and Ark Fifth Avenue Corp., as Lessee, incorporated by reference
to Exhibit 10.39 to the 1994 10-K.
10.40 Sublease dated November 15, 1993 between Ark Oxnard Corp., as subtenant,
and Michael Koutnik, as sublandlord, incorporated by reference to
Exhibit 10.40 to the 1994 10-K.
10.41 First Amendment to Lease dated January 15, 1994 between Lehndorff Tysons
Joint Venture ("Landlord") and Tysons America Corp., incorporated by
reference to Exhibit 10.41 to the 1994 10-K.
10.42 Lease Agreement dated February 4, 1994 between Union Station Venture,
Ltd. and La Femme Noire D.C. Incorporated, incorporated by reference to
Exhibit 10.41 to the 1994 10-K.
10.43 Agreement dated July 15, 1994 between Avis Rent A Car System, Inc. and
MEB Emporium Corp., incorporated by reference to Exhibit 10.43 to the
1994 10-K.
10.44 Letter Agreement dated August 10, 1994 between the Registrant and Bank
Leumi Trust Company of New York, incorporated by reference to Exhibit
10.44 to the 1994 10-K.
10.45 Letter Agreement dated September 27, 1994 among Barbara Smith, the
Registrant, La Femme Noire, Inc. and La Femme Noire D.C. Incorporated,
incorporated by reference to Exhibit 10.45 to the 1994 10-K.
10.46 Lease dated November 2, 1994 between Andre Soltner and Simone Soltner
d/b/a ANSI Realty Company, and KRA Holdings, Inc., Tenant, incorporated
by reference to Exhibit 10.46 to the 1994 10-K.
10.47 Lease dated November 18, 1994 between Islamorada Resort, Inc., as
Landlord and Ark Islamorada Corp., as Tenant, incorporated by reference
to Exhibit 10.47 to the 1994 10-K.
27 Financial Data Schedule pursuant to Article 5 of Regulation S-X filed
with EDGAR version only.
(b) Reports on Form 8-K - none.
13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: August 11, 1995
ARK RESTAURANTS CORP.
By /s/ Michael Weinstein
---------------------
Michael Weinstein, President
By /s/ Andrew B. Kuruc
---------------------
Andrew B. Kuruc,
Vice President, Controller and
Principal Accounting Officer