<PAGE>
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 April 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 May 12, 1995
(Common stock, $.01 par value) 3,145,995
<PAGE>
ARK RESTAURANTS CORP. AND SUBSIDIARIES
INDEX
<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION: Page
<S> <C>
Item 1. Consolidated Financial Statements:
Consolidated Condensed Balance Sheets -
April 1, 1995 (Unaudited) and October 1, 1994 (Unaudited) 1
Consolidated Condensed Statements of Operations and Retained Earnings -
13-Week Periods Ended April 1, 1995 (Unaudited) and April 2, 1994
(Unaudited) and 26-Week Periods Ended April 1, 1995 (Unaudited) and
April 2, 1994 (Unaudited) 2
Consolidated Statements of Cash Flows - 26-Week Periods
Ended April 1, 1995 (Unaudited) and April 2, 1994
(Unaudited) 3
Notes to Consolidated Condensed Financial
Statements (Unaudited) 4-5
Item 2. Management's Discussion and Analysis Financial
Condition and Results of Operations 6-9
PART II - OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K 10-14
</TABLE>
<PAGE>
Part I - Financial Information
Item 1. Financial Statements
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands)
<TABLE>
<CAPTION>
April 1, October 1,
1995 1994
------- ----------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 791 $ 2,913
Accounts receivable 1,386 1,085
Current portion of long-term receivables 177 139
Inventories 815 415
Prepaid expenses 577 392
Other current assets 750 618
Refundable and prepaid income taxes 338 -
Deferred income taxes 93 93
------- -------
Total current assets 4,927 5,655
LONG-TERM RECEIVABLES 1,589 1,535
FIXED ASSETS (Note 2) - At Cost:
Leasehold improvements 11,080 9,633
Furniture, fixtures and equipment 9,929 9,087
Leasehold improvements in progress 2,534 801
------- -------
23,543 19,521
Less accumulated depreciation and
amortization 9,492 9,025
------- -------
14,051 10,496
INTANGIBLE ASSETS (Note 2) - Less accumulated
amortization of $2,248 and $2,037 4,572 3,041
OTHER ASSETS 590 565
DEFERRED INCOME TAXES 527 477
------- -------
TOTAL ASSETS $26,256 $21,769
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - trade $ 1,834 $ 1,806
Accrued expenses and other current
liabilities 2,677 2,152
Current maturities of long-term debt 111 76
Current maturites of capital lease obligations 103 77
Accrued income taxes - 27
------- -------
Total current liabilities 4,725 4,138
LONG-TERM DEBT - Net of current maturities 4,702 685
OBLIGATIONS UNDER CAPITAL LEASES - Net of current
maturities 297 350
OPERATING LEASE DEFERRED CREDIT 1,438 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 7,181 7,107
Retained earnings 9,115 9,306
------- -------
16,341 16,457
Less treasury stock, 1,345,337 shares 1,247 1,247
------- -------
Total shareholders' equity 15,094 15,210
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $26,256 $21,769
======= =======
</TABLE>
See notes to consolidated condensed
financial statements
1
<PAGE>
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(Unaudited)
In Thousands, Except per share amount)
<TABLE>
<CAPTION>
13 Weeks Ended 26 Weeks Ended
------------------------ -------------------------
April 1, April 2, April 1, April 2,
1995 1994 1995 1994
------- -------- -------- --------
<S> <C> <C> <C> <C>
NET SALES $14,759 $11,583 $31,117 $26,785
COST OF SALES 4,175 3,369 8,695 7,548
------- ------- ------- -------
GROSS RESTAURANT PROFIT 10,584 8,214 24,422 19,237
MANAGEMENT FEE INCOME (LOSS)
(Note 3) 367 (232) 577 (128)
------- ------- ------- -------
10,951 7,982 22,999 19,109
------- ------- ------- -------
OPERATING EXPENSES
Payroll and payroll benefits 5,757 4,703 11,627 9,831
Occupancy 2,074 1,868 4,083 3,718
Depreciation and amortization 520 382 1,014 769
Other 2,677 1,925 5,025 4,002
------- ------- ------- -------
11,028 8,878 21,749 18,320
GENERAL AND ADMINISTRATIVE
EXPENSES 1,094 1,020 2,189 1,997
------- ------- ------- -------
12,122 9,898 23,938 20,317
------- ------- ------- -------
OPERATING LOSS (1,171) (1,916) (939) (1,208)
------- ------- ------- -------
OTHER EXPENSE (INCOME):
Interest expense, net 42 (2) 73 (13)
Other income (333) (89) (661) (137)
------- ------- ------- -------
(291) (91) (588) (150)
------- ------- ------- -------
LOSS BEFORE PROVISION FOR INCOME
TAXES AND CUMULATIVE EFFECT
OF A CHANGE IN ACCOUNTING
PRINCIPLE (880) (1,825) (351) (1,058)
BENEFIT FOR INCOME TAXES (398) (798) (160) (476)
------- ------- ------- -------
LOSS BEFORE CUMULATIVE EFFECT OF
A CHANGE IN ACCOUNTING PRINCIPLE (482) (1,027) (191) (582)
CUMULATIVE EFFECT OF A CHANGE IN
ACCOUNTING PRINCIPLE (Note 3) - - - 508
------- ------- ------- -------
NET LOSS (482) (1,027) (191) (74)
RETAINED EARNINGS, Beginning
of period 9,597 9,108 9,306 8,155
------- ------- ------- -------
RETAINED EARNINGS, End of period $ 9,115 $ 8,081 $ 9,115 $ 8,081
======= ======= ======= =======
INCOME (LOSS) PER SHARE (Note 4):
INCOME BEFORE CUMULATIVE EFFECT
OF A CHANGE IN ACCOUNTING
PRINCIPLE $(.15) $(.32) $(.06) $(.18)
CUMULATIVE EFFECT OF A CHANGE IN
ACCOUNTING PRINCIPLE - - - .16
----- ----- ----- ----
NET LOSS $(.15) $(.32) $(.06) $(.02)
==== ==== ==== ===
WEIGHTED AVERAGE NUMBER OF SHARES
USED IN COMPUTATIONS 3,254 3,232 3,243 3,231
======= ======= ======= ======
</TABLE>
See notes to consolidated condensed
financial statements
-2-
<PAGE>
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
26 Weeks Ended
-----------------------------
April 1, April 2,
1995 1994
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net loss $ (191) $ (74)
Adjustments to reconcile net income to net
cash provided by operating activities:
Cumulative effect of a change in accounting
principle - (508)
Depreciation and amortizations of fixed assets 891 706
Amortization of intangibles 211 139
Changes in assets and liabilities:
Increase in accounts receivable (301) (363)
Increase in inventories (53) -
Increase in prepaid expenses (185) (65)
Increase in refundable and prepaid income taxes (338) (826)
Decrease in other assets 73 469
(Decrease) Increase in accounts payable - trade 28 (35)
Increase (Decrease) in accrued expenses and other
current liabilities 25 (503)
Decrease in accrued income taxes (27) (75)
Increase in operating lease deferred credit 52 110
Increase in deferred income taxes (50) -
------- -------
Net cash provided (used) by operating
activities 135 (1,025)
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to fixed assets (3,188) (1,539)
Additions to intangible assets (142) (134)
Issuance of long-term receivables (165) (200)
Payments received on long-term receivables 73 7
Restaurant Acquisititions (2,335) -
------- -------
Net cash used in investing activities (5,757) (1,866)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt 3,500 2,250
Principal payment on long-term debt (48) (60)
Proceeds from exercise of stock options 75 69
Principal payment on capital lease obligations (27) -
------- -------
Net cash provided by financing activities 3,500 2,259
------- -------
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,122) (632)
CASH AND CASH EQUIVALENTS, beginning of period 2,913 1,987
------- -------
CASH AND CASH EQUIVALENTS, end of period $ 791 $ 1,355
======= =======
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during year for:
Interest $ 154 $ 42
======= =======
Income taxes $ 256 386
======= =======
</TABLE>
See notes to consolidated condensed financial statements.
3
<PAGE>
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 April 1, 1995 and results of operations and changes in
cash flows for the periods ended April 1, 1995 and April 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 period ended April 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 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).
4
<PAGE>
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 April 1,
1995 and April 2, 1994, fully diluted net income per common share and common
share equivalent is not shown since the effect is not material.
5
<PAGE>
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 27.4% in the
13-week period ended April 1, 1995 from the comparable period ended April 2,
1994 and increased 16.2% in the 26-week period ended April 1, 1995 from the
comparable period last year. The increase in net sales for the 13-week and
26-week periods was due primarily to sales from restaurants which the Company
did not operate in the comparable period last year (LUTECE, LOR-E-LEI, B.SMITH'S
in Washington, D.C. and AMERICA, in McLean, Virginia). Same store sales in the
26-week period ended April 1, 1995 increased 1.6% as compared to last year and
same store sales in the 13-week period increased 2.7% as compared to last year.
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 April 1,
1995 cost of sales as a percentage of net sales was 28.3% as compared to 29.1%
last year and cost of sales as a percentage of net sales for the 26-week period
ended April 1, 1995 was 27.9% as compared to 28.2% 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, were 74.7% for the 13-week period ended April 1, 1995 as compared
to 76.6% last year and for the 26-week period ended April 1, 1995 were 69.9% as
compared to 68.4% last year. This decrease in operating expenses as a percentage
of net sales in the 13-week period ended April 1, 1995 as compared to last year
was principally due to payroll expenses which decreased to 39.0% as compared to
40.6% last year.
General and administrative expenses, as a percentage of net sales, were 7.4% for
the 13-week period ended April 1, 1995 as compared to 8.8% last year and for the
26-week period ended April 1, 1995 were 7.0% as compared to 7.5% 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 6.5% for the 13-week period ended April 1, 1995 as compared to 7.7%
last year and would have been 6.1% for the 26-week period ended April 1, 1995 as
compared to 6.4% last year.
The Company incurred a net loss of $482,000 for the 13-week period ended April
1, 1995 as compared to a net loss of
6
<PAGE>
$1,027,000 for the same period last year and had a net loss of $191,000 for the
26-week period ended April 1, 1995 as compared to a net loss of $74,000 last
year. The net loss for the 13-week period ended April 2, 1994 includes charges
of approximately $300,000 from a write-off of unrecoverable advances to a
managed restaurant in North Miami Beach, which the Company no longer manages,
and from the write-down of a discontinued New York catering operation. Net
income for the 26-week period ended April 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 periods ended April 1, 1995 and April 2, 1994 the Company
managed five restaurants and one bar owned by third parties. Net sales of the
five managed restaurants and bars were $2,054,000 during the 13-week period
ended April 1, 1995 as compared to $1,979,000 last year and net sales were
$4,564,000 during the 26-week period ended April 1, 1995 as compared to
$4,397,000 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
restaurant service personnel. The Company estimates that this credit will be in
excess of $200,000 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 26-week period ended April 2, 1994.
7
<PAGE>
LIQUIDITY AND SOURCES OF CAPITAL
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 April 1, 1995 the Company had
borrowings outstanding of $3,750,000 under this agreement. The Company also has
a Letter of Credit Facility on which the Company had delivered $1,965,130 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 April 1, 1995, the Company had working capital of $202,000 as compared to a
working capital of $1,517,000 at October 1, 1994. The significant change in
working capital is principally due to two restaurant acquisitions completed in
fiscal 1995 (LUTECE and LOR-E-LEI) and construction for a restaurant scheduled
to open in the third fiscal quarter of 1995 (BRYANT PARK GRILL).
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
The Company is currently constructing a restaurant in Bryant Park, which is a
nine-acre park located behind the New York City Public Library (BRYANT PARK
GRILL). This restaurant, which will have 200 indoor seats, open-air rooftop
dining with 175 seats, outdoor seating on terraces with 700 seats and outdoor
bar facilities, is scheduled to open in the third quarter of the current fiscal
year. The landlord of this location is contributing $750,000 to construction
costs of this restaurant, while the Company expects to spend up to $3,500,000 to
open the restaurant. The Company previously opened three food kiosks in Bryant
Park and has subleased the kiosks to third parties.
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
8
<PAGE>
(LOR-E-LEI). The Company also opened another restaurant in Union Station in
Washington, D.C. (B.SMITH'S, the Company's second such restaurant). The Company
spent approximately $3,200,000 on these projects which were financed by
utilizing existing working capital, drawing on the existing bank credit line and
the issuance of a purchase money note.
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
<PAGE>
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 of the Certificate of Incorporation
of the Registrant filed on July 21, 1988, incorporated by
reference 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.
9
<PAGE>
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.
10.9 Agreement of Lease dated April 26, 1985, between 2 Park 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, between
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 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 10
<PAGE>
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 Property Associates
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.
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 1990 between Potomac
River Front Limited Partnership ("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.
11
<PAGE>
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 1994 10-K.
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.
12
<PAGE>
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 10.42 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, Owner 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
<PAGE>
14
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: May 12, 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
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains Summary Financial Information
extracted from the Balance Sheet and Income Statement for
26 weeks of ARK RESTAURANTS CORP., and is qualified in its
entirety by reference to such Financial Statements
</LEGEND>
<RESTATED>
<CIK> 0000779544
<NAME> ARK RESTAURANTS CORP.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-2-1994
<PERIOD-END> APR-1-1995
<CASH> 791
<SECURITIES> 0
<RECEIVABLES> 1,386
<ALLOWANCES> 0
<INVENTORY> 815
<CURRENT-ASSETS> 4,927
<PP&E> 23,543
<DEPRECIATION> 9,492
<TOTAL-ASSETS> 26,256
<CURRENT-LIABILITIES> 4,725
<BONDS> 5,213
<COMMON> 45
0
0
<OTHER-SE> 16,296
<TOTAL-LIABILITY-AND-EQUITY> 26,256
<SALES> 31,117
<TOTAL-REVENUES> 31,117
<CGS> 8,695
<TOTAL-COSTS> 8,695
<OTHER-EXPENSES> 23,938
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 73
<INCOME-PRETAX> (351)
<INCOME-TAX> (160)
<INCOME-CONTINUING> (191)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (191)
<EPS-PRIMARY> (.06)
<EPS-DILUTED> (.06)
</TABLE>
