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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the Fiscal Year Ended September 30, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ___________ to ____________
Commission file number 0-14030
ARK RESTAURANTS CORP.
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(Exact name of Registrant as specified in its charter)
New York 13-3156768
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(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
85 Fifth Avenue, New York, N.Y. 10003
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 206-8800
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Securities registered pursuant to Section 12(b) of the Act:
Name of Each Exchange
Title of Each Class on Which Registered
Common Stock, $.01 par value NASDAQ/NMS
Securities registered pursuant to Section 12(g) of the Act:
None
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 such 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 by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K [X]
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The aggregate market value at December 18, 1995 of shares of the
Registrant's Common Stock, $.01 par value (based upon the closing price per
share of such stock on the NASDAQ/National Market) held by non-affiliates of the
Registrant was approximately $14,455,586. Solely for the purposes of this
calculation, shares held by directors and officers of the Registrant have been
excluded. Such exclusion should not be deemed a determination or an admission by
the Registrant that such individuals are, in fact, affiliates of the Registrant.
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date: At December 18,
1995, there were outstanding 3,191,045 shares of the Registrant's Common Stock,
$.01 par value.
Document Incorporated by Reference: Certain portions of the Registrant's
definitive proxy statement to be filed not later than January 29, 1996 pursuant
to Regulation 14A are incorporated by reference in Items 10 through 13 of Part
III of this Annual Report on Form 10-K.
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ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, October 1,
ASSETS 1995 1994
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 1,271,284 $ 2,912,913
Accounts receivable 1,273,827 1,085,176
Current portion of long-term receivables (Note 2) 163,436 139,340
Inventories (Note 3) 888,344 414,677
Deferred income taxes (Note 10) 395,539 93,000
Prepaid expenses 957,018 392,271
Other current assets 534,852 618,307
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Total current assets 5,484,300 5,655,684
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LONG-TERM RECEIVABLES (Note 2) 1,414,909 1,534,864
FIXED ASSETS - At cost (Notes 3 and 6):
Leasehold improvements 14,421,187 9,632,792
Furniture, fixtures and equipment 12,369,017 9,086,903
Leasehold improvements in progress 133,789 801,032
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26,923,993 19,520,727
Less accumulated depreciation and amortization 10,548,687 9,025,243
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16,375,306 10,495,484
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INTANGIBLE ASSETS (Note 3) 4,336,347 3,041,262
DEFERRED INCOME TAXES (Note 9) 476,543 476,982
OTHER ASSETS (Note 4) 454,515 564,471
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$28,541,920 $21,768,747
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - trade $ 2,035,769 $ 1,805,939
Accrued expenses and other current liabilities (Notes 3 and 5) 2,849,292 2,151,764
Current maturities of capital lease obligations (Note 7) 204,042 76,893
Current maturities of long-term debt (Notes 3 and 6) 88,832 76,329
Accrued income taxes (Note 10) 265,369 27,158
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Total current liabilities 5,443,304 4,138,083
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OBLIGATIONS UNDER CAPITAL LEASES (Note 7) 929,985 349,405
LONG-TERM DEBT - Net of current maturities (Notes 3 and 6) 3,925,330 685,057
OPERATING LEASE DEFERRED CREDIT (Note 7) 1,537,000 1,386,000
COMMITMENTS (Notes 6 and 7)
SHAREHOLDERS' EQUITY (Notes 6 and 8):
Common stock, par value $.01 per share - authorized,
10,000,000 shares; issued, 4,536,382 and 4,461,832 shares,
respectively 45,364 44,618
Additional paid-in capital 7,481,636 7,107,409
Retained earnings 10,426,700 9,305,574
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17,953,700 16,457,601
Less treasury stock, 1,345,337 shares 1,247,399 1,247,399
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16,706,301 15,210,202
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$28,541,920 $21,768,747
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See notes to consolidated financial statements.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of New York, State of New York, on the 6th day of February, 1996.
ARK RESTAURANTS CORP.
By: /s/ Michael Weinstein
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MICHAEL WEINSTEIN, President
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CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Form S-8 Registration Statement
No. 33-48217 and Registration Statement No. 33-85724 of Ark Restaurants Corp.
of our report dated November 30, 1995 (except for Note 13, as to
which the date is December 28, 1995), appearing in this Annual Report on
Form 10-K of Ark Restaurants Corp. for the year ended September 30, 1995.
Deloitte & Touche LLP
New York, New York
January 30, 1996
