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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 December 30, 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)
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<S> <C>
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
--------------
</TABLE>
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 February 9, 1996
- ------------------------------ --------------------------------------
(Common stock, $.01 par value) 3,261,812
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ARK RESTAURANTS CORP. AND SUBSIDIARIES
INDEX
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PART I - FINANCIAL INFORMATION: PAGE
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Item 1. Consolidated Financial Statements:
Consolidated Condensed Balance Sheets - December 30, 1995
(Unaudited) and September 30, 1995 (Unaudited) 1
Consolidated Condensed Statements of Operations and
Retained Earnings - 13-Week Periods Ended December 30, 1995
(Unaudited) and December 31, 1994 (Unaudited) 2
Consolidated Condensed Statements of Cash Flows - 13-Week Periods
Ended December 30, 1995 (Unaudited) and December 31, 1994
(Unaudited) 3
Notes to Consolidated Condensed Financial
Statements (Unaudited) 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 5-7
PART II - OTHER INFORMATION:
Item 6. Exhibits and Reports on Form 8-K 8-12
</TABLE>
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
(Dollars in Thousands)
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December 30, September 30,
1995 1995
-------- --------
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 79 $ 1,271
Accounts receivable 1,127 1,274
Current portion of long-term receivables 174 163
Inventories 938 888
Prepaid expenses 1,105 957
Refundable and Prepaid Income Taxes 237 -
Other current assets 428 535
Deferred income taxes 396 396
------- -------
Total current assets 4,484 5,484
LONG-TERM RECEIVABLES 1,382 1,415
FIXED ASSETS - At Cost:
Leasehold improvements 14,772 14,421
Furniture, fixtures and equipment 12,724 12,369
Leasehold improvements in progress 196 134
------- -------
27,692 26,924
Less accumulated depreciation and
amortization 11,140 10,549
------- -------
16,552 16,395
INTANGIBLE ASSETS - Less accumulated
amortization of $2,608 and $2,488 4,216 4,336
OTHER ASSETS 495 455
DEFERRED INCOME TAXES 477 477
------- -------
TOTAL ASSETS $27,606 $28,542
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable - trade $ 1,821 $ 2,036
Accrued expenses and other current
liabilities 2,468 2,850
Current maturities of long-term debt 61 89
Current maturities of capital lease obligations 209 204
Accrued income taxes - 265
------- -------
Total current liabilities 4,559 5,444
LONG-TERM DEBT - net of current maturities 3,904 3,925
OBLIGATIONS UNDER CAPITAL LEASES - net of current
maturities 870 930
OPERATING LEASE DEFERRED CREDIT 1,537 1,537
SHAREHOLDERS' EQUITY:
Common stock, par value $.01 per share -
authorized, 10,000,000 shares;
issused, 4,461,832 shares 45 45
Additional paid-in capital 7,482 7,482
Retained earnings 10,452 10,427
------- -------
17,979 17,954
Less treasury stock, 1,345,337 shares 1,248 1,248
------- -------
Total shareholders' equity 16,731 16,706
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $27,606 $28,542
======= =======
</TABLE>
See notes to consolidated condensed
financial statements
1
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<TABLE>
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ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (Unaudited)
(In Thousands, Except per share Amount)
13 Weeks Ended
--------------------------------------
December 30, December 31,
1995 1994
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NET SALES $18,723 $16,358
COST OF SALES 5,178 4,520
------- -------
GROSS RESTAURANT PROFIT 13,545 11,838
MANAGEMENT FEE INCOME 176 210
------- -------
13,721 12,048
------- -------
OPERATING EXPENSES
Payroll and payroll benefits 6,864 5,870
Occupancy 2,235 2,009
Depreciation and amortization 662 494
Other 3,041 2,348
------- -------
12,802 10,721
GENERAL AND ADMINISTRATIVE EXPENSES 1,005 1,095
------- -------
13,807 11,816
------- -------
OPERATING INCOME (86) 232
------- -------
OTHER EXPENSE (INCOME):
Interest expense, net 99 31
Other income (230) (328)
------- -------
(131) (297)
-------- -------
INCOME BEFORE PROVISION FOR INCOME TAXES 45 529
PROVISION FOR INCOME TAXES 20 238
------- -------
NET INCOME 25 291
RETAINED EARNINGS, Beginning of period 10,427 9,306
------- -------
RETAINED EARNINGS, End of period $10,452 $9,597
======= =======
NET INCOME PER SHARE $.01 $.09
==== ====
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATIONS 3,191 3,233
======= =======
</TABLE>
See notes to consolidated condensed
financial statements
2
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ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in Thousands)
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13 Weeks Ended
---------------------------------
December 31, December 30,
1995 1994
------------ ------------
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 25 $ 291
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization of fixed assets 591 435
Amortization of intangibles 120 96
Changes in assets and liabilities:
Decrease (Increase) in accounts receivable 147 (652)
Increase in inventories (50) (30)
Increase in prepaid expenses (148) (123)
Increase in refundable and prepaid income taxes (237) -
(Increase) Decrease in other assets 67 (48)
Increase (decrease) in accounts payable - trade (215) 74
Decrease in accrued expenses and other current
liabilities (382) (65)
(Decrease) Increase in accrued income taxes (265) 97
Increase in operating lease deferred credit - 26
Increase in deferred income taxes - (50)
------- -------
Net cash used in or provided by operating
activities (347) 51
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to fixed assets, net (768) (835)
Additions to intangible assets - (127)
Restaurant acquisitions - (2,335)
Payments received on long-term receivables 22 32
------- -------
Net cash used in investing activities (746) (3,265)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt - 2,000
Principal payment on long-term debt (44) (18)
Principal payment on capital lease obligations (55) (22)
Exercise of stock options - -
------- -------
Net cash used in or provided by financing
activities (99) 1,960
------- -------
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,192) (1,254)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,271 2,913
------- -------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 79 $ 1,659
======= =======
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during year for:
Interest $ 121 $ 51
======= =======
Income taxes $ 528 187
======= =======
</TABLE>
See notes to consolidated condensed financial statements.
3
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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 December 30, 1995 and results of operations and changes in
cash flows for the periods ended December 30, 1995 and December 31, 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 September 30, 1995. The results of operations for the periods ended
December 30, 1995 are not necessarily indicative of the operating results for
the full year.
2. 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 period ended December 30,
1995 no effect has been given to outstanding options since the effect was not
material. For the period ended December 31, 1994 fully diluted net income per
common share and common share equivalent is not shown since the effect is not
material.
4
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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 14.5% in the
13-week period ended December 30, 1995 from the comparable period ended December
31, 1994. The increase in net sales for the 13-week period was due primarily to
sales from restaurants which the Company did not operate in the comparable
period last year (Bryant Park Grill, Ernie's and the Columbus Bakery). Same
store sales decreased by 4.8% in the 13-week period ended December 30, 1995 and
such decrease was most pronounced in the smaller restaurants.
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 periods ended
December 30, 1995 and December 31, 1994 cost of sales as a percentage of net
sales remained constant at approximately 27.7%.
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 for the 13-week period ended December 30, 1995, increased to 68.4%
from 65.5% last year. Restaurant payroll as a percentage of net sales was 36.7%
as compared to 35.9% last year principally due to the 4.8 % decrease in same
store sales. Occupancy expenses and depreciation and amortization remained
constant at approximately 15.4% while all other operating expenses, consisting
mainly of supplies, maintenance, credit card processing fees, and advertising
increased to 16.2% from 14.4% last year. This change in other operating expenses
was principally due to increased maintenance and supply expenditures at several
of the Company's smaller restaurants and expenses incurred in the opening of the
Company's second bakery (Columbus Bakery).
General and administrative expenses, as a percentage of net sales, were 5.4% for
the 13-week period ended December 30, 1995 as compared to 6.7% 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
4.7% as compared to 5.8% last year.
Net income of the Company for the 13-week period ended December 30, 1995, was
$25,000 as compared to $291,000 last year.
During the 13-week period ended December 30, 1995 the Company managed six
restaurants owned by third parties. Net sales of managed restaurants were
$2,633,000 during the 13-week period ended December 30, 1995 as compared to
$2,510,000 last year.
Net sales of these managed restaurants 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 New York
subsidiary on a non consolidated basis. Most of the
5
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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 tax rate has varied depending on the level of 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 $300,000 for the current fiscal year.
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.
At December 30, 1995 the Company had a working capital deficit of $75,000 as
compared to working capital of $41,000, at September 30, 1995. The restaurant
business does not require the maintenance of significant inventories or the
financing of receivables. Thus the Company is able to operate with minimal and
even negative working capital.
The Company's existing Revolving Credit and Term Loan Facility with its main
bank 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 December 30, 1995 the Company
had $3,000,000 of debt outstanding under this agreement. In connection with this
agreement, the Company also has a $1,750,000 Letter of Credit Facility. At
December 30, 1995 the Company had delivered $1,231,000 in irrevocable letters of
credit in lieu of lease security deposits.
The Company has signed letters of intent with respect to extensive restaurant
facilities to be operated by the Company in a new resort casino under
construction in Las Vegas, Nevada (See Restaurant Expansion below). The Company
expects that its capital commitments for these facilities will be between
$8,000,000 and $9,000,000 which the Company intends to finance principally
through a new financing facility with its main bank and, to a lesser extent,
through cash from operations. The Company has a commitment letter from the bank
which would amend the Company's existing revolving credit facility to provide
for an increase in the amount the Company may borrow on a revolving credit basis
to $11,000,000. The proposed revolving credit facility includes a $5,000,000
facility for working capital purposes at the Company's existing restaurants. The
proposed credit facility also includes a $6,000,000 facility for use in the
construction of and as working capital for the Las Vegas restaurants. The two
working capital facilities will each have two year terms at the end of which
they will convert into two year term loans. The $5,000,000 facility will convert
6
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into a two year self-amortizing term loan. The $6,000,000 facility will convert
into a two year loan amortizing $5,000,000 over the two year period with the
balance of $1,000,000 paid at maturity.
The bank commitment also contemplates a four year $2,000,000 letter of credit
facility (replacing the prior $1,750,000 facility) for use in lieu of lease
security deposits and a one year (extendible for an additional six months)
$3,000,000 letter of credit facility to be used to assure construction of the
Las Vegas restaurants.
Although the Company is not currently committed to any other projects, the
Company is exploring additional opportunities for expansion of its business.
Additional expansion may require additional external financing.
RESTAURANT EXPANSION AND RENOVATION
The Company has signed letters of intent with New York, New York Hotel & Casino,
a joint venture between Primadonna Resorts, Inc. and MGM Grand, Inc. to design,
build and operate a group of restaurants in the 2,100 room Las Vegas resort
casino which is scheduled to open in December 1996. Under the terms of the
letters of intent, the Company will build a 450-seat America restaurant, a
150-seat steakhouse and a group of small fast food restaurants in a food court
with a New York theme. The steakhouse will be operated under the name
"Gallaghers" under a license agreement from the owner of the New York restaurant
of that name. In addition, the company will operate the hotel's room service,
its banquet facilities and its employee cafeteria. The transaction is subject to
the negotiation of definitive agreements.
7
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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, 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.
8
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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, 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 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.
9
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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 1994 10-K.
10
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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.
10.48 First Amendment of Lease dated as of the 14th day of July,
1994 by and between Mega Realty, L.L.C. and Conis Realty Corp.
incorporated by reference to Exhibit 10.48 to the Registrant's
Annual Report on Form 10-K for the fiscal year ended September
30, 1995 (the "1995 10-K").
11
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10.49 Extension and Modification of Lease dated September 1995
between Rebak Realty Co. and MEB Emporium Corp., incorporated
by reference to Exhibit 10.49 to the 1995 10-K.
10.50 Amendment and modification of Leases, dated as of June 13,
1995 between Buchbinders Restaurant Inc. and Ark 27th Street,
Inc., incorporated by reference to Exhibit 10.50 to the
1995 10-K.
10.51 Agreement dated December 5, 1995 between United Brody Corp.
and Ark Steakhouse Corp., incorporated by reference to Exhibit
10.51 to the 1995 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.
12
<PAGE>
<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: February 9, 1996
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 13 WEEKS OF ARK RESTAURANTS CORP.
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-28-1995
<PERIOD-START> OCT-1-1995
<PERIOD-END> DEC-30-1995
<CASH> 79
<SECURITIES> 0
<RECEIVABLES> 1,127
<ALLOWANCES> 0
<INVENTORY> 938
<CURRENT-ASSETS> 4,484
<PP&E> 27,692
<DEPRECIATION> 11,140
<TOTAL-ASSETS> 27,606
<CURRENT-LIABILITIES> 4,559
<BONDS> 5,044
<COMMON> 45
0
0
<OTHER-SE> 16,731
<TOTAL-LIABILITY-AND-EQUITY> 27,606
<SALES> 18,723
<TOTAL-REVENUES> 18,723
<CGS> 5,178
<TOTAL-COSTS> 5,178
<OTHER-EXPENSES> 13,807
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 99
<INCOME-PRETAX> 45
<INCOME-TAX> 20
<INCOME-CONTINUING> 25
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 25
<EPS-PRIMARY> .01
<EPS-DILUTED> .01
</TABLE>
