Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 18, 2017 | Apr. 01, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ARK RESTAURANTS CORP | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Common Stock, Shares Outstanding | 3,434,181 | ||
Entity Public Float | $ 49,087,335 | ||
Amendment Flag | false | ||
Entity Central Index Key | 779,544 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Oct. 01, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents (includes $363 at September 30, 2017 and $889 at October 1, 2016 related to VIEs) | $ 1,406 | $ 7,239 |
Accounts receivable (includes $716 at September 30, 2017 and $429 at October 1, 2016 related to VIEs) | 3,353 | 3,750 |
Employee receivables | 399 | 453 |
Inventories (includes $22 at September 30, 2017 and $23 at October 1, 2016 related to VIEs) | 1,992 | 1,892 |
Prepaid and refundable income taxes (includes $226 at September 30, 2017 and $178 at October 1, 2016 related to VIEs) | 945 | 178 |
Prepaid expenses and other current assets (includes $63 at September 30, 2017 and $50 at October 1, 2016 related to VIEs) | 1,988 | 2,484 |
Total current assets | 10,083 | 15,996 |
FIXED ASSETS - Net (includes $6 at September 30, 2017 and $22 at October 1, 2016 related to VIEs) | 45,215 | 29,546 |
INTANGIBLE ASSETS - Net | 409 | 526 |
GOODWILL | 9,880 | 7,895 |
TRADEMARKS | 3,331 | 1,611 |
DEFERRED INCOME TAXES | 1,491 | 3,416 |
OTHER ASSETS (includes $71 at September 30, 2017 and October 1, 2016 related to VIEs) | 2,679 | 2,564 |
TOTAL ASSETS | 80,067 | 68,255 |
CURRENT LIABILITIES: | ||
Accounts payable - trade (includes $116 at September 30, 2017 and $114 at October 1, 2016 related to VIEs) | 4,750 | 2,876 |
Accrued expenses and other current liabilities (includes $260 at September 30, 2017 and $238 at October 1, 2016 related to VIEs) | 10,176 | 10,555 |
Accrued income taxes | 606 | |
Dividend payable | 857 | |
Borrowings under credit facility | 6,198 | |
Current portion of notes payable | 4,174 | 2,617 |
Total current liabilities | 26,155 | 16,654 |
OPERATING LEASE DEFERRED CREDIT (includes $51 at September 30, 2017 and $73 at October 1, 2016 related to VIEs) | 3,648 | 3,576 |
NOTES PAYABLE, LESS CURRENT PORTION, net of deferred financing costs | 7,824 | 5,321 |
TOTAL LIABILITIES | 37,627 | 25,551 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock, par value $.01 per share - authorized, 10,000 shares; issued and outstanding, 3,428 shares at September 30, 2017 and 3,423 shares at October 1, 2016 | 34 | 34 |
Additional paid-in capital | 12,639 | 12,942 |
Retained earnings | 27,771 | 27,158 |
Total Ark Restaurants Corp. shareholders’ equity | 40,444 | 40,134 |
NON-CONTROLLING INTERESTS | 1,996 | 2,570 |
TOTAL EQUITY | 42,440 | 42,704 |
TOTAL LIABILITIES AND EQUITY | 80,067 | 68,255 |
New Meadowlands Racetrack LLC [Member] | ||
CURRENT ASSETS: | ||
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK | $ 6,979 | $ 6,701 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2017 | Oct. 01, 2016 |
VIEs, Cash and cash equivalents | $ 363 | $ 889 |
VIEs, Accounts receivable | 716 | 429 |
VIEs, Inventories | 22 | 23 |
VIEs, Prepaid and refundable income taxes | 226 | 178 |
VIEs, Prepaid expenses and other current assets | 63 | 50 |
VIEs, Fixed assets | 6 | 22 |
VIEs, Other assets | 71 | 71 |
VIEs, Accounts payable trade | 116 | 114 |
VIEs, Accrued expenses and other current liabilities | 260 | 238 |
VIEs, Operating lease deferred credit | $ 51 | $ 73 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in Shares) | 10,000 | 10,000 |
Common stock, shares issued (in Shares) | 3,428 | 3,423 |
Common stock, shares outstanding (in Shares) | 3,428 | 3,423 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
REVENUES: | ||
Food and beverage sales | $ 151,196 | $ 148,479 |
Other revenue | 2,681 | 2,103 |
Total revenues | 153,877 | 150,582 |
COSTS AND EXPENSES: | ||
Food and beverage cost of sales | 41,597 | 39,545 |
Payroll expenses | 53,074 | 50,718 |
Occupancy expenses | 17,100 | 16,515 |
Other operating costs and expenses | 20,690 | 19,719 |
General and administrative expenses | 11,504 | 11,708 |
Depreciation and amortization | 4,541 | 4,553 |
Total costs and expenses | 148,506 | 142,758 |
RESTAURANT OPERATING INCOME | 5,371 | 7,824 |
Gain on sale of Ark Jupiter RI, LLC | 1,637 | |
OPERATING INCOME | 7,008 | 7,824 |
OTHER (INCOME) EXPENSE: | ||
Interest expense | 753 | 416 |
Interest income | (170) | (180) |
Total other (income) expense, net | 583 | 236 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 6,425 | 7,588 |
Provision for income taxes | 1,668 | 2,098 |
CONSOLIDATED NET INCOME | 4,757 | 5,490 |
Net income attributable to non-controlling interests | (718) | (1,460) |
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. | $ 4,039 | $ 4,030 |
NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE: | ||
Basic (in Dollars per share) | $ 1.18 | $ 1.18 |
Diluted (in Dollars per share) | $ 1.14 | $ 1.15 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||
Basic (in Shares) | 3,424 | 3,418 |
Diluted (in Shares) | 3,531 | 3,507 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
BALANCE at Oct. 03, 2015 | $ 48 | $ 25,682 | $ 26,548 | $ (13,220) | $ 39,058 | $ 2,173 | $ 41,231 |
BALANCE (in Shares) at Oct. 03, 2015 | 4,774,000 | ||||||
Net income | 4,030 | 4,030 | 1,460 | 5,490 | |||
Exercise of stock options | 83 | 83 | $ 83 | ||||
Exercise of stock options (in Shares) | 5,000 | 5,192 | |||||
Tax benefit on exercise of stock options | 11 | 11 | $ 11 | ||||
Stock-based compensation | 286 | 286 | 286 | ||||
Change in excess tax benefits from stock-based compensation | 86 | 86 | 86 | ||||
Retirement of treasury shares | $ (14) | (13,206) | $ 13,220 | ||||
Retirement of treasury shares (in Shares) | (1,356,000) | ||||||
Distributions to non-controlling interests | (1,063) | (1,063) | |||||
Dividends paid and accrued | (3,420) | (3,420) | (3,420) | ||||
BALANCE at Oct. 01, 2016 | $ 34 | 12,942 | 27,158 | 40,134 | 2,570 | 42,704 | |
BALANCE (in Shares) at Oct. 01, 2016 | 3,423,000 | ||||||
Net income | 4,039 | 4,039 | 718 | 4,757 | |||
Exercise of stock options | 72 | 72 | $ 72 | ||||
Exercise of stock options (in Shares) | 5,000 | 6,808 | |||||
Tax benefit on exercise of stock options | 14 | 14 | $ 14 | ||||
Change in excess tax benefits from stock-based compensation | (389) | (389) | (389) | ||||
Distributions to non-controlling interests | (1,292) | (1,292) | |||||
Dividends paid and accrued | (3,426) | (3,426) | (3,426) | ||||
BALANCE at Sep. 30, 2017 | $ 34 | $ 12,639 | $ 27,771 | $ 40,444 | $ 1,996 | $ 42,440 | |
BALANCE (in Shares) at Sep. 30, 2017 | 3,428,000 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Dividends, per share | $ 1 | $ 1 |
Retained Earnings [Member] | ||
Dividends, per share | 1 | 1 |
Parent [Member] | ||
Dividends, per share | $ 1 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Consolidated net income | $ 4,757,000 | $ 5,490,000 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Loss on closure of restaurants | 120,000 | 16,000 |
Gain on sale of Ark Jupiter RI, LLC | (1,637,000) | |
Loss on disposal of assets | 283,000 | |
Deferred income taxes | 1,550,000 | 1,134,000 |
Stock-based compensation | 0 | 286,000 |
Accrued interest on note receivable from NMR | (56,000) | |
Depreciation and amortization | 4,132,000 | 4,553,000 |
Amortization of deferred financing costs | 46,000 | 43,000 |
Operating lease deferred credit | 72,000 | (220,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 397,000 | (529,000) |
Inventories | 193,000 | 131,000 |
Prepaid, refundable and accrued income taxes | (1,373,000) | (1,886,000) |
Prepaid expenses and other current assets | 546,000 | (191,000) |
Other assets | (175,000) | (865,000) |
Accounts payable - trade | 1,874,000 | (331,000) |
Accrued expenses and other current liabilities | (379,000) | (18,000) |
Net cash provided by operating activities | 10,350,000 | 7,613,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of fixed assets | (13,904,000) | (2,160,000) |
Loans and advances made to employees | (121,000) | (198,000) |
Payments received on employee receivables | 175,000 | 230,000 |
Proceeds from the sale of Ark Jupiter RI, LLC | 2,474,000 | |
Additional investment in Meadowlands Newmark LLC | (222,000) | |
Loan made to Meadowlands Newmark LLC | (200,000) | |
Net cash used in investing activities | (14,641,000) | (3,045,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on notes payable | (3,951,000) | (2,533,000) |
Borrowings under credit facility | 6,198,000 | |
Payment of debt financing costs | (131,000) | |
Dividends paid | (2,569,000) | (3,420,000) |
Proceeds from issuance of stock upon exercise of stock options | 72,000 | 83,000 |
Distributions to non-controlling interests | (1,292,000) | (1,063,000) |
Net cash used in financing activities | (1,542,000) | (7,064,000) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,833,000) | (2,496,000) |
CASH AND CASH EQUIVALENTS, Beginning of year | 7,239,000 | 9,735,000 |
CASH AND CASH EQUIVALENTS, End of year | 1,406,000 | 7,239,000 |
Cash paid during the period for: | ||
Interest | 707,000 | 416,000 |
Income taxes | 1,490,000 | 2,850,000 |
Non-cash financing activities: | ||
Change in excess tax benefits from stock-based compensation | (389,000) | 86,000 |
Accrued dividend | 857,000 | |
Retirement of 1,356 treasury shares | 13,220,000 | |
Oyster House [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of the restaurants and bars | (3,043,000) | |
Non-cash financing activities: | ||
Note payable in connection with the purchase of the restaurants and bars | $ 8,000,000 | |
Shuckers Inc [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of the restaurants and bars | (717,000) | |
Non-cash financing activities: | ||
Note payable in connection with the purchase of the restaurants and bars | $ 5,000,000 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) shares in Thousands | 12 Months Ended |
Oct. 01, 2016shares | |
Retirement of treasury shares | 1,356 |
BUSINESS AND SUMMARY OF SIGNIFI
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of September 30, 2017, Ark Restaurants Corp. and Subsidiaries (the “Company”) owned and operated 20 restaurants and bars, 19 fast food concepts and catering operations, exclusively in the United States, that have similar economic characteristics, nature of products and service, class of customers and distribution methods. The Company believes it meets the criteria for aggregating its operating segments into a single reporting segment in accordance with applicable accounting guidance. The Company operates five restaurants in New York City, two in Washington, D.C., five in Las Vegas, Nevada, three in Atlantic City, New Jersey, one in Boston, Massachusetts, two in Florida and two on the gulf coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel’s room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino and a restaurant and bar at the Tropicana Hotel and Casino. The operation at the Foxwoods Resort Casino consists of one fast food concept. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida operations include the Rustic Inn in Dania Beach, Florida and Shuckers in Jensen Beach, Florida and the operation of five fast food facilities in Tampa, Florida and seven fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores, Alabama and one in Spanish Fort, Alabama. Basis of Presentation The Company had a working capital deficiency of $16,072,000 at September 30, 2017 primarily as a result of our purchase of The Oyster House Sequoia Accounting Period Use of Estimates Principles of Consolidation — Non-Controlling Interests — Seasonality Fair Value of Financial Instruments — Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments generally with original maturities of three months or less. Concentrations of Credit Risk As of September 30, 2017 the Company had accounts receivable balances due from two hotel operators totaling 39% of total accounts receivable. As of October 1, 2016, the Company had accounts receivable balances due from two hotel operators totaling 51% of total accounts receivable. For the year ended September 30, 2017 the Company made purchases from one vendor that accounted for 10% of total purchases. For the year ended October 1, 2016, the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases. Inventories Fixed Assets — three seven 40 The Company includes in construction in progress improvements to restaurants that are under construction or are undergoing substantial improvements. Once the projects have been completed, the Company begins depreciating and amortizing the assets. Start-up costs incurred during the construction period of restaurants, including rental of premises, training and payroll, are expensed as incurred. Intangible Assets Long-lived Assets — Goodwill and Trademarks Investments In the event the fair value of an investment declines below the Company’s cost basis, management is required to determine if the decline in fair value is other than temporary. If management determines the decline is other than temporary, an impairment charge is recorded. Management’s assessment as to the nature of a decline in fair value is based on, among other things, the length of time and the extent to which the market value has been less than the cost basis; the financial condition and near-term prospects of the issuer; and the Company’s intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value. Leases — Reclassification Revenue Recognition The Company offers customers the opportunity to purchase gift certificates. At the time of purchase by the customer, the Company records a gift certificate liability for the face value of the certificate purchased. The Company recognizes the revenue and reduces the gift certificate liability when the certificate is redeemed. The Company does not reduce its recorded liability for potential non-use of purchased gift cards. As of September 30, 2017 and October 1, 2016, the total liability for gift cards in the amounts of $158,106 and $161,487, respectively, are included in Accrued Expenses and Other Current Liabilities in the Consolidated Balance Sheets. Additionally, the Company presents sales tax on a net basis in its consolidated financial statements. Occupancy Expenses — Defined Contribution Plan — Income Taxes — The Company has recorded a liability for unrecognized tax benefits resulting from tax positions taken, or expected to be taken, in an income tax return. It is the Company’s policy to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. Non-controlling interests relating to the income or loss of consolidated partnerships includes no provision for income taxes as any tax liability related thereto is the responsibility of the individual minority investors. Income Per Share of Common Stock — Stock-based Compensation — measures stock-based compensation cost at the grant date based on the fair value of the award and recognizes it as expense over the applicable vesting period using the straight-line method. Upon exercise of options, excess income tax benefits related to share-based compensation expense that must be recognized directly in equity are considered financing rather than operating cash flow activities. The Company did not grant any options during the fiscal years 2017 and 2016. The Company issues new shares upon the exercise of employee stock options. The fair value of each of the Company’s stock options is estimated on the date of grant using a Black-Scholes option-pricing model that uses assumptions that relate to the expected volatility of the Company’s common stock, the expected dividend yield of the Company’s stock, the expected life of the options and the risk free interest rate. Recently Adopted Accounting Standards In June 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance which clarifies the recognition of stock-based compensation over the required service period, if it is probable that the performance condition will be achieved. This guidance was effective for the Company’s fiscal year ended September 30, 2017 and did not have an impact on the Company’s consolidated financial condition or results of operations. In January 2015, the FASB issued guidance simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The amendments were effective for the Company’s fiscal year ended September 30, 2017 and did not have an impact on the Company’s consolidated financial condition or results of operations. In February 2015, the FASB amended the consolidation standards for reporting entities that are required to evaluate whether they should consolidate certain legal entities. Under the new guidance, all legal entities are subject to reevaluation under the revised consolidation model. Specifically, the guidance (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (ii) eliminates the presumption that a general partner should consolidate a limited partnership; (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act for registered money market funds. The amendments were effective for the Company’s fiscal year ended September 30, 2017 and did not have an impact on the Company’s consolidated financial condition or results of operations. New Accounting Standards Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In January 2016, FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation – Improvements to Employee Share-Based Payment Accounting In August 2016, FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU No. 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other than Inventory In October 2016, the FASB issued ASU No. 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment |
CONSOLIDATION OF VARIABLE INTER
CONSOLIDATION OF VARIABLE INTEREST ENTITIES | 12 Months Ended |
Sep. 30, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities [Text Block] | 2. CONSOLIDATION OF VARIABLE INTEREST ENTITIES The Company consolidates any variable interest entities in which it holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has determined that it is the primary beneficiary of three VIEs and, accordingly, consolidates the financial results of these entities. Following are the required disclosures associated with the Company’s consolidated VIEs: September 30, October 1, (in thousands) Cash and cash equivalents $ 363 $ 889 Accounts receivable 716 429 Inventories 22 23 Prepaid and refundable income taxes 226 178 Prepaid expenses and other current assets 63 50 Due from Ark Restaurants Corp. and affiliates (1) 185 — Fixed assets - net 6 22 Other assets 71 71 Total assets $ 1,652 $ 1,662 Accounts payable - trade $ 116 $ 114 Accrued expenses and other current liabilities 260 238 Due to Ark Restaurants Corp. and affiliates (1) — 173 Operating lease deferred credit 51 73 Total liabilities 427 598 Equity of variable interest entities 1,225 1,064 Total liabilities and equity $ 1,652 $ 1,662 (1) Amounts due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation. The liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the consolidated VIEs. Conversely, assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets. |
RECENT RESTAURANT EXPANSION
RECENT RESTAURANT EXPANSION | 12 Months Ended |
Sep. 30, 2017 | |
Recent Restaurant Expansion [Abstract] | |
Recent Restaurant Expansion [Text Block] | 3. RECENT RESTAURANT EXPANSION On October 22, 2015, the Company, through its wholly-owned subsidiaries, Ark Shuckers, LLC and Ark Shuckers Real Estate, LLC, acquired the assets of Shuckers Inc Shuckers Inventory $ 67,000 Commercial condominium units 3,584,800 Residential condominium units 263,000 Furniture, fixtures and equipment 240,000 Trademarks 390,000 Customer list 90,000 Goodwill 1,082,200 $ 5,717,000 The Consolidated Statement of Income for the year ended October 1, 2016 includes revenues and operating income of approximately $4,763,000 and $523,000, respectively, related to Shuckers On November 30, 2016, the Company, through newly formed, wholly-owned subsidiaries, acquired the assets of the Original Oyster House, Inc. Original Oyster House II, Inc Inventory $ 293 Land and buildings 6,650 Furniture, fixtures and equipment 395 Trademarks 1,720 Goodwill 1,985 $ 11,043 The Consolidated Statement of Income for the year ended September 30, 2017 includes revenues and income of approximately $5,322,000 and $11,804,000 and $684,000 and $1,243,000, respectively, related to the Shuckers Oyster House Sequoia Shuckers Oyster House Shuckers Oyster House Year Ended September 30, October 1, (unaudited) (unaudited) Total revenues $ 155,690 $ 164,402 Net income $ 4,246 $ 6,643 Net income per share - basic $ 1.24 $ 1.94 Net income per share - diluted $ 1.20 $ 1.89 Basic 3,424 3,418 Diluted 3,531 3,507 |
RECENT RESTAURANT DISPOSITIONS
RECENT RESTAURANT DISPOSITIONS | 12 Months Ended |
Sep. 30, 2017 | |
Recent Restaurant Dispositions [Abstract] | |
Recent Restaurant Dispositions [Text Block] | 4. RECENT RESTAURANT DISPOSITIONS Lease Expirations V-Bar The Company was advised by the landlord that it would have to vacate the Center Café The Company was advised by the landlord that it would have to vacate The Grill at Two Trees Other Rustic Inn The Company transferred its lease and the related assets of Canyon Road |
INVESTMENT IN AND RECEIVABLE FR
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | 5. INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK On March 12, 2013, the Company made a $4,200,000 investment in the New Meadowlands Racetrack LLC (“NMR”) through its purchase of a membership interest in Meadowlands Newmark, LLC, an existing member of NMR with a 63.7% ownership interest. On November 19, 2013, the Company invested an additional $464,000 in NMR through a purchase of an additional membership interest in Meadowlands Newmark, LLC resulting in a total ownership of 11.6% of Meadowlands Newmark, LLC, and an effective ownership interest in NMR of 7.4%, subject to dilution. In 2015, the Company invested an additional $222,000 in NMR and on February 7, 2017, the Company invested an additional $222,000 in NMR, both as a result of capital calls, bringing its total investment to $5,108,000 with no change in ownership. This investment has been accounted for based on the cost method. In addition to the Company’s ownership interest in NMR through Meadowlands Newmark, LLC, if casino gaming is approved at the Meadowlands and NMR is granted the right to conduct said gaming, neither of which can be assured, the Company shall be granted the exclusive right to operate the food and beverage concessions in the gaming facility with the exception of one restaurant. In conjunction with this investment, the Company, through a 97% owned subsidiary, Ark Meadowlands LLC (“AM VIE”), also entered into a long-term agreement with NMR for the exclusive right to operate food and beverage concessions serving the new raceway facilities (the “Racing F&B Concessions”) located in the new raceway grandstand constructed at the Meadowlands Racetrack in northern New Jersey. Under the agreement, NMR is responsible to pay for the costs and expenses incurred in the operation of the Racing F&B Concessions, and all revenues and profits thereof inure to the benefit of NMR. AM VIE receives an annual fee equal to 5% of the net profits received by NMR from the Racing F&B Concessions during each calendar year. At October 1, 2016, it was determined that AM VIE is a variable interest entity. However, based on qualitative consideration of the contracts with AM VIE, the operating structure of AM VIE, the Company’s role with AM VIE, and that the Company is not obligated to absorb any expected losses of AM VIE, the Company has concluded that it is not the primary beneficiary and not required to consolidate the operations of AM VIE. The Company’s maximum exposure to loss as a result of its involvement with AM VIE is limited to a receivable from AM VIE’s primary beneficiary (NMR, a related party) which aggregated approximately $9,000 and $164,000 at September 30, 2017 and October 1, 2016, respectively, and are included in Prepaid Expenses and Other Current Assets in the Consolidated Balance Sheets. On April 25, 2014, the Company loaned $1,500,000 to Meadowlands Newmark, LLC. The note bears interest at 3%, compounded monthly and added to the principal, and is due in its entirety on January 31, 2024. The note may be prepaid, in whole or in part, at any time without penalty or premium. On July 13, 2016, the Company made an additional loan to Meadowlands Newmark, LLC in the amount of $200,000. Such amount is subject to the same terms and conditions as the original loan as discussed above. The principal and accrued interest related to this note in the amounts of $1,871,144 and $1,814,659, are included in Investment In and Receivable From New Meadowlands Racetrack in the Consolidated Balance Sheets at September 30, 2017 and October 1, 2016, respectively. In accordance with the cost method, our initial investment is recorded at cost and we record dividend income when applicable, if dividends are declared. We review our Investment in NMR each reporting period to determine whether a significant event or change in circumstances has occurred that may have an adverse effect on its fair value, such as the defeat of the referendum for casino gaming in Northern New Jersey in November 2016. State law prohibits the issue from being put on the ballot before voters for the following two years. As a result, we performed an assessment of the recoverability of our indirect Investment in NMR as of September 30, 2017 and October 1, 2016, which included estimates requiring significant management judgment, include inherent uncertainties and are often interdependent; therefore, they do not change in isolation. Factors that management estimated include, among others, the probability of gambling being approved in Northern NJ which is the most heavily weighted assumption and NMR obtaining a license to operate a casino, revenue levels, cost of capital, marketing spending, tax rates and capital spending. In performing this assessment, we estimated the fair value of our Investment in NMR using our best estimate of these assumptions which we believe would be consistent with what a hypothetical marketplace participant would use. The variability of these factors depends on a number of conditions, including uncertainty about future events and our inability as a minority shareholder to control certain outcomes and thus our accounting estimates may change from period to period. If other assumptions and estimates had been used when these tests were performed, impairment charges could have resulted. As a result of the above, no impairment was deemed necessary as of September 30, 2017 and October 1, 2016. |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6. FIXED ASSETS Fixed assets consist of the following: September 30, October 1, (In thousands) Land and building $ 17,164 $ 9,002 Leasehold improvements 50,127 43,402 Furniture, fixtures and equipment 35,978 36,062 Construction in progress 980 482 104,249 88,948 Less: accumulated depreciation and amortization 59,034 59,402 $ 45,215 $ 29,546 Depreciation and amortization expense related to fixed assets for the years ended September 30, 2017 and October 1, 2016 was $4,096,000 and $4,490,000, respectively. Management continually evaluates unfavorable cash flows, if any, related to underperforming restaurants. Periodically it is concluded that certain properties have become impaired based on their existing and anticipated future economic outlook in their respective markets. In such instances, we may impair assets to reduce their carrying values to fair values. Estimated fair values of impaired properties are based on comparable valuations, cash flows and/or management judgment. Included in 2017 are impairment charges of $75,000 related to Canyon Road Branches Sequoia |
INTANGIBLE ASSETS, GOODWILL AND
INTANGIBLE ASSETS, GOODWILL AND TRADEMARKS | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. INTANGIBLE ASSETS, GOODWILL AND TRADEMARKS Intangible assets consist of the following: September 30, October 1, (In thousands) Purchased leasehold rights (a) $ 2,395 $ 2,737 Noncompete agreements and other 253 303 2,648 3,040 Less accumulated amortization 2,239 2,514 Total intangible assets $ 409 $ 526 (a) Purchased leasehold rights arose from acquiring leases and subleases of various restaurants. Amortization expense related to intangible assets for the years ended September 30, 2017 and October 1, 2016 was $42,000 and $63,000, respectively. Amortization expense for each of the next five years is expected to be $38,000. Goodwill is the excess of cost over fair market value of tangible and intangible net assets acquired. Goodwill is not presently amortized but tested for impairment annually or when the facts or circumstances indicate a possible impairment of goodwill as a result of a continual decline in performance or as a result of fundamental changes in a market. Trademarks, which have indefinite lives, are not currently amortized and are tested for impairment annually or when facts or circumstances indicate a possible impairment as a result of a continual decline in performance or as a result of fundamental changes in a market. The changes in the carrying amount of goodwill and trademarks for the years ended September 30, 2017 and October 1, 2016 are as follows: Goodwill Trademarks (In thousands) Balance as of October 3, 2015 $ 6,813 $ 1,221 Acquired during the year 1,082 390 Impairment losses - - Balance as of October 1, 2016 7,895 1,611 Acquired during the year 1,985 1,720 Impairment losses - - Balance as of September 30, 2017 $ 9,880 $ 3,331 |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: September 30, October 1, (In thousands) Sales tax payable $ 813 $ 942 Accrued wages and payroll related costs 2,475 2,495 Customer advance deposits 4,186 4,077 Accrued occupancy and other operating expenses 2,702 3,041 $ 10,176 $ 10,555 Two subsidiaries of the Company (“the Ark Subsidiaries”), which operate food courts on Federally protected Indian land, had been involved in litigation with the state in which they operate, whereby the state attempted to collect commercial rent tax from the Ark Subsidiaries. The Company had continued to accrue such taxes as the litigation worked its way through the courts. During July 2016, the state agreed to the entry of consent judgments in favor of the Ark Subsidiaries holding that the state is constitutionally prohibited from taxing rentals of Indian land. In connection with this agreement, the Company reversed the accrual of these liabilities in the amount of $945,000 during the three months ended July 2, 2016. In addition, the Company received a refund of previously paid amounts in the amount of $157,000 in August 2016 related to the above matter. Such amounts are included in the Consolidated Statement of Income for the year ended October 1, 2016 as a reduction of Occupancy Expenses. |
NOTES PAYABLE - BANK
NOTES PAYABLE - BANK | 12 Months Ended |
Sep. 30, 2017 | |
Notes Payable [Abstract] | |
Notes Payable [Text Block] | 9. NOTES PAYABLE – BANK Long-term debt consists of the following: September 30, October 1, (In thousands) Promissory Note - Rustic Inn purchase $ 2,290 $ 3,907 Promissory Note - Shuckers purchase 3,083 4,084 Promissory Note - Oyster House purchase 6,667 — 12,040 7,991 Less: Current maturities (4,174 ) (2,617 ) Less: Unamortized deferred financing costs (42 ) (53 ) Long-term debt $ 7,824 $ 5,321 On February 25, 2013, the Company issued a promissory note to Bank Hapoalim B.M. (the “BHBM”) for $3,000,000. The note bore interest at LIBOR plus 3.5% per annum, and was payable in 36 equal monthly installments of $83,333, commencing on March 25, 2013. On February 24, 2014, in connection with the acquisition of The Rustic Inn, the Company borrowed an additional $6,000,000 from BHBM under the same terms and conditions as the original loan which was consolidated with the remaining principal balance from the original borrowing at that date. The new loan is payable in 60 equal monthly installments of $134,722, which commenced on March 25, 2014. On October 22, 2015, in connection with the acquisition of Shuckers, the Company issued a promissory note to BHBM for $5,000,000. The note bears interest at LIBOR plus 3.5% per annum, and is payable in 60 equal monthly installments of $83,333, commencing on November 22, 2015. Also on October 22, 2015, the Company also entered into a credit agreement (the “Revolving Facility”) with BHBM which, as amended, expires on October 21, 2019 and provides for total availability of the lesser of (i) $10,000,000 and (ii) $20,000,000 less the then aggregate amount of all indebtedness and obligations to BHBM. Borrowings under the Revolving Facility are evidenced by a promissory note (the “Revolving Note”) in favor of BHBM and will be payable over five years with interest at an annual rate equal to LIBOR plus 3.5% per year. On November 30, 2016, in connection with the acquisition of The Oyster House During the year ended September 30, 2017, the Company borrowed $6,198,000 under the Revolving Facility to finance a portion of the renovation of its Sequoia Deferred financing costs incurred in connection with the Revolving Facility in the amount of $130,585 are being amortized over the life of the agreements on a straight-line basis and included in interest expense. Amortization expense of $46,000 and $43,000 is included in interest expense for the years ended September 30, 2017 and October 1, 2016, respectively. Borrowings under the Revolving Facility, which include all of the above promissory notes, are secured by all tangible and intangible personal property (including accounts receivable, inventory, equipment, general intangibles, documents, chattel paper, instruments, letter-of-credit rights, investment property, intellectual property and deposit accounts) and fixtures of the Company. The loan agreements provide, among other things, that the Company meet minimum quarterly tangible net worth amounts, as defined, maintain a fixed charge coverage ratio of not less than 1.1:1 and minimum annual net income amounts, and contain customary representations, warranties and affirmative covenants. The agreements also contain customary negative covenants, subject to negotiated exceptions, on liens, relating to other indebtedness, capital expenditures, liens, affiliate transactions, disposal of assets and certain changes in ownership. The Company was in compliance with all of its financial covenants under the Revolving Facility as of September 30, 2017 except for the fixed charge coverage ratio covenant. On December 21, 2017, we were issued a waiver for this covenant as of September 30, 2017. As of September 30, 2017, the aggregate amounts of notes payable maturities are as follows: 2018 $ 4,216 2019 3,273 2020 2,599 2021 1,682 2022 270 $ 12,040 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES Leases As of September 30, 2017, future minimum lease payments under noncancelable leases are as follows: Amount Fiscal Year (In thousands) 2018 $ 9,720 2019 9,004 2020 8,118 2021 7,149 2022 6,649 Thereafter 34,439 Total minimum payments $ 75,079 In connection with certain of the leases included in the table above, the Company obtained and delivered irrevocable letters of credit in the aggregate amount of approximately $388,000 as security deposits under such leases. Rent expense was approximately $13,547,000 and $13,791,000 for the fiscal years ended September 30, 2017 and October 1, 2016, respectively. Contingent rentals, included in rent expense, were approximately $4,420,000 and $4,382,000 for the fiscal years ended September 30, 2017 and October 1, 2016, respectively. On January 12, 2016, the Company entered into an Amended and Restated Lease for its Sequoia property in Washington D.C. extending the lease for 15 years through November 30, 2032 with one additional five-year option. Annual rent under the new lease is approximately $1,200,000 increasing annually through expiration. Under the terms of the agreement, the property was closed January 1, 2017 for renovation and reconcepting which cost approximately $11,000,000. In connection with this closure, the Company recognized an impairment loss related to fixed asset disposals in the amount of $283,000, which is included in depreciation and amortization expense for the year ended September 30, 2017. The restaurant re-opened in June 2017. Legal Proceedings Share Repurchase Plan |
STOCK OPTIONS
STOCK OPTIONS | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. STOCK OPTIONS The Company has options outstanding under two stock option plans, the 2004 Stock Option Plan (the “2004 Plan”) and the 2010 Stock Option Plan (the “2010 Plan”), which was approved by shareholders in the second quarter of 2010. Effective with this approval, the Company terminated the 2004 Plan. This action terminated the 400 authorized but unissued options under the 2004 Plan, but it did not affect any of the options previously issued under the 2004 Plan. Options granted under the 2004 Plan are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant. Options granted under the 2010 Plan are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant. On April 5, 2016, the shareholders of the Company approved the 2016 Stock Option Plan and the Section 162(m) Cash Bonus Plan. Under the 2016 Stock Option Plan, 500,000 options were authorized for future grant and are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted. The options expire ten years after the date of grant. Under the Section 162(m) Cash Bonus Plan, compensation paid in excess of $1,000,000 to any employee who is the chief executive officer, or one of the three highest paid executive officers on the last day of that tax year (other than the chief executive officer or the chief financial officer) will meet certain “performance-based” requirements of Section 162(m) and the related IRS regulations in order for it to be tax deductible. During the year ended September 30, 2017, options to purchase 90,000 shares of common stock at an exercise price of $32.15 per share expired unexercised. No options were granted during the years ended September 30, 2017 and October 1, 2016. The following table summarizes stock option activity under all plans: 2017 2016 Shares Weighted Weighted Aggregate Shares Weighted Aggregate Outstanding, beginning of year 518,608 $ 20.33 5.1 Years 523,800 $ 20.29 Options: Granted — — Exercised (6,808 ) $ 17.15 (5,192 ) $ 16.26 Canceled or expired (90,000 ) $ 32.15 — Outstanding and expected to vest, end of year 421,800 $ 17.86 5.2 Years $ 2,745,156 518,608 $ 20.33 $ 1,979,232 Exercisable, end of year 421,800 $ 17.86 5.2 Years $ 2,745,156 518,608 $ 20.33 $ 1,979,232 Shares available for future grant 500,000 500,000 Compensation cost charged to operations for the fiscal years ended September 30, 2017 and October 1, 2016 for share-based compensation programs was approximately $0 and $286,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the Consolidated Statements of Income. As of September 30, 2017, there was no unrecognized compensation cost related to unvested stock options. The following table summarizes information about stock options outstanding as of September 30, 2017: Options Outstanding and Exercisable Range of Exercise Prices Number of Weighted Weighted $12.04 66,000 $ 12.04 1.6 $14.40 156,300 $ 14.40 4.7 $22.50 199,500 $ 22.50 6.7 421,800 $ 20.33 5.2 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The provision for income taxes consists of the following: Year Ended September 30, October 1, (In thousands) Current provision (benefit): Federal $ (144 ) $ 778 State and local 287 192 143 970 Deferred provision (benefit): Federal 1,391 915 State and local 134 213 1,525 1,128 $ 1,668 $ 2,098 The effective tax rate differs from the U.S. income tax rate as follows: Year Ended September 30, October 1, 2016 (In thousands) Provision at Federal statutory rate $ 2,185 $ 2,580 State and local income taxes, net of tax benefits 255 326 Tax credits (632 ) (611 ) Income attributable to non-controlling interest (244 ) (501 ) Changes in tax rates 8 9 Other 96 295 $ 1,668 $ 2,098 Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: September 30, October 1, (In thousands) Long-term deferred tax assets (liabilities): State net operating loss carryforwards $ 3,210 $ 3,179 Operating lease deferred credits 826 772 Depreciation and amortization (2,160 ) (256 ) Deferred compensation 580 986 Partnership investments (291 ) (709 ) Prepaid expenses (419 ) (444 ) Other 99 230 Total long-term deferred tax assets 1,845 3,758 Valuation allowance (354 ) (342 ) Total net deferred tax assets $ 1,491 $ 3,416 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. In the assessment of the valuation allowance, appropriate consideration was given to all positive and negative evidence including recent operating profitability, forecasts of future earnings and the duration of statutory carryforward periods. The Company recorded a valuation allowance of $354,000 and $342,000 as of September 30, 2017 and October 1, 2016, respectively, attributable to state and local net operating loss carryforwards which are not realizable on a more-likely-than-not basis. During fiscal 2017, the Company’s valuation allowance increased by approximately $12,000 as the Company determined that certain state net operating losses became unrealizable on a more-likely-than-not basis. As of September 30, 2017, the Company has New York State net operating losses of approximately $20,030,000 and New York City net operating loss carryforwards of approximately $18,455,000 that expire through fiscal 2037. During fiscal 2017, certain equity compensation awards expired unexercised. As such, the Company reversed the related deferred tax asset in the amount of approximately $400,000 as a charge to Additional Paid-in Capital as there was a sufficient pool of windfall tax benefit available. During fiscal 2016, the Company recorded a credit to Additional Paid-in Capital of $11,000 related to equity compensation. A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties is as follows: September 30, October 1, 2017 2016 (In thousands) Balance at beginning of year $ 366 $ 307 Additions based on tax positions taken in current and prior years 15 105 Settlements (134 ) (46 ) Decreases based on tax postions taken in prior years (96 ) — Balance at end of year $ 151 $ 366 The entire amount of unrecognized tax benefits if recognized would reduce our annual effective tax rate. As of September 30, 2017, the Company accrued approximately $127,000 of interest and penalties. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax law, both legislated and concluded through the various jurisdictions’ tax court systems. The Company files tax returns in the U.S. and various state and local jurisdictions with varying statutes of limitations. The 2014 through 2017 fiscal years remain subject to examination by the Internal Revenue Service most state and local tax authorities. |
INCOME PER SHARE OF COMMON STOC
INCOME PER SHARE OF COMMON STOCK | 12 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 13. INCOME PER SHARE OF COMMON STOCK A reconciliation of the numerators and denominators of the basic and diluted per share computations for the fiscal years ended September 30, 2017 and October 1, 2016 follows: Net Income Attributable to Ark Restaurants Corp. Shares Per Share (In thousands, except per share amounts) Year ended September 30, 2017 Basic EPS $ 4,039 3,424 $ 1.18 Stock options — 107 (0.04 ) Diluted EPS $ 4,039 $ 3,531 $ 1.14 Year ended October 1, 2016 Basic EPS $ 4,030 3,418 $ 1.18 Stock options — 89 (0.03 ) Diluted EPS $ 4,030 3,507 $ 1.15 For the year ended September 30, 2017, options to purchase 66,000 shares of common stock at a price of $12.04, options to purchase 156,300 shares of common stock at a price of $14.40 and options to purchase 199,500 shares of common stock at a price of $22.50 per were included in diluted earnings per share. For the year ended October 1, 2016, options to purchase 66,000 shares of common stock at a price of $12.04, options to purchase 160,800 shares of common stock at a price of $14.40 and options to purchase 201,808 shares of common stock at a price of $22.50 per were included in diluted earnings per share. Options to purchase 90,000 shares of common stock at a price of $32.15 per share were not included in diluted earnings per share as their impact would be anti-dilutive. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions Excluding Stock Option Receivable [Abstract] | |
Related Party Transactions Excluding Stock Option Receivable [Text Block] | 14. RELATED PARTY TRANSACTIONS Employee receivables totaled approximately $399,000 and $453,000 at September 30, 2017 and October 1, 2016, respectively. Such amounts consist of loans that are payable on demand and bear interest at the minimum statutory rate (1.29% at September 30, 2017 and 0.66% at October 1, 2016). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS On December 5, 2017, the Board of Directors declared a quarterly dividend of $0.25 per share on the Company’s common stock to be paid on January 3, 2018 to shareholders of record at the close of business on December 19, 2017. On December 12, 2017, the Company amended its Revolving Facility to increase the total availability to be the lesser of (i) $12,000,000 and (ii) $22,000,000 less the then aggregate amount of all indebtedness and obligations to BHBM. On December 22, 2017, the Tax Cuts and Jobs Acts (the “Act”) was enacted into law. The new legislation contains several key tax provisions including the reduction of the corporate income tax rate to 21% effective January 1, 2018, as well as a variety of other changes including limitation of the tax deductibility of interest expense, acceleration of expensing of certain business assets and reductions in the amount of executive pay that could qualify as a tax deduction. The Company is assessing the impact of the enacted tax law on its business and its consolidated financial statements and expects to record a discrete tax benefit related to the remeasurement of its deferred tax assets and liabilities for the reduced federal tax rates during the three-month period ending December 31, 2017. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company had a working capital deficiency of $16,072,000 at September 30, 2017 primarily as a result of our purchase of The Oyster House Sequoia |
Fiscal Period, Policy [Policy Text Block] | Accounting Period |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation — |
Non Controlling Interests [Policy Text Block] | Non-Controlling Interests — |
Seasonality [Policy Text Block] | Seasonality |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments — |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments generally with original maturities of three months or less. |
Supplier Concentration [Policy Text Block] | Concentrations of Credit Risk As of September 30, 2017 the Company had accounts receivable balances due from two hotel operators totaling 39% of total accounts receivable. As of October 1, 2016, the Company had accounts receivable balances due from two hotel operators totaling 51% of total accounts receivable. For the year ended September 30, 2017 the Company made purchases from one vendor that accounted for 10% of total purchases. For the year ended October 1, 2016, the Company did not make purchases from any one vendor that accounted for 10% or greater of total purchases. |
Inventory, Policy [Policy Text Block] | Inventories |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets — three seven 40 The Company includes in construction in progress improvements to restaurants that are under construction or are undergoing substantial improvements. Once the projects have been completed, the Company begins depreciating and amortizing the assets. Start-up costs incurred during the construction period of restaurants, including rental of premises, training and payroll, are expensed as incurred. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets — |
Goodwill And Trademarks [Policy Text Block] | Goodwill and Trademarks |
Investment, Policy [Policy Text Block] | Investments In the event the fair value of an investment declines below the Company’s cost basis, management is required to determine if the decline in fair value is other than temporary. If management determines the decline is other than temporary, an impairment charge is recorded. Management’s assessment as to the nature of a decline in fair value is based on, among other things, the length of time and the extent to which the market value has been less than the cost basis; the financial condition and near-term prospects of the issuer; and the Company’s intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value. |
Lessee, Leases [Policy Text Block] | Leases — |
Reclassification, Policy [Policy Text Block] | Reclassification |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company offers customers the opportunity to purchase gift certificates. At the time of purchase by the customer, the Company records a gift certificate liability for the face value of the certificate purchased. The Company recognizes the revenue and reduces the gift certificate liability when the certificate is redeemed. The Company does not reduce its recorded liability for potential non-use of purchased gift cards. As of September 30, 2017 and October 1, 2016, the total liability for gift cards in the amounts of $158,106 and $161,487, respectively, are included in Accrued Expenses and Other Current Liabilities in the Consolidated Balance Sheets. Additionally, the Company presents sales tax on a net basis in its consolidated financial statements. |
Occupancy Expenses [Policy Text Block] | Occupancy Expenses — |
Defined Contribution Plans [Policy Text Block] | Defined Contribution Plan — |
Income Tax, Policy [Policy Text Block] | Income Taxes — The Company has recorded a liability for unrecognized tax benefits resulting from tax positions taken, or expected to be taken, in an income tax return. It is the Company’s policy to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. Non-controlling interests relating to the income or loss of consolidated partnerships includes no provision for income taxes as any tax liability related thereto is the responsibility of the individual minority investors. |
Earnings Per Share, Policy [Policy Text Block] | Income Per Share of Common Stock — |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation — measures stock-based compensation cost at the grant date based on the fair value of the award and recognizes it as expense over the applicable vesting period using the straight-line method. Upon exercise of options, excess income tax benefits related to share-based compensation expense that must be recognized directly in equity are considered financing rather than operating cash flow activities. The Company did not grant any options during the fiscal years 2017 and 2016. The Company issues new shares upon the exercise of employee stock options. The fair value of each of the Company’s stock options is estimated on the date of grant using a Black-Scholes option-pricing model that uses assumptions that relate to the expected volatility of the Company’s common stock, the expected dividend yield of the Company’s stock, the expected life of the options and the risk free interest rate. |
Recently Adopted Accounting Standards [Policy Text Block] | Recently Adopted Accounting Standards In June 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance which clarifies the recognition of stock-based compensation over the required service period, if it is probable that the performance condition will be achieved. This guidance was effective for the Company’s fiscal year ended September 30, 2017 and did not have an impact on the Company’s consolidated financial condition or results of operations. In January 2015, the FASB issued guidance simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The amendments were effective for the Company’s fiscal year ended September 30, 2017 and did not have an impact on the Company’s consolidated financial condition or results of operations. In February 2015, the FASB amended the consolidation standards for reporting entities that are required to evaluate whether they should consolidate certain legal entities. Under the new guidance, all legal entities are subject to reevaluation under the revised consolidation model. Specifically, the guidance (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (ii) eliminates the presumption that a general partner should consolidate a limited partnership; (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act for registered money market funds. The amendments were effective for the Company’s fiscal year ended September 30, 2017 and did not have an impact on the Company’s consolidated financial condition or results of operations. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In January 2016, FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation – Improvements to Employee Share-Based Payment Accounting In August 2016, FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU No. 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other than Inventory In October 2016, the FASB issued ASU No. 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment |
CONSOLIDATION OF VARIABLE INT25
CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | Following are the required disclosures associated with the Company’s consolidated VIEs: September 30, October 1, (in thousands) Cash and cash equivalents $ 363 $ 889 Accounts receivable 716 429 Inventories 22 23 Prepaid and refundable income taxes 226 178 Prepaid expenses and other current assets 63 50 Due from Ark Restaurants Corp. and affiliates (1) 185 — Fixed assets - net 6 22 Other assets 71 71 Total assets $ 1,652 $ 1,662 Accounts payable - trade $ 116 $ 114 Accrued expenses and other current liabilities 260 238 Due to Ark Restaurants Corp. and affiliates (1) — 173 Operating lease deferred credit 51 73 Total liabilities 427 598 Equity of variable interest entities 1,225 1,064 Total liabilities and equity $ 1,652 $ 1,662 (1) Amounts due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation. |
RECENT RESTAURANT EXPANSION (Ta
RECENT RESTAURANT EXPANSION (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
RECENT RESTAURANT EXPANSION (Tables) [Line Items] | |
Schedule of Annual Financial Information [Table Text Block] | The unaudited pro forma financial information set forth below is based upon the Company’s historical Consolidated Statements of Income for the years ended September 30, 2017 and October 1, 2016 Year Ended September 30, October 1, (unaudited) (unaudited) Total revenues $ 155,690 $ 164,402 Net income $ 4,246 $ 6,643 Net income per share - basic $ 1.24 $ 1.94 Net income per share - diluted $ 1.20 $ 1.89 Basic 3,424 3,418 Diluted 3,531 3,507 |
Shuckers Inc [Member] | |
RECENT RESTAURANT EXPANSION (Tables) [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The fair values of the assets acquired were allocated as follows: Inventory $ 67,000 Commercial condominium units 3,584,800 Residential condominium units 263,000 Furniture, fixtures and equipment 240,000 Trademarks 390,000 Customer list 90,000 Goodwill 1,082,200 $ 5,717,000 |
Oyster House [Member] | |
RECENT RESTAURANT EXPANSION (Tables) [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The fair values of the assets acquired, none of which are amortizable, were allocated as follows (amounts in thousands): Inventory $ 293 Land and buildings 6,650 Furniture, fixtures and equipment 395 Trademarks 1,720 Goodwill 1,985 $ 11,043 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Fixed assets consist of the following: September 30, October 1, (In thousands) Land and building $ 17,164 $ 9,002 Leasehold improvements 50,127 43,402 Furniture, fixtures and equipment 35,978 36,062 Construction in progress 980 482 104,249 88,948 Less: accumulated depreciation and amortization 59,034 59,402 $ 45,215 $ 29,546 |
INTANGIBLE ASSETS, GOODWILL A28
INTANGIBLE ASSETS, GOODWILL AND TRADEMARKS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets consist of the following: September 30, October 1, (In thousands) Purchased leasehold rights (a) $ 2,395 $ 2,737 Noncompete agreements and other 253 303 2,648 3,040 Less accumulated amortization 2,239 2,514 Total intangible assets $ 409 $ 526 (a) Purchased leasehold rights arose from acquiring leases and subleases of various restaurants. |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The changes in the carrying amount of goodwill and trademarks for the years ended September 30, 2017 and October 1, 2016 are as follows: Goodwill Trademarks (In thousands) Balance as of October 3, 2015 $ 6,813 $ 1,221 Acquired during the year 1,082 390 Impairment losses - - Balance as of October 1, 2016 7,895 1,611 Acquired during the year 1,985 1,720 Impairment losses - - Balance as of September 30, 2017 $ 9,880 $ 3,331 |
ACCRUED EXPENSES AND OTHER CU29
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Accrued Expenses And Other Current Liabilities [Table Text Block] | Accrued expenses and other current liabilities consist of the following: September 30, October 1, (In thousands) Sales tax payable $ 813 $ 942 Accrued wages and payroll related costs 2,475 2,495 Customer advance deposits 4,186 4,077 Accrued occupancy and other operating expenses 2,702 3,041 $ 10,176 $ 10,555 |
NOTES PAYABLE - BANK (Tables)
NOTES PAYABLE - BANK (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Payable [Abstract] | |
Schedule of Debt [Table Text Block] | Long-term debt consists of the following: September 30, October 1, (In thousands) Promissory Note - Rustic Inn purchase $ 2,290 $ 3,907 Promissory Note - Shuckers purchase 3,083 4,084 Promissory Note - Oyster House purchase 6,667 — 12,040 7,991 Less: Current maturities (4,174 ) (2,617 ) Less: Unamortized deferred financing costs (42 ) (53 ) Long-term debt $ 7,824 $ 5,321 |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of September 30, 2017, the aggregate amounts of notes payable maturities are as follows: 2018 $ 4,216 2019 3,273 2020 2,599 2021 1,682 2022 270 $ 12,040 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of September 30, 2017, future minimum lease payments under noncancelable leases are as follows: Amount Fiscal Year (In thousands) 2018 $ 9,720 2019 9,004 2020 8,118 2021 7,149 2022 6,649 Thereafter 34,439 Total minimum payments $ 75,079 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity under all plans: 2017 2016 Shares Weighted Weighted Aggregate Shares Weighted Aggregate Outstanding, beginning of year 518,608 $ 20.33 5.1 Years 523,800 $ 20.29 Options: Granted — — Exercised (6,808 ) $ 17.15 (5,192 ) $ 16.26 Canceled or expired (90,000 ) $ 32.15 — Outstanding and expected to vest, end of year 421,800 $ 17.86 5.2 Years $ 2,745,156 518,608 $ 20.33 $ 1,979,232 Exercisable, end of year 421,800 $ 17.86 5.2 Years $ 2,745,156 518,608 $ 20.33 $ 1,979,232 Shares available for future grant 500,000 500,000 |
Share-based Compensation, Activity [Table Text Block] | The following table summarizes information about stock options outstanding as of September 30, 2017: Options Outstanding and Exercisable Range of Exercise Prices Number of Weighted Weighted $12.04 66,000 $ 12.04 1.6 $14.40 156,300 $ 14.40 4.7 $22.50 199,500 $ 22.50 6.7 421,800 $ 20.33 5.2 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consists of the following: Year Ended September 30, October 1, (In thousands) Current provision (benefit): Federal $ (144 ) $ 778 State and local 287 192 143 970 Deferred provision (benefit): Federal 1,391 915 State and local 134 213 1,525 1,128 $ 1,668 $ 2,098 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective tax rate differs from the U.S. income tax rate as follows: Year Ended September 30, October 1, 2016 (In thousands) Provision at Federal statutory rate $ 2,185 $ 2,580 State and local income taxes, net of tax benefits 255 326 Tax credits (632 ) (611 ) Income attributable to non-controlling interest (244 ) (501 ) Changes in tax rates 8 9 Other 96 295 $ 1,668 $ 2,098 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets and liabilities are as follows: September 30, October 1, (In thousands) Long-term deferred tax assets (liabilities): State net operating loss carryforwards $ 3,210 $ 3,179 Operating lease deferred credits 826 772 Depreciation and amortization (2,160 ) (256 ) Deferred compensation 580 986 Partnership investments (291 ) (709 ) Prepaid expenses (419 ) (444 ) Other 99 230 Total long-term deferred tax assets 1,845 3,758 Valuation allowance (354 ) (342 ) Total net deferred tax assets $ 1,491 $ 3,416 |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties is as follows: September 30, October 1, 2017 2016 (In thousands) Balance at beginning of year $ 366 $ 307 Additions based on tax positions taken in current and prior years 15 105 Settlements (134 ) (46 ) Decreases based on tax postions taken in prior years (96 ) — Balance at end of year $ 151 $ 366 |
INCOME PER SHARE OF COMMON ST34
INCOME PER SHARE OF COMMON STOCK (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerators and denominators of the basic and diluted per share computations for the fiscal years ended September 30, 2017 and October 1, 2016 follows: Net Income Attributable to Ark Restaurants Corp. Shares Per Share (In thousands, except per share amounts) Year ended September 30, 2017 Basic EPS $ 4,039 3,424 $ 1.18 Stock options — 107 (0.04 ) Diluted EPS $ 4,039 $ 3,531 $ 1.14 Year ended October 1, 2016 Basic EPS $ 4,030 3,418 $ 1.18 Stock options — 89 (0.03 ) Diluted EPS $ 4,030 3,507 $ 1.15 |
BUSINESS AND SUMMARY OF SIGNI35
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | |
Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) | |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number Of Hotel Operators | 2 | 2 |
Concentration Risk, Percentage | 10.00% | 10.00% |
Number of Significant Vendors | 1 | |
Impairment of Long-Lived Assets to be Disposed of (in Dollars) | $ 0 | |
Goodwill and Trademark Impairment Loss (in Dollars) | $ 0 | 0 |
Liability for Gift Cards Included in Accrued Expenses and Other Current Liabilities (in Dollars) | $ 158,106 | $ 161,487 |
New York City [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 5 | |
Washington D.C. [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 2 | |
Las Vegas Nevada [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 5 | |
Atlantic City [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 3 | |
Boston [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 1 | |
FLORIDA | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 2 | |
ALABAMA | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 2 | |
Restaurants and Bars [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Operating Segments | 20 | |
Fast Food Concepts and Catering Operations [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Operating Segments | 19 | |
Fast Food Concepts and Catering Operations [Member] | Tampa [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 5 | |
Planet Hollywood Resort and Casino [Member] | Las Vegas [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 1 | |
Oyster House [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Working Capital Deficiency (in Dollars) | $ 16,072,000 | |
Oyster House [Member] | ALABAMA | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 2 | |
Oyster House [Member] | Gulf Shores Alabama [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 1 | |
Oyster House [Member] | Spanish Fort Alabama [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 1 | |
Noncompete Agreements [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Accounts Receivable [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Concentration Risk, Percentage | 39.00% | 51.00% |
Furniture and Fixtures [Member] | Minimum [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
New York New York Hotel and Casino Resort [Member] | Las Vegas [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 4 | |
New York New York Hotel and Casino Resort [Member] | Food Court [Member] | Las Vegas [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 6 | |
Foxwoods Resort Casino [Member] | Fast Food Concepts and Catering Operations [Member] | Ledyard [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 1 | |
Hard Rock Hotel and Casino [Member] | Fast Food Concepts and Catering Operations [Member] | Hollywood [Member] | ||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Number of Restaurants | 7 |
CONSOLIDATION OF VARIABLE INT36
CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) | Sep. 30, 2017 |
Variable Interest Entities [Abstract] | |
Number of VIEs with Primary Benefits | 3 |
CONSOLIDATION OF VARIABLE INT37
CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) - Schedule of variable interest entities - USD ($) $ in Thousands | Sep. 30, 2017 | Oct. 01, 2016 | |
Schedule of variable interest entities [Abstract] | |||
Cash and cash equivalents | $ 363 | $ 889 | |
Accounts receivable | 716 | 429 | |
Inventories | 22 | 23 | |
Prepaid and refundable income taxes | 226 | 178 | |
Prepaid expenses and other current assets | 63 | 50 | |
Due from Ark Restaurants Corp. and affiliates | [1] | 185 | |
Fixed assets - net | 6 | 22 | |
Other assets | 71 | 71 | |
Total assets | 1,652 | 1,662 | |
Accounts payable - trade | 116 | 114 | |
Accrued expenses and other current liabilities | 260 | 238 | |
Due to Ark Restaurants Corp. and affiliates | [1] | 173 | |
Operating lease deferred credit | 51 | 73 | |
Total liabilities | 427 | 598 | |
Equity of variable interest entities | 1,225 | 1,064 | |
Total liabilities and equity | $ 1,652 | $ 1,662 | |
[1] | Amounts due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation. |
RECENT RESTAURANT EXPANSION (De
RECENT RESTAURANT EXPANSION (Details) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2016USD ($) | Oct. 22, 2015USD ($) | Sep. 30, 2017USD ($) | Oct. 01, 2016USD ($) | |
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 4,039,000 | $ 4,030,000 | ||
Shuckers Inc [Member] | ||||
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ||||
Number of Condominium Unit | 6 | |||
Number of Condominium Unit of Restaurant and Bar Operations | 4 | |||
Business Combination, Consideration Transferred | $ 5,717,000 | |||
Bank Loan Related to Acquisition | $ 5,000,000 | |||
Sales Revenue, Services, Net | 5,322,000 | 4,763,000 | ||
Net Income (Loss) Attributable to Parent | 684,000 | 523,000 | ||
Business Acquisition, Transaction Costs | 170,000 | |||
Oyster House [Member] | ||||
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ||||
Business Combination, Consideration Transferred | $ 10,750,000 | |||
Sales Revenue, Services, Net | 11,804,000 | |||
Net Income (Loss) Attributable to Parent | 1,243,000 | |||
Business Combination Inventory Transferred | 293,000 | |||
Business Combination Bank Loan | $ 8,000,000 | |||
Sequoia Dc [Member] | ||||
RECENT RESTAURANT EXPANSION (Details) [Line Items] | ||||
Sales Revenue, Services, Net | 4,409,000 | 10,078,000 | ||
Net Income (Loss) Attributable to Parent | $ (2,759,000) | $ 1,156,000 |
RECENT RESTAURANT EXPANSION (39
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired - USD ($) | Sep. 30, 2017 | Oct. 01, 2016 | Oct. 03, 2015 |
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items] | |||
Goodwill | $ 9,880,000 | $ 7,895,000 | $ 6,813,000 |
Shuckers Inc [Member] | |||
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items] | |||
Inventory | 67,000 | ||
Furniture, fixtures and equipment | 240,000 | ||
Trademarks | 390,000 | ||
Customer list | 90,000 | ||
Goodwill | 1,082,200 | ||
5,717,000 | |||
Shuckers Inc [Member] | Commercial Real Estate [Member] | |||
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items] | |||
Condominium units | 3,584,800 | ||
Shuckers Inc [Member] | Residential Real Estate [Member] | |||
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items] | |||
Condominium units | $ 263,000 |
RECENT RESTAURANT EXPANSION (40
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired - USD ($) $ in Thousands | Sep. 30, 2017 | Oct. 01, 2016 | Oct. 03, 2015 |
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items] | |||
Goodwill | $ 9,880 | $ 7,895 | $ 6,813 |
Oyster House [Member] | |||
RECENT RESTAURANT EXPANSION (Details) - Schedule of fair value assets acquired [Line Items] | |||
Inventory | 293 | ||
Land and buildings | 6,650 | ||
Furniture, fixtures and equipment | 395 | ||
Trademarks | 1,720 | ||
Goodwill | 1,985 | ||
$ 11,043 |
RECENT RESTAURANT EXPANSION (41
RECENT RESTAURANT EXPANSION (Details) - Schedule of unaudited pro forma financial information - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Schedule of unaudited pro forma financial information [Abstract] | ||
Total revenues | $ 155,690 | $ 164,402 |
Net income | $ 4,246 | $ 6,643 |
Net income per share - basic | $ 1.24 | $ 1.94 |
Net income per share - diluted | $ 1.20 | $ 1.89 |
Basic | 3,424 | 3,418 |
Diluted | 3,531 | 3,507 |
RECENT RESTAURANT DISPOSITIONS
RECENT RESTAURANT DISPOSITIONS (Details) - USD ($) | Oct. 04, 2016 | Sep. 30, 2017 |
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items] | ||
Percentage of Deposit on Purchase Price of Property | 10.00% | |
Investment Building and Building Improvements | $ 5,200,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,637,000 | |
Amount Of Impairment Loss Recognized Related To Pending Transfer | 75,000 | |
A1A LLC [Member] | ||
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items] | ||
Selling Price of Property under Agreement | $ 8,250,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,637,000 | |
A1A LLC [Member] | Temporary and Sub Lease Arrangement [Member] | ||
RECENT RESTAURANT DISPOSITIONS (Details) [Line Items] | ||
Lease Expiration Date | Jul. 18, 2017 |
INVESTMENT IN AND RECEIVABLE 43
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK (Details) - USD ($) | Feb. 07, 2017 | Mar. 12, 2013 | Apr. 25, 2014 | Nov. 19, 2013 | Sep. 30, 2017 | Dec. 31, 2015 | Oct. 01, 2016 | Jul. 13, 2016 |
New Meadowlands Racetrack LLC [Member] | ||||||||
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK (Details) [Line Items] | ||||||||
Payments to Acquire Businesses and Interest in Affiliates | $ 4,200,000 | |||||||
Cost Method Investments Ownership Percentage | 7.40% | |||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 222,000 | $ 464,000 | $ 222,000 | |||||
Long-term Investments | $ 5,108,000 | |||||||
Meadowlands Newmark LLC [Member] | ||||||||
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK (Details) [Line Items] | ||||||||
Cost Method Investments Ownership Percentage | 63.70% | 11.60% | ||||||
Loans and Advances to Related party | $ 1,500,000 | |||||||
Interest Rate on Loan | 3.00% | |||||||
Loan Maturity Date | Jan. 31, 2024 | |||||||
Additional Loans And Advances To Related Party | $ 200,000 | |||||||
Principal and Accrued Interest Included in Other Assets | $ 1,871,144 | $ 1,814,659 | ||||||
Ark Meadowlands LLC [Member] | ||||||||
INVESTMENT IN AND RECEIVABLE FROM NEW MEADOWLANDS RACETRACK (Details) [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 97.00% | |||||||
Profit Participation Percentage | 5.00% | |||||||
Maximum Loss Relating to V I E Included In Other Current Assets | $ 9,000 | $ 164,000 |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
FIXED ASSETS (Details) [Line Items] | ||
Depreciation, Depletion and Amortization | $ 4,096,000 | $ 4,490,000 |
Sequoia [Member] | ||
FIXED ASSETS (Details) [Line Items] | ||
Asset Impairment Charges | 283,000 | |
Canyon Road [Member] | ||
FIXED ASSETS (Details) [Line Items] | ||
Asset Impairment Charges | 75,000 | |
Branches [Member] | ||
FIXED ASSETS (Details) [Line Items] | ||
Asset Impairment Charges | $ 45,000 |
FIXED ASSETS (Details) - Proper
FIXED ASSETS (Details) - Property, plant and equipment - USD ($) $ in Thousands | Sep. 30, 2017 | Oct. 01, 2016 |
Property, Plant and Equipment [Abstract] | ||
Land and building | $ 17,164 | $ 9,002 |
Leasehold improvements | 50,127 | 43,402 |
Furniture, fixtures and equipment | 35,978 | 36,062 |
Construction in progress | 980 | 482 |
104,249 | 88,948 | |
Less: accumulated depreciation and amortization | 59,034 | 59,402 |
$ 45,215 | $ 29,546 |
INTANGIBLE ASSETS, GOODWILL A46
INTANGIBLE ASSETS, GOODWILL AND TRADEMARKS (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 42,000 | $ 63,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 38,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 38,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 38,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 38,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 38,000 |
INTANGIBLE ASSETS, GOODWILL A47
INTANGIBLE ASSETS, GOODWILL AND TRADEMARKS (Details) - Schedule of finite-lived intangible assets - USD ($) $ in Thousands | Sep. 30, 2017 | Oct. 01, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Gross Excluding TradeMarks And Goodwill | $ 2,648 | $ 3,040 | |
Less accumulated amortization | 2,239 | 2,514 | |
Total intangible assets | 409 | 526 | |
Leases, Acquired-in-Place [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Gross Excluding TradeMarks And Goodwill | [1] | 2,395 | 2,737 |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets Gross Excluding TradeMarks And Goodwill | $ 253 | $ 303 | |
[1] | Purchased leasehold rights arose from acquiring leases and subleases of various restaurants. |
INTANGIBLE ASSETS, GOODWILL A48
INTANGIBLE ASSETS, GOODWILL AND TRADEMARKS (Details) - Schedule of changes in the carrying amount of goodwill and trademarks - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Oct. 03, 2015 | |
INTANGIBLE ASSETS, GOODWILL AND TRADEMARKS (Details) - Schedule of changes in the carrying amount of goodwill and trademarks [Line Items] | |||
Balance | $ 9,880 | $ 7,895 | $ 6,813 |
Acquired during the year | 1,985 | 1,082 | |
Trademarks [Member] | |||
INTANGIBLE ASSETS, GOODWILL AND TRADEMARKS (Details) - Schedule of changes in the carrying amount of goodwill and trademarks [Line Items] | |||
Balance | 3,331 | 1,611 | $ 1,221 |
Acquired during the year | $ 1,720 | $ 390 |
ACCRUED EXPENSES AND OTHER CU49
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2016USD ($) | Sep. 30, 2017 | Jul. 02, 2016USD ($) | |
Disclosure Text Block Supplement [Abstract] | |||
Number of subsidiaries | 2 | ||
Reversal of Accrued Liabilities | $ 945,000 | ||
Refund received from previously paid amount | $ 157,000 |
ACCRUED EXPENSES AND OTHER CU50
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands | Sep. 30, 2017 | Oct. 01, 2016 |
Schedule of accrued expenses and other current liabilities [Abstract] | ||
Sales tax payable | $ 813 | $ 942 |
Accrued wages and payroll related costs | 2,475 | 2,495 |
Customer advance deposits | 4,186 | 4,077 |
Accrued occupancy and other operating expenses | 2,702 | 3,041 |
$ 10,176 | $ 10,555 |
NOTES PAYABLE - BANK (Details)
NOTES PAYABLE - BANK (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Oct. 22, 2015 | Sep. 30, 2017 | Oct. 01, 2016 | |
Minimum [Member] | |||
NOTES PAYABLE - BANK (Details) [Line Items] | |||
Fixed Charge Coverage Ratio | 1.10% | ||
The Rustic Inn [Member] | |||
NOTES PAYABLE - BANK (Details) [Line Items] | |||
Number of Installments | 60 | ||
Debt Instrument, Periodic Payment | $ 134,722 | ||
Debt Instrument, Date of First Required Payment | Mar. 25, 2014 | ||
Bank Loan Related to Acquisition | $ 6,000,000 | ||
Shuckers Inc [Member] | |||
NOTES PAYABLE - BANK (Details) [Line Items] | |||
Debt Instrument, Face Amount | $ 5,000,000 | ||
Debt Instrument, Interest Rate Terms | LIBORplus 3.5% per annum | ||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Number of Installments | 60 | ||
Debt Instrument, Periodic Payment | $ 83,333 | ||
Debt Instrument, Date of First Required Payment | Nov. 22, 2015 | ||
Bank Loan Related to Acquisition | $ 5,000,000 | ||
Shuckers Inc [Member] | Revolving Credit Facility [Member] | |||
NOTES PAYABLE - BANK (Details) [Line Items] | |||
Debt Instrument, Interest Rate Terms | LIBOR plus 3.5% peryear | ||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Line of Credit Facility, Expiration Date | Oct. 21, 2019 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 10,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||
Number of Years for Loans Payable | 5 years | ||
Amortization of Other Deferred Charges | $ 130,585 | ||
Amortization | 46,000 | $ 43,000 | |
Oyster House [Member] | Revolving Credit Facility [Member] | |||
NOTES PAYABLE - BANK (Details) [Line Items] | |||
Debt Instrument, Face Amount | $ 8,000,000 | ||
Debt Instrument, Interest Rate Terms | LIBOR plus 3.5% per annum | ||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Number of Installments | 60 | ||
Debt Instrument, Periodic Payment | $ 133,273 | ||
Debt Instrument, Date of First Required Payment | Jan. 1, 2017 | ||
Sequoia Dc [Member] | Revolving Credit Facility [Member] | |||
NOTES PAYABLE - BANK (Details) [Line Items] | |||
Line Of Credit Facility Amount Borrowed | $ 6,198,000 | ||
Debt, Weighted Average Interest Rate | 4.70% | ||
Bank Hapoalim B.M. [Member] | |||
NOTES PAYABLE - BANK (Details) [Line Items] | |||
Debt Instrument, Face Amount | $ 3,000,000 | ||
Debt Instrument, Interest Rate Terms | LIBOR plus 3.5%per annum | ||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Number of Installments | 36 | ||
Debt Instrument, Periodic Payment | $ 83,333 | ||
Debt Instrument, Date of First Required Payment | Mar. 25, 2013 |
NOTES PAYABLE - BANK (Details)
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt - USD ($) $ in Thousands | Sep. 30, 2017 | Oct. 01, 2016 |
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items] | ||
Promissory Note | $ 12,040 | $ 7,991 |
Less: Current maturities | (4,174) | (2,617) |
Less: Unamortized deferred financing costs | (42) | (53) |
Long-term debt | 7,824 | 5,321 |
The Rustic Inn [Member] | ||
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items] | ||
Promissory Note | 2,290 | 3,907 |
Shuckers Inc [Member] | ||
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items] | ||
Promissory Note | 3,083 | $ 4,084 |
Oyster House [Member] | ||
NOTES PAYABLE - BANK (Details) - Schedule of Long-term debt [Line Items] | ||
Promissory Note | $ 6,667 |
NOTES PAYABLE - BANK (Details53
NOTES PAYABLE - BANK (Details) - Schedule of notes payable maturities | Sep. 30, 2017USD ($) |
Schedule of notes payable maturities [Abstract] | |
2,018 | $ 4,216 |
2,019 | 3,273 |
2,020 | 2,599 |
2,021 | 1,682 |
2,022 | 270 |
$ 12,040 |
COMMITMENTS AND CONTINGENCIES54
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Jul. 05, 2016 | |
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Lease Expiration Year | 2,033 | ||
Security Deposit Liability | $ 388,000 | ||
Operating Leases, Rent Expense, Net | 13,547,000 | $ 13,791,000 | |
Operating Leases, Rent Expense, Contingent Rentals | 4,420,000 | $ 4,382,000 | |
Operating Leases, Future Minimum Payments Due | $ 75,079,000 | ||
Stock Repurchased During Period, Shares (in Shares) | 0 | 0 | |
Maximum [Member] | |||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in Shares) | 500,000 | ||
Sequoia Dc [Member] | |||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 15 years | ||
Lease Expiration Date | Nov. 30, 2032 | ||
Operating Leases, Future Minimum Payments Due | $ 1,200,000 | ||
Impairment Losses Related to Real Estate Partnerships | $ 283,000 | ||
Sequoia Dc [Member] | Additional Lease Extension Option [Member] | |||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 5 years | ||
Sequoia Dc [Member] | Leasehold Improvements [Member] | |||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Construction and Development Costs | $ 11,000,000 |
COMMITMENTS AND CONTINGENCIES55
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of future minimum rental payments for operating leases $ in Thousands | Sep. 30, 2017USD ($) |
Schedule of future minimum rental payments for operating leases [Abstract] | |
2,018 | $ 9,720 |
2,019 | 9,004 |
2,020 | 8,118 |
2,021 | 7,149 |
2,022 | 6,649 |
Thereafter | 34,439 |
Total minimum payments | $ 75,079 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | 12 Months Ended | |
Sep. 30, 2017USD ($)$ / sharesshares | Oct. 01, 2016USD ($)shares | |
STOCK OPTIONS (Details) [Line Items] | ||
Number of Stock Option Plans | 2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | 500,000 |
Maximum Amount of Compensation Paid Under Cash Bonus Plan (in Dollars) | $ | $ 1,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 90,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 32.15 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Share-based Compensation (in Dollars) | $ | $ 0 | $ 286,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $ | $ 0 | |
Stock Option 2004 Plan [Member] | ||
STOCK OPTIONS (Details) [Line Items] | ||
Terminated Unissued Options | 400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Stock Option 2010 Plan [Member] | ||
STOCK OPTIONS (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Stock Option 2016 Plan [Member] | ||
STOCK OPTIONS (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 |
STOCK OPTIONS (Details) - Sched
STOCK OPTIONS (Details) - Schedule of stock options, activity - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Schedule of stock options, activity [Abstract] | ||
Outstanding, beginning of year | 518,608 | 523,800 |
Outstanding, beginning of year (in Dollars per share) | $ 20.33 | $ 20.29 |
Outstanding, beginning of year | 5 years 36 days | |
Options: | ||
Exercised | (6,808) | (5,192) |
Exercised (in Dollars per share) | $ 17.15 | $ 16.26 |
Canceled or expired | (90,000) | |
Canceled or expired (in Dollars per share) | $ 32.15 | |
Outstanding and expected to vest, end of year | 421,800 | 518,608 |
Outstanding and expected to vest, end of year (in Dollars per share) | $ 17.86 | $ 20.33 |
Outstanding and expected to vest, end of year | 5 years 73 days | |
Outstanding and expected to vest, end of year (in Dollars) | $ 2,745,156 | $ 1,979,232 |
Exercisable, end of year | 421,800 | 518,608 |
Exercisable, end of year (in Dollars per share) | $ 17.86 | $ 20.33 |
Exercisable, end of year | 5 years 73 days | |
Exercisable, end of year (in Dollars) | $ 2,745,156 | $ 1,979,232 |
Shares available for future grant | 500,000 | 500,000 |
STOCK OPTIONS (Details) - Sch58
STOCK OPTIONS (Details) - Schedule of stock options, outstanding | 12 Months Ended |
Sep. 30, 2017$ / sharesshares | |
STOCK OPTIONS (Details) - Schedule of stock options, outstanding [Line Items] | |
Options Outstanding and Exercisable, Number of Shares | shares | 421,800 |
Options Outstanding and Exercisable, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 20.33 |
Options Outstanding and Exercisable, Weighted Average Remaining contractual life | 5 years 73 days |
Exercise Price One [Member] | |
STOCK OPTIONS (Details) - Schedule of stock options, outstanding [Line Items] | |
Options Outstanding and Exercisable, Number of Shares | shares | 66,000 |
Options Outstanding and Exercisable, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 12.04 |
Options Outstanding and Exercisable, Weighted Average Remaining contractual life | 1 year 219 days |
Exercise Price Two [Member] | |
STOCK OPTIONS (Details) - Schedule of stock options, outstanding [Line Items] | |
Options Outstanding and Exercisable, Number of Shares | shares | 156,300 |
Options Outstanding and Exercisable, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 14.40 |
Options Outstanding and Exercisable, Weighted Average Remaining contractual life | 4 years 255 days |
Exercise Price Three [Member] | |
STOCK OPTIONS (Details) - Schedule of stock options, outstanding [Line Items] | |
Options Outstanding and Exercisable, Number of Shares | shares | 199,500 |
Options Outstanding and Exercisable, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 22.50 |
Options Outstanding and Exercisable, Weighted Average Remaining contractual life | 6 years 255 days |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
INCOME TAXES (Details) [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 354,000 | $ 342,000 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 12,000 | |
Operating Loss Carryforwards Expiration Year | 2,037 | |
Deferred Tax Asset Reversed As a Charge to Additional Paid in Capital | $ 400,000 | $ 11,000 |
Income Tax Examination, Penalties and Interest Accrued | $ 127,000 | |
Description of Income Tax Examination Years Under Examination | The 2014 through 2017 fiscal yearsremain subject to examination by the Internal Revenue Service most state and local tax authorities. | |
New York State Division of Taxation and Finance [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 20,030,000 | |
New York City [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating Loss Carryforwards | $ 18,455,000 |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Current provision (benefit): | ||
Federal | $ (144) | $ 778 |
State and local | 287 | 192 |
143 | 970 | |
Deferred provision (benefit): | ||
Federal | 1,391 | 915 |
State and local | 134 | 213 |
1,550 | 1,134 | |
$ 1,668 | $ 2,098 |
INCOME TAXES (Details) - Sche61
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | ||
Provision at Federal statutory rate (34% in 2017 and 2016) | $ 2,185 | $ 2,580 |
State and local income taxes, net of tax benefits | 255 | 326 |
Tax credits | (632) | (611) |
Income attributable to non-controlling interest | (244) | (501) |
Changes in tax rates | 8 | 9 |
Other | 96 | 295 |
$ 1,668 | $ 2,098 |
INCOME TAXES (Details) - Sche62
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation (Parentheticals) | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | ||
Provision at Federal statutory rate | 34.00% | 34.00% |
INCOME TAXES (Details) - Sche63
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Sep. 30, 2017 | Oct. 01, 2016 |
Long-term deferred tax assets (liabilities): | ||
State net operating loss carryforwards | $ 3,210,000 | $ 3,179,000 |
Operating lease deferred credits | 826,000 | 772,000 |
Depreciation and amortization | (2,160,000) | (256,000) |
Deferred compensation | 580,000 | 986,000 |
Partnership investments | (291,000) | (709,000) |
Prepaid expenses | (419,000) | (444,000) |
Other | 99,000 | 230,000 |
Total long-term deferred tax assets | 1,845,000 | 3,758,000 |
Valuation allowance | (354,000) | (342,000) |
Total net deferred tax assets | $ 1,491,000 | $ 3,416,000 |
INCOME TAXES (Details) - Summar
INCOME TAXES (Details) - Summary of Income Tax Contingencies - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Summary of Income Tax Contingencies [Abstract] | ||
Balance at beginning of year | $ 366 | $ 307 |
Additions based on tax positions taken in current and prior years | 15 | 105 |
Settlements | (134) | (46) |
Decreases based on tax postions taken in prior years | (96) | |
Balance at end of year | $ 151 | $ 366 |
INCOME PER SHARE OF COMMON ST65
INCOME PER SHARE OF COMMON STOCK (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Exercise Price One [Member] | ||
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ||
Dilutive Securities Included In Computation Of Earnings Per Share Amount | 66,000 | 66,000 |
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share | $ 12.04 | $ 12.04 |
Exercise Price Two [Member] | ||
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ||
Dilutive Securities Included In Computation Of Earnings Per Share Amount | 156,300 | 160,800 |
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share | $ 14.40 | $ 14.40 |
Exercise Price Three [Member] | ||
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ||
Dilutive Securities Included In Computation Of Earnings Per Share Amount | 199,500 | 201,808 |
Exercise Price Of Common Stock Options Included In Computation Of Earnings Per Share | $ 22.50 | $ 22.50 |
Exercise Price Four [Member] | ||
INCOME PER SHARE OF COMMON STOCK (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 90,000 | |
Exercise Price Of Common Stock Options Excluded From Computation Of Earnings Per Share | $ 32.15 |
INCOME PER SHARE OF COMMON ST66
INCOME PER SHARE OF COMMON STOCK (Details) - Schedule of calculation of numerator and denominator in earnings per share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Schedule of calculation of numerator and denominator in earnings per share [Abstract] | ||
Net Income Attributable to Ark Restaurants Corp. (Numerator) | $ 4,039 | $ 4,030 |
Shares (Denominator) | 3,424 | 3,418 |
Per Share Amount | $ 1.18 | $ 1.18 |
Shares (Denominator) | 107 | 89 |
Per Share Amount | $ (0.04) | $ (0.03) |
Net Income Attributable to Ark Restaurants Corp. (Numerator) | $ 4,039 | $ 4,030 |
Shares (Denominator) | 3,531 | 3,507 |
Per Share Amount | $ 1.14 | $ 1.15 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Sep. 30, 2017 | Oct. 01, 2016 |
RELATED PARTY TRANSACTIONS (Details) [Line Items] | ||
Due from Employees | $ 399,000 | $ 453,000 |
Minimum [Member] | ||
RELATED PARTY TRANSACTIONS (Details) [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.29% | 0.66% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Dec. 05, 2017 | Jan. 31, 2018 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 12, 2017 |
SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | |||
Scenario, Forecast [Member] | |||||
SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Subsequent Event [Member] | |||||
SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Dividends Payable, Amount Per Share | $ 0.25 | ||||
Dividends Payable, Date to be Paid | Jan. 3, 2018 | ||||
Dividends Payable, Date of Record | Dec. 19, 2017 | ||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||||
SUBSEQUENT EVENTS (Details) [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 12,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,000,000 |