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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ark Restaurants Corporation | NASDAQ:ARKR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 0.74% | 13.55 | 12.54 | 14.50 | 13.55 | 13.36 | 13.36 | 533 | 01:00:00 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
New York
|
|
13-3156768
|
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
|
incorporation or organization)
|
|
Identification No.)
|
|
85 Fifth Avenue, New York, New York
|
|
10003
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer
o
|
|
Accelerated filer
o
|
|
|
|
Non-accelerated filer
x
|
|
Smaller Reporting Company
x
|
|
|
|
Emerging Growth Company
o
|
|
|
Class
|
|
Outstanding shares at August 8, 2019
|
(Common stock, $.01 par value)
|
|
3,498,907
|
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Thousands, Except Per Share Amounts)
|
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)
(In Thousands, Except Per Share Amounts)
|
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
(In Thousands, Except Per Share Amounts)
|
For the 13 weeks ended June 29, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Common Stock
|
|
Additional
Paid-In Capital
|
|
Retained Earnings
|
|
Total Ark
Restaurants
Corp.
Shareholders’ Equity
|
|
Non-
controlling Interests
|
|
Total Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BALANCE - March 30, 2019
|
3,477
|
|
|
$
|
35
|
|
|
$
|
13,015
|
|
|
$
|
26,895
|
|
|
$
|
39,945
|
|
|
$
|
1,300
|
|
|
$
|
41,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,962
|
|
|
3,962
|
|
|
132
|
|
|
4,094
|
|
||||||
Exercise of stock options
|
34
|
|
|
—
|
|
|
409
|
|
|
—
|
|
|
409
|
|
|
—
|
|
|
409
|
|
||||||
Purchase and retirement of treasury shares
|
(12
|
)
|
|
—
|
|
|
(235
|
)
|
|
—
|
|
|
(235
|
)
|
|
—
|
|
|
(235
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
65
|
|
||||||
Distributions to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(111
|
)
|
|
(111
|
)
|
||||||
Dividends accrued - $0.25 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(875
|
)
|
|
(875
|
)
|
|
—
|
|
|
(875
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BALANCE - June 29, 2019
|
3,499
|
|
|
$
|
35
|
|
|
$
|
13,254
|
|
|
$
|
29,982
|
|
|
$
|
43,271
|
|
|
$
|
1,321
|
|
|
$
|
44,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
For the 39 weeks ended June 29, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Common Stock
|
|
Additional
Paid-In Capital
|
|
Retained Earnings
|
|
Total Ark
Restaurants
Corp.
Shareholders’ Equity
|
|
Non-
controlling Interests
|
|
Total Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BALANCE - September 29, 2018
|
3,470
|
|
|
$
|
35
|
|
|
$
|
12,897
|
|
|
$
|
29,364
|
|
|
$
|
42,296
|
|
|
$
|
1,440
|
|
|
$
|
43,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,231
|
|
|
3,231
|
|
|
172
|
|
|
3,403
|
|
||||||
Exercise of stock options
|
41
|
|
|
—
|
|
|
503
|
|
|
—
|
|
|
503
|
|
|
—
|
|
|
503
|
|
||||||
Purchase and retirement of treasury shares
|
(12
|
)
|
|
—
|
|
|
(235
|
)
|
|
—
|
|
|
(235
|
)
|
|
—
|
|
|
(235
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
89
|
|
|
—
|
|
|
89
|
|
|
—
|
|
|
89
|
|
||||||
Distributions to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(291
|
)
|
|
(291
|
)
|
||||||
Dividends paid and accrued - $0.75 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,613
|
)
|
|
(2,613
|
)
|
|
—
|
|
|
(2,613
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BALANCE - June 29, 2019
|
3,499
|
|
|
$
|
35
|
|
|
$
|
13,254
|
|
|
$
|
29,982
|
|
|
$
|
43,271
|
|
|
$
|
1,321
|
|
|
$
|
44,592
|
|
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
(In Thousands, Except Per Share Amounts)
|
For the 13 weeks ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Common Stock
|
|
Additional
Paid-In Capital
|
|
Retained Earnings
|
|
Total Ark
Restaurants
Corp.
Shareholders’ Equity
|
|
Non-
controlling Interests
|
|
Total Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BALANCE - March 31, 2018
|
3,437
|
|
|
$
|
34
|
|
|
$
|
12,417
|
|
|
$
|
27,570
|
|
|
$
|
40,021
|
|
|
$
|
1,658
|
|
|
$
|
41,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,657
|
|
|
2,657
|
|
|
268
|
|
|
2,925
|
|
||||||
Exercise of stock options
|
33
|
|
|
1
|
|
|
433
|
|
|
—
|
|
|
434
|
|
|
—
|
|
|
434
|
|
||||||
Distributions to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(172
|
)
|
|
(172
|
)
|
||||||
Dividends accrued - $0.25 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(867
|
)
|
|
(867
|
)
|
|
—
|
|
|
(867
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BALANCE - June 30, 2018
|
3,470
|
|
|
$
|
35
|
|
|
$
|
12,850
|
|
|
$
|
29,360
|
|
|
$
|
42,245
|
|
|
$
|
1,754
|
|
|
$
|
43,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
For the 39 weeks ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Common Stock
|
|
Additional
Paid-In Capital
|
|
Retained Earnings
|
|
Total Ark
Restaurants
Corp.
Shareholders’ Equity
|
|
Non-
controlling Interests
|
|
Total Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BALANCE - October 1, 2017
|
3,428
|
|
|
$
|
34
|
|
|
$
|
12,247
|
|
|
$
|
28,298
|
|
|
$
|
40,579
|
|
|
$
|
1,996
|
|
|
$
|
42,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,648
|
|
|
3,648
|
|
|
329
|
|
|
3,977
|
|
||||||
Exercise of stock options
|
42
|
|
|
1
|
|
|
603
|
|
|
—
|
|
|
604
|
|
|
—
|
|
|
604
|
|
||||||
Distributions to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(571
|
)
|
|
(571
|
)
|
||||||
Dividends paid and accrued - $0.75 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,586
|
)
|
|
(2,586
|
)
|
|
—
|
|
|
(2,586
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
BALANCE - June 30, 2018
|
3,470
|
|
|
$
|
35
|
|
|
$
|
12,850
|
|
|
$
|
29,360
|
|
|
$
|
42,245
|
|
|
$
|
1,754
|
|
|
$
|
43,999
|
|
ARK RESTAURANTS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
(In Thousands)
|
|
39 Weeks Ended
|
||||||
|
June 29,
2019 |
|
June 30,
2018 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||
Consolidated net income
|
$
|
3,403
|
|
|
$
|
3,977
|
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
|
|
|
|
||||
Stock-based compensation
|
89
|
|
|
—
|
|
||
Asset impairment on closure of Durgin-Park
|
1,067
|
|
|
—
|
|
||
Deferred income taxes
|
122
|
|
|
(1,067
|
)
|
||
Accrued interest on note receivable from NMR
|
(48
|
)
|
|
(43
|
)
|
||
Depreciation and amortization
|
3,568
|
|
|
3,837
|
|
||
Amortization of deferred financing costs
|
25
|
|
|
13
|
|
||
Operating lease deferred credit
|
(350
|
)
|
|
(252
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(248
|
)
|
|
(156
|
)
|
||
Inventories
|
(76
|
)
|
|
(71
|
)
|
||
Prepaid, refundable and accrued income taxes
|
1,352
|
|
|
390
|
|
||
Prepaid expenses and other current assets
|
(27
|
)
|
|
394
|
|
||
Other assets
|
35
|
|
|
(10
|
)
|
||
Accounts payable - trade
|
(1,626
|
)
|
|
(166
|
)
|
||
Accrued expenses and other current liabilities
|
(534
|
)
|
|
729
|
|
||
Net cash provided by operating activities
|
6,752
|
|
|
7,575
|
|
||
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of fixed assets
|
(2,488
|
)
|
|
(4,702
|
)
|
||
Loans and advances made to employees
|
(201
|
)
|
|
(70
|
)
|
||
Payments received on employee receivables
|
139
|
|
|
134
|
|
||
Purchase of JB's on the Beach, net of cash acquired
|
(25
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(2,575
|
)
|
|
(4,638
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payments on notes payable
|
(933
|
)
|
|
(1,756
|
)
|
||
Borrowings under credit facility
|
650
|
|
|
5,086
|
|
||
Repayments of borrowings under credit facility
|
(650
|
)
|
|
—
|
|
||
Payments of debt financing costs
|
(51
|
)
|
|
(125
|
)
|
||
Dividends paid
|
(2,606
|
)
|
|
(2,575
|
)
|
||
Proceeds from issuance of stock upon exercise of stock options
|
268
|
|
|
604
|
|
||
Distributions to non-controlling interests
|
(291
|
)
|
|
(571
|
)
|
||
Net cash provided by (used in) financing activities
|
(3,613
|
)
|
|
663
|
|
||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
564
|
|
|
3,600
|
|
||
CASH AND CASH EQUIVALENTS, Beginning of period
|
5,012
|
|
|
1,406
|
|
||
CASH AND CASH EQUIVALENTS, End of period
|
$
|
5,576
|
|
|
$
|
5,006
|
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest
|
$
|
907
|
|
|
$
|
805
|
|
Income taxes
|
$
|
215
|
|
|
$
|
17
|
|
Non-cash financing activities:
|
|
|
|
||||
Note payable in connection with the purchase of JB's on the Beach
|
$
|
7,000
|
|
|
$
|
—
|
|
Changes in excess tax benefits from stock-based compensation
|
$
|
97
|
|
|
$
|
135
|
|
Conversion of credit facility borrowings to term notes
|
$
|
3,200
|
|
|
$
|
4,430
|
|
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
June 29, 2019
(Unaudited)
|
|
1.
|
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
|
2.
|
VARIABLE INTEREST ENTITIES
|
|
June 29,
2019 |
|
September 29,
2018 |
||||
|
(in thousands)
|
||||||
Cash and cash equivalents
|
$
|
118
|
|
|
$
|
181
|
|
Accounts receivable
|
320
|
|
|
354
|
|
||
Inventories
|
19
|
|
|
19
|
|
||
Prepaid and refundable income taxes
|
—
|
|
|
241
|
|
||
Prepaid expenses and other current assets
|
49
|
|
|
51
|
|
||
Due from Ark Restaurants Corp. and affiliates (1)
|
202
|
|
|
338
|
|
||
Fixed assets - net
|
234
|
|
|
—
|
|
||
Other assets
|
82
|
|
|
82
|
|
||
Total assets
|
$
|
1,024
|
|
|
$
|
1,266
|
|
|
|
|
|
||||
Accounts payable - trade
|
$
|
94
|
|
|
$
|
158
|
|
Accrued expenses and other current liabilities
|
163
|
|
|
348
|
|
||
Operating lease deferred credit
|
(28
|
)
|
|
(21
|
)
|
||
Total liabilities
|
229
|
|
|
485
|
|
||
Equity of variable interest entities
|
795
|
|
|
781
|
|
||
Total liabilities and equity
|
$
|
1,024
|
|
|
$
|
1,266
|
|
(1)
|
Amounts Due from and to Ark Restaurants Corp. and affiliates are eliminated upon consolidation.
|
3.
|
RECENT RESTAURANT EXPANSION
|
Cash
|
$
|
11
|
|
Inventory
|
80
|
|
|
Furniture, fixtures and equipment
|
200
|
|
|
Trademarks
|
1,110
|
|
|
Goodwill
|
5,690
|
|
|
Liabilities assumed
|
(55
|
)
|
|
|
$
|
7,036
|
|
|
13 Weeks Ended
|
|
39 Weeks Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
|
(Dollars in thousands except per share amounts)
|
|
(Dollars in thousands except per share amounts)
|
||||||||||||
Total revenues
|
$
|
46,423
|
|
|
$
|
47,575
|
|
|
$
|
128,445
|
|
|
$
|
128,272
|
|
Net income
|
$
|
4,123
|
|
|
$
|
2,836
|
|
|
$
|
3,891
|
|
|
$
|
4,438
|
|
Net income per share - basic
|
$
|
1.18
|
|
|
$
|
0.82
|
|
|
$
|
1.12
|
|
|
$
|
1.29
|
|
Net income per share - diluted
|
$
|
1.17
|
|
|
$
|
0.80
|
|
|
$
|
1.10
|
|
|
$
|
1.25
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
3,481
|
|
|
3,440
|
|
|
3,477
|
|
|
3,436
|
|
||||
Diluted
|
3,530
|
|
|
3,558
|
|
|
3,531
|
|
|
3,554
|
|
4.
|
RECENT RESTAURANT DISPOSITIONS
|
5.
|
INVESTMENT IN NEW MEADOWLANDS RACETRACK
|
6.
|
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
|
|
June 29,
2019 |
|
September 29,
2018 |
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Sales tax payable
|
$
|
1,016
|
|
|
$
|
820
|
|
Accrued wages and payroll related costs
|
2,537
|
|
|
3,226
|
|
||
Customer advance deposits
|
4,323
|
|
|
4,439
|
|
||
Accrued income taxes
|
631
|
|
|
—
|
|
||
Accrued occupancy and other operating expenses
|
2,342
|
|
|
2,217
|
|
||
|
$
|
10,849
|
|
|
$
|
10,702
|
|
7.
|
NOTES PAYABLE – BANK
|
|
June 29,
2019 |
|
September 29,
2018 |
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Promissory Note - Rustic Inn purchase
|
$
|
4,115
|
|
|
$
|
4,327
|
|
Promissory Note - Shuckers purchase
|
4,760
|
|
|
5,015
|
|
||
Promissory Note - Oyster House purchase
|
4,882
|
|
|
5,346
|
|
||
Promissory Note - JB's on the Beach purchase
|
7,000
|
|
|
—
|
|
||
Promissory Note - Sequoia renovation
|
3,200
|
|
|
—
|
|
||
Revolving Facility
|
3,366
|
|
|
6,568
|
|
||
|
27,323
|
|
|
21,256
|
|
||
Less: Current maturities
|
(2,701
|
)
|
|
(1,251
|
)
|
||
Less: Unamortized deferred financing costs
|
(171
|
)
|
|
(145
|
)
|
||
Long-term debt
|
$
|
24,451
|
|
|
$
|
19,860
|
|
•
|
Promissory Note – Rustic Inn purchase
– On February 25, 2013, the Company issued a promissory note to 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 was payable in
60
equal
monthly
installments of
$134,722
, which commenced on
March 25, 2014
. In connection with the Refinancing, this note was amended and restated and increased by
$2,783,333
of credit facility borrowings. The new principal amount of
$4,400,000
, which is secured by a mortgage on the
Rustic Inn
real estate, is payable in
27
equal
quarterly
installments of
$71,333
, commencing on
September 1, 2018
, with a balloon payment of
$2,474,000
on June 1, 2025 and bears interest at LIBOR plus
3.5%
per annum.
|
•
|
Promissory Note – Shuckers purchase
– 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 bore interest at LIBOR plus
3.5%
per annum, and was payable in
60
equal
monthly
installments of
$83,333
, commencing on
November 22, 2015
. In connection with the Refinancing, this note was amended and restated and increased by
$2,433,324
of credit facility borrowings. The new principal amount of
$5,100,000
, which is secured by a mortgage on the
Shuckers
real estate, is payable in
27
equal
quarterly
installments of
$85,000
, commencing on
September 1, 2018
, with a balloon payment of
$2,805,000
on June 1, 2025 and bears interest at LIBOR plus
3.5%
per annum.
|
•
|
Promissory Note – Oyster House purchase
– On November 30, 2016, in connection with the acquisition of the
Oyster House
properties, the Company issued a promissory note under the Revolving Facility to BHBM for
$8,000,000
. The note bore interest at LIBOR plus
3.5%
per annum, and was payable in
60
equal
monthly
installments of
$133,273
, commencing on
January 1, 2017
. In connection with the Refinancing, this note was amended and restated and separated into two notes. The first note, in the principal amount of
$3,300,000
, is secured by a mortgage on the
Oyster House Gulf Shores
real estate, is payable in
19
equal
quarterly
installments of
$117,857
, commencing on
September 1, 2018
, with a balloon payment of
$1,060,716
on June 1, 2023 and bears interest at LIBOR plus
3.5%
per annum. The second note, in the principal amount of
$2,200,000
, is secured by a mortgage on the
Oyster House Spanish Fort
real estate, is payable in
27
equal
quarterly
installments of
$36,667
, commencing on
September 1, 2018
, with a balloon payment of
$1,210,000
on June 1, 2025 and bears interest at LIBOR plus
3.5%
per annum.
|
•
|
Promissory Note - JB's on the Beach purchase
–
On May 15, 2019, in connection with the previously discussed acquisition of
JB’s on the Beach
, the Company issued a promissory note under the Revolving Facility to BHBM for
$7,000,000
which is payable in
23
equal quarterly installments of
$250,000
, commencing on
September 1, 2019
, with a balloon payment of
$1,250,000
on June 1, 2025 and bears interest at LIBOR plus
3.5%
per annum.
|
•
|
Promissory Note - Sequoia renovation
– Also on May 15, 2019, the Company converted
$3,200,000
of Revolving Facility borrowings incurred in connection with the
Sequoia
renovation to a promissory note which is payable in
23
equal quarterly installments of
$114,286
, commencing on
September 1, 2019
, with a balloon payment of
$571,429
on June 1, 2025 and bears interest at LIBOR plus
3.5%
per annum.
|
8.
|
COMMITMENTS AND CONTINGENCIES
|
9.
|
STOCK OPTIONS
|
|
2019
|
|||||||||
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Contractual
Term
|
|
Aggregate
Intrinsic Value
|
|||
Outstanding, beginning of period
|
378,750
|
|
|
$18.46
|
|
4.8 Years
|
|
|
|
|
Options:
|
|
|
|
|
|
|
|
|
||
Granted
|
34,000
|
|
|
$19.79
|
|
9.7 Years
|
|
|
|
|
Exercised
|
(40,500
|
)
|
|
$12.42
|
|
0.5 Years
|
|
|
|
|
Canceled or expired
|
(6,000
|
)
|
|
$18.73
|
|
3.6 Years
|
|
|
|
|
Outstanding and expected to vest, end of period
|
366,250
|
|
|
$19.25
|
|
5.0 Years
|
|
$
|
832,000
|
|
Exercisable, end of period
|
331,250
|
|
|
$19.11
|
|
4.1 Years
|
|
$
|
819,000
|
|
|
|
|
|
|
|
|
|
|||
Shares available for future grant
|
441,000
|
|
|
|
|
|
|
|
|
10.
|
INCOME TAXES
|
11.
|
INCOME PER SHARE OF COMMON STOCK
|
|
|
13 Weeks Ended
|
|
39 Weeks Ended
|
||||||||
|
|
June 29,
|
|
June 30,
|
|
June 29,
|
|
June 30,
|
||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Basic
|
3,481
|
|
|
3,440
|
|
|
3,477
|
|
|
3,436
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|||||
Stock options
|
|
49
|
|
|
118
|
|
|
54
|
|
|
118
|
|
Diluted
|
|
3,530
|
|
|
3,558
|
|
|
3,531
|
|
|
3,554
|
|
12.
|
DIVIDENDS
|
|
13 Weeks Ended
|
|
Variance
|
|
39 Weeks Ended
|
|
Variance
|
||||||||||||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
$
|
|
%
|
|
June 29,
2019 |
|
June 30,
2018 |
|
$
|
|
%
|
||||||||||||||
|
(in thousands)
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
||||||||||||||||||
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Food and beverage sales
|
$
|
43,888
|
|
|
$
|
43,989
|
|
|
$
|
(101
|
)
|
|
-0.2
|
%
|
|
$
|
118,212
|
|
|
$
|
117,006
|
|
|
$
|
1,206
|
|
|
1.0
|
%
|
Other revenue
|
919
|
|
|
811
|
|
|
108
|
|
|
13.3
|
%
|
|
2,455
|
|
|
2,422
|
|
|
33
|
|
|
1.4
|
%
|
||||||
Total revenues
|
44,807
|
|
|
44,800
|
|
|
7
|
|
|
—
|
%
|
|
120,667
|
|
|
119,428
|
|
|
1,239
|
|
|
1.0
|
%
|
||||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Food and beverage cost of sales
|
11,714
|
|
|
11,874
|
|
|
(160
|
)
|
|
-1.3
|
%
|
|
31,982
|
|
|
31,832
|
|
|
150
|
|
|
0.5
|
%
|
||||||
Payroll expenses
|
14,864
|
|
|
14,685
|
|
|
179
|
|
|
1.2
|
%
|
|
41,948
|
|
|
41,386
|
|
|
562
|
|
|
1.4
|
%
|
||||||
Occupancy expenses
|
4,246
|
|
|
4,683
|
|
|
(437
|
)
|
|
-9.3
|
%
|
|
13,058
|
|
|
13,833
|
|
|
(775
|
)
|
|
-5.6
|
%
|
||||||
Other operating costs and expenses
|
4,840
|
|
|
5,658
|
|
|
(818
|
)
|
|
-14.5
|
%
|
|
15,051
|
|
|
15,972
|
|
|
(921
|
)
|
|
-5.8
|
%
|
||||||
General and administrative expenses
|
3,238
|
|
|
2,859
|
|
|
379
|
|
|
13.3
|
%
|
|
8,840
|
|
|
8,461
|
|
|
379
|
|
|
4.5
|
%
|
||||||
Depreciation and amortization
|
1,174
|
|
|
1,255
|
|
|
(81
|
)
|
|
-6.5
|
%
|
|
3,568
|
|
|
3,837
|
|
|
(269
|
)
|
|
-7.0
|
%
|
||||||
Loss on closure of Durgin-Park
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
1,106
|
|
|
—
|
|
|
1,106
|
|
|
N/A
|
|
||||||
Total costs and expenses
|
40,076
|
|
|
41,014
|
|
|
(938
|
)
|
|
-2.3
|
%
|
|
115,553
|
|
|
115,321
|
|
|
232
|
|
|
0.2
|
%
|
||||||
OPERATING INCOME
|
$
|
4,731
|
|
|
$
|
3,786
|
|
|
$
|
945
|
|
|
25.0
|
%
|
|
$
|
5,114
|
|
|
$
|
4,107
|
|
|
$
|
1,007
|
|
|
24.5
|
%
|
|
13 Weeks Ended
|
|
Variance
|
|||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
$
|
|
%
|
|||||||
|
(in thousands)
|
|
|
|
|
|||||||||
Las Vegas
|
$
|
11,952
|
|
|
$
|
11,582
|
|
|
$
|
370
|
|
|
3.2
|
%
|
New York
|
11,859
|
|
|
12,714
|
|
|
(855
|
)
|
|
-6.7
|
%
|
|||
Washington, DC
|
4,282
|
|
|
4,534
|
|
|
(252
|
)
|
|
-5.6
|
%
|
|||
Atlantic City, NJ
|
1,645
|
|
|
1,935
|
|
|
(290
|
)
|
|
-15.0
|
%
|
|||
Connecticut
|
476
|
|
|
520
|
|
|
(44
|
)
|
|
-8.5
|
%
|
|||
Alabama
|
4,322
|
|
|
4,167
|
|
|
155
|
|
|
3.7
|
%
|
|||
Florida
|
7,516
|
|
|
7,225
|
|
|
291
|
|
|
4.0
|
%
|
|||
Same-store sales
|
42,052
|
|
|
42,677
|
|
|
$
|
(625
|
)
|
|
-1.5
|
%
|
||
Other
|
1,836
|
|
|
1,312
|
|
|
|
|
|
|
|
|||
Food and beverage sales
|
$
|
43,888
|
|
|
$
|
43,989
|
|
|
|
|
|
|
|
|
13 Weeks Ended
June 29,
2019
|
%
to Total
Revenues
|
13 Weeks Ended
June 30,
2018
|
%
to Total
Revenues
|
Increase
(Decrease) |
|
39 Weeks
Ended
June 29,
2019
|
%
to Total
Revenues
|
39 Weeks
Ended
June 30,
2018
|
%
to Total
Revenues
|
Increase
(Decrease) |
||||||||||||||||||||||
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||||||||||||||||||
Food and beverage cost of sales
|
$
|
11,714
|
|
26.1
|
%
|
$
|
11,874
|
|
26.5
|
%
|
$
|
(160
|
)
|
|
-1.3
|
%
|
|
$
|
31,982
|
|
26.5
|
%
|
$
|
31,832
|
|
26.7
|
%
|
$
|
150
|
|
|
0.5
|
%
|
Payroll expenses
|
14,864
|
|
33.2
|
%
|
14,685
|
|
32.8
|
%
|
179
|
|
|
1.2
|
%
|
|
41,948
|
|
34.8
|
%
|
41,386
|
|
34.7
|
%
|
562
|
|
|
1.4
|
%
|
||||||
Occupancy expenses
|
4,246
|
|
9.5
|
%
|
4,683
|
|
10.5
|
%
|
(437
|
)
|
|
-9.3
|
%
|
|
13,058
|
|
10.8
|
%
|
13,833
|
|
11.6
|
%
|
(775
|
)
|
|
-5.6
|
%
|
||||||
Other operating costs and expenses
|
4,840
|
|
10.8
|
%
|
5,658
|
|
12.6
|
%
|
(818
|
)
|
|
-14.5
|
%
|
|
15,051
|
|
12.5
|
%
|
15,972
|
|
13.4
|
%
|
(921
|
)
|
|
-5.8
|
%
|
||||||
General and administrative expenses
|
3,238
|
|
7.2
|
%
|
2,859
|
|
6.4
|
%
|
379
|
|
|
13.3
|
%
|
|
8,840
|
|
7.3
|
%
|
8,461
|
|
7.1
|
%
|
379
|
|
|
4.5
|
%
|
||||||
Depreciation and amortization
|
1,174
|
|
2.6
|
%
|
1,255
|
|
2.8
|
%
|
(81
|
)
|
|
-6.5
|
%
|
|
3,568
|
|
3.0
|
%
|
3,837
|
|
3.2
|
%
|
(269
|
)
|
|
-7.0
|
%
|
||||||
Loss on closure of Durgin-Park
|
—
|
|
N/A
|
|
—
|
|
N/A
|
|
—
|
|
|
N/A
|
|
|
1,106
|
|
0.9
|
%
|
—
|
|
N/A
|
|
1,106
|
|
|
N/A
|
|
||||||
Total costs and expenses
|
$
|
40,076
|
|
|
$
|
41,014
|
|
|
$
|
(938
|
)
|
|
|
|
$
|
115,553
|
|
|
$
|
115,321
|
|
|
$
|
232
|
|
|
|
Date:
|
August 13, 2019
|
|
|
|
ARK RESTAURANTS CORP.
|
|
|
By:
|
/s/ Michael Weinstein
|
|
Michael Weinstein
|
|
Chairman & Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
By:
|
/s/ Anthony J. Sirica
|
|
Anthony J. Sirica
|
|
Chief Financial Officer
|
|
(Authorized Signatory and Principal
|
|
Financial and Accounting Officer)
|
1 Year Ark Restaurants Chart |
1 Month Ark Restaurants Chart |
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