RECENT RESTAURANT EXPANSION

3 Months Ended

Dec. 30, 2017

Recent Restaurant Expansion [Abstract]

Recent Restaurant Expansion [Text Block]

3.    RECENT RESTAURANT EXPANSION

On November 30, 2016, the Company, through newly formed, wholly-owned subsidiaries, acquired the assets of the Original Oyster House, Inc., a restaurant and bar located in the City of Gulf Shores, Baldwin County, Alabama and the related real estate and an adjacent retail shopping plaza and the Original Oyster House II, Inc., a restaurant and bar located in the City of Spanish Fort, Baldwin County, Alabama and the related real estate. The total purchase price was for $10,750,000 plus inventory of approximately $293,000. The acquisition is accounted for as a business combination and was financed with a bank loan from the Company’s existing lender in the amount of $8,000,000 and cash from operations. The fair values of the assets acquired 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

The Consolidated Condensed Statements of Income for the 13-weeks ended December 30, 2017 include revenues and losses of approximately $2,388,000 and ($125,000), respectively, related to the Oyster House properties. The unaudited pro forma financial information set forth below is based upon the Company’s historical Consolidated Condensed Statements of Income for the 13-weeks ended December 31, 2016 and includes the results of operations for the Oyster House properties for the period prior to acquisition. The unaudited pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the acquisition of the Oyster House properties occurred on the dates indicated, nor does it purport to represent the results of operations for future periods.

	13 Weeks Ended
	December 31, 2016
	(unaudited)
Total revenues	$	40,233
Net income	$	1,941
Net income per share - basic	$	0.57
Net income per share - diluted	$	0.55
Basic		3,423
Diluted		3,507