-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ej7cApgPUFvox2fjpbm7fZBG80/G3nvKwTpgyuP4o+yrg1bjZH5fw05yxuexeS8n QlBMs1BfqQD6cbOb9YNANQ== 0000950117-96-000100.txt : 19960216 0000950117-96-000100.hdr.sgml : 19960216 ACCESSION NUMBER: 0000950117-96-000100 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951230 FILED AS OF DATE: 19960213 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARK RESTAURANTS CORP CENTRAL INDEX KEY: 0000779544 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 133156768 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09453 FILM NUMBER: 96517437 BUSINESS ADDRESS: STREET 1: 85 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10003-3019 BUSINESS PHONE: 2122068800 MAIL ADDRESS: STREET 2: 85 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10003-3019 10-Q 1 ARK RESTAURANTS 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) / X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 30, 1995 / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) ----- OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 0-14030 ARK RESTAURANTS CORP. ------------------------------------------------------ (Exact name of registrant as specified in its charter) New York 13-3156768 ------------------------------ ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 85 Fifth Avenue, New York, New York 10003 - --------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 206-8800 --------------
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____ ------ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding shares at February 9, 1996 - ------------------------------ -------------------------------------- (Common stock, $.01 par value) 3,261,812 ARK RESTAURANTS CORP. AND SUBSIDIARIES INDEX
PART I - FINANCIAL INFORMATION: PAGE Item 1. Consolidated Financial Statements: Consolidated Condensed Balance Sheets - December 30, 1995 (Unaudited) and September 30, 1995 (Unaudited) 1 Consolidated Condensed Statements of Operations and Retained Earnings - 13-Week Periods Ended December 30, 1995 (Unaudited) and December 31, 1994 (Unaudited) 2 Consolidated Condensed Statements of Cash Flows - 13-Week Periods Ended December 30, 1995 (Unaudited) and December 31, 1994 (Unaudited) 3 Notes to Consolidated Condensed Financial Statements (Unaudited) 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 5-7 PART II - OTHER INFORMATION: Item 6. Exhibits and Reports on Form 8-K 8-12
PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ARK RESTAURANTS CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Dollars in Thousands)
December 30, September 30, 1995 1995 -------- -------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 79 $ 1,271 Accounts receivable 1,127 1,274 Current portion of long-term receivables 174 163 Inventories 938 888 Prepaid expenses 1,105 957 Refundable and Prepaid Income Taxes 237 - Other current assets 428 535 Deferred income taxes 396 396 ------- ------- Total current assets 4,484 5,484 LONG-TERM RECEIVABLES 1,382 1,415 FIXED ASSETS - At Cost: Leasehold improvements 14,772 14,421 Furniture, fixtures and equipment 12,724 12,369 Leasehold improvements in progress 196 134 ------- ------- 27,692 26,924 Less accumulated depreciation and amortization 11,140 10,549 ------- ------- 16,552 16,395 INTANGIBLE ASSETS - Less accumulated amortization of $2,608 and $2,488 4,216 4,336 OTHER ASSETS 495 455 DEFERRED INCOME TAXES 477 477 ------- ------- TOTAL ASSETS $27,606 $28,542 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable - trade $ 1,821 $ 2,036 Accrued expenses and other current liabilities 2,468 2,850 Current maturities of long-term debt 61 89 Current maturities of capital lease obligations 209 204 Accrued income taxes - 265 ------- ------- Total current liabilities 4,559 5,444 LONG-TERM DEBT - net of current maturities 3,904 3,925 OBLIGATIONS UNDER CAPITAL LEASES - net of current maturities 870 930 OPERATING LEASE DEFERRED CREDIT 1,537 1,537 SHAREHOLDERS' EQUITY: Common stock, par value $.01 per share - authorized, 10,000,000 shares; issused, 4,461,832 shares 45 45 Additional paid-in capital 7,482 7,482 Retained earnings 10,452 10,427 ------- ------- 17,979 17,954 Less treasury stock, 1,345,337 shares 1,248 1,248 ------- ------- Total shareholders' equity 16,731 16,706 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $27,606 $28,542 ======= =======
See notes to consolidated condensed financial statements 1
ARK RESTAURANTS CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (Unaudited) (In Thousands, Except per share Amount) 13 Weeks Ended -------------------------------------- December 30, December 31, 1995 1994 -------- -------- NET SALES $18,723 $16,358 COST OF SALES 5,178 4,520 ------- ------- GROSS RESTAURANT PROFIT 13,545 11,838 MANAGEMENT FEE INCOME 176 210 ------- ------- 13,721 12,048 ------- ------- OPERATING EXPENSES Payroll and payroll benefits 6,864 5,870 Occupancy 2,235 2,009 Depreciation and amortization 662 494 Other 3,041 2,348 ------- ------- 12,802 10,721 GENERAL AND ADMINISTRATIVE EXPENSES 1,005 1,095 ------- ------- 13,807 11,816 ------- ------- OPERATING INCOME (86) 232 ------- ------- OTHER EXPENSE (INCOME): Interest expense, net 99 31 Other income (230) (328) ------- ------- (131) (297) -------- ------- INCOME BEFORE PROVISION FOR INCOME TAXES 45 529 PROVISION FOR INCOME TAXES 20 238 ------- ------- NET INCOME 25 291 RETAINED EARNINGS, Beginning of period 10,427 9,306 ------- ------- RETAINED EARNINGS, End of period $10,452 $9,597 ======= ======= NET INCOME PER SHARE $.01 $.09 ==== ==== WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATIONS 3,191 3,233 ======= =======
See notes to consolidated condensed financial statements 2 ARK RESTAURANTS CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in Thousands)
13 Weeks Ended --------------------------------- December 31, December 30, 1995 1994 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 25 $ 291 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of fixed assets 591 435 Amortization of intangibles 120 96 Changes in assets and liabilities: Decrease (Increase) in accounts receivable 147 (652) Increase in inventories (50) (30) Increase in prepaid expenses (148) (123) Increase in refundable and prepaid income taxes (237) - (Increase) Decrease in other assets 67 (48) Increase (decrease) in accounts payable - trade (215) 74 Decrease in accrued expenses and other current liabilities (382) (65) (Decrease) Increase in accrued income taxes (265) 97 Increase in operating lease deferred credit - 26 Increase in deferred income taxes - (50) ------- ------- Net cash used in or provided by operating activities (347) 51 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Additions to fixed assets, net (768) (835) Additions to intangible assets - (127) Restaurant acquisitions - (2,335) Payments received on long-term receivables 22 32 ------- ------- Net cash used in investing activities (746) (3,265) ------- ------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of long-term debt - 2,000 Principal payment on long-term debt (44) (18) Principal payment on capital lease obligations (55) (22) Exercise of stock options - - ------- ------- Net cash used in or provided by financing activities (99) 1,960 ------- ------- NET DECREASE IN CASH AND CASH EQUIVALENTS (1,192) (1,254) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,271 2,913 ------- ------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 79 $ 1,659 ======= ======= SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during year for: Interest $ 121 $ 51 ======= ======= Income taxes $ 528 187 ======= =======
See notes to consolidated condensed financial statements. 3 ARK RESTAURANTS CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) 1. CONSOLIDATED CONDENSED FINANCIAL STATEMENTS The consolidated condensed financial statements have been prepared by Ark Restaurants Corp. (the "Company"), without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments and the change in accounting principle referred to below) necessary to present fairly the financial position at December 30, 1995 and results of operations and changes in cash flows for the periods ended December 30, 1995 and December 31, 1994 have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended September 30, 1995. The results of operations for the periods ended December 30, 1995 are not necessarily indicative of the operating results for the full year. 2. INCOME PER SHARE OF COMMON STOCK Per share data is based upon the weighted average number of shares of common stock and common stock equivalents outstanding during each period; common stock equivalents consist of dilutive stock options. For the period ended December 30, 1995 no effect has been given to outstanding options since the effect was not material. For the period ended December 31, 1994 fully diluted net income per common share and common share equivalent is not shown since the effect is not material. 4 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS NET SALES Net sales at restaurants and bars owned by the Company increased 14.5% in the 13-week period ended December 30, 1995 from the comparable period ended December 31, 1994. The increase in net sales for the 13-week period was due primarily to sales from restaurants which the Company did not operate in the comparable period last year (Bryant Park Grill, Ernie's and the Columbus Bakery). Same store sales decreased by 4.8% in the 13-week period ended December 30, 1995 and such decrease was most pronounced in the smaller restaurants. COSTS AND EXPENSES The Company's cost of sales consists only of food and beverage costs at restaurants and bars owned by the Company. For the 13-week periods ended December 30, 1995 and December 31, 1994 cost of sales as a percentage of net sales remained constant at approximately 27.7%. Operating expenses of the Company, consisting of restaurant payroll, occupancy and other expenses at restaurants and bars owned by the Company, as a percentage of net sales for the 13-week period ended December 30, 1995, increased to 68.4% from 65.5% last year. Restaurant payroll as a percentage of net sales was 36.7% as compared to 35.9% last year principally due to the 4.8 % decrease in same store sales. Occupancy expenses and depreciation and amortization remained constant at approximately 15.4% while all other operating expenses, consisting mainly of supplies, maintenance, credit card processing fees, and advertising increased to 16.2% from 14.4% last year. This change in other operating expenses was principally due to increased maintenance and supply expenditures at several of the Company's smaller restaurants and expenses incurred in the opening of the Company's second bakery (Columbus Bakery). General and administrative expenses, as a percentage of net sales, were 5.4% for the 13-week period ended December 30, 1995 as compared to 6.7% last year. If net sales at managed restaurants and bars were included in consolidated net sales, general and administrative expenses as a percentage of net sales would have been 4.7% as compared to 5.8% last year. Net income of the Company for the 13-week period ended December 30, 1995, was $25,000 as compared to $291,000 last year. During the 13-week period ended December 30, 1995 the Company managed six restaurants owned by third parties. Net sales of managed restaurants were $2,633,000 during the 13-week period ended December 30, 1995 as compared to $2,510,000 last year. Net sales of these managed restaurants are not included in consolidated net sales. INCOME TAXES The provision for income taxes reflects Federal income taxes calculated on a consolidated basis and state and local income taxes calculated by each New York subsidiary on a non consolidated basis. Most of the 5 restaurants owned or managed by the Company are owned or managed by a separate subsidiary. For state and local income tax purposes, the losses incurred by a subsidiary may only be used to offset that subsidiary's income with the exception of the restaurants which operate in the District of Columbia. Accordingly, the Company's overall effective tax rate has varied depending on the level of losses incurred at individual subsidiaries. As a result of the enactment of the Revenue Reconciliation Act of 1993, the Company is entitled, commencing January 1, 1994, to a tax credit based on the amount of FICA taxes paid by the Company with respect to the tip income of restaurant service personnel. The Company estimates that this credit will be in excess of $300,000 for the current fiscal year. LIQUIDITY AND SOURCES OF CAPITAL The Company's primary source of capital is cash provided by operations and funds available from the $4,250,000 revolving credit agreement with its main bank. The Company utilizes capital primarily to fund the cost of developing and opening new restaurants and acquiring existing restaurants. At December 30, 1995 the Company had a working capital deficit of $75,000 as compared to working capital of $41,000, at September 30, 1995. The restaurant business does not require the maintenance of significant inventories or the financing of receivables. Thus the Company is able to operate with minimal and even negative working capital. The Company's existing Revolving Credit and Term Loan Facility with its main bank enables the Company to borrow up to $4,250,000 until December 31, 1996 at which time outstanding loans may be converted into term loans payable in 36 monthly installments through December 31, 1999 At December 30, 1995 the Company had $3,000,000 of debt outstanding under this agreement. In connection with this agreement, the Company also has a $1,750,000 Letter of Credit Facility. At December 30, 1995 the Company had delivered $1,231,000 in irrevocable letters of credit in lieu of lease security deposits. The Company has signed letters of intent with respect to extensive restaurant facilities to be operated by the Company in a new resort casino under construction in Las Vegas, Nevada (See Restaurant Expansion below). The Company expects that its capital commitments for these facilities will be between $8,000,000 and $9,000,000 which the Company intends to finance principally through a new financing facility with its main bank and, to a lesser extent, through cash from operations. The Company has a commitment letter from the bank which would amend the Company's existing revolving credit facility to provide for an increase in the amount the Company may borrow on a revolving credit basis to $11,000,000. The proposed revolving credit facility includes a $5,000,000 facility for working capital purposes at the Company's existing restaurants. The proposed credit facility also includes a $6,000,000 facility for use in the construction of and as working capital for the Las Vegas restaurants. The two working capital facilities will each have two year terms at the end of which they will convert into two year term loans. The $5,000,000 facility will convert 6 into a two year self-amortizing term loan. The $6,000,000 facility will convert into a two year loan amortizing $5,000,000 over the two year period with the balance of $1,000,000 paid at maturity. The bank commitment also contemplates a four year $2,000,000 letter of credit facility (replacing the prior $1,750,000 facility) for use in lieu of lease security deposits and a one year (extendible for an additional six months) $3,000,000 letter of credit facility to be used to assure construction of the Las Vegas restaurants. Although the Company is not currently committed to any other projects, the Company is exploring additional opportunities for expansion of its business. Additional expansion may require additional external financing. RESTAURANT EXPANSION AND RENOVATION The Company has signed letters of intent with New York, New York Hotel & Casino, a joint venture between Primadonna Resorts, Inc. and MGM Grand, Inc. to design, build and operate a group of restaurants in the 2,100 room Las Vegas resort casino which is scheduled to open in December 1996. Under the terms of the letters of intent, the Company will build a 450-seat America restaurant, a 150-seat steakhouse and a group of small fast food restaurants in a food court with a New York theme. The steakhouse will be operated under the name "Gallaghers" under a license agreement from the owner of the New York restaurant of that name. In addition, the company will operate the hotel's room service, its banquet facilities and its employee cafeteria. The transaction is subject to the negotiation of definitive agreements. 7 PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 3.1 Certificate of Incorporation of the Registrant, filed on January 4, 1983, incorporated by reference to Exhibit 3.1 to the Registrant's Annual Report on Form 10-K for the fiscal year ended October 1, 1994 (the "1994 10-K"). 3.2 Certificate of Amendment of the Certificate of Incorporation of the Registrant filed on October 11, 1985, incorporated by reference to Exhibit 3.2 to the 1994 10-K. 3.3 Certificate of Amendment to Certificate of Incorporation of the Registrant filed on July 21, 1988, incorporated by reference to Exhibit 3.3 to Exhibit 3.3 to the 1994 10-K. 3.4 By-Laws of the Registrant, incorporated by reference to Exhibit 3.4 to the 1994 10-K. 10.1 Amended and Restated Redemption Agreement dated June 29, 1993 between the Registrant and Michael Weinstein, incorporated by reference to Exhibit 10.1 to the 1994 10-K. 10.2 Form of Indemnification Agreement entered into between the Registrant and each of Michael Weinstein, Ernest Bogen, Vincent Pascal, Robert Towers, Jay Galin, Andrew Kuruc, and Donald D. Shack, incorporated by reference to Exhibit 10.2 to the 1994 10-K. 10.3 Ark Restaurants Corp. Amended Stock Option Plan, incorporated by reference to Exhibit 10.3 to the 1994 10-K. 10.4 Lease Agreement dated June 9, 1982, between Rebak Realty Co., as lessor, and MEB Emporium Corp., as lessee, incorporated by reference to Exhibit 10.4 to the 1994 10-K. 10.5 Lease Agreement dated October 27, 1982, between Majestic Towers Co., as lessor, and MEB Emporium Corp., as lessee, incorporated by reference to Exhibit 10.5 to the 1994 10-K. 10.6 Lease Agreement dated June 1, 1983, between 101 West 77th Street Corp., as lessor, and MEB On Columbus, Inc., as lessee, as assignee of DPK Restaurants, Inc., incorporated by reference to Exhibit 10.6 to the 1994 10-K. 10.7 Lease Agreement dated November 10, 1983, between BJW Associates, as lessor, and MEB Dining 18 Inc., as lessee, incorporated by reference to Exhibit 10.7 to the 1994 10-K. 10.8 Lease Agreement dated August 9, 1984, between G.P. Associates, as lessor, and MEB On First, Inc., as lessee, incorporated by reference to Exhibit 10.8 to the 1994 10-K. 8 10.9 Agreement of Lease dated April 26, 1985 between 2 Park Avenue Avenue Associates, and The Ritz Cafe, Inc., incorporated by reference to Exhibit 10.9 to the 1994 10-K. 10.10 Assumption Agreement dated June 27, 1985, between Future Brothers, Inc., as assignee of Alfred Steiner, as sublessor, and Father Brad's Broadway Dining, Inc., as sublessee, incorporated by reference to Exhibit 10.10 to the 1994 10-K. 10.11 Lease Agreement dated August 1, 1985, between Livingstone Management Co., Inc., as lessor, and Conis Realty Corp., as lessee, incorporated by reference to Exhibit 10.11 to the 1994 10-K. 10.12 Lease Agreement dated August 1, 1985, between Soledad Place Corp., as lessor, and La Femme Noire, Inc., as lessee, incorporated by reference to Exhibit 10.12 to the 1994 10-K. 10.13 Indenture of Lease dated as of January 1, 1986, between Buchbinders Restaurant, Inc. and Ark 27th St., Inc., incorporated by reference to Exhibit 10.13 to the 1994 10-K. 10.14 Agreement of Lease dated as of April 1, 1986 between 377 Third Avenue Co. and Ark 27th St., Inc., incorporated by reference to Exhibit 10.14 to the 1994 10-K. 10.15 Management Agreement dated September 10, 1986 by and between Amphitryon, Inc. and Standish Group Inc. and Ark Seventh Avenue South Corp., incorporated by reference to Exhibit 10.15 to the 1994 10-K. 10.16 Agreement dated as of November 11, 1986 among the Registrant, La Femme Noire, Inc. and Barbara Smith, incorporated by reference to Exhibit 10.16 to the 1994 10-K. 10.17 Management Agreement dated as of June 1987 between Ark Operating Corp. and Rio Restaurant Associates, incorporated by reference to Exhibit 10.17 to the 1994 10-K. 10.18 Agreement of Lease dated June 29, 1987 between the Registrant and Bruce and Carol Haley, incorporated by reference to Exhibit 10.18 to the 1994 10-K. 10.19 Lease Agreement dated as of May 2, 1988, between Union Station Venture, Ltd., as lessor, and Ark Union Station, Inc., as lessee, incorporated by reference to Exhibit 10.19 to the 1994 10-K. 10.20 Agreement dated December 9, 1988 among 625 Broadway Leasing Corp., and Ark Sub-One Corp., incorporated by reference to Exhibit 10.20 to the 1994 10-K. 10.21 Lease Agreement dated as of January 5, 1989 by and between Union Station Venture, Ltd. and Ark D.C. Kiosk, Inc., incorporated by reference to Exhibit 10.21 to the 1994 10-K. 10.22 Agreement dated February 22, 1989 by and among Lawrence P. Forgione, Ark Restaurants Corp. and Ark Columbus Corp., incorporated by reference to Exhibit 10.22 to the 1994 10-K. 9 10.23 Restaurant Lease Agreement dated August 22, 1989 by and between Potomac River Front Limited Partnership and Ark Potomac Corporation, incorporated by reference to Exhibit 10.23 to the 1994 10-K. 10.24 Lease dated January 1, 1990 between George H. Beane and Encarnita V. Quinlan, as lessors, and Columbus Cafe Corp., as lessee, incorporated by reference to Exhibit 10.24 to the 1994 10-K. 10.25 First Amendment to Lease dated January 1, 1990 between Potomac River Front Limited Partnership Limited ("Landlord") and Ark Potomac Corporation ("Tenant") incorporated by reference to Exhibit 10.25 to the 1994 10-K. 10.26 Second Amendment to Lease dated June 11, 1990 between Potomac River Front Limited Partnership ("Landlord") and Ark Potomac Corporation ("Tenant"), incorporated by reference to Exhibit 10.26 to the 1994 10-K. 10.27 Amended and Restated Management Agreement dated December 4, 1990 between AROC and Ark Corporation and DBS Restaurant Group, Inc., incorporated by reference to Exhibit 10.27 to the 1994 10-K. 10.28 Lease dated January 25, 1991 between Wayfarer Inns of New York, Inc., as lessor, and SSWB Restaurants, Inc., as lessee, incorporated by reference to Exhibit 10.28 to the 1994 10-K. 10.29 Lease dated April 18, 1991 between South Street Seaport Limited Partnership, as lessor, and Ark of the Seaport, Inc., as lessee, incorporated by reference to Exhibit 10.29 to the 1994 10-K. 10.30 Management Agreement dated June 1, 1991 between Ark Boston Corp. and Flower Market Restaurant, Inc., incorporated by reference to Exhibit 10.30 to the 1994 10-K. 10.31 Third Amendment to Lease dated January 28, 1992 between Potomac River Front Limited Partnership ("Landlord") and Ark Potomac Corporation ("Tenant"), incorporated by reference to Exhibit 10.31 to the 1994 10-K. 10.32 Lease dated August 5, 1992 between Lehndorff Tysons Joint Venture, as Landlord, and Tysons America Corp., as Tenant, incorporated by reference to Exhibit 10.32 to the 1994 10-K. 10.33 Letter Agreement dated December 4, 1992 among the Registrant, La Femme Noire, Inc. and Barbara Smith, incorporated by reference to Exhibit 10.33 to the 1994 10-K. 10.34 Amended and Restated Credit Agreement dated December 30, 1992 between the Registrant and Bank Leumi Trust Company of New York, incorporated by reference to Exhibit 10.34 to the 1994 10-K. 10.35 Modification of Lease dated December 31, 1992 between Moklam Enterprises, inc. ("Landlord") and Father Brad's Broadway Dining, Inc. ("Tenant") incorporated by reference to Exhibit 10.35 to the 1994 10-K. 10 10.36 Operating Agreement, dated March 3, 1993 between Ark JMR Corp. and Jim McMullen Restaurant, Inc, incorporated by reference to Exhibit 10.36 to the 1994 10-K. 10.37 Restated Indenture of Lease dated August 1, 1993 between Bryant Park Restoration Corporation, as Landlord, and Ark Bryant Park, as Tenant, as amended by an Amendment dated December 1, 1993, incorporated by reference to Exhibit 10.37 to the 1994 10-K. 10.38 Amendment dated August 5, 1993 to the Lease dated January 1, 1990 between George H. Beane and Encarnita V. Quinlan, as lessors, and Columbus Cafe Corp., as lessee, incorporated by reference to Exhibit 10.38 to the 1994 10-K. 10.39 Sublease Agreement dated October 13, 1993 between Frank Catania, as Lessor and Ark Fifth Avenue Corp., as Lessee, incorporated by reference to Exhibit 10.39 to the 1994 10-K. 10.40 Sublease dated November 15, 1993 between Ark Oxnard Corp., as subtenant, and Michael Koutnik, as sublandlord, incorporated by reference to Exhibit 10.40 to the 1994 10-K. 10.41 First Amendment to Lease dated January 15, 1994 between Lehndorff Tysons Joint Venture ("Landlord") and Tysons America Corp., incorporated by reference to Exhibit 10.41 to the 1994 10-K. 10.42 Lease Agreement dated February 4, 1994 between Union Station Venture, Ltd. and La Femme Noire D.C. Incorporated, incorporated by reference to Exhibit 10.41 to the 1994 10-K. 10.43 Agreement dated July 15, 1994 between Avis Rent A Car System, Inc. and MEB Emporium Corp., incorporated by reference to Exhibit 10.43 to the 1994 10-K. 10.44 Letter Agreement dated August 10, 1994 between the Registrant and Bank Leumi Trust Company of New York, incorporated by reference to Exhibit 10.44 to the 1994 10-K. 10.45 Letter Agreement dated September 27, 1994 among Barbara Smith, the Registrant, La Femme Noire, Inc. and La Femme Noire D.C. Incorporated, incorporated by reference to Exhibit 10.45 to the 1994 10-K. 10.46 Lease dated November 2, 1994 between Andre Soltner and Simone Soltner d/b/a ANSI Realty Company, and KRA Holdings, Inc., Tenant, incorporated by reference to Exhibit 10.46 to the 1994 10-K. 10.47 Lease dated November 18, 1994 between Islamorada Resort, Inc., as Landlord and Ark Islamorada Corp., as Tenant, incorporated by reference to Exhibit 10.47 to the 1994 10-K. 10.48 First Amendment of Lease dated as of the 14th day of July, 1994 by and between Mega Realty, L.L.C. and Conis Realty Corp. incorporated by reference to Exhibit 10.48 to the Registrant's Annual Report on Form 10-K for the fiscal year ended September 30, 1995 (the "1995 10-K"). 11 10.49 Extension and Modification of Lease dated September 1995 between Rebak Realty Co. and MEB Emporium Corp., incorporated by reference to Exhibit 10.49 to the 1995 10-K. 10.50 Amendment and modification of Leases, dated as of June 13, 1995 between Buchbinders Restaurant Inc. and Ark 27th Street, Inc., incorporated by reference to Exhibit 10.50 to the 1995 10-K. 10.51 Agreement dated December 5, 1995 between United Brody Corp. and Ark Steakhouse Corp., incorporated by reference to Exhibit 10.51 to the 1995 10-K. 27 Financial Data Schedule pursuant to Article 5 of Regulation S-X filed with EDGAR version only. (b) Reports on Form 8-K - none. 12 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 9, 1996 ARK RESTAURANTS CORP. By /S/ Michael Weinstein Michael Weinstein, President By /S/ Andrew B. Kuruc Andrew B. Kuruc Vice President, Controller and Principal Accounting Officer EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AND INCOME STATEMENT FOR 13 WEEKS OF ARK RESTAURANTS CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS SEP-28-1995 OCT-1-1995 DEC-30-1995 79 0 1,127 0 938 4,484 27,692 11,140 27,606 4,559 5,044 45 0 0 16,731 27,606 18,723 18,723 5,178 5,178 13,807 0 99 45 20 25 0 0 0 25 .01 .01
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