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<SEC-DOCUMENT>0000930413-08-007367.txt : 20081223
<SEC-HEADER>0000930413-08-007367.hdr.sgml : 20081223
<ACCEPTANCE-DATETIME>20081223120132
ACCESSION NUMBER:		0000930413-08-007367
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20080927
FILED AS OF DATE:		20081223
DATE AS OF CHANGE:		20081223

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-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09453
		FILM NUMBER:		081266251

	BUSINESS ADDRESS:	
		STREET 1:		85 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003-3019
		BUSINESS PHONE:		2122068800

	MAIL ADDRESS:	
		STREET 1:		85 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003-3019
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>c56045_10-k.htm
<TEXT>

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<P align="center">
<FONT size=2 face="serif">UNITED STATES </FONT><BR>
<FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT></P>
<P align="center">
<FONT size=2 face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<FONT size=2 face="serif">FORM 10-K </FONT></P>
<P align="center">
<FONT size=2 face="serif">[X] ANNUAL REPORT PURSUANT TO SECTIONS 13 AND 15(d) </FONT><BR>
<FONT size=2 face="serif">OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT></P>
<P align="center">
<FONT size=2 face="serif">For the fiscal year ended September 27, 2008 </FONT><BR>
<FONT size=2 face="serif">or,</FONT><BR>
<FONT size=2 face="serif">[ ] TRANSITION REPORT PURSUANT TO SECTIONS 13 AND 15(d) </FONT><BR>
<FONT size=2 face="serif">OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT></P>
<P align="center">
<FONT size=2 face="serif">Commission File No. 1-09453 </FONT></P>
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<FONT size=2 face="serif">ARK RESTAURANTS CORP.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact Name of Registrant as Specified in Its Charter)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
</TR>
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  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">New York</FONT>
  </TD>
  <TD width="90%">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13-3156768</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">(State or Other Jurisdiction of</FONT>
  </TD>
  <TD width="90%">&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IRS Employer Identification No.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
</TR>
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  <TD align=center nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporation or Organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width="90%">&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
</TABLE>
<div align="center"><BR>
  <TABLE border=0 cellspacing=0 cellpadding=0>
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      <TD align=center nowrap style="border-bottom:1px solid #000000;">
        <FONT size=2 face="serif">85 Fifth Avenue, New York, NY</FONT>      </TD>
      <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
      <TD align=center nowrap style="border-bottom:1px solid #000000;">
        <FONT size=2 face="serif">10003</FONT>      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center nowrap>
        <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        (Address of Principal Executive Offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>      </TD>
      <TD align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD align=center nowrap>
        <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        (Zip Code)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>      </TD>
    </TR>
    </TABLE>
  <BR>
</div>
<P align="center">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: (212) 206-8800 </FONT></P>
<P align="center">
<FONT size=2 face="serif">Securities registered pursuant to section 12(b) of the Act: None</FONT><FONT face="serif"> </FONT><BR>
<FONT size=2 face="serif">Securities registered pursuant to Section 12(g) of the Act:</FONT></P>
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    <TD></TD>
  <TD></TD>
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  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Title of each class</FONT>
  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">Name
    of each exchange on which registered</font> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Common Stock, par value &#36;.01 per share</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">The NASDAQ Stock Market LLC</FONT>
  </TD>
</TR>
</TABLE><BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &nbsp;&nbsp;Yes __&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <u>&nbsp;X&nbsp;</u> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. &nbsp;&nbsp;Yes __&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <u>&nbsp;X&nbsp;</u> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 such 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. &nbsp;&nbsp;Yes <u>&nbsp;X&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No __ </FONT></P>
<P align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Indicate by check mark if disclosure
    of delinquent filers pursuant to Item 405 of Regulation S-K is not contained
    herein, and will not be contained, to the best of Registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendments to this Form 10-K.
  [ x ] </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. </FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Large accelerated filer&nbsp;</FONT></TD>
  <TD align=left nowrap><FONT size=2 face="serif">_____ </FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Accelerated filer _____ </FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Non-accelerated filer</FONT></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">_____ (Do not check if a smaller reporting company)</FONT></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Smaller Reporting Company __</FONT><U><FONT size=2 face="serif">X</FONT></U><FONT size=2 face="serif">___</FONT></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2). &nbsp;&nbsp;Yes __&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <u>&nbsp;X&nbsp;</u> </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of March 28, 2008, the last business day of the registrant&#146;s most recently completed second fiscal quarter, the aggregate market value of voting and non-voting stock held by
non-affiliates of the registrant was &#36;59,601,310.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At December 10, 2008, there were outstanding 3,489,845</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">shares of the Registrant&#146;s Common Stock, &#36;.01 par
value.</FONT></P>

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<P align="center">
<FONT size=2 face="serif">DOCUMENTS INCORPORATED BY REFERENCE </FONT></P>
<P align="justify">
<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with General Instruction G (3) of Form 10-K certain information required by Part III hereof will either be incorporated into this Form 10-K by reference to the registrant&#146;s definitive proxy statement
for the registrant&#146;s 2008 Annual Meeting of Stockholders filed within 120 days of September 27, 2008 or will be included in an amendment to this Form 10-K filed within 120 days of September 27, 2008. </FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<U><FONT size=2 face="serif">PART I</FONT></U></P>
<P align="center">
<U><FONT size=2 face="serif">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></U></P>
<P align="justify">
<FONT size=2 face="serif">On one or more occasions, we may make statements in this Annual Report on Form 10-K regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events. All statements, other than
statements of historical facts, included or incorporated by reference herein relating to management&#146;s current expectations of future financial performance, continued growth and changes in economic conditions or capital markets are forward
looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. </FONT></P>
<P align="justify"><FONT size=2 face="serif">Words or phrases such as &#147;anticipates,&#148; &#147;believes,&#148; &#147;estimates,&#148;
  &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;predicts,&#148; &#147;projects,&#148; &#147;targets,&#148; &#147;will likely result,&#148; &#147;hopes,&#148; &#147;will continue&#148; or similar expressions identify forward
  looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed. We caution that while we make such statements in good faith and we believe such
  statements are based on reasonable assumptions, including without limitation, management&#146;s examination of historical operating trends, data contained in records and other data available from third parties, we cannot assure you that our
  projections will be achieved. Factors that may cause such differences include: economic conditions generally and in each of the markets in which we are located, the amount of sales contributed by new and existing restaurants, labor costs for our
  personnel, fluctuations in the cost of food products, adverse weather conditions, changes in consumer preferences and the level of competition from existing or new competitors. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We have attempted to identify, in context, certain of the factors that we believe may cause actual future experience and results to differ materially from our current expectation regarding the relevant matter of subject
area. In addition to the items specifically discussed above, our business, results of operations and financial position and your investment in our common stock are subject to the risks and uncertainties described in &#147;Item 1A Risk Factors&#148;
of this Annual Report on Form 10-K. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">From time to time, oral or written forward-looking statements are also included in our reports on Forms 10-K, 10-Q and 8-K, our Schedule 14A, our press releases and other materials released to the public. Although we
believe that at the time made, the expectations reflected in all of these forward-looking statements are and will be reasonable, any or all of the forward-looking statements in this Annual Report on Form 10-K, our reports on Forms 10-Q and 8-K, our
Schedule 14A and any other public statements that are made by us may prove to be incorrect. This may occur as a result of inaccurate assumptions or as a consequence of known or unknown risks and uncertainties. Many factors discussed in this Annual
Report on Form 10-K, certain of which are beyond our control, will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from forward-looking statements. In light
of these and other uncertainties, you should not regard the inclusion of a forward-looking statement in this Annual Report on Form 10-K or other public communications that we might make as a representation by us that our plans and objectives will be
achieved, and you should not place undue reliance on such forward-looking statements. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made
on related subjects in our subsequent periodic reports filed with the Securities and Exchange Commission on Forms 10-Q and 8-K and Schedule 14A. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Unless the context requires otherwise, references to &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; &#147;ARKR&#148; and the &#147;Company&#148; refer specifically to Ark Restaurants Corp. and its subsidiaries and
predecessor entities. </FONT></P>
<P align="justify">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

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<P align="justify">
<U><FONT size=2 face="serif">Item 1.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Business</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Overview </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are a New York corporation formed in 1983. As of the fiscal year ended September 27, 2008, we owned and/or operated 20 restaurants and bars, 30 fast food concepts, catering operations, and wholesale and retail bakeries
through our subsidiaries. Initially our facilities were located only in New York City. As of the fiscal year ended September 27, 2008, seven of our restaurant and bar facilities are located in New York City, four are located in Washington, D.C.,
five are located in Las Vegas, Nevada, two are located in Atlantic City, New Jersey, one is located at the Foxwoods Resort Casino in Ledyard, Connecticut and one is located in the Faneuil Hall Marketplace in Boston, Massachusetts.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">In 2006, we established operations at the Foxwoods Resort Casino in Ledyard, Connecticut by opening a a fast-casual restaurant, </FONT><I><FONT size=2 face="serif">Lucky Seven</FONT></I><FONT size=2 face="serif">,</FONT><FONT size=2 face="serif"> in Foxwoods Bingo Hall. All pre-opening expenses were borne by outside investors who invested in a limited liability company established to develop, construct, operate and manage this facility. We are
the managing member of this limited liability company and, through this limited liability company, we lease and manage the operations of this facility in exchange for a monthly management fee equal to five-percent of the gross receipts of this
facility. Neither we nor any of our subsidiaries contributed any capital to this limited liability company.  None of the obligations of this limited liability company are guaranteed by us and investors in this limited liability company have no
recourse against us or any of our assets. We also further expanded our operations at Foxwoods later in 2006 by opening </FONT><I><FONT size=2 face="serif">The Grill at Two Trees </FONT></I><FONT size=2 face="serif">in the Two Trees Inn, a facility
owned by the Mashantucket Pequot Tribal Nation and a part of the Foxwoods Resort Casino. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Also in 2006, we entered into an agreement to lease space for a Mexican restaurant, </FONT><I><FONT size=2 face="serif">Yolos,</FONT></I><FONT size=2 face="serif"> at the Planet Hollywood Resort and Casino (formerly known
as the Aladdin Resort and Casino) in Las Vegas, Nevada. </FONT><I><FONT size=2 face="serif">Yolos </FONT></I><FONT size=2 face="serif">opened during the first quarter of our 2008 fiscal year.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">In 2007, we purchased the restaurant known as the </FONT><I><FONT size=2 face="serif">Durgin Park Restaurant and the Black Horse Tavern </FONT></I><FONT size=2 face="serif">in Boston, Massachusetts and entered into an
agreement to design and lease a food court at the to-be-constructed MGM Grand Casino at Foxwoods.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We purchased the </FONT><I><FONT size=2 face="serif">Durgin Park </FONT></I><FONT size=2 face="serif">facility from the previous owner for &#36;2,000,000 in cash and a &#36;1,000,000 five year promissory note bearing
interest at a rate of 7% per year.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">In June 2007, the Company entered into an agreement to design and lease a food court at the MGM Grand Casino at the Foxwoods Resort Casino which commenced operations during the third fiscal quarter of 2008. A limited
liability company has been established to develop, construct, operate and manage the food court. The Company, through a wholly-owned subsidiary, is the managing member of this limited liability company and has an aggregate ownership interest in the
food court operations of 67%. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In addition to the shift from a Manhattan-based operation to a multi-city operation, the nature of the facilities operated by us has shifted from smaller, neighborhood restaurants to larger, destination restaurants intended
to benefit from high patron traffic attributable to the uniqueness of the restaurant&#146;s location. Most of our restaurants which are in operation and which have been opened in recent years are of the latter description.  As of the fiscal year
ended September 27, 2008, these include the restaurant operations at the New York-New York Hotel &amp; Casino in Las Vegas, Nevada (1997); </FONT><I><FONT size=2 face="serif">Red,</FONT></I><FONT size=2 face="serif"> located at the South Street
Seaport in New York (1998); </FONT><I><FONT size=2 face="serif">Thunder Grill</FONT></I><FONT size=2 face="serif"> in Union Station, Washington, D.C. (1999); one bar and three food court facilities at the Venetian Casino Resort in Las Vegas, Nevada
(2000); the 12 fast food facilities in Tampa, Florida and Hollywood, Florida, respectively (2004); the </FONT><I><FONT size=2 face="serif">Gallagher&#146;s </FONT></I></P>
<P align="center">
<FONT size=2 face="serif">4</FONT></P>

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<P align="justify">
<I><FONT size=2 face="serif">Steakhouse</FONT></I><FONT size=2 face="serif"> and </FONT><I><FONT size=2 face="serif">Gallagher&#146;s Burger Bar</FONT></I><FONT size=2 face="serif"> in the Resorts Atlantic City Hotel and Casino in Atlantic City, New
Jersey (2005); </FONT><I><FONT size=2 face="serif">Lucky Seven</FONT></I><FONT size=2 face="serif"> and </FONT><I><FONT size=2 face="serif">The Grill at Two Trees</FONT></I><FONT size=2 face="serif"> at the Foxwoods Resort Casino in Ledyard,
Connecticut (2006); </FONT><I><FONT size=2 face="serif">Durgin Park Restaurant and the Black Horse Tavern </FONT></I><FONT size=2 face="serif">in the Faneuil Hall Marketplace in Boston, Massachusetts (2007); </FONT><I><FONT size=2 face="serif">Yolos,</FONT></I><FONT size=2 face="serif"> at the Planet Hollywood Resort and Casino (formerly known as the Aladdin Resort and Casino) in Las Vegas, Nevada (2007); and five fast food facilities at MGM Grand Casino at the Foxwoods
Resort Casino in Ledyard, Connecticut (2008).</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Also in 2008, we entered into an agreement to lease space for a yet to be named restaurant at the Museum of Arts &amp; Design at Columbus Circle in Manhattan.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The names and themes of each of our restaurants are different except for our two </FONT><I><FONT size=2 face="serif">America</FONT></I><FONT size=2 face="serif"> restaurants, two </FONT><I><FONT size=2 face="serif">Sequoia</FONT></I><FONT size=2 face="serif"> restaurants, two </FONT><I><FONT size=2 face="serif">Gonzalez y Gonzalez</FONT></I><FONT size=2 face="serif"> restaurants and two </FONT><I><FONT size=2 face="serif">Gallagher&#146;s
Steakhouse </FONT></I><FONT size=2 face="serif">restaurants. The menus in our restaurants are extensive, offering a wide variety of high quality foods at generally moderate prices. The atmosphere at many of the restaurants is lively and extremely
casual. Most of the restaurants have separate bar areas. A majority of our net sales are derived from dinner as opposed to lunch service. Most of the restaurants are open seven days a week and most serve lunch as well as dinner.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">While decor differs from restaurant to restaurant, interiors are marked by distinctive architectural and design elements which often incorporate dramatic interior open spaces and extensive glass exteriors. The wall
treatments, lighting and decorations are typically vivid, unusual and, in some cases, highly theatrical. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The following table sets forth the facilities we lease and operate as of September 27, 2008: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD width="12%" align=left nowrap>&nbsp;  </TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="20%" align=left nowrap>&nbsp;  </TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="10%" align=left nowrap>  <div align="center"></div></TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="14%" align=left nowrap>  <div align="center"></div></TD>
  <TD width="4%">&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Seating</FONT>    </TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="13%" align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Capacity(2)</FONT>    </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">Year</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=2 face="serif">Restaurant Size</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Indoor-</FONT>    </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">Lease</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<U><FONT size=2 face="serif">Name</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><U><FONT size=2 face="serif">Location</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><U><FONT size=2 face="serif">Opened(1)</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><U><FONT size=2 face="serif">(Square Feet)</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<U><FONT size=2 face="serif">(Outdoor)</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><U><FONT size=2 face="serif">Expiration(3)</FONT></U> </div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Gonzalez y</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Broadway</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">1989</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">6,000</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="7%" align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">250</FONT></TD>
  <TD width="4%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2008</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Gonzalez</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(between Houston and</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Bleecker Streets)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York, New York</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>

<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">America</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Union Station</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">1989</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">10,000&nbsp;&nbsp;</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">400</FONT></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(50)</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2009</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Washington, D.C.</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Center Caf&eacute;</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Union Station</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">1989</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">4,000</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">200</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2009</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Washington, D.C.</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Sequoia</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Washington Harbour</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">1990</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">26,000&nbsp;&nbsp;</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">600</FONT></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(400)</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2017</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Washington, D.C.</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Sequoia</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">South Street Seaport</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">1991</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">12,000&nbsp;&nbsp;</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">300</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(100)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2010</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York, New York</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>

<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Canyon Road</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">First Avenue</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">1984</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">2,500</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">130</FONT></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2014</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(between 76</FONT><SUP><FONT size=2 face="serif">th </FONT></SUP><FONT size=2 face="serif">and 77</FONT><SUP><FONT size=2 face="serif">th</FONT></SUP>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Streets)</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York, New York</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD width="11%" align=left nowrap>

    <div align="left"></div></TD>
  <TD width="5%">&nbsp;  </TD>
  <TD width="22%" align=left nowrap>&nbsp;  </TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="10%" align=left nowrap>  <div align="center"></div></TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="13%" align=left nowrap>  <div align="center"></div></TD>
  <TD width="4%">&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Seating</FONT>    </TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="12%" align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Capacity(2)</FONT>    </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">Year</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=2 face="serif">Restaurant Size</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Indoor-</FONT>    </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">Lease</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <div align="left"><U><FONT size=2 face="serif">Name</FONT></U>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><U><FONT size=2 face="serif">Location</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><U><FONT size=2 face="serif">Opened(1)</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><U><FONT size=2 face="serif">(Square Feet)</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<U><FONT size=2 face="serif">(Outdoor)</FONT></U>    </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><U><FONT size=2 face="serif">Expiration(3)</FONT></U> </div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Bryant Park</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Bryant Park</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">1995</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">25,000&nbsp;&nbsp;</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="6%" align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">180</FONT></TD>
  <TD width="5%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(820)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2025</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Grill &amp; Caf&eacute;(4)</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York, New York</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">America(5)</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York-New York</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">1997</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">20,000&nbsp;&nbsp;</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">450</FONT></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2017</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hotel and Casino</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Las Vegas, Nevada</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Gallagher&#146;s</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York-New York</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">1997</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">5,500</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">260</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2023</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Steakhouse(5)</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Hotel &amp; Casino</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">

    <div align="left"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Las Vegas, Nevada</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Gonzalez y</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York-New York</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">1997</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">2,000</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">120</FONT></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2017</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <div align="left"><FONT size=2 face="serif">Gonzalez(5)</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hotel &amp; Casino</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Las Vegas, Nevada</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Village Eateries</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York-New York</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">1997</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">6,300</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">400</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(*)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2017</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">(5)(6)</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Hotel &amp; Casino</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">

    <div align="left"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Las Vegas, Nevada</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">The Grill Room</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">World Financial Center</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">1997</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">10,000&nbsp;&nbsp;</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">250</FONT></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2011</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York, New York</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Red</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">South Street Seaport</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">1998</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">7,000</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">150</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(150)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2013</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">

    <div align="left"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York, New York</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <div align="left"><FONT size=2 face="serif">Thunder Grill</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Union Station</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">1999</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">10,000&nbsp;&nbsp;</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">500</FONT></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2019</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Washington, D.C.</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Venetian Food</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Venetian Casino Resort</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">1999</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">3,980</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">300</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(*)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2014</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Court(7)</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Las Vegas, Nevada</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>

<TR valign="bottom">
  <TD align=left nowrap>
    <div align="left"><FONT size=2 face="serif">V-Bar</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Venetian Casino Resort</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">2000</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">3,000</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">100</FONT></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2015</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Las Vegas, Nevada</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Gallagher&#146;s</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Resorts Atlantic City</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2005</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">6,280</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">196</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2020</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Steakhouse</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Hotel and Casino</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">

    <div align="left"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Atlantic City, New</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">

    <div align="left"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Jersey</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Gallagher&#146;s</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Resorts Atlantic City</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">2005</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">2,270</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">114</FONT></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2020</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Burger Bar</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hotel and Casino</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Atlantic City, New</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Jersey</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">The Grill at Two</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Two Trees Inn</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2006</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">3,359</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">101</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2026</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Trees</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Ledyard, Connecticut</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Seating</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Capacity(2)</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">Year</FONT>      </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Restaurant Size</FONT></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Indoor-</FONT></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap> <div align="center"><FONT size=2 face="serif">Lease</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<U><FONT size=2 face="serif">Name</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><U><FONT size=2 face="serif">Location</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><U><FONT size=2 face="serif">Opened(1)</FONT></U>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<U><FONT size=2 face="serif">(Square Feet)</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<U><FONT size=2 face="serif">(Outdoor)</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<U><FONT size=2 face="serif">Expiration(3)</FONT></U>  </TD>
</TR>
<TR>
  <TD colspan=11>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Durgin Park</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Faneuil Hall</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2007</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">7,000</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">500</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF"> <div align="center"><FONT size=2 face="serif">2032</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Restaurant and</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Marketplace</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">

    <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">the Black Horse</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Boston, Massachusetts</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">

    <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Tavern</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">

    <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=11>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Yolos</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Planet Hollywood</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">2007</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">4,100</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">206</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=2 face="serif">2027</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Resort and Casino</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Las Vegas, Nevada</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
</TABLE>
<div style="border-bottom:1px solid #000000; width:100px">&nbsp;</div>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Restaurants are, from time to time, renovated, renamed and/or converted from or to managed or owned facilities. &#147;Year Opened&#148; refers to the year in which we, or an affiliated predecessor of us,
first opened, acquired or began managing a restaurant at the applicable location, notwithstanding that the restaurant may have been renovated, renamed and/or converted from or to a managed or owned facility since that date.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Seating capacity refers to the seating capacity of the indoor part of a restaurant available for dining in all seasons and weather conditions. Outdoor seating capacity, if applicable, is set forth in
parentheses and refers to the seating capacity of terraces and sidewalk cafes which are available for dining only in the warm seasons and then only in clement weather.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Assumes the exercise of all our available lease renewal options.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The lease governing a substantial portion of the outside seating area of this restaurant expires on April 30, 2012.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Includes two five-year renewal options exercisable by us if certain sales goals are achieved during the two year period prior to the exercise of the renewal option. Under the </FONT><I><FONT size=2 face="serif">America </FONT></I><FONT size=2 face="serif">lease, the sales goal is &#36;6.0 million. Under the </FONT><I><FONT size=2 face="serif">Gallagher&#146;s Steakhouse </FONT></I><FONT size=2 face="serif">lease the sales goal is &#36;3.0
million. Under the lease for </FONT><I><FONT size=2 face="serif">Gonzalez y Gonzalez </FONT></I><FONT size=2 face="serif">and the </FONT><I><FONT size=2 face="serif">Village Eateries</FONT></I><FONT size=2 face="serif">, the combined sales goal is
&#36;10.0 million. Each of the restaurants is currently operating at a level in excess of the minimum sales level required to exercise the renewal option for each respective restaurant.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">We operate eight small food court restaurants in the </FONT><I><FONT size=2 face="serif">Villages Eateries </FONT></I><FONT size=2 face="serif">food court at the New York-New York Hotel &amp; Casino. We
also operate that hotel&#146;s room service, banquet facilities and employee cafeteria.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">We operate three small food court restaurants in a food court at the Venetian Casino Resort.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD><FONT size=2 face="serif">(*)</FONT></TD>
  <TD><FONT size=2 face="serif"> Represents common area seating.</FONT></TD>
</TR>
</TABLE>
<P align="justify">
<FONT size=2 face="serif">The following table sets forth the facilities managed by us as of September 27, 2008:</FONT></P>
<P align="justify">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">7</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
  <TD width="14%" align=left nowrap>&nbsp;  </TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="20%" align=left nowrap>&nbsp;  </TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="10%" align=left nowrap>  <div align="center"></div></TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="13%" align=left nowrap>&nbsp;  </TD>
  <TD width="4%">&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Seating</FONT>    </TD>
  <TD width="4%">&nbsp;  </TD>
  <TD width="12%" align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Capacity(2)</FONT>    </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">Year</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Restaurant Size</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Indoor-</FONT>    </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">Lease</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><U><FONT size=2 face="serif">Name</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<U><FONT size=2 face="serif">Location</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><U><FONT size=2 face="serif">Opened(1)</FONT></U> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<U><FONT size=2 face="serif">(Square Feet)</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<U><FONT size=2 face="serif">(Outdoor)</FONT></U>    </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="center"><U><FONT size=2 face="serif">Expiration(3)</FONT></U> </div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">El Rio Grande</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Third Avenue</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">1987</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">4,000</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="6%" align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">160</FONT></TD>
  <TD width="5%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2019</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">(4)</FONT><FONT size=2 face="serif">(5)</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(between 38</FONT><SUP><FONT size=2 face="serif">th </FONT></SUP><FONT size=2 face="serif">and 39</FONT><SUP><FONT size=2 face="serif">th</FONT></SUP>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Streets)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York, New York</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Tampa Food</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hard Rock Hotel and</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">2004</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">4,000</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">250</FONT></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(*)</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2029</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Court(6)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Casino</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tampa, Florida</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Hollywood</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Hard Rock Hotel and</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2004</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">5,000</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">250</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(*)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2029</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Food Court(6)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Casino</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Hollywood, Florida</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Lucky Seven(6)</FONT>      </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Foxwoods Resort</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">2006</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">4,825</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(**)</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=2 face="serif">2026</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Casino</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Ledyard, Connecticut</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">MGM Grand</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">MGM Grand at</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2008</FONT> </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">8,300</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">256</FONT></TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(84)(*)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
    <div align="center"><FONT size=2 face="serif">2028</FONT> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E5FFFF">
    <div align="left"><FONT size=2 face="serif">Food</FONT>      </div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Foxwoods Resort</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Market(6)(7)</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Casino</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Ledyard, Connecticut</FONT></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">  <div align="center"></div></TD>
</TR>
</TABLE>
<div style="border-bottom:1px solid #000000; width:100px">&nbsp;</div>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Restaurants are, from time to time, renovated, renamed and/or converted from or to managed or owned facilities. &#147;Year Opened&#148; refers to the year in which we, or an affiliated predecessor of us,
first opened, acquired or began managing a restaurant at the applicable location, notwithstanding that the restaurant may have been renovated, renamed and/or converted from or to a managed or owned facility since that date.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Seating capacity refers to the seating capacity of the indoor part of a restaurant available for dining in all seasons and weather conditions. Outdoor seating capacity, if applicable, is set forth in
parentheses and refers to the seating capacity of terraces and sidewalk cafes which are available for dining only in the warm seasons and then only in clement weather.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Assumes the exercise of all our available lease renewal options.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Management fees earned are based on a percentage of cash flow of the restaurant.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">We own a 19% interest in the partnership that owns </FONT><I><FONT size=2 face="serif">El Rio Grande</FONT></I><FONT size=2 face="serif">.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Management fees earned are based on a percentage of gross sales of the restaurant.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">We own a 67% interest in the partnership that owns the </FONT><I><FONT size=2 face="serif">MGM Grand Food Market</FONT></I><FONT size=2 face="serif">.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD><FONT size=2 face="serif">(*)</FONT></TD>  <TD valign=top nowrap>
  <P align="justify"><FONT size=2 face="serif">Represents common area seating.</FONT></P></TD>
  </TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD><FONT size=2 face="serif">(**)</FONT></TD>  <TD valign=top nowrap>
  <P align="justify"><FONT size=2 face="serif">Represents number of seats in the Bingo Hall.</FONT></P></TD>
  </TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">8</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">Revenues from facilities managed by us are not included in our consolidated sales, with the exception of</FONT></P>
<P align="justify">
<I><FONT size=2 face="serif">El Rio Grande </FONT></I><FONT size=2 face="serif">and the </FONT><I><FONT size=2 face="serif">MGM Grand Food Market</FONT></I><FONT size=2 face="serif">. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Restaurant Expansion</FONT></P>
<P align="justify">
<FONT size=2 face="serif">During the fiscal year ended September 27, 2008, we: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expanded our operations at the Foxwoods Resort Casino by opening </FONT><I><FONT size=2 face="serif">The Food Market </FONT></I><FONT size=2 face="serif">in the MGM Grand Casino, a facility
part of the Foxwoods Resort Casino, in Ledyard, Connecticut;</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; began operating a Mexican restaurant and lounge, </FONT><I><FONT size=2 face="serif">Yolos, </FONT></I><FONT size=2 face="serif">at the rethemed Planet Hollywood Casino in Las Vegas, Nevada;
and </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entered into an agreement to lease space for a yet to be named restaurant at the Museum of Arts &amp; Design at Columbus Circle in Manhattan. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The obligation to pay rent for the restaurant at the Museum of Arts &amp; Design is not effective until the earlier to occur of the date the restaurant opens for business or Mach 1, 2009. We anticipate that: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investors will invest in the limited liability company that leases the space and such investors will reimburse this limited liability company for all pre-opening expenses; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; we will be the managing member of this limited liability company and, through this limited liability company, we will manage the operations of the restaurant in exchange for a monthly
management fee equal to five-percent of the gross receipts of the restaurant;</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; neither we nor any of our subsidiaries will contribute any capital to this limited liability company; and</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; none of the obligations of this limited liability company will be guaranteed by us and investors in this limited liability company will have no recourse against us or any of our assets.
</FONT></P>
<P align="justify">
<FONT size=2 face="serif">However, due to the current economic climate, we cannot be certain that such investors will be available. In such a situation, we anticipate we will contribute capital for pre-opening expenses and operate this restaurant
through this limited liability company as a subsidiary.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The opening of a new restaurant is invariably accompanied by substantial pre-opening expenses and early operating losses associated with the training of personnel, excess kitchen costs, costs of supervision and other
expenses during the pre-opening period and during a post-opening &#147;shake out&#148; period until operations can be considered to be functioning normally. The amount of such pre-opening expenses and early operating losses can generally be expected
to depend upon the size and complexity of the facility being opened. We incurred &#36;210,000 in pre-opening expenses in fiscal 2008. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our restaurants generally do not achieve substantial increases in revenue from year to year, which we consider to be typical of the restaurant industry. To achieve significant increases in revenue or to replace revenue of
restaurants that lose customer favor or which close because of lease expirations or other reasons, we would have to open additional restaurant facilities or expand existing restaurants. There can be no assurance that a restaurant will be successful
after it is opened, particularly since in many instances we do not operate our new restaurants under a trade name currently used by us, thereby requiring new restaurants to establish their own identity.</FONT></P>
<P align="center">
<FONT size=2 face="serif">9</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">Leases</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Apart from these agreements, we are not currently committed to any projects. We may take advantage of opportunities we consider to be favorable, when they occur, depending upon the availability of financing and other
factors. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Recent Restaurant Dispositions and Charges</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our bar/nightclub facility Venus, located at the Venetian Casino Resort, experienced a steady decline in sales and we felt that a new concept was needed at this location. During the first quarter of 2005, this bar/nightclub
facility was closed for re-concepting and re-opened as &#147;Vivid&#148; on February 4, 2005. Total conversion costs were approximately &#36;400,000.  Sales at the new bar/nightclub facility subsequently failed to reach a level sufficient to achieve
the results we required and we have identified a buyer for this facility. As of December 31, 2005, we classified the assets and liabilities of this bar/nightclub facility as &#147;held for sale&#148; in accordance with Statement of Financial
Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144") based on the fact that the facility has met the criteria under SFAS No. 144. Based on the offers made for this facility, we recorded an
impairment charge of &#36;537,000 during the first fiscal quarter of 2007. An additional impairment charge of &#36;38,000 was recorded during the fourth fiscal quarter of 2007 as a result of the sale of the facility. We recorded operating losses of
&#36;188,000 during the fiscal year ended September 29, 2007. The impairment charges and operating losses are included in discontinued operations. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">During fiscal 2006, we were approached by the Venetian Casino Resort who indicated that, due to the expansion of the Grand Canal Shoppes, our Lutece and Tsunami locations, as well as a portion of our Vivid location, in the
Grand Canal Shoppes were desired by other tenants. The Venetian Casino Resort offered to purchase these locations from us for an aggregate of &#36;14,000,000. After evaluating the offer, we determined that such offer made it advantageous for us to
redeploy these assets. Effective December 1, 2006, our subsidiaries that leased each of our Lutece, Tsunami and Vivid locations at the Venetian Resort Hotel Casino in Las Vegas, Nevada, entered into an agreement to sell Lutece, Tsunami and a portion
of the Vivid location used by Lutece as a prep kitchen to Venetian Casino Resort, LLC for an aggregate of &#36;14,000,000. Our Lutece location closed on December 3, 2006 and our Tsunami location closed on January 3, 2007. We realized a gain of
&#36;7,814,000 (&#36;5,196,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">after taxes</FONT><B><FONT size=2 face="serif">, </FONT></B><FONT size=2 face="serif">or &#36;1.45 per share) on the sale of these facilities. We
recorded operating income of &#36;34,000 for the fiscal year ended September 29, 2007. The gain on sale and income are included in discontinued operations.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">During the first fiscal quarter of 2008, we discontinued the operation of our Columbus Bakery retail and wholesale bakery located in New York City. Columbus Bakery was originally intended to serve as the bakery that would
provide all of our New York restaurants with baked goods as well as being a retail bakery operation. As a result of the sale and closure of several of our restaurants in New York City during the last several years, this bakery operation was no
longer profitable. During the second fiscal quarter of 2008 we opened, along with certain third party investors, a new concept at this location called &#147;Pinch &amp; S&#146;Mac&#148; which features pizza and macaroni and cheese. We contributed
Columbus Bakery&#146;s net fixed assets and cash into this venture and received an ownership interest of 37.5% . These operations are not consolidated in the Company&#146;s financial statements.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Effective June 30, 2008, the lease for our </FONT><I><FONT size=2 face="serif">Stage Deli</FONT></I><FONT size=2 face="serif"> facility at the Forum Shops in Las Vegas, Nevada expired. The landlord for this facility offered
to renew the lease at this location prior to its expiration at a significantly increased rent. The Company determined that it would not be able to operate this facility profitably at this location at the rent offered in the landlord&#146;s renewal
proposal. As a result, the Company discontinued these operations during the third fiscal quarter of 2008 and took a charge for the impairment</FONT></P>
<P align="center">
<FONT size=2 face="serif">10</FONT></P>

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<P align="justify">
<FONT size=2 face="serif">of goodwill of &#36;294,000 and a loss on disposal of &#36;19,000. The impairment charge and disposal loss are included in discontinued operations.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">As a result of the above mentioned sales or closures, we allocated &#36;294,000 and &#36;100,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">of goodwill to these restaurants and reduced goodwill
by these amounts in fiscal 2008 and 2007, respectively. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Restaurant Management</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Each restaurant is managed by its own manager and has its own chef. Food products and other supplies are purchased primarily from various unaffiliated suppliers, in most cases by our headquarters&#146; personnel. Our
Columbus Bakery in Las Vegas supplies bakery products to most of our Las Vegas restaurants in addition to operating a wholesale bakery.</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">Each of our restaurants has two or more
assistant managers and sous chefs (assistant chefs).  Financial and management control is maintained at the corporate level through the use of automated systems that include centralized accounting and reporting.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Purchasing and Distribution</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We strive to obtain quality menu ingredients, raw materials and other supplies and services for our operations from reliable sources at competitive prices. Substantially all menu items are prepared on each restaurant&#146;s
premises daily from scratch, using fresh ingredients. Each restaurant&#146;s management determines the quantities of food and supplies required and orders the items from local, regional and national suppliers on terms negotiated by our centralized
purchasing staff. Restaurant-level inventories are maintained at a minimum dollar-value level in relation to sales due to the relatively rapid turnover of the perishable produce, poultry, meat, fish and dairy commodities that are used in
operations.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We attempt to negotiate short-term and long-term supply agreements depending on market conditions and expected demand. However, we do not contract for long periods of time for our fresh commodities such as produce, poultry,
meat, fish and dairy items and, consequently, such commodities can be subject to unforeseen supply and cost fluctuations.  Independent foodservice distributors deliver most food and supply items daily to restaurants. The financial impact of such
supply agreements would not have a material adverse effect on our financial position. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Employees</FONT></P>
<P align="justify">
<FONT size=2 face="serif">At December 10, 2008, we employed 1,929</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">persons (including employees at managed facilities), 1,425</FONT><B><FONT size=2 face="serif">
</FONT></B><FONT size=2 face="serif">of whom were full-time employees, 514 of whom were part-time employees, 31 of whom were headquarters personnel, 216 of whom were restaurant management personnel, 559</FONT><B><FONT size=2 face="serif">
</FONT></B><FONT size=2 face="serif">of whom were kitchen personnel and 1,123</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">of whom were restaurant service personnel. A number of our restaurant service personnel are
employed on a part-time basis.  Changes in minimum wage levels may affect our labor costs and the restaurant industry generally because a large percentage of restaurant personnel are paid at or slightly above the minimum wage. Our employees are not
covered by a collective bargaining agreement.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Government Regulation</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are subject to various federal, state and local laws affecting our business. Each restaurant is subject to licensing and regulation by a number of governmental authorities that may include alcoholic beverage control,
health, sanitation, environmental, zoning and public safety agencies in the state or municipality in which the restaurant is located. Difficulties in obtaining or failures to obtain the required licenses or approvals could delay or prevent the
development and openings of new restaurants, or could disrupt the operations of existing restaurants.</FONT></P>
<P align="center">
<FONT size=2 face="serif">11</FONT></P>

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<P align="justify">
<FONT size=2 face="serif">Alcoholic beverage control regulations require each of our restaurants to apply to a state authority and, in certain locations, county and municipal authorities for licenses and permits to sell alcoholic beverages on the
premises. Typically, licenses must be renewed annually and may be subject to penalties, temporary suspension or revocation for cause at any time. Alcoholic beverage control regulations impact many aspects of the daily operations of our restaurants,
including the minimum ages of patrons and employees consuming or serving such beverages; employee alcoholic beverages training and certification requirements; hours of operation; advertising; wholesale purchasing and inventory control of such
beverages; seating of minors and the service of food within our bar areas; and the storage and dispensing of alcoholic beverages. State and local authorities in many jurisdictions routinely monitor compliance with alcoholic beverage laws. The
failure to receive or retain, or a delay in obtaining, a liquor license for a particular restaurant could adversely affect our ability to obtain such licenses in jurisdictions where the failure to receive or retain, or a delay in obtaining, a liquor
license occurred.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are subject to &#147;dram-shop&#148; statutes in most of the states in which we have operations, which generally provide a person injured by an intoxicated person the right to recover damages from an establishment that
wrongfully served alcoholic beverages to such person. We carry liquor liability coverage as part of our existing comprehensive general liability insurance. A settlement or judgment against us under a &#147;dram-shop&#148; statute in excess of
liability coverage could have a material adverse effect on our operations. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Various federal and state labor laws govern our operations and our relationship with employees, including such matters as minimum wages, breaks, overtime, fringe benefits, safety, working conditions and citizenship
requirements. We are also subject to the regulations of the Immigration and Naturalization Service (INS). If our employees do not meet federal citizenship or residency requirements, this could lead to a disruption in our work force. Significant
government-imposed increases in minimum wages, paid leaves of absence and mandated health benefits, or increased tax reporting, assessment or payment requirements related to employees who receive gratuities could be detrimental to our
profitability.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our facilities must comply with the applicable requirements of the Americans With Disabilities Act of 1990 (&#147;ADA&#148;) and related state statutes. The ADA prohibits discrimination on the basis of disability with
respect to public accommodations and employment. Under the ADA and related state laws, when constructing new restaurants or undertaking significant remodeling of existing restaurants, we must make them more readily accessible to disabled
persons.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The New York State Liquor Authority must approve any transaction in which a shareholder of the licensee increases his holdings to 10% or more of the outstanding capital stock of the licensee and any transaction involving
10% or more of the outstanding capital stock of the licensee. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Seasonal Nature Of Business</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our business is highly seasonal.  The second quarter of our fiscal year, consisting of the non-holiday portion of the cold weather season in New York and Washington (January, February and March), is the poorest performing
quarter.  We achieve our best results during the warm weather, attributable to our extensive outdoor dining availability, particularly at </FONT><I><FONT size=2 face="serif">Bryant Park</FONT></I><FONT size=2 face="serif"> in New York and
</FONT><I><FONT size=2 face="serif">Sequoia</FONT></I><FONT size=2 face="serif"> in Washington, D.C. (our largest restaurants) and our outdoor cafes. However, even during summer months these facilities can be adversely affected by unusually cool or
rainy weather conditions. Our facilities in Las Vegas generally operate on a more consistent basis through the year. </FONT></P>
<P align="center">
<FONT size=2 face="serif">12</FONT></P>

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<P align="justify">
<FONT size=2 face="serif">Terrorism and International Unrest</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The terrorist attacks on the World Trade Center in New York and the Pentagon in Washington, D.C. on September 11, 2001 had a material adverse effect on our revenues. As a result of the attacks, one of our restaurants,
</FONT><I><FONT size=2 face="serif">The Grill Room, </FONT></I><FONT size=2 face="serif">located at 2 World Financial Center, which is adjacent to the World Trade Center, experienced some damage. </FONT><I><FONT size=2 face="serif">The Grill
Room</FONT></I><FONT size=2 face="serif"> was closed from September 11, 2001 and reopened in early December 2002.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our restaurants in New York, Las Vegas, Washington D.C. and Florida benefit from tourist traffic. Though the Las Vegas market has shown resiliency, the sluggish economy and the lingering effects of September 11, 2001 have
had an adverse effect on our restaurants.  Recovery depends upon a general improvement in economic conditions and the public&#146;s willingness and inclination to resume vacation and convention travel. Additional acts of terrorism in the United
States or substantial international unrest may have a material adverse effect on our business and revenues. </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 1A.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Risk
Factors.</U></FONT> </P>
<P align="justify">
<FONT size=2 face="serif">The following are the most significant risk factors applicable to us: </FONT></P>
<P align="center">
<U><FONT size=2 face="serif">RISKS RELATED TO OUR BUSINESS</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">The recent disruptions in the overall economy and the financial markets may adversely impact our business.</FONT></B><FONT face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The restaurant industry has been affected by current economic factors, including the deterioration of national, regional and local economic conditions, declines in employment levels, and shifts in consumer spending
patterns. The recent disruptions in the overall economy and volatility in the financial markets have reduced, and may continue to reduce, consumer confidence in the economy, negatively affecting consumer restaurant spending, which could be harmful
to our financial position and results of operations. As a result, decreased cash flow generated from our business may adversely affect our financial position and our ability to fund our operations. In addition, macro economic disruptions, as well as
the restructuring of various commercial and investment banking organizations, could adversely affect our ability to access the credit markets. The disruption in the credit markets may also adversely affect the availability of financing for our
expansions and operations, and could impact our vendors&#146; ability to meet supply requirements. There can be no assurance that government responses to the disruptions in the financial markets will restore consumer confidence, stabilize the
markets, or increase liquidity and the availability of credit.</FONT><FONT face="serif"> </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Failure of our restaurants to achieve expected results could have a negative impact on our revenues and performance results. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Performance results currently achieved by our restaurants may not be indicative of longer term performance or the potential market acceptance of restaurants in new locations. We cannot be assured that new restaurants that
we open will have similar operating results as existing restaurants. New restaurants take several months to reach expected operating levels due to inefficiencies typically associated with new restaurants, including lack of market awareness,
inability to hire sufficient staff and other factors. The failure of our existing or new restaurants to perform as predicted could negatively impact our revenues and results of operations. </FONT></P>
<P align="center">
<FONT size=2 face="serif">13</FONT></P>

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<P align="justify">
<B><FONT size=2 face="serif">Our unfamiliarity with new markets may present risks, which could have a material adverse effect on our future growth and profitability. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Due to higher operating costs caused by temporary inefficiencies typically associated with expanding into new regions and opening new restaurants, such as lack of market awareness and acceptance and limited availability of
experienced staff, continued expansion may result in an increase in our operating costs. New markets may have different competitive conditions, consumer tastes and discretionary spending patterns than our existing markets, which may cause our
restaurants in these new markets to be less successful than our restaurants in our existing markets. We cannot assure you that restaurants in new markets will be successful. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our ability to open new restaurants efficiently is subject to a number of factors beyond our control, including: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD></TD>
     <TD></TD>
     <TD width=99%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--&nbsp;&nbsp;</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Selection and availability of suitable restaurant sites;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Negotiation of acceptable lease or purchase terms for such sites;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Negotiation of reasonable construction contracts and adequate supervision of construction;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Our ability to secure required governmental permits
and approvals for both construction and operation;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Availability of adequate capital;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">General economic conditions; and</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Adverse weather conditions.</FONT></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">We may not be successful in addressing these factors, which could adversely affect our ability to open new restaurants on a timely basis, or at all. Delays in opening or failures to open new restaurants could cause our
business, results of operations and financial condition to suffer. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Terrorism and war may have material adverse effect on our business. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Terrorist attacks, such as the attacks that occurred in New York and Washington, D.C. on September 11, 2001, and other acts of violence or war in the United States or abroad, such as the war in Iraq, may affect the markets
in which we operate and our business, results of operations and financial conditions. The potential near-term and long-term effects these events may have on our business operations, our customers, the markets in which we operate and the economy is
uncertain. Because the consequences of any terrorist attacks, or any armed conflicts, are unpredictable, we may not be able to foresee events that could have an adverse effect on our markets or our business. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Increases in the minimum wage may have a material adverse effect on our business and financial results. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Many of our employees are subject to various minimum wage requirements. Many of our restaurants are located in states where the minimum wage was recently increased. There likely will be additional increases implemented in
jurisdictions in which we operate or seek to operate. These minimum wage increases may have a material adverse effect on our business, financial condition, results of operations or cash flows. </FONT></P>
<P align="center">
<FONT size=2 face="serif">14</FONT></P>

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<P align="justify">
<B><FONT size=2 face="serif">Future changes in financial accounting standards may cause adverse unexpected operating results and affect our reported results of operations. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Changes in accounting standards can have a significant effect on our reported results and may affect our reporting of transactions completed before the change is effective. As an example, the recent change requiring that we
record compensation expense in the statement of operations for employee stock options had a negative effect on our reported results. New pronouncements and varying interpretations of pronouncements have occurred and may occur in the
future.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Changes to existing rules or differing interpretations with respect to our current practices may adversely affect our reported financial results. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Rising insurance costs could negatively impact profitability. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The cost of insurance (workers compensation insurance, general liability insurance, property insurance, health insurance and directors and officers liability insurance) has risen significantly over the past few years and is
expected to continue to increase. These increases, as well as potential state legislation requirements for employers to provide health insurance to employees, could have a negative impact on our profitability if we are not able to negate the effect
of such increases with plan modifications and cost control measures or by continuing to improve our operating efficiencies.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Compliance with existing and new regulations of corporate governance and public disclosure may result in additional expenses. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Compliance with changing laws, regulations and standards relating to corporate governance and public disclosure, including the Sarbanes-Oxley Act of 2002, new SEC regulations and NASDAQ Stock Market rules, has required an
increased amount of management attention and external resources. We are committed to maintaining high standards of corporate governance and public disclosure. This investment required to comply with these changing regulations may result in increased
general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Intense competition in the restaurant industry could prevent us from increasing or sustaining our revenues and profitability. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The restaurant industry is intensely competitive with respect to food quality, price-value relationships, ambiance, service and location, and many restaurants compete with us at each of our locations. There are a number of
well-established competitors with substantially greater financial, marketing, personnel and other resources than ours, and many of our competitors are well established in the markets where we have restaurants, or in which we intend to locate
restaurants. Additionally, other companies may develop restaurants that operate with similar concepts. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Any inability to successfully compete with the other restaurants in our markets will prevent us from increasing or sustaining our revenues and profitability and result in a material adverse effect on our business, financial
condition, results of operations or cash flows. We may also need to modify or refine elements of our restaurant system to evolve our concepts in order to compete with popular new restaurant formats or concepts that may develop in the future. We
cannot assure you that we will be successful in implementing these modifications or that these modifications will not reduce our profitability. </FONT></P>
<P align="center">
<FONT size=2 face="serif">15</FONT></P>

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<P align="justify">
<B><FONT size=2 face="serif">Our profitability is dependent in large measure on food, beverage and supply costs which are not within our control. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our profitability is dependent in large measure on our ability to anticipate and react to changes in food, beverage and supply costs. Various factors beyond our control, including climatic changes and government
regulations, may affect food and beverage costs. Specifically, our dependence on frequent, timely deliveries of fresh beef, poultry, seafood and produce subjects us to the risks of possible shortages or interruptions in supply caused by adverse
weather or other conditions, which could adversely affect the availability and cost of any such items. We cannot assure you that we will be able to anticipate or react to increasing food and supply costs in the future. The failure to react to these
increases could materially and adversely affect our business, results of operations and financial condition. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">The restaurant industry is affected by changes in consumer preferences and discretionary spending patterns that could result in a reduction in our revenues. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Consumer preferences could be affected by health concerns or by specific events such as the outbreak of or scare caused by &#147;mad cow disease&#148;, the popularity of the Atkins diet and the South Beach diet and changes
in consumer preferences, such as &#147;carb consciousness&#148;. If we were to have to modify our restaurants&#146; menus, we may lose customers who would be less satisfied with a modified menu, and we may not be able to attract a new customer base
to generate the necessary revenues to maintain our income from restaurant operations. A change in our menus may also result in us having different competitors. We may not be able to successfully compete against established competitors in the general
restaurant market. Our success also depends on various factors affecting discretionary consumer spending, including economic conditions, disposable consumer income, consumer confidence and the United States participation in military activities.
Adverse changes in these factors could reduce our customer base and spending patterns, either of which could reduce our revenues and results of operations. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Our geographic concentrations could have a material adverse effect on our business, results of operations and financial condition. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We currently operate in seven regions, New York City, Washington, D.C., Las Vegas, Nevada, Tampa and Hollywood, Florida, Atlantic City, New Jersey, Ledyard, Connecticut, and Boston, Massachusetts and our Las Vegas, Florida,
Atlantic City, and Connecticut operations are all located in casinos. As a result, we are particularly susceptible to adverse trends and economic conditions in these markets, including its labor market, and the casino market in general, which could
have a negative impact on our profitability as a whole. In addition, given our geographic concentration, negative publicity regarding any of our restaurants could have a material adverse effect on our business, results of operations and financial
condition, as could other regional occurrences such as acts of terrorism, local strikes, natural disasters or changes in laws or regulations. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Our operating results may fluctuate significantly due to seasonality and other factors beyond our control. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our business is subject to seasonal fluctuations, which may vary greatly depending upon the region of the United States in which a particular restaurant is located. In addition to seasonality, our quarterly and annual
operating results and comparable unit sales may fluctuate significantly as a result of a variety of factors, including: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD></TD>
     <TD></TD>
     <TD width=99%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--&nbsp;&nbsp;</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">The amount of sales contributed by new and existing restaurants;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">The timing of new openings;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Increases in the cost of key food or beverage products;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Labor costs for our personnel;</FONT></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">16</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD></TD>
     <TD></TD>
     <TD width="99%"></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--&nbsp;&nbsp;</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Our ability to achieve and sustain profitability on
a quarterly or annual basis;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Adverse weather;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Consumer confidence and changes in consumer preferences;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Health concerns, including adverse publicity concerning
food-related illness;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">The level of competition from existing or new competitors;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Economic conditions generally and in each of the market
in which we are located; and</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT></TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Acceptance of a new or modified concept in each of
the new markets in which we could be located.</FONT></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">These fluctuations make it difficult for us to predict and address in a timely manner factors that may have a negative impact on our business, results of operations and financial condition. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Any expansion may strain our infrastructure, which could slow restaurant development. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Any expansion may place a strain on our management systems, financial controls, and information systems. To manage growth effectively, we must maintain the high level of quality and service at our existing and future
restaurants. We must also continue to enhance our operational, information, financial and management systems and locate, hire, train and retain qualified personnel, particularly restaurant managers. We cannot predict whether we will be able to
respond on a timely basis to all of the changing demands that any expansion will impose on management and those systems and controls. If we are not able to effectively manage any one or more of these or other aspects of expansion, our business,
results of operations and financial condition could be materially adversely affected. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Our inability to retain key personnel could negatively impact our business. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our success will continue to be highly dependent on our key operating officers and employees. We must continue to attract, retain and motivate a sufficient number of qualified management and operating personnel, including
general managers and chefs. The ability of these key personnel to maintain consistency in the quality and atmosphere of our restaurants is a critical factor in our success. Any failure to do so may harm our reputation and result in a loss of
business. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We could face labor shortages, increased labor costs and other adverse effects of varying labor conditions. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The development and success of our restaurants depend, in large part, on the efforts, abilities, experience and reputations of the general managers and chefs at such restaurants. In addition, our success depends in part
upon our ability to attract, motivate and retain a sufficient number of qualified employees, including restaurant managers, kitchen staff and wait staff. Qualified individuals needed to fill these positions are in short supply and the inability to
recruit and retain such individuals may delay the planned openings of new restaurants or result in high employee turnover in existing restaurants. A significant delay in finding qualified employees or high turnover of existing employees could
materially and adversely affect our business, results of operations and financial condition. Also, competition for qualified employees could require us to pay higher wages to attract sufficient qualified employees, which could result in higher,
labor costs. In addition, increases in the minimum hourly wage, employment tax rates and levies, related benefits costs, including health insurance, and similar matters over which we have no control may increase our operating costs. </FONT></P>
<P align="center">
<FONT size=2 face="serif">17</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">Unanticipated costs or delays in the development or construction of future restaurants could prevent our timely and cost-effective opening of new restaurants. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">We depend on contractors and real estate developers to construct our restaurants. Many factors may adversely affect the cost and time associated with the development and construction of our restaurants, including:
</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD></TD>
     <TD></TD>
     <TD width="99%"></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--&nbsp;&nbsp;</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Labor disputes;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Shortages of materials or skilled labor;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Adverse weather conditions;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Unforeseen engineering problems;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Environmental problems;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Construction or zoning problems;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Local government regulations;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Modifications in design; and</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Other unanticipated increases in costs.</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">Any of these factors could give rise to delays or cost overruns, which may prevent us from developing additional restaurants within our anticipated budgets or time periods or at all. Any such failure could cause our
business, results of operations and financial condition to suffer. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">We may not be able to obtain and maintain necessary federal, state and local permits which could delay or prevent the opening of future restaurants. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Our business is subject to extensive federal, state and local government regulations, including regulations relating to: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD></TD>
     <TD></TD>
     <TD width=99%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--&nbsp;&nbsp;</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Alcoholic beverage control;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">The purchase, preparation and sale of food;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Public health and safety;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Sanitation, building, zoning and fire codes; and</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Employment and related tax matters.</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">All of these regulations impact not only our current operations but also our ability to open future restaurants. We will be required to comply with applicable state and local regulations in new locations into which we
expand. Any difficulties, delays or failures in obtaining licenses, permits or approvals in such new locations could delay or prevent the opening of a restaurant in a particular area or reduce operations at an existing location, either of which
would materially and adversely affect our business, results of operations and financial condition. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">The restaurant industry is affected by litigation and publicity concerning food quality, health and other issues, which can cause guests to avoid our restaurants and result in liabilities. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Health concerns, including adverse publicity concerning food-related illness, although not specifically related to our restaurants, could cause guests to avoid our restaurants, which would have a negative impact on our
sales. We may also be the subject of complaints or litigation from guests alleging food-related illness, injuries suffered on the premises or other food quality, health or operational concerns. A lawsuit or claim could result in an adverse decision
against us that could have a material adverse effect on our business and results of operations. We may also be subject to litigation which, regardless of the</FONT></P>
<P align="center">
<FONT size=2 face="serif">18</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">outcome, could result in adverse publicity. Adverse publicity resulting from such allegations may materially adversely affect us and our restaurants, regardless of whether such allegations are true or whether we are
ultimately held liable. Such litigation, adverse publicity or damages could have a material adverse effect on our competitive position, business, results of operations and financial condition and results of operations. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Many of our operations are located in casinos and much of our success will be dependent on the success of those casinos. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The success of the business of our restaurants located in Las Vegas, Nevada, Atlantic City, New Jersey, Tampa and Hollywood, Florida, and Ledyard, Connecticut will be substantially dependent on the success of the casinos in
which the company operates in these locations to attract customers for themselves and for our restaurants. The successful operation of the casinos in these locations is subject to various risks and uncertainties including: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD></TD>
     <TD></TD>
     <TD width=99%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">The risk associated with governmental approvals of gaming;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">The risk of a change in laws regulating gaming operations;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Operating in a limited market;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Competitive risks relating to casino operations; and</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD width="99%" align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left valign="top" nowrap>
<FONT size=2 face="serif">--</FONT>  </TD>
  <TD width="99%" align=left valign="top">
<FONT size=2 face="serif">Risks of terrorism and war.</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<U><FONT size=2 face="serif">RISKS RELATED TO OUR COMMON STOCK</FONT></U></P>
<P align="justify">
<B><FONT size=2 face="serif">The fact that a relatively small number of investors hold our publicly traded common stock could cause our stock price to fluctuate. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The market price of our common stock could fluctuate as a result of sales by our existing stockholders of a large number of shares of our common stock in the market or the perception that such sales could occur. A large
number of shares of our common stock is concentrated in the hands of a small number of individual and institutional investors and is thinly traded. An attempt to sell by a large holder could adversely affect the price of our stock.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">Ownership of a substantial majority of our outstanding common stock by a limited number of stockholders will limit your ability to influence corporate matters. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">A substantial majority of our capital stock is held by a limited number of stockholders. Accordingly, such stockholders will likely have a strong influence on major decisions of corporate policy, and the outcome of any
major transaction or other matters submitted to our stockholders or board of directors, including potential mergers or acquisitions, and amendments to our Amended and Restated Certificate of Incorporation. Stockholders other than these principal
stockholders are therefore likely to have little influence on decisions regarding such matters. </FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">The price of our common stock may fluctuate significantly. </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">The price at which our common stock will trade may fluctuate significantly. The stock market has from time to time experienced significant price and volume fluctuations. The trading price of our common stock could be
subject to wide fluctuations in response to a number of factors, including: </FONT></P>
<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--&nbsp;&nbsp;Fluctuations in quarterly or annual results of operations; </FONT></P>
<P align="center">
<FONT size=2 face="serif">19</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--  &nbsp;&nbsp;Changes in published earnings estimates by analysts and whether our actual earnings meet or exceed such estimates; </FONT></P>
<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;Additions or departures of key personnel; and </FONT></P>
<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--  &nbsp;&nbsp;Changes in overall stock market conditions, including the stock prices of other restaurant companies. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In the past, companies that have experienced extreme fluctuations in the market price of their stock have been the subject of securities class action litigation. If we were to be subject to such litigation, it could result
in substantial costs and a diversion of our management&#146;s attention and resources, which may have a material adverse effect on our business, results of operations, and financial condition. </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 1B.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unresolved
Staff Comments.</U> </FONT></P>
<P align="justify"><FONT size=2 face="serif">Not
  applicable. </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 2.</FONT></U><FONT size=2 face="serif">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Properties</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our restaurant facilities and our executive offices are occupied under leases.  Most of our restaurant leases provide for the payment of base rents plus real estate taxes, insurance and other expenses and, in certain
instances, for the payment of a percentage of our sales at such facility. As of September 27, 2008, these leases (including leases for managed restaurants) have terms (including any available renewal options) expiring as follows: </FONT></P>
<TABLE border=0 align="center" cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Years Lease</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Number of</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<U><FONT size=2 face="serif">Terms Expire</FONT></U>
  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<U><FONT size=2 face="serif">Facilities</FONT></U>
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=center nowrap>
<FONT size=2 face="serif">2008-2010</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">4</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">2011-2015</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">5</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=center nowrap>
<FONT size=2 face="serif">2016-2020</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">8</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">2021-2025</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">2</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=center nowrap>
<FONT size=2 face="serif">2026-2030</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">6</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">2031-2035</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">1</FONT>
  </TD>
</TR>
</TABLE>
<P align="left"><FONT size=2 face="serif">Our executive, administrative and clerical
    offices are located in approximately 8,500 square feet of office space at
    85 Fifth Avenue, New York, New York. Our lease for this office space expires
    in 2015. </FONT></P>
<P align="left"> <FONT size=2 face="serif">Our lease for office space related
    to our Washington, D.C. catering operations expires in 2012. </FONT></P>
<P align="left"> <FONT size=2 face="serif">For information concerning our future
    minimum rental commitments under non-cancelable operating leases, see Note
    10 of the Consolidated Financial Statements. </FONT></P>
<P align="left"> <FONT size=2 face="serif">See also &#147;Item 1. Business &#150; Overview&#148; for
    a list of restaurant properties. </FONT></P>
<P align="left"> <U><FONT size=2 face="serif">Item 3.</FONT></U><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Legal
      Proceedings</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">In the ordinary course of its business,
    we are a party to various lawsuits arising from accidents at our restaurants
    and workers&#146; compensation claims, which are generally handled by our
    insurance carriers. </FONT></P>
<P align="left"> <FONT size=2 face="serif">Our employment of management personnel,
    waiters, waitresses and kitchen staff at a number of different restaurants
    has resulted in the institution, from time to time, of litigation alleging
    violation by us of</FONT><BR>
  <BR>
</P>
<P align="center">
<FONT size=2 face="serif">20 </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">employment discrimination laws. We do not believe that any of such suits will have a materially adverse effect upon us, our financial condition or operations. </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 4.</FONT></U><FONT size=2 face="serif">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Submission of Matters to a Vote of Security Holders</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">There were no matters submitted to a vote of security holders during the fourth quarter. </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Executive Officers of the Registrant</FONT></U></P>
<P align="justify">
<FONT size=2 face="serif">The following table sets forth the names and ages of our executive officers and all offices held by each person:</FONT></P>
  <div style="margin-left:40px">
    <table border=0 cellspacing=0 cellpadding=0>
      <tr>
        <td></td>
        <td></td>
        <td></td>
        <td></td>
        <td></td>
      </tr>
      <tr valign="bottom">
        <td align=left nowrap><u><font size=2 face="serif">Name</font></u> </td>
        <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
        <td align=center nowrap><u><font size=2 face="serif">Age</font></u> </td>
        <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
        <td align=left nowrap><u><font size=2 face="serif">Positions and Offices</font></u> </td>
      </tr>
      <tr>
        <td colspan=5>&nbsp;</td>
      </tr>
      <tr valign="bottom">
        <td align=left nowrap bgcolor="#E5FFFF"><font size=2 face="serif">Michael Weinstein</font> </td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=center nowrap bgcolor="#E5FFFF"><font size=2 face="serif">65</font> </td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=left nowrap bgcolor="#E5FFFF"><font size=2 face="serif">Chairman and Chief Executive</font> </td>
      </tr>
      <tr valign="bottom">
        <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=left nowrap bgcolor="#E5FFFF"><font size=2 face="serif">Officer</font> </td>
      </tr>
      <tr valign="bottom">
        <td align=left nowrap><font size=2 face="serif">Vincent Pascal</font> </td>
        <td>&nbsp;</td>
        <td align=center nowrap><font size=2 face="serif">65</font> </td>
        <td>&nbsp;</td>
        <td align=left nowrap><font size=2 face="serif">Senior Vice President</font> </td>
      </tr>
      <tr valign="bottom">
        <td align=left nowrap bgcolor="#E5FFFF"><font size=2 face="serif">Robert Towers</font> </td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=center nowrap bgcolor="#E5FFFF"><font size=2 face="serif">61</font> </td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=left nowrap bgcolor="#E5FFFF"><font size=2 face="serif">President, Chief Operating
        Officer</font> </td>
      </tr>
      <tr valign="bottom">
        <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=left nowrap bgcolor="#E5FFFF"><font size=2 face="serif">and Treasurer</font> </td>
      </tr>
      <tr valign="bottom">
        <td align=left nowrap><font size=2 face="serif">Paul Gordon</font> </td>
        <td>&nbsp;</td>
        <td align=center nowrap><font size=2 face="serif">57</font> </td>
        <td>&nbsp;</td>
        <td align=left nowrap><font size=2 face="serif">Senior Vice President</font> </td>
      </tr>
      <tr valign="bottom">
        <td align=left nowrap bgcolor="#E5FFFF"><font size=2 face="serif">Robert Stewart</font> </td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=center nowrap bgcolor="#E5FFFF"><font size=2 face="serif">52</font> </td>
        <td bgcolor="#E5FFFF">&nbsp;</td>
        <td align=left nowrap bgcolor="#E5FFFF"><font size=2 face="serif">Chief Financial Officer</font> </td>
      </tr>
    </table>
</div>
  <P align="justify">
<FONT size=2 face="serif">Each of our executive officers serves at the pleasure of the Board of Directors and until his successor is duly elected and qualifies. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Michael Weinstein has been our Chief Executive Officer and a director since our inception in January 1983. During the past five years, Mr. Weinstein has been an officer, director and 25% shareholder of Easy Diners, Inc.,
RSWB Corp. and BSWR Corp. (since 1998). Mr. Weinstein is the owner of 24% of the membership interests in each of Dockeast, LLC and Dockwest, LLC. These companies operate four restaurants in New York City, and none of these companies is a parent,
subsidiary or other affiliate of us. Mr. Weinstein spends substantially all of his business time on Company-related matters. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Vincent Pascal was elected our Vice President, Assistant Secretary and a director in October 1985. Mr. Pascal became a Senior Vice President in 2001. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Robert Towers has been employed by us since November 1983 and was elected Vice President, Treasurer and a director in March 1987.  Mr. Towers became an Executive Vice President and Chief Operating Officer in 2001 and was
elected President in 2007. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Paul Gordon has been employed by us since 1983 and was elected as a director in November 1996 and a Senior Vice President in 2001.  Mr. Gordon is the manager of our Las Vegas operations.  Prior to assuming that role in
1996, Mr. Gordon was the manager of our operations in Washington, D.C. since 1989. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Robert Stewart has been employed by us since June 2002 and was elected Chief Financial Officer effective as of June 24, 2002. For the three years prior to joining us, Mr. Stewart was a Chief Financial Officer and Executive
Vice President at Fortis Capital Holdings. For eleven years prior to joining Fortis Capital Holdings, Mr. Stewart held senior financial and audit positions in Skandinaviska Enskilda Banken in their New York, London and Stockholm offices.</FONT></P>
<P align="center">
<FONT size=2 face="serif">21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<FONT size=2 face="serif">PART II </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<U><FONT size=2 face="serif">Item 5.</FONT></U>
  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Market For The Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<U><FONT size=2 face="serif">Purchases of Equity Securities</FONT></U>
  </TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=2 face="serif">Market for Our Common Stock </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our Common Stock, &#36;.01 par value, is traded in the over-the-counter market on the Nasdaq National Market under the symbol &#147;ARKR.&#148; The high and low sale prices for our Common Stock from October 2, 2005 through
September 27, 2008 are as follows: </FONT></P>
<TABLE width="75%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR>
    <TD width=95%></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<U><FONT size=2 face="serif">Calendar 2006</FONT></U>  </TD>
  <TD align=right nowrap>
    <div align="left"><U><FONT size=2 face="serif">High</FONT></U> </div></TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><U><FONT size=2 face="serif">Low</FONT></U> </div></TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Fourth Quarter</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;32.89</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;26.55</FONT>  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<U><FONT size=2 face="serif">Calendar 2007</FONT></U>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">First Quarter</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">35.37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">30.60</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Second Quarter</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">36.99</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">33.01</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Third Quarter</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">37.63</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">35.71</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Fourth Quarter</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">37.00</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">34.42</FONT>  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="95%" align=left nowrap>
<U><FONT size=2 face="serif">Calendar 2008</FONT></U>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">First Quarter</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">37.32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">29.10</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Second Quarter</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">29.00</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">25.13</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Third Quarter</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">26.25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">18.03</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">Dividend Policy </FONT></P>
<P align="justify">
<FONT size=2 face="serif">A quarterly cash dividend in the amount of &#36;0.35 per share was declared on October 12, 2004. Subsequent to October 12, 2004, quarterly cash dividends in the amount of &#36;0.35 per share were declared October 10 and
December 20, 2006 and on April 12, 2007. We declared an increase in our quarterly cash dividend to &#36;0.44 per share on May 23, 2007 and subsequent quarterly cash dividends reflecting this increased amount were declared on October 12, 2007 and
January 11, April 11, July 11 and October 10, 2008. In addition, we declared a special cash dividend in the amount of &#36;3.00 per share on December 20, 2006. Prior to this, we had not paid any cash dividends since our inception. On December 18,
2008, our Board of Directors determined to suspend the dividend which would have customarily been declared in January 2009. For the foreseeable future, our dividend policy will be determined by our Board of Directors on a quarter by quarter basis.
</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Issuer Purchases of Equity Securities </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The following table sets forth information regarding purchases of our common stock by us and any affiliated purchasers during the three months ended September 27, 2008. Stock repurchases may be made in the open market or in
private transactions at times and in amounts that we deem appropriate. However, there is no guarantee as to the exact number of additional shares that may be repurchased, and we may terminate or limit the stock repurchase program at any time prior
to its expiration. We will cancel the repurchased shares. </FONT></P>
<P align="center">
<FONT size=2 face="serif">22 </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">(c) Total Number</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">(d) Maximum Number</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">(a) Total</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">(b)</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">of Shares (or Units)</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">(or Approximate Dollar</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Number of</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Average</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Purchased as Part</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Value) of Shares (or</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares (or</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Price Paid</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">of Publicly</FONT></B>  </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Units) that May Yet Be</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Units)</FONT></B>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">per Share</FONT></B>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Announced Plans</FONT></B>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Purchased Under the</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Period</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Purchased</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">(or Unit)</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">or Programs</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Plans or Programs(1)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Month&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #1</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">June 29, 2008</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">through</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">0</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Not Applicable</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">0</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">500,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">July 29, 2008</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Month&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #2</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">July 30, 2008</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">through</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">4,957</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;18.74</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">4,957</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">495,043</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">August 30, 2008</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Month&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;#3</FONT> </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">August 31, 2008</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">through</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">September 27,</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">60,000</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">&#36;18.60</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">60,000</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">435,043</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">2008</FONT>  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Total</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">64,957</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;18.61</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">64,957</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">435,043</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On March 25, 2008, our Board of Directors authorized a stock repurchase program under which up to 500,000 shares of our common stock may be acquired in the open market or in private transactions over the two years following such authorization at our discretion. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">As of December 22, 2008, we have purchased an additional aggregate of 42,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">shares at an average purchase price of &#36;11.90 per share in private transactions pursuant to our stock repurchase program. As of December 9, 2008, there were 32 holders of record of our
Common Stock, &#36;.01 par value. This does not include the number of persons whose stock is in nominee or &#147;street name&#148; accounts through brokers. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Securities Authorized for Issuance Under Equity Compensation Plans </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The following is a summary of the securities issued and authorized for issuance under our 2004 Stock Option Plan at September 27, 2008: </FONT></P>
<TABLE width="100%" STYLE="border:1px solid #000000" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;</TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="serif">Plan Category</FONT>  </TD>
  <TD rowspan="7" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">            &nbsp;&nbsp;         </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">(a) Number of</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD rowspan="7" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD rowspan="7" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">securities to be</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">(b) Weighted -</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">(c) Number of securities</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">issued upon</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">average exercise</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">remaining available for</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">exercise of</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">price of</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">future issuance under equity</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">outstanding</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">outstanding</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">compensation plans</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">options, warrants</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">options, warrants</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">(excluding securities</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
  <TD width="90%" align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">and
    rights</font> </div></TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">and
    rights</font> </div></TD>
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"> <font size=1 face="serif">reflected
    in column (a))</font> </div></TD>
</TR>
<TR>
  <TD></TD>
     <TD width="90%"></TD>
     <TD rowspan="3" bgcolor="#E5FFFF" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
    <TD></TD>
    <TD></TD>
    <TD rowspan="3" bgcolor="#E5FFFF" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
    <TD></TD>
    <TD rowspan="3" bgcolor="#E5FFFF" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
    <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;</TD>
  <TD width="90%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Equity compensation plans approved by</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF"><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
  <TD width="90%" align=left nowrap bgcolor="#E5FFFF"><div style="border-bottom:1px solid #000000"> &nbsp; &nbsp;<font size=2 face="serif">shareholders</font><sup><font size=2 face="serif">1</font></sup> </div></TD>
  <TD align=right nowrap bgcolor="#E5FFFF"><div style="border-bottom:1px solid #000000"> <font size=2 face="serif">271,500</font> </div></TD>
  <TD align=right nowrap bgcolor="#E5FFFF"><div style="border-bottom:1px solid #000000">&nbsp;&nbsp; </div></TD>
  <TD align=left nowrap bgcolor="#E5FFFF" STYLE="border-bottom:1px solid #000000"><div align="center"><FONT size=2 face="serif">&#36;30.59</FONT> </div></TD>
  <TD align=center nowrap bgcolor="#E5FFFF" STYLE="border-bottom:1px solid #000000">
<FONT size=2 face="serif">151,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Equity compensation plans not approved by</FONT>  </TD>
  <TD rowspan="2" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD rowspan="2" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD rowspan="2" STYLE="border-bottom:1px solid #000000;border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
  <TD width="90%" align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp; &nbsp;<font size=2 face="serif">shareholders</font><sup><font size=2 face="serif">2</font></sup> </div></TD>
  <TD align=right nowrap STYLE="border-bottom:1px solid #000000">
<FONT size=2 face="serif">None</FONT>  </TD>
  <TD align=right nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
  <TD align=left nowrap STYLE="border-bottom:1px solid #000000"> <div align="center"><FONT size=2 face="serif">N/A</FONT> </div></TD>
  <TD align=center nowrap STYLE="border-bottom:1px solid #000000">
<FONT size=2 face="serif">None</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF">&nbsp;</TD>
  <TD width="90%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Total</FONT>  </TD>
  <TD bgcolor="#E5FFFF" STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">271,500</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E5FFFF">&nbsp;</TD>
  <TD bgcolor="#E5FFFF" STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E5FFFF"><div align="center"><FONT size=2 face="serif">&#36;30.59</FONT> </div></TD>
  <TD bgcolor="#E5FFFF" STYLE="border-left:1px solid #000000">&nbsp;</TD>
  <TD align=center nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">151,000</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Of the 271,500 options outstanding on September 27, 2008, 177,500 were held by the Company&#146;s officers and directors. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="2%" valign=top nowrap>
<FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=98%>
<P align="justify"><FONT size=2 face="serif">The 2004 Stock Option Plan, which was approved by shareholders, is the Company&#146;s only equity compensation plan currently in effect.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">23 </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has no equity compensation plan that
was not approved by shareholders.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Stock Performance Graph</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The graph set forth below compares the yearly percentage change in cumulative total shareholder return on the Company&#146;s Common Stock for the five-year period commencing September 27, 2003 and ending September 27, 2008
against the cumulative total return on the NASDAQ Market Index and a peer group comprised of those public companies whose business activities fall within the same standard industrial classification code as the Company. This graph assumes a &#36;100
investment in the Company&#146;s Common Stock and in each index on September 27, 2003 and that all dividends paid by companies included in each index were reinvested. </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*</FONT></B><BR>
<FONT size=1 face="sans-serif">Among Ark Restaurants Corp., The NASDAQ Composite Index</FONT><BR>
<FONT size=1 face="sans-serif">And SIC Code 5812 - Eating &amp; Drinking Places</FONT></P>
<P align="center">
<IMG src="c56045_10-kx24x1.jpg" border=0>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=90%></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="11" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=2 face="serif">Cumulative Total Return</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp; 9/27/03</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10/2/04</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10/1/05</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9/30/06</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9/29/07</FONT>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9/27/08</FONT>  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Ark Restaurants Corp.</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">100.00</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">239.34</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">288.32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">256.83</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">409.42</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">213.12</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">NASDAQ Composite</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">100.00</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">107.74</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">123.03</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">131.60</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">158.88</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">119.05</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">SIC Code 5812 - Eating &amp; Drinking Places</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">100.00</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">129.52</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">149.03</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">178.78</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">206.11</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">199.63</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">24 </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<U><FONT size=2 face="serif">Item 6.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Selected Consolidated Financial Data</FONT></U></P>
<P align="justify">
<FONT size=2 face="serif">Not applicable.</FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 7.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Management's Discussion and Analysis of Financial Condition and Results of Operations</FONT></U></P>
<P align="justify">
<FONT size=2 face="serif">Accounting period</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our fiscal year ends on the Saturday nearest September 30. We report fiscal years under a 52/53-week format. This reporting method is used by many companies in the hospitality industry and is meant to improve year-to-year
comparisons of operating results. Under this method, certain years will contain 53 weeks. The fiscal years ended September 29, 2007 and September 27, 2008 each included 52 weeks.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Overview</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We have reclassified our consolidated statements of operations data for the prior periods presented below, in accordance with SFAS 144, as a result of the:</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; sale of two of our restaurants and the closure of three of our restaurants during the fiscal year ended September 29, 2007; and </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; closure of two of our restaurants during the fiscal year ended September 27, 2008.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The operations of these restaurants have been presented as discontinued operations for the fiscal years ended September 29, 2007 and September 27, 2008. See &#147;Item 1 -Recent Restaurant Dispositions and Charges&#148;,
&#147;Item 7 - Recent Restaurant Dispositions&#148; and Note 3 of Consolidated Financial Statements. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Revenues</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Total revenues increased by 6.4% from fiscal 2007 to fiscal 2008. Revenues for fiscal 2008 were reduced by &#36;3,100,000 and</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">revenues for fiscal
2007</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">were reduced by &#36;2</FONT><B><FONT size=2 face="serif">,</FONT></B><FONT size=2 face="serif">686,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">as a result of the sale of two facilities and the closure of five of our facilities and their reclassification to discontinued operations. </FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Same store sales increased 0.9%, or &#36;1,052,000, on a Company-wide basis from fiscal 2007 to fiscal 2008. Same store sales in Las Vegas decreased by &#36;90,000, or 0.2%, in fiscal 2008 compared to fiscal 2007. Same
store sales in New York increased &#36;1,371,000, or 4.3%, during fiscal 2008. Same store sales in Washington D.C. decreased by &#36;169,000,</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">or 0.9%, during fiscal 2008. Same
store sales in Atlantic City decreased by &#36;294,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">or 8.2% in fiscal 2008 compared to fiscal 2007.</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">
Same store sales in Boston increased &#36;121,000, or 3.5%, during fiscal 2008. Same store sales in Connecticut increased &#36;113,000, or 7.9%, during fiscal 2008. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Other operating income, which consists of the sale of merchandise at various restaurants, management fee income and door sales were &#36;2,456,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">in
fiscal 2008 and &#36;2,145,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">in fiscal 2007. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Costs and Expenses</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Food and beverage cost of sales as a percentage of total revenue was 26.2% in fiscal 2008 and 25.7% in fiscal 2007.</FONT></P>
<P align="center">
<FONT size=2 face="serif">25</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<FONT size=2 face="serif">Total costs and expenses increased by &#36;8,494,000, or 7.9%, from fiscal 2007 to fiscal 2008 primarily due to increased sales</FONT><FONT size=2 face="serif">. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Payroll expenses as a percentage of total revenues was 30.6% in fiscal 2008 compared to 30.2% in fiscal 2007. Payroll expense was &#36;38,325,000 and &#36;35,630,000 in fiscal 2008 and 2007, respectively. In fiscal 2008,
increased sales resulted in an increase in payroll expenses. We continually evaluate our payroll expenses as they relate to sales.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We typically incur significant pre-opening expenses in connection with our new restaurants that are expensed as incurred. Furthermore, it is not uncommon that such restaurants experience operating losses during the early
months of operation.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">In fiscal 2008, we began operating a Mexican restaurant and lounge, </FONT><I><FONT size=2 face="serif">Yolos, </FONT></I><FONT size=2 face="serif">at the rethemed Planet Hollywood Casino in Las Vegas, Nevada, and entered
into an agreement to lease space for a yet to be named restaurant at the Museum of Arts &amp; Design at Columbus Circle in Manhattan. The obligation to pay rent for the restaurant at the Museum of Arts &amp; Design is not effective until the earlier
to occur of the date the restaurant opens for business or Mach 1, 2009. We anticipate that: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investors will invest in the limited liability company that leases the space and such investors will reimburse this limited liability company for all pre-opening expenses; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; we will be the managing member of this limited liability company and, through this limited liability company, we will manage the operations of the restaurant in exchange for a monthly
management fee equal to five-percent of the gross receipts of the restaurant;</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; neither we nor any of our subsidiaries will contribute any capital to this limited liability company; and</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; none of the obligations of this limited liability company will be guaranteed by us and investors in this limited liability company will have no recourse against us or any of our assets.
</FONT></P>
<P align="justify">
<FONT size=2 face="serif">However, due to the current economic climate, we cannot be certain that such investors will be available. In such a situation, we anticipate we will contribute capital for pre-opening expenses and operate this restaurant
through this limited liability company as a subsidiary. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In fiscal 2007, we:</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; converted our bar, </FONT><I><FONT size=2 face="serif">Luna Lounge</FONT></I><FONT size=2 face="serif">, at the Resorts Atlantic City Hotel and Casino in Atlantic City, New Jersey, into a
restaurant, </FONT><I><FONT size=2 face="serif">Gallagher&#146;s Burger Bar</FONT></I><FONT size=2 face="serif">; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expanded our operations at the Foxwoods Resort Casino by opening </FONT><I><FONT size=2 face="serif">The Grill at Two Trees </FONT></I><FONT size=2 face="serif">in the Two Trees Inn, a
facility owned by the Mashantucket Pequot Tribal Nation and a part of the Foxwoods Resort Casino, in Ledyard, Connecticut;</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; began construction of </FONT><I><FONT size=2 face="serif">Yolos</FONT></I><FONT size=2 face="serif">; and </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; began operating the </FONT><I><FONT size=2 face="serif">Durgin Park Restaurant and the Black Horse Tavern </FONT></I><FONT size=2 face="serif">in Boston, Massachusetts. </FONT></P>
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<P align="justify">
<FONT size=2 face="serif">We purchased the </FONT><I><FONT size=2 face="serif">Durgin
Park </FONT></I><FONT size=2 face="serif">facility in 2007 from the previous
owner for &#36;2,000,000 in cash and a &#36;1,000,000 five year promissory note
bearing  interest at a rate of 7% per year. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We experienced &#36;210,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">and &#36;129,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">in pre-opening and early
operating losses at our facilities in fiscal 2008 and fiscal 2007, respectively.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">General and administrative expenses, as a percentage of total revenue, were 7.3% in fiscal 2008 and 7.7% in fiscal 2007.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We manage:</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; two consolidated facilities we do not own (</FONT><I><FONT size=2 face="serif">El Rio Grande</FONT></I><FONT size=2 face="serif"> and </FONT><I><FONT size=2 face="serif">The Food Market at
the MGM Grand</FONT></I><FONT size=2 face="serif">),</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Tampa and Hollywood Florida food court operations, and</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">-- </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucky Seven </FONT></I><FONT size=2 face="serif">at Foxwoods.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Sales of </FONT><I><FONT size=2 face="serif">El Rio Grande </FONT></I><FONT size=2 face="serif">were &#36;4,312,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">and &#36;3,873,000 during fiscal
2008 and 2007, respectively. Sales of the </FONT><I><FONT size=2 face="serif">The Food Market at the MGM Grand </FONT></I><FONT size=2 face="serif">were &#36;1,457,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">during
the portion of fiscal 2008 in which it was open. </FONT><I><FONT size=2 face="serif">The Food Market at the MGM Grand </FONT></I><FONT size=2 face="serif">was not open during fiscal 2007. Sales of the Tampa and Hollywood Florida food court
operations were &#36;12,454,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">during fiscal 2008 and &#36;12,170,000 during fiscal 2007. Sales of </FONT><I><FONT size=2 face="serif">Lucky Seven </FONT></I><FONT size=2 face="serif">were &#36;2,608,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">and &#36;2,691,000 during fiscal 2008 and 2007, respectively. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Interest expense was &#36;57,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">in fiscal 2008 and &#36;65,000 in fiscal 2007. Interest income was &#36;490,000</FONT><B><FONT size=2 face="serif">
</FONT></B><FONT size=2 face="serif">in fiscal 2008 and &#36;417,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">in fiscal 2007. During fiscal 2007 we began an investment program utilizing our large cash balances.
Investments are made in government securities and investment quality corporate instruments.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Other income, which generally consists of purchasing service fees, equity in losses of affiliates and other income at various restaurants, was &#36;716,000 and &#36;798,000 for fiscal 2008 and 2007, respectively.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Income Taxes</FONT></P>
<P align="justify">
<FONT size=2 face="serif">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 restaurants we
own or manage are owned or managed by a separate subsidiary. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">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 operating in the District of Columbia. Accordingly, our
overall effective tax rate has varied depending on the level of losses incurred at individual subsidiaries.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our overall effective tax rate in the future will be affected by factors such as the level of losses incurred at our New York facilities, which cannot be consolidated for state and local tax purposes, pre-tax income earned
outside of New York City and the utilization of state and local net operating loss carry forwards. Nevada has no state income tax and other states in which we operate have income tax rates substantially lower in comparison to New York.  In order to
utilize more effectively tax loss carry forwards at restaurants that were unprofitable, we have merged certain profitable subsidiaries with certain loss subsidiaries. </FONT></P>
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<P align="justify">
<FONT size=2 face="serif">The Revenue Reconciliation Act of 1993 provides tax credits to us for FICA taxes paid on tip income of restaurant service personnel. The net benefit to us was &#36;832,000</FONT><B><FONT size=2 face="serif">
</FONT></B><FONT size=2 face="serif">in fiscal 2008 and &#36;799,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">in fiscal 2007. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our tax return for the fiscal year ended September 30, 2006 is currently under audit by the Internal Revenue Service. We expect no material adjustments will result from this examination. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Liquidity and Capital Resources</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our primary source of capital has been cash provided by operations. We have, from time to time, also utilized equipment financing in connection with the construction of a restaurant and seller financing in connection with
the acquisition of a restaurant. We utilize capital primarily to fund the cost of developing and opening new restaurants, acquiring existing restaurants owned by others and remodeling existing restaurants we own. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The net cash used in investing activities in fiscal 2008 was &#36;6,928,000. Cash was used for the replacement of fixed assets at existing restaurants and the construction of </FONT><I><FONT size=2 face="serif">Yolos,
</FONT></I><FONT size=2 face="serif">a Mexican restaurant, at the Planet Hollywood Resort and Casino (formerly known as the Aladdin Resort and Casino) in Las Vegas, Nevada. Cash was also used to purchase investment securities.  Cash provided by
investing activities was generated from the sale of discontinued operations and the sale of investment securities.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The net cash used in investing activities in fiscal 2007 was &#36;117,000. Cash was used for the replacement of fixed assets at existing restaurants, converting our bar, </FONT><I><FONT size=2 face="serif">Luna
Lounge</FONT></I><FONT size=2 face="serif">, at the Resorts Atlantic City Hotel and Casino in Atlantic City, New Jersey, into a restaurant, </FONT><I><FONT size=2 face="serif">Gallagher&#146;s Burger Bar</FONT></I><FONT size=2 face="serif">, opening
</FONT><I><FONT size=2 face="serif">The Grill at Two Trees </FONT></I><FONT size=2 face="serif">in the Two Trees Inn, a facility owned by the Mashantucket Pequot Tribal Nation and a part of the Foxwoods Resort Casino, in Ledyard, Connecticut,
purchasing the </FONT><I><FONT size=2 face="serif">Durgin Park Restaurant and the Black Horse Tavern </FONT></I><FONT size=2 face="serif">in Boston, Massachusetts from the previous owner for &#36;2,000,000 in cash and a &#36;1,000,000 five year
promissory note bearing interest at a rate of 7% per year, and the construction of </FONT><I><FONT size=2 face="serif">Yolos </FONT></I><FONT size=2 face="serif">in Las Vegas, Nevada. Cash was also used to purchase investment securities. Cash
provided by investing activities was generated from the sale of discontinued operations and the sale of investment securities.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The net cash used in financing activities in fiscal 2008 of &#36;5,461,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">and &#36;15,309,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">in fiscal 2007 was principally used for the payment of dividends.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We had a working capital surplus of &#36;9,144,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">at September 27, 2008 as compared to a working capital surplus of &#36;11,571,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">at September 29, 2007.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">A quarterly cash dividend in the amount of &#36;0.35 per share was declared on October 12, 2004. Subsequent to October 12, 2004, quarterly cash dividends in the amount of &#36;0.35 per share were declared October 10 and
December 20, 2006 and on April 12, 2007. We declared an increase in our quarterly cash dividend to &#36;0.44 per share on May 23, 2007 and subsequent quarterly cash dividends reflecting this increased amount were declared on October 12, 2007 and
January 11, April 11, July 11 and October 10, 2008. In addition, we declared a special cash dividend in the amount of &#36;3.00 per share on December 20, 2006. Prior to this, we had not paid any cash dividends since our inception. We intend to
continue to pay such quarterly cash dividend for the foreseeable future, however, the payment of future dividends is at the discretion of our Board of Directors and is based on future earnings, cash flow, financial condition, capital requirements, changes in U.S. taxation and other relevant factors. </FONT></P>
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<FONT size=2 face="serif">Restaurant Expansion</FONT></P>
<P align="justify">
<FONT size=2 face="serif">During the fiscal year ended September 27, 2008, we: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expanded our operations at the Foxwoods Resort Casino by opening </FONT><I><FONT size=2 face="serif">The Food Market </FONT></I><FONT size=2 face="serif">in the MGM Grand Casino, a facility
part of the Foxwoods Resort Casino, in Ledyard, Connecticut;</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; began operating a Mexican restaurant and lounge, </FONT><I><FONT size=2 face="serif">Yolos, </FONT></I><FONT size=2 face="serif">at the rethemed Planet Hollywood Casino in Las Vegas, Nevada;
and </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entered into an agreement to lease space for a yet to be named restaurant at the Museum of Arts &amp; Design at Columbus Circle in Manhattan. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The obligation to pay rent for the restaurant at the Museum of Arts &amp; Design is not effective until the earlier to occur of the date the restaurant opens for business or Mach 1, 2009. We anticipate that: </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investors will invest in the limited liability company that leases the space and such I investors will reimburse this limited liability company for all pre-opening expenses; </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; we will be the managing member of this limited liability company and, through this limited liability company, we will manage the operations of the restaurant in exchange for a monthly
management fee equal to five-percent of the gross receipts of the restaurant;</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; neither we nor any of our subsidiaries will contribute any capital to this limited liability company; and</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">--&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; none of the obligations of this limited liability company will be guaranteed by us and investors in this limited liability company will have no recourse against us or any of our assets.
</FONT></P>
<P align="justify">
<FONT size=2 face="serif">However, due to the current economic climate, we cannot be certain that such investors will be available. In such a situation, we anticipate we will contribute capital for pre-opening expenses and operate this restaurant
through this limited liability company as a subsidiary. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The opening of a new restaurant is invariably accompanied by substantial pre-opening expenses and early operating losses associated with the training of personnel, excess kitchen costs, costs of supervision and other
expenses during the pre-opening period and during a post-opening &#147;shake out&#148; period until operations can be considered to be functioning normally. The amount of such pre-opening expenses and early operating losses can generally be expected
to depend upon the size and complexity of the facility being opened. We incurred &#36;210,000 in pre-opening expenses in fiscal 2008. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our restaurants generally do not achieve substantial increases in revenue from year to year, which we consider to be typical of the restaurant industry. To achieve significant increases in revenue or to replace revenue of
restaurants that lose customer favor or which close because of lease expirations or other reasons, we would have to open additional restaurant facilities or expand existing restaurants. There can be no assurance that a restaurant will be successful
after it is opened, particularly since in many instances we do not operate our new restaurants under a trade name currently used by us, thereby requiring new restaurants to establish their own identity.</FONT></P>
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<FONT size=2 face="serif">Apart from these agreements, we are not currently committed to any projects. We may take advantage of opportunities we consider to be favorable, when they occur, depending upon the availability of financing and other
factors. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Recent Restaurant Dispositions and Charges</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our bar/nightclub facility Venus, located at the Venetian Casino Resort, experienced a steady decline in sales and we felt that a new concept was needed at this location. During the first quarter of 2005, this bar/nightclub
facility was closed for re-concepting and re-opened as &#147;Vivid&#148; on February 4, 2005. Total conversion costs were approximately &#36;400,000.  Sales at the new bar/nightclub facility subsequently failed to reach a level sufficient to achieve
the results we required and we have identified a buyer for this facility. As of December 31, 2005, we classified the assets and liabilities of this bar/nightclub facility as &#147;held for sale&#148; in accordance with Statement of Financial
Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS No. 144") based on the fact that the facility has met the criteria under SFAS No. 144. Based on the offers made for this facility, we recorded an
impairment charge of &#36;537,000 during the first fiscal quarter of 2007. An additional impairment charge of &#36;38,000 was recorded during the fourth fiscal quarter of 2007 as a result of the sale of the facility. We recorded operating losses of
&#36;188,000 during the fiscal year ended September 29, 2007. The impairment charges and operating losses are included in discontinued operations. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Also during fiscal 2006, we were approached by the Venetian Casino Resort who indicated that, due to the expansion of the Grand Canal Shoppes, our Lutece and Tsunami locations, as well as a portion of our Vivid location, in
the Grand Canal Shoppes were desired by other tenants. The Venetian Casino Resort offered to purchase these locations from us for an aggregate of &#36;14,000,000. After evaluating the offer, we determined that such offer made it advantageous for us
to redeploy these assets. Effective December 1, 2006, our subsidiaries that leased each of our Lutece, Tsunami and Vivid locations at the Venetian Resort Hotel Casino in Las Vegas, Nevada, entered into an agreement to sell Lutece, Tsunami and a
portion of the Vivid location used by Lutece as a prep kitchen to Venetian Casino Resort, LLC for an aggregate of &#36;14,000,000. Our Lutece location closed on December 3, 2006 and our Tsunami location closed on January 3, 2007. We realized a gain
of &#36;7,814,000 (&#36;5,196,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">after taxes</FONT><B><FONT size=2 face="serif">, </FONT></B><FONT size=2 face="serif">or &#36;1.45 per share) on the sale of these facilities.
We recorded operating income of &#36;34,000 for the fiscal year ended September 29, 2007. The gain on sale and income are included in discontinued operations.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">During the first fiscal quarter of 2008, we discontinued the operation of our Columbus Bakery retail and wholesale bakery located in New York City. Columbus Bakery was originally intended to serve as the bakery that would
provide all of our New York restaurants with baked goods as well as being a retail bakery operation. As a result of the sale and closure of several of our restaurants in New York City during the last several years, this bakery operation was no
longer profitable. During the second fiscal quarter of 2008 we opened, along with certain third party investors, a new concept at this location called &#147;Pinch &amp; S&#146;Mac&#148; which features pizza and macaroni and cheese. We contributed
Columbus Bakery&#146;s net fixed assets and cash into this venture and received an ownership interest of 37.5% . These operations are not consolidated in the Company&#146;s consolidated financial statements.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Effective June 30, 2008, the lease for our </FONT><I><FONT size=2 face="serif">Stage Deli</FONT></I><FONT size=2 face="serif"> facility at the Forum Shops in Las Vegas, Nevada expired. The landlord for this facility offered
to renew the lease at this location prior to its expiration at a significantly increased rent. The Company determined that it would not be able to operate this facility profitably at this location at the rent offered in the landlord&#146;s renewal
proposal. As a result, the Company discontinued these operations during the third fiscal quarter of 2008 and took a charge for the impairment of goodwill of &#36;294,000 and a loss on disposal of &#36;19,000. The impairment charge and disposal loss
are included in discontinued operations.</FONT></P>
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<FONT size=2 face="serif">As a result of the above mentioned sales or closures, we allocated &#36;294,000 and &#36;100,000</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">of goodwill to these restaurants and reduced goodwill
by these amounts in fiscal 2008 and 2007, respectively. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Critical Accounting Policies</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Financial Reporting Release No. 60, published by the SEC, recommends that all companies include a discussion of critical accounting policies used in the preparation of their financial statements. Our significant accounting
policies are more fully described in Note 1 to our consolidated financial statements. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies
determined to be critical are those policies that have the most significant impact on our consolidated financial statements and require management to use a greater degree of judgment and estimates. Actual results may differ from those
estimates.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We believe that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause a material effect on our consolidated results of operations, financial
position or cash flows for the periods presented in this report. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Below are listed certain policies that management believes are critical:</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Use of Estimates</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The preparation of financial statements requires the application of certain accounting policies, which may require us to make estimates and assumptions of future events.  In the process of preparing its consolidated
financial statements, we estimate the appropriate carrying value of certain assets and liabilities, which are not readily apparent from other sources.  The primary estimates underlying our consolidated financial statements include allowances for
potential bad debts on accounts and notes receivable, the useful lives and recoverability of its assets, such as property and intangibles, fair values of financial instruments and share-based compensation, the realizable value of its tax assets and
other matters. Management bases its estimates on certain assumptions, which they believe are reasonable in the circumstances and actual results could differ from those estimates.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Long-Lived Assets</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We annually assess any impairment in value of long-lived assets to be held and used. We evaluate the possibility of impairment by comparing anticipated undiscounted cash flows to the carrying amount of the related
long-lived assets. If such cash flows are less than carrying value we then reduce the asset to its fair value. Fair value is generally calculated using discounted cash flows. Various factors such as sales growth and operating margins and proceeds
from a sale are part of this analysis.  Future results could differ from our projections with a resulting adjustment to income in such period. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Leases</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are obligated under various lease agreements for certain restaurants. We recognize rent expense on a straight-line basis over the expected lease term, including option periods as described below. Within the provisions of
certain leases there are escalations in payments over the base lease term, as well as renewal periods. The effects of the escalations have been reflected in rent expense on a straight-line basis over the expected lease term, which includes option
periods when it is deemed to be reasonably assured that we would incur an economic penalty for not exercising the option. Percentage rent expense is generally based
upon sales levels and is expensed as incurred. Certain leases include both base rent and percentage rent. We record rent expense on these leases based upon reasonably assured sales levels.  The consolidated financial
statements reflect the same lease terms for amortizing leasehold improvements as were used in calculating straight-line rent expense for each restaurant. Our judgments may produce materially different amounts of amortization and rent expense than
would be reported if different lease terms were used.</FONT></P>
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<P align="justify">
<FONT size=2 face="serif">Deferred Income Tax Valuation Allowance</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We provide such allowance due to uncertainty that some of the deferred tax amounts may not be realized. Certain items, such as state and local tax loss carry forwards, are dependent on future earnings or the availability of
tax strategies.  Future results could require an increase or decrease in the valuation allowance and a resulting adjustment to income in such period. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Accounting for Goodwill and Other Intangible Assets </FONT></P>
<P align="justify">
<FONT size=2 face="serif">During 2001, the FASB issued SFAS 142, which requires that for us, effective September 28, 2002, goodwill, including the goodwill included in the carrying value of investments accounted for using the equity method of
accounting, and certain other intangible assets deemed to have an indefinite useful life, cease amortizing. SFAS 142 requires that goodwill and certain intangible assets be assessed for impairment using fair value measurement techniques.
Specifically, goodwill impairment is determined using a two-step process. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of the reporting unit (the Company is being treated as one
reporting unit) with its net book value (or carrying amount), including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment
test is unnecessary. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test
compares the implied fair value of the reporting unit&#146;s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit&#146;s goodwill exceeds the implied fair value of that goodwill, an impairment loss is
recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of
the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting
unit. The impairment test for other intangible assets consists of a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized
in an amount equal to that excess. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Determining the fair value of the reporting unit under the first step of the goodwill impairment test and determining the fair value of individual assets and liabilities of the reporting unit (including unrecognized
intangible assets) under the second step of the goodwill impairment test is judgmental in nature and often involves the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of
other intangible assets. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and also the magnitude of any such charge. To assist in the process of determining goodwill impairment, we
obtain appraisals from independent valuation firms. In addition to the use of independent valuation firms, we perform internal valuation analyses and consider other market information that is publicly available. Estimates of fair value are primarily
determined using discounted cash flows and market comparisons and recent transactions. These approaches use significant estimates and assumptions including projected future cash flows (including timing), discount rate reflecting the risk inherent in
future cash flows, perpetual growth rate, determination of appropriate market comparables and the determination of whether a premium or discount should be applied to comparables.  Based on the above policy no impairment charges were recorded during the fiscal
years ended 2008 and 2007.</FONT></P>
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<P align="justify">
<FONT size=2 face="serif">Share-Based Compensation</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Effective October 2, 2005 the Company adopted Statement of Financial Accounting Standards No. 123R, </FONT><I><FONT size=2 face="serif">&#147;Share-Based Payment&#148;</FONT></I><FONT size=2 face="serif"> (&#147;SFAS No.
123R&#148;), and related interpretations and began expensing the grant-date fair value of employee stock options. Prior to October 2, 2005, the Company applied Accounting Principles Board Opinion No. 25, </FONT><I><FONT size=2 face="serif">&#147;Accounting for Stock Issued to Employees,&#148; </FONT></I><FONT size=2 face="serif">and related interpretations in accounting for its stock option</FONT><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif">plans</FONT><I><FONT size=2 face="serif">.  </FONT></I><FONT size=2 face="serif">Accordingly, prior to October 2, 2005, no compensation expense has been recognized in net income for employee stock options, as</FONT><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif">options granted had an exercise price equal to the market value of the underlying common stock on the date of grant. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Upon adoption of SFAS 123R, the Company elected to value employee stock options using the Black-Scholes option valuation method that uses assumptions that relate to the expected volatility of the Company&#146;s common
stock, the expected dividend yield of our stock, the expected life of the options and the risk free interest rate. The assumptions used for the options granted on December 21, 2004, which were unvested at the time of the adoption of SFAS 123R,
included a risk free interest rate of 3.37%, volatility of 37%, a dividend yield of 3% and an expected life of three years. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The Company adopted SFAS No. 123R using the modified prospective transition method and therefore has not restated prior periods. Under this transition method, compensation cost associated with employee stock options
recognized during fiscal 2006 includes amortization related to the remaining unvested portion of stock awards granted prior to October 2, 2005.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Recently Issued Accounting Standards</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The Financial Accounting Standards Board has recently issued the following accounting pronouncements</FONT><FONT size=2 face="serif">:</FONT></P>
<P align="justify">
<FONT size=2 face="serif">In September 2006, the FASB issued SFAS No. 157,</FONT><I><FONT size=2 face="serif"> &#147;Fair Value Measurements&#148;</FONT></I><FONT size=2 face="serif"> (&#147;SFAS 157&#148;), which, among other requirements, defines
fair value, establishes a framework for measuring fair value, and expands disclosures about the use of fair value to measure assets and liabilities. SFAS 157 prescribes a single definition of fair value as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  For financial instruments and certain nonfinancial assets and liabilities that are recognized or disclosed at fair value on a
recurring basis at least annually, SFAS 157 is effective beginning the first fiscal year that begins after November 15, 2007, which corresponds to the Company&#146;s fiscal year beginning September 28, 2008. For all other nonfinancial assets and
liabilities the effective date of SFAS 157 has been delayed to the first fiscal year beginning after November 15, 2008, which corresponds to the Company&#146;s fiscal year beginning October 4, 2009.  The Company is still determining the effect SFAS
157 will have on its consolidated financial statements, but it currently does not expect the effect to be material. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In February 2007, the FASB issued SFAS No. 159,</FONT><I><FONT size=2 face="serif"> &#147;The Fair Value Option for Financial Assets and Financial Liabilities&#148;</FONT></I><FONT size=2 face="serif"> (&#147;SFAS
159&#148;), which permits measurement of recognized financial assets and liabilities at fair value with certain exceptions such as investments in subsidiaries, obligations for pension or other postretirement benefits, and financial assets and
financial liabilities recognized under leases. Changes in the fair value of items for which the fair value option is elected should be recognized in income or loss. The election to measure eligible items at fair value is irrevocable and can only be
made at defined election dates or events, generally on an instrument by instrument basis. Items for which the fair value option is elected should be separately presented or parenthetically be disclosed in the statement of financial
position. SFAS 159 also requires significant new disclosures that apply for interim and annual financial statements.  SFAS 159 shall be effective for fiscal years beginning after November 15, 2007 with earlier adoption permitted, if certain
conditions are met. The effect of the first remeasurement to fair value of eligible items existing would be reported as an adjustment to the opening balance of retained earnings as of the date of adoption, which corresponds to the Company&#146;s
fiscal year beginning September 28, 2008. The Company is currently evaluating SFAS 159 and determining whether to elect the fair value option for certain financial assets and liabilities. </FONT></P>
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<P align="justify">
<FONT size=2 face="serif">In December 2007, the FASB issued SFAS No. 141 (Revised),</FONT><I><FONT size=2 face="serif"> &#147;Business Combinations&#148;</FONT></I><FONT size=2 face="serif"> (SFAS 141R), which establishes principles and requirements
for the reporting entity in a business combination, including recognition and measurement in the financial statements of the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree.  This statement also
establishes disclosure requirements to enable financial statement users to evaluate the nature and financial effects of the business combination.  SFAS 141R applies prospectively to business combinations for which the acquisition date is on or after
the beginning of the first annual reporting period beginning on or after December 15, 2008. SFAS 141R will become effective for our fiscal year beginning October 4, 2009.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In December 2007, the FASB issued SFAS No. 160,</FONT><I><FONT size=2 face="serif"> &#147;Noncontrolling Interests in Consolidated Financial Statements&#151;an amendment of ARB No.
51&#148;,</FONT></I><FONT size=2 face="serif">  (&#147;SFAS 160&#148;), which amends Accounting Research Bulletin No. 51,</FONT><I><FONT size=2 face="serif">  &#147;Consolidated Financial Statements&#148;</FONT></I><FONT size=2 face="serif">
(&#147;ARB No. 51&#148;)</FONT><I><FONT size=2 face="serif"> ,</FONT></I><FONT size=2 face="serif"> to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. This
standard defines a noncontrolling interest, previously referred to as minority interest, as the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. SFAS 160 requires, among other items, that a noncontrolling
interest be included in the consolidated balance sheet within equity separate from the parent&#146;s equity; consolidated net income to be reported at amounts inclusive of both the parent&#146;s and noncontrolling interest&#146;s shares and,
separately, the amounts of consolidated net income attributable to the parent and noncontrolling interest all on the consolidated statement of income; and if a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former
subsidiary be measured at fair value and a gain or loss be recognized in net income based on such fair value.  SFAS 160 is effective for fiscal years beginning after December 15, 2008, which corresponds to the Company&#146;s fiscal year beginning
October 4, 2009. The Company is currently evaluating the potential impact of adopting SFAS 160 on its consolidated financial statements.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In March 2008, the FASB issued SFAS No. 161,</FONT><I><FONT size=2 face="serif"> &#147;Disclosures about Derivative Instruments and Hedging Activities,&#151;an amendment of FASB Statement No.
133&#148;</FONT></I><FONT size=2 face="serif">  (&#147;SFAS 161&#148;), which requires enhanced disclosures about an entity&#146;s derivative and hedging activities and thereby improves the transparency of financial reporting.  The objective of the
guidance is to provide users of financial statements with an enhanced understanding of how and why an entity uses derivative instruments; how derivative instruments and related hedged items are accounted for; and how derivative instruments and
related hedged items affect an entity&#146;s financial position, financial performance, and cash flows. SFAS 161 is effective for interim and annual periods beginning after November 15, 2008, which corresponds to the Company&#146;s quarterly period
beginning December 28, 2008. Management is currently evaluating the impact SFAS 161 will have on the Company&#146;s consolidated financial statements, but it currently does not expect the effect to be material. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In April 2008, the FASB issued FASB Staff Position 142-3, &#147;Determination of the Useful Life of Intangible Assets&#148; (&#147;FSP FAS 142-3&#148;), which amends the list of factors an
entity should consider in developing renewal or extension assumptions in determining the useful life of recognized intangible assets under SFAS No. 142, &#147;</FONT><I><FONT size=2 face="serif">Goodwill
and Other Intangible Assets</FONT></I><FONT size=2 face="serif">&#148;.  The
new guidance applies to (1) intangible assets that are acquired  individually
or with a group of other assets and (2) intangible assets acquired in both business
combinations and asset acquisitions. Under FSP FAS 142-3, entities estimating
the useful life of a recognized intangible asset must consider their  historical
experience in renewing or extending similar arrangements or, in the absence of
historical experience, must consider assumptions that market participants would
use about renewal or extension. FSP FAS 142-3 will require certain additional
 disclosures beginning October 1, 2009 and prospective application to useful
life estimates prospectively for intangible assets acquired after September 20,
2009. The Company is in the process of evaluating the impact that the adoption
of FSP FAS  142-3 may have on its consolidated financial statements and related
disclosures. </FONT></P>
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<P align="justify">
<FONT size=2 face="serif">In May 2008, the FASB issued SFAS No. 162, &#147;</FONT><I><FONT size=2 face="serif">The Hierarchy of Generally Accepted Accounting Principles.</FONT></I><FONT size=2 face="serif">&#148; SFAS No. 162 identifies the sources
of accounting principles and provides entities with a framework for selecting the principles used in preparation of financial statements that are presented in conformity with GAAP. The current GAAP hierarchy has been criticized because it is
directed to the auditor rather than the entity, it is complex, and it ranks FASB Statements of Financial Accounting Concepts, which are subject to the same level of due process as FASB Statements of Financial Accounting Standards, below industry
practices that are widely recognized as generally accepted but that are not subject to due process. The Board believes the GAAP hierarchy should be directed to entities because it is the entity (not its auditors) that is responsible for selecting
accounting principles for financial statements that are presented in conformity with GAAP. The adoption of SFAS No. 162 is not expected to have a material impact on our consolidated financial statements. </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 7A.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Quantitative
and Qualitative Disclosures About Market Risk</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Not applicable.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 8.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Financial Statements and Supplementary Data</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our Consolidated Financial Statements are included in this report immediately following Part IV. </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<U><FONT size=2 face="serif">Item 9.</FONT></U>
  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Changes in and Disagreements With</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<U><FONT size=2 face="serif">Accountants on Accounting and Financial Disclosure</FONT></U>
  </TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=2 face="serif">None. </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 9A(T)</FONT></U><FONT size=2 face="serif">.&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Controls and Procedures</FONT></U></P>
<P align="justify">
<FONT size=2 face="serif">Evaluation of Disclosure Controls and Procedures.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our management, with the participation of the our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company&#146;s disclosure controls and procedures (as such term is defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Annual Report on Form 10-K. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the
period covered by this report, our disclosure controls and procedures were effective.</FONT></P>
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<FONT size=2 face="serif">35 </FONT></P>

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<P align="justify">
<FONT size=2 face="serif">Management&#146;s Annual Report on Internal Control Over Financial Reporting.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Securities
Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by our board of directors, management and other personnel to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:</FONT></P>
<UL style="margin-left:20px">
<LI>
<P align="justify"><FONT size=2 face="serif">pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that our receipts and expenditures are being made only in accordance with the authorization of our management and directors; and</FONT></P></LI>
<LI>
<P align="justify"><FONT size=2 face="serif">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on
the financial statements.</FONT></P></LI>
</UL>
<P align="justify">
<FONT size=2 face="serif">Management assessed the effectiveness of our internal control over financial reporting as of September 27, 2008.  In making this assessment, management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) in </FONT><I><FONT size=2 face="serif">Internal Control-Integrated Framework</FONT></I><FONT size=2 face="serif">. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Based on this assessment, management concluded that, as of September 27, 2008, our internal control over financial reporting was effective.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Changes in Internal Control Over Financial Reporting</FONT></P>
<P align="justify">
<FONT size=2 face="serif">There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of fiscal 2008 that materially affected, or
are reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Limitations on the Effectiveness of Controls</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A control system, no matter how well designed and operated, can provide only reasonable, not absolute,
assurance that the control system&#146;s objectives will be met </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 9B</FONT></U><FONT size=2 face="serif">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Other Information</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">None.</FONT></P>
<P align="center">
<FONT size=2 face="serif">36</FONT></P>

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<P align="center">
<U><FONT size=2 face="serif">PART III</FONT></U></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 10.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Directors, Executive Officers and Corporate Governance</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">See </FONT><U><FONT size=2 face="serif">Part I, Item 4</FONT></U><FONT size=2 face="serif">. &#147;Executive Officers of the Registrant.&#148; Other information relating to our directors and executive officers is
incorporated by reference to the definitive proxy statement for our 2009 annual meeting of stockholders to be filed with the Securities and Exchange Commission (the &#147;SEC&#148;) pursuant to Regulation 14A no later than 120 days after the end of
the fiscal year covered by this form (the &#147;Proxy Statement&#148;). Information relating to compliance with Section 16(a) of the Exchange Act is incorporated by reference to the Proxy Statement.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Code of Ethics.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We have adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions.  We will provide any
person without charge, upon request, a copy of such code of ethics by mailing the request to us at 85 Fifth Avenue, New York, NY 10003, Attention: Robert Towers. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Audit Committee Financial Expert</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Our Board of Directors has determined that Marcia Allen, Director, is our Audit Committee Financial Expert, as defined under Section 407 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the SEC in furtherance
of Section 407.  Ms. Allen is independent of management.  Other information regarding the Audit Committee is incorporated by reference from the Proxy Statement. </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 11.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> <U><FONT size=2 face="serif">Executive Compensation</FONT></U> </P>
<P align="justify">
<FONT size=2 face="serif">The information required by this item is incorporated by reference to the Proxy Statement.</FONT></P>
<P align="justify"><U><FONT size=2 face="serif">Item 12.</FONT></U><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Security
       Ownership of Certain Beneficial Owners and Management</FONT></U></P>
<P align="justify"><FONT size=2 face="serif">The
  information required by this item is incorporated by reference to the
  Proxy Statement. </FONT></P>
<P align="justify"><U><FONT size=2 face="serif">Item 13.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Certain
  Relationships and Related Transactions</FONT></U></P>
<P align="justify"><FONT size=2 face="serif">The
  information required by this item is incorporated by reference to the
  Proxy Statement.</FONT></P>
<P align="justify"><U><FONT size=2 face="serif">Item 14.</FONT></U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Principal
  Accountant Fees and Services</FONT></U></P>
<P align="justify"><FONT size=2 face="serif">The
  information required by this item is incorporated by reference to the
  Proxy Statement. </FONT></P>
<P align="center">
<FONT size=2 face="serif">37</FONT></P>

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<P align="center">
<U><FONT size=2 face="serif">PART IV</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<U><FONT size=2 face="serif">Item 15.</FONT></U><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Exhibits, Financial Statement Schedules, and Reports on Form 8-K</FONT></U><FONT size=2 face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
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    <TD></TD>
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  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">(1)</FONT>      </div></TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Financial Statements:</FONT>  </TD>
  <TD align=center nowrap>
<U><FONT size=2 face="serif">Page</FONT></U>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD width="95%" align=left nowrap>&nbsp;</TD>
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</TR>
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  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Reports of Independent Registered Public Accounting Firm</FONT>  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">F-1</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="95%" align=left nowrap>&nbsp;</TD>
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</TR>
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  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Consolidated Balance Sheets --</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">at September 27, 2008 and September 29, 2007</FONT>  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">F-2</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="95%" align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Consolidated Statements of Operations --years ended</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">September 27, 2008 and September 29, 2007</FONT>  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">F-3</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="95%" align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
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  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Consolidated Statements of Cash Flows --</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">years ended September 27, 2008 and September 29, 2007</FONT>  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">F-4</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="95%" align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Consolidated Statements of Shareholders&#146; Equity --</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">years ended September 27, 2008 and September 29, 2007</FONT>  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">F-5</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="95%" align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Notes to Consolidated Financial Statements</FONT>  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">F-6</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="95%" align=left nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>      </div></TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Financial Statement Schedules</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD width="95%" align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>

    <div align="left"></div></TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">None</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="95%" align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">(3)</FONT>      </div></TD>
  <TD width="95%" align=left nowrap>
<FONT size=2 face="serif">Exhibits:</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD colspan="2">
<P align="justify"><FONT size=2 face="serif">Certificate of Incorporation of the Registrant, filed with the Secretary of State of the State of New York on January 4, 1983, incorporated by reference to Exhibit 3.1 to the Registrant&#146;s Annual
Report on Form 10-K for the fiscal year ended September 28, 2002 (&#147;2002 10-K&#148;).</FONT></P>  </TD>
  </TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD colspan="2">
<P align="justify"><FONT size=2 face="serif">Certificate of Amendment of the Certificate of Incorporation of the Registrant filed with the Secretary of State of the State of New York on October 11, 1985, incorporated by reference to Exhibit 3.2 to
the 2002 10-K.</FONT></P>  </TD>
  </TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD colspan="2">
<P align="justify"><FONT size=2 face="serif">Certificate of Amendment of the Certificate of Incorporation of the Registrant filed with the Secretary of State of the State of New York on July 21, 1988, incorporated by reference to Exhibit 3.3 to the
2002 10-K.</FONT></P>  </TD>
  </TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD colspan="2">
<P align="justify"><FONT size=2 face="serif">Certificate of Amendment of the Certificate of Incorporation of the Registrant filed with the Secretary of State of the State of New York on May 13, 1997, incorporated by reference to Exhibit 3.4 to the
2002 10-K.</FONT></P>  </TD>
  </TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD colspan="2">
<P align="justify"><FONT size=2 face="serif">Certificate of Amendment of the Certificate of Incorporation of the Registrant filed on April 24, 2002 incorporated by reference to Exhibit 3.5 to the Registrant&#146;s Quarterly Report on Form 10-Q for
the quarterly period ended March 30, 2002 (the &#147;Second Quarter 2002 Form 10-Q&#148;).</FONT></P>  </TD>
  </TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD colspan="2">
<P align="justify"><FONT size=2 face="serif">By-Laws of the Registrant, incorporated by reference to Exhibit 3.2 to the Registrant&#146;s Registration Statement on Form S-18 filed with the Securities and Exchange Commission on October 17,
1985.</FONT></P>  </TD>
  </TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD colspan="2">
<P align="justify"><FONT size=2 face="serif">Amended and Restated Redemption Agreement dated June 29, 1993 between the Registrant and Michael Weinstein, incorporated by reference to Exhibit 10.1 to the Registrant&#146;s Annual Report on Form 10-K
for the fiscal year ended October 2, 1994 (&#147;1994 10-K&#148;).</FONT></P>  </TD>
  </TR>
<TR><TD colspan=5>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">38</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Form of Indemnification Agreement
    entered into between the Registrant and each of Michael Weinstein, Ernest
    Bogen, Vincent Pascal, Robert Towers, Jay Galin, Robert Stewart, Bruce R.
    Lewin, Paul Gordon and Donald D. Shack, incorporated by reference to Exhibit
    10.2 to the 1994 10-K.</FONT></P>  </TD>
</TR>

<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Ark Restaurants Corp. Amended Stock Option Plan, incorporated by reference to Exhibit 10.3 to the 1994 10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.4 to the Registrant&#146;s Annual Report on Form 10-K for
the fiscal year ended October 2, 1999.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Ark Restaurants Corp. 1996 Stock Option Plan, as amended, incorporated by reference to the Registrant&#146;s Definitive Proxy Statement pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. 1) filed on March 16, 2001.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Lease Agreement dated May 17, 1996 between New York-New York Hotel, LLC, and Las Vegas America Corp., incorporated by reference to Exhibit 10.6 to the Registrant&#146;s Annual Report on Form 10-K for the
fiscal year ended October 3, 1998 (the &#147;1998 10-K&#148;).</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Lease Agreement dated May 17, 1996 between New York-New York Hotel, LLC, and Las Vegas Festival Food Corp., incorporated by reference to Exhibit 10.7 to the 1998 10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Lease Agreement dated May 17, 1996 between New York-New York Hotel, LLC, and Las Vegas Steakhouse Corp., incorporated by reference to Exhibit 10.8 to the 1998 10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated August 21, 2000 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.9 to the
Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended September 30, 2000 (the &#147;2000 10-K&#148;).</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated November 21, 2000 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.10 to the 2000
10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated November 1, 2001 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.11 to the
Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended September 29, 2001 (the &#147;2001 10-K&#148;).</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated December 20, 2001 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.11 of the 2001
10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated as of April 23, 2002 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.13 of the
Second Quarter 2002 Form 10-Q.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">39</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
    <div align="center"><FONT size=2 face="serif">10.14</FONT></div></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated as of January 22, 2002 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.14 of the
First Quarter 2003 Form 10-Q.</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
    <div align="center"><FONT size=2 face="serif">10.15</FONT></div></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Ark Restaurants Corp. 2004 Stock Option Plan, as amended, incorporated by reference to the Registrant&#146;s Definitive Proxy Statement pursuant to Section 14(a) of the Securities Exchange Act of 1934
filed on January 26, 2004.</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
    <div align="center"><FONT size=2 face="serif">14</FONT></div></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Code of Ethics, incorporated by reference to Exhibit 14.1 to the Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended September 27, 2003.</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
    <div align="center"><FONT size=2 face="serif">16</FONT></div></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Letter from Deloitte &amp; Touche LLP regarding change in certifying accountants, incorporated by reference from the exhibit included with our Current Report on Form 8-K filed with the SEC on January 15,
2004 and our Current Report on Form 8-K/A filed with the SEC on January 16, 2004.</FONT></P>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR>
<TR>
  <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD width="90%"></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">*21</FONT> </div></TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Subsidiaries of the Registrant.</FONT>  </TD>
</TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">*23</FONT> </div></TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Consent of J.H. Cohn LLP.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">*31.1</FONT> </div></TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Certification of Chief Executive Officer.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">*31.2</FONT> </div></TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Certification of Chief Financial Officer.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">*32</FONT> </div></TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Section 1350 Certification</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp; Reports</FONT>&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated December 19, 2007</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">on</FONT>      </div></TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">Form</FONT>  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=2 face="serif">8-K</FONT>      </div></TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated January 11, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated February 8, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated March 27, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated April 11, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated May 12, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated July 11, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated July 22, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated August 8, 2007</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="serif">Report on Form 8-K dated October 10, 2008</FONT>  </TD>
</TR>
</TABLE>
<BR>
<div style="border-bottom:1px solid #000000; width:100px">&nbsp;</div>
<P align="justify"><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed herewith. </FONT></P>
<P align="justify">&nbsp;</P>
<P align="center"><font size=2>40 </font></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<P align="justify">
<FONT size=2 face="serif">Report of Independent Registered Public Accounting Firm</FONT></P><P align="left">&nbsp;</P>
<P align="justify">
<FONT size=2 face="serif">To the Board of Directors and Shareholders</FONT><BR>
<FONT size=2 face="serif">Ark Restaurants Corp. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We have audited the accompanying consolidated balance sheets of Ark Restaurants Corp. and Subsidiaries as of September 27, 2008 and September 29, 2007, and the related consolidated statements of operations, shareholders'
equity and cash flows for each of the two years in the period ended September 27, 2008. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Ark Restaurants Corp. and Subsidiaries as of September 27, 2008 and
September 29, 2007, and their consolidated results of operations and cash flows for each of the two years in the period ended September 27, 2008, in conformity with accounting principles generally accepted in the United States of America.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">/s/ J.H. Cohn LLP </FONT><BR>
<BR>
<FONT size=2 face="serif">Jericho, New York </FONT><BR>
<FONT size=2 face="serif">December 22, 2008</FONT></P>
<P align="center">
<FONT size=2 face="serif">F-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=100%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="serif">ARK RESTAURANTS CORP. AND SUBSIDIARIES</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="serif">CONSOLIDATED BALANCE SHEETS</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(In Thousands, Except Per Share Amounts)</FONT>
  </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=66%></TD>
     <TD width=4%></TD>
     <TD width=1%><div align="left"></div></TD>
     <TD width=11%></TD>
     <TD width=1%></TD>
     <TD width=3%></TD>
     <TD width=1%><div align="left"></div></TD>
     <TD width=11%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="serif">September 27,</FONT> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>  <div align="center">&nbsp;</div></TD>
  <TD align=right nowrap>  <div align="center"></div></TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="serif">September 29,</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="serif">2008</FONT> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>  <div align="center">&nbsp;</div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="center"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="serif">2007</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<U><FONT size=1 face="serif">ASSETS</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">CURRENT ASSETS:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Cash and cash equivalents</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,978</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">4,009</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Short-term investments in available-for-sale securities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">9,267</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">9,201</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Accounts receivable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,862</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,657</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Related party receivables, net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">881</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,318</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Employee receivables</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">281</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">316</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Current portion of long-term receivables</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">121</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">114</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Inventories</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,556</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,410</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Prepaid expenses and other current assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">362</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">649</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Assets held-for-sale</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,120</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Total current assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">18,308</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">20,794</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">LONG-TERM RECEIVABLES, LESS CURRENT PORTION</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">231</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">352</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">FIXED ASSETS - At cost:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Leasehold improvements</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">31,533</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">27,094</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Furniture, fixtures and equipment</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">28,372</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">25,692</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Construction in progress</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">44</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,142</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">59,949</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">53,928</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Less accumulated depreciation and amortization</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">35,087</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">33,880</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">FIXED ASSETS - Net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">24,862</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">20,048</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">INTANGIBLE ASSETS - Net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">62</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">80</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">GOODWILL</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">4,813</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">5,107</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">TRADEMARKS</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">721</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">721</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">DEFERRED INCOME TAXES</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">4,312</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">4,763</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">OTHER ASSETS</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">701</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">316</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">TOTALS</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">54,010</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">52,181</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<U><FONT size=1 face="serif">LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">CURRENT LIABILITIES:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Accounts payable - trade</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,834</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,404</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Accrued expenses and other current liabilities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">5,312</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">5,503</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Accrued income taxes</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">823</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,135</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Current portion of note payable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">195</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">181</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Total current liabilities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">9,164</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">9,223</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">OPERATING LEASE DEFERRED CREDIT</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,695</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,771</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">NOTE PAYABLE, LESS CURRENT PORTION</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">510</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">704</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">OTHER LIABILITIES</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;<div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">157</FONT> </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <FONT size=1 face="serif">229</FONT> </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">TOTAL LIABILITIES</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;<div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">13,526</FONT></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <FONT size=1 face="serif">13,927</FONT> </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">NON-CONTROLLING INTERESTS</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;<div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,681</FONT> </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">164</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">COMMITMENTS AND CONTINGENCIES - See Note 11</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">SHAREHOLDERS' EQUITY:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Common stock, par value &#36;.01 per share - authorized, 10,000 shares; issued</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">and outstanding of 5,667 and 3,532 shares at September 27, 2008</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">and 5,667 and 3,597 shares at September 29, 2007, respectively</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">57</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">57</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Additional paid-in capital</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">22,068</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">21,756</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Accumulated other comprehensive income (loss)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(30</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">49</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Retained earnings</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">25,427</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">24,780</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">47,522</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">46,642</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Less stock option receivable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(124</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(166</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Less treasury stock, at cost, of 2,135 and 2,070 shares at September 27, 2008</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">and September 29, 2007, respectively</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(9,595</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid;">
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(8,386</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:2px solid ;">
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Total shareholders' equity</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">37,803</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">38,090</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">TOTALS</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">54,010</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">52,181</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="serif">See notes to consolidated financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">F-2 </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="serif">ARK RESTAURANTS CORP. AND SUBSIDIARIES</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="serif">CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(In Thousands, Except Per Share Amounts)</FONT>  </TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=69%></TD>
     <TD width=4%></TD>
     <TD width=1%><div align="left"></div></TD>
     <TD width=10%></TD>
     <TD width=1%></TD>
     <TD width=3%></TD>
     <TD width=1%><div align="left"></div></TD>
     <TD width=10%></TD>
     <TD width=1%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="serif">Years Ended</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="serif">September 27,</FONT> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD> </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="serif">September 29,</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;<FONT size=1 face="serif">2008</FONT>
    <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="serif">2007</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">REVENUES</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Food and beverage sales</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">122,934</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">115,676</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Other income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,456</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,145</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp;<font size=1 face="serif">Total revenues</font></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="serif">125,390</font></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><font size=1 face="serif">117,821</font></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>

<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">COST AND EXPENSES:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Food and beverage cost of sales</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">32,807</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">30,271</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Payroll expenses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">38,325</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap >&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">35,630</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Occupancy expenses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">16,809</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">15,443</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Other operating costs and expenses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">15,414</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">14,062</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">General and administrative expenses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">9,157</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">9,046</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Depreciation and amortization</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">3,091</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,657</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Total cost and expenses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">115,603</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">107,109</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">OPERATING INCOME</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9,787</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">10,712</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">OTHER (INCOME) EXPENSE:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Interest expense</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">57</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">65</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Interest income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(490</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(417</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Other income, net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(716</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(798</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Total other income, net</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(1,149</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(1,150</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Income from continuing operations before provision for income taxes and non-controlling interests</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">10,936</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">11,862</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Provision for income taxes</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,676</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,669</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Income attributable to non-controlling interests</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(299</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(236</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">INCOME FROM CONTINUING OPERATIONS</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,961</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,957</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">DISCONTINUED OPERATIONS:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Income from operations of discontinued restaurants (includes a net loss on disposal of</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">of &#36;19 for the year ended September 27, 2008 and a net gain on disposal of &#36;7,814 for</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
     <div align="left">&nbsp; &nbsp;<FONT size=1 face="serif">for the year ended September 29, 2007, respectively)</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">26</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">7,721</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Provision for income taxes</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">9</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">2,665</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">INCOME FROM DISCONTINUED OPERATIONS</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">17</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5,056</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">NET INCOME</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">6,978</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">13,013</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">PER SHARE INFORMATION - BASIC AND DILUTED:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>  <div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Income from continuing operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1.94</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2.22</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Discontinued operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0.00</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1.41</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">BASIC</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">1.94</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">3.63</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Income from continuing operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1.93</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2.21</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Discontinued operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">  <div align="left"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0.00</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1.40</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">DILUTED</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">1.93</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
    <FONT size=1 face="serif">&#36;</FONT> </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">3.61</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">WEIGHTED AVERAGE NUMBER OF SHARES - BASIC</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">3,594</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">3,582</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">WEIGHTED AVERAGE NUMBER OF SHARES - DILUTED</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">3,608</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">3,607</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="serif">See notes to consolidated financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">F-3 </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=1 face="serif">ARK RESTAURANTS CORP.
          AND SUBSIDIARIES</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=1 face="serif">CONSOLIDATED STATEMENTS
          OF CASH FLOWS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="serif">(In
    Thousands)</FONT></TD>
  </TR>
</TABLE><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width="67%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="3%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="6" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="serif">Year Ended</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2>
    <div align="center"><FONT size=1 face="serif">September 27,</FONT> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap colspan=2>
    <div align="center"><FONT size=1 face="serif">September 29,</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="serif">2008</FONT> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD></TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="serif">2007</FONT> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>

<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH FLOWS FROM OPERATING ACTIVITIES:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Net income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">6,978</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">13,013</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Adjustments to reconcile net income to net cash</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">provided by operating activities:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Deferred income taxes</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">451</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,542</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Stock-based compensation</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">312</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">408</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Depreciation and amortization</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,091</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,657</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">(Gain) loss on disposal of discontinued operation</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">19</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(7,814</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Impairment loss on goodwill related to discontinued operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">294</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">537</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Equity in loss of affiliate</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">127</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Income attributable to non-controlling interests</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">299</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">235</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Operating lease deferred credit</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(76</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(339</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Changes in operating assets and liabilities:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Accounts receivable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(205</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(70</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Related party receivables</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">437</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">128</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Employee receivables</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">35</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">78</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Inventories</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(146</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">30</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Prepaid expenses and other current assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">270</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">51</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Other assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(512</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">148</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Accounts payable - trade</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">430</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">211</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Accrued income taxes</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(312</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(317</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Accrued expenses and other current liabilities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(191</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">1,285</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash provided by continuing operating activities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=1 face="serif">11,301</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">11,783</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash provided by (used in) discontinued operating activities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">56</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(19</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash provided by operating activities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">11,357</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">11,764</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH FLOWS FROM INVESTING ACTIVITIES:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Purchases of fixed assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=1 face="serif">(8,080</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(3,655</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Proceeds from sale of discontinued operations</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">1,030</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">14,000</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Purchases of investment securities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=1 face="serif">(14,645</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(29,189</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Proceeds from sales of investment securities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=1 face="serif">14,500</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">20,037</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Payment for purchase of Durgin Park</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(2,000</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Payments received on long-term receivables</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">114</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">690</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash used in continuing investing activities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=1 face="serif">(7,081</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(117</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash provided by discontinued investing activities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">153</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash used in investing activities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(6,928</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(117</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH FLOWS FROM FINANCING ACTIVITIES:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Tax benefit on exercise of stock options</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">81</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Principal payments on note payable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(180</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(115</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Dividends paid</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=1 face="serif">(6,331</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(16,078</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Exercise of stock options</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">864</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Purchase of treasury stock</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=1 face="serif">(1,209</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Payments received on stock option receivable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">42</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Capital contributions from non-controlling interests</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">2,500</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Distributions to non-controlling interests</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(282</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(61</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Net cash used in financing activities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(5,460</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">(15,309</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">NET DECREASE IN CASH AND CASH EQUIVALENTS</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=1 face="serif">(1,031</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(3,662</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH AND CASH EQUIVALENTS, Beginning of year</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">4,009</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">7,671</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">CASH AND CASH EQUIVALENTS, End of year</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">2,978</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">4,009</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Cash paid during the period for:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Interest</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">57</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">64</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Income taxes</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">3,557</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">5,969</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Non-cash investing  activity:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Investment in unconsolidated affiliates</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">298</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">Non-cash financing activity:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Debt incurred in connection with acquisition</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">1,000</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="serif">See notes to consolidated financial statements. </FONT></P>
<P align="center">
<FONT size=2 face="serif">F-4 </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=1 face="serif">ARK RESTAURANTS CORP.
          AND SUBSIDIARIES</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=1 face="serif">CONSOLIDATED STATEMENTS
    OF SHAREHOLDERS' EQUITY</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=1 face="serif">YEARS ENDED SEPTEMBER
    27, 2008 AND SEPTEMBER 29, 2007</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="serif">(In Thousands)</FONT></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
     <TD></TD>
     <TD colspan="2"></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD colspan="2"></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD colspan="2" align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=right nowrap>
    <div align="center"><B><FONT size=1 face="serif">Accumulated</FONT></B> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD> </TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD colspan="2" align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=center nowrap>
    <div align="center"><B><FONT size=1 face="serif">Other</FONT></B> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=center nowrap>
    <div align="center"><B><FONT size=1 face="serif">Total</FONT></B> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;">

 <div align="center"><B><FONT size=1 face="serif">Common Stock</FONT></B> </div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><B><FONT size=1 face="serif">Additional Paid- </FONT></B> </div></TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap><div align="center"><b><font size=1 face="serif">Comprehensive</font></b></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=right nowrap>
    <div align="center"><B><FONT size=1 face="serif">Retained</FONT></B> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=right>
    <div align="center"><B><FONT size=1 face="serif">Stock Option</FONT></B> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"><b><font size=1 face="serif">Treasury </font></b></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD align=center nowrap>
    <div align="center"><B><FONT size=1 face="serif">Shareholders'</FONT></B> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Shares</FONT></B> </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;<div align="center"></div></TD>
  <TD>  <div align="center" style="border-bottom:1px solid #000000;">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Amount</FONT></B> </div></TD>
  <TD>  <div align="center" style="border-bottom:1px solid #000000;">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  <div align="center"></div></TD>
  <TD colspan="2" align=left style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">In Capital</FONT></B> </div></TD>
  <TD>  <div align="center" style="border-bottom:1px solid #000000;">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  <div align="center"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Income (Loss)</FONT></B> </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; <div align="center"></div></TD>
  <TD>  <div align="center" style="border-bottom:1px solid #000000;">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; <div align="center"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Earnings</FONT></B> </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;<div align="center"></div></TD>
  <TD>  <div align="center" style="border-bottom:1px solid #000000;">&nbsp;</div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;<div align="center"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Receivable</FONT></B> </div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=1 face="serif"> Stock</font></b></div></TD>
  <TD colspan="3" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;<div align="center"></div>  <div align="center"></div>  <div align="center"></div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Equity</FONT></B> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=31>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=31>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">BALANCE - September 30, 2006</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">5,632</FONT>  </TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD><font size=1 face="serif">&#36;</font> </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">57</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">20,403</FONT>  </TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">27,845</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(166</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(8,386</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">39,753</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=31>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Exercise of stock options</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">35</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">864</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">864</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Tax benefit on exercise of stock options</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">81</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">81</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Stock-based compensation</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">408</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">408</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Payment of dividends - &#36;4.49 per share</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(16,078</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(16,078</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Unrealized gain on available-for-sale securities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">49</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">49</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Net income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">13,013</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">13,013</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=31>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=1 face="serif">BALANCE - September 29, 2007</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">5,667</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">57</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">21,756</FONT>  </TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">49</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">24,780</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(166</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(8,386</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">38,090</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=31>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Stock-based compensation</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">312</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">312</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Payment of dividends - &#36;1.76 per share</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(6,331</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(6,331</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Unrealized loss on available-for-sale securities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(79</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(79</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Repayments on stock option receivable</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">42</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">42</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Purchases of treasury stock</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(1,209</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(1,209</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
 &nbsp;<FONT size=1 face="serif">Net income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">-</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,978</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;   </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,978</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=31>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">BALANCE - September 27, 2008</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">5,667</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD style="border-bottom:3px double #000000;"><font size=1 face="serif">&#36;</font>  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">57</FONT>  </TD>
  <TD style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">22,068</FONT>  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">(30</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">25,427</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">(124</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">(9,595</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD style="border-bottom:3px double #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">37,803</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
</TABLE>

<BR>
<P align="justify">
<FONT size=1 face="serif">See notes to </FONT><FONT size=1 face="serif">consolidated</FONT><FONT size=1 face="serif"> </FONT><FONT size=1 face="serif">financial</FONT><FONT size=1 face="serif"> </FONT><FONT size=1 face="serif">statements.</FONT><FONT size=1 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">F-5 </FONT></P>
<hr noshade align=CENTER width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=4 face="serif">ARK RESTAURANTS CORP. AND SUBSIDIARIES</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=100%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B>  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<B><FONT size=2 face="serif">1.</FONT></B>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="justify"><B><FONT size=2 face="serif">BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Ark Restaurants owns and operates 20 restaurants and bars, 30 fast food concepts, catering operations and wholesale and retail bakeries. Seven restaurants are located in New York City, four are located in
Washington, D.C., five are located in Las Vegas, Nevada, two are located in Atlantic City, New Jersey, one is located at the Foxwoods Resort Casino in Ledyard, Connecticut and one is located in Boston, Massachusetts. The Las Vegas operations include
three restaurants within the New York-New York Hotel &amp; Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and nine food court concepts; one bar within the Venetian Casino Resort as well as three
food court concepts. In Las Vegas, the Company also owns and operates one restaurant within the Planet Hollywood Resort and Casino. The Florida operations under management include five fast food facilities in Tampa, Florida and seven fast food
facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino. The operations at the Foxwoods Resort Casino include one
fast food concept and six fast food concepts at the MGM Grand Casino. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><B><I><FONT size=2 face="serif">Accounting Period</FONT></I></B><FONT size=2 face="serif">&#151;The Company&#146;s fiscal year ends on the Saturday nearest September 30. The fiscal years ended September 27, 2008 and September 29,
2007 included 52 weeks.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><B><I><FONT size=2 face="serif">Use of Estimates</FONT></I></B><FONT size=2 face="serif">&#151;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. The accounting estimates that require management&#146;s most difficult and subjective judgments include allowances for potential bad debts on receivables, inventories, the useful lives and recoverability of its
assets, such as property and intangibles, fair values of financial instruments and share-based compensation, the realizable value of its tax assets and other matters. Because of the uncertainty in such estimates, actual results may differ from these
estimates.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><B><I><FONT size=2 face="serif">Principles of Consolidation</FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">The consolidated financial statements include the accounts of the Company and all of
its wholly owned subsidiaries, partnerships and other entities in which it has a controlling interest. Also included in the consolidated financial statements are certain variable interest entities, as discussed below. All significant intercompany
balances and transactions have been eliminated in consolidation.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><B><I><FONT size=2 face="serif">Consolidation of Variable Interest Entities </FONT></I></B><FONT size=2 face="serif">&#151; Effective October 1, 2006, the Company determined that one of its managed restaurants, El Rio Grande
(&#147;Rio&#148;), should be presented on a consolidated basis in accordance with the Emerging Issues Task Force No. 04-5, &#147;Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar
Entity When the Limited Partners Have Certain Rights&#148; (&#147;EITF 04-5&#148;), and as a result included Rio in its consolidated financial statements. The impact of such consolidation was not material to the Company&#146;s consolidated financial
position or results of operations for any period presented.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><B><I><FONT size=2 face="serif">Non-Controlling Interests</FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">Non-controlling interests represent capital contributions, income and loss
attributable to the shareholders of less than 100% owned and consolidated partnerships.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><B><I><FONT size=2 face="serif">Fair Value of Financial Instruments </FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">The carrying amount of cash and cash equivalents, investments, receivables,
accounts payable, and accrued expenses approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair value of notes payable is determined using current applicable rates for similar instruments as of the balance sheet date and approximates the carrying value of such debt.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">F-6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<div style="margin-left:30px">

<P align="justify">
<B><I><FONT size=2 face="serif">Reclassifications&#151;</FONT></I></B><FONT size=2 face="serif">Certain reclassifications of prior year balances have been made to conform to the current year presentation. In connection with the planned or actual
sale or closure of various restaurants, the operations of these businesses have been presented as discontinued operations in the consolidated financial statements. Accordingly, the Company has reclassified its statements of operations and cash flow
data for the prior periods presented, in accordance with Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 144, &#147;Accounting for the Impairment or Disposal of Long-Lived Assets&#148; (&#147;SFAS 144&#148;). These dispositions
are discussed below in &#147;Recent Restaurant Dispositions.&#148; </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Cash and Cash Equivalents</FONT></I></B><FONT size=2 face="serif">&#151;Cash
and cash equivalents, which primarily consist of money market funds, are stated
at cost, which approximates fair value. For financial  statement presentation
purposes, the Company considers all highly liquid investments having original
maturities of three months or less to be cash equivalents. Outstanding checks
in excess of account balances, typically vendor payments, payroll and  other
contractual obligations disbursed after the last day of a reporting period are
reported as a current liability in the accompanying consolidated balance sheets.</FONT></P>
</div><div style="margin-left:30px">
<P align="justify">
<FONT size=2 face="serif"> </FONT><B><I><FONT size=2 face="serif">Available-For-Sale
Securities</FONT></I></B><FONT size=2 face="serif">&#151;Available-for-sale securities
consist of United States Treasury Bills, commercial paper, government  bonds,
corporate bonds and other fixed income securities, all of which have a high degree
of liquidity and are reported at fair value, with unrealized gains and losses
recorded in accumulated other comprehensive income. The cost of investments in
 available-for-sale securities is determined on a specific identification basis.
Realized gains or losses and declines in value judged to be other than temporary,
if any, are reported in other income, net. The Company evaluates its investments
 periodically for possible impairment and reviews factors such as the length
of time and extent to which fair value has been below cost basis and the Company&#146;s
ability and intent to hold the investment for a period of time which may be
sufficient for anticipated recovery in market value.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Concentrations of Credit Risk</FONT></I></B><FONT size=2 face="serif">&#151;Financial
instruments that potentially subject the Company to concentrations of credit
risk consist primarily of cash and cash equivalents.  The Company reduces credit
risk by placing its cash and cash equivalents with major financial institutions
with high credit ratings. At times, such amounts may exceed Federally insured
limits. As of September 27, 2008, the Company had cash and cash  equivalent balances,
primarily consisting of cash deposit accounts, which exceeded the Federal Deposit
Insurance Corporation limitation for coverage by approximately &#36;1,900,000.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Accounts Receivable</FONT></I></B><FONT size=2 face="serif">&#151;Accounts receivable is primarily composed of normal business receivables such as credit card receivables that are paid off in a short period of time
and amounts due from our managed outlets and hotel charges, and are recorded when the products or services have been delivered. We review the collectability of our receivables on an ongoing basis, and provide for an allowance when we consider the
entity unable to meet its obligation.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Inventories</FONT></I></B><FONT size=2 face="serif">&#151;Inventories are stated at the lower of cost (first-in, first-out) or market, and consist of food and beverages, merchandise for sale and other supplies.
</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Revenue Recognition</FONT></I></B><FONT size=2 face="serif">&#151;The Company-owned restaurant sales are composed almost entirely of food and beverage sales. The Company records revenue at the time of the purchase of
products by customers. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Management fees, which are included in Revenues &#150; Other Income, are related to the Company&#146;s unconsolidated managed restaurants that are not consolidated and are based on either gross restaurant sales or cash
flow. The Company recognizes management fee income in the period sales are made or cash flow is generated.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">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.
</FONT></P></div>
<P align="center">
<FONT size=2 face="serif">F-7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<div style="margin-left:30px">

<P align="justify">
<FONT size=2 face="serif">Additionally, the Company presents sales tax on a net basis in its consolidated financial statements. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Fixed Assets</FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">Leasehold improvements and furniture, fixtures and equipment are stated at cost. Depreciation of furniture, fixtures
and equipment is computed using the straight-line method over the estimated useful lives of the respective assets (three to seven years). Amortization of improvements to leased properties is computed using the straight-line method based upon the
initial term of the applicable lease or the estimated useful life of the improvements, whichever is less, and ranges from 5 to 30 years. For leases with renewal periods at the Company&#146;s option, if failure to exercise a renewal option imposes an
economic penalty to the Company, management may determine at the inception of the lease that renewal is reasonably assured and include the renewal option period in the determination of appropriate estimated useful lives. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The Company includes in construction in progress improvements in restaurants that are under construction. Once the projects have been completed, the Company will begin 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. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The Company follows Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 144, </FONT><I><FONT size=2 face="serif">&#147;Accounting for the Impairment or Disposal of Long-Lived Assets</FONT></I><FONT size=2 face="serif">,&#148; which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the asset&#146;s
carrying amount. In the evaluation of the fair value and future benefits of long-lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the
related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value. Various factors including future sales growth and profit margins are included in this analysis. Management believes at this time that carrying values
and useful lives continue to be appropriate. For the years ended September 27, 2008 and September 29, 2007, no impairment charges were deemed necessary.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Intangible Assets, Goodwill and Trademarks</FONT></I></B><FONT size=2 face="serif">&#151;Intangible assets consist primarily of goodwill, trademarks, purchased leasehold rights and noncompete agreements. Trademarks
acquired in connection with the Durgin Park acquisition (see Note 2) are considered to have an indefinite life and are not being amortized. As of September 29, 2002, the Company adopted the provisions of SFAS No. 142, &#147;</FONT><I><FONT size=2 face="serif">Accounting for Goodwill and Other Intangible Assets.&#148; </FONT></I><FONT size=2 face="serif"> This statement requires that for goodwill, including the goodwill included in the carrying value of investments accounted for using the equity
method of accounting, and certain other intangible assets deemed to have an indefinite useful life, the Company cease amortization. SFAS No. 142 requires that goodwill and certain intangible assets be assessed for impairment using fair value
measurement techniques. Specifically, goodwill impairment is determined using a two-step process. The first step of the goodwill impairment test is to identify potential impairment by comparing the fair value of the reporting unit (the Company is
being treated as one reporting unit) with its net book value (or carrying amount), including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step
of the impairment test is unnecessary. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the
goodwill impairment test compares the implied fair value of the reporting unit&#146;s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit&#146;s goodwill exceeds the implied fair value of that goodwill,
an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is
allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to
acquire the reporting unit. The impairment test for other intangible assets consists of a comparison of the fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an
impairment loss is recognized in an amount equal to that excess. </FONT></P>
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<FONT size=2 face="serif">F-8</FONT></P>

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<FONT size=2 face="serif">Determining the fair value of the reporting unit under the first step of the goodwill impairment test and determining the fair value of individual assets and liabilities of the reporting unit (including unrecognized
intangible assets) under the second step of the goodwill impairment test is judgmental in nature and often involves the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of
other intangible assets. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and also the magnitude of any such charge. To assist in the process of determining goodwill impairment. In
addition to the use of independent valuation firms, the Company performs internal valuation analyses and considers other market information that is publicly available. Estimates of fair value are primarily determined using discounted cash flows,
market comparisons and recent transactions. These approaches use significant estimates and assumptions including projected future cash flows (including timing), a discount rate reflecting the risk inherent in future cash flows, perpetual growth
rate, determination of appropriate market comparables and the determination of whether a premium or discount should be applied to comparables. Based on the above policy, approximately &#36;294,000 and &#36;100,000 of goodwill impairment expense was
recorded during fiscal years 2008 and 2007, respectively, in connection with restaurant dispositions. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Costs associated with acquiring leases and subleases, principally purchased leasehold rights, have been capitalized and are being amortized on the straight-line method based upon the initial terms of the applicable lease
agreements, which range from 9 to 20 years. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Covenants not to compete arising from restaurant acquisitions are amortized over the contractual period, typically five years. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Amortization expense for intangible assets not including goodwill was &#36;18,000 and &#36;20,000 for fiscal years ended 2008 and 2007, respectively.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Leases</FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">The Company is obligated under various lease agreements for certain restaurants. The Company recognizes rent expense on a
straight-line basis over the expected lease term, including option periods as described below. Within the provisions of certain leases there are escalations in payments over the base lease term, as well as renewal periods. The effects of the
escalations have been reflected in rent expense on a straight-line basis over the expected lease term, which includes option periods when it is deemed to be reasonably assured that the Company would incur an economic penalty for not exercising the
option. Percentage rent expense is generally based upon sales levels and is expensed as incurred. Certain leases include both base rent and percentage rent. The Company records rent expense on these leases based upon reasonably assured sales levels.
The consolidated financial statements reflect the same lease terms for amortizing leasehold improvements as were used in calculating straight-line rent expense for each restaurant. The judgments of the Company may produce materially different
amounts of amortization and rent expense than would be reported if different lease terms were used.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Operating Lease Deferred Credit</FONT></I></B><FONT size=2 face="serif">&#151;Several of the Company&#146;s operating leases contain predetermined increases in the rentals payable during the term of such leases. For
these leases, the aggregate rental expense over the lease term is recognized on a straight-line basis over the lease term. The excess of the expense charged to operations in any year and amounts payable under the leases during that year are recorded
as deferred credits that reverse over the lease term.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Occupancy Expenses</FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">Occupancy expenses include rent, rent taxes, real estate taxes, insurance and utility costs. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Defined Contribution Plans</FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">The Company offers a defined contribution savings plan (the &#147;Plan&#148;) to all of its full-time
employees. Eligible employees may contribute pre-tax amounts to the Plan subject to the Internal Revenue Code limitations. Company contributions to the Plan are at the discretion of the Board of Directors. During the years ended September 27, 2008,
and September 29, 2007, the Company did not make any contributions to the Plan. </FONT></P>
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<FONT size=2 face="serif">F-9</FONT></P>

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<B><I><FONT size=2 face="serif">Income Taxes</FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are
recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is
recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be
realized. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In June 2006, the FASB issued FASB Interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes &#150; an interpretation of FASB Statement No. 109&#148; (&#147;FIN 48&#148;). FIN 48 clarifies the accounting for
uncertainty in income taxes recognized in financial statements in accordance with FASB Statement No. 109, &#147;Accounting for Income Taxes.&#148; FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement
recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The
Company adopted the provisions of FIN 48 during the first fiscal quarter of 2008. The adoption of FIN 48 had no impact on our consolidated financial position, results of operation or cash flows, nor did the Company have any related interest or
penalties. As a result of the implementation, the Company recognized no material adjustment to the liability for unrecognized income tax benefits that existed as of September 29, 2007. It is the Company&#146;s policy to recognize interest and
penalties related to uncertain tax positions as a component of income tax expense.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">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.</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Income Per Share of Common Stock</FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">Basic net income per share is computed in accordance with Statement of Financial Accounting
Standard (&#147;SFAS&#148;) No. 128, </FONT><I><FONT size=2 face="serif">Earnings Per Share</FONT></I><FONT size=2 face="serif">, and is calculated on the basis of the weighted average number of common shares outstanding during each period. Diluted
net income per share reflects the additional dilutive effect of potentially dilutive shares (principally those arising from the assumed exercise of stock options).</FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Share-based Compensation</FONT></I></B><I><FONT size=2 face="serif">&#151;</FONT></I><FONT size=2 face="serif">Effective October 2, 2005, the Company adopted Statement of Financial Accounting Standards No. 123R,
</FONT><I><FONT size=2 face="serif">&#147;Share-Based Payment&#148;</FONT></I><FONT size=2 face="serif"> (&#147;SFAS 123R&#148;), and related interpretations and began expensing the grant-date fair value of employee stock options. Prior to October
2, 2005, the Company applied Accounting Principles Board Opinion No. 25, </FONT><I><FONT size=2 face="serif">&#147;Accounting for Stock Issued to Employees,&#148; </FONT></I><FONT size=2 face="serif">and related interpretations in accounting for its
stock option</FONT><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif">plans</FONT><I><FONT size=2 face="serif">. </FONT></I><FONT size=2 face="serif">Accordingly, prior to October 2, 2005, no compensation expense has been recognized
for employee stock options, as</FONT><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif">options granted had an exercise price equal to the market value of the underlying common stock on the date of grant. Upon adoption of SFAS 123R,
the Company elected to value employee stock options using the Black-Scholes option valuation method that uses assumptions that relate to the expected volatility of the Company&#146;s common stock, the expected dividend yield of our stock, the
expected life of the options and the risk free interest rate.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">On October 2, 2005, the Company adopted SFAS 123R using the modified prospective transition method and therefore has not restated prior periods. Under this transition method, compensation cost associated with employee stock
options recognized during fiscal 2006 includes amortization related to the remaining unvested portion of stock awards granted prior to October 2, 2005. During fiscal year 2007, the Company granted options to purchase 105,000 shares of common stock
at an exercise price of &#36;32.15. No options were granted during fiscal year 2008. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Prior to the adoption of SFAS 123R, the Company presented tax benefits resulting from share-based compensation as operating cash flows in the consolidated statements of cash flows. SFAS 123R requires that cash flows
resulting from tax deductions in excess of compensation cost recognized in the financial statements be classified as an operating cash outflow and a financing cash inflow.</FONT></P>
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<FONT size=2 face="serif">Compensation cost charged to operations for the fiscal years ended 2008 and 2007 for share-based compensation programs was approximately &#36;312,000 and &#36;408,000, before tax benefits of approximately &#36;108,000 and
&#36;139,000, respectively. The compensation cost recognized is classified as a general and administrative expense in the consolidated statements of operations. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In November 2005, the FASB issued FASB Staff Position No. FAS 123R-3 &#147;Transition Election Related to Accounting for the Tax Effects of Share-Based Payment Awards&#148; (&#147;FAS 123R-3&#148;). The Company has elected
to adopt the alternative transition method provided in this FASB Staff Position for calculating the tax effects of share-based compensation pursuant to FAS 123R-3. The alternative transition method includes a simplified method to establish the
beginning balance of the additional paid-in capital pool (APIC pool) related to the effects of employee share-based compensation, which is available to absorb tax deficiencies recognized subsequent to the adoption of SFAS 123R.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">A summary of stock option activity is presented below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD colspan="2"></TD>
     <TD width="2%"></TD>
     <TD width="9%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD></TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Weighted</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Weighted</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Weighted</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Average</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Average</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Average</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Aggregate</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Exercise</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Fair</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Contractual</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Intrinsic</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD width="4%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Options</FONT></B>  </TD>
  <TD width="30%">&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Shares</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Price</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Term (Yrs.)</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Valuee</FONT></B>  </TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom"  bgcolor="#E5FFFF">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Outstanding as September 29, 2007</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">271,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;30.59</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">&#36;9.22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">8.01</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Granted</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom"  bgcolor="#E5FFFF">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Exercised</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Outstanding at September 27, 2008</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">271,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;30.59</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;9.22</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.01</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36; -</FONT>  </TD>
</TR>
<TR>
  <TD colspan=12>&nbsp;  </TD>
</TR>
<TR valign="bottom"  bgcolor="#E5FFFF">
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Exercisable at September 27, 2008</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">219,000</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;30.21</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;8.80</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">6.71</FONT> </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36; -</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify"><BR>
</P>
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<FONT size=2 face="serif">F-11</FONT></P>

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<FONT size=2 face="serif">The Company, generally, issues new shares upon the exercise of employee stock options. </FONT></P>
<P align="justify">
<B><I><FONT size=2 face="serif">Recently Issued Accounting Pronouncements</FONT></I></B><FONT size=2 face="serif">&#151;In September 2006, the FASB issued SFAS No. 157,</FONT><I><FONT size=2 face="serif"> &#147;Fair Value
Measurements</FONT></I><FONT size=2 face="serif">&#148; (&#147;SFAS 157&#148;), which, among other requirements, defines fair value, establishes a framework for measuring fair value, and expands disclosures about the use of fair value to measure
assets and liabilities. SFAS 157 prescribes a single definition of fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For
financial instruments and certain nonfinancial assets and liabilities that are recognized or disclosed at fair value on a recurring basis at least annually, SFAS 157 is effective beginning the first fiscal year that begins after November 15, 2007,
which corresponds to the Company&#146;s fiscal year beginning September 28, 2008. For all other nonfinancial assets and liabilities the effective date of SFAS 157 has been delayed to the first fiscal year beginning after November 15, 2008, which
corresponds to the Company&#146;s fiscal year beginning October 4, 2009. The Company is evaluating the effect SFAS 157 will have on its consolidated financial statements, but it currently does not expect the effect to be material. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In February 2007, the FASB issued SFAS No. 159,</FONT><I><FONT size=2 face="serif"> &#147;The Fair Value Option for Financial Assets and Financial Liabilities&#148;</FONT></I><FONT size=2 face="serif"> (&#147;SFAS
159&#148;), which permits measurement of recognized financial assets and liabilities at fair value with certain exceptions such as investments in subsidiaries, obligations for pension or other postretirement benefits, and financial assets and
financial liabilities recognized under leases. Changes in the fair value of items for which the fair value option is elected should be recognized in income or loss. The election to measure eligible items at fair value is irrevocable and can only be
made at defined election dates or events, generally on an instrument by instrument basis. Items for which the fair value option is elected should be separately presented or parenthetically be disclosed in the statement of financial position. SFAS
159 also requires significant new disclosures that apply for interim and annual financial statements. SFAS 159 shall be effective for fiscal years beginning after November 15, 2007 with earlier adoption permitted, if certain conditions are met. The
effect of the first remeasurement to fair value of eligible items existing would be reported as an adjustment to the opening balance of retained earnings as of the date of adoption, which corresponds to the Company&#146;s fiscal year beginning
September 28, 2008. The Company is currently evaluating SFAS 159 and determining whether to elect the fair value option for certain financial assets and liabilities. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In December 2007, the FASB issued SFAS No. 141 (Revised),</FONT><I><FONT size=2 face="serif"> &#147;Business Combinations&#148;</FONT></I><FONT size=2 face="serif"> (SFAS 141R), which establishes principles and requirements
for the reporting entity in a business combination, including recognition and measurement in the financial statements of the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree. This statement also
establishes disclosure requirements to enable financial statement users to evaluate the nature and financial effects of the business combination. SFAS 141R applies prospectively to business combinations for which the acquisition date is on or after
the beginning of the first annual reporting period beginning on or after December 15, 2008. SFAS 141R will become effective for our fiscal year beginning October 4, 2009. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In December 2007, the FASB issued SFAS No. 160,</FONT><I><FONT size=2 face="serif"> &#147;Noncontrolling Interests in Consolidated Financial Statements&#151;an amendment of ARB&#148; No. 51, </FONT></I><FONT size=2 face="serif">(&#147;SFAS 160&#148;), which amends Accounting Research Bulletin No. 51,</FONT><I><FONT size=2 face="serif"> &#147; Consolidated Financial Statements&#148; </FONT></I><FONT size=2 face="serif">(&#147;ARB No. 51&#148;)</FONT><I><FONT size=2 face="serif"> ,</FONT></I><FONT size=2 face="serif"> to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. This standard defines a noncontrolling interest,
previously referred to as minority interest, as the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. SFAS 160 requires, among other items, that a noncontrolling interest be included in the consolidated balance
sheet within equity separate from the parent&#146;s equity; consolidated net income to be reported at amounts inclusive of both the parent&#146;s and noncontrolling interest&#146;s shares and, separately, the amounts of consolidated net income
attributable to the parent and noncontrolling interest all on the consolidated statement of income; and if a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be measured at fair value and a gain or
loss be recognized in net income based on such fair value. SFAS 160 is effective for fiscal years beginning after December 15, 2008, which corresponds to the Company&#146;s fiscal year beginning October 4, 2009. The Company is currently evaluating
the potential impact of adopting SFAS 160 on its consolidated financial statements.</FONT></P></div>
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<FONT size=2 face="serif">F-12</FONT></P>

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<div style="margin-left:30px">
<P align="justify">
<FONT size=2 face="serif">In March 2008, the FASB issued SFAS No. 161,</FONT><I><FONT size=2 face="serif"> &#147;Disclosures about Derivative Instruments and Hedging Activities,&#151;an amendment of FASB Statement No. 133&#148; </FONT></I><FONT size=2 face="serif">(&#147;SFAS 161&#148;), which requires enhanced disclosures about an entity&#146;s derivative and hedging activities and thereby improves the transparency of financial reporting. The objective of the guidance is to provide users
of financial statements with an enhanced understanding of how and why an entity uses derivative instruments; how derivative instruments and related hedged items are accounted for; and how derivative instruments and related hedged items affect an
entity&#146;s financial position, financial performance, and cash flows. SFAS 161 is effective for interim and annual periods beginning after November 15, 2008, which corresponds to the Company&#146;s quarterly period beginning December 28, 2008.
Management is currently evaluating the impact SFAS 161 will have on the Company&#146;s consolidated financial statements, but it currently does not expect the effect to be material. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In April 2008, the FASB issued FASB Staff Position 142-3, &#147;</FONT><I><FONT size=2 face="serif">Determination of the Useful Life of Intangible Assets&#148; </FONT></I><FONT size=2 face="serif">(&#147;FSP FAS
142-3&#148;), which amends the list of factors an entity should consider in developing renewal or extension assumptions in determining the useful life of recognized intangible assets under FAS No. 142, Goodwill and Other Intangible Assets. The new
guidance applies to (1) intangible assets that are acquired individually or with a group of other assets and (2) intangible assets acquired in both business combinations and asset acquisitions. Under FSP FAS 142-3, entities estimating the useful
life of a recognized intangible asset must consider their historical experience in renewing or extending similar arrangements or, in the absence of historical experience, must consider assumptions that market participants would use about renewal or
extension. FSP FAS 142-3 will require certain additional disclosures beginning October 1, 2009 and prospective application to useful life estimates prospectively for intangible assets acquired after September 20, 2009. The Company is in the process
of evaluating the impact that the adoption of FSP FAS 142-3 may have on its consolidated financial statements and related disclosures. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">In May 2008, the FASB issued SFAS No. 162, </FONT><I><FONT size=2 face="serif">&#147;The Hierarchy of Generally Accepted Accounting Principles.&#148;</FONT></I><FONT size=2 face="serif"> SFAS No. 162 identifies the sources
of accounting principles and provides entities with a framework for selecting the principles used in preparation of financial statements that are presented in conformity with GAAP. The current GAAP hierarchy has been criticized because it is
directed to the auditor rather than the entity, it is complex, and it ranks FASB Statements of Financial Accounting Concepts, which are subject to the same level of due process as FASB Statements of Financial Accounting Standards, below industry
practices that are widely recognized as generally accepted but that are not subject to due process. The Board believes the GAAP hierarchy should be directed to entities because it is the entity (not its auditors) that is responsible for selecting
accounting principles for financial statements that are presented in conformity with GAAP. SFAS No. 162 is effective November 15, 2008. The adoption of SFAS No. 162 does not have a material impact on our consolidated financial statements.
</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">2. ACQUISITION</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">On January 8, 2007, the Company acquired the operating assets and leasehold for the </FONT><I><FONT size=2 face="serif">Durgin Park Restaurant and the Black Horse Tavern </FONT></I><FONT size=2 face="serif">in Boston,
Massachusetts for &#36;2,000,000 in cash and a &#36;1,000,000 five year promissory note bearing interest at a rate of 7% per year.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The following summarizes the estimated fair values of the assets acquired at the acquisition date (in thousands):</FONT></P>
<TABLE width="40%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR>
     <TD width=57%></TD>
     <TD width=27%></TD>
     <TD width=3%></TD>
     <TD width=13%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Fixed Assets</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">513</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=2 face="serif">Trademarks</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>  <div align="left"></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">721</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Goodwill</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,766</FONT> </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=2 face="serif">Total Purchase Price</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=2 face="serif">&#36;</FONT>  </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">3,000</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The difference between the aggregate purchase price and fair value of the assets acquired has been recorded as goodwill and trademarks based on a valuation of the assets acquired.</FONT></P>
</DIV>
<P align="center">
<FONT size=2 face="serif">F-13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=2 face="serif">Unaudited pro forma financial information has not been presented as it has been deemed immaterial to the financial position, results of operations and cash flows.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<B><FONT size=2 face="serif">3.</FONT></B>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="justify"><B><FONT size=2 face="serif">RECENT RESTAURANT EXPANSION</FONT></B></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=2 face="serif">In 2006, the Company entered into an agreement to lease space for a Mexican restaurant, </FONT><I><FONT size=2 face="serif">Yolos, </FONT></I><FONT size=2 face="serif">at the Planet Hollywood Resort and
Casino (formerly known as the Aladdin Resort and Casino) in Las Vegas, Nevada. The obligation to pay rent for </FONT><I><FONT size=2 face="serif">Yolos </FONT></I><FONT size=2 face="serif">commenced when the restaurant opened for business in January
2008.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=2 face="serif">In June 2007, the Company entered into an agreement to design and lease a food court at the MGM Grand Casino at the Foxwoods Resort Casino which commenced operations during the third fiscal quarter of
2008. A limited liability company has been established to develop, construct, operate and manage the food court. The Company, through a wholly-owned subsidiary, is the managing member of this limited liability company and has an aggregate ownership
interest in the food court operations of 67%. Such operations have been consolidated as of and for the fiscal year ended September 27, 2008.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=2 face="serif">In June 2008, the Company signed two successive one-year agreements to use certain deck space adjacent to the </FONT><I><FONT size=2 face="serif">Sequoia </FONT></I><FONT size=2 face="serif">location in
New York City as a Caf&eacute;.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=2 face="serif">In June 2008, the Company entered into an agreement to design and lease a restaurant at The Museum of Arts &amp; Design at Columbus Circle in New York City. The initial term of the lease for this facility
will expire on December 31 sixteen years after the date the Museum first opens for business to the public following its current refurbishment and will have two five-year renewals. The Company anticipates the restaurant will open during the third
quarter of the 2009 fiscal year.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<B><FONT size=2 face="serif">4.</FONT></B>&nbsp; &nbsp; &nbsp;   </TD>
  <TD>
<P align="justify"><B><FONT size=2 face="serif">RECENT RESTAURANT DISPOSITIONS</FONT></B></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=2 face="serif">During the first fiscal quarter of 2008, the Company discontinued the operation of our Columbus Bakery retail and wholesale bakery located in New York City. Columbus Bakery was originally intended to
serve as the bakery that would provide all of our New York restaurants with baked goods as well as being a retail bakery operation. As a result of the sale and closure of several of our restaurants in New York City during the last several years,
this bakery operation was no longer profitable.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=2 face="serif">During the second fiscal quarter of 2008, the Company opened, along with certain third party investors, a new concept at this location called &#147;Pinch &amp; S&#146;Mac&#148; which features pizza and
macaroni and cheese. We contributed Columbus Bakery&#146;s net fixed assets and cash into this venture and received an ownership interest of 37.5%. These operations are not consolidated in the Company&#146;s consolidated financial
statements.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=2 face="serif">Effective June 30, 2008, the lease for the Company&#146;s </FONT><I><FONT size=2 face="serif">Stage Deli </FONT></I><FONT size=2 face="serif">facility at the Forum Shops in Las Vegas, Nevada expired. The
landlord for this facility offered to renew the lease at this location prior to its expiration at a significantly increased rent. The Company determined that it would not be able to operate this facility profitably at this location at the rent
offered in the landlord&#146;s renewal proposal. As a result, the Company discontinued these operations during the third fiscal quarter of 2008 and took a charge for the impairment of goodwill of &#36;294,000 and recorded a loss on disposal of
&#36;19,000. The impairment charge and disposal loss are included in discontinued operations. Operations for the fiscal years ending September 27, 2008 and September 29, 2007 have been reclassified as discontinued operations.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD>
<P align="justify"><FONT size=2 face="serif">As discussed in Note 1 to the consolidated financial statements, the Company accounts for its closed restaurants in accordance with the provisions of SFAS No. 144. Therefore, when the Company makes a
decision to close a restaurant, the restaurant&#146;s operations are eliminated from the ongoing operations. Accordingly, the operations of such restaurants, net of applicable income taxes, are presented as discontinued operations and prior period
operations of such restaurants, net of applicable income taxes, are reclassified. Discontinued operations consist of the following:</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">F-14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>

<div style="margin-left:30px">
<TABLE width="80%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Years Ended</FONT></B>    </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center>
<B><FONT size=2 face="serif">September 27,</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap><b><font size=2 face="serif">September 29,</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">2008</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">2007</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap colspan=3>
<FONT size=2 face="serif">(In thousands)</FONT>    </TD>
  </TR>

<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom"  bgcolor="#E5FFFF">
  <TD align=left nowrap><font size=2 face="serif">Revenues</font></TD>
  <TD>&nbsp;</TD>
  <TD align=right><div align="center"><font size=2 face="serif">&#36;</font><font size=2 face="serif">3,100</font> </div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"><font size=2 face="serif">&#36;</font><font size=2 face="serif">7,729</font> </div></TD>
</TR>

<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap><font size=2 face="serif">Income before income taxes</font></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><div align="center"><font size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">26</font></div></TD>
  <TD><div align="center"></div></TD>
  <TD align=left nowrap><div align="center"><font size=2 face="serif">&#36;</font><font size=2 face="serif">7,721</font> </div></TD>
</TR>

<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap><font size=2 face="serif">Income from discontinued restaurants,
    net of taxes</font></TD>
  <TD></TD>
  <TD align=right nowrap><div align="center"><font size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">17</font> </div></TD>
  <TD><div align="center"></div></TD>
  <TD align=left nowrap><div align="center"><font size=2 face="serif">&#36;</font><font size=2 face="serif">5,056</font> </div></TD>
</TR>
</TABLE>
<BR></div>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=3%></TD>
     <TD width=12%></TD>
     <TD width=82%></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><B><FONT size=2 face="serif">5. </FONT></B></TD>
  <TD colspan="2" align=left nowrap><B><FONT size=2 face="serif">INVESTMENT SECURITIES</FONT></B></TD>
  </TR>
</TABLE>
<P align="justify">
<FONT size=2 face="serif">The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of available-for-sale securities by major type and class at September 27, 2008 and September 29, 2007 are as follows (in
thousands): </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width="90%"></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><B><FONT size=1 face="serif">Amortized</FONT></B> </div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>
    <div align="center"><B><FONT size=1 face="serif">Gross Unrealized</FONT></B> </div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>
    <div align="center"><B><FONT size=1 face="serif">Gross Unrealized</FONT></B> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Cost</FONT></B> </div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD nowrap>  <div align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Holding Gains</FONT></B> </div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD nowrap>  <div align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Holding Losses</FONT></B> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD nowrap>  <div align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Fair Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="serif">At September 27, 2008</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Available-for-sale short-term:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Government debt securities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">8,897</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">(30</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">8,867</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Corporate debt securities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">400</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">400</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">9,297</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">(30</FONT>  </TD>
  <TD align=left valign="middle" nowrap>
<FONT size=1 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">9,267</FONT>  </TD>
</TR>
<TR>
  <TD colspan=16>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><B><FONT size=1 face="serif">Amortized</FONT></B> </div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>
    <div align="center"><B><FONT size=1 face="serif">Gross Unrealized</FONT></B> </div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>
    <div align="center"><B><FONT size=1 face="serif">Gross Unrealized</FONT></B> </div></TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Cost</FONT></B>  </TD>
  <TD nowrap>&nbsp;  </TD>
  <TD nowrap>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Holding Gains</FONT></B> </div></TD>
  <TD nowrap>&nbsp;  </TD>
  <TD nowrap>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Holding Losses</FONT></B> </div></TD>
  <TD align=left nowrap>  <div align="center"></div></TD>
  <TD nowrap>  <div align="center"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Fair Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="serif">At September 29, 2007</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Available-for-sale short-term:</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Government debt securities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,130</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">14</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="serif">3,144</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Corporate debt securities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,022</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">6,057</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">9,152</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">49</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">-</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="serif">9,201</FONT>  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=3%></TD>
     <TD width=12%></TD>
     <TD width=82%></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><B><FONT size=2 face="serif">6.</font></b></div></TD>
  <TD colspan="2" align=left nowrap>
    <B><FONT size=2 face="serif">LONG-TERM RECEIVABLES</FONT></B>  </TD>
  </TR>
</TABLE>
<BR><div style="margin-left:30px">
<P align="justify">
<FONT size=2 face="serif">In March 2005, the Company sold a restaurant for &#36;1,300,000. Cash of &#36;600,000 was included on the sale. Of the &#36;600,000 cash, &#36;200,000 was paid to the Company as a fee to manage the restaurant for four
months prior to closure and the balance was paid directly to the landlord. The remaining &#36;700,000 will be received in the form of a note receivable, at an interest rate of 6%, in installments through June 2011. As of September 27, 2008, the
Company was due &#36;352,000, of this &#36;231,000 was long-term and &#36;121,000 was current. As of September 29, 2007, the Company was due &#36;466,000, of this &#36;352,000 was long-term and &#36;114,000 was current. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">The carrying value of the Company&#146;s long-term receivables approximates their current aggregate fair value. </FONT></P>
</div><P align="center">
<FONT size=2 face="serif">F-15 </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=3%></TD>
     <TD width=12%></TD>
     <TD width=82%></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><B><FONT size=2 face="serif">7.</FONT></B></TD>
  <TD colspan="2" align=left nowrap><B><FONT size=2 face="serif">INTANGIBLE ASSETS</FONT></B></TD>
  </TR>
</TABLE>
<div style="margin-left:30px">
<P align="justify">
<FONT size=2 face="serif">Intangible assets consist of the following: </FONT></P>
</div>
<div style="margin-left:30px">
<TABLE width="80%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=68%></TD>
     <TD width=1%></TD>
     <TD width=1%></TD>
     <TD width=11%></TD>
     <TD width=7%></TD>
     <TD width=1%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">September 27,</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap colspan=2>
<B><FONT size=2 face="serif">September 29,</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">2008</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">2007</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap colspan=3>
<FONT size=2 face="serif">(In thousands)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=2 face="serif">Purchased leasehold rights (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,343</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,377</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Noncompete agreements and other</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">322</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">412</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,665</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,789</FONT>  </TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap>
<FONT size=2 face="serif">Less accumulated amortization</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,603</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,709</FONT>  </TD>
</TR>
<TR>
  <TD colspan=7>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=center nowrap>
<div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    Total intangible assets</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">62</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">80</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">(a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Purchased leasehold rights arise from acquiring leases and subleases of various restaurants. </FONT></P>
</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=3%></TD>
     <TD width=12%></TD>
     <TD width=82%></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><B><FONT size=2 face="serif">8.</FONT></B></TD>
  <TD colspan="2" align=left nowrap><B><FONT size=2 face="serif">GOODWILL AND TRADEMARKS</FONT></B></TD>
  </TR>
</TABLE>
<div style="margin-left:30px"><P align="justify">
<FONT size=2 face="serif">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 in accordance with SFAS No. 142, </FONT><I><FONT size=2 face="serif">Goodwill and Other Intangible
Assets</FONT></I><FONT size=2 face="serif">. 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 27, 2008 and September 29, 2007 are as follows (in thousands): </FONT></P>
<TABLE width="96%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="3%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="3%"></TD>
     <TD width="1%"></TD>
     <TD width="1%"><div align="left"></div></TD>
     <TD width="12%"></TD>
    <TD width="1%"></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="12%" align=right style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Goodwill</FONT></B> </div></TD>
  <TD align=left>  <div align="center"></div></TD>
  <TD>  <div align="center"></div></TD>
  <TD align=left style="border-bottom:1px solid #000000;">  <div align="center"></div></TD>
  <TD width="12%" align=left style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Trademarks</FONT></B> </div></TD>
  <TD>  <div align="center"></div></TD>
  <TD>  <div align="center"></div></TD>
  <TD align=right style="border-bottom:1px solid #000000;"><div align="left"></div></TD>
  <TD width="12%" align=right style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Total</FONT></B> </div></TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=center>
    <div align="left"><FONT size=2 face="serif">Balance as of September 30, 2006</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD width="12%" align=right>
<FONT size=2 face="serif">3,441</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD width="12%" align=left>
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD width="12%" align=right>
<FONT size=2 face="serif">3,441</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Acquired during the year</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="12%" align=right>
<FONT size=2 face="serif">1,766</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD width="12%" align=left>
    <div align="right"><FONT size=2 face="serif">721</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right><div align="left"></div></TD>
  <TD width="12%" align=right>
<FONT size=2 face="serif">2,487</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Impairment losses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="12%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(100</FONT>  </TD>
  <TD align=left>
<FONT size=2 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="12%" align=right style="border-bottom:1px solid #000000;">
    <div align="right"><FONT size=2 face="serif">-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;"><div align="left"></div></TD>
  <TD width="12%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(100</FONT>  </TD>
  <TD align=left>
<FONT size=2 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="serif">Balance as of September 29, 2007</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD width="12%" align=right>
<FONT size=2 face="serif">5,107</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD width="12%" align=left>
    <div align="right"><FONT size=2 face="serif">721</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right><div align="left"></div></TD>
  <TD width="12%" align=right>
<FONT size=2 face="serif">5,828</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Acquired during the year</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center>&nbsp;</TD>
  <TD width="12%" align=right>
<FONT size=2 face="serif">-</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD width="12%" align=right>
    <div align="right"><FONT size=2 face="serif">-</FONT> </div></TD>
  <TD>  <div align="center"></div></TD>
  <TD>  <div align="center"></div></TD>
  <TD align=center><div align="center"></div></TD>
  <TD width="12%" align=center>
    <div align="right"><FONT size=2 face="serif">-</FONT> </div></TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Impairment losses</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="12%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(294</FONT>  </TD>
  <TD align=left>
<FONT size=2 face="serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="12%" align=left style="border-bottom:1px solid #000000;">
    <div align="right"><FONT size=2 face="serif">-</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;"><div align="left"></div></TD>
  <TD width="12%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(294</FONT>  </TD>
  <TD align=left>
<FONT size=2 face="serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=center>
    <div align="left"><FONT size=2 face="serif">Balance as of September 27, 2008</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right style="border-bottom:3px double #000000;"><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD width="12%" align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">4,813</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD width="12%" align=left style="border-bottom:3px double #000000;">
    <div align="right"><FONT size=2 face="serif">721</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right style="border-bottom:3px double #000000;"><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD width="12%" align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">5,534</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
</TABLE>
</div><BR>
<P align="center">
<FONT size=2 face="serif">F-16 </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT size=2 face="serif">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER ASSETS </FONT></B></P>
<div style="margin-left:30px">
  <p align="justify"><font size=2 face="serif">Other assets consist of the following: </font></p>
  <table width="70%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width=95%></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=center nowrap><b><font size=2 face="serif">September 27,</font></b> </td>
      <td align=center nowrap>&nbsp;</td>
      <td colspan=3 align=center nowrap><b><font size=2 face="serif">September 29,</font></b></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=center nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">2008</font></b> </td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="3" align=center nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">2007</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap colspan=7><div align="center"><font size=2 face="serif">(In thousands)</font> </div></td>
    </tr>
    <tr>
      <td colspan=9>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap><font size=2 face="serif">Deposits and other</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=left nowrap><div align="right"><font size=2 face="serif">403</font> </div></td>
      <td align=left nowrap>&nbsp;&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      316</font> </td>
      <td align=right nowrap>&nbsp;&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><font size=2 face="serif">Investments in unconsolidated
          affiliates (a)</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><font size=2 face="serif">298</font> </div></td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr>
      <td colspan=9>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=left nowrap style="border-bottom:3px double #000000;"><div align="right"><font size=2 face="serif">701</font> </div></td>
      <td align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">316</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
  <BR>

<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="justify"><FONT size=2 face="serif">During the second fiscal quarter of 2008, we opened, along with certain third party investors, a new concept at our former Columbus Bakery location called &#147;Pinch &amp; S&#146;Mac&#148; which features
pizza and macaroni and cheese. We contributed Columbus Bakery&#146;s net fixed assets and cash into this venture and received an ownership interest of 37.5%. These operations are not consolidated in the Company&#146;s consolidated financial
statements. Included in Other income, net for fiscal 2008 is our losses of approximately &#36;127,000 related to this affiliate.</FONT></P>  </TD>
</TR>
</TABLE>
</div>
<P align="justify">
<B><FONT size=2 face="serif">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES </FONT></B></P>
<div style="margin-left:30px">
  <font size=2 face="serif">Accrued expenses and other current
      liabilities consist of the following: </font>
  <table width="70%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width="90%"></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=center nowrap colspan=3>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=left nowrap><div align="center"><b><font size=2 face="serif">September 27,</font></b> </div></td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=center nowrap colspan=3><b><font size=2 face="serif">September
            29,</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=left nowrap STYLE="border-bottom:1px solid #000000"><div align="center"><b><font size=2 face="serif">2008</font></b> </div></td>
      <td>&nbsp;</td>
      <td colspan="3" align=left nowrap STYLE="border-bottom:1px solid #000000"><div align="center"><b><font size=2 face="serif">2007</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap colspan=4><font size=2 face="serif">(In thousands)</font> </td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr>
      <td colspan=9>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Sales tax payable</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font></div></td>
      <td align=right nowrap><font size=2 face="serif">766</font> </td>
      <td align=right nowrap>&nbsp;&nbsp;</td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font></div></td>
      <td align=right nowrap><font size=2 face="serif">694</font> </td>
      <td align=right nowrap>&nbsp;&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">Accrued wages and payroll
          related costs</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">1,623</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">1,355</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Customer advance deposits</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">1,586</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">1,666</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">Accrued and other liabilities</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">1,337</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">1,788</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr>
      <td colspan=9>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><font size=2 face="serif">&#36;</font></div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">5,312</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><font size=2 face="serif">&#36;</font></div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">5,503</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
  <BR>
</div>
<P align="justify">
<B><FONT size=2 face="serif">11. &nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS AND CONTINGENCIES </FONT></B></P>
<div style="margin-left:30px">
  <b><i><font size=2 face="serif">Leases</font></i></b><b><font size=2 face="serif">&#151;</font></b><font size=2 face="serif">The
      Company leases its restaurants, bar facilities, and administrative headquarters
      through its subsidiaries under terms expiring at various dates through
      2032. Most of the leases provide for the payment of base rents plus real
      estate taxes, insurance and other expenses and, in certain instances, for
      the payment of a percentage of the restaurants&#146; sales in excess of
      stipulated amounts at such facility. </font>
  <p align="justify"> <font size=2 face="serif">As of September 27, 2008, future
      minimum lease payments under noncancelable leases are as follows: </font></p>
</div>
<P align="center"><FONT size=2 face="serif">F-17 </FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:40px">
  <table width="60%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width=95%></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=center nowrap><b><font size=2 face="serif">Amount</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><b><font size=2 face="serif">Fiscal Year</font></b> </td>
      <td>&nbsp;</td>
      <td colspan="3" align=center><b><font size=2 face="serif">(In thousands)</font></b> </td>
    </tr>
    <tr>
      <td colspan=5>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap><font size=2 face="serif">2009</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap><div align="left"><font size=2 face="serif">&#36;</font></div></td>
      <td align=right nowrap><font size=2 face="serif">7,188</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><font size=2 face="serif">2010</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">7,035</font> </td>
      <td align=right nowrap>&nbsp;&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap><font size=2 face="serif">2011</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">6,927</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><font size=2 face="serif">2012</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">6,178</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap><font size=2 face="serif">2013</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">5,833</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><font size=2 face="serif">Thereafter</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">25,879</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr>
      <td colspan=5>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap><font size=2 face="serif">Total minimum
          payments</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><font size=2 face="serif">&#36;</font></div></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59,040</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
</div>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">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 &#36;1,042,000 as security deposits under
such leases.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Rent expense was &#36;13,235,000 and &#36;11,876,000 during the fiscal years ended September 27, 2008 and September 29, 2007, respectively. Contingent rentals, included in rent expense, were
&#36;4,931,000 and &#36;4,331,000 for the fiscal years ended September 27, 2008 and September 29, 2007, respectively.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">In June 2008, the Company signed two successive one-year agreements to use certain deck space adjacent to the </FONT><I><FONT size=2 face="serif">Sequoia </FONT></I><FONT size=2 face="serif">location in
New York City as a Caf&eacute;.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">In June 2008, the Company entered into an agreement to design and lease a restaurant at The Museum of Arts &amp; Design at Columbus Circle in New York City. The initial term of the lease for this facility
will expire on December 31 sixteen years after the date the Museum first opens for business to the public following its current refurbishment and will have two five-year renewals. The Company anticipates the restaurant will open during the second
quarter of the 2009 fiscal year.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The future minimum lease payments from the above noted leases are included in the above schedule.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><B><I><FONT size=2 face="serif">Legal Proceedings</FONT></I></B><FONT size=2 face="serif">&#151;In the ordinary course of its business, the Company is a party to various lawsuits arising from accidents at its restaurants and
worker&#146;s compensation claims, which are generally handled by the Company&#146;s insurance carriers.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The employment by the Company of management personnel, waiters, waitresses and kitchen staff at a number of different restaurants has resulted in the institution, from time to time, of litigation alleging
violation by the Company of employment discrimination laws. The Company does not believe that any of such suits will have a materially adverse effect upon the Company&#146;s consolidated financial statements.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<B><FONT size=2 face="serif">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
  <TD width=100%>
<P align="justify"><B><FONT size=2 face="serif">COMMON STOCK REPURCHASE PLAN</FONT></B></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">On March 25, 2008, the Board of Directors authorized a stock repurchase program under which up to 500,000 shares of the Company&#146;s common stock may be acquired in the open market over the two years
following such authorization at the Company's discretion.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">As of September 27, 2008, the Company has purchased an aggregate of 64,954 shares at an average purchase price of &#36;18.61 in the open market pursuant to the stock repurchase program.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<B><FONT size=2 face="serif">13.&nbsp;</FONT></B></TD>
  <TD width=100%>
<P align="justify"><B><FONT size=2 face="serif">STOCK OPTIONS</FONT></B></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<div style="margin-left:30px">
  <div align="justify"><font size=2 face="serif">The Company has options outstanding
    under two stock option plans, the 1996 Stock Option Plan (the &#147;1996
    Plan) and the 2004 Stock Option Plan (the &#147;2004 Plan&#148;). In 2004
    the Company terminated the 1996 Plan. This action terminated the 257,000
    authorized but unissued options under the 1996 Plan but it did not affect
    any of the options previously issued under the 1996 Plan. </font></div>
</div>
<P align="center"><FONT size=2 face="serif">F-18</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:30px">
  <p align="justify"><font size=2 face="serif">Options granted under the 1996
      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
      five years after the date of grant and are generally exercisable as to
      25% of the shares commencing on the first anniversary of the date of grant
      and as to an additional 25% commencing on each of the second, third and
      fourth anniversaries of the grant date. </font></p>
  <p align="justify"> <font size=2 face="serif">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. During fiscal 2005, options to purchase
      194,000 shares of common stock were granted and are exercisable as to 50%
      of the shares commencing on the first anniversary of the date of grant
      and as to an additional 50% commencing on the second anniversary of the
      date of grant. During fiscal 2007, options to purchase 105,000 shares of
      common stock were granted and are exercisable as to 25% of the shares commencing
      on the first anniversary of the date of grant and as to an additional 25%
      commencing on each of the second, third and fourth anniversaries of the
      grant date. </font></p>
  <p align="justify"><font size=2 face="serif">Additional information as of the
      end of each respective fiscal year is as follows: </font></p>
  <table width="92%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width=90%></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="7" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">2008</font></b> </div></td>
      <td>&nbsp;</td>
      <td colspan="6" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">2007</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="3" align=right><div align="center"><b><font size=2 face="serif">Weighted</font></b> </div></td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="3" align=right><div align="center"><b><font size=2 face="serif">Weighted</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap><div align="center"><b><font size=2 face="serif">Average</font></b> </div></td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td colspan="3" align=right nowrap><div align="center"><b><font size=2 face="serif">Average</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap><div align="center"><b><font size=2 face="serif">Exercise</font></b> </div></td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td colspan="3" align=right nowrap><div align="center"><b><font size=2 face="serif">Exercise</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">Shares</font></b> </div></td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">Price</font></b> </div></td>
      <td>&nbsp;</td>
      <td colspan="2" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">Shares</font></b> </div></td>
      <td align=left nowrap>&nbsp;</td>
      <td colspan="3" align=center nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">Price</font></b> </td>
    </tr>
    <tr>
      <td colspan=16>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Outstanding,
          beginning of year</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">271,500</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">30.59</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">202,000</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.68</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr>
      <td colspan=16>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">Options:</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Granted</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=center nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=center nowrap bgcolor="#E5FFFF"><div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=center nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">105,000</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">32.15</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Exercised</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">-</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=center nowrap>&nbsp;</td>
      <td align=center nowrap><div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=center nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">(35,500</font> </td>
      <td align=right nowrap><div align="left"><font size=2 face="serif">)</font></div></td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">24.35</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Canceled
          or expired</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=center nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=center nowrap bgcolor="#E5FFFF"><div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=center nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=center nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=center nowrap bgcolor="#E5FFFF"><div align="right"><font size=2 face="serif">-</font> </div></td>
      <td align=center nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr>
      <td colspan=16>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">Outstanding,
          end of year (a)</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">271,500</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30.59</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">271,500</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">30.59</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr>
      <td colspan=16>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Exercise price,
          outstanding options</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td colspan="2" align=center nowrap bgcolor="#E5FFFF"><div align="center"><font size=2 face="serif">&#36;29.60
      - 32.15</font> </div></td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td colspan="2" align=right nowrap bgcolor="#E5FFFF"><div align="center"><font size=2 face="serif">&#36;29.60
      - 32.15</font></div></td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">Weighted average
          years</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">7.01 Years</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">8.01 Years</font> </td>
      <td align=right nowrap>&nbsp;&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Shares available
          for future grant (b)</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">151,000</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">151,000</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">Options exercisable
          (a)</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">219,000</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">30.21</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">166,500</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">29.60</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
  </table>
  <br>
  <table border=0 cellspacing=0 cellpadding=0>
    <tr>
      <td nowrap valign=top><font size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
      <td width=100%><p align="justify"><font size=2 face="serif">Options become
            exercisable at various times expiring through 2016.</font></p></td>
    </tr>
    <tr>
      <td colspan=2>&nbsp;</td>
    </tr>
    <tr>
      <td nowrap valign=top><font size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
      <td width=100%><p align="justify"><font size=2 face="serif">The 2004 Stock
            Option Plan, which was approved by shareholders, is the Company&#146;s
            only equity compensation plan currently in effect. Under the 2004
            Stock Option Plan, 450,000 options were authorized for future grant
            and 194,000 of these options were issued during fiscal 2005. During
            fiscal 2007, the Company issued an additional 105,000 of these options
            with a grant date weighted average fair value of $10.94. The Company,
            with the approval of the shareholders, terminated the 1996 Stock
            option Plan. This action terminated the 257,000 authorized but unissued
            options under the 1996 Stock Option Plan but it did not affect any
            of the options previously issued under the 1996 Stock Option Plan.</font></p></td>
    </tr>
  </table>
  <p><FONT size=2 face="serif">As of September 27, 2008, there was approximately &#36;535,000
      of unrecognized compensation cost related to unvested stock options, which
  is expected to be recognized over a period of approximately two years.</FONT></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">14. &nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT FEE INCOME</FONT></B></P>
<div style="margin-left:30px">
  <div align="justify"><font size=2 face="serif">As of September 27, 2008, the
    Company provides management services to two fast food courts and one fast
    food unit it does not wholly own. In accordance with the contractual arrangements,
    the Company earns management fees based on gross sales or cash flow as
    defined by the agreements. Management fee income relating to these services
    was approximately &#36;2,368,000 and &#36;1,929,000 for the years ended
    September 27, 2008 and September 29, 2007, respectively. Such amount for
    the year ended September 27, 2008 included approximately &#36;968,000 for
    management fees and &#36;1,400,000 for profit distributions. Such amount
    for the year ended September 29, 2007 included approximately &#36;629,000
    for management fees and &#36;1,300,000 for profit distributions.</font></div>
</div>
<P align="center"><FONT size=2 face="serif">F-19</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:30px">
  <font size=2 face="serif">Receivables from managed restaurants,
      classified as Related Party receivable in the accompanying consolidated
      balance sheets, were &#36;881,000 and &#36;1,318,000 at September 27, 2008
      and September 29, 2007, respectively. Such amount at September 27, 2008
      included &#36;881,000 for expense advances. Such amount at September 29,
      2007 included &#36;206,000 for management fees and &#36;1,112,000 for expense
      advances.</font>
  <p align="justify"> <font size=2 face="serif">Managed restaurants had sales
      of &#36;15,062,000 and &#36;14,861,000 during the management periods within
      the years ended September 27, 2008 and September 29, 2007, which are not
      included in consolidated net sales of the Company. </font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES</FONT></B></P>
<div style="margin-left:30px">
  <p align="justify"><font size=2 face="serif">The provision for income taxes
      attributable to continuing and discontinued operations consists of the
      following:</font></p>
  <table width="60%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width=66%></td>
      <td></td>
      <td width="12%"></td>
      <td></td>
      <td></td>
      <td></td>
      <td width="12%"></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="66%" align=left nowrap>&nbsp;</td>
      <td align=center nowrap colspan=7 style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">Years
            Ended</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td width="66%" align=left nowrap>&nbsp;</td>
      <td colspan="3" align="center" nowrap><b><font size=2 face="serif">September 27,</font></b> </td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap><div align="center"><b><font size=2 face="serif">September
              29,</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="66%" align=left nowrap>&nbsp;</td>
      <td colspan="3" align=center nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">2008</font></b> </td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td colspan="3" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">2007</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="66%" align=left nowrap>&nbsp;</td>
      <td align=center nowrap colspan=7><font size=2 face="serif">(In thousands)</font> </td>
    </tr>
    <tr>
      <td colspan=8>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="66%" align=center nowrap><div align="left"><font size=2 face="serif">Current
      provision:</font> </div></td>
      <td align=left nowrap>&nbsp;</td>
      <td width="12%" align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td width="12%" align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="66%" align=left nowrap>&nbsp;<font size=2 face="serif">Federal</font> </td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td width="12%" align=right nowrap><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,648</font> </td>
      <td align=right nowrap>&nbsp;&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font> </td>
      <td width="12%" align=right nowrap><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,579</font> </td>
      <td align=right nowrap>&nbsp;&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="66%" align=left nowrap>&nbsp;<font size=2 face="serif">State
          and local</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td width="12%" align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">586</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td width="12%" align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">213</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="66%" align=left nowrap>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td width="12%" align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">3,234</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td width="12%" align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">4,792</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr>
      <td colspan=8>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="66%" align=left nowrap><font size=2 face="serif">Deferred provision:</font> </td>
      <td align=left nowrap>&nbsp;</td>
      <td width="12%" align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td width="12%" align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="66%" align=left nowrap>&nbsp;<font size=2 face="serif">Federal</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td width="12%" align=right nowrap><font size=2 face="serif">301</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td width="12%" align=right nowrap><font size=2 face="serif">1,166</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="66%" align=left nowrap>&nbsp;<font size=2 face="serif">State
          and local</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td width="12%" align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">150</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td width="12%" align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">376</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="66%" align=left nowrap>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td width="12%" align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">451</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td width="12%" align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">1,542</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr>
      <td colspan=8>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="66%" align=left nowrap>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td width="12%" align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">3,685</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font> </td>
      <td width="12%" align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">6,334</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">The effective tax rate differs
      from the U.S. income tax rate as follows: </font></p>
  <table width="70%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width=90%></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap colspan=7 style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">Years
              Ended</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=center nowrap><b><font size=2 face="serif">September
            27,</font></b> </td>
      <td>&nbsp;</td>
      <td colspan="3" align=center nowrap><b><font size=2 face="serif">September
            29,</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">2008</font></b> </div></td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">2007</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=center nowrap colspan=7><font size=2 face="serif">(In thousands)</font> </td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Provision at
          Federal statutory rate</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">(35%
          in 2008 and 2007)</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,837</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,794</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">State and local
          income taxes net of</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">tax benefits</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">575</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">341</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Tax credits</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">(541</font> </td>
      <td align=right nowrap><div align="left"><font size=2 face="serif">)</font> </div></td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">(819</font> </td>
      <td align=right nowrap><div align="left"><font size=2 face="serif">)</font></div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">State and local
          net operating loss carryforward</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">allowance
          adjustment</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">1</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">27</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Income attributable
          to Variable Interest</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">(105</font> </td>
      <td align=right nowrap><div align="left"><font size=2 face="serif">)</font></div></td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">-</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">Other</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">(82</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">)</font></div></td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">(9</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">)</font></div></td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">3,685</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">6,334</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
  <BR>
</div>
<P align="center">
<FONT size=2 face="serif">F-20 </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:30px">
  <p align="justify"><font size=2 face="serif">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&#146;s deferred tax assets and liabilities are
      as follows:</font></p>
  <table width="70%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width=90%></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=center nowrap><b><font size=2 face="serif">September
            27,</font></b> </td>
      <td>&nbsp;</td>
      <td align=center nowrap colspan=3><b><font size=2 face="serif">September
            29,</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">2008</font></b> </div></td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">2007</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap colspan=7><div align="center"><font size=2 face="serif">(In
            thousands)</font> </div></td>
    </tr>
    <tr>
      <td colspan=9>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Long-term deferred
          tax assets (liabilities):</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Operating
          loss carryforwards</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,088</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,330</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Operating
          lease deferred credits</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">1,420</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">1,497</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Carryforward
          tax credits</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">-</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">777</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Depreciation
          and amortization</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">301</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">(44</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF"><div align="left"><font size=2 face="serif">)</font></div></td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Deferred
          compensation</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">753</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">632</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Pension
          withdrawal liability</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">61</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">89</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Other</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">91</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Total long-term
          deferred tax assets</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;"><font size=2 face="serif">4,714</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;"><font size=2 face="serif">5,281</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Deferred
          gains</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">(60</font> </td>
      <td align=right nowrap><div align="left"><font size=2 face="serif">)</font></div></td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">(266</font> </td>
      <td align=right nowrap><div align="left"><font size=2 face="serif">)</font></div></td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Partnership
          investments</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">(89</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF"><div align="left"><font size=2 face="serif">)</font></div></td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap>&nbsp;<font size=2 face="serif">Valuation
          allowance</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">(253</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">)</font></div></td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">(252</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">)</font></div></td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="90%" align=left nowrap><font size=2 face="serif">Total long-term
          deferred tax liabilities</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;"><font size=2 face="serif">(402</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">)</font></div></td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;"><font size=2 face="serif">(518</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">)</font></div></td>
    </tr>
    <tr>
      <td colspan=9>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="90%" align=left nowrap><font size=2 face="serif">Total net deferred
          tax assets</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">4,312</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="serif">4,763</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
  <br>
  <p align="justify"> <font size=2 face="serif">In assessing the realizability
      of deferred tax assets, Management considers whether it is more likely
      than not that that the deferred tax assets will be realized. The ultimate
      realization of deferred tax assets is dependent upon the generation of
      future taxable income. The deferred tax valuation allowance of &#36;253,000
      and &#36;252,000 as of September 27, 2008 and September 29, 2007, respectively,
      was attributable to state and local net operating loss carryforwards. </font></p>
  <p align="justify"> <font size=2 face="serif">As of September 27, 2008, the
      Company has approximately of &#36;20,525,000 of state and local net operating
      loss carryforwards which expire in various years beginning in the years
      2015 through 2028. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company adopted the provisions
      of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes
      (&#147;FIN 48&#148;), on September 30, 2007. A reconciliation of the beginning
      and ending amount of unrecognized tax benefits, excluding interest and
      penalties, is as follows:</font><font size=2 face="serif"> </font></p>
  <table width="60%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width="95%"></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><font size=2 face="serif">Balance at
          September 29, 2007</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap><font size=2 face="serif">315,000</font> </td>
      <td align=right nowrap>&nbsp;&nbsp;</td>
    </tr>
    <tr>
      <td colspan=5>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Increases
          in tax positions for prior years</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Decreases
          in tax positions for prior years</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">-</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Increases
          in tax positions for current year</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Decreases
          in tax positions for current year:</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap>&nbsp; &nbsp;<font size=2 face="serif">Settlements</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">(23,000</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF"><div align="left"><font size=2 face="serif">)</font></div></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp; &nbsp;<font size=2 face="serif">Lapse
          in statute of limitations</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    </tr>
    <tr>
      <td colspan=5>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap><font size=2 face="serif">Balance at
          September 27, 2008</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">292,000</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
  <BR>
</div>
<P align="center">
<FONT size=2 face="serif">F-21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:30px">
  <font size=2 face="serif">The entire amount of unrecognized
      tax benefits if recognized would reduce our annual effective tax rate.
      As of September 30, 2007, the Company had approximately &#36;37,000 of
      accrued interest and penalties and &#36;60,000 as of September 27, 2008.
      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&#146; tax court systems.</font>
  <p align="justify"> <font size=2 face="serif">The Company&#146;s tax return
      for the fiscal year ended September 30, 2006 is currently under audit by
      the Internal Revenue Service. Management does not expect a material adjustment
      to the Company&#146;s financial position or results of operations upon
      completion of this examination. </font></p>
  <p align="justify"> <font size=2 face="serif">The Company files in the U.S.
      and various state and local income tax returns in jurisdictions with varying
      statutes of limitations. The 2004 through 2007 tax years generally remain
      subject to examination by Federal and most state and local tax authorities.</font></p>
</div>
<P align="justify"><B><FONT size=2 face="serif">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER INCOME </FONT></B></P>
<div style="margin-left:30px">
  <p align="justify"><font size=2 face="serif">Other income consists of the following: </font></p>
  <table width="70%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width=95%></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap colspan=7 style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">Years
              Ended</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=center nowrap><b><font size=2 face="serif">September
            27,</font></b> </td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=center nowrap colspan=3><b><font size=2 face="serif">September
            29,</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=right nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">2008</font></b> </div></td>
      <td>&nbsp;</td>
      <td colspan="3" align=left nowrap><div style="border-bottom:1px solid #000000">
        <div align="center"><b><font size=2 face="serif">2007</font></b> </div>
      </div></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap colspan=7><div align="center"><font size=2 face="serif">(In
            thousands)</font> </div></td>
    </tr>
    <tr>
      <td colspan=9>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><font size=2 face="serif">Purchase service
          fees</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap><font size=2 face="serif">74</font> </td>
      <td align=right nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap><font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap><font size=2 face="serif">76</font> </td>
      <td align=right nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap><font size=2 face="serif">Equity in loss
          of an unconsolidated affiliate</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF"><div align="left"><font size=2 face="serif">)</font></div></td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=left nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><font size=2 face="serif">Other</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">769</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;</td>
    </tr>
    <tr>
      <td colspan=9>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">716</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">798</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
  <BR>
</div>
<P align="justify">
<B><FONT size=2 face="serif">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME PER SHARE OF COMMON STOCK </FONT></B></P>
<div style="margin-left:30px">
  <p align="justify"><font size=2 face="serif">A reconciliation of the numerators
      and denominators of the basic and diluted per share computations for the
      fiscal years ended September 27, 2008 and September 29, 2007 follows: </font></p>
  <table width="70%" border=0 cellpadding=0 cellspacing=0>
    <tr>
      <td width="95%"></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=left nowrap><div align="center"><b><font size=2 face="serif">Net</font></b> </div></td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=center nowrap><b><font size=2 face="serif">Income</font></b> </td>
      <td>&nbsp;</td>
      <td align=center nowrap><b><font size=2 face="serif">Shares</font></b> </td>
      <td align=center nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap colspan=3><div align="center"><b><font size=2 face="serif">Per-Share</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3" align=center><div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">(Numerator)</font></b> </div>
          <u></u></td>
      <td>&nbsp;</td>
      <td align=center nowrap><div style="border-bottom:1px solid #000000"> <b><font size=2 face="serif">(Denominator)</font></b> </div></td>
      <td align=center nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap colspan=3 style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">Amount</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap colspan=10><div align="center"><b><font size=2 face="serif">(In
              thousands, except per share amounts)</font></b> </div></td>
    </tr>
    <tr>
      <td colspan=12>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><font size=2 face="serif">Years ended
          Sptember 27, 2008</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Basic
          EPS</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">6,978</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,594</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.94</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Stock
          options</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">14</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">(0.01</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">)</font></div></td>
    </tr>
    <tr>
      <td colspan=12>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Diluted
          EPS</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">6,978</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">3,608</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">1.93</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
    <tr>
      <td colspan=12>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap><font size=2 face="serif">Years ended
          Sptember 29, 2007</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Basic
          EPS</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">13,013</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">3,582</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF"><font size=2 face="serif">3.63</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Stock
          options</font> </td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">-</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">25</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td>&nbsp;</td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">(0.02</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">)</font></div></td>
    </tr>
    <tr>
      <td colspan=12>&nbsp;</td>
    </tr>
    <tr valign="bottom" bgcolor="#E5FFFF">
      <td width="95%" align=left nowrap>&nbsp;<font size=2 face="serif">Diluted
          EPS</font> </td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">13,013</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">3,607</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">&nbsp;</td>
      <td bgcolor="#E5FFFF">&nbsp;</td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;"><font size=2 face="serif">3.61</font> </td>
      <td align=right nowrap bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
  </table>
  <BR>
</div>
<P align="center">
<FONT size=2 face="serif">F-22 </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">For the fiscal years ended September 27, 2008 and September 29, 2007, all outstanding stock options were included in the computation of diluted EPS.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<B><FONT size=2 face="serif">18.</FONT></B></TD>
  <TD width=100%>
<P align="justify"><B><FONT size=2 face="serif">STOCK OPTION RECEIVABLES</FONT></B></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Stock option receivables include amounts due from officers and directors totaling &#36;124,000 at September 27, 2008 and &#36;166,000 at September 29, 2007. Such amounts which are due from the exercise of
stock options in accordance with the Company&#146;s Stock Option Plan are payable on demand with interest (5.0% at September 27, 2008 and 8.25% at September 29, 2007).</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<B><FONT size=2 face="serif">19.</FONT></B></TD>
  <TD width=100%>
<P align="justify"><B><FONT size=2 face="serif">RELATED PARTY TRANSACTIONS</FONT></B></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Receivables due from officers and directors, excluding stock option receivables, totaled &#36;37,000 at September 27, 2008 and September 29, 2007. Other employee loans totaled &#36;244,000 at September
27, 2008 and &#36;279,000 at September 29, 2007. Such loans bear interest at the minimum statutory rate (2.36% at September 27, 2008 and 4.88% at September 29, 2007).</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<B><FONT size=2 face="serif">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
  <TD width=100%>
<P align="justify"><B><FONT size=2 face="serif">SUBSEQUENT EVENTS</FONT></B></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The Company has purchased an aggregate of 42,000 shares at an average purchase price of &#36;11.90 pursuant to the stock repurchase program.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">******</FONT></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">F-23</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<FONT size=2 face="serif">Signatures</FONT></P>
<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>
<div style="margin-left:50%">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr>
      <td></td>
      <td></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap colspan=2><font size=2 face="serif">ARK RESTAURANTS
          CORP.</font> </td>
    </tr>
    <tr>
      <td colspan=2>&nbsp;</td>
    </tr>
    <tr>
      <td colspan=2>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="serif">By:&nbsp;&nbsp;</font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">/s/Michael
          Weinstein</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">Michael Weinstein</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap><font size=2 face="serif">President and Chief Executive
          Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </td>
    </tr>
  </table>
</div>
<BR>
<P align="justify">
<FONT size=2 face="serif">Date: December 23, 2008</FONT></P>
<P align="justify">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been duly signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<U><FONT size=2 face="serif">Signature</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<U><FONT size=2 face="serif">Title</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<U><FONT size=2 face="serif">Date</FONT></U>  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/Michael Weinstein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chairman of the Board</FONT>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(Michael Weinstein)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">and Chief Executive Officer</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/Vincent Pascal</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Senior Vice President</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(Vincent Pascal)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">and Director</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/Robert Towers</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">President, Treasurer, Chief</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(Robert Towers)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Operating Officer and Director</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/Robert Stewart</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(Robert Stewart)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/Marcia Allen</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(Marcia Allen)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/Steven Shulman</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(Steven Shulman)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/Paul Gordon</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Senior Vice President</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(Paul Gordon)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">and Director</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<U><FONT size=2 face="serif">/s/Bruce R. Lewin</FONT></U>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(Bruce R. Lewin)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/Arthur Stainman</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Director</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">December 23, 2008</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">(Arthur Stainman)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
        Stephen Novick</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Director</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">December 23, 2008</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=2 face="serif">(Stephen Novick)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<U><FONT size=2 face="serif">Exhibits Index</FONT></U></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Certificate of Incorporation of the Registrant, filed with the Secretary of State of the State of New York on January 4, 1983.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Certificate of Amendment of the Certificate of Incorporation of the Registrant filed with the Secretary of State of the State of New York on October 11, 1985.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Certificate of Amendment of the Certificate of Incorporation of the Registrant filed with the Secretary of State of the State of New York on July 21, 1988.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Certificate of Amendment of the Certificate of Incorporation of the Registrant filed with the Secretary of State of the State of New York on May 13, 1997.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Certificate of Amendment of the Certificate of Incorporation of the Registrant filed on April 24, 2002 incorporated by reference to Exhibit 3.5 to the Registrant&#146;s Quarterly Report on Form 10-Q for
the quarterly period ended March 30, 2002 (the &#147;Second Quarter 2002 Form 10-Q&#148;).</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">By-Laws of the Registrant, incorporated by reference to Exhibit 3.2 to the Registrant&#146;s Registration Statement on Form S-18 filed with the Securities and Exchange Commission on October 17,
1985.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amended and Restated Redemption Agreement dated June 29, 1993 between the Registrant and Michael Weinstein, incorporated by reference to Exhibit 10.1 to the Registrant&#146;s Annual Report on Form 10-K
for the fiscal year ended October 2, 1999 (&#147;1994 10-K&#148;).</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Form of Indemnification Agreement
    entered into between the Registrant and each of Michael Weinstein, Ernest
    Bogen, Vincent Pascal, Robert Towers, Jay Galin, Robert Stewart, Bruce R.
    Lewin, Paul Gordon and Donald D. Shack, incorporated by reference to Exhibit
    10.2 to the 1994 10-K.</FONT></P>  </TD>
</TR>

<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Ark Restaurants Corp. Amended Stock Option Plan, incorporated by reference to Exhibit 10.3 to the 1994 10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.4 to the Registrant&#146;s Annual Report on Form 10-K for
the fiscal year ended October 2, 1999.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Ark Restaurants Corp. 1996 Stock Option Plan, as amended, incorporated by reference to the Registrant&#146;s Definitive Proxy Statement pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. 1) filed on March 16, 2001.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Lease Agreement dated May 17, 1996 between New York-New York Hotel, LLC, and Las Vegas America Corp., incorporated by reference to Exhibit 10.6 to the Registrant&#146;s Annual Report on Form 10-K for the
fiscal year ended October 3, 1998 (the &#147;1998 10-K&#148;).</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Lease Agreement dated May 17, 1996 between New York-New York Hotel, LLC, and Las Vegas Festival Food Corp., incorporated by reference to Exhibit 10.7 to the 1998 10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Lease Agreement dated May 17, 1996 between New York-New York Hotel, LLC, and Las Vegas Steakhouse Corp., incorporated by reference to Exhibit 10.8 to the 1998 10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated August 21, 2000 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.9 to the
Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended September 30, 2000 (the &#147;2000 10-K&#148;).</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated November 21, 2000 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.10 to the 2000
10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated November 1, 2001 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.11 to the
Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended September 29, 2001 (the &#147;2001 10-K&#148;).</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated December 20, 2001 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.11 of the 2001
10-K.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated as of April 23, 2002 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.13 of the
Second Quarter 2002 Form 10-Q.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Amendment dated as of January 22, 2002 to the Fourth Amended and Restated Credit Agreement dated as of December 27, 1999 between we and Bank Leumi USA, incorporated by reference to Exhibit 10.14 of the
First Quarter 2003 Form 10-Q.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">10.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Ark Restaurants Corp. 2004 Stock Option Plan, as amended, incorporated by reference to the Registrant&#146;s Definitive Proxy Statement pursuant to Section 14(a) of the Securities Exchange Act of 1934
filed on January 26, 2004.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">&nbsp;&nbsp;14</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Code of Ethics, incorporated by reference to Exhibit 14.1 to the Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended September 27, 2003.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">&nbsp;&nbsp;16</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Letter from Deloitte &amp; Touche LLP regarding change in certifying accountants, incorporated by reference from the exhibit included with our Current Report on Form 8-K filed with the SEC on January 15,
2004 and our Current Report on Form 8-K/A filed with the SEC on January 16, 2004.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;*21</FONT> </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Subsidiaries of the Registrant.</FONT>  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;*23</FONT> </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Consent of J.H. Cohn LLP.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=center nowrap><div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">*31.1</FONT> </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Certification of Chief Executive Officer.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=center nowrap><div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">*31.2</FONT> </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Certification of Chief Financial Officer.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=center nowrap><div align="left"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="serif">&nbsp;*32</FONT> </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Section 1350 Certification.</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed herewith.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>3
<FILENAME>c56045_ex21.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<P align="right">
<U><FONT size=2 face="serif">Exhibit 21</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">Subsidiaries of the Registrant </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=32%></TD>
    <TD width=2%></TD>
    <TD width=32%></TD>
    <TD width=2%></TD>
  <TD width=32%></TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=right nowrap>
    <div align="center"><U><FONT size=2 face="serif">Subsidiary</FONT></U>
      </div></TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<U><FONT size=2 face="serif">Trade name(s)</FONT></U>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Jurisdiction of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>&nbsp;  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>&nbsp;  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<U><FONT size=2 face="serif">Incorporation</FONT></U>  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">AFC Restaurant, Inc.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark 47</FONT><SUP><FONT size=2 face="serif">th </FONT></SUP><FONT size=2 face="serif">St. Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark 474 Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Atlantic City Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Gallagher&#146;s Burger Bar</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Delaware</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Ark Atlantic City Restaurant</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Gallagher&#146;s Steakhouse</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Delaware</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Corp.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Boston RSS Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Durgin Park and Blackhorse Tavern</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Delaware</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Ark Bryant Park Corp.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Bryant Park Grill &amp; Caf&eacute;</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Connecticut Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Delaware</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Connecticut Branches Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">The Grill at Two Trees</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Delaware</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark D.C. Kiosk, Inc.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Center Caf&eacute;</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">District of Columbia</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Fifth Avenue Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Fremont, Inc.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Fulton Street Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Red</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Islamorada Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Florida</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark JMR Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Las Vegas Restaurant Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Mad Events Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Delaware</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark of Seaport, Inc.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Sequoia</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Private Events Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Delaware</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Operating Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">El Rio Grande</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Potomac Corporation</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Sequoia</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">District of Columbia</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Rio Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">El Rio Grande</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Seventh Avenue South Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Southfield Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Michigan</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Southwest D.C. Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Thunder Grill</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">District of Columbia</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Sub-One Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Gonzalez y Gonzalez</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark Union Station, Inc.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">America</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">District of Columbia</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Ark WFC Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">The Grill Room</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Aroc and Ark Corporation</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Conis Realty Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Las Vegas America Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">America</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Las Vegas Asia Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Tsunami Asian Grill</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Las Vegas Bakery Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Columbus Bakery</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Las Vegas Downstairs Deli Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Rialto Deli</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>&nbsp;  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">(Venetian Food Court)</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Las Vegas Festival Food Corp.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(1) Gonzalez y Gonzalez and</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(2) Village Eateries</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(New York-New York Hotel Food</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Court)</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Las Vegas Lutece Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Las Vegas Mexico Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
</TABLE><BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width=32%></TD>
    <TD width=2%></TD>
    <TD width=32%></TD>
    <TD width=2%></TD>
  <TD width=32%></TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Las Vegas Planet Mexico Corp.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Yolos</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Las Vegas Steakhouse Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Gallagher&#146;s Steakhouse</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Las Vegas Venice Deli Corp.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Towers Deli</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">(Venetian Food Court)</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Las Vegas Venice Food Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Shake N Burger</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Nevada</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>&nbsp;  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">(Venetian Food Court)</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Las Vegas Venus Corp.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Venus</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Las Vegas</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Lutece, Inc.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">MEB Dining 18, Inc.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">MEB Emporium Corp.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">MEB On First, Inc.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Canyon Road Grill</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">Sam &amp; Emma&#146;s Deli, Inc.</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%">&nbsp;  </TD>
  <TD width="32%" align=left nowrap>
<FONT size=2 face="serif">New York</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Tysons America Corp.</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">N/A</FONT>  </TD>
  <TD width="2%" bgcolor="#E5FFFF">&nbsp;  </TD>
  <TD width="32%" align=left nowrap bgcolor="#E5FFFF">
<FONT size=2 face="serif">Virginia</FONT>  </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>4
<FILENAME>c56045_ex23.htm
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<P align="right">
<B><FONT size=2 face="serif">EXHIBIT 23</FONT></B></P>
<P align="center">
<U><FONT size=2 face="serif">Consent of Independent Registered Public Accounting
Firm</FONT></U></P>
<P align="justify">
<FONT size=2 face="serif">We consent to the incorporation by reference in Registration
Statement Nos. 333-25363 and 333-67836 of Ark Restaurants Corp. on Form S-8 of
our report dated December 22, 2008, appearing in this Annual Report on Form 10-K
of  Ark Restaurants Corp. for the year ended September 27, 2008. </FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify"><FONT size=2 face="serif">/s/ J.H.Cohn LLP</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Jericho, New York </FONT><BR>
<FONT size=2 face="serif">December 22, 2008</FONT></P>

<p>&nbsp;</p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>5
<FILENAME>c56045_ex31-1.htm
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<P align="right">
<B><FONT size=2 face="serif">EXHIBIT 31.1</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B><FONT face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">I, Michael Weinstein, President and Chief Executive Officer of Ark Restaurants Corp., certify that: </FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=2>
<P align="justify"><FONT size=2 face="serif">I have reviewed this annual report on Form 10-K of Ark Restaurants Corp.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=2>
<P align="justify"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=2>
<P align="justify"><FONT size=2 face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=2>
<P align="justify"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the registrant and have:</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as
of the end of the period covered by this report based on such evaluation; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR>
<TR>
  <TD valign="top"><FONT size=2 face="serif">5. </FONT></TD>
  <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s)
    and I have disclosed, based on our most recent evaluation of internal control
    over financial reporting, to the registrant&#146;s accountants and the
    audit committee of the registrant&#146;s board of directors (or persons
    performing the equivalent functions): </FONT><FONT face="serif"> </FONT></div></TD>
  </TR>
<TR>
  <TD valign="top">&nbsp;</TD>
  <TD colspan="2" valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability
to record, process, summarize and report financial information; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>  </TD>
</TR>
</TABLE>
<P align="justify">
<FONT size=2 face="serif">Dated: December 23, 2008</FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">/s/ MICHAEL WEINSTEIN</FONT>  </TD>
</TR>

<TR>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Michael Weinstein</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=2 face="serif">President and Chief Executive Officer</FONT></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
</TR>
</TABLE>
<BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>6
<FILENAME>c56045_ex31-2.htm
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<P align="right">
<B><FONT size=2 face="serif">EXHIBIT 31.2</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">I, Robert Stewart, Chief Financial Officer of Ark Restaurants Corp., certify that: </FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=2>
<P align="justify"><FONT size=2 face="serif">I have reviewed this annual report on Form 10-K of Ark Restaurants Corp.</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=2>
<P align="justify"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=2>
<P align="justify"><FONT size=2 face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=2>
<P align="justify"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the registrant and have:</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as
of the end of the period covered by this report based on such evaluation; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR>
<TR>
  <TD valign="top"><FONT size=2 face="serif">5. </FONT></TD>
  <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s)
    and I have disclosed, based on our most recent evaluation of internal control
    over financial reporting, to the registrant&#146;s accountants and the
    audit committee of the registrant&#146;s board of directors (or persons
    performing the equivalent functions): </FONT><FONT face="serif"> </FONT></div></TD>
  </TR>
<TR>
  <TD valign="top">&nbsp;</TD>
  <TD colspan="2" valign="top">&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability
to record, process, summarize and report financial information; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>  </TD>
</TR>
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<P align="justify">
<FONT size=2 face="serif">Dated: December 23, 2008</FONT><FONT face="serif"> </FONT></P>
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     <TD></TD></TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">/s/ Robert Stewart</FONT>  </TD>
</TR>

<TR>
  <TD><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Robert Stewart</FONT></B>  </TD>
</TR>
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  <TD align=left nowrap>
<I><FONT size=2 face="serif">Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I>  </TD>
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<TYPE>EX-32
<SEQUENCE>7
<FILENAME>c56045_ex32.htm
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<P align="right">
<B><FONT size=2 face="serif">Exhibit 32</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Certificate of Chief Executive and Chief Financial Officers</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">The following statement is being made to the Securities and Exchange Commission solely for purposes of Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), which carries with it certain criminal penalties in
the event of a knowing or willful misrepresentation.</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Securities and Exchange Commission</FONT><BR>
<FONT size=2 face="serif">450 Fifth Street, NW</FONT><BR>
<FONT size=2 face="serif">Washington, DC 20549</FONT><BR>
<BR>
<FONT size=2 face="serif">Re: &nbsp;&nbsp;Ark Restaurants Corp.</FONT><BR>
<BR>
<FONT size=2 face="serif">Ladies and Gentlemen:</FONT></P>
<P align="justify">
<FONT size=2 face="serif">In accordance with the requirements of Section 906 of the Sarbanes-Oxley Act of 2002 (18 USC 1350), each of the undersigned hereby certifies that:</FONT></P>
<div style="margin-left:40px">
  <p align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">(i)&nbsp;&nbsp;&nbsp; this
      report on Form 10-K fully complies with the requirements of section 13(a)
      or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d));
      and </font></p>
  <p align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">(ii)&nbsp;&nbsp;&nbsp; the
      information contained in this report fairly presents, in all material respects,
      the financial condition and results of operations of Ark Restaurants Corp. </font></p>
</div>
<P align="justify"><FONT size=2 face="serif">Dated as of this 23rd day of December 2008.</FONT></P>
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     <TD></TD>
    <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ Michael Weinstein</FONT>
  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ Robert Stewart</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Michael Weinstein</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Robert Stewart</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer</FONT>
  </TD>
</TR>
</TABLE>
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