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RECENT RESTAURANT EXPANSION | 12 Months Ended
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Sep. 27, 2014
Recent Restaurant Expansion [Abstract] |
Recent Restaurant Expansion [Text Block] |
3. | RECENT RESTAURANT EXPANSION
On November 28, 2012, a subsidiary of the Company entered into an agreement to design and lease a restaurant at the Tropicana Hotel and Casino in Atlantic City, NJ. The cost to construct this restaurant was approximately $1,500,000. The initial term of the lease for this facility expires June 7, 2023 and has two five-year renewals. The restaurant, Broadway Burger Bar and Grill, opened during the third quarter of fiscal 2013 and, as a result, the Consolidated Statement of Income for the year ended September 28, 2013 includes approximately $100,000 of pre-opening and early operating losses related to this property. On February 24, 2014, the Company, through a wholly-owned subsidiary, Ark Rustic Inn LLC, completed its acquisition of the assets of The Rustic Inn Crab House (“The Rustic Inn”), a restaurant and bar located in Dania Beach, Florida, for a total purchase price of approximately $7,710,000. The acquisition is accounted for as a business combination and was financed with a bank loan in the amount of $6,000,000 and cash from operations. The fair values of the assets acquired were allocated as follows:
Inventory |  | $ | 210,000 |
Land |  |  | 2,000,000 |
Building |  |  | 2,800,000 |
Furniture, fixtures and equipment |  |  | 200,000 |
Trademarks |  |  | 500,000 |
Goodwill |  |  | 2,000,000 |
|  | $ | 7,710,000 |
The Consolidated Statements of Income for the year ended September 27, 2014 include revenues and operating income of approximately $8,753,000 and $1,301,000, respectively, related to The Rustic Inn. Transaction costs incurred in the amount of approximately $150,000 are included in general and administrative expenses in the Consolidated Statement of Income for the year ended September 27, 2014. The Company expects the Goodwill and indefinite life Trademarks to be deductible for tax purposes. The unaudited pro forma financial information set forth below is based upon the Company’s historical Consolidated Statements of Income for the years ended September 27, 2014 and September 28, 2013. The unaudited pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the acquisition of The Rustic Inn occurred on the dates indicated, nor does it purport to represent the results of operations for future periods.
|  | Year Ended |
|  | September 27, 2014 |  |  | September 28, 2013 |
|  | (in thousands, except per share amounts) |
Total revenues |  | $ | 144,430 |  |  | $ | 142,643 |
Net income |  | $ | 5,254 |  |  | $ | 4,652 |
Net income per share - basic |  | $ | 1.59 |  |  | $ | 1.43 |
Net income per share - diluted |  | $ | 1.53 |  |  | $ | 1.38 |
On July 18, 2014, the Company, through a wholly-owned subsidiary, Ark Jupiter RI, LLC, entered into an agreement with Crab House, Inc., and acquired certain assets and the related lease for a restaurant and bar located in Jupiter, Florida for approximately $250,000. In connection with this transaction, the Company entered into an amended lease for an initial period expiring through December 31, 2015. The Company has the option to extend the lease through 2033. The Company is currently renovating the property, which is expected to cost approximately $750,000, and anticipates it will open during the first quarter of fiscal 2015.

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