<SEC-DOCUMENT>0000930413-17-002897.txt : 20170811
<SEC-HEADER>0000930413-17-002897.hdr.sgml : 20170811
<ACCEPTANCE-DATETIME>20170811133614
ACCESSION NUMBER:		0000930413-17-002897
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170811
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170811
DATE AS OF CHANGE:		20170811

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09453
		FILM NUMBER:		171024145

	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>
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<TYPE>8-K
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<FILENAME>c89154_8k.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):<B>
August 11, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARK RESTAURANTS CORP.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 35%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 12pt; color: black">New York</FONT></TD>
    <TD STYLE="width: 30%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 12pt; color: black">1-09453</FONT></TD>
    <TD STYLE="width: 35%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 12pt; color: black">13-3156768 &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5.5pt; margin-bottom: 0pt; text-align: center">(State or other jurisdiction <BR>
of
incorporation)</P>

</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5.5pt; margin-bottom: 0pt; text-align: center">(Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center">File Number)</P>

</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center">(IRS Employer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center">Identification No.)</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>85 Fifth Avenue</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>New York, New York
10003</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Address of principal
executive offices, with zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code:<B> (212) 206-8800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Wingdings; color: Black">o</FONT><FONT STYLE="font-size: 12pt; color: black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 12pt; color: black">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: black"><FONT STYLE="font-family: Wingdings; color: Black">o</FONT>&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: black">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: black"><FONT STYLE="font-family: Wingdings; color: Black">o</FONT>&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: black">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: black"><FONT STYLE="font-family: Wingdings; color: Black">o</FONT>&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: black">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 450 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-1 of this chapter).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 94%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 6%">Emerging<BR>
growth<BR>
company<BR>
 <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. &nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 8%; text-align: left"><B>Item 2.02</B></TD><TD STYLE="width: 92%"><B>Results of Operations and Financial Condition</B>.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in">On August 11, 2017,
ARK Restaurants Corp. (the &ldquo;Company&rdquo;) issued a press release announcing financial results for the third fiscal quarter
ended July 1, 2017. A copy of the press release titled &ldquo;Ark Restaurants Announces Financial Results for the Third Quarter
of 2017&rdquo; is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in">The press release contains
certain non-GAAP Disclosures-Continuing Operations EBITDA-Earnings before interest, taxes, depreciation and amortization adjusted
for non-cash stock option expense and non-controlling interests. Although EBITDA is not a measure of performance or liquidity calculated
in accordance with generally accepted accounting principles (GAAP), the Company believes the use of this non-GAAP financial measure
enhances an overall understanding of the Company&rsquo;s past financial performance, as well as providing useful information to
the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of
EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in">This information is
intended to be furnished under this Item 2.02 of Form 8-K and shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such a filing.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 7.01</B></FONT></TD>
    <TD STYLE="width: 92%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Regulation FD Disclosure</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the question and answer period of the
Company&rsquo;s earnings call on August 11, 2017, the Company projected approximately an additional $4.0 to $4.3 million of additional
EBITDA in fiscal 2018 over the approximately $10.2 million of EBITDA in 2016. In addition, there could possibly be another $3.0
to $4.0 million of additional revenues in 2018 from the recently re-opened Sequoia DC.</P>



<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="width: 92%"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 8%">(d)</TD>
    <TD STYLE="text-align: justify; width: 92%">Exhibits</TD></TR>
</TABLE>


<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 8%">99.1</TD>
    <TD STYLE="text-align: justify; width: 92%">Press Release, dated August 11, 2017<B></B></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="color: black"><B>ARK RESTAURANTS CORP.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1px solid"><FONT STYLE="color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Michael Weinstein</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">By:</FONT>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="color: black">Name: Michael Weinstein</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="color: black">Title: Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
<TR>
    <TD><FONT STYLE="color: black">Date:&nbsp;&nbsp;August 11, 2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ark Restaurants Announces Financial
Results for the</B><BR>
<B>Third Quarter of 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONTACT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Stewart</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(212) 206-8800<BR>
<B><U>bstewart@arkrestaurants.com</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEW YORK, New York &#8211; August 11,
2017 --</B> Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter ended July 1, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenues for the three-month period
ended July 1, 2017 were $41,201,000 versus $41,233,000 for the three months ended July 2, 2016. The three-month period ended July
1, 2017 includes revenues of $4,098,000 related to the Oyster House properties in Gulf Shores and Spanish Fort, AL which were
acquired on November 30, 2016. The three-month period ended July 2, 2016 includes revenues of $3,667,000 related to Sequoia DC
which was closed for renovation until the last week of the just completed quarter at which time it partially re-opened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Excluding Sequoia DC, same store sales
increased 0.4% for the three-month period ended July 1, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenues for the nine-month period
ended July 1, 2017 were $114,071,000 versus $112,496,000 for the nine months ended July 2, 2016. The nine-month period ended July
1, 2017 includes revenues of $7,638,000 related to the Oyster House properties in Gulf Shores and Spanish Fort, AL which were
acquired on November 30, 2016. The nine-month period ended July 2, 2016 includes revenues of $6,959,000 related to Sequoia DC
which was closed for the entire second quarter of fiscal 2017 and reopened in the final week of our just completed third quarter.
Also, the nine month period ended July 2, 2016 includes $931,000 related to two properties, the V-Bar in Las Vegas and Center
Caf&eacute; in Washington DC that were closed during the period due to lease expirations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restaurant operating income was $2,298,000
for the three-month period ended July 1, 2017 versus $5,309,000 for the three months ended July 2, 2016. The three month period
ended July 1, 2017 includes pre-opening and early operating losses for our Sequoia DC property of $1,600,000. In the same three
month period last year Sequoia had operating income of $878,000. The three month period ended July 2, 2016 includes positive adjustments
for the impact of the reversal of commercial rent tax liabilities in the amount of $945,000 and an adjustment related to an overstatement
of rent liability in the amount of $261,000. Excluding these positive adjustments, operating income would have been $4,103,000
during the three month period ended July 2, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s EBITDA, adjusted for
non-cash stock option expense and non-controlling interests, for the three-month period ended July 1, 2017 was $3,155,000 versus
$6,021,000 during the same three-month period last year. Net income for the three-month period ended July 1, 2017 was $1,386,000,
or $0.40<B> </B>per basic ($0.39 per diluted share) compared to $3,367,000, or $0.99<B> </B>per basic share ($0.96 per diluted
share), for the same three-month period last year. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Company&rsquo;s
EBITDA, adjusted for non-cash stock option expense and non-controlling interests, for the nine-month period ended July 1, 2017
was $7,950,000 versus $8,391,000 during the same nine-month period last year. Of the decrease in EBITDA, adjusted for non-cash
stock</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">option expense and non-controlling interests, $1,637,000 resulted from the recognition of a gain (discussed below) in connection
with the sale of the real estate underlying our Rustic Inn, Jupiter, FL property. Without the gain related to the sale of real
estate, EBITDA as adjusted for non-cash stock option expense and non-controlling interests would have been $6,313,000 for the
nine-month period ended July 1, 2017. In addition, EBITDA for the nine month period ended July 2, 2016 includes positive adjustments
for the impact of the reversal of commercial rent tax liabilities in the amount of $945,000 and an adjustment related to an overstatement
of rent liability in the amount of $261,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income for the nine-month period ended
July 1, 2017 was $2,727,000, or $0.80<B> </B>per basic share, $0.77 per diluted share, compared to $3,043,000, or $0.89<B> </B>per
basic share, $0.87 per diluted share, for the same nine-month period last year. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 18, 2016, Ark Jupiter RI,
LLC a wholly-owned subsidiary of the Company, entered into a Purchase Agreement for $5,200,000 to purchase the land and building
in which the Company operated its Rustic Inn location in Jupiter, Florida. Concurrent with the execution of the purchase, Ark
Jupiter RI, LLC entered into a Sale Agreement to sell this same property for $8,250,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 30, 2016, the Company,
through newly formed, wholly-owned subsidiaries, acquired the assets of the Original Oyster House, Inc., a restaurant and bar
located in the City of Gulf Shores, Baldwin County, Alabama and the related real estate and an adjacent retail shopping plaza
and the Original Oyster House II, Inc., a restaurant and bar located in the City of Spanish Fort, Baldwin County, Alabama and
the related real estate. The total purchase price was for $10,750,000 plus inventory. The acquisition is accounted for as a
business combination and was financed with a bank loan from the Company&rsquo;s existing lender in the amount of $8,000,000
and cash from operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ark Restaurants owns and operates 19 restaurants
and bars, 19 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C, Las Vegas, NV and
the gulf coast of Alabama. Six restaurants are located in New York City, two are located in Washington, D.C., five are located
in Las Vegas, Nevada, three are located in Atlantic City, New Jersey, one is located in Boston, Massachusetts, three are located
in Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New
York-New York Hotel &amp; Casino Resort and operation of the hotel&rsquo;s room service, banquet facilities, employee dining room and
six food court concepts; and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company
operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino and a restaurant in the Tropicana Hotel and Casino.
The operations at the Foxwoods Resort Casino consist of one fast food concept. In Boston, Massachusetts, the Company operates
a restaurant in the Faneuil Hall Marketplace. The Florida operations include the Rustic Inn in Dania Beach, Florida and Shuckers,
located in Jensen Beach and the operation of five fast food facilities in Tampa, Florida and seven fast food facilities in Hollywood,
Florida, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company
operates two Original Oyster Houses, one in Gulf Shores, Alabama and one in Spanish Fort, Alabama.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for historical information, this
news release contains 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. These statements involve unknown risks, and uncertainties that may cause the Company&rsquo;s
actual results or outcomes to be materially different from those anticipated</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and discussed herein. Important factors that might
cause such differences are discussed in the Company&rsquo;s filings with the Securities and Exchange Commission. The Company disclaims
any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new
information becomes available in the future.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ARK RESTAURANTS CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidated Statements of Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For the 13 and 39-week periods ended July 1, 2017 and July
2, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>(In Thousands, Except per share amounts)&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">13 weeks ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">13 weeks ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">39 weeks ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">39 weeks ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">July 1,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">July 2,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">July 1,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">July 2,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font-size: 10pt">2017</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font-size: 10pt">2016</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font-size: 10pt">2017</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font-size: 10pt">2016</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">TOTAL REVENUES</TD><TD STYLE="width: 3%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left; font-size: 10pt">$</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right; font-size: 10pt">41,201</TD><TD STYLE="width: 1%; padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left; font-size: 10pt">$</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right; font-size: 10pt">41,233</TD><TD STYLE="width: 1%; padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left; font-size: 10pt">$</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right; font-size: 10pt">114,071</TD><TD STYLE="width: 1%; padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left; font-size: 10pt">$</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right; font-size: 10pt">112,496</TD><TD STYLE="width: 1%; padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">COST AND EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Food and beverage cost of sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">11,227</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">10,656</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">30,814</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">29,440</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Payroll expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">13,776</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">12,895</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">39,402</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">38,982</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Occupancy expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">4,541</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">3,309</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">13,037</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">11,891</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Other operating costs and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,398</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">4,999</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">15,390</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">14,485</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">2,955</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">2,956</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">8,699</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">8,996</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Depreciation and amortization</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">1,006</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">1,109</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">3,541</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">3,384</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt; font-size: 10pt">Total costs and expenses</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">38,903</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">35,924</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">110,883</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">107,178</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">RESTAURANT OPERATING INCOME</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">2,298</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,309</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">3,188</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,318</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Gain on sale of Rustic Inn, Jupiter property</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">1,637</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">OPERATING INCOME</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">2,298</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">5,309</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">4,825</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">5,318</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">OTHER (INCOME) EXPENSE:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Interest (income) expense, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">178</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">104</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">344</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">280</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Other (income) expense, net</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(149</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(217</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(339</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(439</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt; font-size: 10pt">Total other income (expense), net</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">29</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(113</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">5</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(159</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">INCOME BEFORE PROVISION FOR INCOME TAXES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">2,269</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,422</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">4,820</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,477</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">585</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">1,362</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">1,338</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">1,398</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">CONSOLIDATED NET INCOME</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">1,684</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">4,060</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">3,482</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">4,079</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">Net income attributable to non-controlling interests</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(298</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(693</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(755</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(1,036</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP.</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">1,386</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,367</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">2,727</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,043</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-bottom: 3px; padding-left: 40pt; text-indent: -10pt; font-size: 10pt">Basic</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">0.40</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">0.99</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">0.80</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">0.89</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-bottom: 3px; padding-left: 40pt; text-indent: -10pt; font-size: 10pt">Diluted</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">0.39</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">0.96</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">0.77</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">0.87</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-bottom: 3px; padding-left: 40pt; text-indent: -10pt; font-size: 10pt">Basic</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,424</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,418</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,424</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,418</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-bottom: 3px; padding-left: 40pt; text-indent: -10pt; font-size: 10pt">Diluted</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,549</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,494</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,532</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,504</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">EBITDA Reconciliation:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">Restaurant operating income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">$</TD><TD STYLE="text-align: right; font-size: 10pt">2,298</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">$</TD><TD STYLE="text-align: right; font-size: 10pt">5,309</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">$</TD><TD STYLE="text-align: right; font-size: 10pt">3,188</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">$</TD><TD STYLE="text-align: right; font-size: 10pt">5,318</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">Other income (expense), net</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(29</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">113</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(5</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">)</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">159</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">Restaurant income before provision for income taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">2,269</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,422</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">3,183</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,477</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">Gain on sale of Rustic Inn, Jupiter property</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">1,637</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">Pre tax income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">2,269</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,422</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">4,820</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,477</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">1,006</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">1,109</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">3,541</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">3,384</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">Interest expense, net</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">178</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">104</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">344</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">280</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">EBITDA (a)</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,453</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">6,635</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">8,705</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">9,141</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">EBITDA adjusted for non-cash stock option expense, and
    non-controlling interests:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">EBITDA (as defined) (a)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">$</TD><TD STYLE="text-align: right; font-size: 10pt">3,453</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">$</TD><TD STYLE="text-align: right; font-size: 10pt">6,635</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">$</TD><TD STYLE="text-align: right; font-size: 10pt">8,705</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">$</TD><TD STYLE="text-align: right; font-size: 10pt">9,141</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">Net income attributable to non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(298</TD><TD STYLE="text-align: left; font-size: 10pt">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(693</TD><TD STYLE="text-align: left; font-size: 10pt">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(755</TD><TD STYLE="text-align: left; font-size: 10pt">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(1,036</TD><TD STYLE="text-align: left; font-size: 10pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 30pt; text-indent: -10pt; font-size: 10pt">Non-cash stock option expense</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">79</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">&mdash;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">286</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt; font-size: 10pt">EBITDA, as adjusted</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">3,155</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">6,021</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">7,950</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 10pt">$</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 10pt">8,391</TD><TD STYLE="padding-bottom: 3px; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 3%; text-align: left; font-size: 10pt">(a)</TD><TD STYLE="width: 97%; font-size: 10pt">EBITDA is defined as earnings before interest, taxes, depreciation
and amortization and cumulative effect of changes in accounting principle. Although EBITDA is not a measure of performance or
liquidity calculated in accordance with generally accepted accounting principles (GAAP), the Company believes the use of this
non-GAAP financial measure enhances an overall understanding of the Company&rsquo;s past financial performance as well as providing
useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity,
and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity. However,
investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash
flows from operating activities or any other measure for determining the Company&rsquo;s operating performance or liquidity that is
calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies.
A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above.</TD>
</TR></TABLE>

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