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RECENT RESTAURANT EXPANSION | 9 Months Ended
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Jun. 29, 2019
Business Combinations [Abstract] |
Recent Restaurant Expansion | RECENT RESTAURANT EXPANSION On May 15, 2019, the Company, through a newly formed, wholly-owned subsidiary, acquired the assets of JB's on the Beach, a restaurant and bar located in Deerfield Beach, Florida for $7,036,000 as set out below. The acquisition is accounted for as a business combination and was financed with a bank loan from the Company’s existing lender in the amount of $7,000,000 and cash from operations. The Company is in the process of determining the acquisition date fair values of the assets and liabilities acquired and has recorded preliminary estimates as of the acquisition date. As the Company completes this process and additional information becomes known concerning the acquired assets and assumed liabilities, management will likely make adjustments to the fair value of the amounts recorded in the opening balance sheet of JB's on the Beach during the measurement period, which is no longer than a one-year period following the acquisition date. The determination of the fair values of the acquired assets and liabilities assumed (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. A preliminary allocation of the fair values of the assets acquired, subject to final purchase accounting, is as follows (amounts in thousands):
Cash | $ | 11 |
Inventory | 80 |
Furniture, fixtures and equipment | 200 |
Trademarks | 1,110 |
Goodwill | 5,690 |
Liabilities assumed | (55 | )
| $ | 7,036 |
Goodwill recognized in connection with this transaction represents the residual amount of the purchase price over separately identifiable intangible assets and is expected to be deductible for tax purposes. Concurrent with the acquisition, the Company entered into a 20 year lease (with a five year option) for the restaurant facility and parking lot with the former owner of JB's on the Beach, who is also the owner of the underlying real estate. Rent payments under the lease are $600,000 per year with 10% increases every five years. The consolidated condensed statements of income for the 13 and 39-weeks ended June 29, 2019 include revenues and losses of approximately $1,239,000 and ($52,000), respectively, related to JB's on the Beach. The unaudited pro forma financial information set forth below is based upon the Company’s historical consolidated condensed statements of income for the 13 and 39-weeks ended June 29, 2019 and June 30, 2018 and includes the results of operations for JB's on the Beach for the periods prior to acquisition. The unaudited pro forma financial information, which has been adjusted for rent payments under the lease discussed above as well as interest expense of the term loan, is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the acquisition of JB's on the Beach occurred on the dates indicated, nor does it purport to represent the results of operations for future periods.
| 13 Weeks Ended |  | 39 Weeks Ended
| June 29, 2019 |  | June 30, 2018 |  | June 29, 2019 |  | June 30, 2018
| (Dollars in thousands except per share amounts) |  | (Dollars in thousands except per share amounts)
Total revenues | $ | 46,423 |  |  | $ | 47,575 |  |  | $ | 128,445 |  |  | $ | 128,272 |
Net income | $ | 4,123 |  |  | $ | 2,836 |  |  | $ | 3,891 |  |  | $ | 4,438 |
Net income per share - basic | $ | 1.18 |  |  | $ | 0.82 |  |  | $ | 1.12 |  |  | $ | 1.29 |
Net income per share - diluted | $ | 1.17 |  |  | $ | 0.80 |  |  | $ | 1.10 |  |  | $ | 1.25 |
Basic | 3,481 |  |  | 3,440 |  |  | 3,477 |  |  | 3,436 |
Diluted | 3,530 |  |  | 3,558 |  |  | 3,531 |  |  | 3,554 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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Period Type: | duration