Yes, for scalar values, a combination of implode and array_slice will do:
$bar = implode(array_slice($array, 0, 1));
$bin = implode(array_slice($array, 1, 1));
$ipsum = implode(array_slice($array, 2, 1));
Or mix it up with array_values and list (thanks @nikic) so that it works with all types of values:
list($bar) = array_values(array_slice($array, 0, 1));