UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


Form 8-K


Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): May 14, 2010

ARK RESTAURANTS CORP.
(Exact name of registrant as specified in its charter)

Commission file number  1-14030




New York

 

13-3156768

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)


85 Fifth Avenue
New York, NY 10003

(Address of principal executive offices, with zip code)


(212) 206-8800
(Registrant's telephone number, including area code)


N/A
(Former name or former address, if changed since last report)

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:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition

            The information in this Current Report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

            On May 14, 2010, Ark Restaurants Corp. issued a press release announcing its financial results for its second quarter and six months ended April 3, 2010, the text of which is furnished herewith as Exhibit 99.1.

SIGNATURES

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.


 

ARK RESTAURANT CORP.

 

 

 

 

By:

/s/ Michael Weinstein

Chief Executive Officer

 
 
 

Date: May 14, 2010

INDEX TO EXHIBITS

Exhibit

Description

   99.1

Press Release dated May 14, 2010 entitled "Ark Restaurants Announces Financial Results for the Second Quarter and Six Months Ended April 3, 2010."

Exhibit 99.1

Ark Restaurants Announces Financial Results for the Second Quarter and Six Months Ended April 3, 2010

NEW YORK--(BUSINESS WIRE)--May 14, 2010--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter and six month periods ended April 3, 2010.

Total revenues for the three month period ended April 3, 2010 were $25.1 million versus $23.8 million in the same period last year. Total revenues for the six month period ended April 3, 2010 were $50.7 million versus $50.5 million in the same period last year.

EBITDA, as adjusted for non-cash stock option expense and non-controlling interests for the three month period ended April 3, 2010, was a positive $128,000 versus a negative $367,000 during the same three month period last year. EBITDA, as adjusted for non-cash stock option expense and non-controlling interests for the six month period ended April 3, 2010, was $185,000 versus $1,598,000 during the same six month period last year.

For the three months ended April 3, 2010, the Company’s net loss was $671,000, or $0.19 per share ($0.19 per diluted share), compared to a net loss of $712,000, or $0.20 per share ($0.20 per diluted share), for the same period last year. For the six months ended April 3, 2010, the Company’s net loss was $1,395,000, or $0.40 per share ($0.40 per diluted share), compared to net income of $136,000, or $0.04 per share ($0.04 per diluted share), for the same period last year.

Company-wide same store sales decreased 2.4% for the three month period ended April 3, 2010 compared to the same three month period last year and decreased 3.7% for the six month period ended April 3, 2010 compared to the same six month period last year.

As of April 3, 2010, the Company had cash, cash equivalents and short term investments totaling $4,545,000. As of the same date, the Company had no long-term debt other than $408,000 remaining due on a five year purchase money obligation undertaken in connection with the Company’s January 8, 2007 acquisition of the Durgin Park Restaurant and the Black Horse Tavern in Boston, Massachusetts.

Ark Restaurants owns and operates 20 restaurants and bars, 30 fast food concepts and catering operations. Seven restaurants are located in New York City, four are located in Washington, D.C., five are located in Las Vegas, Nevada, two are located in Atlantic City, New Jersey, one is located at the Foxwoods Resort Casino in Ledyard, Connecticut and one is located in Boston, Massachusetts. The Las Vegas operations include three restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and nine food court concepts; one bar within the Venetian Casino Resort as well as three food court concepts 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. The operations at the Foxwoods Resort Casino include one fast food concept and six fast food concepts at the MGM Grand Casino. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida operations under management include five fast food facilities in Tampa, Florida and seven fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations.

Except for historical information, this news release contains forward-looking statements, which involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company'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.

       
ARK RESTAURANTS CORP.
Consolidated Condensed Statement of Operations
For the 13 week and 26 week periods ended April 3, 2010 and March 28, 2009
(In Thousands, Except per share amounts)
 
 
13 weeks ended 13 weeks ended 26 weeks ended 26 weeks ended
 
April 3, March 28, April 3, March 28,

2010

2009

2010

2009

 
TOTAL REVENUES $ 25,113   $ 23,756   $ 50,689   $ 50,549  
 
COST AND EXPENSES:
 
Food and beverage cost of sales 6,480 6,087 13,002 12,798
Payroll expenses 8,795 8,196 17,777 17,042
Occupancy expenses 3,851 4,104 8,069 8,232
Other operating costs and expenses 3,710 3,468 7,295 7,144
General and administrative expenses 2,626 2,499 5,071 4,639
Depreciation and amortization   1,023     863     1,920     1,770  
 
Total costs and expenses   26,485     25,217     53,134     51,625  
 
OPERATING LOSS   (1,372 )   (1,461 )   (2,445 )   (1,076 )
 
OTHER (INCOME) EXPENSE:
 
Interest income, net (7 ) (12 ) (56 ) (204 )
Other income, net   (11 )   (28 )   (5 )   (387 )
Total other income, net   (18 )   (40 )   (61 )   (591 )
 
Loss before benefit for income taxes (1,354 ) (1,421 ) (2,384 ) (485 )
 
Benefit for income taxes   (373 )   (584 )   (596 )   (260 )
 
NET LOSS (981 ) (837 ) (1,788 ) (225 )
 
Net loss attributable to non-controlling interests   310     125     393     361  
 
NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. $ (671 ) $ (712 ) $ (1,395 ) $ 136  
 
 
Net income (loss) per share of Ark Restaurants Corp. common stock
Basic $ (0.19 ) $ (0.20 ) $ (0.40 ) $ 0.04  
Diluted $ (0.19 ) $ (0.20 ) $ (0.40 ) $ 0.04  
 
WEIGHTED AVERAGE NUMBER OF SHARES-BASIC   3,490     3,490     3,490     3,497  
 
WEIGHTED AVERAGE NUMBER OF SHARES-DILUTED   3,490     3,490     3,490     3,497  
 
EBITDA Reconciliation:
Pre tax loss $ (1,354 ) $ (1,421 ) $ (2,384 ) $ (485 )
Depreciation and amortization 1,023 863 1,920 1,770
Interest   (7 )   (12 )   (56 )   (204 )
EBITDA (a) $ (338 ) $ (570 ) $ (520 ) $ 1,081  
 
EBITDA adjusted for non-cash stock option expense
and non-controlling interests:
EBITDA (as defined) (a) $ (338 ) $ (570 ) $ (520 ) $ 1,081
Net loss attributable to non-controlling interests 310 125 393 361
Non-cash stock option expense   156     78     312     156  
EBITDA, as adjusted $ 128   $ (367 ) $ 185   $ 1,598  
 
(a)  

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'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'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 (loss), is included above.

CONTACT:
Ark Restaurants Corp.
Robert Towers, 212-206-8800
bob@arkrestaurants.com