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): August 8, 2008

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

Commission file number  0-14030



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 August 8, 2008, Ark Restaurants Corp. issued a press release announcing its financial results for its third quarter and nine months ended June 28, 2008, 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:

August 8, 2008

INDEX TO EXHIBITS


Exhibit

Description

99.1

Press Release dated August 8, 2008 entitled "Ark Restaurants Announces Financial

Results for the Third Quarter and Nine Months Ended June 28, 2008."

Exhibit 99.1

Ark Restaurants Announces Financial Results for the Third Quarter and Nine Months Ended June 28, 2008

NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter and nine month periods ended June 28, 2008.

For the three months ended June 28, 2008, the Company’s net income from continuing operations was $3,250,000, or $0.90 per share ($0.90 per diluted share), compared to $3,346,000, or $0.93 per share ($0.92 per diluted share), for the same period last year.

Total revenues from continuing operations for the three month period ended June 28, 2008 were $36.1 million versus $34.4 million in the same period last year. The increase in total revenues for the quarter was primarily due to the opening of new locations. Compared to the same period last year, total same store sales at the Company decreased by 0.3%. Compared to the same period last year, same store sales in the Company’s New York City operations decreased by 0.2%, same store sales in the Company’s Las Vegas operations increased by 0.9%, same store sales in the Company’s Atlantic City operations decreased by 13.5% and same store sales in the Company’s Washington D.C. operations decreased by 1.1%. Revenues from the Company’s operations based in casinos represented 45.2% of the Company’s total revenues from continuing operations during the three month period ended June 28, 2008.

Although the Company does not report the sales or the financial results of the Company’s Florida operations (the Company derives income from a management fee arrangement in part based on sales), same store sales at the Company’s Florida operations decreased by 2.7% compared to the same three month period last year. Sales at the Company’s Florida operations totaled $2,997,000 during the three month period ended June 28, 2008 compared to $3,080,000 for the same period last year.

For the nine months ended June 28, 2008, the Company’s net income from continuing operations was $4,945,000, or $1.37 per share ($1.37 per diluted share), compared to $5,476,000, or $1.53 per share ($1.52 per diluted share), for the same period last year.

Total revenues from continuing operations for the nine month period ended June 28, 2008 were $90.8 million versus $85.4 million in the same period last year. Compared to the same period last year, total same store sales at the Company increased by 1.5%. Compared to the same period last year, same store sales in the Company’s New York City operations increased by 4.3%, same store sales in the Company’s Las Vegas operations increased by 0.8%, same store sales in the Company’s Atlantic City operations decreased by 4.8% and same store sales in the Company’s Washington D.C. operations decreased by 0.6%. Revenues from the Company’s operations based in casinos represented 52.5% of the Company’s total revenues from continuing operations during the nine month period ended June 28, 2008.

Same store sales at the Company’s Florida operations decreased by 2.3% compared to the same nine month period last year. Sales at the Company’s Florida operations totaled $8,792,000 during the nine month period ended June 28, 2008 compared to $9,000,000 for the same period last year.

EBITDA from continuing operations for the three month period ended June 28, 2008 was $5,867,000 versus $5,499,000 during the same three month period last year. EBITDA from continuing operations for the nine month period ended June 28, 2008 was $9,617,000 versus $9,934,000 during the same nine month period last year.

The Company had net income from continuing and discontinued operations of $3,136,000 in the three month period ended June 28, 2008 compared to net income from continuing and discontinued operations of $3,471,000 in the same three month period last year. Net income from continuing and discontinued operations for the nine month period ended June 28, 2008 was $4,966,000 compared to $10,439,000 during the nine month period ended June 30, 2007. Net income from continuing and discontinued operations was positively affected during the 39-week period ended June 30, 2007 as a result of the sale during the quarter of the Company’s Lutece and Tsunami locations to Venetian Casino Resort, LLC. Excluding the sale of the Company’s facilities to the Venetian Casino Resort, net income from continuing and discontinued operations for the nine month period ended June 30, 2007 would have been $5,313,000.

As of June 28, 2008, the Company had cash, cash equivalents and short term investments totaling $10,589,000. In addition, the Company will receive $1,678,000 of the money expended to construct and open six fast food concepts at the MGM Grand Casino at the Foxwoods Resort Casino from outside investors who will own an interest in these operations and from its landlord for these operations during the fourth quarter of its current fiscal year. Also as of June 28, 2008, the Company had no long-term debt other than $751,000 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 in Boston, Massachusetts.

Ark Restaurants owns and operates 21 restaurants and bars, 30 fast food concepts, catering operations and wholesale and retail bakeries. 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. In Las Vegas, the Company also owns and operates one restaurant within the Forum Shops at Caesar's Shopping Center. 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. 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 six fast food concepts at the MGM Grand Casino. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace.

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 fillings 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.
Condensed Consolidated Income Statement
For the 13 and 39 week periods ended June 28, 2008 and June 30, 2007
(In Thousands, Except per share amounts)
     
 
13 weeks ended 13 weeks ended 39 weeks ended 39 weeks ended
 
June 28, June 30, June 28, June 30,
 

2008

  2007   2008   2007
 
TOTAL REVENUES $ 36,077 $ 34,411 $ 90,764 $ 85,438
 
COST AND EXPENSES:
 
Food and beverage cost of sales 9,224 8,625 23,384 21,618
Payroll expenses 10,125 9,694 28,023 26,482
Occupancy expenses 4,696 4,210 12,259 11,340
Other operating costs and expenses 4,063 4,297 11,209 10,396
General and administrative expenses 2,260 2,270 6,594 6,325
Depreciation and amortization expenses   771   687   2,153   1,967
 
Total costs and expenses   31,139   29,783   83,622   78,128
 
OPERATING INCOME   4,938   4,628   7,142   7,310
 
OTHER INCOME:
 
Interest income - Net 91 66 353 214
Other income   158   184   322   657
Total other income   249   250   675   871
 
Income from continuing operations before provision for income taxes and non-controlling interests
5,187 4,878 7,817 8,181
 
Provision for income taxes 1,762 1,430 2,698 2,569
 
Income attributable to non-controlling interests   (175)   (102)   (174)   (136)
 
Income from continuing operations   3,250   3,346   4,945   5,476
 
DISCONTINUED OPERATIONS:
Income (loss) from operations of discontinued restaurants (178) 155 33 7,542
 
Provision (benefit) for income taxes   (64)   30   12   2,579
 
Income (loss) from discontinued operations   (114)   125   21   4,963
 
NET INCOME $ 3,136 $ 3,471 $ 4,966 $ 10,439
 
 
 
PER SHARE INFORMATION - BASIC AND DILUTED:
 
Continuing operations basic $ .90 $ .93 $ 1.37 $ 1.53
Discontinued operations basic $ (.03) $ .04 $ .01 $ 1.40
Net basic $ .87 $ .97 $ 1.38 $ 2.92
 
Continuing operations diluted $ .90 $ .92 $ 1.37 $ 1.52
Discontinued operations diluted $ (.03) $ .04 $ .01 $ 1.38
Net diluted $ .87 $ .96 $ 1.38 $ 2.90
 
 
WEIGHTED AVERAGE NUMBER OF SHARES-BASIC   3,597   3,590   3,597   3,578
 
WEIGHTED AVERAGE NUMBER OF SHARES-DILUTED   3,597   3,624   3,612   3,596
 
Continuing Operations EBITDA Reconciliation
Pre tax earnings $ 5,187 $ 4,878 $ 7,817 $ 8,181
Depreciation and amortization 771 687 2,153 1,967
Interest   (91)   (66)   (353)   (214)
EBITDA (a) $ 5,867 $ 5,499 $ 9,617 $ 9,934
 
Continuing Operations EBITDA adjusted for non-cash stock option expense
 
EBITDA (as defined) (a) $ 5,867 $ 5,499 $ 9,617 $ 9,934
Non-cash stock option expense   78   78   234   330
EBITDA adjusted for non-cash stock option expense $ 5,945 $ 5,577 $ 9,851 $ 10,264
 
(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 the non-GAAP financial measure EBITDA 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, operating income, 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, net income, is included above.

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