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): December 18, 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 December 18, 2008, Ark Restaurants Corp. issued a press release announcing its financial results for its fourth quarter and fiscal year ended September 27, 2008, the text of which is furnished herewith as Exhibit 99.1.

Item 8.01.     Other Events

On December 18, 2008, Ark Restaurants Corp. issued a press release announcing that the Company’s Board of Directors has determined to suspend its dividend customarily paid in February.

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:

December 18, 2008

INDEX TO EXHIBITS

Exhibit

Description

 
99.1

Press Release dated December 18, 2008 entitled "Ark Restaurants Announces Financial Results for the Fourth Quarter and Full Year 2008 and Suspends Next Quarterly Dividend."

Exhibit 99.1

Ark Restaurants Announces Financial Results for the Fourth Quarter and Full Year 2008 and Suspends Next Quarterly Dividend

NEW YORK--(BUSINESS WIRE)--December 18, 2008--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and full year ended September 27, 2008 and announced that in light of the uncertain direction of the economy and opportunities available to utilize its cash the Company’s Board of Directors has determined to suspend its dividend customarily paid in February.

As of December 15, 2008, the Company had cash, cash equivalents and short term investments totaling $11,444,000. As of the same date, the Company had no long-term debt other than $657,000 remaining 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.

EBITDA from continuing operations before stock option expense for the three-month period ended September 27, 2008 was $3,977,000 versus $4,233,000 during the same three-month period last year. The Company’s income from continuing operations for the three-month period ended September 27, 2008 was $2,016,000, or $0.56 per share ($0.56 per diluted share), as compared to $2,481,000, or $0.69 per share ($0.68 per diluted share), for the same three-month period last year.

Total revenues from continuing operations for the three-month period ended September 27, 2008 were $34,626,000 versus $32,384,000 in the three months ended September 29, 2007. Compared to the same three month 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 decreased by 2.9%, same store sales in the Company’s Washington D.C. operations decreased by 1.7%, same store sales in Atlantic City decreased 17.4%, same store sales in Connecticut decreased 6.8% and same store sales in Boston increased 4.5%. Company-wide same store sales decreased by 0.6%. Although the Company does not consolidate the sales or the financial results of the Company’s managed Florida casino operations (the Company derives income from a management fee arrangement in part based on sales), same store sales at the Company’s Hollywood, Florida operations increased by 8.6% and same store sales at the Company’s Tampa, Florida operations decreased by 5.5% compared to the same three month period last year. Sales at the Company’s Florida operations totaled $3,241,000 during the three month period ended September 27, 2008. Sales from the Company’s Las Vegas operations represented 41.3% of the Company’s total sales during the three-month period ended September 27, 2008.

For the year ended September 27, 2008, EBITDA from continuing operations before stock option expense was $13,594,000 versus $14,167,000 in fiscal 2007. The Company’s income from continuing operations for the year ended September 27, 2008 was $6,978,000, or $1.94 per share ($1.93 per diluted share), as compared to $13,013,000, or $2.22 per share ($2.21 per diluted share), last year.

Total revenues from continuing operations for fiscal 2008 were $125,390,000 versus $117,821,000 in fiscal 2007. Compared to 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 decreased by 0.2% and same store sales in the Company’s Washington D.C. operations decreased by 0.9%, same store sales in Atlantic City decreased 8.2%, same store sales in Connecticut increased 7.9% and same store sales in Boston increased 3.5%. Compared to last year, Company-wide same store sales increased by 0.9%. Same store sales at the Company’s Hollywood, Florida operations decreased by 5.8% and same store sales at the Company’s Tampa, Florida operations increased by 12.9% compared to last year. Sales at the Company’s Florida operations totaled $12,454,000 during the year ended September 27, 2008. Sales from the Company’s Las Vegas operations represented 47.1% of the Company’s total sales during the year September 27, 2008.

During fiscal 2007, the Company had recognized a $7,814,000 pre-tax gain as a result of the sale of the Company’s Lutece and Tsunami locations to Venetian Casino Resort, LLC.

Ark Restaurants owns and operates 20 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. 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. 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 Statements of Operations
For the 13 and 52 week periods ended September 27, 2008 and September 29, 2007

(In Thousands, Except per share amounts)

       
 
13 weeks ended 13 weeks ended 52 weeks ended 52 weeks ended
 
September 27, September 29, September 27, September 29,
2008 2007 2008 2007
 
TOTAL REVENUES $ 34,626 $ 32,384 $ 125,390 $ 117,821
 
COST AND EXPENSES:
 
Food and beverage cost of sales 9,423 8,654 32,807 30,271
Payroll expenses 10,302 9,148 38,325 35,630
Occupancy expenses 4,550 4,103 16,809 15,443
Other operating costs and expenses 4,205 3,665 15,414 14,062
General and administrative expenses 2,563 2,721 9,157 9,046
Depreciation and amortization   938     691     3,091     2,657  
 
Total costs and expenses   31,981     28,982     115,603     107,109  
 
OPERATING INCOME   2,645     3,402     9,787     10,712  
 
OTHER INCOME:
 
Interest income - Net 80 138 433 352
Other income - Net   394     140     716     798  
Total other income - Net   474     278     1,149     1,150  
 
Income from continuing operations before provision for
income taxes and non-controlling interests 3,119 3,680 10,936 11,862
 
Provision for income taxes 978 1,099 3,676 3,669
 
Income attributable to non-controlling interests   (125 )   (100 )   (299 )   (236 )
 
Income from continuing operations   2,016     2,481     6,961     7,957  
 
DISCONTINUED OPERATIONS:
Income (loss) from operations of discontinued restaurants (7 ) 180 26 7,722
 
Provision (benefit) for income taxes   (3 )   87     9     2,666  
 
Income (loss) from discontinued operations   (4 )   93     17     5,056  
 
NET INCOME $ 2,012   $ 2,574   $ 6,978   $ 13,013  
 
 
 
PER SHARE INFORMATION - BASIC AND DILUTED:
 
Continuing operations basic $ .56 $ .69 $ 1.94 $ 2.22
Discontinued operations basic $ .00   $ .03   $ .00   $ 1.41  
Net basic $ .56   $ .72   $ 1.94   $ 3.63  
 
Continuing operations diluted $ .56 $ .68 $ 1.93 $ 2.21
Discontinued operations diluted $ .00   $ .03   $ .00   $ 1.40  
Net diluted $ .56   $ .71   $ 1.93   $ 3.61  
 
 
WEIGHTED AVERAGE NUMBER OF SHARES-BASIC   3,587     3,594     3,594     3,582  
 
WEIGHTED AVERAGE NUMBER OF SHARES-DILUTED   3,587     3,641     3,608     3,607  
 
Continuing Operations EBITDA Reconciliation
Pre tax earnings $ 3,119 $ 3,680 $ 10,936 $ 11,862
Depreciation and amortization 938 691 3,091 2,657
Interest income - net   (80 )   (138 )   (433 )   (352 )
EBITDA (a) $ 3,977   $ 4,233   $ 13,594   $ 14,167  
 
Continuing Operations EBITDA adjusted for
non-cash stock option expense
EBITDA (as defined) (a) $ 3,977 $ 4,233 $ 13,594 $ 14,167
Non-cash stock option expense   78     78     312     408  
EBITDA adjusted for non-cash stock option expense $ 4,055   $ 4,311   $ 13,906   $ 14,575  
 

(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