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 31, 2009

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

Commission file number 1-09453


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 31, 2009, Ark Restaurants Corp. issued a press release announcing its financial results for its fourth quarter and fiscal year ended October 3, 2009, 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:

December 31, 2009

INDEX TO EXHIBITS

Exhibit

Description

99.1

Press Release dated December 31, 2009 entitled "Ark Restaurants Announces Financial Results for the Fourth Quarter and Full Year 2009".

Exhibit 99.1

Ark Restaurants Announces Financial Results for the Fourth Quarter and Full Year 2009

NEW YORK--(BUSINESS WIRE)--December 31, 2009--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and full year ended October 3, 2009.

As of December 30, 2009, the Company had cash, cash equivalents and short term investments totaling $7,891,000. The Company had no long-term debt other than $477,000 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.

The Company reports fiscal years under a 52/53-week format. The fiscal year ended October 3, 2009 was a 53 week year. The prior fiscal year ended September 27, 2008 was a 52 week year. The three month period ended October 3, 2009 contained 14 weeks and the prior year’s three month period ended September 27, 2008 contained 13 weeks. Having one more week in the fourth quarter and full year ended October 3, 2009 distorts the comparison of results with the prior year periods.

Total revenues from continuing operations for the three-month period ended October 3, 2009 were $33,335,000 versus $34,626,000 in the three months ended September 27, 2008. Total revenues from continuing operations for fiscal 2009 were $115,007,000 versus $125,390,000 in fiscal 2008.

EBITDA from continuing operations adjusted for non-cash stock option expense for the three-month period ended October 3, 2009 was $2,950,000 versus $3,929,000 during the same three-month period last year. For the year ended October 3, 2009, EBITDA from continuing operations before stock option expense was $8,099,000 versus $13,607,000 in fiscal 2008.

The Company’s income from continuing operations for the three-month period ended October 3, 2009 was $1,325,000, or $0.38 per share ($0.38 per diluted share), as compared to $2,015,000, or $0.56 per share ($0.56 per diluted share), for the same three-month period last year. The Company’s income from continuing operations for the year ended October 3, 2009 was $3,059,000, or $0.88 per share ($0.87 per diluted share), as compared to $6,961,000, or $1.94 per share ($1.93 per diluted share), last year.

Compared to the same three month period last year, Company-wide same store sales decreased by 3.3%. For the year ended October 3, 2009, Company-wide same store sales decreased by 10.4% from fiscal 2008.

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 Income Statement
For the 14 week and 53 week periods ended October 3, 2009 and
the 13 week and 52 week periods ended September 27, 2008
(In Thousands, Except per share amounts)
 
 
14 weeks ended 13 weeks ended 53 weeks ended 52 weeks ended
 
October 3, September 27, October 3, September 27,

2009

2008

2009

2008

 
TOTAL REVENUES $ 33,335   $ 34,626   $ 115,007   $ 125,390  
 
COST AND EXPENSES:
 
Food and beverage cost of sales 8,677 9,423 29,420 32,807
Payroll expenses 10,492 10,302 37,111 38,325
Occupancy expenses 4,282 4,550 16,649 16,809
Other operating costs and expenses 5,015 4,229 16,102 15,520
General and administrative expenses 2,073 2,539 8,834 9,051
Depreciation and amortization   932     938     3,619     3,091  
 
Total costs and expenses   31,471     31,981     111,735     115,603  
 
OPERATING INCOME   1,864     2,645     3,272     9,787  
 
OTHER INCOME:
 
Interest income, net 2 80 252 433
Other income, net   55     394     559     716  
Total other income, net   57     474     811     1,149  
 
Income from continuing operations
before income taxes and non-controlling interests 1,921 3,119 4,083 10,936
 
Provision for income taxes 539 978 1,240 3,676
 
(Income) loss attributable to non-controlling interests   (57 )   (126 )   216     (299 )
 
INCOME FROM CONTINUING OPERATIONS   1,325     2,015     3,059     6,961  
 
DISCONTINUED OPERATIONS:
Income (loss) from operations of discontinued restaurants - (7 ) - 26
 
Provision (benefit) for income taxes   -     (3 )   -     9  
 
Income (loss) from discontinued operations   -     (4 )   -     17  
 
NET INCOME $ 1,325   $ 2,011   $ 3,059   $ 6,978  
 
 
PER SHARE INFORMATION - BASIC AND DILUTED:
 
Continuing operations basic $ .38 $ .56 $ .88 $ 1.94
Discontinued operations basic   -     -     -     -  
Net basic $ .38   $ .56   $ .88   $ 1.94  
 
Continuing operations diluted $ .38 $ .56 $ .87 $ 1.93
Discontinued operations diluted   -     -     -     -  
Net diluted $ .38   $ .56   $ .87   $ 1.93  
 
 
WEIGHTED AVERAGE NUMBER OF SHARES-BASIC   3,490     3,587     3,494     3,594  
 
WEIGHTED AVERAGE NUMBER OF SHARES-DILUTED   3,515     3,587     3,506     3,608  
 
Continuing Operations EBITDA Reconciliation:
Pre tax earnings (net of non-controlling interests) $ 1,864 $ 2,993 $ 4,299 $ 10,637
Depreciation and amortization 932 938 3,619 3,091
Interest   (2 )   (80 )   (252 )   (433 )
EBITDA (a) $ 2,794   $ 3,851   $ 7,666   $ 13,295  
 
Continuing Operations EBITDA adjusted for
non-cash stock option expense:
EBITDA (as defined) (a) $ 2,794 $ 3,851 $ 7,666 $ 13,295
Non-cash stock option expense   156     78     433     312  
EBITDA adjusted for non-cash stock option expense $ 2,950   $ 3,929   $ 8,099   $ 13,607  
(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