|
Ark Restaurants Announces Financial Results for the Third Quarter and Nine Months Ended June 27, 2009
Contact:
Robert Towers
(212) 206-8800
bob@arkrestaurants.com
NEW YORK, New York -- August 7, 2009 -- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter and nine month periods ended June 27, 2009.
Total revenues from continuing operations for the three month period ended June 27, 2009 were $31.1 million versus $36 million in the same period last year. Total revenues from continuing operations for the nine month period ended June 27, 2009 were $81.7 million versus $90.8 million in the same period last year.
EBITDA from continuing operations for the three month period ended June 27, 2009 was $3,430,000 versus $5,692,000 during the same three month period last year. EBITDA from continuing operations for the nine month period ended June 27, 2009 was $4,872,000 versus $9,443,000 during the same nine month period last year.
For the three months ended June 27, 2009, the Company's net income from continuing operations was $1,597,000, or $0.46 per share ($0.46 per diluted share), compared to $3,250,000, or $0.90 per share ($0.90 per diluted share), for the same period last year. For the nine months ended June 27, 2009, the Company's net income from continuing operations was $1,733,000, or $0.50 per share ($0.50 per diluted share), compared to $4,945,000, or $1.37 per share ($1.37 per diluted share), for the same period last year.
Company-wide same store sales decreased 14.3% compared to the same three month period last year and decreased 13.1% compared to the same nine month period last year.
As of June 27, 2009, the Company had cash, cash equivalents and short term investments totaling $10,527,000. As of the same date, the Company had no long-term debt other than $560,000 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, 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 13 week and 39 week periods ended June 27, 2009 and June
28, 2008
(In Thousands,
Except per share
amounts)
13 weeks ended 13 weeks ended 39 weeks ended 39 weeks ended
June 27, June 28, June 27, June 28,
2009 2008 2009 2008
TOTAL REVENUES $ 31,123 $ 36,077 $ 81,672 $ 90,764
COST AND
EXPENSES:
Food and
beverage cost of 7,945 9,224 20,743 23,384
sales
Payroll expenses 9,577 10,125 26,619 28,023
Occupancy 4,134 4,696 12,367 12,259
expenses
Other operating
costs and 3,871 4,063 11,014 11,209
expenses
General and
administrative 2,195 2,260 6,833 6,594
expenses
Depreciation and
amortization 917 771 2,687 2,153
expenses
Total costs and 28,639 31,139 80,263 83,622
expenses
OPERATING INCOME 2,484 4,938 1,409 7,142
(LOSS)
OTHER INCOME:
Interest income 45 91 250 353
- net
Other income 117 158 503 322
Total other 162 249 753 675
income
Income from
continuing
operations
before income 2,646 5,187 2,162 7,817
taxes
Provision for 961 1,762 702 2,698
income taxes
(Income) loss
attributable to (88 ) (175 ) 273 (174 )
non-controlling
interests
Income from
continuing 1,597 3,250 1,733 4,945
operations
DISCONTINUED
OPERATIONS:
Income (loss)
from operations - (178 ) - 33
of discontinued
restaurants
Provision
(benefit) for - (64 ) - 12
income taxes
Income (loss)
from - (114 ) - 21
discontinued
operations
NET INCOME $ 1,597 $ 3,136 $ 1,733 $ 4,966
PER SHARE
INFORMATION -
BASIC AND
DILUTED:
Continuing $ .46 $ .90 $ .50 $ 1.37
operations basic
Discontinued $ 0 $ (.03 ) $ 0 $ .01
operations basic
Net basic $ .46 $ .87 $ .50 $ 1.38
Continuing
operations $ .46 $ .90 $ .50 $ 1.37
diluted
Discontinued
operations $ 0 $ (.03 ) $ 0 $ .01
diluted
Net diluted $ .46 $ .87 $ .50 $ 1.38
WEIGHTED AVERAGE
NUMBER OF 3,490 3,597 3,495 3,597
SHARES-BASIC
WEIGHTED AVERAGE
NUMBER OF 3,490 3,597 3,495 3,612
SHARES-DILUTED
Continuing
Operations
EBITDA
Reconciliation
Pre tax earnings
(net of $ 2,558 $ 5,012 $ 2,435 $ 7,643
non-controlling
interests)
Depreciation and 917 771 2,687 2,153
amortization
Interest (45 ) (91 ) (250 ) (353 )
EBITDA (a) $ 3,430 $ 5,692 $ 4,872 $ 9,443
Continuing
Operations
EBITDA adjusted
for
non-cash stock
option expense
EBITDA (as $ 3,430 $ 5,692 $ 4,872 $ 9,443
defined) (a)
Non-cash stock 122 78 278 234
option expense
EBITDA adjusted
for non-cash $ 3,552 $ 5,770 $ 5,150 $ 9,677
stock option
expense
(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.
### |
