Ark Restaurants: Announces Financial Results 2012

New York City / NY. (arc) Ark Restaurants Corporation reported financial results for the fourth quarter and full year ended September 29, 2012. Company-wide same store sales increased 0,3 percent for the three-month period ended September 29, 2012 compared to the same three month period last year. For fiscal 2012 company-wide same store sales increased 4,8 percent compared to the same period last year.

Total revenues for the three-month period ended September 29, 2012 were 36’082’000 USD versus 36’981’000 USD for the three months ended October 01, 2011. The prior year´s revenues include 1’625’000 USD related to two properties closed in 2012.

Total revenues for the year ended September 29, 2012 were 138’028’000 USD versus 136’896’000 USD for the year ended October 01, 2011. The prior year´s revenues include 7’884’000 USD related to two properties closed in 2012 and one property closed in 2011.

The Company´s income from continuing operations for the three-month period ended September 29, 2012 was 1’770’000 USD or 0,55 USD per share (0,54 USD per diluted share), as compared to 1’363’000 USD or 0,39 USD per basic and diluted share, for the same three-month period last year. Continuing Operations Ebitda adjusted for non-cash stock option expense, the impairment charge discussed below and non-controlling interests for the three-month period ended September 29, 2012 was 4’473’000 USD versus 4’433’000 USD during the same three-month period last year. Included in the Company´s income from continuing operations for the three-month period ended September 29, 2012 are operating losses of 865’000 USD related to our new restaurant in New York, Clyde Frazier´s Wine and Dine, which opened in March 2012.

The Company´s income from continuing operations for the year ended September 29, 2012 was 5’748’000 USD or 1,75 USD per share (1,73 USD per diluted share), as compared to 2’695’000 USD or 0,77 USD per share (0,76 USD per diluted share), for the same period last year. Continuing Operations Ebitda adjusted for non-cash stock option expense, the impairment charge discussed below and non-controlling interests for the year ended September 29, 2012 was 13’381’000 USD versus 9’515’000 USD during the same period last year. Included in the Company´s income from continuing operations for the year ended September 29, 2012 are pre-opening and operating losses of 1’800’000 USD related to our new restaurant in New York, Clyde Frazier´s Wine and Dine, which opened in March 2012.

During the three month period ended September 29, 2012, the Company recorded a charge of 379’000 USD to impair the leasehold improvements and equipment of an under-performing restaurant. Based on the current facts and circumstances, the property does not meet the criteria for held for sale classification.

As of September 29, 2012, the Company had cash, cash equivalents and short term investments totalling 8’780’000 USD and long-term debt in the form of a note payable in the amount of 2’125’000 USD resulting from the purchase of 250’000 shares of treasury stock in December 2011.

About: Ark Restaurants owns and operates 21 restaurants and bars, 22 fast food concepts and catering operations in New York City, Washington, D.C. and Las Vegas, NV. Seven restaurants are located in New York City, three are located in Washington, D.C., seven 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 five restaurants within the New York-New York Hotel + Casino Resort and operation of the hotel´s room service, banquet facilities, employee dining room and six 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 one restaurant. 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.

bakenet:eu