Ark Restaurants Announces First Quarter Financial Results

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 27, 2008.

Total revenues from continuing operations for the three-month period ended December 27, 2008 were $26,792,000 versus $29,280,000 in the three months ended December 29, 2007.

EBITDA from continuing operations for the three-month period ended December 27, 2008 was $1,885,000 versus $2,704,000 during the same three-month period last year. The Company's income from continuing operations for the three-month period ended December 27, 2008 was $847,000, or $0.24 per share ($0.24 per diluted share), as compared to $1,384,000, or $0.38 per share ($0.38 per diluted share), for the same three-month period last year.

Company-wide same store sales decreased 14.8% compared to the same period last year.

Net income for the three-month period ended December 27, 2008 was $847,000 versus $1,485,000 in the three months ended December 29, 2007.

As of December 27, 2008, the Company had cash, cash equivalents and short term investments totaling $8,500,000. As of the same date, the Company had no long-term debt other than $658,000 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.

Michael Weinstein, the Company's Chairman and Chief Executive Officer, stated 'Obviously business conditions deteriorated in all venues as compared to last year. We were especially vulnerable to cancellations of corporate events during the Christmas season as well as a general decline in headcounts.'

Ark Restaurants owns and operates 20 restaurants and bars, 30 fast food concepts, catering operations and wholesale and retail bakeries.


Logos, product and company names mentioned are the property of their respective owners.

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