<< Previous :: Next >> By Date :: Top Recent :: Top 30 days :: Top 365 days :: Back

Ark Restaurants Announces Financial Results for the Second Quarter and Six Months Ended March 28, 2009

2009-05-11

Send

Text Size:

Ark Restaurants Total revenues from continuing operations for the three month period ended March 28, 2009 were $23.8 million versus $24.4 million in the same period last year. Total revenues from continuing operations for the six month period ended March 28, 2009 were $50.5 million versus $54.7 million in the same period last year.

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter and six month periods ended March 28, 2009.

Total revenues from continuing operations for the three month period ended March 28, 2009 were $23.8 million versus $24.4 million in the same period last year. Total revenues from continuing operations for the six month period ended March 28, 2009 were $50.5 million versus $54.7 million in the same period last year.

EBITDA from continuing operations for the three month period ended March 28, 2009 was a negative $367,000 versus a positive $920,000 during the same three month period last year. EBITDA from continuing operations for the six month period ended March 28, 2009 was $1,598,000 versus $3,905,000 during the same six-month period last year.

Michael Weinstein, the Chairman and Chief Executive Officer of Ark Restaurants Corp. said 'The results of this quarter were negatively impacted by two non-recurring expenses totaling $529,000, one involving a litigation legal expense and the other a real estate tax expense. While we definitely felt the pressure of the economy during the quarter, we do sense that the decline in customer counts has flattened.'

For the three months ended March 28, 2009, the Company's net loss from continuing operations was $712,000, or $0.20 per share ($0.20 per diluted share), compared to net income of $186,000, or $0.05 per share ($0.05 per diluted share), for the same period last year. Net income from continuing operations was negatively affected during the three months ended March 29, 2008 by $118,000 in pre-opening and early operating losses experienced at the Company's Mexican Restaurant, Yolos, at the Planet Hollywood Resort and Casino in Las Vegas, Nevada, and in conjunction with the Company's investment in a new concept, Pinch & S'Mac, in New York City.

For the six months ended March 28, 2009, the Company's net income from continuing operations was $136,000, or $0.04 per share ($0.04 per diluted share), compared to $1,694,000, or $0.47 per share ($0.46 per diluted share), for the same period last year. Net income from continuing operations was negatively affected during the six months ended March 29, 2008 by $300,000 in pre-opening and early operating losses experienced at Yolos and Pinch & S'Mac.

Company-wide same store sales decreased 10.0% compared to the same three month period last year and decreased 12.5% compared to the same six month period last year.

The net loss for the three-month period ended March 28, 2009 was a $712,000 versus net income of $346,000 in the three months ended March 29, 2008. Net income for the six month period ended March 28, 2009 was $136,000 versus $1,830,000 in the six months ended March 29, 2008.

As of March 28, 2009, the Company had cash, cash equivalents and short term investments totaling $7,414,000. As of the same date, the Company had no long-term debt other than $609,000 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.

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