Ark Restaurants Announces Financial Results for the Third Quarter and Nine Months Ended July 3, 2010

Ark Restaurants Corp. (NASDAQ:ARKR) reported financial results for the third quarter and nine month periods ended July 3, 2010.

EBITDA, as adjusted for non-cash stock option expense and non-controlling interests, for the three month period ended July 3, 2010 was $5,242,000 versus $3,552,000 during the same three month period last year. EBITDA, as adjusted for non-cash stock option expense and non-controlling interests, for the nine month period ended July 3, 2010 was $5,429,000 versus $5,150,000 during the same nine month period last year.

For the three months ended July 3, 2010, the Company’s net income was $2,916,000, or $0.84 per share ($0.83 per diluted share), compared to $1,597,000, or $0.46 per share ($0.46 per diluted share), for the same period last year. For the nine months ended July 3, 2010, the Company’s net income was $1,521,000, or $0.44 per share ($0.43 per diluted share), compared to $1,733,000, or $0.50 per share ($0.50 per diluted share), for the same period last year.

Company-wide same store sales increased 9% for the three month period ended July 3, 2010 compared to the same three month period last year and increased 1.1% for the nine month period ended July 3, 2010 compared to the same nine month period last year.

As of July 3, 2010, the Company had cash, cash equivalents and short term investments totaling $9,130,000 and no long-term debt.

Ark Restaurants owns and operates 20 restaurants and bars, 31 fast food concepts and catering operations. 

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

Reader Comments:

Be the first to leave a comment for this article

Tweet