-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HJyY6AKNRDRZNkfmgFpPTCGxRG4PgfeIvCPSvtWf1hJw2lPEuMH/0IMptUR/g7vl WrQAscH16qhQ6BZTrdzUKA== 0000950117-03-005355.txt : 20031219 0000950117-03-005355.hdr.sgml : 20031219 20031219104859 ACCESSION NUMBER: 0000950117-03-005355 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031218 ITEM INFORMATION: FILED AS OF DATE: 20031219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARK RESTAURANTS CORP CENTRAL INDEX KEY: 0000779544 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 133156768 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09453 FILM NUMBER: 031063939 BUSINESS ADDRESS: STREET 1: 85 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10003-3019 BUSINESS PHONE: 2122068800 MAIL ADDRESS: STREET 1: 85 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10003-3019 8-K 1 a36721.txt ARK RESTAURANTS CORP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 18, 2003 Ark Restaurants Corp. (Exact name of registrant as specified in its charter) 0-14030 (Commission File Number) New York 13-3156768 --------------------------- -------------------------------- (State or other jurisdiction (I.R.S. Employer Identification) of incorporation) 85 Fifth Avenue New York, NY 10003 (Address of principal executive offices, with zip code) (212) 206-8800 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Item 12. Results of Operations and Financial Condition The information in this Current Report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On December 18, 2003, Ark Restaurants Corp. issued a press release announcing its fourth quarter and full year financial results for 2003, the text of which is furnished herewith as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ARK RESTAURANT CORP. By: /s/ Michael Weinstein ------------------------ Chief Executive Officer Date: December 18, 2003 INDEX TO EXHIBITS Exhibit Description - ------- ----------- 99.1 Press Release dated December 18, 2003 entitled "Ark Restaurants Announces Fourth Quarter and Full Year Results for 2003." EX-99 3 ex99-1.txt EXHIBIT 99.1 Ark Restaurants Announces Fourth Quarter and Full Year Results for 2003 CONTACT: Robert Towers (212) 206-8800 bob@arkrestaurants.com NEW YORK, New York - December 18, 2003 - Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and full year ended September 27, 2003. For the fourth quarter ended September 27, 2003, total revenues were $31.9 million versus $30.0 million in the fourth quarter of fiscal 2002. Pre-tax income was $2.3 million for the quarter ended September 27, 2003 versus pre-tax income of $1.3 million for last year's fourth quarter. Net income for the fourth quarter ended September 27, 2003 was $1.8 million, or $0.55 per fully diluted earnings per share, while net income for the fourth quarter of 2002 was $1.6 million, or $0.50 per fully diluted earning per share. Fourth quarter 2003 net income includes a tax provision of $515,000, or ($0.16) per fully diluted earnings per share, versus 2002 fourth quarter net income which included a tax benefit of $336,000, or $0.10 per fully diluted earnings per share. EBITDA for the fourth quarter ended September 27, 2003 was $3.3 million versus $2.7 million last year. For the full fiscal year ended September 27, 2003, total revenues were $116.6 million versus $115.7 million for the year ended September 28, 2002. Net income for the year ended September 27, 2003 was $3.3 million compared to $4.2 million for the year ended September 28, 2002. Fully diluted earnings per share were $1.03 for fiscal 2003 compared with $1.32 in fiscal 2002. Finally, EBITDA for fiscal 2003 was $9.2 million versus $11.9 million in fiscal 2002. As of September 27, 2003 borrowings on the Company's credit facility had been reduced to $6,975,000 versus $14,908,000 as of September 28, 2002. On a Company wide basis same store sales increased 6.6% during the fourth quarter of 2003 compared with last year's fourth quarter. Las Vegas continued to perform strongly during the fourth quarter of 2003 where same store sales increased 14.5% over the comparable fourth quarter of 2002. Washington D.C. same store sales increased 0.2% while New York same store sales decreased 0.5% during the fourth quarter of 2003 compared to the fourth quarter of 2002. Ark Restaurants owns and operates 24 restaurants, 12 fast food concepts, catering operations and wholesale and retail bakeries. Twelve restaurants are located in New York City; 8 in Las Vegas, Nevada; and four in Washington, DC. The Las Vegas operations include three restaurants within the New York-New York Hotel & Casino Resort and operation of the Resort's room service, banquet facilities, employee dining room and eight food court concepts; four restaurants and bars within the Venetian Casino Resort as well as four food court concepts. The Company also owns and operates one restaurant within the Forum Shops at Caesar's Shopping Center and one restaurant at the Neonopolis Center at Fremont Street. Ark Restaurants Corp Consolidated Income Statement For the 13 weeks ended September 27, 2003 and September 28, 2002 and the 52 weeks ended September 27, 2003 and September 28, 2002 (in thousands except for per share amounts)
52 weeks to 52 weeks to 13 weeks to 13 weeks to 9/27/2003 9/28/2002 9/27/2003 9/28/2002 ----------- ----------- ----------- ----------- REVENUES: Food & beverage sales $ 115,256 $ 115,107 $ 31,667 $ 29,917 Other income 1,337 550 234 68 ---------- ---------- ---------- ---------- Total Revenues 116,593 115,657 31,901 29,985 COSTS & EXPENSES: Food & beverage cost of sales 29,267 28,794 8,156 7,331 Payroll expenses 38,583 37,412 10,175 9,551 Occupancy expenses 18,200 17,306 4,757 4,454 Other operating costs and expenses 14,964 13,951 3,842 4,071 General & Administrative expenses 6,665 6,548 2,137 2,031 Depreciation and amortization expenses 4,286 5,172 992 1,261 Asset Impairment 667 -- -- -- ---------- ---------- ---------- ---------- Total costs and expenses 112,632 109,183 30,059 28,699 Operating Income 3,961 6,474 1,842 1,236 OTHER (INCOME) EXPENSE: Interest expense 732 1,212 87 231 Interest income (163) (133) (38) (31) Other income (983) (253) (508) (177) ---------- ---------- ---------- ---------- Total other (income) expense (414) 826 (459) (37) ---------- ---------- ---------- ---------- Income before income taxes 4,375 5,648 2,301 1,273 Provision (benefit) for income taxes 1,056 1,419 515 (336) ---------- ---------- ---------- ---------- NET INCOME $ 3,319 $ 4,229 $ 1,786 $ 1,609 ========== ========== ========== ========== EBITDA Reconciliation Pre Tax Earnings $ 4,375 $ 5,648 $ 2,301 $ 1,273 Depreciation 4,286 5,172 992 1,261 Interest 569 1,079 49 201 ---------- ---------- ---------- ---------- EBITDA (a) $ 9,230 $ 11,899 $ 3,342 $ 2,735 ========== ========== ========== ========== INCOME per share: Income basic $ 1.04 $ 1.33 $ 0.56 $ 0.51 Income diluted $ 1.03 $ 1.32 $ 0.55 $ 0.50 Basic Shares 3,181,299 3,181,299 3,181,299 3,181,299 Diluted Shares 3,212,885 3,205,792 3,259,892 3,208,981
(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. -----END PRIVACY-ENHANCED MESSAGE-----