-----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, SBQ3cIXDCgkIkYuPr0hYvdkhzPfyTKiEW7x37ucRN0RDWUMMeaFPlsdktbMu7Z6r 0FG/voY/xCf/M3UsY+vHsQ== 0000950117-05-000640.txt : 20050216 0000950117-05-000640.hdr.sgml : 20050216 20050216133038 ACCESSION NUMBER: 0000950117-05-000640 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050214 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050216 DATE AS OF CHANGE: 20050216 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: 05620132 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 a39256.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): February 14, 2005 ARK RESTAURANTS CORP. --------------------- (Exact name of registrant as specified in its charter) Commission file number 0-14030 New York 13-3156768 - ----------------------------------- ----------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. 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 February 14, 2005, Ark Restaurants Corp. issued a press release announcing its first quarter financial results for 2005, 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: February 15, 2005 INDEX TO EXHIBITS Exhibit Description - ------- ----------- 99.1 Press Release dated February 14, 2005 entitled "Ark Restaurants Announces First Quarter Financial Results." EX-99 2 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Ark Restaurants Announces First Quarter Financial Results CONTACT: Ark Restaurants Corp. Robert Towers (212) 206-8800 bob@arkrestaurants.com NEW YORK, New York -- February 14, 2005 -- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended January 1, 2005. As of January 1, 2005, the Company had no long-term debt and a cash balance of $1,375,000. For the three months ended January 1, 2005, the Company's income from continuing operations increased to $1,184,000, or $0.34 per share ($0.33 per diluted share), from $417,865, or $0.13 per share ($0.13 per diluted share), for the same period last year. Compared to last year's first quarter, Company-wide same store sales increased 8.3%. Same store sales in the Company's Las Vegas, New York and Washington D.C. operations increased by 6.6%, 10.5% and 10.7%, respectively. Same store sales in the Company's Las Vegas operations were negatively affected by the closure of the Company's "Venus" bar/nightclub facility for re-concepting during a portion of this period. This bar/nightclub facility had its grand opening as "Vivid" on February 4, 2005. Total revenues for the three months ended January 1, 2005 were $26,882,000 versus $24,672,000 in the same period last year. Revenues from the Company's Las Vegas operations represented 58.7% of the Company's total revenues during the three months ended January 1, 2005. Revenues from the Company's Las Vegas operations were, likewise, affected by the closure of Company's "Venus" bar/nightclub facility for renovation during a portion of this period. EBITDA from continuing operations for the three-month period ended January 1, 2005 was $2,569,000 versus $1,697,000 during the same three-month period last year. Michael Weinstein, Chairman, President and CEO of Ark Restaurants Corp., stated "We are extremely pleased with the Company's performance during the past quarter. The performance of our operations improved in all the markets in which we operate. We believe our strategy is bringing value to our shareholders." Ark Restaurants owns and operates 22 restaurants and bars, 26 fast food concepts, catering operations and wholesale and retail bakeries. Nine restaurants are located in New York City; nine 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 hotel's room service, banquet facilities, employee dining room and nine food court concepts; four restaurants and bars within the Venetian Casino Resort as well as four food court concepts. In Las Vegas, 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. The Florida operations under management include five fast food facilities in Tampa, Florida and eight fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. The Company will broadcast its conference call to discuss third quarter results over the Internet. The broadcast will be held on Monday, February 14, 2005 at 12:00 noon Eastern Time. To access the broadcast, please visit http://www.viavid.net. A replay of the broadcast will be available within one hour of the call. The dial-in numbers to participate in the conference call are: Toll-Free - 1-888-245-7013 Toll/International - 1-973-582-2773 Except for historical information, this news release contains forward-looking statements, which involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's fillings with the Securities and Exchange Commission. ARK RESTAURANTS CORP. Consolidated Income Statement For the 13 week periods ended January 1, 2005 and December 27, 2003 (In Thousands, Except per share amounts) 13 weeks ended 13 weeks ended January 1, December 27, 2005 2003 ----------- ------------ TOTAL REVENUES $ 26,882 $ 24,672 COST AND EXPENSES: Food and beverage cost of sales 6,686 6,342 Payroll expenses 8,653 8,185 Occupancy expenses 4,117 3,972 Other operating costs and expenses 3,106 3,087 General and administrative expenses 1,820 1,473 Depreciation and amortization expenses 947 996 ----------- ----------- Total costs and expenses 25,329 24,055 ----------- ----------- OPERATING INCOME 1,553 617 ----------- ----------- OTHER (INCOME) EXPENSE: Interest expense (income), net (25) 58 Other income (69) (84) ----------- ----------- Total other (income) expense (94) (26) ----------- ----------- Income from continuing operations before income taxes 1,647 643 Provision for income taxes 478 225 ----------- ----------- Income from continuing operations 1,169 418 DISCONTINUED OPERATIONS: Income from operations of discontinued restaurants 21 213 Provision (benefit) for income taxes 6 75 ----------- ----------- Loss from discontinued operations 15 138 NET INCOME $ 1,184 $ 556 =========== =========== PER SHARE INFORMATION - BASIC AND DILUTED: Continuing operations basic $ .34 $ .13 Discontinued operations basic $ .01 $ .05 ----------- ----------- Net basic $ .35 $ .18 =========== =========== Continuing operations diluted $ .33 $ .13 Discontinued operations diluted $ .01 $ .04 ----------- ----------- Net diluted $ .34 $ .17 =========== =========== WEIGHTED AVERAGE NUMBER OF SHARES-BASIC 3,395 3,181 =========== =========== WEIGHTED AVERAGE NUMBER OF SHARES-DILUTED 3,533 3,322 =========== =========== Continuing Operations EBITDA Reconciliation Pre tax earnings $ 1,647 $ 643 Depreciation and amortization 947 996 Interest (25) 58 ----------- ----------- EBITDA (a) $ 2,569 $ 1,697 =========== =========== (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-----