-----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, N2WdqBbOoKUuf1gEFMC6qjFTI3OCjfvP8qFAZhWZH+pbJrvQPp8yF5Eh+IKocImn 9SWrywAHw4XKIZH9MkpUHw== 0001157523-07-005173.txt : 20070515 0001157523-07-005173.hdr.sgml : 20070515 20070515095242 ACCESSION NUMBER: 0001157523-07-005173 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070514 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070515 DATE AS OF CHANGE: 20070515 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: 07849778 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 a5402935.txt ARK RESTAURANTS CORP. 8-K 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): May 14, 2007 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 May 14, 2007, Ark Restaurants Corp. issued a press release announcing its financial results for its second quarter ended March 31, 2007, 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: May 14, 2007 INDEX TO EXHIBITS Exhibit Description - ------- ----------- 99.1 Press Release dated May 14, 2007 titled "Ark Restaurants Announces Financial Results for the Second Quarter and Six Months ended March 31, 2007." EX-99.1 2 a5402935ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 Ark Restaurants Announces Financial Results for the Second Quarter and Six Months Ended March 31, 2007 NEW YORK--(BUSINESS WIRE)--May 14, 2007--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter and six month periods ended March 31, 2007. For the three months ended March 31, 2007, the Company's net income from continuing operations was $447,000, or $0.13 per share ($0.12 per diluted share), compared to $124,000, or $0.04 per share ($0.04 per diluted share), for the same period last year. Total revenues from continuing operations for the three month period ended March 31, 2007 were $25.9 million versus $24.1 million in the same period last year. Revenues from the Company's Las Vegas operations represented 44.3% of the Company's total revenues from continuing operations during the three-month period ended March 31, 2007. Compared to the same period last year, same store sales in the Company's New York City operations increased by 7.0%, same store sales in the Company's Washington D.C. operations increased by 6.3%, same store sales in the Company's Las Vegas operations increased by 2.0% and same store sales in Atlantic City increased 68.3%. The increase in Atlantic City this year was primarily due to last year's low level of sales following the start-up of these operations. The Company does not anticipate similar same store percentage increases in Atlantic City after this fiscal year. Although the Company does not report the sales or the financial results of the Company's Florida operations (the Company derives income from a management fee arrangement in part based on sales), same store sales at the Company's Florida operations increased by 13.1% compared to the same three month period last year. Sales at the Company's Florida operations totaled $3,268,000 during the three month period ended March 31, 2007. For the six months ended March 31, 2007, the Company's net income from continuing operations was $2,268,000, or $0.63 per share ($0.63 per diluted share), compared to $1,432,000, or $0.41 per share ($0.40 per diluted share), for the same period last year. Total revenues from continuing operations for the six month period ended March 31, 2007 were $54.1 million versus $50.1 million in the same period last year. Revenues from the Company's Las Vegas operations represented 47.8% of the Company's total revenues from continuing operations during the six month period ended March 31, 2007. Compared to the same period last year, same store sales in the Company's New York City operations increased by 11.3%, same store sales in the Company's Washington D.C. operations increased by 2.2% and same store sales in the Company's Las Vegas operations increased by 2.4%. The Company's Atlantic City facilities were not open during the first quarter of last year and, as a result, the Company cannot make six month comparisons. Same store sales at the Company's Florida operations increased by 14.4% compared to the same six month period last year. Sales at the Company's Florida operations totaled $5,920,000 during the six month period ended March 31, 2007. EBITDA from continuing operations for the three month period ended March 31, 2007 was $1,394,000 versus $792,000 during the same three month period last year. EBITDA from continuing operations for the six month period ended March 31, 2007 was $4,695,000 versus $3,314,000 during the same six-month period last year. The Company had net income of $378,000 in the three month period ended March 31, 2007 compared to a net loss of $151,000 in the same three month period last year. Net income for the six-month period ended March 31, 2007 was $6,968,000 compared to $765,000 during the same six-month period last year. Net income was positively affected during the 26-week period ended March 31, 2007 as a result of the sale during the quarter of the Company's Lutece and Tsunami locations to Venetian Casino Resort, LLC and the lack of pre-opening and early operating losses experienced at the Company's Atlantic City operations. Excluding the sale of the Company's facilities to the Venetian Casino Resort, net income for the six-month period ended March 31, 2007 would have been $1,850,000 compared to $765,000 during the same six-month period last year. As of March 31, 2007, the Company had no long-term bank debt and cash, cash equivalents and short term investments totaling $7,084,000. Ark Restaurants owns and operates 24 restaurants and bars, 25 fast food concepts, catering operations and wholesale and retail bakeries. Eight restaurants are located in New York City, four are located in Washington, D.C., eight are located in Las Vegas, Nevada, two are located in Atlantic City, New Jersey, three are 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; two bars within the Venetian Casino Resort as well as three food court concepts. In Las Vegas, the Company also owns and operates one restaurant within the Forum Shops at Caesar's Shopping Center. 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. 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. 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. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. ARK RESTAURANTS CORP. Condensed Consolidated Income Statement For the 13 and 26 week periods ended March 31, 2007 and April 1, 2006 (In Thousands, Except per share amounts) - ---------------------------------------------------------------------- 13 weeks ended 13 weeks 26 weeks ended 26 weeks ended ended March 31, April 1, March 31, April 1, 2007 2006 2007 2006 --------------- -------- -------------- -------- TOTAL REVENUES $ 25,867 $24,120 $ 54,069 $50,083 COST AND EXPENSES: Food and beverage cost of sales 6,831 6,321 13,862 12,669 Payroll expenses 8,930 8,482 17,828 16,820 Occupancy expenses 3,571 3,908 7,563 7,990 Other operating costs and expenses 3,305 2,959 6,545 6,119 General and administrative expenses 2,072 1,839 4,055 3,561 Depreciation and amortization expenses 675 626 1,313 1,192 --------------- -------- -------------- -------- Total costs and expenses 25,384 24,135 51,166 48,351 --------------- -------- -------------- -------- OPERATING INCOME 483 (15) 2,903 1,732 --------------- -------- -------------- -------- OTHER INCOME: Interest income - Net 38 22 148 47 Other income 236 181 479 390 --------------- -------- -------------- -------- Total other income 274 203 627 437 --------------- -------- -------------- -------- Income from continuing operations before income taxes 757 188 3,530 2,169 Provision for income taxes 289 64 1,218 737 Limited partner interest in income of variable interest entity (21) - (44) - --------------- -------- -------------- -------- Income from continuing operations 447 124 2,268 1,432 --------------- -------- -------------- -------- DISCONTINUED OPERATIONS: Income (loss) from operations of discontinued restaurants 4 (417) 7,160 (1,010) Provision (benefit) for income taxes 73 (142) 2,470 (343) --------------- -------- -------------- -------- Income (loss) from discontinued operations (69) (275) 4,690 (667) --------------- -------- -------------- -------- Income before cumulative effect of change in accounting principle 378 (151) 6,958 765 Cumulative effect of change in accounting principle - - 10 - --------------- -------- -------------- -------- NET INCOME $ 378 $ (151) $ 6,968 $ 765 =============== ======== ============== ======== PER SHARE INFORMATION - BASIC AND DILUTED: Continuing operations basic $ .13 $ .04 $ .63 $ .41 Discontinued operations basic $ (.02) $ (.08) $ 1.31 $ (.19) Cumulative effect of change in accounting principle $ .00 $ .00 $ .00 $ .00 --------------- -------- -------------- -------- Net basic $ .11 $ (.04) $ 1.94 $ .22 =============== ======== ============== ======== Continuing operations diluted $ .12 $ .04 $ .63 $ .40 Discontinued operations diluted $ (.02) $ (.08) $ 1.31 $ (.19) Cumulative effect of change in accounting principle $ .00 $ .00 $ .00 $ .00 --------------- -------- -------------- -------- Net diluted $ .10 $ (.04) $ 1.94 $ .21 =============== ======== ============== ======== WEIGHTED AVERAGE NUMBER OF SHARES- BASIC 3,590 3,462 3,580 3,462 =============== ======== ============== ======== WEIGHTED AVERAGE NUMBER OF SHARES- DILUTED 3,604 3,546 3,590 3,546 =============== ======== ============== ======== Continuing Operations EBITDA Reconciliation Pre tax earnings $ 757 $ 188 $ 3,530 $ 2,169 Depreciation and amortization 675 626 1,313 1,192 Interest (38) (22) (148) (47) --------------- -------- -------------- -------- EBITDA (a) $ 1,394 $ 792 $ 4,695 $ 3,314 =============== ======== ============== ======== Continuing Operations EBITDA adjusted for non-cash stock option expense EBITDA (as defined) (a) $ 1,394 $ 792 $ 4,695 $ 3,314 Non-cash stock option expense 78 187 252 374 --------------- -------- -------------- -------- EBITDA adjusted for non-cash stock option expense $ 1,472 $ 979 $ 4,947 $ 3,688 =============== ======== ============== ======== (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. CONTACT: Ark Restaurants Corp. Robert Towers, 212-206-8800 bob@arkrestaurants.com -----END PRIVACY-ENHANCED MESSAGE-----