Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial
results for the first quarter ended December 27, 2014.
Total revenues for the three-month period ended December 27,
2014 were $33,359,000 versus $32,138,000 for the three months ended
December 28, 2013. The three-month period ended December 27, 2014
includes revenues of $3,192,000 related to The Rustic Inn in Dania
Beach, Florida, which was acquired on February 24, 2014. The
three-month period ended December 28, 2013 includes revenues of
$1,564,000 related to four properties closed subsequent to the
three-month period ended December 28, 2013 due to lease
expirations.
Company-wide same store sales decreased 1.8% for the three-month
period ended December 27, 2014 compared to the same three month
period last year. This decrease resulted primarily from a decrease
in the usage of complimentaries by the ownership of the casinos at
our Florida properties.
The Company’s EBITDA, adjusted for non-cash stock option expense
and non-controlling interests, for the three-month period December
27, 2014 was $2,331,000 versus $2,201,000 during the same
three-month period last year. Net income for the three-month period
ended December 27, 2014 was $722,000, or $0.21, per basic and
diluted share as compared to $563,000, or $0.17 per basic and
diluted share, for the same three-month period last year. Included
in net income for the three-month period ended December 27, 2014
are pre-opening losses of $200,000 related to the new Rustic Inn in
Jupiter, Florida, which opened on January 26, 2015.
As of December 27, 2014 the Company had cash and cash
equivalents totaling $8,285,000. The Company has a bank note for
the purchase of membership interests in Ark Hollywood/Tampa
Investment, LLC and the purchase of The Rustic Inn in Dania Beach,
Florida with an outstanding balance of $6,872,000 at December 27,
2014.
Ark Restaurants owns and operates 21 restaurants and bars, 19
fast food concepts and catering operations primarily in New York
City, Florida, Washington, D.C. and Las Vegas, NV. Five restaurants
are located in New York City, three are located in Washington,
D.C., six are located in Las Vegas, Nevada, three are located in
Atlantic City, New Jersey, one is located at the Foxwoods Resort
Casino in Ledyard, Connecticut, one is located in Boston,
Massachusetts and one is located in Dania Beach, Florida. The Las
Vegas operations include four restaurants within the New York-New
York Hotel & Casino Resort and operation of the hotel's room
service, banquet facilities, employee dining room and six food
court concepts; one bar within the Venetian Casino Resort and one
restaurant within the Planet Hollywood Resort and Casino. In
Atlantic City, New Jersey, the Company operates a restaurant and a
bar in the Resorts Atlantic City Hotel and Casino and a restaurant
in the Tropicana Hotel and Casino. The operations at the Foxwoods
Resort Casino include one fast food concept and one restaurant. In
Boston, Massachusetts, the Company operates a restaurant in the
Faneuil Hall Marketplace. The Florida operations include two Rustic
Inn’s, one in Dania Beach, Florida and one in Jupiter, Florida and
the operation of 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.
Except for historical information, this news release contains
forward-looking statements, within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements 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 filings 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. Actual results could differ materially from those
anticipated in these forward-looking statements, if new information
becomes available in the future.
ARK RESTAURANTS CORP.
Consolidated Statements of
Income For the 13 week periods ended December 27, 2014 and
December 28, 2013
(In Thousands,
Except per share amounts)
13 weeks ended 13 weeks ended December 27, December
28,
2014
2013
TOTAL REVENUES
$ 33,359
$ 32,138 COST AND EXPENSES:
Food and beverage cost of sales 8,747 7,854 Payroll expenses
10,855 10,478 Occupancy expenses 4,193 4,401 Other operating costs
and expenses 4,240 4,207 General and administrative expenses 3,000
2,850 Depreciation and amortization
1,105
1,147 Total costs and
expenses
32,140
30,937 OPERATING INCOME
1,219 1,201
OTHER (INCOME) EXPENSE: Interest (income) expense, net 57 12
Other (income) expense, net
(57 )
(66 ) Total other income, net
- (54 )
INCOME BEFORE PROVISION FOR INCOME TAXES 1,219 1,255
Provision for income taxes
342
399 CONSOLIDATED NET INCOME 877 856
Net income attributable to non-controlling interests
(155 ) (293
) NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS
CORP.
$ 722 $
563 NET INCOME PER ARK RESTAURANTS CORP.
COMMON SHARE: Basic
$ 0.21
$ 0.17 Diluted
$
0.21 $ 0.17
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic
3,378 3,256
Diluted
3,481 3,400
EBITDA Reconciliation: Pre tax income $ 1,219 $ 1,255
Depreciation and amortization 1,105 1,147 Interest expense, net
57 12 EBITDA
(a)
$ 2,381 $
2,414 EBITDA adjusted for non-cash stock
option expense, and non-controlling interests: EBITDA (as defined)
(a) $ 2,381 $ 2,414 Net income attributable to non-controlling
interests (155 ) (293 ) Non-cash stock option expense
105 80 EBITDA, as
adjusted
$ 2,331 $
2,201
(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 this non-GAAP financial measure 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 (loss), operating
income (loss), 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, pre-tax income, is included above.
Ark Restaurants Corp.Robert Stewart, (212)
206-8800bstewart@arkrestaurants.com
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