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Ark Restaurants Corp (ARKR) SEC Filing 10-Q Quarterly report for the period ending Saturday, December 28, 2019

Ark Restaurants Corp

CIK: 779544 Ticker: ARKR


Exhibit 99.1                                                
Ark Restaurants Announces Financial Results for the
First Quarter of 2020
 
CONTACT:
Anthony J. Sirica
(212) 206-8800
ajsirica@arkrestaurants.com

NEW YORK, New York - February 10, 2020 --
Ark Restaurants Corp. (Nasdaq:ARKR) today reported financial results for the first quarter ended December 28, 2019.
Total revenues for the 13-weeks ended December 28, 2019 were $43,514,000 versus $40,548,000 for the 13-weeks ended December 29, 2018. The 13-weeks ended December 28, 2019 includes revenues of $2,422,000 related to JB’s on the Beach in Deerfield Beach, FL which was acquired on May 15, 2019. The 13-weeks ended December 29, 2018 includes revenues of $839,000 related to Durgin-Park which was closed on January 12, 2019.
Company-wide same store sales increased 3.5% for the 13-weeks ended December 28, 2019 as compared to the same period of last year.
The Company’s EBITDA from restaurant operations for the 13-weeks ended December 28, 2019, adjusted for non-controlling interests and non-cash stock option expense was $3,485,000 versus EBITDA from restaurant operations adjusted for non-controlling interests, non-cash stock option expense and losses incurred on the closure of Durgin-Park (discussed below) of $2,543,000 during the same 13-week period of last year. Net income for the 13-weeks ended December 28, 2019 was $1,513,000 or $0.43 per basic and diluted share, compared to a net loss of ($62,000) or ($0.02) per basic and diluted share, for the same 13-week period in the prior year.
As of December 29, 2018, the Company determined that it would not be able to operate Durgin-Park profitably due to decreased traffic at the Faneuil Hall Marketplace in Boston, MA, where it was located, and rising labor costs. As a result, included in the Consolidated Statement of Operations for the 13-weeks ended December 29, 2018 are losses on closure in the amount of $1,067,000 consisting of: (i) impairment of trademarks of $721,000, (ii) accelerated depreciation of fixed assets of $333,000, and (iii) write-offs of prepaid and other expenses of $13,000. The restaurant was closed on January 12, 2019.
The Company adopted the new lease accounting standards on September 29, 2019 (the first day of fiscal year 2020) which requires us to recognize assets and liabilities for leases with lease terms of more than twelve months on our balance sheet. We used a modified retrospective approach and therefore did not restate comparative periods for those lease contracts for which we have taken possession of the property as of September 28, 2019. Accordingly, prior period amounts were not revised and continue to be reported in accordance with the accounting standards then in effect. As a result of the adoption of this standard, we recorded right-of-use assets of $62,330,000 and lease liabilities related to our real estate operating leases of $63,943,000. The adoption of this standard did not materially impact retained earnings or our Consolidated Condensed Statement of Operations and had no impact on cash flows.
Ark Restaurants owns and operates 20 restaurants and bars, 17 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C, Las Vegas, Nevada and the gulf coast of Alabama. Five restaurants are located in New York City, two are located in Washington, D.C., five are located in Las Vegas, Nevada, three are located in Atlantic City, New Jersey, three are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. 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 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 operation at the Foxwoods Resort Casino in Connecticut consists of one fast food concept. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach and JB’s on the Beach in Deerfield Beach, and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and



The following information was filed by Ark Restaurants Corp (ARKR) on Monday, February 10, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ark Restaurants Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Condensed Balance Sheets
Consolidated Condensed Balance Sheets (Parentheticals)
Consolidated Condensed Statements Of Cash Flows (Unaudited)
Consolidated Condensed Statements Of Changes In Equity (Unaudited)
Consolidated Condensed Statements Of Changes In Equity (Unaudited) (Parentheticals)
Consolidated Condensed Statements Of Operations (Unaudited)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Basis Of Presentation And Critical Accounting Policies
Basis Of Presentation And Critical Accounting Policies (Details)
Basis Of Presentation And Critical Accounting Policies (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Dividends
Dividends (Details)
Income Per Share Of Common Stock
Income Per Share Of Common Stock (Details)
Income Per Share Of Common Stock (Tables)
Income Per Share Of Common Stock - Narrative (Details)
Income Taxes
Income Taxes (Details)
Investment In New Meadowlands Racetrack
Investment In New Meadowlands Racetrack (Details)
Leases
Leases (Tables)
Leases - Annual Maturities Of Lease Liabilities (Details)
Leases - Components Of Lease Expense (Details)
Leases - Narrative (Details)
Leases - Supplemental Cash Flow (Details)
Leases - Weighted Average Lease Terms (Details)
Notes Payable - Bank
Notes Payable - Bank (Tables)
Notes Payable - Bank - Narrative (Details)
Notes Payable - Bank - Schedule Of Long-Term Debt (Details)
Recent Restaurant Dispositions
Recent Restaurant Dispositions (Details)
Recent Restaurant Expansion And Other Developments
Recent Restaurant Expansion And Other Developments (Tables)
Recent Restaurant Expansion And Other Developments - Narrative (Details)
Recent Restaurant Expansion And Other Developments - Pro Forma Financial Information (Details)
Recent Restaurant Expansion And Other Developments - Schedule Of Assets Acquired (Details)
Stock Options
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Stock Options (Details) - Schedule Of Stock Options, Activity
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Variable Interest Entities
Variable Interest Entities (Tables)
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Variable Interest Entities - Schedule Of Variable Interest Entities (Details)

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Ark Restaurants Corp provided additional information to their SEC Filing as exhibits

Ticker: ARKR
CIK: 779544
Form Type: 10-Q Quarterly Report
Accession Number: 0000779544-20-000010
Submitted to the SEC: Tue Feb 11 2020 4:16:14 PM EST
Accepted by the SEC: Tue Feb 11 2020
Period: Saturday, December 28, 2019
Industry: Retail Eating Places

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