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Ark Restaurants Corp (ARKR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 29, 2012

Ark Restaurants Corp

CIK: 779544 Ticker: ARKR

Exhibit 99.1

Ark Restaurants Announces Financial Results for the
Fourth Quarter and Full Year of 2012

CONTACT:
Robert Stewart
(212) 206-8800
bstewart@arkrestaurants.com

NEW YORK, New York – December 26, 2012 —

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and full year ended September 29, 2012.

Company-wide same store sales increased 0.3% for the three-month period ended September 29, 2012 compared to the same three month period last year. For fiscal 2012 company-wide same store sales increased 4.8% compared to the same period last year.

Total revenues for the three-month period ended September 29, 2012 were $36,082,000 versus $36,981,000 for the three months ended October 1, 2011. The prior year’s revenues include $1,625,000 related to two properties closed in 2012.

Total revenues for the year ended September 29, 2012 were $138,028,000 versus $136,896,000 for the year ended October 1, 2011. The prior year’s revenues include $7,884,000 related to two properties closed in 2012 and one property closed in 2011.

The Company’s income from continuing operations for the three-month period ended September 29, 2012 was $1,770,000, or $0.55 per share ($0.54 per diluted share), as compared to $1,363,000, or $0.39 per basic and diluted share, for the same three-month period last year. Continuing Operations EBITDA adjusted for non-cash stock option expense, the impairment charge discussed below and non-controlling interests for the three-month period ended September 29, 2012 was $4,473,000 versus $4,433,000 during the same three-month period last year. Included in the Company’s income from continuing operations for the three-month period ended September 29, 2012 are operating losses of $865,000 related to our new restaurant in New York, Clyde Frazier’s Wine and Dine, which opened in March 2012.

The Company’s income from continuing operations for the year ended September 29, 2012 was $5,748,000, or $1.75 per share ($1.73 per diluted share), as compared to $2,695,000, or $0.77 per share ($0.76 per diluted share), for the same period last year. Continuing Operations EBITDA adjusted for non-cash stock option expense, the impairment charge discussed below and non-controlling interests for the year ended September 29, 2012 was $13,381,000 versus $9,515,000 during the same period last year. Included in the Company’s income from continuing operations for the year ended September 29, 2012 are pre-opening and operating losses of $1,800,000 related to our new restaurant in New York, Clyde Frazier’s Wine and Dine, which opened in March 2012.

During the three month period ended September 29, 2012, the Company recorded a charge of $379,000 to impair the leasehold improvements and equipment of an underperforming restaurant. Based on the current facts and circumstances, the property does not meet the criteria for held for sale classification.

As of September 29, 2012, the Company had cash, cash equivalents and short term investments totaling $8,780,000 and long-term debt in the form of a note payable in the amount of $2,125,000 resulting from the purchase of 250,000 shares of treasury stock in December 2011.

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The following information was filed by Ark Restaurants Corp (ARKR) on Friday, December 28, 2012 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (parentheticals)
Consolidated Statements Of Income
Accounting Policies, By Policy (policies)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (detail) - Schedule Of Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (tables)
Business And Summary Of Significant Accounting Policies
Business And Summary Of Significant Accounting Policies (detail)
Commitments And Contingencies
Commitments And Contingencies (detail)
Commitments And Contingencies (detail) - Schedule Of Future Minimum Rental Payments For Operating Leases
Commitments And Contingencies (tables)
Consolidation Of Variable Interest Entities
Consolidation Of Variable Interest Entities (detail) - Schedule Of Variable Interest Entities
Consolidation Of Variable Interest Entities (tables)
Document And Entity Information
Fixed Assets
Fixed Assets (detail)
Fixed Assets (detail) - Property, Plant And Equipment
Fixed Assets (tables)
Income Per Share Of Common Stock
Income Per Share Of Common Stock (detail)
Income Per Share Of Common Stock (detail) - Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share
Income Per Share Of Common Stock (tables)
Income Taxes
Income Taxes (detail)
Income Taxes (detail) - Schedule Of Components Of Income Tax Expense (benefit)
Income Taxes (detail) - Schedule Of Deferred Tax Assets And Liabilities
Income Taxes (detail) - Schedule Of Effective Income Tax Rate Reconciliation
Income Taxes (detail) - Schedule Of Effective Income Tax Rate Reconciliation (parentheticals)
Income Taxes (detail) - Summary Of Income Tax Contingencies
Income Taxes (tables)
Intangible Assets
Intangible Assets (detail)
Intangible Assets (detail) - Schedule Of Finite-lived Intangible Assets
Intangible Assets (tables)
Investment Securities
Investment Securities (detail) - Available For Sale Securities Are Re-measured To Fair Value On Recurring Basis
Investment Securities (tables)
Note Payable For Treasury Stock Repurchase
Note Payable For Treasury Stock Repurchase (detail)
Other Income
Other Income (detail) - Schedule Of Other Nonoperating Income (expense)
Other Income (tables)
Recent Restaurant Dispositions
Recent Restaurant Dispositions (detail)
Recent Restaurant Dispositions (detail) - Schedule Of Disposal Groups Including In Discontinued Operations In Consolidated Statement Of Income
Recent Restaurant Dispositions (tables)
Recent Restaurant Expansion
Recent Restaurant Expansion (detail)
Related Party Transactions
Related Party Transactions (detail)
Stock Options
Stock Options (detail)
Stock Options (detail) - Schedule Of Share Based Compensation Activity
Stock Options (detail) - Schedule Of Share Based Compensation Stock Options Activity
Stock Options (tables)
Subsequent Events
Subsequent Events (detail)
Ticker: ARKR
CIK: 779544
Form Type: 10-K Annual Report
Accession Number: 0000930413-12-006712
Submitted to the SEC: Fri Dec 28 2012 12:03:46 PM EST
Accepted by the SEC: Fri Dec 28 2012
Period: Saturday, September 29, 2012
Industry: Retail Eating Places

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