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Ark Restaurants Corp (ARKR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 28, 2013

Ark Restaurants Corp

CIK: 779544 Ticker: ARKR

Exhibit 99.1

 

Ark Restaurants Announces Financial Results for the
Fourth Quarter and Full Year of 2013

 

CONTACT:

Robert Stewart

(212) 206-8800
bstewart@arkrestaurants.com

NEW YORK, New York – December 20, 2013 --

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and full year ended September 28, 2013.

Total revenues for the three-month period ended September 28, 2013 were $33,906,000 versus $36,082,000 for the three months ended September 29, 2012. The prior year’s revenues include $2,213,000 related to two properties closed in 2013.

Total revenues for the year ended September 28, 2013 were $130,598,000 versus $138,028,000 for the year ended September 29, 2012. The prior year’s revenues include $7,860,000 related to two properties closed in 2013 and two properties closed in 2012.

Company-wide same store sales decreased 2.0% for the three-month period ended September 28, 2013 compared to the same three month period last year. For fiscal 2013 company-wide same store sales decreased 3.0% compared to the same period last year.

The Company’s income from continuing operations for the three-month period ended September 28, 2013 was $1,453,000, or $0.45 per share ($0.43 per diluted share), as compared to $1,770,000, or $0.55 per share ($0.54 per diluted share), for the same three-month period last year. Continuing Operations EBITDA adjusted for non-cash stock option expense and non-controlling interests for the three-month period ended September 28, 2013 was $3,458,000 versus $4,473,000 during the same three-month period last year.

The Company’s income from continuing operations for the year ended September 28, 2013 was $3,824,000, or $1.18 per share ($1.13 per diluted share), as compared to $5,748,000, or $1.75 per share ($1.73 per diluted share), for the same period last year. Continuing Operations EBITDA adjusted for non-cash stock option expense, losses from closure of restaurants and non-controlling interests for the year ended September 28, 2013 was $10,703,000 versus $13,381,000 during the same period last year.

As of September 28, 2013 the Company had cash and cash equivalents totaling $8,748,000 and notes payable in the amount of $3,657,000 resulting from the purchase of 250,000 shares of treasury stock in December 2011, the purchase of membership interests in Ark Hollywood/Tampa Investment, LLC and the purchase of our interests in the New Meadowlands Racetrack LLC.

Ark Restaurants owns and operates 20 restaurants and bars, 22 fast food concepts and catering operations in New York City, Washington, D.C. and Las Vegas, NV. Five restaurants are located in New York City, three are located in Washington, D.C., seven 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 and one is located in Boston, Massachusetts. The Las Vegas operations include five 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, as well as three food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic


The following information was filed by Ark Restaurants Corp (ARKR) on Monday, December 23, 2013 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 Comprehensive Income
Consolidated Statements Of Income
Accounting Policies, By Policy (policies)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (details) - 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 (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (details) - Schedule Of Future Minimum Rental Payments For Operating Leases
Commitments And Contingencies (tables)
Consolidation Of Variable Interest Entities
Consolidation Of Variable Interest Entities (details)
Consolidation Of Variable Interest Entities (details) - Schedule Of Variable Interest Entities
Consolidation Of Variable Interest Entities (tables)
Cost Method Investment
Cost Method Investment (details)
Document And Entity Information
Fixed Assets
Fixed Assets (details)
Fixed Assets (details) - Property, Plant And Equipment
Fixed Assets (tables)
Income Per Share Of Common Stock
Income Per Share Of Common Stock (details)
Income Per Share Of Common Stock (details) - Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share
Income Per Share Of Common Stock (tables)
Income Taxes
Income Taxes (details)
Income Taxes (details) - Schedule Of Components Of Income Tax Expense (benefit)
Income Taxes (details) - Schedule Of Deferred Tax Assets And Liabilities
Income Taxes (details) - Schedule Of Effective Income Tax Rate Reconciliation
Income Taxes (details) - Schedule Of Effective Income Tax Rate Reconciliation (parentheticals)
Income Taxes (details) - Summary Of Income Tax Contingencies
Income Taxes (tables)
Intangible Assets
Intangible Assets (details)
Intangible Assets (details) - Schedule Of Finite-lived Intangible Assets
Intangible Assets (tables)
Note Receivable
Note Receivable (details)
Notes Payable
Notes Payable (details)
Notes Payable (details) - Schedule Of Notes Payable Maturities
Notes Payable (tables)
Other Income
Other Income (details) - Schedule Of Other Nonoperating Income (expense)
Other Income (tables)
Recent Restaurant Dispositions
Recent Restaurant Dispositions (details)
Recent Restaurant Dispositions (details) - Results Of Discontinued Operations
Recent Restaurant Dispositions (tables)
Recent Restaurant Expansion
Recent Restaurant Expansion (details)
Related Party Transactions
Related Party Transactions (details)
Stock Options
Stock Options (details)
Stock Options (details) - Schedule Of Share-based Compensation, Activity
Stock Options (details) - Schedule Of Stock Options, Activity
Stock Options (tables)
Subsequent Events
Subsequent Events (details)
Ticker: ARKR
CIK: 779544
Form Type: 10-K Annual Report
Accession Number: 0000930413-13-005875
Submitted to the SEC: Mon Dec 23 2013 4:23:58 PM EST
Accepted by the SEC: Mon Dec 23 2013
Period: Saturday, September 28, 2013
Industry: Retail Eating Places

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