Ark Restaurants Corp (ARKR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 30, 2017

EXHIBIT 99.1

Ark Restaurants Announces Financial Results
for the Fourth Quarter and Full Year of 2017

CONTACT:

Robert Stewart

(212) 206-8800

bstewart@arkrestaurants.com

NEW YORK, New York – December 27, 2017 --

Total revenues for the three-month period ended September 30, 2017 were $39,467,000 versus $38,529,000 for the three months ended October 1, 2016. The three-month period ended September 30, 2017 includes revenues of $4,166,000 related to the Oyster House properties in Gulf Shores and Spanish Fort, AL which were acquired on November 30, 2016 and $1,899,000 of revenues related to Sequoia DC which was partially open during the quarter after an extensive renovation. The three-month period ended October 1, 2016 includes revenues of $3,119,000 related to Sequoia DC and also includes revenues of $1,483,000 related to three properties closed during or subsequent to that prior year quarter.

Total revenues for the year ended September 30, 2017 were $153,877,000 versus $150,582,000 for the year ended October 1, 2016. The year ended September 30, 2017 includes revenues of $11,804,000 related to the Oyster House properties and $4,409,000 of revenues related to Sequoia DC. The year ended October 1, 2016 includes revenues of $10,078,000 related to Sequoia DC and also includes an additional $3,612,000 related to five properties that were closed during the period or subsequent to the prior year.

Excluding Sequoia DC same store sales increased 0.9% for the year ended September 30, 2017.

Net income for the three-month period ended September 30, 2017 was $1,311,000, or $0.38 per basic ($0.37 per diluted share) compared to $986,000, or $0.29 per basic share ($0.28 per diluted share), for the same three-month period last year. The Company’s EBITDA, adjusted for non-cash stock option expense and non-controlling interests, for the three-month period ended September 30, 2017 was $2,880,000 versus $2,811,000 during the same three-month period last year.

Net income for the year ended September 30, 2017 was $4,039,000, or $1.18 per basic share ($1.14 per diluted share) compared to $4,030,000, or $1.18 per basic share ($1.15 per diluted share) last year. The Company’s EBITDA, adjusted for non-cash stock option expense and non-controlling interests, for the year ended September 30, 2017 was $10,831,000 versus $11,203,000 last year. The decrease in EBITDA, adjusted for non-cash stock option expense and non-controlling interests, was offset by $1,637,000 resulting from the recognition of a gain (discussed below) in connection with the sale of our Rustic Inn, Jupiter, FL property. Without the gain related to the sale of real estate, EBITDA as adjusted for non-cash stock option expense and non-controlling interests would have been $9,194,000 for the year ended September 30, 2017. The year ended October 1, 2016, EBITDA includes positive adjustments for the impact of the reversal of commercial rent tax liabilities in the amount of $945,000 and an adjustment related to an overstatement of rent liability in the amount of $261,000.

On November 18, 2016, Ark Jupiter RI, LLC a wholly-owned subsidiary of the Company, entered into a Purchase Agreement for $5,200,000 to purchase the land and building in which the Company operated its Rustic Inn location in Jupiter, Florida. Concurrent with the execution of the purchase, Ark Jupiter RI, LLC entered into a Sale Agreement to sell this same property for $8,250,000.

On November 30, 2016, the Company, through newly formed, wholly-owned subsidiaries, acquired the assets of the Original Oyster House, Inc., a restaurant and bar located in the City of Gulf Shores, Baldwin County, Alabama and the related real estate and an adjacent retail shopping plaza and the Original Oyster House II, Inc., a restaurant and bar located in the City of Spanish Fort, Baldwin County, Alabama and the related real estate. The total purchase price was for $10,750,000 plus inventory. The acquisition is accounted for as a business combination and was financed with a bank loan from the Company’s existing lender in the amount of $8,000,000 and cash from operations.

Ark Restaurants owns and operates 20 restaurants and bars, 19 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C, Las Vegas, NV 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, one is located in Boston, Massachusetts, two 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 operations at the Foxwoods Resort Casino consist of one fast food concept. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida operations include the Rustic Inn in Dania Beach, Florida and Shuckers, located in Jensen Beach 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. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores, Alabama and one in Spanish Fort, Alabama.

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 and 52 week periods ended September 30, 2017 and October 1, 2016