ARK RESTAURANTS REPORTS THIRD FISCAL QUARTER RESULTS.NEW YORK--(BUSINESS WIRE)--July 27, 1995--Ark Restaurants Corp. reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $21,047,000 for the third fiscal quarter ended July 1, 1995 compared with $17,793,000 for the fiscal quarter ended July 2, 1994. Net income for the latest quarter was $636,000, or $.20 per share, compared with $771,000, or $.24 per share, in the prior year's quarter. Net income for the latest quarter was affected by a special charge related to the settlement of a claim at one of the company's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of restaurants and by pre-opening costs and early operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. at its Bryant Park Bryant Park is a 9.603 acre (39,000 m²) public park located in the New York City borough of Manhattan. It is bounded by Fifth Avenue, Sixth Avenue, 40th Street and 42nd Street in Midtown Manhattan.[1] The central building of the New York Public Library is in the park. restaurant. For the nine months net sales were $52,164,000 compared with $44,578,000 last year. Net income for the latest nine months was $445,000, or $.14 per share, compared with $189,000, or $.06 per share, last year before a benefit of $508,000, or $.16 per share, from the cumulative effect of the company's change in accounting for income taxes. Sales at the company's managed -- but not owned -- restaurants, which are not included in net sales, were $7,584,000 for the nine months compared with $7,497,000 last year. For the latest quarter sales were $3,020,000 compared to $3,100,000 last year. In commenting on the results, Michael Weinstein Michael L. "Mikey" Weinstein is an attorney, businessman and former Air Force officer. He is founder and president of the Military Religious Freedom Foundation and author of With God on Our Side: One Man's War Against an Evangelical Coup in America's Military , president, said, "The third fiscal quarter includes the pre-opening expenses and early operating losses of our new 1,200 seat restaurant -- The Bryant Park Grill Grill may refer to: In food:
Ark Restaurants owns and operates 24 restaurants and manages 6 restaurants in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. (19); Washington, D.C. (4); Boston (3); Rhinebeck, New York; Oxnard, California Oxnard is the largest city in Ventura County, California in terms of population. It is located at the western edge of the fertile Oxnard Plain, and is one of the world's most important agricultural centers, with its distinction as the strawberry and lima bean capital. ; McLean, Virginia McLean is an unincorporated community located in Fairfax County in Northern Virginia. A small geographic area along Chain Bridge Road in Arlington County has a 22101 zip code and is also part of McLean. and Islamorada, Florida Islamorada, "Village of Islands" is an incorporated village in Monroe County, Florida, on the islands of Lower Matecumbe Key, Upper Matecumbe Key, Windley Key and Plantation Key in the Florida Keys. The village was incorporated on November 4, 1997. . The company also operates catering businesses in New York City and Washington, D.C. and a wholesale and retail bakery in New York City. -0-
Below is a summary of unaudited comparative results.
13 Weeks Ended 39 Weeks Ended
July 1, July 2, July 1, July 2,
1995 1994 1995 1994
(000 s omitted except per share data)
Total sales $24,067 $20,893 $59,748 $52,075 Less sales of managed restaurants and bars 3,020 3,100 7,584 7,497 Net sales 21,047 17,793 52,164 44,578 Income before provision for income taxes 1,157 1,395 806 337 Provision for income 521 624 361 148 taxes Income before accounting change 636 771 445 189 Cumulative effect of accounting change(a) --- --- --- 508 Net income 636 771 445 697 Per share information: Income before . accounting change .20 .24 .14 .06 Cumulative effect of accounting change(a) --- --- --- .16 Net Income .20 .24 .14 .22 Weighted average number of shares outstanding 3,258 3,217 3,248 3,227 (a) Adoption of SFAS No. 109 Accounting for Income Taxes CONTACT: Ark Restaurants Corp., New York Robert Towers Vice President Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. 212/206-8800 |
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