Ark Restaurants Announces Financial Results For The Third Quarter and Nine Months Ended June 28, 2003.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 5, 2003 Ark Restaurants Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ARKR) reported financial results for the third quarter and nine-month periods ended June June: see month. 28, 2003. For the three months ended June 28, 2003 total revenues were $31.9 million versus $33.3 million in the comparable quarter last year. Net income for the third quarter was $1.6 million, or $0.50 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $1.8 million, or $0.57 per diluted share in the year ago quarter. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the quarter was $3.5 million versus $4.5 million last year. Total revenues for the nine-month period ended June 28, 2003 were $84.7 million versus $85.5 million in the nine-month period ended June 29, 2002. Net income for the nine-month period ended June 28, 2003 was $1.5 million versus $2.6 million in last year's comparable period. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.48 for the just ended nine-month period compared to $0.82 last year. EBITDA for the nine-month period ended June 28, 2003 was $5.9 million compared to $9.2 million for the nine-month period ended June 29, 2002. As of June 28, 2003 borrowings on the Company's credit facility had been reduced to $11,200,000 versus $17,890,000 as of June 29, 2002. Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. continued to perform strongly, and same store-sales increased 5% during the third quarter of 2003 compared to the third quarter of 2002. Revenues in Las Vegas increased to 47.3% of company wide revenues for the third quarter of 2003 compared to 44.7% during the third quarter of 2002. For the 39-week period ended June 28, 2003, revenues in Las Vegas increased to 51.7% of Company wide revenues compared to 49.9% during last year's nine-month period. Record rainfall during the third quarter of the year permitted limited use of the Company's significant number of outdoor cafe seats in 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 and Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. D.C. In these two markets an additional 1,500 outdoor seats are added to several restaurants with a combined indoor seating capacity Noun 1. seating capacity - the number of people that can be seated in a vehicle or auditorium or stadium etc. commodiousness, spaciousness, capaciousness, roominess - spatial largeness and extensiveness (especially inside a building); "the capaciousness of Santa's of 1,400. On a combined basis, same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. at restaurants with outdoor seating in New York and Washington D.C. decreased 16.5% during the third quarter of this year compared to last year. Same-store sales in restaurants without outdoor seating, in these two markets, decreased by only 1.8% in the same comparable quarter. Ark Restaurants owns and operates 25 restaurants, 12 fast food concepts, catering operations and wholesale and retail bakeries. Twelve restaurants are located 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. ; 8 in Las Vegas, Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). ; 4 in Washington, DC; and one in 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 Las Vegas operations include three restaurants within the New York-New York York, former name of Toronto, Canada York, Ont.: see Toronto, Ont., Canada. York, city, England York, city (1991 pop. 123,126) and district, North Yorkshire, N England, at the confluence of the Ouse and Foss rivers. Hotel & Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. Resort and operation of the Resort's room service, banquet A banquet is a large public meal or feast, complete with main courses and desserts. It usually serves a purpose, such as a charitable gathering, a ceremony, or a celebration. Sometimes a banquet consists of only desserts, but it is advisable to include main courses as well. facilities, employee dining room and eight food court concepts. Four restaurants and bars are within the Venetian Casino Resort as well as four food court concepts. One restaurant is within the Forum Shops at Caesar's Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into and one restaurant is in the Neonopolis Center at Freemont Street in downtown Las Vegas Downtown Las Vegas can have several meanings depending on how it is used. It can mean:
Except for historical information, this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which 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 fillings with the Securities and Exchange Commission.
Ark Restaurants Corp.
Consolidated Income Statement
For the 13 weeks ended June 28, 2003 and June 29, 2002
and the 39 weeks ended June 28, 2003 and June 29, 2002
(unaudited: in thousands except for per share amounts)
39 weeks 39 weeks 13 weeks 13 weeks
to to to to
28-Jun-03 29-Jun-02 28-Jun-03 29-Jun-02
---------- ---------- ---------- ----------
REVENUES:
Food & beverage sales 83,589 85,190 31,642 33,261
Other income 1,103 355 229 70
---------- ---------- ---------- ----------
Total Revenues 84,692 85,545 31,871 33,331
COST & EXPENSES:
Food & beverage cost of
sales 21,112 21,463 8,035 8,378
Payroll expenses 28,408 27,861 10,070 10,232
Occupancy expenses 13,442 12,852 4,742 4,674
Other operating costs and
expenses 11,121 9,880 4,142 3,948
General & administrative
expenses 4,528 4,517 1,594 1,586
Depreciation and
amortization expenses 3,294 3,911 1,089 1,220
Asset impairment 667 0 0 0
Total costs and
expenses 82,572 80,484 29,672 30,038
Operating Income 2,120 5,061 2,199 3,293
OTHER (INCOME) EXPENSE:
Interest expense 645 981 217 300
Interest income (125) (102) (33) (36)
Other income (475) (193) (197) (35)
---------- ---------- ---------- ----------
Total other (income)
expense 45 686 (13) 229
---------- ---------- ---------- ----------
Income before income taxes 2,075 4,375 2,212 3,064
Provision for income taxes 541 1,755 593 1,229
---------- ---------- ---------- ----------
NET INCOME 1,534 2,620 1,619 1,835
========== ========== ========== ==========
EBITDA Reconciliations
Pre Tax Earnings 2,075 4,375 2,212 3,064
Depreciation 3,294 3,911 1,089 1,220
Interest 520 879 184 264
---------- ---------- ---------- ----------
EBITDA (a) 5,889 9,165 3,485 4,548
========== ========== ========== ==========
INCOME (LOSS) per share:
Income (loss) basic $0.48 $0.82 $0.51 $0.58
Income (loss) diluted $0.48 $0.82 $0.50 $0.57
Basic Shares 3,181,299 3,181,299 3,181,299 3,181,299
Diluted Shares 3,197,040 3,199,089 3,206,755 3,216,010
(a) EBITDA is defined as earnings before interest, taxes, depreciation
and amortization and cumulative effect of changes in accounting
principle. Although EBITDA is not a measure of performance or
liquidity calculated in accordance with generally accepted
accounting principles (GAAP), the Company believes the use of the
non-GAAP financial measure EBITDA enhances an overall
understanding of the Company's past financial performance as well
as providing useful information to the investor because of its
historical use by the Company as both a performance measure and
measure of liquidity, and the use of EBITDA by virtually all
companies in the restaurant sector as a measure of both
performance and liquidity. However, investors should not consider
this measure in isolation or as a substitute for net income,
operating income, cash flows from operating activities or any
other measure for determining the Company's operating performance
or liquidity that is calculated in accordance with GAAP, it may
not necessarily be comparable to similarly titled Measures
employed by other companies. A reconciliation of EBITDA to the
most comparable GAAP financial measure, net income, is included
above.
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