Ark Restaurants Announces First Quarter Financial Results.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 -- 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) today reported financial results for the first quarter ended December 27, 2008. Total revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the three-month period ended December 27, 2008 were $26,792,000 versus $29,280,000 in the three months ended December 29, 2007. 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 from continuing operations for the three-month period ended December 27, 2008 was $1,885,000 versus $2,704,000 during the same three-month period last year. The Company's income from continuing operations for the three-month period ended December 27, 2008 was $847,000, or $0.24 per share ($0.24 per diluted share), as compared to $1,384,000, or $0.38 per share ($0.38 per diluted share), for the same three-month period last year. Company-wide same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of decreased 14.8% compared to the same period last year. Net income for the three-month period ended December 27, 2008 was $847,000 versus $1,485,000 in the three months ended December 29, 2007. As of December 27, 2008, the Company had cash, cash equivalents and short term investments totaling $8,500,000. As of the same date, the Company had no long-term debt other than $658,000 remaining due on a five year purchase money obligation undertaken in connection with the Company's January 8, 2007 acquisition of the Durgin Park Restaurant and the Black Horse Tavern in Boston, Massachusetts. Michael Weinstein, the Company's Chairman and Chief Executive Officer, stated "Obviously business conditions deteriorated in all venues as compared to last year. We were especially vulnerable to cancellations of corporate events during the Christmas season as well as a general decline in headcounts." Ark Restaurants owns and operates 20 restaurants and bars, 30 fast food concepts, catering operations and wholesale and retail bakeries. Seven 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. , four are located in Washington, D.C., five are located in Las Vegas, Nevada, two are located in Atlantic City, New Jersey “Atlantic City” redirects here. For other uses, see Atlantic City (disambiguation). Atlantic City is a city in Atlantic County, New Jersey, USA. Famous for its boardwalk and casino gambling, it is a resort community located on Absecon Island on the coast of the , one is located at the Foxwoods Resort Casino Foxwoods Resort Casino is a hotel-casino in Ledyard, Connecticut. It is the largest casino in the world, as measured by floor space for gaming, with 340,000 sq ft (31,587 m²) [1]. The entire resort comprises 4,700,000 sq ft (440,000 m²) of space. in Ledyard, Connecticut and one is located in Boston, Massachusetts. The Las Vegas operations include three restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and nine food court concepts; one bar within the Venetian Casino Resort as well as three food court concepts. The Florida operations under management include five fast food facilities in Tampa, Florida and seven fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino The Hard Rock Hotel and Casino is a hotel-casino located in Las Vegas, Nevada. The property has a 646 room hotel and 30,000ft² (3,000m²) casino. The hotel will undergo a major expansion to be completed in 2009. operated by the Seminole Indian Tribe at these locations. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Resorts Hotel and Casino Atlantic City is a hotel, casino, and spa in Atlantic City, New Jersey owned by Colony Capital, LLC and is managed through its gaming subsidiary Colony RIH Holdings, Inc.. Hotel and Casino. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. Except for historical information, this news release contains forward-looking statements, 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. 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. [TABLE OMITTED] [TABLE OMITTED] |
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