Ark Restaurants Announces First Quarter Financial Results.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 11, 2003 Ark Restaurants Corp. (Nasdaq: ARKR) today reported financial results for the first fiscal quarter ended December 28, 2002. Total revenues in the first quarter of fiscal 2003 were $26,215,000 versus $25,944,000 in the first quarter of fiscal 2002. The Company's 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 for the three month period increased 2.7%. 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 three-month period was $1,176,000 versus $3,283,000 in the prior period. The net loss was $116,000, or ($0.04) 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, for the first quarter of fiscal 2003 versus net income of $974,000, or $0.31 per diluted share for the comparable quarter in 2001. The Company has reduced the amount of outstanding long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. from last year's first quarter by 34% to $15.8 million. 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 , Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ark Restaurants stated, "Economic softness in the U.S. economy, and the disproportional dis·pro·por·tion·al adj. Disproportionate. dis  pro·por affects in both New York New York, state, United StatesNew 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 D.C., combined to generate our loss for the quarter. Fortunately, our revenues are diverse and our facilities in 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. saw increases across the board." Weinstein continued, "Looking to the remainder of 2003, we believe that Las Vegas will continue to produce solid results but it's too early to tell what revenues the company will realize from our operations in New York and Washington D.C.. That said, our focus is on expense control and debt reduction." 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; 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 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 within the Venetian Casino Resort as well as four food court concepts, and one restaurant 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 . 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. and subsidiaries
Consolidated condensed statement of operations
(unaudited; in thousands except per share amounts)
13 weeks to 13 weeks to
12/28/2002 12/29/2001
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REVENUES:
Food & beverage sales 26,169 25,780
Other income 46 164
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Total Revenues 26,215 25,944
COST & EXPENSES:
Food & beverage cost of sales 6,598 6,310
Payroll expenses 9,140 8,481
Occupancy expenses 4,421 3,925
Other operating costs and expenses 3,611 2,621
General & Administrative expenses 1,591 1,396
Depreciation and amortization expenses 1,147 1,339
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Total costs and expenses 26,508 24,072
Operating Income (293) 1,872
OTHER (INCOME) EXPENSE:
Interest expense 222 355
Interest income (7) (34)
Other income (322) (72)
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Total other (income) expense (107) 249
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Income before income taxes (186) 1,623
Provision (benefit) for income taxes (70) 649
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NET INCOME (LOSS) (116) 974
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EBITDA Reconciliations
Pre Tax Earnings (186) 1,623
Depreciation 1,147 1,339
Interest 215 321
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EBITDA (a) 1,176 3,283
=========== ===========
INCOME (LOSS) per share:
Income (loss) basic ($0.04) $0.31
Income (loss) diluted ($0.04) $0.31
Basic Shares 3,181,299 3,181,299
Diluted Shares 3,181,299 3,183,686
(a) EBITDA does not purport to represent cash provided by
operating activities as reflected in the Company's
consolidated financial statements, is not a measure of
financial performance under generally accepted accounting
principles and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance
with generally accepted accounting principles.
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