Ark Restaurants Announces Fourth Quarter and Full Year Results for 2003.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 18, 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) today reported financial results for the fourth quarter and full year ended September September: see month. 27, 2003. For the fourth quarter ended September 27, 2003, total revenues were $31.9 million versus $30.0 million in the fourth quarter of fiscal 2002. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income was $2.3 million for the quarter ended September 27, 2003 versus pre-tax income of $1.3 million for last year's fourth quarter. Net income for the fourth quarter ended September 27, 2003 was $1.8 million, or $0.55 per 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 , while net income for the fourth quarter of 2002 was $1.6 million, or $0.50 per fully 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. earning per share Noun 1. earning per share - the portion of a company's profit allocated to each outstanding share of common stock net income, net profit, profit, profits, earnings, lucre, net - the excess of revenues over outlays in a given period of time (including depreciation . Fourth quarter 2003 net income includes a tax provision of $515,000, or ($0.16) per fully diluted earnings per share, versus 2002 fourth quarter net income which included a tax benefit of $336,000, or $0.10 per fully diluted earnings per share. 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 fourth quarter ended September 27, 2003 was $3.3 million versus $2.7 million last year. For the full fiscal year ended September 27, 2003, total revenues were $116.6 million versus $115.7 million for the year ended September 28, 2002. Net income for the year ended September 27, 2003 was $3.3 million compared to $4.2 million for the year ended September 28, 2002. Fully diluted earnings per share were $1.03 for fiscal 2003 compared with $1.32 in fiscal 2002. Finally, EBITDA for fiscal 2003 was $9.2 million versus $11.9 million in fiscal 2002. As of September 27, 2003 borrowings on the Company's credit facility had been reduced to $6,975,000 versus $14,908,000 as of September 28, 2002. On a Company wide basis 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 increased 6.6% during the fourth quarter of 2003 compared with last year's fourth quarter. 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 during the fourth quarter of 2003 where same store sales increased 14.5% over the comparable fourth quarter of 2002. 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. same store sales increased 0.2% while 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 same store sales decreased 0.5% during the fourth quarter of 2003 compared to the fourth quarter of 2002. Ark Restaurants owns and operates 24 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). ; and four in Washington, DC. 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 within the Venetian Casino Resort as well as four food court concepts. The Company also owns and operates 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 and one restaurant at the Neonopolis Center at Fremont Street Fremont Street is the second most famous street in Las Vegas, Nevada after the Las Vegas Strip. Located in the heart of the downtown casino corridor, it is (or was) the address for many famous casinos such as Binion's Horseshoe, Eldorado Club, Fremont Hotel and Casino, Golden Gate .
Ark Restaurants Corp
Consolidated Income Statement
For the 13 weeks ended September 27, 2003 and September 28, 2002
and the 52 weeks ended September 27, 2003 and September 28, 2002
(in thousands except for per share amounts)
52 weeks 52 weeks 13 weeks 13 weeks
to to to to
9/27/2003 9/28/2002 9/27/2003 9/28/2002
---------- ---------- ---------- ----------
REVENUES:
Food & beverage sales $115,256 $115,107 $31,667 $29,917
Other income 1,337 550 234 68
---------- ---------- ---------- ----------
Total Revenues 116,593 115,657 31,901 29,985
COSTS & EXPENSES:
Food & beverage cost of sales 29,267 28,794 8,156 7,331
Payroll expenses 38,583 37,412 10,175 9,551
Occupancy expenses 18,200 17,306 4,757 4,454
Other operating costs and
expenses 14,964 13,951 3,842 4,071
General & Administrative
expenses 6,665 6,548 2,137 2,031
Depreciation and
amortization expenses 4,286 5,172 992 1,261
Asset Impairment 667 - - -
---------- ---------- ---------- ----------
Total costs and expenses 112,632 109,183 30,059 28,699
Operating Income 3,961 6,474 1,842 1,236
OTHER (INCOME) EXPENSE:
Interest expense 732 1,212 87 231
Interest income (163) (133) (38) (31)
Other income (983) (253) (508) (177)
---------- ---------- ---------- ----------
Total other (income) expense (414) 826 (459) (37)
---------- ---------- ---------- ----------
Income before income taxes 4,375 5,648 2,301 1,273
Provision (benefit) for
income taxes 1,056 1,419 515 (336)
---------- ---------- ---------- ----------
NET INCOME $3,319 $4,229 $1,786 $1,609
========== ========== ========== ==========
EBITDA Reconciliation
Pre Tax Earnings $4,375 $5,648 $2,301 $1,273
Depreciation 4,286 5,172 992 1,261
Interest 569 1,079 49 201
---------- ---------- ---------- ----------
EBITDA(a) $9,230 $11,899 $3,342 $2,735
========== ========== ========== ==========
INCOME per share:
Income basic $1.04 $1.33 $0.56 $0.51
Income diluted $1.03 $1.32 $0.55 $0.50
Basic Shares 3,181,299 3,181,299 3,181,299 3,181,299
Diluted Shares 3,212,885 3,205,792 3,259,892 3,208,981
(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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