Ark Restaurants Reports Financial Results for the Third Quarter and Nine Months Ended June 29, 2002.Business Editors NEW YORK--(BUSINESS WIRE)--July 31, 2002 Ark Restaurants Corp., Inc. (Nasdaq:ARKR) today reported financial results for the third quarter and nine month period ending June June: see month. 29, 2002. For the three months ended June 29, 2002 total revenues were $33.3 million versus $36.9 million in the three months ended June 30, 2001. 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 period was $4.6 million versus $5.2 million last year, and net income was $1.8 million as compared $2.0 million in the prior years quarter. Earnings per share were $.57 versus $.62, on a 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. basis, in comparable quarters ending June 29, 2002 vs. June 30, 2001. The debt balance had been reduced to $18.9 million by the end of the third quarter compared with a debt balance of $27 million at the end of the third quarter June 30, 2001. For the nine months ended June 29, 2002 total revenues were $85.5 million versus $96.4 million in the nine months ended June 30, 2001. EBITDA for the nine month period was $9.2 million versus $8.2 million last year, a 12% increase. Net income for the period was $2.6 million versus $1.2 million last year, a 122% increase. 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 $.82 versus $.37 last year. During the third quarter, Ark Restaurants continued to experience soft sales in two of its three major markets: 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. Tourist counts were off in both of these markets. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. management, the 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. market has proven to be stable and sales have remained consistent during the quarter. 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 and 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, "We are pleased with Ark's third quarter and nine months results given the current economic environment. We continue to focus on operational excellence and cost control, which have enabled Ark to experience improved net results for the nine month period despite reduced sales. We are committed to utilizing our ample free cash flow to reduce our debt balance." Weinstein concluded, "Looking to the remainder of 2002 and fiscal 2003, we believe our business will improve." Ark Restaurants owns and operates 26 restaurants, 19 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. ; 9 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 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 nine food court concepts. Four restaurants and bars within the Venetian Casino Resort as well as four food court concepts; one restaurant along with six food court concepts are within Desert Passage adjoining the Aladdin Resort & Casino; and 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 . Except for the 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 form 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)
39 weeks 39 weeks 13 weeks 13 weeks
to to to to
6/29/2002 6/30/2001 6/29/2002 6/30/2001
------------------------------------------
REVENUES:
Food & beverage sales $85,190 $96,037 $33,261 $36,805
Other income 355 386 70 126
------------------------------------------
Total Revenues 85,545 96,423 33,331 36,931
COST & EXPENSES:
Food & beverage cost of
sales 21,463 24,450 8,378 9,247
Payroll expenses 27,861 33,777 10,232 11,913
Occupancy expenses 12,852 13,518 4,674 4,772
Other operating costs and
expenses 9,880 11,333 3,948 4,079
General & Administrative
expenses 4,517 5,133 1,586 1,831
Depreciation and amortization
expenses 3,911 4,396 1,220 1,476
Joint venture losses &
asset impairment 0 150 0 0
-----------------------------------------
Total costs and expenses 80,484 92,757 30,038 33,318
Operating Income 5,061 3,666 3,293 3,613
OTHER (INCOME) EXPENSE:
Interest expense 981 1,969 300 553
Capitalized interest 0 0 0 0
Interest income (102) (111) (36) (27)
Other income (193) (100) (35) (70)
-----------------------------------------
Total other (income) expense 686 1,758 229 456
-----------------------------------------
Income before income taxes 4,375 1,908 3,064 3,157
Provision (benefit) for
income taxes 1,755 725 1,229 1,200
-----------------------------------------
NET INCOME (LOSS) 2,620 1,183 1,835 1,957
Accounting Adjustment 0 0 0 0
-----------------------------------------
NET INCOME (LOSS) post
adjustment $2,620 $1,183 $1,835 $1,957
=========================================
EBITDA Reconciliations
Pre Tax Earnings 4,375 1,908 3,064 3,157
Depreciation 3,911 4,396 1,220 1,476
Interest 879 1,858 264 526
----------------------------------------
EBITDA (a) $9,165 $8,162 $4,548 $5,159
========================================
INCOME (LOSS) per share:
Income (loss) basic $0.82 $0.37 $0.58 $0.62
Income (loss) diluted $0.82 $0.37 $0.57 $0.62
Basic Shares 3,181,299 3,181,673 3,181,299 3,181,646
Diluted Shares 3,199,089 3,181,673 3,216,010 3,181,646
(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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