Ark Restaurants Reports Fiscal 1999 Year-End Results.NEW YORK--(BUSINESS WIRE)--Nov. 22, 1999-- Ark Restaurants Corp. (Nasdaq:ARKR) for the fiscal year ended October October: see month. 2, 1999 reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $110,800,913 compared with $117,398,453 for the fiscal year ended October 3, 1998. The fiscal year ended October 2, 1999 included 52 weeks while last year's fiscal year ended October 3, 1998 included 53 weeks. Net income for the 1999 fiscal year was $4,494,732, or $1.29 per share, as compared with $4,612,141, or $1.20 per share, last year. Net sales for the fourth fiscal quarter ended October 2, 1999 were $28,958,717 as compared with $32,230,545 last year. The fiscal quarter ended October 2, 1999 included 13 weeks while last year's fiscal quarter ended October 3, 1998 included 14 weeks. The company reported net income of $1,510,001, or $.45 per share, for the quarter as compared with net income of $1,710,179, or $.45 per share, last year. The decrease in net sales in both the quarter and the fiscal year is due to operating fewer restaurants, which is the result of the sale of smaller restaurants as the company continues to reposition its operations to focus on larger scale projects, as well as the shorter time period in 1999. 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 at company owned restaurants were basically unchanged for the year and decreased by 1.4% for the quarter. Same store sales for the year at the company's 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. operations increased by 2.0% offset by a 0.8% decrease at the company's non-Las Vegas operations. Same store sales for the quarter at the company's Las Vegas operations also increased by 2.0% offset by a 2.9% decrease at the company's non-Las Vegas operations. The company's Las Vegas operations opened in January 1997. In commenting on the results, 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 said, "The earnings for the fiscal year just ended are reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of our core business. During the next few months we will open a number of large restaurants. Four restaurants will open in Southfield, Michigan Southfield is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is part of the metro Detroit area. As of the 2000 census, the city had a total population of 78,296. Southfield Township is adjacent to the city on the north side. under a joint venture agreement with Sony Theatres' Loeks Star Partners and Millenium Partners. Two restaurants will open at the Venetian 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 in Las Vegas, Nevada, where we presently operate four food court outlets. We are also scheduled to open a third restaurant and a bar at the Venetian Casino Resort in the later part of fiscal 2000. "Additionally, we are committed to opening one large restaurant along with a number of food court outlets at the new Aladdin Resort and Casino in Las Vegas, Nevada. This casino is currently under construction and we expect to open in the later part of fiscal 2000." Ark Restaurants Corp. owns and operates 22 restaurants and manages 5 restaurants of which 14 are 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. ; 4 in Washington, DC; 4 in Las Vegas, Nevada; 3 in Boston and one each in McLean, Virginia McLean is an unincorporated community located in Fairfax County in Northern Virginia. A small geographic area along Chain Bridge Road in Arlington County has a 22101 zip code and is also part of McLean. and 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. . Along with 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 Resort in Las Vegas, Nevada, the company also operates 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 a complex of nine smaller cafes and food operations. The company also operates four food court operations within the Venetian Casino Resort in Las Vegas. The company's other operations include catering businesses in New York City and Washington, DC, and wholesale and retail bakeries in New York City. Below is a summary of comparative results. -0-
13 Weeks 14 Weeks 52 Weeks 53 Weeks
Ended Ended Ended Ended
Oct 2, Oct 3, Oct 2, Oct 3,
1999 1998 1999 1998
(000's omitted except share data)
Total sales $31,961 $35,860 $120,605 $130,138
Less sales of
managed restaurants 3,002 3,630 9,804 12,740
Net sales 28,959 32,230 110,801 117,398
Income before
provision for
income taxes 2,095 2,844 7,070 7,681
Provision for
income taxes 585 1,134 2,575 3,069
Net income 1,510 1,710 4,495(a) 4,612(b)
Net income per share:
Basic .46 .45 1.30 1.21
Diluted .45 .45 1.29 1.20
Weighted number of
shares outstanding:
Basic 3,301 3,785 3,461 3,826
Diluted 3,329 3,803 3,476 3,852
(a) Results include after tax gains of $478,000 ($752,000 before
income taxes), or $0.14 per share, from the sale of restaurants.
(b) Results include after tax gains of $155,000 ($259,000 before
income taxes), or $0.04 per share, from the sale of restaurants.
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 filings with the Securities and Exchange
Commission.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion