Ark Restaurants Reports Fiscal 2000 Results.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 20, 2000 Ark Restaurants Corp. (Nasdaq:ARKR) for the fiscal year ended September September: see month. 30, 2000 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 $119,212,000 compared with $110,801,000 for the fiscal year ended October 2, 1999. Income from restaurant operations before non-recurring items and charges was $12,840,000 as compared to $12,552,000 last year. There was a net loss for the year including non-recurring items and charges and before a change in accounting principle, of $3,534,000, or $1.11 per share, as compared with net income of $4,495,000, or $.1.29 per share, last year. Net sales for the fourth fiscal quarter were $32,860,000 compared with $28,959,000 last year. Income from restaurant operations before non-recurring items and charges was $3,628,000 as compared to $3,799,000 in the year-ago quarter. There was a net loss for the quarter, including non-recurring items and charges of $612,000, or $.19 per share, as compared with net income of $1,510,000, or $.45 per share, in the year-ago quarter. 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 year increased by 3.6% and for the quarter increased by 4.4%. Same store sales for the year at the company's operations, other than 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. , increased by 3.1% and for the quarter increased by 5.6%. Same store sales for the year in our Las Vegas operations increased by 4.4% and for the quarter increased by 2.3%. 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, "This year we continued our significant expansion in Las Vegas adding two restaurants, and three fast food outlets in 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, and six fast food outlets and a restaurant and bar at Dessert Passage, which is connected to the Aladdin Hotel & Casino. Both of these properties are well located on Las Vegas Boulevard. The operations at the Venetian are cash flow positive and profitable and continue to improve. The Dessert Passage properties, opened in August 2000, are not yet cash flow positive. "Operating results for the year were affected by our previously announced one-time pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge of $4,988,000, or $1.04 per share, due to the company's withdrawal in March 2000 from the restaurant operations 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. . In addition we took one-time charges of $2,391,000, or $.49 per share, in connection with the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. and sale of two restaurants and the settlement of a labor dispute. Earnings were also impacted by pre-opening expenses and early operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. at newly opened restaurants plus incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. interest charges totaling $4,029,000, or $.82 per share. "Our business is still experiencing increased same store sales and we are very pleased with our results to date for the December 2000 quarter," Mr. Weinstein concluded. Ark Restaurants owns and operates 24 restaurants and manages 4 restaurants of which 12 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.; 7 in Las Vegas, Nevada; 3 in Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New ; 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. . 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 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 smaller cafe operations; two restaurants within the Venetian Casino Resort as well as four food court concepts; one restaurant within the Aladdin Casino Resort along with six 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 . The Company's other operations include catering businesses in New York City and Washington, DC., and wholesale and retail bakeries in New York City. Following is a summary of unaudited comparative results.
13 Weeks Ended 52 Weeks Ended
Sept 30, Oct 2, Sept 30, Oct 2,
2000 (b) 1999 (c) 2000 (d) 1999 (e)
(000's omitted except per share data)
Net sales 32,680 28,959 119,212 110,801
Income from restaurant
operations before
non-recurring
items and charges 3,628 3,799 12,840 12,552
Non-recurring items &
charges 2,635 292 9,772 (352)
General & administrative
expenses 1,577 1,485 7,111 6,070
Operating income
(Loss) (584) 2,022 (4,043) 6,834
Other expense:
Interest, net 605 (38) 1,835 199
Other income (151) (35) (438) (435)
Total other expense
(income), net 454 (73) 1,397 (236)
Income (Loss) before
provision for
income taxes (1,038) 2,095 (5,440) 7,070
Provision (Benefit)
for income taxes (426) 585 (1,906) 2,575
Income (Loss) before
accounting change (612) 1,510 (3,534) 4,495
Cumulative effect
of accounting
change (a) -- -- (189) --
Net income (612) 1,510 (3,723) 4,495
Per share Information
- Diluted:
Income (Loss) before
accounting change ($.19) $.45 ($1.11) $1.29
Cumulative effect of
accounting change -- -- (.06) --
Net income (loss) ($.19) $.45 ($1.17) $1.29
Weighted average
number of
shares outstanding
- diluted 3,182 3,301 3,186 3,476
(a) Adoption of Statement of Position 98-5, "Reporting on the
Costs of Start-up Activities"
(b) 13-week period ended September 30, 2000 includes $524,000
pre-tax, or $.11 per share after tax, of pre-opening expenses and
early operating losses at a newly opened restaurant.
(c) 13-week period ended October 2, 1999 includes $292,000
pre-tax, or $.05 per share after tax, of pre-opening expenses and
early operating losses at newly opened restaurants.
(d) i. 52-week period ended September 30, 2000 includes losses of
$4,988,000 pre-tax, or $1.04 per share after tax, due to the company's
withdrawal in March from the operation of restaurants in the Star
Theatre Complex in Southfield, Michigan.
ii. 52-week period ended September 30, 2000 includes $2,393,000
pre-tax, or $.49 per share after tax, of pre-opening expenses and
early operating losses at newly opened restaurants.
iii. 52-week period ended September 30, 2000 includes $280,000
pre-tax, or $.05 per share, after tax, of losses on the sale of a
restaurant.
iv. 52-week period ended September 30, 2000 includes $811,000
pre-tax, or $.17 per share, after tax, of a writedown associated with
a restaurant held for sale.
v.52-week period ended September 30, 2000 includes $1,300,000
pre-tax, or $.27 per share, after tax, of a charge for litigation
associated with a wage and hour lawsuit.
(e) i. 52-week period ended October 2, 1999 includes gains of
$752,000 pre-tax or $.12 per share, after-tax from the sale of two
restaurants.
ii. 52-week period ended October 2, 1999 includes $400,000
pre-tax, or $.07 per share after tax, of pre-opening expenses and
early operating losses at newly opened 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.
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