Ark Restaurants Reports Record Sales and Earnings for Third Fiscal Quarter.NEW YORK--(BUSINESS WIRE)--July 16, 1997--Ark Restaurants Corp. 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 $31,470,000 for the third fiscal quarter ended June 28, 1997 compared with $22,601,000 for the fiscal quarter ended June 29, 1996. Net income for the latest quarter was $1,948,000, or $.51 per share, compared with $1,138,000, or $.35 per share, in the prior year's quarter. For the nine months net sales were $74,524,000 compared with $56,774,000 last year. Net income for the latest nine months was $287,000, or $.08 per share, compared with $134,000, or $.04 per share, last year. Same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. in the quarter decreased by 2.4% and for the nine months same-store sales were basically unchanged. 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, "We are extremely pleased with our operating performance for the third fiscal quarter. We achieved strong operating results throughout our business despite a slight decrease in comparative same-store sales due to unseasonably cold weather conditions in the first half of the quarter which prevented us from utilizing our substantial outdoor seating capacity Noun 1. seating capacity - the number of people that can be seated in a vehicle or auditorium or stadium etc. commodiousness, spaciousness, capaciousness, roominess - spatial largeness and extensiveness (especially inside a building); "the capaciousness of Santa's . Our food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. operations in the New York-New York Hotel & Casino 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. also contributed to our record sales and earnings for this past third fiscal quarter. "Sales at our Las Vegas operations continue to run above expectations. Our cost structure in Las Vegas continues to improve and we expect to achieve greater efficiencies in the upcoming quarters. "We expect to report results for the upcoming fourth fiscal quarter well in excess of the prior year's results," Mr. Weinstein concluded. In addition to the complex of food service operations at New York-New York Hotel & Casino, Ark Restaurants owns and operates 21 restaurants and manages 5 restaurants of which 16 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, D.C.; 3 in Boston; and one each in Rhinebeck, 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 ; 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. . Additionally, the company operates catering businesses in New York City and Washington, D.C., as well as wholesale and retail bakeries in New York City, The Moving Picture Cafe at the Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . store in New York City and corporate dining facilities at Universal Studios, California, and in an office building in Jersey City, New Jersey. -0- Below is a summary of unaudited comparative results.
13 Weeks Ended 39 Weeks Ended
June 28, June 29, June 28, June 29,
1997 1996 1997 1996
(000's omitted except per share data)
Total sales $35,355 $26,574 $84,542 $65,690
Less sales of managed 3,885 3,973 10,018 8,916
restaurants
Net sales 31,470 22,601 74,524 56,774
Income before provision for
income
taxes 3,246 2,276 478(a) 268
Provision for income taxes 1,298 1,138 191 134
Net income 1,948 1,138 287 134
Net income per share .51 .35 .08 .04
Weighted average number of
shares outstanding 3,832 3,262 3,677 3,234
(a) Results include pre-opening and early operating losses of approximately $2,000,000 in connection with the Las Vegas operations. -0- 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. CONTACT: Ark Restaurant Corp., New York Robert Towers, 212-206-8800 |
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