Ark Restaurants Reports Third Fiscal Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--July 26, 2000 Ark Restaurants Corp. (Nasdaq:ARKR) for the third fiscal quarter ended July 1, 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 $33,810,000 compared with $31,564,000 for the fiscal quarter ended July 3, 1999. Net income for the latest quarter was $1,773,000, or $.56 per share, as compared with $2,116,000, or $.63 per share, in the prior year's quarter. For the nine months net sales were $86,532,000 compared with $81,842,000 last year. There was a net loss, before a change in accounting principle, for the latest nine months of $2,922,000, or $.92 per share, as compared with net income of $2,985,000, or $.85 per share, last year. 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 in the quarter at company owned restaurants increased by 2.9%. The components of this increase consisted of a 6.0% increase in 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 along with a 1.4% increase in the company's other operations. Same store sales for the nine months have increased by 3.3%. The components of this increase consisted of a 4.7% increase in the company's Las Vegas operations along with a 2.4% increase in the company's other operations. 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 had solid same store sales growth in the quarter and income from restaurant operations increased over the prior year's quarter. However, interest charges on debt and increased general and administrative expenses principally associated with our expansion in Las Vegas impacted the results. "The two restaurants and four fast food operations 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, which were opened in the current fiscal year, are now cash flow positive. We are excited about the August opening of a 20,000 square foot food bazaar along with a 250 seat full service Italian restaurant and pizzeria in Dessert Passage at the Aladdin Hotel & Casino." Ark Restaurants owns and operates 23 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.; 6 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; 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 39 Weeks Ended
July 1, July 3, July 1, July 3,
2000 (b) 1999 (c) 2000 (d) 1999 (e)
(000's omitted except per share data)
Total sales $36,458 $34,515 $92,786 88,644
Less sales of managed
restaurants 2,648 2,951 6,254 6,802
Net sales 33,810 31,564 86,532 81,842
Income from restaurant
operations 5,129 4,959 2,075 9,397
General & administrative
expenses 1,848 1,442 5,534 4,585
Operating income (Loss) 3,281 3,517 (3,459) 4,812
Other expense:
Interest, net 622 101 1,230 237
Other income (132) (110) (287) (400)
Total other expense
(income), net 490 (9) 943 (163)
Income (Loss) before
provision for income taxes 2,791 3,526 (4,402) 4,975
Provision (Benefit) for 1,018 1,410 (1,480) 1,990
income taxes
Income (Loss) before 1,773 2,116 (2,922) 2,985
accounting change
Cumulative effect of accounting -- -- (190) --
change (a)
Net income 1,773 2,116 (3,112) 2,985
Per share Information - Diluted:
Income (Loss) before
accounting change $.56 $.63 ($.92) $.85
Cumulative effect of
accounting change -- -- (.06) --
Net income (loss) $.56 $.63 ($.98) $.85
Weighted average number of
shares outstanding - diluted 3,182 3,353 3,189 3,525
(a) Adoption of Statement of Position 98-5, "Reporting on the Costs of Start-up Start-up The earliest stage of a new business venture. Activities" (b) 13-week period ended July 1, 2000 includes $392,000 pre-tax, or $.08 per share after tax, of 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 a newly opened restaurant. (c) 13-week period ended July 3, 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. 39-week period ended July 1, 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 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. . ii. 39-week period ended July 1, 2000 includes $1,541,000 pre-tax, or $.31 per share after tax, of pre-opening expenses and early operating losses at newly opened restaurants. iii. 39-week period ended July 1, 2000 includes $491,000 pre-tax, or $.10 per share, after tax, of expenses and losses on the anticipated sale of two restaurants. (e) i 39-week period ended July 3, 1999 includes gains of $716,000 pre-tax or $.12 per share, after-tax from the sale of two restaurants. ii 39-week period ended July 3, 1999 includes $303,000 pre-tax, or $.05 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 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 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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