Ark Restaurants reports fiscal 1995 year-end results.NEW YORK--(BUSINESS WIRE)--Dec. 4, 1995--Ark Restaurants Corp. for the fiscal year ended September 30, 1995 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 $73,026,907 compared with $60,404,339 for the fiscal year ended October 1, 1994. Net income for the 1995 fiscal year was $1,121,126, or $.34 per share, as compared with $643,032, or $.20 per share, last year before a benefit of $507,770, or $.16 per share, from the cumulative effect of the company's change in accounting for income taxes. For the quarter ended September 30, 1995 net sales were $20,863,299 as compared with $15,826,701 last year. The company reported net income of $676,200, or $.20 per share, for the quarter as compared with net income of $454,318, or $.14 per share, last year. Net income for the quarter ended October 1, 1994 includes an after tax loss of $132,000, or $.04 per share, from the write down of a note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. from a terminated management agreement in Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. . Sales at the company's managed, but not owned, restaurants and bars, which are not included in the net sales, were $10,949,069 during the 1995 fiscal year as compared with $10,642,895 last year and for the 1995 quarter $3,365,886 as compared with $3,145,495 last year. 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, "Fiscal 1995 was a very active year as we opened our 1,200 seat restaurant -- The Bryant Park Bryant Park is a 9.603 acre (39,000 m²) public park located in the New York City borough of Manhattan. It is bounded by Fifth Avenue, Sixth Avenue, 40th Street and 42nd Street in Midtown Manhattan.[1] The central building of the New York Public Library is in the park. Grill and Cafe, our second B. Smith's in Washington, D.C. in Union Station and The Columbus Bakery -- a wholesale and retail bakery. We also acquired Lutece, a renowned French restaurant 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. and the Lorelei, a casual high volume restaurant and bar in the Florida Keys Florida Keys, chain of coral and limestone islands and reefs, c.150 mi (240 km) long, extending from Virginia Key, S of Miami Beach, to Key West, and forming the southern extremity of Florida. . We expect significant improvement in the fiscal 1996 results principally from a full year of operations of these new businesses. "As previously announced, we have signed letters of intent to design, build and operate a group of restaurants in the 2,100 room Las Vegas resort/casino called the New York-New York Hotel & Casino. We will operate America, a 450 seat twenty-four hour a day restaurant, a steak house seating 150 and a group of small fast food restaurants with a Little Italy and Greenwich Village theme. We will also operate the hotel's room service and banquet facilities as well as the employee cafeteria. The hotel/casino is scheduled to open in December 1996," Mr. Weinstein concluded. Ark Restaurants owns and operates 24 restaurants, and manages 6 restaurants in New York City (19); Washington, DC (4); Boston (3); 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 ; Oxnard, California; McLean, Virginia and Islamorada, Florida. The company also operates catering businesses in New York City and Washington, DC and wholesale and retail bakeries in New York City (2). Below is a summary of comparative results. 13 Weeks Ended 52 Weeks Ended Sept. 30, Oct. 1 Sept. 30 Oct. 1 1995 1994 1995 1994 (000's omitted except per share data) Total sales $24,227 $18,971 $83,975 $71,046 Less sales of managed restaurants and bars 3,364 3,145 10,948 10,642 Net sales 20,863 15,826 73,027 60,404 Income before provision for income taxes 1,092 1,011 1,898 1,348 Provision for income 416 557 777 705 taxes Income before accounting change 676 454 1,121 643 Cumulative effect of accounting change --- --- --- 508 Net income 676 454 1,121 1,151 Per share information: Income before accounting change .20 .14 .34 .20 Accounting change --- --- --- .16 (a) Net Income .20 .14 .34 .36 Weighted number of shares outstanding 3,271 3,218 3,251 3,225 (a) Adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 109 Accounting for income taxes CONTACT: Robert Towers Vice President Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. 212-206-8800 |
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