Ark Restaurants reports second fiscal quarter results.NEW YORK--(BUSINESS WIRE)--May 3, 1996--Ark Restaurants Corp. for the second fiscal quarter ended March 30, 1996 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 $15,450,000 compared with $14,759,000 for the fiscal quarter ended April 1, 1995. There was a net loss for the latest quarter of $1,029,000, or $.32 per share, as compared with a net loss of $482,000, or $.15 per share, in the prior year's quarter. For the six months net sales were $34,173,000 compared with $31,117,000 last year. There was a net loss for the latest six months of $1,004,000, or $.31 per share, as compared with a net loss of $191,000, or $.06 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 decreased by 5.5% and for the six months decreased by 5.6%. 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 quarter is traditionally our weakest quarter due to the seasonality of our business. We have extensive outdoor dining availability which cannot operate during this period and a significant number of those outdoor dining seats were added when we opened 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 in the third quarter of fiscal 1995. Our sales in this past quarter were severely impacted by the numerous winter storms in the Northeast. The weather impact was most pronounced in Washington, D.C. where our sales were further disrupted by the partial Federal government shutdown  This article or section may deal primarily with the U.S. and may not present a worldwide view. over the budget impasse. Additionally,
operating results for the quarter were impacted to a minor extent from
the sale of the company's restaurant in Oxnard, California Oxnard is the largest city in Ventura County, California in terms of population. It is located at the western edge of the fertile Oxnard Plain, and is one of the world's most important agricultural centers, with its distinction as the strawberry and lima bean capital. -- The
Whale's Tail."Same store sales for the month of April increased by 2.5%. We are encouraged by the current trend of business as we enter what is traditionally the strongest part of our year. "As previously noted the company's next project will be a multifaceted 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. operation in the 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 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. , Nevada which is scheduled to open in December 1996. In that site we will be building three restaurants and six fast food operations. In addition we will provide room service, be in charge of banquets, and operate the employee cafeteria," Mr. Weinstein concluded. Ark Restaurants owns and operates 22 restaurants and manages 6 restaurants 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. (18); Washington, D.C. (4); Boston (3); Rhinebeck, New York; McLean, Virginia and Islamorada, Florida. 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 (2), and manages corporate dining facilities at Universal Studios, California and a corporate cafeteria in an office building in Jersey City, New Jersey. Below is a summary of unaudited comparative results. -0-
26 Weeks Ended 13 Weeks Ended
March 30, April 1, March 30, April 1,
1996 1995 1996 1995
(000's omitted except per share data)
Total sales $39,116 $35,681 $17,699 $16,813 Less sales of managed restaurants and bars 4,943 4,564 2,249 2,054 Net sales 34,173 31,117 15,450 14,759 Loss before benefit for income taxes (2,008) (351) (2,053) (880) Benefit for income taxes (1,004) (160) (1,024) (398) Net loss (1,004) (191) (1,029) (482) Net loss per share ($.31) ($.06) ($.32) ($.15) Weighted number of shares outstanding 3,220 3,243 3,245 3,254 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: 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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