Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial
results for the third quarter ended June 27, 2015.
Total revenues for the three-month period ended June 27, 2015
were $40,375,000 versus $39,110,000 for the three months ended June
28, 2014. The three-month period ended June 27, 2015 includes
revenues of $1,200,000 related to our Rustic Inn property in
Jupiter, FL which was opened on January 26, 2015. The three-month
period ended June 28, 2014 includes revenues of $1,132,000 related
to four properties closed subsequent to the quarter then ended due
to lease expirations.
Total revenues for the nine-month period ended June 27, 2015
were $105,282,000 versus $102,286,000 for the nine months ended
June 28, 2014. The nine-month period ended June 27, 2015 includes
revenues of $2,524,000 related to our Rustic Inn property in
Jupiter, FL. The nine-month period ended June 28, 2014 includes
revenues of $4,575,000 related to four properties closed subsequent
to the quarter then ended due to lease expirations.
Company-wide same store sales increased 2.2% for the three-month
period ended June 27, 2015 compared to the same three month period
last year.
The Company’s EBITDA, adjusted for non-cash stock option expense
and non-controlling interests, for the three-month period June 27,
2015 was $5,571,000 versus $4,253,000 during the same three-month
period last year. Net income for the three-month period ended June
27, 2015 was $3,241,000, or $0.95 per basic share ($0.92 per
diluted share), compared to $2,239,000, or $0.68 per basic share
($0.65 per diluted share), for the same three-month period last
year. Included in net income for the three-month period ended June
27, 2015 are early operating losses of approximately $175,000
related to the new Rustic Inn in Jupiter, Florida, which opened on
January 26, 2015.
The Company’s EBITDA adjusted for non-cash stock option expense
and non-controlling interests for the nine-month period ended June
27, 2015 was $8,393,000 versus $7,579,000 during the same
nine-month period last year. Net income for the nine-month period
ended June 27, 2015 was $3,381,000, or $1.00 per basic share ($0.97
per diluted share), as compared to net income of $2,627,000, or
$0.80 per basic share ($0.77 per diluted share), for the same
nine-month period last year. Included in net income for the
nine-month period ended June 27, 2015 are pre-opening and early
operating losses of approximately $841,000 related to the new
Rustic Inn in Jupiter, Florida, which opened on January 26,
2015.
As of June 27, 2015 the Company had cash and cash equivalents
totaling $7,586,000. The Company has a bank note used for the
purchase of membership interests in Ark Hollywood/Tampa Investment,
LLC and the purchase of The Rustic Inn in Dania Beach, Florida with
an outstanding balance of $5,928,000 at June 27, 2015.
Ark Restaurants owns and operates 21 restaurants and bars, 19
fast food concepts and catering operations primarily in New York
City, Florida, Washington, D.C. and Las Vegas, NV. Five restaurants
are located in New York City, three are located in Washington,
D.C., six are located in Las Vegas, Nevada, three are located in
Atlantic City, New Jersey, one is located at the Foxwoods Resort
Casino in Ledyard, Connecticut, one is located in Boston,
Massachusetts and two are located in Florida. The Las Vegas
operations include four restaurants within the New York-New York
Hotel & Casino Resort and operation of the hotel's room
service, banquet facilities, employee dining room and six food
court concepts; one bar within the Venetian Casino Resort and one
restaurant within the Planet Hollywood Resort and Casino. In
Atlantic City, New Jersey, the Company operates a restaurant and a
bar in the Resorts Atlantic City Hotel and Casino and a restaurant
in the Tropicana Hotel and Casino. The operations at the Foxwoods
Resort Casino include one fast food concept and one restaurant. In
Boston, Massachusetts, the Company operates a restaurant in the
Faneuil Hall Marketplace. The Florida operations include two Rustic
Inn’s, one in Dania Beach, Florida and one in Jupiter, Florida and
the operation of five fast food facilities in Tampa, Florida and
seven fast food facilities in Hollywood, Florida, each at a Hard
Rock Hotel and Casino operated by the Seminole Indian Tribe at
these locations.
Except for historical information, this news release contains
forward-looking statements, within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements 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. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Actual results could differ materially from those
anticipated in these forward-looking statements, if new information
becomes available in the future.
ARK RESTAURANTS CORP.
Consolidated Statements of Income For the 13 and 39-week
periods ended June 27, 2015 and June 28, 2014 (In
Thousands, Except per share amounts) 13 weeks ended
13 weeks ended 39 weeks ended 39 weeks ended June 27, June
28, June 27, June 28,
2015
2014
2015
2014
TOTAL REVENUES
$ 40,375
$ 39,110 $
105,282 $ 102,286
COST AND EXPENSES: Food and beverage cost of
sales 10,573 10,738 28,491 26,965 Payroll expenses 12,019 11,952
34,158 32,989 Occupancy expenses 4,351 4,360 12,366 12,915 Other
operating costs and expenses 4,858 4,989 13,473 13,518 General and
administrative expenses 2,769 2,567 8,200 7,790 Depreciation and
amortization
1,104
1,130 3,308
3,384 Total costs and expenses
35,674 35,736
99,996 97,561
OPERATING INCOME
4,701
3,374 5,286
4,725 OTHER (INCOME) EXPENSE:
Interest (income) expense, net 70 95 172 141 Other (income)
expense, net
(43 )
(121 ) (164
) (302 ) Total other
(income) expense, net
27
(26 ) 8
(161 ) INCOME BEFORE PROVISION FOR
INCOME TAXES 4,674 3,400 5,278 4,886 Provision for income
taxes
1,051 702
1,219 1,183
CONSOLIDATED NET INCOME 3,623 2,698 4,059 3,703
Net income attributable to non-controlling interests
(382 ) (459
) (678 )
(1,076 ) NET INCOME ATTRIBUTABLE
TO ARK RESTAURANTS CORP.
$ 3,241
$ 2,239 $
3,381 $ 2,627
NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE: Basic
$ 0.95 $
0.68 $ 1.00
$ 0.80 Diluted
$
0.92 $ 0.65
$ 0.97 $
0.77 WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING: Basic
3,403
3,293 3,388
3,270 Diluted
3,517
3,429 3,500
3,413 EBITDA
Reconciliation: Pre tax income $ 4,674 $ 3,400 $ 5,278 $ 4,886
Depreciation and amortization 1,104 1,130 3,308 3,384 Interest
expense, net
70 95
172 141
EBITDA (a)
$ 5,848
$ 4,625 $
8,758 $ 8,411
EBITDA adjusted for non-cash stock option expense and
non-controlling interests: EBITDA (as defined) (a) $ 5,848 $ 4,625
$ 8,758 $ 8,411 Net income attributable to non-controlling
interests (382 ) (459 ) (678 ) (1,076 ) Non-cash stock option
expense
105 87
313 244
EBITDA, as adjusted
$ 5,571
$ 4,253 $
8,393 $ 7,579
(a)
EBITDA is defined as earnings before
interest, taxes, depreciation and amortization and cumulative
effect of changes in accounting principle. Although EBITDA is not a
measure of performance or liquidity calculated in accordance with
generally accepted accounting principles (GAAP), the Company
believes the use of this non-GAAP financial measure enhances an
overall understanding of the Company's past financial performance
as well as providing useful information to the investor because of
its historical use by the Company as both a performance measure and
measure of liquidity, and the use of EBITDA by virtually all
companies in the restaurant sector as a measure of both performance
and liquidity. However, investors should not consider this measure
in isolation or as a substitute for net income (loss), operating
income (loss), cash flows from operating activities or any other
measure for determining the Company's operating performance or
liquidity that is calculated in accordance with GAAP, it may not
necessarily be comparable to similarly titled measures employed by
other companies. A reconciliation of EBITDA to the most comparable
GAAP financial measure, pre-tax income, is included above.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150805006731/en/
Ark Restaurants Corp.Robert Stewart,
212-206-8800bstewart@arkrestaurants.com
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