UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 

 

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 9, 2015

 

ARK RESTAURANTS CORP.
(Exact name of registrant as specified in its charter)

 

New York 1-09453 13-3156768  
(State or other jurisdiction
 of incorporation)
(Commission
 File Number)
(IRS Employer
Identification No.)

 

85 Fifth Avenue
New York, New York 10003

(Address of principal executive offices, with zip code)

 

Registrant’s telephone number, including area code: (212) 206-8800

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) 
 
Item 2.02 Results of Operations and Financial Condition.

 

On February 9, 2015, ARK Restaurants Corp. (the “Company”) issued a press release announcing financial results for the first quarter ended December 27, 2014. A copy of the press release titled “Ark Restaurants Announces Financial Results for the First Quarter of 2015” is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

The press release contains certain non-GAAP Disclosures - EBITDA-Earnings before interest, taxes, depreciation and amortization adjusted for non-cash stock option expense and non-controlling interests. 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.

 

This information is intended to be furnished under this Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01. Financial Statements and Exhibits.
   
(d) Exhibits
   
99.1 Press Release, dated February 9, 2015.
2

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ARK RESTAURANTS CORP.
     
  By: /s/ Michael Weinstein  
    Name: Michael Weinstein
    Title: Chief Executive Officer
     
Date: February 10, 2015    
3


EXHIBIT 99.1

 

Ark Restaurants Announces Financial Results for the
First Quarter of 2015

 

CONTACT:

Robert Stewart

(212) 206-8800
bstewart@arkrestaurants.com

NEW YORK, New York – February 9, 2015 -- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 27, 2014.

 

Total revenues for the three-month period ended December 27, 2014 were $33,359,000 versus $32,138,000 for the three months ended December 28, 2013. The three-month period ended December 27, 2014 includes revenues of $3,192,000 related to The Rustic Inn in Dania Beach, Florida, which was acquired on February 24, 2014. The three-month period ended December 28, 2013 includes revenues of $1,564,000 related to four properties closed subsequent to the three-month period ended December 28, 2013 due to lease expirations.

 

Company-wide same store sales decreased 1.8% for the three-month period ended December 27, 2014 compared to the same three month period last year. This decrease resulted primarily from a decrease in the usage of complimentaries by the ownership of the casinos at our Florida properties.

 

The Company’s EBITDA, adjusted for non-cash stock option expense and non-controlling interests, for the three-month period December 27, 2014 was $2,331,000 versus $2,201,000 during the same three-month period last year. Net income for the three-month period ended December 27, 2014 was $722,000, or $0.21, per basic and diluted share as compared to $563,000, or $0.17 per basic and diluted share, for the same three-month period last year. Included in net income for the three-month period ended December 27, 2014 are pre-opening losses of $200,000 related to the new Rustic Inn in Jupiter, Florida, which opened on January 26, 2015.

 

As of December 27, 2014 the Company had cash and cash equivalents totaling $8,285,000. The Company has a bank note 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 $6,872,000 at December 27, 2014.

 

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 one is located in Dania Beach, 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 week periods ended December 27, 2014 and December 28, 2013

 

(In Thousands, Except per share amounts)        
         
   13 weeks ended   13 weeks ended 
   December 27, 2014   December 28, 2014 
           
TOTAL REVENUES  $33,359   $32,138 
           
COST AND EXPENSES:          
           
Food and beverage cost of sales   8,747    7,854 
Payroll expenses   10,855    10,478 
Occupancy expenses   4,193    4,401 
Other operating costs and expenses   4,240    4,207 
General and administrative expenses   3,000    2,850 
Depreciation and amortization   1,105    1,147 
           
Total costs and expenses   32,140    30,937 
           
OPERATING INCOME   1,219    1,201 
           
OTHER (INCOME) EXPENSE:          
           
Interest (income) expense, net   57    12 
Other (income) expense, net   (57)   (66)
Total other income, net       (54)
           
INCOME BEFORE PROVISION FOR INCOME TAXES   1,219    1,255 
           
Provision for income taxes   342    399 
           
CONSOLIDATED NET INCOME   877    856 
           
Net income attributable to non-controlling interests   (155)   (293)
           
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP.  $722   $563 
           
NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE:          
Basic  $0.21   $0.17 
Diluted  $0.21   $0.17 
           
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:          
Basic   3,378    3,256 
Diluted   3,481    3,400 
 
EBITDA Reconciliation:          
Pre tax income  $1,219   $1,255 
Depreciation and amortization   1,105    1,147 
Interest expense, net   57    12 
EBITDA (a)  $2,381   $2,414 
           
EBITDA adjusted for non-cash stock option expense, and non-controlling interests:          
EBITDA (as defined) (a)  $2,381   $2,414 
Net income attributable to non-controlling interests   (155)   (293)
Non-cash stock option expense   105    80 
EBITDA, as adjusted  $2,331   $2,201 

 

(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.
 
Ark Restaurants (NASDAQ:ARKR)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Ark Restaurants Charts.
Ark Restaurants (NASDAQ:ARKR)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Ark Restaurants Charts.