Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 31, 2011.
As of December 31, 2011 the Company had cash, cash equivalents and short term investments totaling $6,144,000 and long-term debt in the amount of $2,036,000 resulting from the purchase of 250,000 treasury shares in December 2011.
Company-wide same store sales increased 8.9% for the three-month period ended December 31, 2011 compared to the same three month period last year.
Total revenues for the three-month period ended December 31, 2011 were $33,218,000 versus $32,541,000 in the three months ended January 1, 2011.EBITDA adjusted for non-cash stock option expense and non-controlling interests for the three-month period ended December 31, 2011 was $2,383,000 versus $1,047,000 during the same three-month period last year. The Company’s net income for the three-month period ended December 31, 2011 was $1,086,000, or $0.32 per basic share ($0.31 per diluted share), as compared to a net loss of $213,000, or $0.06 per basic and diluted share, for the same three-month period last year. Included in general and administrative expenses for the 13-weeks ended December 31, 2011 is $475,000 related to resignation of the Company’s President and Chief Operating Officer. Ark Restaurants owns and operates 20 restaurants and bars, 28 fast food concepts and catering operations in New York City, Washington, D.C. and Las Vegas, NV. Six restaurants are located in New York City, three are located in Washington, D.C., seven are located in Las Vegas, Nevada, two are located in Atlantic City, New Jersey, one is located at the Foxwoods Resort Casino in Ledyard, Connecticut and one is located in Boston, Massachusetts. The Las Vegas operations include five 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, as well as three food court concepts 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. The operations at the Foxwoods Resort Casino include one fast food concept and six fast food concepts at the MGM Grand Casino. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida operations under management include 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.