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Ark Restaurants Announces Financial Results For The Second Quarter Of 2012

Stocks in this article: ARKR

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended March 31, 2012.

Company-wide same store sales increased 8.2% for the three-month period ended March 31, 2012 compared to the same three month period last year.

Total revenues for the three-month period ended March 31, 2012 were $29,891,000 versus $29,438,000 in the three months ended April 2, 2011. The prior year’s revenues include $1,532,000 related to two properties closed in 2012 and $329,000 related to one property closed in 2011.

Total revenues for the six-month period ended March 31, 2012 were $62,602,000 versus $61,166,000 in the six months ended April 2, 201. The prior year’s revenues include $3,150,000 related to two properties closed in 2012 and $1,253,000 related to one property closed in 2011.

Continuing Operations EBITDA adjusted for non-cash stock option expense and non-controlling interests for the three-month period ended March 31, 2012 was $1,025,000 versus a negative $255,000 during the same three-month period last year. The Company’s net loss from continuing operations for the three-month period ended March 31, 2012 was $95,000, or $0.03 per basic and diluted share, as compared to a net loss of $1,127,000, or $0.32 per basic and diluted share, for the same three-month period last year.

Continuing Operations EBITDA adjusted for non-cash stock option expense and non-controlling interests for the six-month period ended March 31, 2012 was $3,555,000 versus $1,086,000 during the same six-month period last year. The Company’s income from continuing operations for the six-month period ended March 31, 2012 was $1,119,000, or $0.33 per basic and diluted share, as compared to a loss from continuing operations of $1,002,000, or $0.28 per basic and diluted share, for the same six-month period last year.

Included in the Company’s income (loss) from continuing operations for the three and six-month periods ended March 31, 2012 are pre-opening and early operating losses related to our new restaurant in New York, Clyde Frazier’s Wine and Dine, which opened in March 2012, in the amounts of $496,000 and $606,000, respectively.

Included in general and administrative expenses for the 26-weeks ended March 31, 2012 is $475,000 related to the resignation of the Company’s President and Chief Operating Officer.

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