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Ark Restaurants Announces Financial Results For The Fourth Quarter And Full Year Of 2012

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and full year ended September 29, 2012.

Company-wide same store sales increased 0.3% for the three-month period ended September 29, 2012 compared to the same three month period last year. For fiscal 2012 company-wide same store sales increased 4.8% compared to the same period last year.

Total revenues for the three-month period ended September 29, 2012 were $36,082,000 versus $36,981,000 for the three months ended October 1, 2011. The prior year’s revenues include $1,625,000 related to two properties closed in 2012.

Total revenues for the year ended September 29, 2012 were $138,028,000 versus $136,896,000 for the year ended October 1, 2011. The prior year’s revenues include $7,884,000 related to two properties closed in 2012 and one property closed in 2011.

The Company’s income from continuing operations for the three-month period ended September 29, 2012 was $1,770,000, or $0.55 per share ($0.54 per diluted share), as compared to $1,363,000, or $0.39 per basic and diluted share, for the same three-month period last year. Continuing Operations EBITDA adjusted for non-cash stock option expense, the impairment charge discussed below and non-controlling interests for the three-month period ended September 29, 2012 was $4,473,000 versus $4,433,000 during the same three-month period last year. Included in the Company’s income from continuing operations for the three-month period ended September 29, 2012 are operating losses of $865,000 related to our new restaurant in New York, Clyde Frazier’s Wine and Dine, which opened in March 2012.

The Company’s income from continuing operations for the year ended September 29, 2012 was $5,748,000, or $1.75 per share ($1.73 per diluted share), as compared to $2,695,000, or $0.77 per share ($0.76 per diluted share), for the same period last year. Continuing Operations EBITDA adjusted for non-cash stock option expense, the impairment charge discussed below and non-controlling interests for the year ended September 29, 2012 was $13,381,000 versus $9,515,000 during the same period last year. Included in the Company’s income from continuing operations for the year ended September 29, 2012 are pre-opening and operating losses of $1,800,000 related to our new restaurant in New York, Clyde Frazier’s Wine and Dine, which opened in March 2012.

During the three month period ended September 29, 2012, the Company recorded a charge of $379,000 to impair the leasehold improvements and equipment of an underperforming restaurant. Based on the current facts and circumstances, the property does not meet the criteria for held for sale classification.

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