Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 29, 2012.
Company-wide same store sales decreased 4.6% for the three-month period ended December 29, 2012 compared to the same three month period last year. This decrease was primarily the result of the impact of Hurricane Sandy on our business in the Northeast.
Total revenues for the three-month period ended December 29, 2012 were $31,336,000 versus $32,861,000 for the three months ended December 31, 2011.
The Company’s Continuing Operations EBITDA adjusted for non-cash stock option expense and non-controlling interests for the three-month period ended December 29, 2012 was $1,378,000 versus $2,529,000 during the same three-month period last year. Income from continuing operations for the three-month period ended December 29, 2012 was $8,000, or $0.00 per basic and diluted share, as compared to $1,148,000, or $0.34 per basic ($0.33 per diluted share), for the same three-month period last year. Included in the Company’s income from continuing operations for the three-month period ended December 29, 2012 are operating losses of $565,000 related to our new restaurant in New York, Clyde Frazier’s Wine and Dine, which opened in March 2012, and losses in the amount of $256,000 related to the permanent closure of two properties in New York as a result of flooding from Hurricane Sandy.As of December 29, 2012 the Company had cash, cash equivalents and short term investments totaling $5,411,000 and debt in the form of a note payable in the amount of $2,037,000 resulting from the purchase of 250,000 shares of treasury stock in December 2011. Ark Restaurants owns and operates 19 restaurants and bars, 22 fast food concepts and catering operations in New York City, Washington, D.C. and Las Vegas, NV. Five 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 one restaurant. 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.