Ark Restaurants Corp. (NASDAQ: ARKR) today reported financial results for the third quarter ended June 29, 2013.
Total revenues for the three-month period ended June 29, 2013 were $36,473,000 versus $39,193,000 for the three months ended June 30, 2012. The prior year’s revenues include $2,257,000 related to two properties closed in 2012.
Company-wide same store sales decreased 2.2% for the three-month period ended June 29, 2013 compared to the same three month period last year.
The Company’s Continuing Operations EBITDA adjusted for non-cash stock option expense and non-controlling interests for the three-month period ended June 29, 2013 was $4,902,000 versus $5,352,000 during the same three-month period last year. The Company’s income from continuing operations for the three-month period ended June 29, 2013 was $2,629,000, or $0.81 per basic share ($0.77 per diluted share), as compared to income from continuing operations of $2,923,000, or $0.90 per basic ($0.89 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 June 29, 2013.As of June 29, 2013 the Company had cash, cash equivalents totaling $4,571,000 and notes payable in the amount of $4,083,000 resulting from the purchase of 250,000 shares of treasury stock in December 2011, the purchase of membership interests in Ark Hollywood/Tampa Investment, LLC and the purchase of our interests in the New Meadowlands Racetrack LLC. Ark Restaurants owns and operates 20 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, three 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 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 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.