Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and full year ended October 1, 2011. Effective October 3, 2010, the Company adopted amendments to ASC 810 (formerly FASB Statement of Accounting Standards (“SFAS”) No. 167— Amendments to FASB Interpretation No. 46(R) (“SFAS No 167”)). The new standard pertains to the consolidation of variable interest entities (“VIEs”) if the Company is determined to be the primary beneficiary of the VIE. As a result we were required to consolidate certain limited partnerships effective as of the adoption date. The Company did not retroactively apply this guidance. During the three month period ended October 1, 2011, the Company recorded a charge of $2,603,000 to impair the leasehold improvements and equipment of an underperforming property in which the Company is a majority partner. The impairment amount reflected in our Consolidated Condensed Statement of Income for the three-month period and year ending October 1, 2011 is offset by the $856,000 share of the charge attributable to the limited partners. This amount is included in the line item Net (Income) Loss Attributable to Non-controlling Interests in the accompanying Consolidated Condensed Statement of Income. As of October 1, 2011 the Company had cash, cash equivalents and short term investments totaling $10,479,000 (including $852,000 of cash related to VIEs) and no long-term debt. Company-wide same store sales (including VIEs) increased 4.2% for the three-month period ended October 1, 2011 compared to the same three month period last year. For fiscal 2011 company-wide same store sales (including VIEs) increased 4.9% compared to the same period last year. Total revenues for the three-month period ended October 1, 2011 were $37,456,000 (including $5,621,000 related to consolidated VIEs) versus $31,916,000 in the three months ended October 2, 2010. Total revenues for fiscal 2011 were $139,445,000 (including $22,216,000 related to consolidated VIEs) versus $117,768,000 in fiscal 2010. Continuing Operations EBITDA adjusted for non-cash stock option expense, the impairment charge discussed above and non-controlling interests for the three-month period ended October 1, 2011 was $3,658,000 versus $2,652,000 during the same three-month period last year. The Company’s income from continuing operations for the three-month period ended October 1, 2011 was $863,000 (after the net effect of the impairment charge of $1,747,000), or $0.25 per basic and diluted share, as compared to $1,083,000, or $0.31 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 above and non-controlling interests for fiscal 2011 was $8,077,000 versus $8,081,000 during the same period last year. The Company’s income from continuing operations for fiscal 2011 was $1,562,000 (after the net effect of the impairment charge of $1,747,000), or $0.45 per share ($0.44 per diluted share), as compared to $2,605,000, or $0.75 per share ($0.74 per diluted share), for the same period last year. 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.