Ark Restaurants Announces Financial Results For The Third Quarter Of 2012

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter ended June 30, 2012.

Company-wide same store sales increased 4.0% for the three-month period ended June 30, 2012 compared to the same three month period last year.

Total revenues for the three-month period ended June 30, 2012 were $38,993,000 versus $38,749,000 for the three months ended July 2, 2011. The prior year’s revenues include $1,855,000 related to two properties closed in 2012.

Total revenues for the nine-month period ended June 30, 2012 were $101,595,000 versus $99,915,000 for the nine months ended July 2, 2011. The prior year’s revenues include $5,006,000 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 June 30, 2012 was $5,352,000 versus $3,997,000 during the same three-month period last year. The Company’s income from continuing operations for the three-month period ended June 30, 2012 was $2,923,000, or $0.90 per share ($0.89 per diluted share), as compared to $2,580,000, or $0.74 per share ( $0.73 per 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 nine-month period ended June 30, 2012 was $8,907,000 versus $5,081,000 during the same nine-month period last year. The Company’s income from continuing operations for the nine-month period ended June 30, 2012 was $4,042,000, or $1.22 per share ($1.21 per diluted share), as compared to $1,578,000, or $0.45 per share ($0.45 per diluted share), for the same nine-month period last year.

Included in the Company’s income from continuing operations for the three and nine-month periods ended June 30, 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 approximately $200,000 and $970,000, respectively.

As of June 30, 2012 the Company had cash, cash equivalents and short term investments totaling $4,520,000 and long-term debt in the form of a note payable in the amount of $2,125,000 resulting from the purchase of 250,000 shares in December 2011.

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