Industry News | August 11, 2009

Financial Results of Ark Restaurants

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Ark Restaurants Corp. today reported financial results for the third quarter and nine month periods ended June 27, 2009.

Total revenues from continuing operations for the three month period ended June 27, 2009 were $31.1 million versus $36 million in the same period last year. Total revenues from continuing operations for the nine month period ended June 27, 2009 were $81.7 million versus $90.8 million in the same period last year.

EBITDA from continuing operations for the three month period ended June 27, 2009 was $3,430,000 versus $5,692,000 during the same three month period last year. EBITDA from continuing operations for the nine month period ended June 27, 2009 was $4,872,000 versus $9,443,000 during the same nine month period last year.

For the three months ended June 27, 2009, the Company’s net income from continuing operations was $1,597,000, or $0.46 per share ($0.46 per diluted share), compared to $3,250,000, or $0.90 per share ($0.90 per diluted share), for the same period last year. For the nine months ended June 27, 2009, the Company’s net income from continuing operations was $1,733,000, or $0.50 per share ($0.50 per diluted share), compared to $4,945,000, or $1.37 per share ($1.37 per diluted share), for the same period last year.

Company-wide same store sales decreased 14.3% compared to the same three month period last year and decreased 13.1% compared to the same nine month period last year.

As of June 27, 2009, the Company had cash, cash equivalents and short term investments totaling $10,527,000. As of the same date, the Company had no long-term debt other than $560,000 remaining due on a five year purchase money obligation undertaken in connection with the Company’s January 8, 2007 acquisition of the Durgin Park Restaurant and the Black Horse Tavern in Boston, Massachusetts.