Ark Restaurants Announces Financial Results for the Fourth Quarter and Full Year 2009

Total revenues from continuing operations for the three-month period ended October 3, 2009 were $33,335,000 versus $34,626,000 in the three months ended September 27, 2008. Total revenues from continuing operations for fiscal 2009 were $115,007,000 versus $125,390,000 in fiscal 2008.

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and full year ended October 3, 2009.

As of December 30, 2009, the Company had cash, cash equivalents and short term investments totaling $7,891,000. The Company had no long-term debt other than $477,000 remaining 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.

The Company reports fiscal years under a 52/53-week format. The fiscal year ended October 3, 2009 was a 53 week year. The prior fiscal year ended September 27, 2008 was a 52 week year. The three month period ended October 3, 2009 contained 14 weeks and the prior year’s three month period ended September 27, 2008 contained 13 weeks. Having one more week in the fourth quarter and full year ended October 3, 2009 distorts the comparison of results with the prior year periods.

Total revenues from continuing operations for the three-month period ended October 3, 2009 were $33,335,000 versus $34,626,000 in the three months ended September 27, 2008. Total revenues from continuing operations for fiscal 2009 were $115,007,000 versus $125,390,000 in fiscal 2008.

EBITDA from continuing operations adjusted for non-cash stock option expense for the three-month period ended October 3, 2009 was $2,950,000 versus $3,929,000 during the same three-month period last year. For the year ended October 3, 2009, EBITDA from continuing operations before stock option expense was $8,099,000 versus $13,607,000 in fiscal 2008.

The Company’s income from continuing operations for the three-month period ended October 3, 2009 was $1,325,000, or $0.38 per share ($0.38 per diluted share), as compared to $2,015,000, or $0.56 per share ($0.56 per diluted share), for the same three-month period last year. The Company’s income from continuing operations for the year ended October 3, 2009 was $3,059,000, or $0.88 per share ($0.87 per diluted share), as compared to $6,961,000, or $1.94 per share ($1.93 per diluted share), last year.

Compared to the same three month period last year, Company-wide same store sales decreased by 3.3%. For the year ended October 3, 2009, Company-wide same store sales decreased by 10.4% from fiscal 2008.

Ark Restaurants owns and operates 20 restaurants and bars, 30 fast food concepts, catering operations and wholesale and retail bakeries. Seven restaurants are located in New York City, four are located in Washington, D.C., five 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 three restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel’s room service, banquet facilities, employee dining room and nine food court concepts; one bar within the Venetian Casino Resort as well as three food court concepts. 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. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace.