Ark Restaurants Announces Financial Results for the First Quarter of 2013

  Ark Restaurants Announces Financial Results for the First Quarter of 2013

Business Wire

NEW YORK -- February 11, 2013

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the
first quarter ended December 29, 2012.

Company-wide same store sales decreased 4.6% for the three-month period ended
December 29, 2012 compared to the same three month period last year. This
decrease was primarily the result of the impact of Hurricane Sandy on our
business in the Northeast.

Total revenues for the three-month period ended December 29, 2012 were
$31,336,000  versus $32,861,000 for the three months ended December 31, 2011.

The Company’s Continuing Operations EBITDA adjusted for non-cash stock option
expense and non-controlling interests for the three-month period ended
December 29, 2012 was $1,378,000 versus $2,529,000 during the same three-month
period last year. Income from continuing operations for the three-month period
ended December 29, 2012 was $8,000, or $0.00  per basic and diluted share, as
compared to $1,148,000, or $0.34  per basic ($0.33 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 December 29, 2012 are
operating losses of $565,000 related to our new restaurant in New York, Clyde
Frazier’s Wine and Dine, which opened in March 2012, and losses in the amount
of $256,000 related to the permanent closure of two properties in New York as
a result of flooding from Hurricane Sandy.

As of December 29, 2012 the Company had cash, cash equivalents and short term
investments totaling $5,411,000 and debt in the form of a note payable in the
amount of $2,037,000 resulting from the purchase of 250,000 shares of treasury
stock in December 2011.

Ark Restaurants owns and operates 19 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, 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 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.

Except for historical information, this news release contains forward-looking
statements, within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. These statements
involve unknown risks, and uncertainties that may cause the Company's actual
results or outcomes to be materially different from those anticipated and
discussed herein. Important factors that might cause such differences are
discussed in the Company's filings with the Securities and Exchange
Commission. The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise. Actual results could differ materially from those
anticipated in these forward-looking statements, if new information becomes
available in the future.

ARK RESTAURANTS CORP.
Consolidated Condensed Statements of Income
For the 13 week periods ended December 29, 2012 and December 31, 2011
                                                    
(In Thousands, Except per share amounts)
                                                          
                               13 weeks ended             13 weeks ended
                               December 29,               December 31,
                               2012                       2011
                                                          
TOTAL REVENUES                 $     31,336              $     32,861     
                                                          
COST AND EXPENSES:
                                                          
Food and beverage cost               7,749                      8,358
of sales
Payroll expenses                     10,845                     10,707
Occupancy expenses                   4,535                      4,458
Other operating costs                4,339                      4,032
and expenses
General and                          2,410                      2,781
administrative expenses
Depreciation and                    1,176                    938        
amortization
                                                          
Total costs and expenses            31,054                   31,274     
                                                          
OPERATING INCOME                     282                        1,587
                                                          
Other (income) expense,             (79        )              (33        )
net
                                                          
INCOME BEFORE PROVISION              361                        1,620
FOR INCOME TAXES
                                                          
Provision for income                114                      378        
taxes
                                                          
INCOME FROM CONTINUING               247                        1,242
OPERATIONS
                                                          
Loss from discontinued              -                        (127       )
operations, net of tax
                                                          
CONSOLIDATED NET INCOME              247                        1,115
                                                          
Net income attributable
to non-controlling                  (239       )              (29        )
interests
                                                          
NET INCOME ATTRIBUTABLE        $     8                   $     1,086      
TO ARK RESTAURANTS CORP.
                                                          
AMOUNTS ATTRIBUTABLE TO
ARK RESTAURANTS CORP.:
Income from continuing         $     8                    $     1,148
operations
Loss from discontinued              -                        (62        )
operations, net of tax
Net income                     $     8                   $     1,086      
                                                          
NET INCOME (LOSS) PER
ARK RESTAURANTS CORP.
COMMON SHARE:
From continuing
operations:
Basic                          $     0.00                $     0.34       
Diluted                        $     0.00                $     0.33       
From discontinued
operations:
Basic                          $     0.00                $     (0.02      )
Diluted                        $     0.00                $     (0.02      )
From net income:
Basic                          $     0.00                $     0.32       
Diluted                        $     0.00                $     0.31       
                                                          
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING:
Basic                               3,245                    3,432      
Diluted                             3,322                    3,449      
                                                          
EBITDA Reconciliation:
Pre tax income                 $     361                  $     1,620
Depreciation and                    1,176                    938        
amortization
EBITDA (a)                     $     1,537               $     2,558      
                                                          
EBITDA adjusted for
non-cash stock option
expense and
non-controlling
interests:
EBITDA (as defined) (a)        $     1,537                $     2,558
Net income attributable
to non-controlling                   (239       )               (29        )
interests
Non-cash stock option               80                       -          
expense
EBITDA, as adjusted            $     1,378               $     2,529      
                                                          
(a) EBITDA is defined as earnings before interest, taxes, depreciation and
amortization and cumulative effect of changes in accounting principle.
Although EBITDA is not a measure of performance or liquidity calculated in
accordance with generally accepted accounting principles (GAAP), the Company
believes the use of this non-GAAP financial measure enhances an overall
understanding of the Company's past financial performance as well as providing
useful information to the investor because of its historical use by the
Company as both a performance measure and measure of liquidity, and the use of
EBITDA by virtually all companies in the restaurant sector as a measure of
both performance and liquidity. However, investors should not consider this
measure in isolation or as a substitute for net income (loss), operating
income (loss), cash flows from operating activities or any other measure for
determining the Company's operating performance or liquidity that is
calculated in accordance with GAAP, it may not necessarily be comparable to
similarly titled measures employed by other companies. A reconciliation of
EBITDA to the most comparable GAAP financial measure, pre-tax income (loss),
is included above.

Contact:

Ark Restaurants Corp.
Robert Stewart, 212-206-8800
bstewart@arkrestaurants.com