Ark Restaurants Announces Financial Results for the Fourth Quarter and Full Year of 2013

  Ark Restaurants Announces Financial Results for the Fourth Quarter and Full
  Year of 2013

Business Wire

NEW YORK -- December 20, 2013

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the
fourth quarter and full year ended September 28, 2013.

Total revenues for the three-month period ended September 28, 2013 were
$33,906,000  versus $36,082,000 for the three months ended September 29, 2012.
The prior year’s revenues include $2,213,000 related to two properties closed
in 2013.

Total revenues for the year ended September 28, 2013 were $130,598,000 versus
$138,028,000 for the year ended September 29, 2012. The prior year’s revenues
include $7,860,000 related to two properties closed in 2013 and two properties
closed in 2012.

Company-wide same store sales decreased 2.0% for the three-month period ended
September 28, 2013 compared to the same three month period last year. For
fiscal 2013 company-wide same store sales decreased 3.0% compared to the same
period last year.

The Company’s income from continuing operations for the three-month period
ended September 28, 2013 was $1,453,000, or $0.45  per share ($0.43 per
diluted share), as compared to $1,770,000, or $0.55  per share ($0.54 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 three-month period ended September 28, 2013
was $3,458,000 versus $4,473,000 during the same three-month period last year.

The Company’s income from continuing operations for the year ended September
28, 2013 was $3,824,000, or $1.18  per share ($1.13 per diluted share), as
compared to $5,748,000, or $1.75  per share ($1.73 per diluted share), for the
same period last year. Continuing Operations EBITDA adjusted for non-cash
stock option expense, losses from closure of restaurants and non-controlling
interests for the year ended September 28, 2013 was $10,703,000 versus
$13,381,000 during the same period last year.

As of September 28, 2013 the Company had cash and cash equivalents totaling
$8,748,000 and notes payable in the amount of $3,657,000 resulting from the
purchase of 250,000 shares of treasury stock in December 2011, the purchase of
membership interests in Ark Hollywood/Tampa Investment, LLC and the purchase
of our interests in the New Meadowlands Racetrack LLC.

Ark Restaurants owns and operates 20 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, three 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 and a restaurant in the Tropicana 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 Statements of Income
For the 13 week and 52 week periods ended September 28, 2013 and September 29,
2012
                                                                             
(In Thousands,
Except per share 
amounts)
                                                                             
                   13 weeks        13 weeks        52 weeks      52 weeks
                   ended           ended           ended         ended
                                                                             
                   September 28,   September 29,   September     September
                                                   28,           29,
                   2013            2012            2013          2012

TOTAL REVENUES     $  33,906      $  36,082      $ 130,598    $ 138,028 
                                                                             
COST AND
EXPENSES:
                                                                             
Food and
beverage cost of      8,648           9,137          32,791        35,157
sales
Payroll expenses      10,722          10,648         42,488        43,406
Occupancy             4,470           4,217          17,533        17,702
expenses
Other operating
costs and             4,287           4,665          17,085        17,915
expenses
General and
administrative        2,228           2,097          9,792         9,368
expenses
Impairment loss
from write-down       -               379            -             379
of long-lived
assets
Depreciation and     1,124         1,133        4,303       4,110   
amortization
                                                                             
Total costs and      31,479        32,276       123,992     128,037 
expenses
                                                                             
OPERATING INCOME     2,427         3,806        6,606       9,991   
                                                                             
OTHER (INCOME)
EXPENSE:
                                                                             
Interest
(income)              29              (29     )      62            (10     )
expense, net
Other (income)       (90     )      (1      )     (508    )    (454    )
expense, net
Total other          (61     )      (30     )     (446    )    (464    )
income, net
                                                                             
INCOME BEFORE
PROVISION FOR         2,488           3,836          7,052         10,455
INCOME TAXES
                                                                             
Provision for        773           1,172        1,941       3,013   
income taxes
                                                                             
INCOME FROM
CONTINUING            1,715           2,664          5,111         7,442
OPERATIONS
                                                                             
Income (loss)
from
discontinued         -             103          -           (292    )
operations, net
of tax
                                                                             
CONSOLIDATED NET      1,715           2,767          5,111         7,150
INCOME
                                                                             
Net (income)
loss
attributable to      (262    )      (925    )     (1,287  )    (1,661  )
non-controlling
interests
                                                                             
NET INCOME
ATTRIBUTABLE TO    $  1,453       $  1,842       $ 3,824      $ 5,489   
ARK RESTAURANTS
CORP.
                                                                             
AMOUNTS
ATTRIBUTABLE TO
ARK RESTAURANTS
CORP.:
Income from
continuing         $  1,453        $  1,770        $ 3,824       $ 5,748
operations
Income (loss)
from
discontinued         -             72           -           (259    )
operations, net
of tax
Net income         $  1,453       $  1,842       $ 3,824      $ 5,489   
                                                                             
NET INCOME
(LOSS) PER ARK
RESTAURANTS
CORP. COMMON
SHARE:
From continuing
operations:
Basic              $  0.45        $  0.55        $ 1.18       $ 1.75    
Diluted            $  0.43        $  0.54        $ 1.13       $ 1.73    
From
discontinued
operations:
Basic              $  -           $  0.02        $ -          $ (0.08   )
Diluted            $  -           $  0.02        $ -          $ (0.08   )
From net income:
Basic              $  0.45        $  0.57        $ 1.18       $ 1.67    
Diluted            $  0.43        $  0.56        $ 1.13       $ 1.65    
                                                                             
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES
OUTSTANDING:
Basic                3,248         3,245        3,246       3,292   
Diluted              3,395         3,300        3,371       3,327   
                                                                             
                                                                             
Continuing
Operations
EBITDA
Reconciliation:
Pre tax income     $  2,488        $  3,836        $ 7,052       $ 10,455
Depreciation and      1,124           1,133          4,303         4,110
amortization
Interest             29            (29     )     62          (10     )
EBITDA (a)         $  3,641       $  4,940       $ 11,417     $ 14,555  
                                                                             
Continuing
Operations
EBITDA adjusted
for non-cash
stock option
expense,
impairment
charge and
non-controlling
interests:
EBITDA (as         $  3,641        $  4,940        $ 11,417      $ 14,555
defined) (a)
Impairment loss
from write-down       -               379            -             379
of long-lived
assets
Loss on closure       -               -              256           -
of restaurants
Net (income)
loss
attributable to       (262    )       (925    )      (1,287  )     (1,661  )
non-controlling
interests
Non-cash stock       79            79           317         108     
option expense
Continuing
Operations         $  3,458       $  4,473       $ 10,703     $ 13,381  
EBITDA, as
adjusted
                                                                             

    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,
(a) 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, is included above.

Contact:

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