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Ark Restaurants Announces Financial Results for the Fourth Quarter and Full Year Results for 2004
NEW YORK--(BUSINESS WIRE)--Dec. 27, 2004--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and full year ended October 2, 2004. The Company reports fiscal years under a 52/53-week format. Under this method, certain years will contain 53 weeks. The fiscal year ended October 2, 2004 included 53 weeks. The fiscal year ended September 27, 2003 included 52 weeks.
As of the end of the Company`s fiscal year, the Company had no long-term debt and a cash balance of $4,435,000. Revenues from the Company`s Las Vegas operations represented 54.7% of the Company`s total revenues during fiscal 2004.
For the year ended October 2, 2004, the Company`s income from continuing operations increased to $7,356,000, or $2.23 per share ($2.13 per diluted share), from $4,670,000, or $1.47 per share ($1.45 per diluted share), last year. Last year`s income was positively affected by the receipt of $508,000 in the fourth quarter. This represented grants from the World Trade Center Business Recovery Grant Program for four restaurants located in downtown New York that were adversely impacted by the September 11, 2001 terrorist attacks. Without the benefit of such grants, income from continuing operations for last year would have been $4,285,000. Compared to last year, Company-wide same store sales increased 12.3%. Same store sales in the Company`s Las Vegas, New York and Washington, D.C. operations increased by 12.2%, 11.5% and 14.3%, respectively.
For the fourth quarter ended October 2, 2004, the Company`s income from continuing operations increased to $3,350,000, or $0.99 per share ($0.95 per diluted share), from $2,435,000, or $0.76 per share ($0.75 per diluted share), for the same period last year. Income in the fourth quarter of 2003 was, likewise, positively affected by receipt of $508,000 from the World Trade Center Business Recovery Grant Program for four restaurants located in downtown New York that were adversely impacted by the September 11, 2001 terrorist attacks. Without the benefit of such grants, income for the fourth quarter of 2003 would have been $2,050,000. Company-wide same store sales increased 13.5% during the fourth quarter ended October 2, 2004 compared with last year`s fourth quarter. Same store sales in the fourth quarter increased by 11.8% in Las Vegas, 14.9% in New York and 16.4% in Washington, D.C. compared to the last year`s fourth quarter.
Total revenues for fiscal 2004 were $115,698,000 versus $102,733,000 in fiscal 2003. Revenues for both periods were adjusted as a result of the sale of the Company`s Lorelei, La Rambla and Jack Rose restaurants, the disposal of the Company`s Lutece restaurant in New York, the classification of the Company`s America restaurant in New York as "held for sale" in accordance with Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("FAS 144") and their reclassification to discontinued operations.
For the three months ended October 2, 2004, total revenues were $33,343,000 versus $26,482,000 in the three months ended September 27, 2003. Revenues for both of these periods were, likewise, adjusted as a result of the sale, disposition or classification as "held for sale" in accordance with FAS 144 of the restaurants mentioned above and their reclassification to discontinued operations. Revenues from the Company`s Las Vegas operations represented 51.6% of the Company`s total revenues during the three months ended October 2, 2004.
For the year ended October 2, 2004, EBITDA from continuing operations was $13,803,000 versus $10,637,000 in the fiscal 2003. EBITDA from continuing operations for the three-month period ended October 2, 2004 was $4,686,000 versus $4,093,000 during the same three-month period last year. Both periods last year were positively affected by receipt of $508,000 from the World Trade Center Business Recovery Grant Program for four restaurants located in downtown New York that were adversely impacted by the September 11, 2001 terrorist attacks. Without the benefit of such grants, last year`s EBITDA from continuing operations would have been $10,129,000 and EBITDA from continuing operations for the fourth quarter of 2003 would have been $3,585,000.