New York City / NY. (arc) Ark Restaurants Corporation reported financial results for the fourth quarter and full year ended October 03, 2009. As of December 30, 2009, the Company had cash, cash equivalents and short term investments totaling 7’891’000 USD. The Company had no long-term debt other than 477’000 USD remaining on a five year purchase money obligation undertaken in connection with the Company´s January 08, 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 03, 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 03, 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 03, 2009 distorts the comparison of results with the prior year periods.
Total revenues from continuing operations for the three-month period ended October 03, 2009 were 33’335’000 USD versus 34’626’000 USD in the three months ended September 27, 2008. Total revenues from continuing operations for fiscal 2009 were 115’007’000 USD versus 125’390’000 USD in fiscal 2008.
EBITDA from continuing operations adjusted for non-cash stock option expense for the three-month period ended October 03, 2009 was 2’950’000 USD versus 3’929’000 USD during the same three-month period last year. For the year ended October 03, 2009, EBITDA from continuing operations before stock option expense was 8’099’000 USD versus 13’607’000 USD in fiscal 2008.
The Company´s income from continuing operations for the three-month period ended October 03, 2009 was 1’325’000 USD or 0,38 USD per share (0,38 USD per diluted share), as compared to 2’015’000 USD or 0,56 USD per share (0,56 USD per diluted share), for the same three-month period last year. The Company´s income from continuing operations for the year ended October 03, 2009 was 3’059’000 USD or 0,88 USD per share (0,87 USD per diluted share), as compared to 6’961’000 USD or 1,94 USD per share (1,93 USD per diluted share) last year.
Compared to the same three month period last year, Company-wide same store sales decreased by 3,3 percent. For the year ended October 03, 2009, Company-wide same store sales decreased by 10,4 percent from fiscal 2008.
About: Ark Restaurants Corporation 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.
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