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Exhibit 99.1
Ark Restaurants Announces Financial Results for the
Fourth Quarter and Full Year Results for 2004
CONTACT:
Robert Towers
(212) 206-8800
bob@arkrestaurants.com
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NEW YORK, New York -- December 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
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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.
During the fourth quarter, the Company entered into agreements to operate a
Gallagher's Steakhouse restaurant and a separate bar, yet to be named, to be
constructed in the Resorts Atlantic City Hotel and Casino in Atlantic City, New
Jersey. The Company anticipates the opening of such restaurant and bar during
the summer of 2005.
Michael Weinstein, Chairman, President and CEO of Ark Restaurants Corp., stated,
"We continue to be extremely pleased with the Company's performance during the
past quarter and throughout the year. The performance of our operations improved
in all the markets in which we operate. We have eliminated our long-term debt,
created a cash position and declared a dividend. We believe our strategy is
bringing value to our shareholders. During this year we began managing the fast
food operations in each of the Hard Rock Hotel and Casinos in Tampa, Florida,
and Hollywood, Florida, and entered into agreements to expand our operations
into Atlantic City."
Ark Restaurants owns and operates 22 restaurants and bars, 26 fast food
concepts, catering operations and wholesale and retail bakeries. Nine
restaurants are located in New York City; nine in Las Vegas, Nevada; and four in
Washington, D.C. 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;
four restaurants and bars within the Venetian Casino Resort as well as four food
court concepts. In Las Vegas, the Company also owns and operates one restaurant
within the Forum Shops at Caesar's Shopping Center and one restaurant at the
Neonopolis Center at Fremont Street. The Florida operations under management
include five fast food facilities in Tampa, Florida, and eight fast food
facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino operated
by the Seminole Indian Tribe at these locations.
The Company will broadcast its conference call to discuss third quarter results
over the Internet. The broadcast will be held on Monday, December 27, 2004 at
3:00 p.m. Eastern Time. To access the broadcast, please visit
http://www.viavid.net. A replay of the broadcast will be available within one
hour of the call.
The dial-in numbers to participate in the conference call are:
Toll-Free - 1-888-245-7013
Toll/International - 1-973-582-2773
Except for historical information, this news release contains forward-looking
statements, which 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 fillings with the Securities and
Exchange Commission.
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ARK RESTAURANTS CORP.
Consolidated Income Statement
For the 14 and 53 week periods ended October 2, 2004 and the 13 and 52 week
periods ended September 27, 2003 (In Thousands, Except per share amounts)
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14 weeks 13 weeks 53 weeks 52 weeks
ended ended ended ended
October September October September
2, 2004 27, 2003 2, 2004 27, 2003
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TOTAL REVENUES .................. $ 33,343 $26,482 $115,698 $102,733
COST AND EXPENSES:
Food and beverage cost of sales . 8,497 6,550 29,554 25,392
Payroll expenses ................ 9,950 7,850 36,045 33,176
Occupancy expenses .............. 4,307 3,656 15,900 15,525
Other operating costs and
expenses ....................... 3,993 2,777 14,492 12,312
General and administrative
expenses ....................... 2,008 2,137 6,499 6,665
Depreciation and amortization
expenses ....................... 734 860 3,591 3,910
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Total costs and expenses ...... 29,489 23,830 106,081 96,980
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OPERATING INCOME ................ 3,854 2,652 9,617 5,753
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OTHER (INCOME) EXPENSE:
Interest expense (income), net .. (46) 49 52 571
Other income .................... (98) (581) (595) (974)
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Total other (income) expense .. (144) (532) (543) (403)
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Income from continuing operations
before income taxes ............ 3,998 3,184 10,160 6,156
Provision for income taxes ...... 648 749 2,804 1,486
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Income from continuing operations 3,350 2,435 7,356 4,670
DISCONTINUED OPERATIONS:
Loss from operations of
discontinued restaurants ....... (191) (883) (965) (1,781)
Provision (benefit) for income
taxes .......................... 4 (232) (266) (430)
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Loss from discontinued operations (195) (651) (699) (1,351)
NET INCOME ...................... $ 3,155 $ 1,784 $ 6,657 $ 3,319
========= ========= ========= =========
PER SHARE INFORMATION - BASIC AND
DILUTED:
Continuing operations basic ..... $ .99 $ .76 $ 2.23 $ 1.47
Discontinued operations basic ... $ (.06) $ (.20) $ (.21) $ (.43)
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Net basic ....................... $ .93 $ .56 $ 2.01 $ 1.04
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Continuing operations diluted ... $ .95 $ .75 $ 2.13 $ 1.45
Discontinued operations diluted . $ (.06) $ (.20) $ (.20) $ (.42)
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Net diluted ..................... $ .89 $ .55 $ 1.93 $ 1.03
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WEIGHTED AVERAGE NUMBER OF
SHARES-BASIC ................... 3,394 3,181 3,305 3,181
========= ========= ========= =========
WEIGHTED AVERAGE NUMBER OF
SHARES-DILUTED ................. 3,525 3,260 3,444 3,213
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Continuing Operations EBITDA
Reconciliation
Pre tax earnings ................ $ 3,998 $ 3,184 $ 10,160 $ 6,156
Depreciation and amortization ... 734 860 3,591 3,910
Interest ........................ (46) 49 52 571
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EBITDA (a) ...................... $ 4,686 $ 4,093 $ 13,803 $ 10,637
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(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 the non-GAAP financial measure EBITDA 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, operating income, 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, net income, is included above.