UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 10, 2014
ARK RESTAURANTS CORP.
(Exact name of registrant as specified in its charter)
| New York | 1-09453 | 13-3156768 | ||
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(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
85 Fifth Avenue
New York, New York 10003
(Address of principal executive offices, with zip code)
Registrant’s telephone number, including area code: (212) 206-8800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| £ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| £ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| £ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| £ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) |
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| Item 2.02 | Results of Operations and Financial Condition. |
On February 10, 2014, ARK Restaurants Corp. (the “Company”) issued a press release announcing financial results for the first quarter of the fiscal year ending September 27, 2014. A copy of the press release titled “Ark Restaurants Announces Financial Results for the First Quarter of 2014” is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The press release contains certain non-GAAP Disclosures-Continuing Operations EBITDA-Earnings before interest, taxes, depreciation and amortization adjusted for non-cash stock option expense and non-controlling interests 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.
This information is intended to be furnished under this Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 99.1 | Press Release dated February 10, 2014. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARK RESTAURANTS CORP. | ||
| By: | /s/ Michael Weinstein | |
| Name: Michael Weinstein | ||
| Title: Chief Executive Officer | ||
| Date: February 11, 2014 | ||
Exhibit 99.1
Ark Restaurants Announces Financial Results
for the
First Quarter of 2014
CONTACT:
Robert Stewart
(212) 206-8800
bstewart@arkrestaurants.com
NEW YORK, New York – February 10, 2014 -- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 28, 2013.
Total revenues for the three-month period ended December 28, 2013 were $32,138,000 versus $31,336,000 for the three months ended December 29, 2012.
Company-wide same store sales increased 1.8% for the three-month period ended December 28, 2013 compared to the same three month period last year. This increase was primarily the result of strong revenues in New York which compared favorably against the negative impact of Hurricane Sandy in the prior year on our business in the Northeast.
The Company’s EBITDA adjusted for non-cash stock option expense and non-controlling interests for the three-month period ended December 28, 2013 was $2,201,000 versus $1,378,000 during the same three-month period last year. Net income for the three-month period ended December 28, 2013 was $563,000, or $0.17 per basic and diluted share, as compared to $8,000, or $0.00 per basic and diluted share for the same three-month period last year.
During the quarter the Company invested an additional $464,000 in the New Meadowlands Racetrack LLC (“NMR”). This investment in addition to the previous investment of $4,200,000 increased the Company’s ownership interest in NMR from 10.6% to 11.6%. The new Meadowlands Racetrack opened for business on November 23, 2013.
As of December 28, 2013 the Company had cash and cash equivalents totaling $7,460,000 and notes payable in the amount of $3,141,000. The notes result from the purchase of 250,000 shares of treasury stock in December 2011 ($974,000 balance at December 28, 2013) and the purchase of membership interests in Ark Hollywood/Tampa Investment, LLC ($2,167,000 balance at December 28, 2013).
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
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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.
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ARK RESTAURANTS CORP.
Consolidated Condensed Statements of Income
For the 13 week periods ended December 28, 2013 and December 29, 2012
(In Thousands, Except per share amounts)
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| Pre tax income | $ | 1,255 | $ | 361 | ||||
| Depreciation and amortization | 1,147 | 1,176 | ||||||
| Interest | 12 | — | ||||||
| EBITDA (a) | $ | 2,414 | $ | 1,537 | ||||
| EBITDA adjusted for non-cash stock option expense and non-controlling interests: | ||||||||
| EBITDA (as defined) (a) | $ | 2,414 | $ | 1,537 | ||||
| Non-cash stock option expense | 80 | 80 | ||||||
| Net (income) loss attributable to non-controlling interests | (293 | ) | (239 | ) | ||||
| Continuing Operations EBITDA, as adjusted | $ | 2,201 | $ | 1,378 |
| (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, is included above. |